TerrAscend Launches $10 Million Share Repurchase Program
TerrAscend Corp. ("TerrAscend" or the "Company") (TSX: TSND) (OTCQX: TSNDF), a prominent player in the North American cannabis industry, has officially authorized a normal course issuer bid ("NCIB") to buy back up to USD $10 million of its common shares over the next 12 months.
Commitment to Shareholders
Jason Wild, the Executive Chairman of TerrAscend, stated that this marks the Company’s inaugural stock buyback program, reflecting its confidence in future growth and dedication to boosting shareholder value. He highlighted the importance of recognizing genuine market value, quoting Benjamin Graham to emphasize a focus on long-term growth.
Details of the Share Repurchase Program
As of mid-August, TerrAscend had 291 million shares outstanding. The share repurchase initiative will begin soon and will adhere to a set timeframe. Management will exercise discretion regarding the timing and volume of repurchases, taking into account market conditions and strategic financial considerations.
The program allows for the repurchase of up to 10,000,000 shares, which equates to 5% of the public float based on the total of 291,513,055 shares outstanding. In compliance with regulations, the daily repurchase limit is capped at 65,361 shares, or 25% of the average daily trading volume observed recently.
Operational Landscape
TerrAscend operates in several key markets with vertically integrated processes that encompass cultivation, processing, and retail. The Company prioritizes quality in its cultivation and manufacturing standards, offering a wide range of products for both medical and adult-use consumers. Its portfolio includes well-known brands such as Gage Cannabis and The Apothecarium, showcasing its extensive market presence.
Frequently Asked Questions
What is the purpose of TerrAscend's share repurchase program?
The share repurchase program is designed to enhance shareholder value and showcase the Company's confidence in its future growth potential.
How much is TerrAscend authorized to spend on share repurchases?
TerrAscend has the authorization to spend up to USD $10 million for the repurchase of its common shares.
What is the time frame for the share repurchase initiative?
The program will take place over a 12-month period but may be adjusted based on market conditions.
Can TerrAscend suspend the share repurchase program?
Yes, management has the authority to suspend or terminate the program at any time if a more advantageous use of cash reserves is identified.
Who can I contact for more information about TerrAscend?
For further inquiries, you can reach out to Keith Stauffer, Chief Financial Officer, at 717-343-5386 or via email at IR@terrascend.com.
