TerrAscend Corp. (TSX: TSND) (OTCQX: TSNDF) has renewed its normal course issuer bid to repurchase up to $10 million of common shares over the next 12 months.

The board authorized the program on August 20, 2026, stating that current market prices do not reflect the company’s intrinsic value. The repurchases will be funded from excess cash reserves without incurring debt.

Previous Bid Activity

Under the prior NCIB commencing August 22, 2025, TerrAscend purchased 653,500 shares for cancellation. The aggregate cost was approximately $417,371 (CAD$579,165), representing a volume-weighted average price of $0.64 (CAD$0.89) per share. This previous authorization allowed for the purchase of up to 10,000,000 shares and expires on August 21, 2026.

New Program Details

The renewed NCIB permits the purchase of up to 10,000,000 additional shares, equivalent to 3.23% of the 309,175,647 shares outstanding as of August 13, 2026. Purchases may begin on August 24, 2026, and must conclude by August 23, 2027.

Daily purchases are capped at 58,784 shares, which is 25% of the average daily trading volume on the Toronto Stock Exchange. ATB Cormark Capital Markets has been re-appointed as the designated broker. All acquired shares will be returned to treasury and cancelled.

Strategic Context

Jason Wild, Executive Chairman, cited consistent operating and free cash flow generation as drivers for the buyback. He highlighted emerging catalysts in the U.S. cannabis industry, including federal reform progress and potential major U.S. stock exchange listings.

Management retains discretion to suspend or terminate the program if better uses for cash arise. The company operates across North America, including Pennsylvania, New Jersey, Maryland, Ohio, and California, alongside Canadian retail operations.

What the Numbers Show

The execution under the previous NCIB was minimal relative to its scope. Despite authorization for up to 10,000,000 shares, TerrAscend purchased only 653,500 shares, utilizing less than 6% of the maximum permitted volume and spending approximately $417,371 against a potential larger capacity. This suggests management exercised significant selectivity in timing or price during the prior period.

TerrAscend Corp. has signed an option agreement to acquire Aunt Mary’s Dispensary in New Jersey for a total purchase price of $9 million. The transaction is expected to be immediately accretive on an EBITDA and free cash flow basis, further extending TerrAscend’s leadership position in the state. The closing of the transaction is subject to standard conditions including regulatory approval.

Aunt Mary’s Dispensary LLC, located in Hunterdon County, generates over $10 million in annualized revenue. Established in February 2023, the dispensary is situated in a high-traffic retail corridor in Flemington, New Jersey, and includes 5,200 square feet of retail space with limited nearby competition.

Jason Wild, Executive Chairman of TerrAscend, highlighted the strategic value of the acquisition. "Aunt Mary's is a strong performer, generating over $10 million in annualized revenue," said Wild. "We see a clear opportunity to enhance margins through vertical integration and the introduction of our premium brand portfolio, including Kind Tree, Legend, Valhalla and Cookies."

Transaction Structure

The total purchase price of $9 million is structured in two parts. TerrAscend will pay $3 million through a five-year unsecured convertible promissory note bearing interest at 6.0% for an option to purchase 35% of Aunt Mary’s. The remaining $6 million is payable in cash upon the exercise of the Option.

The transaction conforms to New Jersey’s regulatory framework, which facilitates investment opportunities for diversely owned businesses. TerrAscend operates The Apothecarium and other dispensary retail locations as well as scaled cultivation, processing, and manufacturing facilities in its core markets across North America.