North American cannabis company TerrAscend Corp. (TSX:TSND) (OTCQX:TSNDF) will host a scheduled conference call to discuss the results for its third quarter ended Sept. 30, 2024 on Wednesday, Nov. 6, 2024, at 5:00 pm Eastern Time.
The company will report its financial results for the third quarter of 2024 the same day after the market closes.
In early August, TerrAscend reported net revenue of $77.5 million for the second quarter of 2024, reflecting a 7.5% increase compared to $72.1 million in the same period in 2023.
Executive chairman Jason Wild highlighted the company's material revenue and EBITDA growth during the quarter, positive free cash flow and a strategic focus on geographic expansion supported by a recently secured $140 million term loan.
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The company completed the second and final draw of $26 million earlier this month as part of its $140 million senior secured term loan, initially announced in August 2024. The loan, managed by FocusGrowth Asset Management, LP, was used to pay down higher-interest debt in Michigan, helping the company strengthen its financial position.
In the meantime, the company also announced a $10 million share repurchase program in August, marking the first stock buyback initiative by TerrAscend, authorized by its board of directors under a normal course issuer bid (NCIB).
Wild said the move "demonstrates our confidence in TerrAscend's future and commitment to enhancing shareholder value. As famed investor Benjamin Graham famously stated, 'In the short run, the market is a voting machine, but in the long run, it's a weighing machine.'"
Wild is slated to speak at this week's Benzinga cannabis event in Illinois. The 19th Benzinga Cannabis Capital Conference, coming to Chicago this Oct. 8-9.
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TSNDF Price Action
TerrAscend's shares traded 0.81% higher at $1.24 per share at the time of writing on Tuesday.
