TerrAscend Corp., a prominent North American cannabis company, has scheduled a conference call for Wednesday, November 6th, at 5:00 pm Eastern Time. The call will focus on the company’s financial performance during the third quarter of 2024, ending September 30th. TerrAscend will release its official Q3 2024 financial results after the market closes on the same day.
The company has been making significant strides in its growth trajectory. In the second quarter of 2024, TerrAscend reported a 7.5% increase in net revenue, reaching $77.5 million compared to $72.1 million in the same period of 2023. Executive Chairman Jason Wild highlighted the company’s impressive revenue and EBITDA growth, positive free cash flow, and strategic focus on geographic expansion. This expansion is supported by a recently secured $140 million term loan, demonstrating TerrAscend’s commitment to its growth strategy.
Earlier this month, TerrAscend completed the final draw of $26 million as part of the $140 million senior secured term loan, initially announced in August 2024. This loan, managed by FocusGrowth Asset Management, LP, has been used to pay down higher-interest debt in Michigan, strengthening the company’s overall financial position.
TerrAscend has also been active in enhancing shareholder value. In August, the company announced a $10 million share repurchase program, marking its first stock buyback initiative. This move, authorized by the board of directors under a normal course issuer bid (NCIB), reflects TerrAscend’s confidence in its future and commitment to creating value for its investors. As famed investor Benjamin Graham famously stated, ‘In the short run, the market is a voting machine, but in the long run, it’s a weighing machine.’
Jason Wild, the Executive Chairman of TerrAscend, is scheduled to speak at the upcoming Benzinga cannabis event in Illinois. The 19th Benzinga Cannabis Capital Conference will take place in Chicago on October 8th and 9th.
At the time of writing on Tuesday, TerrAscend’s shares were trading 0.81% higher at $1.24 per share. Investors will be eager to hear the company’s Q3 2024 earnings call and gain insights into its future plans.
