Terrapin Care Station LLC (OTC: TRPNF) (“Terrapin” or the “Company”) today announced financial results for the three-month period ended March 31, 2017. The Company reported revenues of $53,403,000 for the first quarter of 2017, an increase of 106% from $23,621,000 for the first quarter of 2016. The Company reported net income of $2,850,000 for the first quarter of 2017, or $0.04 per diluted share, compared to a net loss of $3,782,000, or $0.05 per diluted share, for the first quarter of 2016.

TerrAscend Corp. (CSE:TER) (CSE:TER.CN) (formerly, “Mantra Holdings” – NASDAQ: MANT) (formerly, “Mantra Therapeutics” – NASDAQ: MTRX) (formerly, “Green Thumb Industries” – NASDAQ: GTBI) (formerly, “Coalition Stock Exchange” – NASDAQ: CSX) (formerly, “Alpha Corporation” – NASDAQ: ALPHA)) (formerly, “Meridian Medical Technologies” – NASDAQ: MTMD), a company inspired by a mission to help people achieve their health goals, today announced that it has completed its reverse takeover of a shell company, which was previously a

TerrAscend Corporation (formally known as TerrAscend Corp. until May 2017) was incorporated in 2008 and is based in Vancouver, British Columbia, Canada. TerrAscend Corporation (formerly TerrAscend Corporation) is a Cannabis and Marijuana company. TerrAscend is a vertically integrated cannabis company that is focused on the creation, production and sales of various medicinal cannabis products for both the Canadian and global markets. TerrAscend has a number of products with a range of different cannabinoids and terpenes.

TerrAscend Q1 Revenue Increases 106% to $53.4 Million

TerrAscend reports net income of $53.4 million and adjusted EBITDA(1) of $22.6 million for the first quarter of
  • Planned increase for 2021: Net sales will exceed $300 million and adjusted EBITDA will exceed $128 million2.
  • Substantial cash balances of $234 million provide ample support for future growth initiatives.

NEW YORK and TORONTO, May 19, 2021 /CNW/ – TerrAscend Corp. (TerrAscend or the Company) (CSE: TER) (OTCQX: TRSSF), one of North America’s leading cannabis companies, today announced its financial results for the first quarter ended March 31. March 2021 announced. Financial results for the first quarter of 2021 (All results are in U.S. dollars unless otherwise stated)2

  • Net income increased 106% to $53.4 million from $25.9 million in the first quarter of 2020.
  • Adjusted gross margin3 increased to 65% from 45% in the first quarter of 2020.
  • Adjusted EBITDA more than quintupled from $3.7 million in the first quarter of 2020 to $22.6 million.
  • Adjusted EBITDA margin1 was 42%, up from 14% in the first quarter of 2020.
  • Cash flow from operations was $13.3 million, compared to a loss of $0.8 million in the first quarter of 2020.
  • Cash of $234 million at the end of the quarter to support future growth initiatives.

Management commentary In the first quarter, we delivered strong revenue growth, margin expansion and cash flow generation by continuing to focus on operational excellence, disciplined cost management and efficient capital allocation. I am happy with the strong results our team has achieved so far this year.

Jason Wild, CEO of TerrAscend

TerrAscend Q1 Revenue Increases 106% to $53.4 Million For the remainder of the year, our business is supported by strong tailwinds as we continue to benefit from the recently completed acreage expansion and the addition of retail locations in New Jersey, Pennsylvania and Maryland. Operational performance in the first quarter of 2021

  • Completion of an 80,000 square foot indoor manufacturing and growing facility in New Jersey.
  • Obtaining a mining, processing and manufacturing license in New Jersey.
  • Raised $175 million in January 2021 in an oversubscribed non-broad private placement.
  • Settlement and termination of a supply contract with PharmHouse for a significant amount.

Post balance sheet events

  • The acquisition of the Pennsylvania clinic by Keystone Canna Remedies (KCR) has been announced and completed.
  • Completion of the acquisition of HMS Health, a Maryland-based herbal treatment company.
  • The largest pharmacy on the East Coast opens in Maplewood, New Jersey.

