Ayr Strategies Inc. (OTCQX: AYRWF) closed on its previously announced offering of 12.5% Senior Secured Notes that will raise $110 million for the company. Ayr said it plans to use the proceeds from the issuance of the Notes, in addition to cash from the proceeds of in-the-money warrant exercise and cash from operations, to fund capital expenditures and the cash portion of pending and potential future acquisitions. Aur upsized the offering from the originally planned $75 million.
“This is an unprecedented time for Ayr. We are in the excellent position of being one of the few MSOs for whom capital is readily available, which is a major strategic advantage for us as we expand and grow. We were very pleased with the reception in the market for our corporate credit. Our premier debt offering, which was upsized nearly 50% from our initial size of $75 million due to substantial demand, combined with the proceeds from our in-the-money warrants and the cash we generate every day from operations, give us a war chest of over US$150 million in cash on our balance sheet. Our announced M&A pipeline is fully financed and we are in a great position to continue to invest in our current operations while we explore other opportunities for expansion,” said Jonathan Sandelman, Ayr’s CEO.
Canopy Growth Corporation (NASDAQ: CGC) and Arise Bioscience Inc., a wholly-owned subsidiary of TerrAscend Corp. (OTCQX: TRSSF) engaged only in the legal sale of CBD products, announced they have entered into a loan financing arrangement in the amount of $20 million pursuant to a secured debenture. In connection with the Loan, TerrAscend has issued 2,105,718 common share purchase warrants to the company. TerrAscend and Canopy Growth have had a long relationship with each other. Canopy Growth initially co-invested in TerrAscend in November 2017. On November 30, 2018, Canopy Growth announced the completion of a restructuring transaction with TerrAscend pursuant to which TerrAscend restructured its share capital by way of a plan of arrangement under the Business Corporations Act (Ontario). Subsequently, in March 2020, Canopy Growth loaned C$80.5 million to TerrAscend Canada Inc.
“TerrAscend’s management continues to perform very well in high-growth, competitive markets. With this additional loan into TerrAscend’s Arise business unit, we are confident the team will continue to execute at a high level and that they are well-positioned to drive strong value creation for Canopy shareholders,” said David Klein, CEO, Canopy Growth.
Jason Ackerman, Chief Executive Officer and Executive Chairman of TerrAscend added, “I’d like to thank the Canopy Growth team for their ongoing support and investment as we scale our operations. I’m proud to consider them partners and look forward to continuing to execute on the opportunity ahead.”
TerrAscend Corp. (OTCQX: TRSSF) reported financial results for its third quarter ending September 30, 2020, with net sales of $50.9 million versus $47 million in the second quarter. It was almost double last year’s $26.8 in sales for the same time period in 2019. The company delivered a net loss of $17.5 million, which was slightly higher than last year’s third-quarter net loss of $17.3 million.
The company did note that its net income for the quarter was $12.7 million, a positive result for the first time in company history.
“We continued to build out our footprint in the northeast, including completion of an additional 25% cultivation expansion at our Pennsylvania facility in Q3, which began selling into the market in November,” said Jason Ackerman, CEO and Executive Chairman of TerrAscend. “In New Jersey, where I believe we will be a major player, sales from our newly operational cultivation facility and our first retail location in Phillipsburg are expected to begin in the coming days. I look forward to realizing the full benefit of our substantially larger cultivation and manufacturing capacities across our system, including our recently announced Maryland acquisition, to further accelerate our revenue and adjusted EBITDA growth in Q4 and beyond.”
TerrAscend said it is increasing its full year 2020 guidance to at least $196 million in net sales and at least $54 million of adjusted EBITDA. TerrAscend is also providing first-time guidance for 2021 saying it expects net sales of $360-380 million and adjusted EBITDA of $140-160 million for the full year.
