Want to see TSE:TSND full AI Analyst Report?
Top Page
TerrAscend Corp
(TSX:TSND)
Select Model
Select Model
Rating:44Neutral
Price Target:
C$0.66
▼(-24.14% Downside)
Action:Reiterated
Date:10/01/26
The score is held down primarily by weak financial quality—ongoing net losses and elevated leverage—despite improving operating margins and positive free cash flow. Technicals add further pressure as the stock trades below all major moving averages with weak momentum, while valuation is constrained by the negative P/E and lack of dividend data.
Positive Factors
Improving Operating Profitability
The recovery in gross and operating margins indicates that TerrAscend is converting sales into operating earnings more effectively. If maintained, this improvement can support reinvestment, strengthen economics across cultivation and retail, and provide a foundation for eventual bottom-line profitability.
Negative Factors
Persistent Net Losses
Ongoing net losses show that improved gross and EBIT margins have not yet translated into sustainable bottom-line earnings. This limits retained capital for growth, weakens returns for shareholders, and leaves the business more dependent on operating improvement or external financing.
Read all positive and negative factors
Positive Factors
Negative Factors
Improving Operating Profitability
The recovery in gross and operating margins indicates that TerrAscend is converting sales into operating earnings more effectively. If maintained, this improvement can support reinvestment, strengthen economics across cultivation and retail, and provide a foundation for eventual bottom-line profitability.
Read all positive factors
TerrAscend Corp (TSND) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$253.41M
Dividend YieldN/A
Average Volume (3M)196.24K
Price to Earnings (P/E)―
Beta (1Y)1.72
Revenue Growth-8.14%
EPS Growth66.53%
CountryCA
Employees933
SectorHealthcare
Sector Strength45
IndustryDrug Manufacturers - Specialty & Generic
Share Statistics
EPS (TTM)-0.13
Shares Outstanding309,175,660
10 Day Avg. Volume233,814
30 Day Avg. Volume196,240
Financial Highlights & Ratios
PEG Ratio-0.70
Price to Book (P/B)2.23
Price to Sales (P/S)0.82
P/FCF Ratio16.31
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)-0.06
Revenue Forecast (FY)C$265.17M
TerrAscend Corp Business Overview & Revenue Model
Company Description
TerrAscend Corp. operates as a comprehensive cannabis enterprise, engaging in the cultivation, processing, and distribution of cannabis products for both medical and regulated adult recreational markets across Canada and the United States. In addi...
How the Company Makes Money
TerrAscend makes money by generating revenue from cannabis sales through two primary channels: (1) retail sales via company-operated dispensaries and (2) wholesale sales to other licensed cannabis retailers and distributors. Retail revenue is earn...
TerrAscend Corp Earnings Call Summary
Earnings Call Date:May 07, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Nov 05, 2026
Earnings Call Sentiment Positive
The call emphasized strong operational and financial momentum across core markets — notably robust gross margins, expanding adjusted EBITDA margins, consistent positive operating and free cash flow streaks, and improved liquidity — while also acknowledging material GAAP net losses, wholesale revenue softness in select states, and the tail of a challenging Michigan exit and some Ohio execution friction. Strategic tailwinds such as federal rescheduling and potential uplisting were highlighted as important upside catalysts.Positive Updates
Regulatory Rescheduling Benefit
Federal rescheduling of medical cannabis announced — expected elimination of 280E tax burden, potential for improved profitability, stronger balance sheet, lower cost of capital, increased access to institutional capital and potential uplisting to a U.S. exchange; viewed as a transformational upside catalyst for the business.
Negative Updates
Widening Net Loss
Net loss from continuing operations increased to $6.8 million in Q1 versus a net loss of $0.5 million in Q4 — a material sequential deterioration in GAAP profitability despite strong adjusted EBITDA performance.
Read all updates
Q1-2026 Updates
Positive
Negative
Regulatory Rescheduling Benefit
Federal rescheduling of medical cannabis announced — expected elimination of 280E tax burden, potential for improved profitability, stronger balance sheet, lower cost of capital, increased access to institutional capital and potential uplisting to a U.S. exchange; viewed as a transformational upside catalyst for the business.