Financial overview for the 1st quarter 2021 and comparative periods TerrAscend Q1 Revenue Increases 106% to $53.4 Million 1. Adjusted EBITDA and the corresponding margin are non-IFRS measures. An explanation and reconciliation of the non-IFRS measures follows. 2. From 1. In the second quarter of 2021, the Company began reporting its financial results in U.S. dollars. The average CAD/USD exchange rate of 1.26598 for Q1 2021, 1.34490 for Q1 2020 and 1.34150 for Q4 2020 was used to convert the previous forecasts into Canadian dollars. 3. Adjusted gross profit and margin are non-IFRS measures and are calculated before the impact of biological assets. The result of the 4. The 2020 quarter does not include a one-time non-cash write-off of inventory of $2.3 million in the Canadian operations. N/S – Incomparable In the first quarter of 2021, revenues increased 106% to $53.4 million from $25.9 million in the first quarter of 2020. This significant growth over last year is due to expanded cultivation capacity in Pennsylvania, New Jersey and California, as well as the opening of five new dispensaries in 2020. Net sales increased 8% from the previous quarter due to a full quarter of capacity expansion in Pennsylvania and an initial ramp-up of operations in New Jersey. Adjusted gross margin before fair value gains on biological assets was 65% in the first quarter of 2021, compared to 45% in the first quarter of 2020 and 60% in the fourth quarter of 2020. The 500 basis point improvement in adjusted gross margin from the prior quarter to 65% was due to higher-margin sales in Pennsylvania and the initial integration of retail and wholesale operations in New Jersey. General and administrative expenses were $15.8 million and represented 30% of revenue in Q1 2021, compared to 42% of revenue in Q1 2020. Management and administrative expenses have steadily increased from 23% in the fourth quarter of 2020. About half of the increase is attributable to one-time legal and severance costs, the rest to planned investments in people, systems and other future growth opportunities. Adjusted EBITDA was $22.6 million in the first quarter of 2021, up from $3.7 million in the first quarter of 2020.  Adjusted EBITDA margin was 42% in the first quarter of 2021, compared to 14% in the first quarter of 2020 and 40% in the fourth quarter of 2020. Net loss for the first quarter of 2021 was $12.7 million and was significantly impacted by a $5 million loss on the fair value of warrants and an unrealized foreign exchange loss of $3 million, as well as income tax expense of $10 million, finance and other costs of $7 million, share-based compensation of $4 million, and depreciation, including amortization in cost of revenues, of $4 million. At March 31, 2021, cash and cash equivalents were $234 million, compared to $59 million at March 31, 2021. December 2020, indicating a strong balance sheet position to support the Company’s growth initiatives. The company raised net proceeds of $173.4 million in January in a private placement without exchange, which was oversubscribed, and received $9 million from the exercise of warrants and options during the quarter.  Cash flow from operations for the quarter was $13 million and free cash flow after capital expenditures of $8 million was $5 million for the quarter. This is the second consecutive quarter in which the Company has generated positive free cash flow. In the 19th century. As of May 2021, 319 million shares were outstanding on a fully diluted basis. Fully diluted outstanding shares include approximately 184 million common shares, 14 million preferred shares equivalent to common shares, 39 million non-voting exchangeable shares and 82 million warrants and options. The underlying outstanding shares, including conversions, are approximately 237 million. The weighted average exercise price of the warrants and options at December 31, 2009 was March 2021 C$4.90. 2021 Outlook TerrAscend is raising its outlook for the full year, forecasting net sales of more than $300 million, up from $290 million, and adjusted EBITDA of more than $128 million, up from $122 million. In Pennsylvania, the company benefits from an expansion of cultivation capacity completed in late 2020, as well as the recent acquisition of KCR, which increased the dispensary’s footprint to six locations. In New Jersey, sales of the company’s 40,000-square-foot greenhouse and 80,000-square-foot indoor space are expected to begin increasing in 2021. TerrAscend Pharmacy in Phillipsburg, N.J., had its first full sales quarter in the first quarter of 2021, with the opening of a second pharmacy on the 7th. May opened in Maplewood, and the company plans to open a third clinic later this summer. In Maryland, the company will benefit from the input of the recently acquired HMS Maryland operations. In California, the company will benefit from a full quarter of sales from its newly expanded State Flower plant, where annual