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TerrAscend’s 13-Quarter Cash Flow Streak, Plus Hemp’s Thursday Deadline

By Shadd Dales On Nov 10, 2026

In today’s Trade To Black podcast presented by Flowhub, Shadd Dales and Anthony Varrell welcome TerrAscend (TSX: TSND) Executive Chairman Jason Wild and President and CEO Ziad Ghanem to discuss Q3 2026. Then Michael Bronstein of the American Trade Association for Cannabis and Hemp (ATACH) returns for Insiders Edge ahead of hemp’s first federal deadline this Thursday.

TerrAscend reported revenue of $68.2 million, up 4.8%, with a 52.3% gross margin and adjusted EBITDA of $17.5 million. Free cash flow was $6.1 million, its 13th straight quarter of positive free cash flow, and the net loss narrowed to $5.5 million from $9.9 million. Pennsylvania grew 16.8%, driven by a 12% rise in same-store retail sales and 31% wholesale growth. Ghanem says TerrAscend’s average prices rose there even as statewide prices fell, which he credits to freshness and quality. The company is running at only about half its Pennsylvania capacity, and Ghanem is betting the state approves adult use in 2027.

TerrAscend closed its fifth New Jersey dispensary, Aunt Mary’s in Flemington, and still grew its cash balance. It also collected a breakup fee of more than $1 million on a Pennsylvania deal it lost. The company owns more than $100 million in real estate with no sale-leasebacks, and it continues to accrue 280E-related tax liabilities until the Treasury issues guidance. Wild expects growth to accelerate in Q4, helped by the hemp ban. Ghanem says the company will look different in 2027, with acquisition targets that include independent Florida operators, strong New Jersey stores and Illinois assets.

Bronstein explains that Thursday’s November 12 restrictions cover synthetic cannabinoids that can’t be produced by the plant. Chemical conversions of hemp-derived cannabinoids remain untouched until the broader December 11 deadline. He expects new bill language and another extension push before that date, but he believes the conversion business is finished, with the next Congress likely to focus on regulation and legalization instead. He says the departure of White House Chief of Staff Susie Wiles matters because she had been carrying the issue.

After last week’s elections, Bronstein says the conditions for legalization now exist in states that seemed out of reach before. He describes how ATACH assesses each new state, starting with local advocates, operators and the political environment. He also believes President Trump would sign a clean states’ rights legalization bill.

Will lawmakers make hemp a priority before December 11? Tune in to hear the full conversation.

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Shadd Dales

Shadd Dales is the Founder and President of The Dales Report and has an extensive background in the business media industry.

His work translates into over 15 years in mainstream media that included roles with BNN Bloomberg, CTV Properties and the iHeart Radio Network.

Shadd is considered one of the leading on air talents in both the cannabis and psychedelic space and has interviewed some of the most notable CEO names in the industry.

Shadd’s vision is to establish a content platform that is equivalent to a mainstream broadcast produced in a format that is relevant for today’s investor.