TerrAscend Archives - Green Market Report

StaffMay 12, 2022
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TerrAscend Corp.  (CSE: TER) (OTCQX: TRSSF) reported its financial results for the first quarter ending March 31, 2022. Net sales for the first quarter of 2022 totaled $49.7 million, up 1% sequentially and down 7% year over year. TerrAscend attributed the decline to the vape recall on the Pennsylvania business, combined with the continued intentional accumulation of inventory in New Jersey, versus selling wholesale, in preparation for adult-use sales. The company’s Canadian business also experienced a soft quarter both sequentially and year over year. The declines were partially offset by three weeks of revenue from the Gage acquisition, which closed on March 10th.

The net loss for the quarter was $16.0 million, mainly driven by the operating loss, accrued income taxes of $3.7 million, and finance and other expenses of $6.9 million, partially offset by a net gain on fair value of warrant liability of $5.7 million.

“While revenue and margins during the first quarter were impacted by the industry-wide vape recall in Pennsylvania and front-loaded operating costs in New Jersey ahead of adult use, we expect revenue and margin to increase materially in the second quarter and beyond,” said CEO Jason Wild. “The strategic decisions and investments we have made over the last three years position us well for substantial growth in each of our four key markets – New JerseyPennsylvaniaMichigan, and Maryland.”

New Jersey Gets Busy

The company got very busy after the quarter ended with its business in New Jersey. It celebrated the grand opening of adult-use sales on April 21st in Maplewood and Phillipsburg, New Jersey, two of only twelve dispensaries currently opened in the state. TerrAscend was approved for hydrocarbon extraction in New Jersey with the first products recently launched. It signed a lease on a new facility in New Jersey, which will provide expanded capacity up to the 150,000 canopy square foot limit. Plus, the company received a home delivery license for medical patients in New Jersey.

Mr. Wild continued, “New Jersey adult use sales began on April 21st, a significant milestone for TerrAscend and the entire industry. Demand has been strong for our brands and our elevated retail experience. We recently introduced the first concentrates in the state and expect additional ‘first-in-state’ product introductions in the near future. In Pennsylvania, we continue to cultivate the highest quality flower in our history and have introduced new genetics, to which patients have reacted positively. In Michigan, Gage has positioned us as a leader in one of the largest cannabis markets in the U.S. Lastly, subsequent to the quarter end, we announced the acquisition of a medical dispensary in Maryland and 5 dispensaries in Michigan. These acquisitions exemplify our strategy of ‘going deep’ in the markets in which we operate. While remaining focused on organic growth, the dislocation in public and private company valuations should provide attractive M&A opportunities to accelerate growth in a financially disciplined way.”


Debra BorchardtApril 13, 2022
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With the news that New Jersey was finally approving some cannabis companies to begin selling adult-use cannabis, investors began salivating over who would triumph. Cannabis stocks have been in a decidedly long bear market causing investors to lose great sums of money (on paper at least). As the process to begin these sales went through a series of starts and stops, the companies along with the investors were getting frustrated. It’s incredibly difficult for a retailer to make staffing and inventory decisions when you have no clue as to when you when need either. Investors wanted to know who would reap the benefits of those sales and when it could be reflected in earnings releases.

Potential Market

Headset.io has predicted that the first full year of sales in New Jersey could bring in $740 million in sales. The company went on to write that New Jersey, with its adult-use transition expected in March 2022, is projected to boast a 21+ population of 7 million that will produce $1.6 billion in sales by 2025.

A Rutgers report wrote, “We estimate that New Jersey would collect between $118.2 million and $173.5 million per year after recreational marijuana is legalized and when the market is fully saturated.”

Acreage Holdings (OTC: ACRHF) said during its last earnings announcement that it increased cultivation capacity output nearly fourfold at the Egg Harbor facility in New Jersey to support the company’s own retail network and the rapidly growing wholesale market ahead of the launch of the adult-use sales. These are its approved locations and while the Atlantic City store wasn’t approved in the first round, it’s expected to happen eventually.

  • The Botanist by CCF, Egg Harbor Township
  • The Botanist by CCF, Williamstown (Monroe)

Curaleaf (CURLF) has three locations in New Jersey, but so far just two have been approved in the first round.

