TerrAscend Archives - Green Market Report

Adam JacksonSeptember 26, 2022
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3min3361

TerrAscend Corp. (CSE: TER) (OTCQX: TRSSF) will help bring Berner’s Cookies products to Pennsylvania.

TerrAscend said that it has entered into a multi-year agreement with TRP — the cannabis holding and operating company with the exclusive rights Cookies products — to cultivate and manufacture Cookies products in the Keystone State.

Pennsylvania has always shown Cookie’s love and we could not be more excited to expand our reach on the East Coast with our partner TerrAscend,” said Berner, co-founder and CEO of Cookies. “We’re excited to launch a fresh menu of California flavors, in what has become a very strong and important market for cannabis in the US.”

The company said that it will soon launch Cookies products at each of the company’s ‘Apothecarium’ and ‘Keystone Canna Remedies’ dispensary retail chains in Plymouth- MeetingLancasterThorndaleBethlehemAllentown and Stroudsburg.

The trio has already made strides together in the New Jersey market, where the group launched “Cookies Corner” — a portion of the store dedicated to Cookies products — at a TerrAscend ‘Apothecarium’ dispensary.

“TRP is excited to partner with TerrAscend to bring some of the most desirable genetics out there to the patients of the Pennsylvania, and are looking forward to providing patients with the full Cookies experience when we open our flagship stores in the commonwealth” said TRP co-founder and CEO Brandon Johnson.

Strains from Cookies premium genetics will be made available at TerrAscend dispensaries, as well as Cookies stores owned and operated by TRP that are slated to open in the coming months.

“It’s exciting to announce this agreement and continue to collaborate with Berner and his team on sharing these world-class products with patients in Pennsylvania“, said Jason Wild, executive chairman of TerrAscend.


Adam JacksonAugust 11, 2022
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8min90

TerrAscend Corp.  (CSE: TER) (OTCQX: TRSSF) ticked up in trading on Thursday despite missing expectations on revenue, which were buoyed by New Jersey sales and an injection of sales from its recent acquisition of Gage.

The multi-state cannabis operator reported its financial results for the first quarter ending June 30, 2022.

For the key metric of revenue, TerrAscend delivered approximately $65 million in total revenue during the period, a gain of 4.8% versus the same period last year — missing the Yahoo Finance Average analyst estimate for revenues of $77.4 million.

Net revenue increased 30% sequentially to $64.8 million as compared to $49.7 million in the previous quarter, according to SEDAR filings. The company attributed the growth to a “partial quarter of adult-use sales in New Jersey along with a full quarter of contribution related to the acquisition of Gage, partially offset by the Company’s decision to discontinue non-branded wholesale sales in Michigan.”

“We grew revenue 31% sequentially for the second quarter as New Jersey adult-use sales got off to a great start,” said executive chairman Jason Wild. “Growth should continue as we remain on track for each of our stores in New Jersey to achieve at least a $40 million run rate in their first full year of adult-use sales.  Adjusted EBITDA and margins grew sequentially, and I expect this to continue into the second half of the year.  The leadership team, which has been significantly bolstered over the past few quarters, remains focused on building the business for success over the long term and we will continue to make decisions with that mindset.”

The company reported a gross margin in the second quarter of 35.5%. Adjusted gross margin was 47.1% versus 38.4% in the previous quarter, an improvement of 870 basis points quarter over quarter.

The sequential margin expansion was driven by “strong improvements across all of the company’s core businesses,” it said.  Adjusted gross margin excludes the one-time impact of reserves and write-downs related to aged inventory in Pennsylvania, it said, dating back to the revamp of its cultivation facility in the second half of last year.

The company also reported a second-quarter net income of $14.2 million versus a net loss of $23 million in the same period last year. The earnings were for a gain of five cents per share, versus earnings per share of $0.14 in the same period last year.

Adjusted EBITDA was $5.8 million in the second quarter of 2022, versus an income of $24.3 million in the same period last year. Adjusted EBITDA margin improved from 6.6% in the first quarter to 8.9% in the second quarter.

TerrAscend said that the improvement was driven by higher sales and improved gross margin, offset by higher General & Administrative expenses (G&A) expenses “with the addition of Gage for a full quarter and costs associated with the launch of adult-use in New Jersey.”

G&A expenses — excluding stock-based compensation — increased by $10 million versus the first quarter of 2022 to $29.5 million, “mainly driven by the full quarter addition of the Gage acquisition.”

“Excluding Michigan, G&A expenses were up $1.1 million quarter over quarter related to additional staffing and other pre-opening expenses in preparation for the start of adult-use sales in New Jersey. As a percentage of revenue, G&A increased to 45.5% in the second quarter from 38.7% in the previous quarter. The increase as a percentage of revenue was impacted by the addition of Gage for a full quarter as well as staffing for all three stores in New Jersey despite the delayed opening of the Lodi store, which opened subsequent to the quarter. ”

The company said it had $49 million worth of cash and cash equivalents in the second quarter, versus $88.4 million in the previous quarter. It said it possesses “ample liquidity and access to capital, mainly through its capacity for additional borrowing related to its unencumbered owned assets and minimal usage of sale-leasebacks.”

The company also said it has the ability to raise equity should the capital markets improve.

TerrAscend said it used $16.1 million worth of cash from operations due to tax payments of $9.2 million and interest payments of $6.4 million. Current income taxes payable at the end of the period was $13 million.

Capital expenditures — including deposits — were $12.3 million in the quarter, it said, primarily related to the ongoing expansion work at the company’s Maryland and Michigan cultivation and processing facilities. The company said that it also made final note payments of $5 million related to its previous acquisitions of HMS in Maryland and KCR in Pennsylvania.

