$TSND.TO — TerrAscend Corp. | Q1 2026 Results
Multi-state cannabis operator with retail cultivation across PA, NJ, MD, OH, CA, plus Canadian retail. Reports in USD, results from continuing ops (Michigan classified as discontinued).
📊 Q1 2026 Highlights (continuing ops):
• Revenue: $65.5M ( 1.9% YoY, -0.9% QoQ)
• Gross margin: 52.8% (vs 52.1% Q4, 53.9% Q1'25)
• GAAP net loss: $(6.8M)
• EBITDA: $17.3M
• Adj. EBITDA: $17.4M (26.5% margin)
• OCF: $8.7M — 15th straight positive quarter
• Free cash flow: $7.8M — 11th straight positive quarter
💰 Balance Sheet:
• Cash: $39.1M
• Total debt: ~$223M
• Repurchased 115K shares at avg $0.66 USD
⚡ Catalyst:
• DOJ rescheduled state-licensed medical cannabis to Schedule III — eliminates 280E tax burden on medical sales
• Broader rescheduling hearing set for June 29, 2026
• If adult-use also moves, opens door to NASDAQ/NYSE up-listing and lower cost of capital
The headline is that 280E relief just landed. terrascend has been one of the few MSOs grinding out positive FCF every quarter for nearly 3 years, and the rescheduling shifts the math — cash that previously went to federal tax on medical revenue can now flow to the balance sheet. Adj EBITDA margin slipped 170bps YoY but still a healthy 26.5%, and the operational story (top-ranked stores in NJ, PA share gains, MD market share growth) remains intact.
Full analysis:
investorlens.io/stocks/TSND.…
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