  • Curaleaf, Bellmawr
  • Curaleaf, Edgewater Park

TerrAscend (OTC: TRSSF has been also gearing up for the state to go legal. The company said that cash used in operations was $3.8 million for the three months ending in December 2021, mainly driven by an increase in inventory related to the anticipated start of adult-use sales in New Jersey. In the last earnings announcement, Executive Chairman Jason Wild, commented, “The strategic decisions we made in Pennsylvania have resulted in the highest quality product we have ever sold in this market. Additionally, the actions undertaken in New Jersey have our team prepared for adult use, where we have one of the largest cultivation footprints in the state, along with three ideal dispensary locations.”

  • The Apothecarium, Maplewood
  • The Apothecarium, Phillipsburg

Verano’s (VRNOF) New Jersey footprint consists of three cannabis dispensaries operated under the flagship Zen Leaf brand in Elizabeth (117 Spring St), Lawrence Township (3256 Brunswick Pike), and Neptune Township (2100 Route 66), along with a 120,000 square foot cultivation and processing facility in Branchburg. Darren Weiss, Verano Chief Operating Officer, and General Counsel said, “The approval of personal use cannabis marks a huge step forward for New Jersey, the cannabis industry, and the nation at large. On behalf of our Verano New Jersey team, we look forward to welcoming personal use visitors to our Zen Leaf dispensaries.”

  • Zen Leaf, Elizabeth
  • Zen Leaf, Lawrence

Green Thumb Industries (OTC: GTBIF) must be thrilled that one of its approved dispensaries is just a 30-minute drive from New York City. The company had two locations approved, while the Paramus store will continue serving medical-only patients.

  • RISE Dispensaries, Paterson
  • RISE Dispensaries, Bloomfield

Columbia Care’s (OTC: CCHWF) outlook for revenue in 2022 included sales that it hoped would come from New Jersey. The company forecast $625-$675 million in sales for the year and specifically called out New Jersey as contributing to that estimate. Col-Care also had two locations approved.

  • Columbia Care, Vineland
  • The Cannabist, Deptford (Columbia Care)

Ascend Wellness (OTC: AAWH) was also thrilled to get at least one location in the first group to begin sales. The company tweeted, “We are thrilled to announce that we are among the first cannabis companies permitted to sell adult-use cannabis in the State of New Jersey. We look forward to opening our doors to 21+ customers. Stay tuned.” The company currently operates two of the state’s 23 medical dispensaries and expects to sell adult-use cannabis products at its Montclair retail location at 395 Bloomfield Ave. and open a third dispensary, located in Fort Lee, later this year.

  • Ascend New Jersey, Rochelle Park

StaffMarch 16, 2022
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The Daily Hit is a recap of the day’s top business news in the cannabis industry for March 16, 2022.

 

On The Site

TerrAscend

TerrAscend Corp. (CSE: TER) ( OTCQX: TRSSF) reported its financial results for the fourth quarter and full year periods ending December 31, 2021. Net sales in the fourth quarter were $49.2 million as compared to $49.1 million in the third quarter and $49.6 million for the same time period last year. The net loss was $5.9 million versus last year’s net loss of $94 million. TerrAscend said the loss was mainly related to a one-time loss of $3.3 million in lease termination fees, $6.9 million of finance and other expenses, $6.9 million of accrued income taxes, and $2.0 million of transaction costs mostly related to the Gage acquisition. These expenses were partially offset by a $14.4 million non-cash gain on fair value of warrant liability. Read more here.

Russians

Law360 reported that federal prosecutors on Monday unsealed the indictment against a Russian tycoon accused of making illegal political contributions in support of a cannabis venture, claiming that he made the donations in the names of straw donors. According to the Justice Department, the group hoped that the donations  to certain candidates would help Muraviev and his business partners win the coveted cannabis and marijuana licenses. Read more here.

Mind Cure

Mind Cure Health Inc. (CSE: MCUR) (OTCQX: MCURF) announced that it is shutting down after determining it can’t raise the money it needs to continue. The stock stopped trading when the news was announced but did resume after a few hours and fell by 38%. Mind Cure said it will cut all of its C-suite executives and employees, other than its Chief Financial Officer, Vice President of Engineering and certain administrative staff required to wind-down the company’s operations and for limited care and maintenance of the company; and halt all non-committed expenditures related to the development and marketing work of its iSTRYM product, the research and development related to its synthetic ibogaine program, and the research and development related to its Desire Project. Mr. Philip Tapley, the Chair of the Company’s board of directors, will assume the role of the Company’s interim CEO. Read more here. 

