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How TerrAscend is Preparing for Rescheduling

By Shadd Dales On Apr 30, 2026

In our latest Trade To Black podcast presented by Flowhub, hosts Shadd Dales and Anthony Varrell sit down with leadership from TerrAscend (TSX:TSND) to break down Q1 2026 preliminary earnings and how they’re preparing for rescheduling.

Chairman Jason Wild and CEO Ziad Ghanem join us to walk through the numbers following their preliminary Q1 release. Revenue came in around $65.5M—slightly down quarter-over-quarter, but back to year-over-year growth. Margins? Still holding strong north of 52%. And maybe most important—this marks another quarter of positive operating cash flow in what continues to be a tough pricing environment across key markets like New Jersey. So what’s the strategy here? Are they protecting margins… or sacrificing growth?

We get into that. We also break down:

What’s really happening in New Jersey as pricing pressure builds
Maryland dynamics—retail vs wholesale
Pennsylvania as a potential adult-use catalyst
And how they’re thinking about M&A with debt pushed out to 2028

Then we shift to the bigger story… Cannabis rescheduling, and what TerrAscend is doing to prepare. Does 280E relief change capital allocation? Do they get more aggressive? Or stay disciplined? If you’re following cannabis earnings, MSO strategy, or how operators are positioning for a post-rescheduling world—this is a conversation worth watching.

The hosts and guests also discussed Terrassen’s partnership with Tyson 2.0, which recently launched in Pennsylvania and Maryland. Both Wilde and Ghannam praised Mike Tyson as a rare example of a celebrity partner who actively works to build the brand, citing his personal appearances at dispensaries, media interviews in local markets, and meetings with state officials, contrasting his involvement with the largely transactional nature of most celebrity cannabis deals.

The episode closed with discussion of the company’s disciplined approach to expansion in Ohio, and a preview of upcoming programming including Verano’s pre-market earnings call.

AN – Sidebar Square

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.