Earlier in April, TerrAscend appointed Jason Ackerman as its permanent CEO in addition to his role as Executive Chairman. He had been serving as interim CEO since January 2020. Shortly after, the company announced its intent to move its financial operations from Canada to its U.S. headquarters in New York and hired CPG industry veteran Keith Stauffer as the Company’s CFO. “This management shift was necessary to continue advancing TerrAscend's sizable market share and revenue growth in the U.S. cannabis sector,” said Jason Ackerman.
Clarus Securities believes this could be a watershed year for TerrAscend as the company accelerates its U.S. operations in Pennsylvania, New Jersey and California and streamlines its Canadian businesses. Cannabis is holding strong as an essential service during this health crisis, and Ilera’s outstanding performance is projected to generate nearly C$200 million in earnings by 2021. Clarus remains confident that TerrAscend is well-positioned to be one of the highest margin multi-state operators in the U.S. and that the executive team’s U.S.-based approach will reap substantial returns in future quarters.