TerrAscend Projects Q4 Revenue of C$65 Million with 40% Adjusted EBITDA Margin

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TerrAscend Preannounces Strong 2020 Results – Full Year Net Sales of $198 Million and Adjusted EBITDA of $60 Million
  • Fourth quarter net sales of $65 million representing growth of 28% quarter-over-quarter and 152% year-over-year
  • Fourth quarter adjusted EBITDA of $26 million representing growth of 46% quarter-over-quarter
  • Fourth quarter adjusted EBITDA margin expanded to 40% in Q4 from 35% in Q3 and 24% in Q2

NEW YORK and TORONTO, Feb. 19, 2021 /CNW/ – TerrAscend Corp. (“TerrAscend” or the “Company”) (CSE: TER) (OTCQX: TRSSF), a leading North American cannabis operator, today announced preliminary financial results for its fourth quarter and full year ending December 31, 2020. All amounts are in Canadian dollars. Based on a preliminary (unaudited) review, the Company anticipates:

Fourth Quarter and Full Year 2020 Financial Highlights:

  • Full year net sales of $198 million and adjusted EBITDA of $60 million
  • Fourth quarter net sales of $65 million representing growth of 28% quarter-over-quarter and 152% year-over-year
  • Fourth quarter adjusted EBITDA of $26 million representing growth of 46% quarter-over-quarter
  • Fourth quarter adjusted EBITDA margin of 40% expanding from 35% in Q3 and 24% in Q2

Our fourth quarter results demonstrate robust sequential revenue growth and continued expansion of EBITDA margins, which reflect the strong fundamentals of our business.

Jason Ackerman, CEO and Executive Chairman of TerrAscend

During the quarter, we realized sales from key expansion projects in Pennsylvania, New Jersey, and California, that together with our pending entrance into the Maryland market, position the company for continued growth in 2021.

Additionally, TerrAscend reiterates its 2021 guidance for net sales of $360-380 million and adjusted EBITDA of $140-160 million. The Company will host a scheduled conference call to discuss its 2020 results and provide updated 2021 guidance on March 23rd, 2021. The Company will report its financial results for the fourth quarter and full year 2020 in advance of the call.

CONFERENCE CALL DETAILS

DATE: Tuesday, March 23rd, 2021

TIME: 8:30 a.m. Eastern Time

WEBCAST: Click to Access

DIAL-IN NUMBER: 1-888-664-6392

CONFERENCE ID: 53793717

REPLAY: (416) 764-8677 or (888) 390-0541

Available until 12:00 midnight Eastern Time Tuesday, April 6th, 2021
Replay Code: 793717

The Canadian Securities Exchange (“CSE”) has neither approved nor disapproved the contents of this news release. Neither the CSE nor its Market Regulator (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.

About TerrAscend

TerrAscend is a leading North American cannabis operator with vertically integrated operations in Pennsylvania, New Jersey, and California in addition to operating as a licensed producer in Canada. TerrAscend operates an award-winning chain of Apothecarium dispensary retail locations as well as scaled cultivation, processing, and manufacturing facilities on both the East and West coasts. TerrAscend’s best-in-class cultivation and manufacturing practices yield consistent, high-quality cannabis, providing industry-leading product selection to both the medical and legal adult-use market. The Company owns a number of synergistic businesses and brands, including The Apothecarium, Ilera Healthcare, State Flower, Valhalla Confections, and Arise Bioscience Inc. For more information, visit www.terrascend.com.

Non-IFRS Measures, Reconciliation and Discussion

Certain financial measures in this news release are non-IFRS measures. These terms are not defined by IFRS and, therefore, may not be comparable to similar measures provided by other companies. These metrics have no direct comparable IFRS financial measure. Such information is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. For more information, please see “Non-IFRS Financial Measures” in the Company’s Interim MD&A available on www.sedar.com.

Adjusted EBITDA is a non-IFRS measure which management uses to evaluate the performance of the Company’s business as it reflects its ongoing profitability. The Company believes that certain investors and analysts use this measure to evaluate a company’s ability to service debt and to meet other payment obligations or as a common measurement to value companies in certain industries. The Company measures Adjusted EBITDA as EBITDA less unrealized gain on changes in fair value of biological assets and other income plus fair value changes in biological assets included in inventory sold, impairments, restructuring costs, purchase accounting adjustments, transaction costs, share based compensation, revaluation of warrants and derivatives liabilities, and unrealized loss on investments.

Original Press Release

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Published by NCV Newswire
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