E Cannabis Central: TerrAscend Pre-Announces Strong Q2 Financials - Stock Surges

TerrAscend Corp. (OTCQX: TRSSF) is so pleased with its financial results for Q2 ended June 30, 2020, that management couldn't wait to spread the word and has taken the unusual step of announcing preliminary results ahead of its scheduled report due on August 20th. 

Q2 Financial Highlights (All amounts are expressed in Canadian dollars and compared to the previous quarter.)

  • Net Sales: increased 36% to $47.2M
  • Adj. EBITDA: increased 131% to $11.4M
  • Adj. EBITDA Margin: increased to 24% from 14%
  • Adj. Gross Margin: increased to 56% from 45%
  • Cash & Cash Equivalents: $75M

Management Commentary

Managements excitement could be seen in the remarks of Jason Ackerman, CEO and Executive Chairman when he said: "Our strong top and bottom-line performance reflects our unwavering commitment to achieve best-in-class results from our operations...We have been thoughtful in our approach to expanding our business, primarily focused on the areas of the U.S. market where we see the highest probability of sustained, long-term growth...I am confident we can continue this solid momentum into the second half of the year."

Stock Price Performance

TerrAscend is one of the few "momentum" marijuana stocks in munKNEE.com's Pot Stock Index (read this TalkMarkets article for details) as the stock is UP 46.6% YTD (only Rubicon (ROMJF) did better up 53.8% YTD). 

Investors have responded positively, as expected, to this advanced look at TerrAscend's operations as reflected in the upsurge in share price today.

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