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TerrAscend is throwing chips at New Jersey, with plans to acquire seven additional dispensaries even as its stock trades at a fraction of its former value and executives openly question why Wall Street isn’t recognizing their operational success.

During Thursday’s fourth quarter earnings call, executives said the company is actively pursuing acquisition of seven “diversely owned qualified dispensaries” in New Jersey, where it already holds the top market share position.

“Our pipeline is strong, and we expect to be able to share further news on this in the near future,” said Jason Wild, the firm’s executive chairman, who later expressed open frustration about the company’s stock performance.

The planned expansion would more than triple TerrAscend’s Garden State footprint, where it currently operates three Apothecarium-branded dispensaries that all place in the top 10 out of approximately 200 dispensaries across the state in terms of total units sold, according to market measurement firm Lit Alerts.

Product innovation has been central to TerrAscend’s New Jersey strategy, execs said. The company launched more than 60 new products in the state during 2024, with its brands ranking in the top three positions across flower, vapes, edibles and concentrates categories.

“One of the things that has helped us be successful in New Jersey and protect our market share, the innovation that we’ve done in multiple fronts,” President and CEO Ziad Ghanem explained. “We have managed, and we will continue in 2025 to introduce at least 2 new strains in every harvest cycle.”

Management credits its market leadership to having established strong relationships with New Jersey consumers from the medical-only days before adult-use sales began in 2022.

“We have started and introduced our brands to patients. And we learned with the patients in New Jersey. We launched with the patients in New Jersey. We tested with the patients in New Jersey, and we establish a relationship between the consumer and our brands,” Ghanem said. “What you’re seeing is five, six years of work that are coming to fruition.”

He added: “This retail expansion would further increase our leadership in the state, give us additional scale and lead to improved margins and profitability as we vertically integrate each new store.”

In order to support such growth, the company is expanding its cultivation and manufacturing facility in Boonton, New Jersey.

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Despite reporting positive quarterly results with healthy margins and consistent cash flow, TerrAscend’s stock has plummeted around 90% from its pre-revenue days.

“If you said to me five years ago that we would be reporting a quarter with $74 million of revenue, over 50% gross margins and positive cash flow, I would have been pleased,” Wild told analysts. “If you then told me that the stock today would be down 90% from where it was pre-revenue in the U.S., I’m not sure that I would have believed you.”

That gap prompted Wild to announce plans to “aggressively” implement the company’s $10 million share repurchase program when the trading blackout period ends in “48 hours or so.”

“At this point, our stock has lost so much in value that it is trading for about the value of our owned real estate,” Wild said during closing remarks. “The fact is we have $27 million in cash on top of that. And the way I look at it is, at this point, you’re either getting the real estate for free or our business for free.”

TerrAscend’s New Jersey strategy stands apart from its approach in Ohio, where executives acknowledged deliberately slowing acquisition plans as valuations fell.

“While we are disappointed at the speed of Ohio M&A, we’re extremely proud of the discipline that we showed,” Ghanem told analysts. “I’m glad we waited … Some of those conversations are circling back, and they are at a much, much, much better and lower valuation for us.”

When pressed by an analyst on the timeline for New Jersey acquisitions, Ghanem admitted deals are taking longer than anticipated.

“We were hoping today to share something similar to what we shared in Ohio. But with M&A, as you know, sometimes what you expect to happen takes an extra few weeks or a month or two,” he said.

TerrAscend’s success in New Jersey served as a blueprint for other markets, particularly Maryland, where it’s rapidly climbed from the 13th market position to 6th in just one year. The company also  has maintained positive cash flow for more than two years, a rarity in the sector where many operators continue to struggle with cash generation.