TerrAscend Corp. (CSE: TER) (OTCQX: TRSSF) reported a loss of $21 million for the second quarter ending June 30, versus a loss of around $5.20 million for the same quarter of 2018.
Earnings per share was a loss was $0.37, compared to a per-share loss of $0.05 for the second quarter of 2018.
The company had sales of $17.6 million, versus $9 million in the same 2018 quarter. Total operating expenses were $21.67 million, versus $4.27 million for the same period last year.
In addition, TerrAscend raised its guidance for 2019, now expecting revenues to exceed $141 million this year, compared to $135 million.
“The Company continues to experience strong growth in demand. We are pleased to be in the position to raise our revenue guidance only four months after initially providing it. We are seeing a substantial acceleration in sales growth in the third quarter and expect this to continue through the fourth quarter,” TerrAscend CEO Michael Nashat stated.
As of June 30, the company held $17 million in cash and cash equivalents.
During the second quarter, TerrAscend completed construction and commenced the licensing process with Health Canada for the additional 41,000 square feet of its 67,000 square foot Mississauga facility. The expanded space is expected to be licensed and online by the fourth quarter of 2019.
New Jersey and U.S. Expansion
Meanwhile, TerrAscend said that it continues the work to set up operations in New Jersey, including the hiring of key personnel and the building-out of its cultivation/processing facility in Boonton Township and dispensary in Phillipsburg. The company expects both sites will be operational in the fourth quarter of 2019.
“TerrAscend continues to increase its global footprint with the build-out of our New Jersey operations, construction of multiple dispensaries in California, and the upcoming acquisition of Ilera Healthcare,” stated Matthew Johnson, president of TerrAscend and TerrAscend USA.
“We are looking forward to opening new dispensaries in California, Pennsylvania and New Jersey in the coming months. We are proud to have brought Valhalla Confections and The Apothecarium California into our family of companies this quarter with the closing of those transactions. Additionally, we are excited for the upcoming close of The Apothecarium Nevada. Importantly, our recent and pending acquisitions are all margin accretive and generate strong cash flow,” Johnson added.
All figures are reported in Canadian dollars.