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TerrAscend Reports 2020 Financial Results and Raises Full Year 2021 Guidance -- -- -- - Full Year 2020 Net Sales increased 134 % year - over - year to $ 198 million - Q4 Net Sales increased 152 % year - over - year and 28 % quarter - over - quarter to $ 65 million Q4 Adjusted EBITDA¹ increased 46 % quarter - over - quarter to $ 26 million and Adjusted EBITDA margin increased to 40 % from 35 % in Q3 - Ended 2020 with $ 75 million of cash , mainly driven by positive cash from operations , and subsequently raised $ 224 million in an oversubscribed non - brokered private placement - Converts guidance to US dollars and raises full year 2021 guidance for Net Sales to exceed USD $ 290 million and Adjusted EBITDA to exceed USD $ 122 million , both exceeding the high end of previously announced guidance ranges¹ , 4 NEW YORK and TORONTO , March 23 , 2021 / CNW / - TerrAscend Corp. ( " TerrAscend " or the " Company " ) ( CSE : TER ) ( OTCQX : TRSSF ) , a leading North American cannabis operator , today reported financial results for its fourth quarter and year ending December 31 , 2020 . Fourth Quarter 2020 Financial Highlights ( Unless otherwise stated , results are in Canadian dollars ) • Net Sales of $ 65 million compared to $ 51 million in Q3 2020 , an increase of 28 % . Adjusted Gross Margin² increased to 60 % compared to 59 % in Q3 2020 . • . Adjusted EBITDA¹ increased to $ 26 million compared to $ 18 million in Q3 2020 . • Adjusted EBITDA¹ Margin increased to 40 % compared to 35 % in Q3 2020 . • Cash Flow From Operations of $ 24 million compared to $ 0 in Q3 2020 . Full Year 2020 Financial Highlights ( Unless otherwise stated , results are in Canadian dollars ) • Net Sales increased 134 % to $ 198 million compared to $ 85 million in 2019 . Adjusted Gross Margin² increased to 56 % from 4 % in 2019 . • • Adjusted EBITDA¹ of $ 60 million compared to a loss of $ 27 million in 2019 . . Adjusted EBITDA¹ Margin of 30 % compared to negative 31 % in 2019 . • Cash Flow From Operations of $ 33 million compared to a loss of $ 48 million in 2019 . Management Commentary " In Q4 , we drove strong revenue growth , margin expansion and cash generation by focusing on operational excellence , disciplined cost control and effective allocation of capital , " said Jason Wild , Executive Chairman of TerrAscend . " I'm pleased to see how our team has executed in the quarter . " Mr. Wild added , " Looking at our growth plans for 2021 , we are well positioned to continue our momentum . The business is firing on all cylinders and we are only now just beginning to realize the benefits of our recently completed investments . Sales from facility expansions in Pennsylvania , New Jersey , and California are just starting to come to market , our acquisition in Maryland is expected to close imminently , and two additional retail stores are set to open in New Jersey . " Fourth Quarter 2020 Operational Highlights • Commenced sales from newly expanded State Flower cultivation facility in California • Realized first sales from 25 % capacity expansion in Pennsylvania ( in addition to the 3x expansion in Q1 2020 ) • Closed on US $ 120 million term loan secured by llera business in Pennsylvania