Mr. Jason Wild reports

TERRASCEND ANNOUNCES RENEWAL AND REPLENISHMENT OF $10 MILLION SHARE REPURCHASE PROGRAM

Terrascend Corp.'s board of directors has authorized the company to renew and replenish its 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.

"We believe Terrascend's shares are trading at a substantial discount to their intrinsic value, particularly given the strength of our business, our consistent operating and free cash flow generation, and the significant catalysts emerging across the U.S. cannabis industry," said Jason Wild, executive chairman of the company. "The progress we have seen on federal cannabis reform and toward a major U.S. stock exchange listing has only strengthened our conviction in the long-term opportunity ahead. At current valuations, repurchasing our shares is an attractive use of capital and an opportunity to create meaningful long-term value for our shareholders. We will continue to balance share repurchases with investments in our business and other strategic opportunities where we believe we can generate superior returns."

Pursuant to a previous NCIB, which commenced on Aug. 22, 2025, the company purchased for cancellation a total of 653,500 shares, through the facilities of the Toronto Stock Exchange or other such permitted means, for an aggregate repurchase price of approximately $417,371.17 (U.S.) ($579,165 (Canadian)) and at a volume weighted average purchase price of 64 U.S. cents (89 Canadian cents) per share. The previous NCIB authorized the purchase of a maximum of 10 million shares and will expire on Aug. 21, 2026.

There were 309,175,647 shares outstanding as of Aug. 13, 2026. While the time frame to purchase shares starts on Aug. 24, 2026, and ends no later than Aug. 23, 2027, the company is not obligated to purchase any shares. If management determines 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 finance the share repurchase program.

The company's management believes that recent market prices do not reflect the underlying value of Terrascend's business and that having an NCIB in place will provide Terrascend with the flexibility to utilize excess cash on hand to repurchase shares with the goal of generating shareholder value. As a result of the renewal of its NCIB and in addition to shares repurchased under the company's previous NCIB, Terrascend is authorized to repurchase up to 10 million of the company's shares over the 12-month period, representing 3.23 per cent of the outstanding shares based of 309,175,647 shares as of Aug. 13, 2026. There is a daily repurchase restriction of 58,784 shares, representing 25 per cent of the company's average daily trading volume on the Toronto Stock Exchange of 235,136 shares. Shares may be purchased on the TSX, 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. The company has reappointed ATB Cormark Capital Markets as its designated broker to conduct the NCIB transactions.

About Terrascend Corp.

Terrascend is a leading TSX-listed cannabis company with interests across the North American cannabis sector, including operations in Pennsylvania, New Jersey, Maryland, Ohio and California, through Terrascend Growth Corp. and retail operations in Canada. Terrascend operates The Apothecarium 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 The Apothecarium, Cookies, Kind Tree, Legend, State Flower, Wana, Cuue, One and Valhalla.

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