As of August 11, 2022, there were 318 million basic shares outstanding including 253 million common shares, 13 million preferred shares as converted, and 52 million exchangeable shares.

New Jersey and Gage

Last year, the company signed an agreement to supply COOKIES licensed products and bring COOKIES Corners to all three Apothecarium dispensaries in New Jersey, in addition to inking a deal to acquire Gage Growth in March — and the moves have borne fruit since.

TerrAscend said that between the Cookies and Gage brands’ launches in New Jersey, the company has seen a 40% increase in sales for the first full weekend versus the prior weekend “with continued momentum and growth since launch.”

“Between our state lineup and the wide-open map that will allow us to be selective on where we go next, TerrAscend is set up for strong growth for years to come,” president and COO Ziad Ghanem said. “We will achieve that growth while improving margins and driving profitability.”


Debra BorchardtJuly 28, 2022
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6min180

Get ready for some cannabis companies to report boosted earnings as revenues got juiced from New Jersey adult-use sales. Cantor Fitzgerald analyst Pablo Zuanic thinks that the addition of this market could drive growth in second-quarter sales for several companies in a report he issued on Thursday. While there hasn’t been any official data from New Jersey on the number of sales, which began April 21, Zuanic thinks it could be as high as $60 million in the second quarter. 

The first month was reported to be $24 million and since that time the store count has grown from 12 to 17. The SKUs at the stores have jumped from  283 to 1,322 as more products get added. Looking at the landscape the companies poised to benefit the most are TerrAscend (OTC: TRSSF) with three dispensaries in NJ selling recreational cannabis as does Ayr Wellness (OTC: AYRWF). Next with two stores under their belts are Verano (OTC: VRNOF), Acreage Holdings (OTC: ACRHF), Columbia Care (OTC: CCHWF), Curaleaf (CURLF), and  Green Thumb Industries (OTC: GTBIF). Ascend Wellness (OTC: AAWH) taps in at one store, but its Montclair dispensary was been approved to start rec sales, however, Montclair won’t allow recreational sales. 

Apothocarium stores are owned by TerrAscend

Brick & Mortar Wins

In order to make his sales estimates, the analyst calculated the number of days during the second quarter that these companies could open their stores for business. Then he looked at the hours the stores were open and the market share that the operators had. He reviewed the online menus to determine SKU counts for the stores and further drilled down to in-store brands.

“If we define market share based on opening hours (prorated for when stores began rec sales), in 2Q22 Green Thumb and Verano would have had 19% share, TerrAscend 18%, Acreage 15%, Curaleaf 11% (its second rec store opened 5/24), Ascend Wellness 8%, Columbia Care 6% (extended rec opening hours from early June), and AYR 5% (its stores opened for rec on 6/14),” wrote the analyst. “If we define it based on SKU count, Green Thumb would have had 24%, Verano 23%, Ascend 17%, TerrAscend 11%, Curaleaf 9%, Columbia Care 3%, and AYR 2%.”

However, the geography and cannabis market in the state splits into three zones – North, Central, and South.  He wrote in his report, “There are more stores in the northeastern part of NJ while the Curaleaf store in Bellmawr initially had minimal competition and benefited from incoming Philly traffic. We should also factor in location (next to a high-traffic road/ highway) and parking availability. Although this report is not a 2Q preview, we would estimate that Green Thumb and Verano had ~18% share in 2Q; Curaleaf, Acreage, and Ascend 15%; TerrAscend (parking is an issue) 10%; and Columbia Care and AYR the rest (9% combined).”

The analyst then got out his calculator and wrote, “On the base of 1Q22 reported sales (all else equal; again, we are not forecasting total 2Q sales here), this would mean +4.4% for Green Thumb (18% x $60Mn, on a 1Q22 sales base of $242.6Mn); Verano +5.3% ($10.8Mn/$202.2Mn); Acreage +15.8% ($9Mn/$56.9Mn); Curaleaf +2.9% ($9Mn/$313.4Mn); Ascend +10.6% ($9Mn/ $85.1Mn); TerrAscend +12.1% ($6Mn on $49.7Mn); AYR +2.4% ($2.7Mn/$111.2Mn), Columbia Care +2.2% ($2.7Mn/$123.1Mn).”

Brand Power

The analyst went a little further and found that the top five brands in the adult use market accounted for 80% of the total SKUs available. Verano was the winner here with 376 SKUs or 28% of the market share. It was followed by Curaleaf with 321 SKUs and a 24% share, then TerrAscend’s Kind Tree brand came in at 215 SKUs and 16% share. Green Thumb’s Rhythm brand had 6%, and Ascend Wellness’s Ozone brand had 5%.

Vapes had the most SKU’s with Verano leading the pack, while flower came in second  and Curaleaf led that category. Curaleaf led the day for pre-rolls, while Verano mopped up with the edible category. 

In Closing

Most cannabis companies have been complaining about how challenging the cannabis industry has become. Mature markets are flattening out in sales and costs are going up, while prices come down. Consumers are being hit with inflation pressures and there are recession worries on the horizon. The addition of a new market and one that is looking to be a strong one is great news for these companies. Welcome to the Garden State.


StaffMay 12, 2022
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5min330

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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8min160

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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6min150

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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4min70

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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3min130

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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6min240

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.


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The Green Market Report focuses on the financial news of the rapidly growing cannabis industry. Our target approach filters out the daily noise and does a deep dive into the financial, business and economic side of the cannabis industry. Our team is cultivating the industry’s critical news into one source and providing open source insights and data analysis


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