The Cannabis Investing Podcast · Seeking Alpha

TerrAscend's Jason Wild: Not all EBITDA numbers are created equally

·44 min·5 clips

Reena Sherbel opens by welcoming Jason Wild back after a long while. The conversation moves right into TerrAscend's current position in the market. Wild argues that if you spread yourself too thin, you end up with subscale assets in more states. He says being in five states can still be an advantage, especially when competing with operators spread across 15 states. New Jersey appears as an example of what focused scale can look like. The exchange then shifts toward structure. Wild and Sherbel discuss how TerrAscend has thought about Canadian listing constraints and U.S. assets. He references earlier work involving exchangeable shares, which helped keep a company aligned with the TSX while handling U.S. ownership. Wild says TerrAscend was able to revisit that kind of conversation without it becoming a heavy lift. The political side of cannabis then takes over the frame. Wild says the problem is not overwhelming opposition so much as a lack of priority among politicians who say they support reform. In his view, that indifference has allowed inaction to linger. The episode treats the Supreme Court case as a possible source of pressure. Wild thinks competition for the ball may be what finally forces Congress to move. Sherbel keeps the conversation grounded in practical consequences. The result is a long, investor-facing interview about focus, structure, and timing. It leaves the listener with a clear sense that cannabis operators are still being judged on the balance between footprint, market access, and policy risk.

As heard by us

A clear look at scale, structure, and the policy pressure still shaping cannabis investing.

Jason Wild makes a plain but useful point: scale is not just about size. Spreading too thin can leave a company with subscale assets, while a five-state footprint can matter when competitors are scattered across 15 states.

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Why you'd press play

You get the clearest read when scale, structure, and cannabis politics collide.

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