Wild And Ghanem Highlight TerrAscend’s Q1 2025 Report
In our latest Trade To Black podcast, host Shadd Dales and Anthony Varrell break down TerrAscend’s Q1 2025 earnings with Executive Chairman Jason Wild and CEO Ziad Ghanem. Dan from The Chart Guys also joins us to break down this week’s cannabis stock price action and what technical trends investors should watch as earnings season picks up. Plus, Trent Woloveck, Chief Strategy Officer at Jushi Holdings (OTC: JUSHF) joins us to talk about changes to weed legislation in politics.
Despite a challenging cannabis market, TerrAscend delivered $71M in revenue on their Q1 2025 earnings, a strong 51.8% gross margin, and its 11th consecutive quarter of positive operating cash flow. The company continues to expand in Ohio and New Jersey, while gaining market share in Maryland and Pennsylvania. Ziad Ghanem and Jason Wild explain how the company’s operational discipline has helped them in key markets like New Jersey, Ohio, Maryland, and Pennsylvania.
TerrAscend is the only MSO to grow market share in all of its active states for five consecutive quarters. Jason outlined the company’s strong capital position: $150M in owned real estate, minimal debt maturity until 2028, and favorable acquisition terms. The CFO reportedly plans to ramp up the share buyback program, demonstrating confidence in long-term valuation.
In broader industry trends, we also touch on recent industry developments in Washington and elsewhere, including SAFER Banking and the possible impact of hemp-derived THC products. Guests also commented favourably on the idea of federal reform, with optimism about the DEA’s rescheduling review, guided by scientific data and the OLC memo.
Trent Woloveck of Jushi Holdings joins the show in the later half, and we’ll discuss Pennsylvania’s legislative efforts and projected a $40-$50M EBITDA lift from adult-use legalization. Woloveck frams federal reforms using a “crawl, walk, run” analogy: rescheduling as a crawl, SAFE banking as a walk, and states’ rights under States 2.0 as a run. He stressed the importance of economic incentives like tax revenue to advance legislation in Pennsylvania, where the state faces a $1.6-$3B deficit.
Catch up on the latest before the weekend, here in this episode.
