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.

18,2 %

52,3 %

−31,2 %

−15,0 %

1.38

0.95

— TerrAscend Corp.
%
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.

TerrAscend sells to medical patients and adult-use consumers in legal cannabis markets, with demand coming through its...

  • Medical cannabis patientsprimary

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

  • Adult-use consumersprimary

    Purchase cannabis for recreational use through dispensaries and retail channels.

  • Wholesale and licensed retail partnerssecondary

    Buy branded and manufactured products for resale in legal markets.

  • Premium brand customerssecondary

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

TerrAscend operates in the United States and Canada, with vertically integrated licensed businesses in Pennsylvania,...

  • •United States is the core operating market for cultivation and retail
  • •Licensed operations in Pennsylvania, New Jersey, Maryland, and California
  • •Retail presence in Ohio through company-operated dispensaries
  • •Canadian retail operations in Ontario, including Toronto
  • •Geography is defined by state/provincial cannabis legalization rules

TerrAscend’s strategy centers on operating a vertically integrated cannabis platform in select legal markets, combining...

01
Strengthen vertically integrated market positionsmedium-term

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

02
Expand retail and dispensary footprintshort-term

More stores increase direct customer reach and brand visibility.

03
Grow premium branded product salesmedium-term

Licensed brands can support differentiation in a crowded market.

TerrAscend faces cannabis-specific regulatory risk because U.S. federal law still prohibits cannabis even where state...

high

U.S. federal cannabis illegality

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

Scope
All U.S. operations
Materiality
high
high

Unfavorable tax treatment

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

Scope
Company-wide
Materiality
high
high

Regulatory and licensing dependence

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

Scope
Pennsylvania, New Jersey, Maryland, California, Ohio, Ontario
Materiality
high
medium

Competitive pricing pressure

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

Scope
Retail and wholesale markets
Materiality
high
medium

Cybersecurity and data security

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

Scope
Retail systems and customer databases
Materiality
medium
Acquisition accounting and fair value estimates
Can affect goodwill, amortization, and future impairment charges
Impairment of property, equipment, and intangibles
May create non-cash charges that materially reduce reported earnings
Contingent consideration
Can introduce volatility in other income/expense
Discontinued operations
Affects revenue and expense comparability across periods
Seasonality in retail sales
Can distort sequential comparisons and working capital needs

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: 29/04/2026