In Other News

Trulieve

Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF) launched its nationwide Supplier Diversity Initiative. The initiative provides education and professional development resources, while creating mutually beneficial business relationships with a supplier base reflective of the customers and communities Trulieve serves. Read more here.

Raw Garden

Raw Garden, the Santa Barbara based premier cannabis brand is expanding into an entirely new product category with the launch of infused cannabis joints. These 100% pure cannabis joints are infused with micronized refined live resin crushed diamonds, and will be available for purchase at dispensaries across California soon.


Debra BorchardtMarch 16, 2022
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TerrAscend Corp. (CSE: TER) ( OTCQX: TRSSF) reported its financial results for the fourth quarter and full year periods ending December 31, 2021. Net sales in the fourth quarter were $49.2 million as compared to $49.1 million in the third quarter and $49.6 million for the same time period last year.

The net loss was $5.9 million versus last year’s net loss of $94 million. TerrAscend said the loss was mainly related to a one-time loss of $3.3 million in lease termination fees, $6.9 million of finance and other expenses, $6.9 million of accrued income taxes, and $2.0 million of transaction costs mostly related to the Gage acquisition. These expenses were partially offset by a $14.4 million non-cash gain on fair value of warrant liability.

For the full year 2021, net sales were $210.4 million, an increase of 42% year-over-year. The net income was $6.1 million. The company said that the increase of 42% was primarily driven by the company’s first complete year in the New Jersey medical market and retail growth in Pennsylvania, reflecting the acquisition of KCR in May of 2021, as well as a full year of operations at the three existing Apothecarium dispensaries. Total revenue also benefitted from the late 2020 expansion of State Flower cultivation in California and entry into Maryland through the acquisition of HMS Health in May of 2021.

“The strategic decisions we made in Pennsylvania have resulted in the highest quality product we have ever sold in this market,” said Jason Wild, Executive Chairman of TerrAscend. “Additionally, the actions undertaken in New Jersey have our team prepared for adult use, where we have one of the largest cultivation footprints in the state, along with three ideal dispensary locations. Furthermore, I am thrilled that we have recently completed our acquisition of Gage, which provides us with a leadership position in yet another multi-billion market and the ability to launch this brand beyond Michigan. I’m proud of the hard work by the team in 2021, which has us well positioned for the explosive growth we expect in 2022 and beyond.”

Cash and cash equivalents were $79.6 million as of December 31, 2021, compared to $102.6 million as of September 30, 2021 and $59.2 million as of December 31, 2020, providing ample capacity to fund planned organic and inorganic growth initiatives. During the quarter, the Company made the final payment of $25 million related to the partial buyout of its New Jersey partnership, taking ownership up to 87.5%, from 75%.


Debra BorchardtMarch 15, 2022
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TerrAscend Corp.  (CSE: TER) (OTCQX: TRSSF) launched The Apothecarium mobile retail app for Apple (NASDAQ: AAPL) iOS devices. The service will be available in California and New Jersey. Apple changed its policy last summer to begin allowing cannabis companies with licensed businesses to place apps in the store.

“TerrAscend is a leader in leveraging technology to meet the needs of our customers,” said Jason Wild, Executive Chairman of TerrAscend. “Our proprietary app allows customers to instantly connect with our Apothecarium dispensaries while providing more choice and convenience in a personalized, digital environment. This launch rounds out our omnichannel offering, with the app seamlessly integrated into our existing retail and web-based e-commerce experiences.”

The new policy reads: “Apps that encourage consumption of tobacco and vape products, illegal drugs, or excessive amounts of alcohol are not permitted on the App Store. Apps that encourage minors to consume any of these substances will be rejected. Facilitating the sale of controlled substances (except for licensed pharmacies and licensed or otherwise legal cannabis dispensaries), or tobacco is not allowed.”

TerrAscend said that the Apothecarium app offers a way for patients and consumers to order cannabis products online. Customers have access to convenient features like live chat, order tracking and dedicated search functions to help them find the most suitable products for their needs. Apothecarium customers in California will also be able to utilize digital payment and delivery features. Users can now place orders for pickup at The Apothecarium dispensaries in Maplewood and Philipsburg, NJ, as well as delivery and pick-up orders from The Apothecarium Capitola in California. The Company expects to expand availability of the mobile app across TerrAscend’s U.S. footprint of Apothecarium locations in the coming weeks.

Other cannabis companies with apps on Apple include Weedmaps, Eaze, Leafly to name a few. Google store also allows cannabis after initially banning such efforts.


