TerrAscend & The Road Ahead For Cannabis Industry
In this episode of Trade To Black, hosts Anthony Varrell and Shadd Dales sit down with Jason Wild, Chairman of TerrAscend (TSND / TRSSF), for one of the most anticipated conversations in the cannabis industry. Fresh off TerrAscend’s latest earnings release, Jason breaks down revenue performance, margin improvements, cash-flow milestones, wholesale momentum, and how the company is positioning itself for a transformative 2026 as U.S. cannabis enters a new regulatory era.
TerrAscend has now posted 13 consecutive quarters of positive operating cash flow. The leadership attributed this to disciplined operations and strategic market positioning, particularly in Maryland, Pennsylvania, and New Jersey. While Q3 revenue of $65.1M was slightly below consensus, Ghanem emphasized it was in line with internal expectations, highlighting ongoing organic growth and targeted acquisitions. Maryland’s doubled cultivation capacity and a retail-wholesale rebound in New Jersey were cited as key drivers.
On the policy front, Ghanem detailed recent lobbying efforts in Pennsylvania—including a joint visit with Mike Tyson—suggesting bipartisan support for cannabis reform if political alignment improves. He added that rescheduling could unlock long-standing legislative gridlock.
Jason Wild emphasized the importance of conservative financial practices, reaffirming TerrAscend’s stance against sale-leasebacks. “It’s like burning furniture to heat the house,” he said, instead advocating for low-interest mortgage financing and asset-backed growth.
The episode also touched on the recent amicus brief filed by Americans for Prosperity supporting cannabis reform, potentially impacting the Supreme Court’s consideration of the Boies lawsuit. Wild praised the move, calling the brief “fucking awesome,” and noted the potential weight it could carry with federalist-minded justices.
On broader market consolidation, both executives foresee aggressive M&A activity in 2026, positioning TerrAscend to deepen in current states while selectively entering new ones. Florida remains of interest, though leadership indicated they are waiting for more favorable political and pricing conditions.
The episode closed with updates on Mike Tyson’s upcoming Netflix project and TerrAscend’s longer-term focus on refinancing, margin control, and compliance—all while waiting for federal reform to catch up.
