North American cannabis operator TerrAscend released preliminary third quarter financial results this week, indicating it expects to report a profit and strong revenue growth.
The Toronto and New York-based company released unaudited financial results for its third quarter ended Sept. 30, showing:
- Adjusted EBITDA of nearly 18 million Canadian dollars ($13.7 million), up 56% over the previous quarter.
- Sales of CA$51 million, up 8% from the prior three-month period.
TerrAscend – a licensed producer in Canada, with operations in Pennsylvania, New Jersey and California – will report its financial results in advance of a Nov. 19 conference call.
Most of the company’s sales are in the United States.
For the quarter ended June 30, TerrAscend’s net sales in Canada were CA$5 million, compared to CA$42 million in the U.S.
Shares of TerrAscend trade on the Canadian Stock Exchange under the ticker symbol TER.