Terrascend Corp (OTCMKTS:TRSSF) reported revenues of $65 million (up 28% QoQ) in Q4 2020. It maintains a cash flow of $24 million from operations in Q4 2020.
The company’s full-year revenues are surged by 134% YoY to $198 million. It also maintains a cash flow of $3 million in 2020, erasing a loss of $48 million in the previous year.
Outlook for 2021
EC of Terrascend, Jason Wild, said the company reported strong growth in revenues in Q4 2020. It also improved cash balance through cost-effective measures and operational excellence. The company expects to maintain the same growth momentum in 2021 to report revenues of $290 million and realize the benefits of its recent investments.
Terrascend expects to realize the sales from its expanded operations in California, New Jersey, and Pennsylvania. It will also close the acquisition in Maryland soon. The company plans to inaugurate additional two retail stores in New Jersey.
Terrascend expanded its State Flower cultivation facility in California towards the end of 2020. It expects to super-premium craft flower manufacturing capacity by 500% in 2021.
Terrascend will see positive momentum in profitability and sales in 2021 following the streamlining of cost structure and product line in Canada. The company will make necessary changes for trading its shares on the exchanges in the US.
Achievements in Q4 2020
Terrascend realized its first revenues from its expanded operations in Pennsylvania. It mobilized funds of $20 million for its Arise Bioscience Division from Canopy Growth.
Terrascend acquired Grower Processor based in Maryland and expanded its presence in the US. In Capitola, the company inaugurated its fifth Apothecarium dispensary. The company also obtained the permit for dispensing medical cannabis through its dispensary, based in New Jersey, in Phillipsburg.
Events in 2021
Terrascend completed the second phase of manufacturing and cultivation facility on 140,000 sq. Ft. in New Jersey. The company also announced the receipt of authorization for the extraction, processing, and production of cannabis products in New Jersey.
In January 2021, Terrascend raised a capital of $224 million through a non-brokered private placement.
Changes in management
Jason will act as EC of the company with effect from March 23, 2021. It is on the backdrop of EC and CEO Jason Ackerman stepping down from the company. Terrascend also appointed the current board member – Ed Schutter as an independent director on the board.