TerrAscend Corp. (OTCQX: TSNDF, TSX: TSND) is a cannabis company that cultivates, processes, and retails cannabis products across multiple U.S. states. Revenue is generated through direct-to-consumer retail dispensary sales and wholesale distribution of cannabis goods. The company operates as a vertically integrated cannabis multi-state operator, competing against licensed single-state operators, multi-state operators, illicit market sellers, and wholesale distributors across North America. TerrAscend's product portfolio spans flower, concentrates, vaporizables, edibles, tinctures, topicals, and accessories (per the FY2025 10-K filed 2026-03-12). The company listed on the TSX under TSND in July 2023, having previously traded on the CSE, and trades on the OTCQX as TSNDF effective July 6, 2023. As of the filing date, the company was exiting Michigan operations, including four cultivation and processing facilities and twenty retail dispensaries, with the exit expected to be substantially completed in the first half of 2026. In May 2025, TerrAscend acquired assets of Ratio Cannabis, a dispensary in Ohio, for total consideration of $10.3 million.

Revenue model

Retail dispensary sales to consumers and wholesale distribution of cannabis products to other licensed operators. Transactions are product-sale based, with no disclosed subscription or royalty component.

Products and services

Flower, concentrates, vaporizables, edibles, tinctures, topicals, and cannabis accessories sold through owned retail dispensaries and wholesale channels.

Customers and end markets

Adult-use and medical cannabis consumers served through retail dispensaries. Wholesale customers include other licensed cannabis operators. End markets are U.S. state-regulated cannabis markets.

Value-chain role

Vertically integrated cannabis operator covering cultivation, processing, and retail distribution through owned dispensaries.

Geographic exposure

U.S. multi-state operations. Michigan operations classified as discontinued as of FY2025, with exit expected substantially complete first half of 2026. Ohio presence added via Ratio Cannabis acquisition completed May 6, 2025. Company incorporated in Canada with TSX listing.

Competitors

Illicit market operators across North America, Early-stage and established wholesale cannabis competitors, Vertically integrated licensed cannabis operators, Single-state and multi-state licensed cannabis retailers, Financially distressed cannabis operators exiting the market

Source: SEC 10-K, filed 2026-03-12

Industry: Agricultural Production-Crops Peers: SNDL Inc