The Cannabist, TerrAscend Titans Talk Q4 And Full Year

Earnings season continues, and we have the reports of two more cannabis companies to examine. On today’s episode of Trade To Black, we continue our earnings analysis with The Cannabist Co and TerrAscend. Also part of today’s podcast, we’ll feature interviews with some titans of the industry. Ziad Ghanem, CEO, and Jason Wild, Executive Chairman, both of TerrAscend, join us at the mic to chat about their recent earnings and the outlook for 2024. After TerrAscend, we look to The Cannabist. David Hart, CEO, and Jesse Channon, President, join us for that.

Kicking off with TerrAscend, we are thrilled to have Ziad Ghanem and Jason Wild back on the show. Some of the highlights of TerrAscend’s Q4 and Full Year 2023 include a full year 2023 record net revenue of $317.3m which represents an increase year over year of 28%. Their gross profit margin for full year was 50.3% and their full year adjusted EBITDA from continuing operations was $68.8m, a 77.1% increase YOY. Looking at just Q4, their net revenue was $86.6m. Perhaps most importantly for prospective investors: it was TerrAscend’s first full year of positive cash flow from operations and free cash flow, showcasing operational efficiency.

Shadd and Anthony find out what Ziad Ghanem and Jason Wild have to say about TerrAscend’s 2023 performance and where we’re going in the next year to grow the business.

Looking at numbers, among some of the highlights for The Cannabist Q4 and Full Year report, their wholesale revenue increased 4% sequentially to $16.4m. That represents 13% of the total revenue in Q4, or 12% of the total revenue for full year. At year end, they had 86 locations, although their Utah divestiture has since closed. That said, additional openings are planned in 2024 in Maryland, New Jersey, and Virginia.

If you’re thinking about investing in the cannabis space and want to look at your options, you’ll want to hear what these gentlemen have got to say. Be sure to tune into this episode of Trade to Black!


The Dales Report is contractually engaged with TerrAscend and The Cannabist Company Holdings. Please refer to the “Disclosures” sections linked, which are to be interpreted in conjunction with this disclaimer.

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