14:01:42 EDT Tue 27 Sep 2022
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Cannabis Summary for Aug. 12, 2022

2022-08-12 20:33 ET - Market Summary

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by Stockwatch Business Reporter

The S&P/TSX Cannabis Index added 2.21 to 45.18, while the CSE Composite Index lost a fraction to 287.39. Jason Wild's Terrascend Corp. (TER) reached an intraday low of $2.36 before settling at $2.68, down 37 cents, on 2.21 million shares. A batch of disappointing second quarterly financials sent the stock to its lowest level in more than two years.

Revenue in the second quarter came to $64.8-million (U.S.). As Terrascend pointed out jubilantly, this was a 31-per-cent increase from $49.7-million (U.S.) in the first quarter, reflecting "a great start" to recreational cannabis sales in New Jersey (which launched in April) and a full contribution from Gage Growth in Michigan (which Terrascend bought in March). Yet analysts were forecasting a much higher revenue jump, to $76-million (U.S.). For context, Gage's stand-alone quarterly revenue in the first three quarters of 2021 averaged $23.7-million (U.S.). Terrascend's sales rose by only $15.1-million (U.S.) in the latest quarter, and that was with the benefit of New Jersey too.

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