TerrAscend is a vertically integrated cannabis company focused on the northeastern U.S. Vertical integration means TerrAscend cultivates, processes, and retails cannabis under one roof, capturing margin at each step of the supply chain. TerrAscend's core markets are Pennsylvania, New Jersey, and Maryland, where it holds both large-scale cultivation and processing facilities and multiple dispensaries in each state. TerrAscend also operates dispensaries in California and Ohio, and one dispensary in Toronto under the Cookies brand. TerrAscend sells to both medical patients and adult-use consumers, depending on what each state permits. Retail sales flow through TerrAscend's own dispensaries, primarily branded as The Apothecarium, which emphasizes customer education. TerrAscend also generates wholesale revenue by selling branded products to third-party dispensaries. Its branded product portfolio spans flower, vapes, concentrates, edibles, and topicals under several house brands, and TerrAscend holds exclusive manufacturing and distribution rights for the Cookies and Wana brands in certain states. The vertical integration model creates operating leverage — fixed cultivation and processing costs are largely set, so incremental volume drives strong profitability while volume declines compress margins disproportionately. TerrAscend's primary growth catalyst is potential adult-use legalization in Pennsylvania, where TerrAscend has six dispensaries and a large processing facility but currently operates in a medical-only market.