04:25 PM EDT, 03/14/2024 (MT Newswires) -- TerrAscend ( TSNDF ) on Thursday said its fourth-quarter loss widened despite a 26% rise in sales.

The US cannabis company said it lost US$41.8 million in the period, compared with a loss of US$2.0 million in the year-prior quarter. Per share results were not provided.

Revenue rose to US$86.6 million from US$69.0 million.

"2023 was about operational excellence and strengthening the foundation. 2024 is about expansion by capitalizing on the current environment and entering into attractive states on accretive terms which would not have been possible two years ago," executive chair Jason Wild said in a release.

The company's shares closed down C$0.04 to C$2.15 on the Toronto Stock Exchange.