Marijuana operator TerrAscend signals profit, rising revenue for third quarter

North American marijuana 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 previous three-month period.

TerrAscend – a licensed producer in Canada, with operations in California, New Jersey and Pennsylvania – 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 with CA$42 million in the U.S.

Shares of TerrAscend trade on the Canadian Stock Exchange under the ticker symbol TER.