The company said its outlook is driven by its emphasis on organic growth through expansion in high-quality, limited license markets while continuing to maintain tight control on costs. TerrAscend’s sales and profits in Pennsylvania are expected to continue to scale following its recently completed 25% cultivation expansion.” In New Jersey, sales from the Company’s greenhouse and indoor cultivation facilities are expected to commence this month and ramp throughout 2021. TerrAscend’s Phillipsburg, New Jersey dispensary is expected to open in the coming days, with plans to open two additional dispensaries in the state in the first half of 2021.”
Gross Margin Increase
Gross margins increased to 59% in the quarter versus 18% for the same time period in 2019 and improved over the second quarter’s 56%. The company attributed the sequential increase in gross margin to a higher mix as well as improved yields and lower cost per pound from the Pennsylvania operations. “Additionally, the turnaround of the Canadian operations has contributed to this sequential improvement.”
The company has been cutting costs delivering a third-quarter G&A expense of $13.7 million, representing 27% of net sales. This was lower than the second quarter’s expenses amounting to 33% of net sales and 45% of net sales in the 2019 third quarter. This strong leverage is a result of tight control of costs combined with continued robust revenue growth.
Cash and cash equivalents, including restricted cash, were $45 million as of September 30, 2020, compared to $6.9 million as of September 30, 2019, and $75 million as of June 30, 2020.
The stock is nearing its 52-week high of $8.20 as it was lately selling at $8.02.
Canopy Rivers Inc. (OTC: CNPOF) today released its unaudited condensed interim consolidated financial statements in Canadian dollars and acknowledged taking a $112 million hit for its PharmHouse investment. The total comprehensive loss for the quarter was $87.0 million. On a positive note, its investment into TerrAscend has appreciated implying an investment value of $214 million.
The company reported that its royalty, interest, and lease income (before provisions for credit losses) was $4.1 million for the quarter. It included income from its various royalty, convertible debenture, and loan agreements, among other items. Other comprehensive income was $23.4 million, net of tax, for the quarter, which included a net increase in the fair value of financial assets of $27.4 million attributed to the positive change in the fair value of the investment in TerrAscend. TerrAscend’s share value increase from $2.87 on June 30, 2020, to $9.75 as of the close of markets on November 6, 2020.
Offsetting this income was a provision for credit losses of $9.9 million for the quarter, which was primarily related to interest accrued on the company’s $40.0 million shareholder loan to PharmHouse Inc. of $8.9 million. Operating expenses were $1.6 million for the quarter, compared with $6.2 million for the same period last year. For the quarter, Canopy Rivers reported a net operating loss of $7.4 million.
Canopy Rivers owns 49% in the joint venture of PharmHouse, which was formed in May 2018. The company partnered with Canopy Growth Corporation (CGC) and TerrAscend Canada Inc. which provided strong support for the company’s significant investment in PharmHouse’s automated production facility, as well as its guarantee of the PharmHouse Credit Facility.
“Our quarter was framed with a sharp focus on PharmHouse. We provided debtor-in-possession financing to enable PharmHouse to remain operational as it commenced its CCAA process and our team has been working towards securing the best possible outcome for our shareholders,” said Narbe Alexandrian, President and CEO, Canopy Rivers. “While supporting PharmHouse has been our priority, we are confident we will put this challenging situation behind us and remain encouraged by the progress across our portfolio. This quarter, we participated in Headset’s bridge round as it continues to bring its industry-leading analytical tools to new markets, High Beauty launched a new product line, and BioLumic’s most recent cannabis field trials showed promising gains in dried flower mass and cannabinoid content.”
Canopy Rivers detailed the charges as follows:
Share of loss from investment in PharmHouse common shares (due to impairment adjustments) of $32.6 million;
Provision for credit losses on the Company’s loans receivable with PharmHouse of $45.8 million; and
Provision for credit losses on the PharmHouse Guarantee liability of $25.0 million.
During the quarter, TerrAscend opened an Apothecarium location in Berkeley, California. TerrAscend also received approval to cultivate cannabis at its New Jersey facility and open its first Apothecarium dispensary in the state. Finally, in August, TerrAscend announced strong second-quarter results, reporting net sales of $47.2 million. The company owns 19,445,285 exchangeable shares of TerrAscend that are convertible into common shares upon the occurrence of certain events.
