U.S. Markets closed

TerrAscend's Revenue More Than Doubles Quarter-Over-Quarter

Alex Oleinic

Terrascend Corp (OTC: TRSSF) reported first-quarter revenue of CA$14.6 million ($10.8 million) Thursday and reiterated its full-year guidance. 

What Happened

The cannabis company said its revenue surged higher from CA$5 million in the fourth quarter.

TerraAscend had zero revenue in the first quarter of 2018.

TerrAscend's adjusted EBITDA loss of CA$7.2 million is higher than its CA$7.1-million loss in the prior quarter and its CA$1.6-million loss in the same period in 2018.

The net first-quarter loss of CA 26 cents per share is wider than the CA 2-cent loss per share a year earlier. 

The company ended March with CA$8.6 million in cash and cash equivalents. 

Why It's Important

TerrAscend has scaled operations in both Canada and the U.S. During the first quarter, the company said it posted CA$5.7 million in sales of hemp-derived CBD products in the U.S.

In February, TerrAscend announced the establishment of an American retail footprint through the acquisition of Apothecarium, a multistate dispensary operator with locations in California and Nevada.

View more earnings on TRSSF

The acquisition also includes Valhalla Confections, a manufacturer of edible products. 

What's Next

TerrAscend is in the process of completing the acquisition of Apothecarium.

The company expects to start distribution of products in Germany after having received a GMP certificate for its Mississauga, Ontario facility. 

TerrAscend said it expects full-year revenue of more than CA$135 million.

Related Links:

Discussing Sol Global's M Hemp Biomass Investment With CEO Brady Cobb

Tilray Boosts Export Capability With EU Manufacturing License, GMP Certification

See more from Benzinga

© 2019 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.