Jefferies analyst Owen Bennett said Friday he was encouraged by cannabis company TerrAscend Corp.’s comments around potential mergers and acquisitions. TerrAscend currently faces “limited geographic reach relative to many peers, which should also serve to limit the extent of future possible upside,” Bennett said. “It is encouraging that M&A, and bolstering its footprint is increasingly a focus.” TerrAscend Executive Chairman Jason Garrett Wild said the company “has a wide open map” in terms of acquisition opportunities due to the pain the industry and capital markets. “We are focused on expanding our retail footprint in our existing markets like Maryland, Michigan and Pennsylvania through bolt-on acquisitions that are both…efficient and accretive,” Wild said, according to a transcript on FactSet. TerrAscend missed on both net loss and revenue projections for the third quarter, according to FactSet data. The company posted a loss of $1.23 a share against an analyst estimate for a loss of 5 cents a share. Its revenue of $67 million fell short of the estimate of $69.6 million. Shares of TerrAscend rose 6.9% on Thursday. The stock is down by 69.6% in 2022 compared to a 52% drop by the AdvisorShares Pure US Cannabis ETF and a 28.8% drop by the Nasdaq .Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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