Terrascend Corp (OTC: TRSSF), a global cannabis company licensed for sales in Canada, the U.S. and the European Union, released its third-quarter financial report Wednesday.
- Revenue increased from CA$17.6 million ($13.2 million) to CA$26.8 million quarter-over-quarter.
- Pro forma revenue for the third quarter of 2019 was about CA$44 million.
- The gross profit rose from CA$2.2 million to CA$7 million quarter-over-quarter.
The company posted an adjusted EBITDA loss fell quarter-over-quarter from CA$8.7 million to CA$6.5 million.
"I see even greater potential for our business as we sharpen our focus on the U.S., where we are extremely well-positioned to become a leader in the markets we serve," Executive Chairman Jason Ackerman said in a statement.
"My top priority now is to operationalize the company’s strategy while driving continued growth, improving profitability and fortifying our financial strength."
CEO Michael Nashat highlighted the addition of Ilera Healthcare in Pennsylvania to the company's portfolio; the booking of its first international shipment of medical cannabis to Europe; and Health Canada approvals that tripled TerrAscend's licensed space at its Mississauga facility.
The stock was down 3.3% at $2.63 at the time of publication.
Photo courtesy of TerrAscend.
See more from Benzinga
- Congress To Discuss Ending Federal Prohibition Of Cannabis
- Aphria Announces New Board Of Directors, Executive Appointments
- Sundial Growers Posts .3M In Q3 Net Revenue
© 2019 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.