StaffMarch 2, 2022
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TerrAscend

 

 

CHANTELLE ELSNER – SVP of Retail Operations, Northeast Division, TerrAscend Corp.(OTC: TRSSF)

 

What is your proudest accomplishment in the cannabis industry?

 First, it is not about pride for me, it is an honor to be in my position as a leader in the Cannabis field and a steward of responsibility for TerrAscend.  I do feel particularly accomplished in a generative sense, however.  From creating the design and layout of stores to cultivating new front-line teams, and ultimately generating new opportunities for our brand, I take great joy in the creative elements of my position.  Blending seamlessly the operational, artistic, and human elements of my sphere of influence is where I feel most accomplished.

 Do you feel that the cannabis industry has more opportunities for female-identifying people than other industries? 

 Yes, I do.  A key aspect of leadership in a burgeoning industry is pioneering new pathways for those communities that have been underserved or marginalized.  The sheer youth of the Cannabis industry allows leaders to see the historical failures of the marketplace to actively address, and correct, discriminatory practices.  TerrAscend has extraordinary women driving much of our success and we hope to stand as an example to other companies and industries of what can be accomplished when women are promoted, valued, and encouraged.

 Do you feel you have to work twice as hard as male colleagues, or do you think the industry has moved past that?

 My male-identifying colleagues are exceptional and industrious.  I do not work twice as hard as they do.  However, the area where women often see the need to work more diligently arises from challenging the fraternal structures that have traditionally lacked inclusivity.  That the Cannabis community should be homogenous is clear, but that must include key factors to benefit women like women’s leadership groups on a large scale, and women mentoring women on a smaller one.  I should point out that men should be welcomed to all women’s leadership events as a way of breaking down non-inclusive structures.

 What was your biggest challenge in business and how did you overcome it?

 Cannabis is youthful, which makes innovation necessary and easier to implement, but it also means that the industry changes rapidly and unexpectedly.  My biggest challenge is devising and coordinating tactical elements of our retail success while maintaining focus on grander more strategic elements.  Building a team-oriented around the cultivation of unique voices and independence allows for flexibility and supporting the autonomy of those team members bypasses unnecessary impediments to progress.

 What have you or your company done to help give more opportunities for women?

 We recently addressed shortcomings in how our insurance handled caregiving for women, choosing to have children.  I should point out that that situation was identified and rectified by male-identifying leaders to support their team.  That speaks to our internal core values, the ones that guide us toward principled and thoughtful leadership.  We have also produced training materials and guidelines for best practices in candidate screening, diversity, and inclusion, and promoting “culture fit” as a key component in hiring and promotion.  All of those are quality responses, but the truth is that opportunities for women can only be realized when leadership believes in the value of women and supports in both theory and practice a workplace of genuine inclusion.  I am one of those leaders for TerrAscend.

 What are your personal goals for 2022?

 This one is easy for me. The rigors of my position demand a hefty measure of my time, and while I am doing the things mentioned in the previous answers, I find it difficult to establish close personal ties with other industry professionals.  While most refer to that as networking, I find that term to be clinical and impersonal.  Reaching out to like-minded people, forming meaningful relationships, and personally attaching myself more to the community, I work so diligently for professionally.


Debra BorchardtNovember 16, 2021
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TerrAscend Corp.  (CSE: TER) (OTCQX: TRSSF) reported its financial results for the third quarter ending September 30, 2021, with revenues dropping by 16% sequentially to $49.1 million from the second quarter’s $58.7 million. However, it was better than 2020’s third-quarter revenue of $38.1 million. TerrAscend blamed the drop in revenue on temporary yield declines in Pennsylvania related to ongoing construction and expansion efforts. On a positive note, the net income for the third quarter was $62 million versus the second quarter’s net loss of $23 million. This was largely impacted by a non-cash gain on the fair value of warrants of $69 million.

The earnings per share on a diluted basis were $0.28 and on a basic basis were $0.33, easily beating the Yahoo Finance average analyst estimate for ($0.01).

“I am pleased with the improvements made in Pennsylvania since we withdrew full year 2021 guidance in August,” said Jason Wild, Executive Chairman of TerrAscend. “The ratio of quality flower to trim from recent harvests has increased dramatically. Additionally, THC and Terpene potency has been testing at all-time highs. In New Jersey, we are well prepared for adult use once the state gives us the go-ahead. Our New Jersey Apothecarium dispensaries will have some of the best selection and depth of product available in the state at launch. We are building this business for success over the long term and will continue to make decisions with that mindset. For the 4th quarter, we expect to show sequential revenue and adjusted EBITDA growth with these positive trends accelerating into 2022.”

