Under the leadership of the new CEO, Jason Ackerman, TerrAscend’s strategic expansion of its stateside operations, including Ilera Healthcare and The Apothecarium in Pennsylvania, represented more than half of the Company’s first quarter net sales. TerrAscend plans to build off its current growth momentum by opening two new Apothecarium retail locations in Pennsylvania and expanding into New Jersey’s lucrative medical market in the upcoming quarter.
In a company statement, Ackerman reiterated his support for the company’s U.S.-focused expansion strategy saying, “With our Pennsylvania expansion complete and construction of our New Jersey facilities well underway, we’re confident in the ongoing growth targets that we have set. We remain focused on prudently investing our capital in the markets where we see the greatest and most profitable opportunities.”
Despite its significant returns in the U.S. market, TerrAscend is still in the process of consolidating its Canadian operations, which have been stagnant throughout the past quarter.