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After Maryland’s cannabis users collectively spent a whopping $87.43 million on marijuana products during the state’s first full month of recreational sales, TerrAscend (OTCQX: TRSSF) joined the conversation to point out that their products had a great month as well, thanks in part to Maryland.
With $2.8 million of daily sales in July, the MD adult-use market is off to a strong start! “We’re happy about it,” said Sr. VP of Marketing BJ Carretta to @washingtonpost. Our decision to expand our footprint to 4 dispensaries in MD shows great promise: https://t.co/1GoCTTY0Hq
— TerrAscend (@terrascendcorp) August 14, 2023
Jason Wild, executive chairman of Terrascend by the way will be a keynote speaker at the Benzinga Cannabis Capital Conference this Sept. 27-28 in Chicago so why not come and chat with him in person?
Positive Financial Results And How Maryland Helped
TerrAscend reported positive results last week with a net revenue was $72.1 million, an increase of 3.9% sequentially and 12.7% year-over-year. Gross profit was $36.2 million, an increase of 6.8% sequentially and 50.8% year-over-year.
“We are pleased to deliver results in the second quarter that exceeded our internal forecasts. We have made substantial progress over the last several months across virtually all facets of our business," Wild said. "We have significantly improved our margins, transformed our balance sheet, materially lowered our interest expense, delivered positive operating cashflow, acquired four dispensaries in Maryland and successfully listed on the TSX, all while driving sector-leading revenue growth of 26% in the first half of 2023.”
Want to meet Jason Wild and other cannabis company CEOs, advocates and politicians such as Gov. J B Prtitker and the many fascinating women and men who make this industry so exciting? Join us at the Benzinga Cannabis Capital Conference in Chicago on September 27 and 28. All information is available on bzcannabis.com
Posted In: TRSSF