production of premium handmade flowers has increased by 500%. The company’s retail presence in California will benefit from the opening of two Apothecarium stores in Berkeley and Capitola in the second half of 2020. Both companies continue to ramp up sales and overall trade continues to recover following the easing of COVID restrictions in the state. In Canada, the company expects a new optimized product portfolio and cost structure to make a positive contribution to sales and earnings. Finally, the Company remains on track to become a U.S. filer with the U.S. Securities and Exchange Commission (SEC) by the end of 2021 and is preparing to meet the requirements necessary to trade its securities on a U.S. national securities exchange, should that be permitted under U.S. law. Conference call TerrAscend is launching a conference call today, May 19, 2021, to discuss these results. Jason Wild, Executive Chairman, Keith Stouffer, CFO, and Greg Rochlin, Executive Director of Northeast Operations, will host a conference call beginning at 8:30 a.m. Eastern time. The presentation of the handbook will be followed by a question and answer session. DETAILS OF THE CONFERENCE CALL DATE: Wednesday 19 May 2021 TIME: 8:30 AM Eastern Time WEBCAST: Press to go to TELEPHONE NUMBER : 1-888-664-6392 ID OF THE CONFERENCE : 88025412 REPLAY: (416) 764-8677 or (888) 390-0541 Available until Wednesday, 2. June 20, 2021, 12:00 p.m. Eastern Time. Read code: 025412 Financial results and analysis are available on the Company’s website (www.terrascend.com) and on the SEDAR website (www.sedar.com). About TerrAscend TerrAscend is a leading North American cannabis operator with vertically integrated operations in Pennsylvania, New Jersey and California, licensed cultivation and processing operations in Maryland and licensed production in Canada. TerrAscend operates an award-winning retail chain, The Apothecarium, and large-scale growing, processing and manufacturing facilities on the east and west coasts. TerrAscend’s world-class cultivation and production methods ensure consistently high quality cannabis and offer a selection of advanced products for the medical and adult-use markets. The company has several synergies and brands, including The Apothecarium, Ilera Healthcare, Kind Tree, Prism, State Flower, Valhalla Confections and Arise Bioscience Inc. For more information, see www.terrascend.com. Non-IFRS measures, reconciliation and discussion Certain financial measures in this press release are non-IFRS measures, including adjusted gross profit and adjusted EBITDA. These terms are not defined by IFRS and therefore may not be comparable to similar measures used by other companies. There is no directly comparable IFRS measure for these ratios. These disclosures are intended to provide additional information and should not be considered in isolation or as a substitute for performance measures prepared in accordance with IFRS. For more details, see the Non-IFRS Financial Measures section of the Company’s interim financial statements available at www.terrascend.com. Adjusted gross profit and related margin are not IFRS measures that management uses to assess the performance of the company, as they reflect the current profitability of the company. The Company believes that certain investors and analysts use this measure to assess a company’s ability to service its debt and meet other payment obligations or as a general indicator to assess the value of companies in certain industries. The Company estimates that adjusted gross profit is equal to gross profit/(loss) less the cost of a one-time inventory write-down at the Canadian plant in the fourth quarter of 2020. The relevant margin is the adjusted gross profit as a percentage of net sales. Adjusted EBITDA and corresponding margin are not IFRS measures that management uses to assess the company’s performance because they reflect current profitability. The Company believes that certain investors and analysts use this measure to assess a company’s ability to service its debt and meet other payment obligations or as a general indicator to assess the value of companies in certain industries. The Company measures Adjusted EBITDA as EBITDA less the unrealized gain from the change in fair value of biological assets and other income plus the change in fair value of biological assets included in inventory sold, impairment charges, restructuring charges, purchase accounting adjustments, transaction costs, stock-based compensation, revaluation of warrants and derivative liabilities, unrealized losses on investments or foreign currency, contractual dispute resolution costs, and other The relevant margin is Adjusted EBITDA as a percentage of net sales. Warning about the cannabis trade in the United States Investors should keep in mind that the cannabis industry is subject to significant legal restrictions and regulations in the United States. Under the U.S. Controlled