Mr. Jason Wild reports

TERRASCEND PREANNOUNCES STRONG SECOND QUARTER 2023 REVENUE AND GROSS MARGINS AND PROVIDES FULL YEAR GUIDANCE

Terrascend Corp. has released its preliminary and unaudited financial results for its second quarter ended June 30, 2023. All amounts are in United States dollars.

Based on a preliminary and unaudited review, the company anticipates:

• Net revenue of $72.1-million, an increase of 12.7 per cent year over year and 3.9 per cent sequentially;
• Gross profit margin increased to 50.2 per cent compared with 48.8 per cent in Q1 2023 and 37.5 per cent in Q2 2022.

Additionally, the company expects net revenue and adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) from continuing operations for full year 2023 will be at least $305-million and $58-million, respectively, representing year over year growth of 23 per cent in net revenue and 49 per cent in adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) from continuing operations.

"We are pleased to deliver results in the second quarter that exceeded our internal forecasts. This team has accomplished a tremendous amount in recent months. We have significantly improved our margins, transformed our balance sheet, materially lowered our interest expense, achieved positive cashflow, acquired four dispensaries in Maryland and successfully listed on the TSX, all while driving sector leading revenue growth," stated Jason Wild, executive chairman of Terrascend. "These achievements bolster our confidence in the remainder of the year. As evidenced by today's guidance, we expect significant growth in revenue and profitability as we realize the benefit of our now vertically integrated operations in Maryland as well as continued strong execution in our other geographies."

Conference call details

The company will report its full financial results for the second quarter ended June 30, 2023, on Thursday, Aug. 10, 2023, after market close. Management will host a conference call the same day at 5 p.m. Eastern Time to discuss its financial results for the second quarter 2023.

Date:  Thursday, Aug. 10, 2023

Time:  5 p.m. Eastern Time

Dial-in number:  1-888-664-6392

Conference ID:  98441769

Replay:  416-764-8677 or 1-888-390-0541 available until 12 midnight Eastern Time, Thursday, Aug. 24, 2023

Replay entry code: 441769 followed by the pound key  

About Terrascend Corp.

Terrascend is a leading Toronto Stock Exchange-listed cannabis company with interests across the North American cannabis sector, including vertically integrated operations in Pennsylvania, New Jersey, Maryland, Michigan and California through Terrascend Growth Corp. and retail operations in Canada. Terrascend Growth operates The Apothecarium and Gage dispensary retail locations as well as scaled cultivation, processing and manufacturing facilities in its core markets. Terrascend Growth's cultivation and manufacturing practices yield consistent, high-quality cannabis, providing industry-leading product selection to both the medical and legal adult-use markets. The company owns or licenses several synergistic businesses and brands, including Gage Cannabis, The Apothecarium, Cookies, Lemonnade, Ilera Healthcare, Kind Tree, Legend, State Flower, Wana and Valhalla Confections.

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