TSNDF — what changed in the latest 10-Q

Text added vs the prior filing · source: 10-Q · 2026-08-06

• The Company operates under three state-level reportable segments consisting of New Jersey, Maryland and Pennsylvania, focused on the production and sale of cannabis products. Operations in other states are presented within All other segments.

• On June 23 and June 30, 2026, the Company entered into subscription agreements with certain accredited investors (the “Debenture Subscription Agreements”) in connection with a private placement offering of secured convertible debentures of the Company (the “2026 Private Placement Convertible Debentu…

• On June 12, 2026, the Company signed an option agreement to acquire equity interests in, and fully operate, Aunt Mary's Dispensary LLC, a dispensary in New Jersey for total consideration of $9,000, which will be comprised of $3,000 in the form of a five-year unsecured convertible promissory note bea…

• On May 6, 2026, the Court entered an order appointing a Receiver over the Michigan Receivership Entities.

• On May 1, 2026, the Company and its subsidiaries party to the Loan Agreement, certain lender parties to the FG Loan Agreement and the Agent (as defined below) entered into a Forbearance Agreement as a result of the Michigan Receivership.

Text removed vs the prior filing · source: 10-Q · 2026-05-07

• The Company operates under one reportable segment, which is the cultivation, production and sale of cannabis products.

• On January 2, 2026, the Company completed the acquisition of 35% of Union Chill Cannabis Company LLC, a licensed cannabis operator in New Jersey, and paid the remaining cash consideration of $4,000.

• On April 23, 2026, the Acting Attorney General issued a Final Order reclassifying cannabis for medical use from Schedule I to Schedule III under the Controlled Substances Act (“CSA”). The order does not apply to adult-use cannabis which remains classified as a Schedule I controlled substance. The Fi…

• no longer be subject to Section 280E following the effective date of the order. Additionally, the Order recommends to the Secretary of the Treasury that retrospective 280E relief be granted to licensees in line with their state license start dates. Separately, the Attorney General withdrew the pendi…

• Revenue increased by $1,236, from $64,303 for the three months ended March 31, 2025 to $65,539 for the three months ended March 31, 2026. The increase was primarily due to a $5,575 increase in retail revenue, offset by a $4,339 decrease in wholesale revenue.

Text added vs the prior filing · source: 10-Q · 2026-08-06

• There were no changes in the Company's internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the quarter ended June 30, 2026, that have materially affected, or are reasonably likely to materially affect, the Company's internal control o…

Text removed vs the prior filing · source: 10-Q · 2026-05-07

• accumulated and communicated to the Company's management, including its Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.

• There were no changes in the Company's internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the quarter ended March 31, 2026, that have materially affected, or are reasonably likely to materially affect, the Company's internal control …

Text added vs the prior filing · source: 10-Q · 2026-08-06

• During the second quarter of 2026, none of the Company’s directors or officers (as defined in Rule 16a-1(f) of the Securities Exchange Act of 1934, as amended) adopted, modified, or terminated a Rule 10b5-1 trading arrangement.

Text removed vs the prior filing · source: 10-Q · 2026-05-07

• Unless otherwise noted, dollar amounts in this section are in thousands of U.S. dollars.

• On June 30, 2025, the Company, together with TerrAscend Corp.’s consolidated entities, announced its intention to sell or divest substantially all of the Company’s Michigan assets, the majority of which were classified as discontinued operations as of such date.

• In connection therewith, on May 5, 2026, the Agent filed an application for receivership under the laws of the State of Michigan in the Oakland County Circuit Court (the “Court”), Case. No. 2026-222791-CB, and each of the following entities related to the Michigan business: WDB Holding MI, Inc., AEY…

• Related thereto, on May 1, 2026 (the “Forbearance Effective Date”), the Company, TerrAscend USA, Inc., the Borrowers, the Incremental Amendment Borrowers, certain Lenders (constituting “Required Lenders” under the FG Loan Agreement) and the Agent entered into a Forbearance Agreement (the “Forbearanc…

• Under the Forbearance Agreement, upon the “Successful Exit” (as defined in the Forbearance Agreement) of the Michigan Receivership, All Defaults (as defined below) will be deemed automatically and irrevocably waived by the Secured Parties.