TerrAscend Corp.

Revenue from continuing operations in Q1 2026 was $65.5 million, compared with $66.1 million in Q4 2025; management said revenue returned to year-over-year growth. Gross margin was 52.8%, up from 52.1% in Q4 2025. Adjusted EBITDA was $17.4 million, or 26.5% of revenue, versus $16.7 million, or 25.2%, in Q4 2025. G&A was $21.5 million, or 32.8% of revenue, compared with $22.8 million, or 34.4% in Q4 2025. Net loss from continuing operations was $6.8 million versus a net loss of $0.5 million in Q4 2025. Cash and cash equivalents were $39.1 million at March 31, 2026, up from $37.4 million at December 31, 2025. Cash flow from operations was $8.7 million and free cash flow was $7.8 million. For Q2, management expects year-over-year revenue growth of 2% to 3% and consistent strong gross margin performance.

Jason Wild framed medical cannabis rescheduling as a major inflection point, saying the removal of 280E should materially improve profitability, strengthen the balance sheet, and lower the cost of capital over time. He also pointed to potential benefits from institutional capital access, uplisting, banking reform, and possible retroactive tax relief, while emphasizing that TerrAscend is not relying on reform to run the business. His tone was notably confident on both regulation and M&A, saying the company is active on accretive deals and sees the new environment as a positive for negotiations.

Alisa Campbell focused on continued operating discipline and cash generation. She reported Q1 gross margin of 52.8%, G&A of $21.5 million, adjusted EBITDA of $17.4 million, cash and cash equivalents of $39.1 million, operating cash flow of $8.7 million, and free cash flow of $7.8 million. She also noted capital expenditures of $0.9 million, mainly for cultivation and facility optimization, and said the company continued to allocate capital in a disciplined manner while maintaining strong liquidity.

Analysts focused on how rescheduling changes the M&A backdrop and whether it creates more certainty for transactions. Jason Wild said the company has not seen much change in target tone, but the news has been positive because equity or convert components in deals may now be viewed more favorably if TerrAscend is more likely to reach a U.S. exchange in the next 12 to 24 months. Questions also centered on Ohio market conditions and wholesale pressure in New Jersey and Maryland; management said Ohio remains a disciplined build-out market with some challenges but no disruption to deal discussions, while wholesale declines were attributed to pricing compression, timing, and a conscious move to protect gross margin via higher verticality.