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TERRASCEND TerrAscend Reports First Quarter Net Sales of USD $ 53.4 Million and Adjusted EBITDA¹ of USD $ 22.6 Million -- Raises full year 2021 guidance for Net Sales to exceed USD $ 300 million and Adjusted EBITDA to exceed USD $ 128 million² -- Substantial cash balance of USD $ 234 million provides ample support for future growth initiatives NEW YORK and TORONTO , May 19 , 2021 // - TerrAscend Corp. ( " TerrAscend " or the " Company " ) ( CSE : TER , OTCQX : TRSSF ) , a leading North American cannabis operator , today reported financial results for its first quarter ending March 31 , 2021 . First Quarter 2021 Financial Highlights ( Unless otherwise stated , all results are in U.S. dollars ) ² • • • • • Net Sales increased 106 % to $ 53.4 million compared to $ 25.9 million in Q1 2020 . Adjusted Gross Profit Margin³ increased to 65 % compared to 45 % in Q1 2020 . Adjusted EBITDA increased more than five - fold to $ 22.6 million compared to $ 3.7 million in Q1 2020 . Adjusted EBITDA Margin¹ was 42 % compared to 14 % in Q1 2020 . Cash Flow From Operations was $ 13.3 million compared to a loss of $ 0.8 million in Q1 2020 . Cash balance of $ 234 million at quarter end to support future growth initiatives . Management Commentary " In Q1 , we drove strong revenue growth , margin expansion and cash generation by continued focus on operational excellence , disciplined cost control and effective allocation of capital , ” said Jason Wild , Executive Chairman of TerrAscend . “ I'm pleased with the strong results our team has delivered to begin the year . " Mr. Wild added , " Looking ahead to the rest of the year , there are strong operational tailwinds helping our business as we continue to see the benefits from recently completed cultivation expansions , and the addition of retail locations in New Jersey , Pennsylvania and Maryland . " First Quarter 2021 Operational Highlights Completed 80,000 square foot indoor cultivation and manufacturing facility in New Jersey • Received permit allowing for extraction , processing , and manufacturing in New Jersey Raised $ 175 million in an oversubscribed non - brokered private placement in January 2021 • Agreed to settlement and termination of offtake agreement with PharmHouse for an immaterial amount Subsequent Events • Announced and completed Pennsylvania dispensary acquisition of Keystone Canna Remedies ( ' KCR ' ) • Completed Maryland grower processor acquisition of HMS Health • Opened largest Apothecarium dispensary on East Coast in Maplewood , New Jersey