TerrAscend Launches $10 Million Share Repurchase Initiative
TerrAscend Announces $10 Million Share Repurchase Program
TerrAscend Corp. ("TerrAscend" or the "Company") (TSX: TSND) (OTCQX: TSNDF), a leading North American cannabis company, has authorized the commencement of a normal course issuer bid ("NCIB") to repurchase up to USD $10 million of the Company’s common shares from time to time over a 12-month period.
Commitment to Shareholders
Jason Wild, Executive Chairman of TerrAscend, expressed that this first-ever stock buyback program symbolizes the Company’s confidence in its future and its commitment to enhancing shareholder value. Emphasizing long-term growth, he quoted Benjamin Graham, stating the importance of recognizing true value in the market.
Details of the Share Repurchase Program
As of mid-August, there were 291 million Shares outstanding. The share repurchase will commence shortly after and will not exceed a predetermined period. Note that management retains discretion regarding the timing and volume of repurchases based on market conditions and strategic financial management.
The authority includes repurchasing up to 10,000,000 Shares, representing 5% of the public float based on 291,513,055 total Shares outstanding. Adhering to regulations, daily repurchase is capped at 65,361 Shares, or 25% of the average daily trading volume recorded recently.
Operational Landscape
TerrAscend operates across several key markets, with vertically integrated operations that cover cultivation, processing, and retail. The Company’s cultivation and manufacturing standards emphasize quality, providing an extensive product selection for both the medical and adult-use markets. Among its portfolio are brands like Gage Cannabis and The Apothecarium, signifying its broad market footprint.
Frequently Asked Questions
What is the purpose of TerrAscend's share repurchase program?
The share repurchase program aims to enhance shareholder value and demonstrate the Company's confidence in its future growth prospects.
How much is TerrAscend authorized to spend on share repurchases?
TerrAscend is authorized to spend up to USD $10 million to repurchase its common shares.
What is the time frame for the share repurchase initiative?
The program will be carried out over a period of 12 months but is subject to discretion based on market conditions.
Can TerrAscend suspend the share repurchase program?
Yes, management can suspend or terminate the program at any time if a better use for cash reserves is identified.
Who can I contact for more information about TerrAscend?
For inquiries, you can contact Keith Stauffer, Chief Financial Officer, at 717-343-5386 or email IR@terrascend.com.
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