05:21:40 EDT Tue 22 Oct 2024
Enter Symbol
or Name
USA
CA



Terrascend Corp
Symbol TSND
Shares Issued 291,513,055
Close 2024-08-20 C$ 2.03
Market Cap C$ 591,771,502
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Terrascend arranges share buyback

2024-08-20 16:24 ET - News Release

Mr. Jason Wild reports

TERRASCEND ANNOUNCES $10 MILLION SHARE REPURCHASE PROGRAM

Terrascend Corp.'s board of directors has authorized the company to commence a normal course issuer bid (NCIB) to repurchase up to $10-million (U.S.) of the company's common shares, from time to time over a 12-month period.

Jason Wild, executive chairman of Terrascend, stated: "Our first-ever stock buyback program demonstrates our confidence in Terrascend's future and commitment to enhancing shareholder value. As famed investor Benjamin Graham famously stated, 'in the short run, the market is a voting machine, but in the long run, it's a weighing machine.' We are confident in the strength of our business, growth prospects, operational excellence and strong cash flow. We believe our equity has compelling value and will be opportunistic with our share repurchases."

There were 291 million shares outstanding as of Aug. 16, 2024. While the time frame to purchase shares starts on Aug. 22, 2024, and ends no later than Aug. 21, 2025, the company is not obligated to purchase any shares. If management determines that it has a better use for its cash reserves, it is under no obligation to continue to purchase shares, and share purchases may be suspended or terminated at any time at Terrascend's discretion. The company does not expect to incur debt to fund the share repurchase program.

The company is authorized to repurchase up to 10 million of the company's shares, representing 5 per cent of the public float based on 291,513,055 total shares outstanding as of Aug. 16, 2024. There is a daily repurchase restriction of 65,361 shares, representing 25 per cent of the company's average daily trading volume on the Toronto Stock Exchange of 261,445 shares. Shares may be purchased on the Toronto Stock Exchange, the OTCQX Best Market or alternative trading systems, and will be subject to the limitations and rules imposed by U.S. and Canadian securities regulations. The actual number of shares purchased, timing of purchases and share price will depend upon market conditions at the time and securities law requirements. All shares acquired will be returned to treasury and cancelled.

About Terrascend Corp.

Terrascend is a leading Toronto Stock Exchange-listed cannabis company with interests across the North American cannabis sector, including vertically integrated operations in Pennsylvania, New Jersey, Maryland, Michigan and California, through Terrascend Growth Corp. and retail operations in Canada, through Terrascend Canada Inc. Terrascend operates The Apothecarium, Gage and other dispensary retail locations, as well as scaled cultivation, processing and manufacturing facilities in its core markets. Terrascend's cultivation and manufacturing practices yield consistent, high-quality cannabis, providing industry-leading product selection to both the medical and legal adult-use markets. The company owns or licenses several synergistic businesses and brands, including Gage Cannabis, The Apothecarium, Cookies, Lemonnade, Ilera Healthcare, Kind Tree, Legend, State Flower, Wana and Valhalla Confections.

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