Read all positive updates
Company Guidance
Management guided Q2 year‑over‑year revenue growth of 2–3% and said they expect "consistent strong gross margin performance," while highlighting upside from federal rescheduling (elimination of 280E), potential retroactive tax relief and a possible uplisting within ~12–24 months; they anchored that guidance to Q1 continuing‑ops results of $65.5M revenue, 52.8% gross margin, $17.4M adjusted EBITDA (26.5% margin), $8.7M operating cash flow (15th consecutive quarter), $7.8M free cash flow (11th consecutive quarter), operating cash flow yield 13.3% and free cash flow yield 10.3%, $39.1M cash, $0.9M capex, ~$24.3M free cash flow in the past four quarters, ~85% of Michigan asset sales completed, Maryland at an annualized ~$75M run rate, no material debt maturing until late‑2028, and a $20–30B psychoactive hemp market — all cited as supporting disciplined M&A activity and improved profitability and balance‑sheet flexibility.TerrAscend Corp Financial Statement Overview
Summary
Income Statement
48
Neutral
Balance Sheet
34
Negative
Cash Flow
63
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 262.12M | 265.12M | 306.68M | 250.51M | 247.83M | 194.21M |
| Gross Profit | 134.10M | 133.19M | 149.96M | 138.02M | 104.27M | 115.97M |
| EBITDA | 61.26M | 62.92M | 6.16M | -7.62M | 1.57M | 45.19M |
| Net Income | -41.07M | -87.74M | -80.23M | -91.10M | -320.09M | 3.11M |
Balance Sheet | ||||||
| Total Assets | 552.80M | 566.83M | 607.23M | 666.52M | 701.59M | 581.93M |
| Cash, Cash Equivalents and Short-Term Investments | 42.05M | 37.82M | 28.11M | 24.15M | 29.75M | 79.64M |
| Total Debt | 243.22M | 256.49M | 246.18M | 255.70M | 246.02M | 211.44M |
| Total Liabilities | 468.90M | 467.99M | 430.41M | 425.78M | 380.42M | 352.98M |
| Stockholders Equity | 79.49M | 97.31M | 176.96M | 242.50M | 318.80M | 223.59M |
Cash Flow | ||||||
| Free Cash Flow | 19.27M | 13.31M | 27.40M | 18.04M | -88.00M | -88.82M |
| Operating Cash Flow | 25.70M | 22.07M | 37.95M | 27.47M | -33.38M | -38.43M |
| Investing Cash Flow | -5.27M | -15.03M | -12.25M | -16.22M | -27.58M | -132.42M |
| Financing Cash Flow | -5.09M | 4.26M | -24.72M | -12.50M | 3.72M | 182.20M |
TerrAscend Corp Technical Analysis
Negative
0.87
Price Trends
0.84
Negative
0.86
Negative
0.90
Negative
Market Momentum
-0.05
Positive
32.97
Neutral
5.00
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:TSND, the sentiment is Negative. The current price of 0.87 is above the 20-day moving average (MA) of 0.84, above the 50-day MA of 0.84, and below the 200-day MA of 0.90, indicating a bearish trend. The MACD of -0.05 indicates Positive momentum. The RSI at 32.97 is Neutral, neither overbought nor oversold. The STOCH value of 5.00 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TSE:TSND.
TerrAscend Corp Risk Analysis
TerrAscend Corp disclosed 61 risk factors in its most recent earnings report. TerrAscend Corp reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
TerrAscend Corp Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
63 Neutral | C$1.98B | 11.80 | 6.82% | ― | 3.81% | 344.13% | |
53 Neutral | C$3.32B | -62.39 | -4.47% | ― | 1.50% | 81.84% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
51 Neutral | C$2.17B | -1.44 | -35.22% | ― | -2.30% | 26.63% | |
44 Neutral | C$253.41M | -3.64 | -45.81% | ― | -8.14% | 66.53% | |
43 Neutral | C$410.98M | -2.08 | -28.27% | ― | -5.83% | -115.39% |
* Healthcare Sector Average
TSE:TSND
TerrAscend Corp
0.67
-0.58
-46.40%
TSE:CURA
Curaleaf Holdings
12.18
-1.74
-12.50%
TSE:GTII
Green Thumb Industries
9.15
-2.94
-24.32%
TSE:CL
Cresco Labs
0.89
-1.15
-56.37%
TSE:VRNO
Verano Holdings
6.32
0.00
0.00%
TerrAscend Corp Corporate Events
Business Operations and StrategyFinancial DisclosuresM&A Transactions
TerrAscend Bolsters New Jersey Footprint With Aunt Mary’s Deal
Positive
Sep 16, 2026
TerrAscend Corp., a major North American cannabis operator with vertically integrated cultivation, manufacturing and retail operations in five U.S. states and Canada, has expanded its presence in New Jersey through a new dispensary acquisition. Th...
Business Operations and StrategyStock Buyback
TerrAscend Renews $10 Million Share Buyback to Boost Investor Value
Positive
Aug 20, 2026
TerrAscend Corp. has renewed and replenished its normal course issuer bid, authorizing the repurchase of up to USD $10 million of common shares over a 12-month period. Management says the program reflects its belief that the market undervalues the...
Business Operations and StrategyExecutive/Board ChangesFinancial DisclosuresM&A TransactionsPrivate Placements and FinancingShareholder Meetings
TerrAscend Posts Higher Q2 Revenue, Boosts Cash Flow and Extends Debt Maturities
Positive
Aug 6, 2026
TerrAscend reported second-quarter 2026 net revenue of $67.1 million, up both sequentially and year-over-year, with gross profit margins rising to 54.0 percent and adjusted EBITDA reaching $17.7 million. Despite a GAAP net loss from continuing ope...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.