TerrAscend Rides Legal Weed Wave Despite Q4 Dip As New Markets Offset Revenue Slide
TerrAscend Corp. (OTCQX:TSNDF) reported fourth-quarter and full-year financials ended Dec. 31, 2023. The multi-state operator (MSO) reported $317.3 million in revenue for 2023, a year-over-year sales increase of 28% in 2023, driven in large part by sales in Maryland and New Jersey.
For the fourth quarter, revenue was up 25.5% from the same period a year ago, coming in at $86.6 million.
“We made substantial progress in 2023 across virtually all facets of our business, including significantly improving our margins, transforming our balance sheet, materially lowering our interest expense, and delivering positive free cash flow, all while driving industry-leading revenue growth of 28%. I am extremely pleased that, for the first time in our history, we generated positive cash flow for a full year, with $31.1 million in cash flow from continuing operations and $23.4 million in free cash flow,” stated Jason Wild, TerrAscend’s executive chairman, who will be attending the upcoming Benzinga Cannabis Capital Conference in Florida on April 16 …