Terrascend Corp

terrascend.com

What Do They Do?

Cultivates, processes and sells cannabis products through retail dispensaries and wholesale channels to medical patients and adult-use consumers.

How Do They Make Money?

Retail customers pay at the point of sale; wholesale buyers pay when products are delivered or within the payment period allowed by the company’s credit policy.

FY2025 revenue

Who Are Their Customers?

Medical patients and adult-use consumers buy at the company’s dispensaries, including through online orders for pickup or delivery; its products are also distributed through dispensaries in its U.S. markets.

Do Revenues Turn Into Profits?

Not on paper. It lost $81.3M in FY2025, but brought in more cash than it spent: $12.9M of free cash flow.

Operating income, FY2025

16% of revenue

▲ +8% vs FY2024 ($38.9M, 15%)

Net income, FY2025

−31% of revenue

▲ +12% (Loss) vs FY2024 (−$72.7M, −27%)

Free cash flow, FY2025

5% of revenue

▼ −58% vs FY2024 ($31.1M, 12%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +3%; vs $65M in Q2 FY2025
Net income: ▼ −83% (Loss); vs −$48.1M in Q2 FY2025

Apr 16, 2026 Appointed Eric Jackson chief financial officer His appointment took effect April 27, 2026.

Growing. Revenue grew 34% in 4 years, from $194.2M in FY2021 to $260.6M in FY2025, about 8% a year.

Michigan exit The older report included Michigan cultivation, processing, and dispensary operations; the latest report presents Michigan as discontinued operations and describes an active plan to sell those assets.

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