The company noted that the adjusted gross margin, before gain on fair value of biological assets, was 46% in the third quarter of 2021 versus 59% in the third quarter of 2020 and 61% in the second quarter of 2021. The compression year over year and quarter over quarter in adjusted gross margin was due to yield declines in Pennsylvania leading to under absorption of fixed costs and a higher mix of retail versus wholesale sales.

Gage Update

The company had made a big splash when it announced it was buying Michigan’s Gage Cannabis. That acquisition is expected to close in early 2022, ahead of expectations. Shareholders officially approved of the deal in November at the company’s meeting.

New Acquisition

TerrAscend also announced its plan to buy a commercial property located in Hagerstown, Maryland for approximately $2.8 million plus certain costs and expenses, from GB&J’s LLC. TerrAscend currently produces and sells dried flower and oil products for the Maryland wholesale medical cannabis market from its existing 22,000 square foot cultivation and processing facility in Frederick, Maryland. The company said it has already received regulatory approval for the planned relocation of its cultivation operations to the 156,000 square foot Hagerstown Facility, and expects to relocate and commence operations in Q1 2022.

“With adult-use legislation currently under review by the State, scaling our Maryland cultivation and processing capabilities will allow us to support this important and underserved market, said Jason Wild, Executive Chairman of TerrAscend. “Our investment will improve patient and future consumer access to quality cannabis products, including our Kind Tree, Ilera, and Prism brands, while we continue to pursue potential vertical integration opportunities in the State.”

Cash Flow

TerrAscend said that its cash and cash equivalents were $103 million as of September 30, 2021, versus $154 million in June, providing ample capacity to fund planned organic and inorganic growth initiatives. Cash used in operations was $17 million, including a $21 million tax payment in the quarter. During the quarter a payment of $25 million was also made that was related to the partial buyout of its New Jersey partnership, taking total ownership up to 87.5%, from 75%. Capex spending was $16 million focused primarily on the continued expansion work at the Pennsylvania cultivation facility and the construction of the third New Jersey dispensary in Lodi expected to open in the fourth quarter.


Debra BorchardtSeptember 1, 2021
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TerrAscend Corp. (CSE: TER) (OTCQX: TRSSF) is buying Michigan-based Gage Growth Corp.  (CSE: GAGE) in a deal valued at $545 million. Gage’s portfolio includes the city and state approvals for 19 “Class C” cultivation licenses, three processing licenses, and 15 provisioning centers (dispensaries). Once the deal is closed, the combined business will have operations in 5 states and Canada, including 7 cultivation and processing facilities and 23 operating dispensaries serving both medical and adult-use cannabis markets in the U.S. and Canada.

“The acquisition of Gage expands our footprint to the third largest cannabis market in the U.S.,” said Jason Wild, Executive Chairman of TerrAscend. “Combining our market-leading share in our existing states with Gage’s proven cultivation, retail, and marketing capabilities, creates one of the largest and most dynamic companies in the industry. We look forward to leveraging Gage’s profound connection with Michigan’s consumers, in addition to its established partnerships with award-winning brands like COOKIES, to provide our patients and customers with best-in-class product offerings and retail experiences.”

Deal Terms

Gage shareholders will receive 0.3001 of a common share of TerrAscend for each Gage share held, representing a total consideration of approximately $545 million based on the closing price of TerrAscend on August 31, 2021. The Exchange Ratio implies a consideration of $2.11 (or C$2.66) per Gage Share, representing an 18% premium based on the closing prices of both companies’ shares on the Canadian Securities Exchange on August 31, 2021.

“Our shared strategic and corporate values make this combination a strong fit,” said Fabian Monaco, CEO of Gage. “We also recognize the incredible success that TerrAscend has enjoyed in recent years. We could think of no better company to partner with as we execute on our shared strategy of deep vertical integration and scale in our core markets, with a vision of creating the most consumer-centric cannabis company in the world.”

