TerrAscend expects Q3 sales of $26M, says will miss projections
TerrAscend expects to report Q3 preliminary unaudited revenue of $26M, a nearly 50% increase compared to Q2, with improved adjusted EBITDA margin over Q2, driven by the U.S. segment. "Although we will miss our projections based on poor forecasting for our Canadian business, this should not detract from what is shaping up to be a tremendous year. Q3 sales were approximately $26 million compared to $1.8 million in Q3 last year," said Jason Wild, Chairman of TerrAscend. "Since completing the November 2018 reorganization allowing us to enter the United States, TerrAscend has announced and closed the U.S. acquisitions of Arise Bioscience, The Apothecarium of San Francisco, and Ilera Healthcare. Each deal individually brought progressively higher revenue and improved Adjusted EBITDA margins. In a very short period of time, we have built TerrAscend into a company that's generating over $100 million in annualized run rate sales with improving margins."