“Most notably, the value of TerrAscend’s common shares increased by 101% during the quarter, and the implied value of our investment in TerrAscend is now approximately $214 million,” added Alexandrian. “After a U.S. election that potentially spells good outcomes for the cannabis sector, including the legalization of adult-use cannabis in New Jersey, we are pleased to have our U.S. exposure through our holdings of exchangeable shares in one of the nation’s leading multistate operators. We believe that we will be well-positioned to capitalize on opportunities in the U.S. once we are permitted to do so.”
Canopy Rivers also reported a net decrease in the fair value of financial assets of $3.1 million for the quarter. The net decrease was primarily driven by negative changes in the estimated fair values of its royalty investment in Agripharm Corp. and convertible debenture investments in Greenhouse Juice Company and was partially offset by positive changes in the estimated fair values of the company’s royalty investment in The Tweed Tree Lot Inc. and term loan investment to TerrAscend Canada Inc. along with the associated warrants issued by TerrAscend Corp. Agripharm secured a supply agreement to provide the Ontario Cannabis Store with dried flower (and edibles at a later date) from Green House Seed Co., for which Agripharm holds an exclusive license in Canada.
“Naturally, we are extremely disappointed by the recent developments at PharmHouse and their impact on our financial results for this quarter, which reflect significant charges across various financial instruments we hold,” said Eddie Lucarelli, CFO, Canopy Rivers. “While the Company’s underlying net asset value continues to be supported by the sustained appreciation of our investment in TerrAscend, we remain critically focused on resolving PharmHouse’s current situation and maximizing value preservation for our shareholders.”
TerrAscend Corp. (CSE: TER) (OTCQX: TRSSF) announced preliminary financial results for its third-quarter ending September 30, 2020, with net sales of $51.0 million, representing 8% sequential and 90% year over year growth. All amounts are in Canadian dollars. TerrAscend did not say whether there were any net profits or losses.
The company also delivered an adjusted EBITDA of $17.8 million, an increase of 56% sequentially, and adjusted EBITDA margin expanded to 35% in the third quarter from 24% in the second quarter and 14% in the first quarter. TerrAscend will host a scheduled conference call to discuss the results for its third quarter on Thursday, November 19th, 2020 at 8:30 a.m. Eastern Time.
“We’re driving strong revenue growth and margin expansion by focusing on operational excellence, controlled SG&A spending, and strategically allocating our capital to generate the greatest returns and industry-leading EBITDA margins,” said Jason Ackerman, CEO and Executive Chairman of TerrAscend. “Leveraging the skills of our of our best-in-class operating team, we are focused on rapidly building scale in growing limited license markets.”
Mr. Ackerman added, “This strategy has led to further expansion of our footprint in the northeast, including an additional 25% expansion at our Pennsylvania cultivation facility in Q3 which began selling into the market in October. In New Jersey, where I believe we will be a major player, sales from our cultivation facility are expected to begin imminently and our first retail location in Phillipsburg is set to open in November. I look forward to realizing the full benefit of our substantially larger cultivation and manufacturing capacities across our system to further accelerate our revenue and adjusted EBITDA growth in Q4 and beyond.”
In addition to the numbers, TerrAscend also appointed Ed Schutter to its Board of Directors. Schutter is a seasoned executive with over thirty years of pharmaceutical industry experience. He currently serves as Chief Executive Officer of Arbor Pharmaceuticals, an Atlanta, Georgia based specialty pharmaceutical company which markets prescription products for the cardiovascular, neuroscience and orphan/hospital markets. Arbor also has several branded prescription products in late-stage development.
“We are thrilled to welcome Ed to our Board at such a pivotal time in our Company’s growth,” said Jason Ackerman, Chief Executive Officer and Executive Chairman of TerrAscend. “Ed brings a tremendous amount of relevant Board experience and new ideas to the table. His experience in the U.S. and global pharmaceutical industry will serve TerrAscend well as we continue to build scale and accelerate our growth.”
