04:37 PM EDT, 08/08/2024 (MT Newswires) -- TerrAscend ( TSNDF ) , a North American cannabis company, on Thursday said it cut its second half loss in half, buoyed by higher revenues, and said it is "closing in on multiple transactions" for further growth.

The company's loss from continuing operations narrowed to US$6.2 million, compared to a loss of $12.9 million in the year earlier period.

Revenue rose 7.5% to $77.5 million from $72.1 million a year earlier.

The company said cash provided by continuing operations was $13.1 million compared to $1.8 million in the year-prior quarter. Free cash flow was $11.7 million compared to negative $0.2 million in Q2 2023.

"We are closing in on multiple transactions to expand our geographic footprint and the recent closing of our $140 million term loan provides financial flexibility and fuel to execute this growth strategy," executive chairman Jason Wild said in a release.

TerrAscend ( TSNDF ) closed up $0.16 or 9.5%, to $1.84 on the Toronto Stock Exchange.