Substances Act, cannabis remains a Schedule I drug, making the cultivation, distribution, and possession of cannabis, among others, illegal in the United States under federal law. Financial transactions with proceeds derived from or intended to facilitate cannabis-related business activities in the United States are subject to prosecution under applicable U.S. money laundering laws. Although the U.S. federal government, in enforcing these laws, tends to refrain from applying them to individuals and businesses engaged in cannabis programs for medical or adult use in states where such programs are legal, strict compliance with federal cannabis laws will not relieve TerrAscend of liability under U.S. federal law or provide protection from any federal proceedings that may be brought against TerrAscend. The application of federal laws in the United States poses a significant risk to TerrAscend’s business, and any lawsuits brought against TerrAscend as a result of these laws could adversely affect TerrAscend’s business and financial results. Financial perspectives This press release contains a financial forecast within the meaning of applicable Canadian securities laws. The financial projections have been prepared by TerrAscend’s management to provide a forecast for the full year 2021 and may not be suitable for other purposes. The financial forecast has been prepared based on a number of assumptions, including those set forth above in the Forward-Looking Information section and the following assumptions: sales from existing retail outlets are representative of both the sales that these retail outlets will continue to generate and the sales that will be generated by new retail outlets; the Company’s ability to take advantage of the fact that the New Jersey market as a whole is underserved and underdeveloped at both the retail and consumer levels ; and the Company’s retail locations will continue to be well located to take advantage of suburban and other traffic throughout the operating area the accuracy of the Company’s estimates of growth in demand for medicinal cannabis exceeding total market supply in each of its major markets the Company’s ability to maintain a diversified customer base and avoid dependence or concentration on a single customer or small group of customers; the successful expansion of the Company’s Canadian operations to meet customer demand; and the Company’s success in integrating the acquired business into its organizational structure and operations, including its marketing and sales activities; the Company’s actual results for any period are likely to differ from the amounts contained in this outlook, and such differences could be material. TerrAscend and management believe that the financial projections have been prepared on a reasonable basis. However, because this information is highly subjective and subject to numerous risks, including those described above under the heading Forward-Looking Information, it should not necessarily be considered an indication of future results. Except to the extent required by applicable Canadian securities laws, TerrAscend assumes no obligation to update the financial forecasts. TerrAscend does not undertake to comment on the analyses, expectations or statements of third parties relating to TerrAscend, its securities, financial or operating results (as applicable). TerrAscend Q1 Revenue Increases 106% to $53.4 Million * Change in reporting currency; See Note 23 to the Company’s unaudited condensed consolidated interim financial statements for the three months ended 31. March 2021 and through. * Change in reporting currency; see note 23 to the Company’s unaudited condensed consolidated interim financial statements for the three months ended December 31. March 2021 and through. TerrAscend Q1 Revenue Increases 106% to $53.4 Million Original press release For factual information about TerrAscend, see the company’s sponsored investor dashboard. Stay ahead of the crowd by subscribing to 420 Investor, the largest and most comprehensive subscription service for cannabis dealers and investors since 2013. TerrAscend Q1 Revenue Increases 106% to $53.4 Million TerrAscend Q1 Revenue Increases 106% to $53.4 Million New Cannabis Ventures is committed to gathering quality content and information about leading cannabis companies to help our readers filter through the noise and stay informed about the most important news in the field. Do you have sensitive information? Please contact us.

 

TerrAscend Corp (CSE:TER – News) (OTCQB:TRSSF – News), a cannabis and hemp company specializing in the development and optimization of proprietary strain-specific sustainable agricultural solutions in the United States and internationally, is pleased to report that it has once again reached revenue targets for the first quarter of 2018.. Read more about terrascend new ceo and let us know what you think.

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