JW Asset Management, LLC, an entity controlled by Jason Wild, currently the holder of approximately 39% of TerrAscend Shares will hold approximately 32% of TerrAscend Shares on a partially diluted basis. In addition, JW Asset Management, LLC and its joint actors hold or exercise direction or control over approximately 16.34% of the Gage Shares

Gage Cannabis

Gage has established itself as a leader in the Michigan market, which is the third-largest cannabis market in the U.S. with reported cannabis sales of $171 million in the month of July 2021, representing an annualized market size of approximately $2.1 billion. The deal will provide access to Gage’s sought-after brand and proprietary library of genetics as well as Gage’s exclusive licensing partnerships in Michigan with COOKIES, SLANG Worldwide, Blue River, Pure Beauty, and Khalifa Kush.

Gage’s award-winning retail stores generate industry-leading retail metrics, including strong average basket size ($152 in the second quarter of 2021 compared to Michigan average of $85) and premium pricing for its flower products (40%+ relative to the Michigan market average price). TerrAscend expects to leverage Gage’s portfolio of over 40+ proprietary flower strains in addition to brand and marketing capabilities, at retail locations in other states. Gage comes into the deal with a $32.8 million cash position and minimal debt as of June 30, 2021.

The transaction includes a $30 million termination fee.


Debra BorchardtAugust 19, 2021
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TerrAscend Corp. (CSE: TER) (OTCQX: TRSSF) reported its financial results for the second quarter period ending June 30, 2021 as revenues increased 72% to $58.7 million over last year’s $32.4 million. Sales grew 10% sequentially over the first-quarter sales of $53.4 million. TerrAscend reported a net loss of $23 million, which the company said was largely impacted by a non-cash loss on the fair value of warrants of $20 million, a non-cash impairment of intangibles of its Arise Bioscience CBD division of $8.6 million, and an unrealized foreign exchange loss of $3 million primarily related to USD cash balances held in Canada.

The stock was falling over 12% in early trading to lately sell at $7.37.

Guidance Withdrawn

Notably, TerrAscend withdrew its previous 2021 guidance due to temporary yield declines of quality flower in Pennsylvania related to ongoing construction and expansion. In addition to that, the company has decided to increase its allocation of the company’s branded products to its own Apothecarium dispensaries in New Jersey. TerrAscend said that while its more profitable in the long run, retail sales take longer to sell through when compared to wholesale sales. The company said in a statement that when evaluating the potential of its dispensaries in an adult-use environment, management believes prioritizing the company’s retail channel in a supply-constrained market is the best path for building shareholder value. Last quarter the company raised its full-year guidance to $300 million versus the previous guidance of $290 million and Adjusted EBITDA was expected to exceed $128 million versus previous guidance of $122 million.

“During the second quarter, we continued to deliver year-over-year and sequential revenue growth while maintaining industry-leading Adjusted EBITDA margins above 40%,” said CEO Jason Wild. “Due to expansion-related yield reduction in Pennsylvania, which I believe to be temporary, and a decision to prioritize allocation of our branded products to our own New Jersey dispensaries, I felt it was appropriate to withdraw guidance for 2021. Looking ahead, 2022 will be a breakout year as we benefit from investment in cultivation capacity expansions and best-in-class retail experiences. I expect Pennsylvania to show substantial growth benefitting from the current expansion, while in New Jersey we will have our  MaplewoodPhillipsburg, and Lodi stores opened along with our 140,000 square foot cultivation and processing facility, which is fully operational and prepared to supply an adult-use New Jersey market.”

While the company is sitting on a pile of cash with $154 million as of June 30, 2021, It’s a big drop from the $234 million as of March 31, 2021. However, the company said it is sufficient to fund planned growth initiatives. SG&A expense, excluding stock-based compensation, were $14.8 million versus $11.3 million in the second quarter of 2020. The company said that the year-over-year increase was primarily due to increased salaries and professional fees as well as a one-time legal settlement of $0.7 million.

Cookies Come To NJ

The company signed an agreement to supply COOKIES licensed product and bring COOKIES Corners to all three Apothecarium dispensaries in New Jersey.

“We are excited to announce our agreement with COOKIES to be the sole cultivator and manufacturer in New Jersey for one of the country’s most recognized cannabis brands and the planned opening of ‘COOKIES Corners’, a store-in-store concept, within each of our three retail locations, subject to certain conditions and regulatory approval. New Jersey is an important market for us and this agreement with COOKIES will enable us to further solidify our leading position as the state is expected to implement adult-use by the end of this year,” stated Jason Wild, Executive Chairman of TerrAscend.

The company also seems to be signaling its desire to get out of the CBD business. TerrAscend said it has decided to undertake a strategic review process to explore, review, and evaluate potential alternatives for its Arise CBD business.

 


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