TerrAscend Corp. (OTCQX: TRSSF) reported that its total revenue increased 36% sequentially and 169% year over year to $47.2 million for its second quarter ending June 30, 2020. The net loss for TerrAscend in the quarter was $13.6 million, which was down from last year’s net loss of $19.1 million for the same time period.
The company also reported an adjusted EBITDA of $11 million, a 131% increase from the last quarter. The gross margin expanded sequentially to 56% from 45%, which shows its solid momentum.
With cash and cash equivalents of $75 million, the strikingly impressive revenue was contributed by the US operations, which generated 90% of consolidated net sales compared to the prior quarter.
The CEO and Executive Chairman of TerrAscend, Jason Ackerman, believes that the top performance is as a result of their unwavering commitment to achieving best-in-class results from their operations. “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.”
Prices Increase, But Write-Offs Happened
Terrascend did state that its dry bud prices increased from $8.51 per gram in December 2019 to $9.14 in June 2020. The trim prices increased from $2.42 in December to $6.01 in June 2020.
Still, during the quarter ending in March, management assessed that the net book value of inventory held at its Canadian facility relating to raw materials and Cannabis 1.0 products (finished goods) exceeded the net realizable
value and thus recorded an impairment of $1,772 (December 31, 2019- $9,184). Management also determined net realizable value as the estimated selling price in the ordinary course of business less the estimated costs of
completion and the estimated costs necessary to make the sale. In addition, during the three months ended March 31, 2020, management wrote off $135 (December 31, 2019 – $5,078) of inventory that it deemed unsaleable.
Since The Quarter Ended
On July 6, 2020, the Company opened its third Apothecarium dispensary in Pennsylvania and sixth overall. On July 31, 2020, the Company opened its fourth Apothecarium dispensary in California, in Berkeley. This is the
Company’s seventh Apothecarium dispensary overall. The stores will carry a wide variety of medical cannabis products, including dried flower, vaporizable and activated oils, concentrates, capsules, tinctures, topicals, and ancillary products.
On August 4, 2020, the Company’s greenhouse located at its Boonton facility has been approved by the New Jersey Department of Health (“NJ DOH”) to begin cultivating cannabis. Concurrently, TerrAscend has commenced initial
planting of this facility with the first harvest anticipated occurring during the fourth quarter of this year.
On August 5, 2020, the company announced the appointment of Jason Marks as Chief Legal Officer.
TerrAscend is forecasting that its full-year net sales should be at least $192 million driven by second half 2020 net sales growth of at least 34% versus the first half of 2020 and 109% year over year. The company also said that the adjusted EBITDA for the year is expected to be at least $45 million. TerrAscend noted that the outlook is driven by the company’s continued emphasis on further expansion of its most profitable business in Pennsylvania and ramp-up and further expansion of its retail footprint in Pennsylvania, New Jersey, and California while maintaining a tight overall focus on costs.
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
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.
Despite the long-running bear market in the cannabis industry, TerrAscend Corp. (OTCQX: TRSSF) announced a non-brokered private placement for gross proceeds of approximately $30 million. TerrAscend also said that it could supersize the offering to between $35 and $40 million. The company said it plans to use the proceeds for its U.S. expansion and other general purposes.
The company said it has received initial investor commitments totaling $28 million, including a $20 million lead order from JW Asset Management LLC which is expected to close on or about May 21, 2020.
“This planned funding positions TerrAscend with a strong balance sheet that enables us to continue to build depth in the high-quality markets where we operate,” said Jason Ackerman, CEO and Executive Chairman of TerrAscend. “We are now fully funded to complete all of our CAPEX projects, which will fuel the growth of both the cultivation and dispensary sides of our business. We’re fortunate to have developed a strong partnership with JW Asset Management and appreciate their support, and the support of the other investors, as we capitalize on the opportunities ahead.”
The company though couldn’t use those funds for investment in the U.S. Canopy Growth initially invested in TerrAscend way back in November 2017. TerrAscend has achieved considerable milestones since Canopy Growth initially invested, including becoming the first cannabis company licensed for sales in Canada, the United States, and Europe.
