TerrAscend Corp. (TSX: TSND) shareholders overwhelmingly approved a share consolidation resolution on August 24, 2026, advancing the company’s plan to list on a major U.S. stock exchange.

The special meeting resulted in strong backing for the amendment to the corporation’s articles, which is a prerequisite for the proposed U.S. listing.

Voting Results

Common shareholders voted affirmatively on the Share Consolidation Resolution. The final tally reflects near-unanimous support from the voting base.

Strategic Context

Jason Wild, Executive Chairman of TerrAscend, described the vote as an important milestone in the company’s preparation for a U.S. exchange listing. He noted the resolution marks the completion of a key step in this strategy.

TerrAscend operates across North America, with interests in Pennsylvania, New Jersey, Maryland, Ohio, and California through TerrAscend Growth Corp., alongside retail operations in Canada.

Regulatory Environment

The company highlighted recent U.S. regulatory developments. On April 23, 2026, the U.S. Department of Justice issued a final rule rescheduling marijuana contained in FDA-approved drug products and marijuana subject to state medical licenses from Schedule I to Schedule III of the Controlled Substances Act. This rule became effective on April 28, 2026.

However, other forms of marijuana remain Schedule I controlled substances under federal law. The company cautioned that strict compliance with state laws does not absolve it of liability under U.S. federal law, noting that enforcement remains a significant risk to operations and financial performance.

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.