TerrAscend Stock (CSE: TER) (OTCQX: TRSSF) - Investor Dashboard

➔ TerrAscend
CSE Ticker: TER
Market Focus: Global
Classification: Vertical Integration
Country: Canada
Employees: ~1200 as of 11/2022
Established: 2014
CEO: Jason Wild


Fiscal Year-End: December
Facilities: 7
Dried Flower: Production and Sale
Extracts: Production and Sale
Number of Patients: N/A
Headquarters: Mississauga, ON

Financials (09/30/22)

Cash on hand: $34.3 million
Fixed Investment: $244.1 million
Shareholders’ Equity: $273.6 million
Revenues – Last Quarter: $67.0 million
Adj. Gross Margin : 36.3%
EPS : -1.23

Capital Structure (11/14/22)

Last Financing: 18.12 million shares at C$12.35
Common shares: 258.6 million
Warrants: 45.5 million
Options: 22.7 million
Diluted Shares: 391.6 million

Company Brief

TerrAscend is a leading North American cannabis operator with vertically integrated operations in Pennsylvania, New Jersey, Michigan and California; licensed cultivation and processing operations in Maryland and licensed production in Canada. TerrAscend operates The Apothecarium and Gage dispensary retail locations as well as scaled cultivation, processing and manufacturing facilities in its core markets. TerrAscend’s cultivation and manufacturing practices yield consistent, high-quality cannabis, providing industry-leading product selection to both the medical and legal adult-use markets.

The Company owns several synergistic businesses and brands, including Gage Cannabis, The Apothecarium, Ilera Healthcare, Kind Tree, Prism, State Flower, Valhalla Confections and Arise Bioscience Inc.


  • Multi-state operator in the U.S.; nationwide distributor of hemp-derived CBD products; Canadian LP with global distribution; and drug development and R&D platform
  • Seven U.S. cultivation and production facilities , 32 operating dispensaries and 10 premium brands
  • Management comprised of leaders from healthcare, pharmaceutical, banking, cannabis, online grocery industries and CPG
  • Strategic investors include Canopy Growth, Canopy Rivers, and JW Funds
  • $80.5 million loan from strategic partner Canopy Growth
  • Unique ability to sell THC and CBD products within Canada and the U.S.through TerrAscend’s manufacturing footprint
  • Brand portfolio including premium cannabis Haven St., Valhalla Premium Edibles, Funky Farms, Original Hemp, State Flower, Ilera, Kind Tree, Legend and Prism

Growth Strategy

  • Multi-state operator (MSO) in the U.S. focused on key markets: California, Michigan, Pennsylvania, New Jersey and Maryland
  • Canadian LP concentrating on production and manufacturing of cannabinoid products for medical and adult-use consumers; footprint in 10 provinces
  • Focus on developing protectable intellectual property assets
  • Creating quality brands that resonate with patients and consumers
  • Plans to leverage The Apothecarium Dispensary brand and store model across the U.S.
  • U.S. nationwide distribution of hemp-derived CBD products through Arise Bioscience; access to 10,000+ stores
  • Entrance into the Michigan market with full vertical integration through the acquisition of Gage Cannabis; 34 planned dispensaries in the combined footprint
  • Strengthened Michigan footprint with the acquisition of Pinnacle


  • Proven consolidator with M&A expertise in the highly fragmented U.S. cannabis industry
  • First operator with scaled operations in both the U.S. and Canada
  • Top three player in New Jersey; scaled vertical operations with ability for 240,000 square feet of production and cultivation space and three retail licenses
  • Top wholesale market share in Pennsylvania’s limited license market via Ilera Healthcare; 144,000 square feet of production and cultivation space and six operating dispensaries; distributes to 100% of the state’s medical cannabis dispensaries
  • 20,000 square feet of cultivation and production space, five open dispensaries in California market
  • Bringing Cookies branded products to New Jersey, Michigan, Pennsylvania and Toronto

Institutional Analyst Coverage

Glenn. G. Mattson
Ladenburg Thalmann

Eric Des Lauriers, CFA
Craig-Hallum Capital Group

Russell Stanley
Beacon Securities Limited

Noel Atkinson
Clarus Securities

Pablo Zuanic
Cantor Fitzgerald

Kenric S. Tyghe
AltaCorp Capital

Matt McGinley

Andrew Partheniou
Stifel | GMP

Owen Bennett, ACA, CFA

Andrew Semple

Vivien Azer

Sonny Randhawa
Seaport Research Partners

Curated Stories & News

Visit TerrAscend, Inc.
at www.terrascend.com.

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