Fourth Quarter Results
Last month, TerrAscend reported that its sales increased by 414% to $25.9 million in the fourth quarter of 2019 versus $5.0 million in the fourth quarter of 2018. Sales in the U.S. were $24 million in the quarter representing 93% of the net revenue, while Canadian sales dropped to $1.9 million a decline of 62% for the same time period in 2018. The said it was due to the ongoing challenges facing the Canadian cannabis markets.
The fourth-quarter net loss was a staggering $171 million. The fourth-quarter adjusted EBITDA loss was $5.7 million versus last year’s fourth-quarter loss of $4.5 million. The company said that the change in adjusted EBITDA compared to the prior-year period was primarily driven by a decline in Canadian cannabis revenues as a result of ongoing demand issues which persisted through December 2019, as well as an increase in G&A expenses and an increase in the cost of goods sold as the company scaled up the organization through investments in additional headcount as it continues its U.S. expansion.
Executive Chairman and CEO of TerrAscend Jason Ackerman said, “We made substantial progress in 2019 developing our U.S. infrastructure and building our production capacity with a focus on profitable revenue opportunities, all the while continuing to streamline our Canadian operations.”
Sales increased by 414% to $25.9 million in the fourth quarter of 2019 versus $5.0 million in fourth quarter of 2018. Sales in the U.S. were $24 million in the quarter representing 93% of the net revenue, while Canadian sales dropped to $1.9 million a decline of 62% for the same time period in 2018. The said it was due to the ongoing challenges facing the Canadian cannabis markets.
The fourth-quarter net loss was a staggering $171 million. The fourth-quarter adjusted EBITDA loss was $5.7 million versus last year’s fourth-quarter loss of $4.5 million. The company said that the change in adjusted EBITDA compared to the prior year period was primarily driven by a decline in Canadian cannabis revenues as a result of ongoing demand issues which persisted through December 2019, as well as an increase in G&A expenses and an increase in the cost of goods sold as the Company scaled up the organization through investments in additional headcount as it continues its U.S. expansion.
Full Year Results
TerrAscend reported that net sales increased 1,149% to $84.9 million for 2019 versus $6.8 million in 2018. Sales in the U.S. accounted for 68% of total revenue in 2019. The adjusted EBITDA loss for 2019 was $26.6 million, versus $16.4 million for 2018. The net loss for the year was an eye-popping $218 million.
The company said that based on a preliminary (unaudited) review, it is estimating that the first-quarter 2020 net sales will be roughly $35 million, compared to $25.9 million in Q4 2019. This would be a sequential increase of 35%. The company said it continues to make progress in improving its margins and has completed the construction of its Pennsylvania production facility, tripling its cultivation capacity.
Production output from the expansion was realized towards the end of Q1 2020 and will be fully realized in Q2 2020. The preliminary estimated Q1 2020 financial results set forth above are subject to the completion of the Company’s financial closing procedures.
Also in January, TerrAscend completed the first earnout payment to the former owners of Ilera Healthcare, a vertically-integrated cannabis cultivator, processor and dispensary operator in Pennsylvania. Additionally, TerrAscend NJ, LLC received a permit to cultivate medical marijuana by the New Jersey Department of Health.
Chairman Jason Wild added, “Despite the short-term challenges facing the global economy, we remain on track, both operationally and financially, to continue to execute on our goals of driving strong revenue growth in 2020 and achieving adjusted EBITDA positive results. We are committed to driving shareholder value and will continue to pursue accretive and strategic opportunities.”
Cash On Hand
The company reported that its cash and cash equivalents were $11.9 million as of December 31, 2019, compared to $21.8 million as of December 31, 2018. Subsequent to the quarter-end, the company raised gross proceeds in excess of $120 million, including the previously announced loan financing agreement with Canopy Growth in the amount of $80.5 million. A portion of the proceeds received from Canopy Growth was used to fully pay off the outstanding principal and interest amounts under the Credit Facility with JW Asset Management.
