TRSSF - TerrAscend Stock Pops 10% On Increased Sales For Second Quarter
TerrAscend Corp. (CSE:TER) (OTCQX: TRSSF) stock popped over 10% to lately trade at $3.84 after the company announced preliminary financial results for its second-quarter. TerrAscend’s net sales increased 36% sequentially and 169% year over year to $47.2 million. The quarter ended June 30, 2020, and all amounts are in Canadian dollars.
“Our strong top and bottom-line performance reflects our unwavering commitment to achieve best-in-class results from our operations,” said Jason Ackerman, CEO and Executive Chairman of TerrAscend. “We have been thoughtful in our approach to expanding our business, primarily focused on the areas of the U.S. market where we see the highest probability of sustained, long-term growth. With cultivation at our New Jersey production facility underway and our Pennsylvania operations continuing to track ahead of plan, I am confident we can continue this solid momentum into the second half of the year.”
In addition to the sale figures, TerrAscend also delivered the following news in a statement:
- US operations generated 90% of consolidated Net Sales
- Adjusted EBITDA of $11.4 million, increasing 131% sequentially
- Adjusted Gross Margin of 56% (before gain on fair value of biological assets)
- Cash and Cash equivalents of $75 million as of June 30th, 2020
Management Changes
Just a couple of days ago, TerrAscend announced the appointment of Jason Marks as Chief Legal Officer. Recently, Marks served as the Chief Legal Officer, General Counsel & Corporate Secretary of InflaRx N.V., a publicly-traded biotechnology company. In this role, he was a member of the executive management team responsible for all aspects of legal, compliance, and corporate governance, as well as driving key business and strategic initiatives. Mr. Marks was also responsible for the operations of the company’s U.S. subsidiary.
The company also announced today the departure of Brian Feldman, formerly General Counsel and Heather Molloy, formerly Executive Vice President, Business Development and Chief Strategy Officer. Mr. Ackerman added, “On behalf of the whole team, I want to extend my heartfelt appreciation to both Heather and Brian for their contributions and tireless efforts during their tenure with TerrAscend.”
Later today, TerrAscend is scheduled to host an Investor and Analyst Day.
| DATE: |
| Thursday, August 6th, 2020 |
| TIME: |
| 10:00 a.m. Eastern Time |
| REGISTRATION: |
| Click to Access |
| REPLAY: |
| A replay will be posted to TerrAscend’s Investor Relations website and will be available until 12:00 midnight Eastern Time Thursday, August 20th, 2020 |
TerrAscend will publish its Q2 2020 results and host a conference call on August 20, 2020.
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