In a recent episode of a podcast hosted by Jesse Redmond, managing director at Water Tower Research, TerrAscend Corp (OTCQX:TSNDF) executives, Jason Wild and Ziad Ghanem delved into the company’s fourth-quarter and full-year financial achievements for 2023. The conversation provided a glimpse into TerrAscend’s ambitious blueprint for the future.
Jesse Redmond will share his industry knowledge as a speaker at the upcoming Benzinga Cannabis Capital Conference in Florida on April 16-17, 2024. TerrAscend will also be attending the conference, making it a must-see for anyone who wants to keep their finger on the pulse of the cannabis industry.
A Closer Look At TerrAscend's 2023 Financial Highlights
“In 2023, all four quarters were fundamentals for us… Our gross margin improved from 41% in 2022 to 50.3% for 2023,” stated Ghanem, TerrAscend's CEO. This operational momentum is particularly noteworthy as TerrAscend not only improved its financial health but solidified its market presence, especially in Maryland and New Jersey.
The multi-state operator showcased a significant revenue increase of 28% year-over-year, with an impressive 25.5% increase in fourth-quarter revenue, amounting to $86.6 million, alongside a gross profit margin boost to 48.2% from 44.6% in Q4 2022.
During the “Higher Exchanges” podcast episode, TerrAscend’s leadership also talked about the challenges the company faced, such as equipment malfunctions in Maryland that led to a crop failure, yet still managing a gross margin increase.
Ohio And Florida: The Next Frontiers
Ohio is a golden opportunity for TerrAscend's growth, concur the execs.”With Ohio, we are having multiple conversations, and there are multiple ways where we can enter Ohio. Now it’s a matter of…is it in a big way or in a bigger way? We will be in Ohio by adult use, as promised,” Ghanem said.
TerrAscend also has its eye on Florida in anticipation of potential legal shifts. “Florida is attractive for sizable entry, not building from scratch,” said Ghanem highlighting the significance of the state in TerrAscend’s expansion roadmap. As Florida residents, both Wild and Ghanem anticipate contributing their votes as the recreational cannabis initiative makes its way onto the ballot. “We know the votes are there,” Ghanem said.
Are you keen to explore how multi-state operators move and grow in the cannabis industry? Join us at the upcoming Benzinga Cannabis Capital Conference in Florida at the new Hollywood venue on April 16 and 17, 2024. The two-day event at The Diplomat Beach Resort will be a chance for entrepreneurs, both large and small, to network, learn, and grow. Renowned for its trendsetting abilities and influence on the future of cannabis, mark your calendars – this conference is the go-to event of the year for the cannabis world. Get your tickets now on bzcannabis.com – Prices will increase very soon!
Photo: Carlos Alvarez
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
