TerrAscend rides legal weed wave despite fourth-quarter decline as new markets offset revenue decline

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TerrAscend Corp. TSNDF reported fourth trimester And full year finance finished Dec. 31, 2023. THE multi-state operator (OSM) reported $317.3 million In income For 2023, A Year after year sales increase of 28% In 2023, led In big part by sales in Maryland and New Jersey.

For THE fourth quarter, income was up 25.5% Since THE even period A year There is, future In has $86.6 millions.

"We do substantial progress In 2023 through virtually all facets of OUR business, including significantly improvement OUR margins, transform OUR balance leaf, materially lowering OUR interest costs, And deliver positive free species to flow, all while conduct industry leader income growth of 28%. I am extremely happy that, For THE First of all time In OUR history, We generated positive species to flow For A complete year, with $31.1 million In species to flow Since continue operations And $23.4 million In free species to flow," declared Jason Savage, by TerraAscend executive president, WHO will be to assist THE coming soonBenzinga Cannabis Capital Conferenceat Florida on April 16 And 17, 2024.

Fourth Quarter 2023:

Net Income was $86.6 million, A increase of 25.5% Year after year. Raw profit margin was 48.2%, compared with has 44.6% In T4 2022. GAAP Net loss Since continue operations was $41.8 million, including $57.7 million In non-monetary deficiency charges, compared with has A net loss of $2.0 million In T4 2022. Species to flow provided by continue operations was $9.4 million compared with has $7.3 million In T4 2022.

Complete Year 2023 Financial Highlights:

Net Income was $317.3 million, A increase of 28.0% Year after year. Raw Profit Margin was 50.3% compared with has 41.0% In 2022. Despite THE strength of Maryland generally, THE raw margin In THE quarter was down sequentially After equipment broken-down, which directed has A reframe failure. In New Jersey, retail sales would have decreases, However, that was compensate for by A "more that double" of wholesale sales In that State.

Full year results

For all of 2023, by TerraAscend raw margin climb 9.3 percentage points has 50.3%, once Again led by income earnings In Maryland And New Jersey. Optimization efforts In Michigan And Pennsylvania Also gave THE margin A booster For THE year.

"We to have THE RIGHT team, high performance assets, strong Operating results And species to flow, And loose green field opportunities has pursue additional growth. 2023 was about operational Excellency And reinforcement THE foundation. 2024 East about expansion by capitalize on THE current environment And enter In attractive States on accretive terms which would be not to have has been possible two years There is," added Wild.

HAS THE END of THE year, THE business reported having species And species equivalents of $25.3 million. It is down slightly Since THE $26.8 million on hand as of Dec. 31, 2022.

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