The net proceeds are expected to be used by TerrAscend Canada for general corporate purposes and the funding of its Canadian operations, its Arise Bioscience U.S. hemp division, international expansion and the repayment of indebtedness. The company can’t use any of the money in the U.S.
“TerrAscend has proven its ability to thrive in the global cannabis industry and this loan is a strong signal that Canopy Growth is confident in their ability to execute over the long term,” said David Klein, CEO, Canopy Growth. “We are encouraged by TerrAscend’s strong performance and we view the team’s experience as an important contributor to its continued success.”
Canopy Growth initially invested in TerrAscend way back in November 2017. TerrAscend has achieved considerable milestones since Canopy Growth initially invested, including becoming the first cannabis company licensed for sales in Canada, the United States, and Europe. Additionally, TerrAscend has expanded its capabilities and portfolio to include domestic and international cultivation, processing and distribution facilities; a growing retail footprint; and best-in-class brands, such as The Apothecarium and Ilera.
“We are pleased to receive this loan from Canopy Growth as we enter the next stage of TerrAscend’s growth and expansion,” said Jason Ackerman, Executive Chairman, and Interim CEO. “The Canopy Growth team recognizes our operational and management expertise, and this financing allows us to continue to fund and execute on our Canadian, U.S. hemp and international businesses while remaining focused on operations with high barriers to entry. We look forward to continuing to work with Canopy Growth as new opportunities emerge and the regulatory landscape evolves.”
The Debenture will bear interest at a rate of 6.10% per annum and will mature on March 10, 2030 or such earlier date in accordance with the terms of the Debenture and all interest payments made pursuant to the Debenture are payable in cash by TerrAscend Canada. The Debenture is secured by the assets of TerrAscend Canada, is not convertible and is not guaranteed by TerrAscend.
TerrAscend Corp. (CSE: TER)(OTCQX: TRSSF) has named the company’s Executive Chairman Jason Ackerman as theinterim CEO, replacing the current CEO Michael Nashat. Nashat will continue to serve as a member of the Board of Directors and act as a strategic advisor to the company.
Gravitas Acquisition Is Over
Just yesterday, TerrAscend terminated its decision to acquire Gravitas Nevada Ltd. which operates a retail cannabis dispensary in Las Vegas, Nevada under the trade name “The Apothecarium.” The transaction, for $33.5 million in cash and 625 proportionate voting shares in the equity of TerrAscend equivalent to 625,000 common shares of the Company, was originally announced on February 11, 2019. TerrAscend has paid a $3mm reverse termination fee to the sellers, which had been placed in escrow in June of 2019.
As part of the termination, the Company is no longer liable for the remaining $30.5 million and proportionate voting shares in the equity of TerrAscend equivalent to 625,000 common shares of the Company. TerrAscend has agreed to continue licensing The Apothecarium, State Flower and Valhalla names and related intellectual property to Gravitas and its related operations in Nevada, pursuant to such final terms as will be mutually agreed by the parties.
“While it was a difficult decision, I believe given TerrAscend’s premier operating assets in the United States, it is now time for me to step into an advisory role and let new U.S.-based management guide TerrAscend as they expand and scale,” said Michael Nashat. “Jason’s experience in omnichannel retail, distribution, and operations are skills that TerrAscend will lean on as it enters this new growth phase. In my time working alongside Jason, it is clear that he is the right person to take on this role, and as a large shareholder, I believe this is what is best for securing TerrAscend’s future. I look forward to continuing to advise the Company in my board position and as a strategic advisor.”
“We are grateful for the hard work and perseverance that Michael Nashat has demonstrated during his tenure as CEO and Co-Founder of TerrAscend,” said Jason Ackerman. “We will continue to value Michael’s technical expertise, commitment to research and pharmaceutical knowledge, as he shifts to a strategic advisory role. We remain committed to driving shareholder value and focusing on the areas of our business that are generating rapid growth and greater margins, particularly in our valuable California, Pennsylvania, and New Jersey markets. I look forward to building upon the foundation that Michael has laid, and leading the TerrAscend team forward in this next exciting phase.”
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