TSNDFOTCAgricultural Production-CropsUS GAAP · USD

TerrAscend Corp.

TerrAscend Corp. is a North American cannabis company with licensed cultivation, processing, and retail operations in the United States and Canada. Its business spans the production and sale of cannabis flower, concentrates, vaporizables, edibles, tinctures, topicals, and accessories through a mix of vertically integrated operations and dispensaries.

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Revenue261m USD
−15.0 %y/y
Operating profit (EBIT)42.0m USD
+8.0 %y/y
EBIT margin16.1%
+3.4 ppy/y
Net income-81.3m USD
−11.9 %y/y
Free cash flow12.9m USD
−58.5 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

-400-2000200400m USD2020: 132 m USD2020: EBIT 21 m USD20202021: 194 m USD2021: EBIT 23 m USD20212022: 248 m USD2022: EBIT -336 m USD20222023: 251 m USD2023: EBIT 30 m USD20232024: 307 m USD2024: EBIT 39 m USD20242025: 261 m USD2025: EBIT 42 m USD202526142
RevenueOperating profit (EBIT)

Business

Share of revenue
Cultivated cannabis products45 %

Flower and other plant-derived products grown and processed by the company.

Cannabis concentrates and vaporizables20 %

Extract-based products sold through retail and wholesale channels.

Edibles, tinctures, and topicals15 %

Alternative-form cannabis products for medical and adult-use customers.

Retail dispensary sales15 %

Direct-to-consumer sales through company-operated dispensaries.

Licensed and third-party branded products5 %

Products sold under premium licensed brands such as Wana and Cookies.

Customers

TerrAscend sells to medical patients and adult-use consumers in legal cannabis markets, with demand coming through its own dispensaries and through wholesale distribution. It also serves customers who buy premium branded products in jurisdictions where cannabis is legalized, including state-level U.S. markets and Ontario, Canada.

Medical cannabis patients

Buy regulated cannabis products for therapeutic use in state medical programs.

Adult-use consumers

Purchase cannabis for recreational use through dispensaries and retail channels.

Wholesale and licensed retail partners

Buy branded and manufactured products for resale in legal markets.

Premium brand customers

Seek differentiated products under licensed brands such as Wana and Cookies.

Strategy

TerrAscend’s strategy centers on operating a vertically integrated cannabis platform in select legal markets, combining cultivation, processing, and retail to control product quality and customer access. The company also uses acquisitions, dispensary expansion, and premium branded products to deepen market presence and broaden its product mix.

Strengthen vertically integrated market positionsMedium term

Owning cultivation and retail can improve product control and customer access.

Expand retail and dispensary footprintShort term

More stores increase direct customer reach and brand visibility.

Grow premium branded product salesMedium term

Licensed brands can support differentiation in a crowded market.

Geography

Q1/2026

TerrAscend operates in the United States and Canada, with vertically integrated licensed businesses in Pennsylvania, New Jersey, Maryland, and California, plus retail operations in Ohio and Ontario. The company’s footprint is concentrated in state-legal cannabis markets, which shapes its licensing, distribution, and compliance requirements.

Canada100 %

Risks

TerrAscend faces cannabis-specific regulatory risk because U.S. federal law still prohibits cannabis even where state laws allow it, and tax treatment can be unfavorable. Its business is also exposed to pricing pressure, illicit-market competition, cybersecurity and data-security risks, and execution risk around acquisitions, dispensary operations, and asset sales.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →U.S. federal cannabis illegality1Unfavorable tax treatment2Regulatory and licensing dependence3Competitive pricing pressure4Cybersecurity and data security5
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. U.S. federal cannabis illegalityImpact: HighLikelihood: High

    Cannabis remains illegal under federal law, creating legal and banking/tax uncertainty.

    Exposure: All U.S. operations

  2. Unfavorable tax treatmentImpact: HighLikelihood: High

    Cannabis businesses may be subject to restrictive federal income tax rules.

    Exposure: Company-wide

  3. Regulatory and licensing dependenceImpact: HighLikelihood: Medium

    Operations depend on state/provincial licenses and local cannabis rules.

    ExposurePennsylvaniaNew JerseyMarylandCaliforniaOhioOntario
  4. Competitive pricing pressureImpact: MediumLikelihood: Medium

    Legal and illicit supply can force price reductions and reduce revenue per unit.

    Exposure: Retail and wholesale markets

  5. Cybersecurity and data securityImpact: MediumLikelihood: Low

    The company handles patient and customer data and relies on third-party IT vendors.

    Exposure: Retail systems and customer databases

Accounting

Judgemental items
Acquisition accounting and fair value estimates

The company acquires dispensaries and assets, requiring valuation of intangibles and liabilities.

Impact: Can affect goodwill, amortization, and future impairment charges

Impairment of property, equipment, and intangibles

Cannabis licenses, brands, and facilities require periodic recoverability testing.

Impact: May create non-cash charges that materially reduce reported earnings

Contingent consideration

Some acquisitions include earn-outs or notes that must be remeasured.

Impact: Can introduce volatility in other income/expense

Discontinued operations

Asset sales and exits can move businesses out of continuing operations.

Impact: Affects revenue and expense comparability across periods

Seasonality in retail sales

Fourth-quarter holiday demand and first-quarter softness affect quarterly trends.

Impact: Can distort sequential comparisons and working capital needs

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Last updated: 24/09/2026