TerrAscend Renews Buyback Authorization With $10 Million Replenishment

TerrAscend Corp.’s (TSND.TO ) board has authorized the renewal and replenishment of its share repurchase program, resetting the buyback authorization to up to $10 million of the company’s common shares over a 12-month period, the company announced on August 20, 2026.

The renewed normal course issuer bid, or NCIB, permits TerrAscend to repurchase up to 10,000,000 common shares between August 24, 2026, and August 23, 2027, on the Toronto Stock Exchange, the OTCQX Best Market, or alternative trading systems. The 10,000,000-share ceiling represents 3.23% of the 309,175,647 shares outstanding as of August 13, 2026. A daily repurchase limit of 58,784 shares applies, equal to 25% of the company’s average daily trading volume of 235,136 shares on the TSX. All repurchased shares will be returned to treasury and cancelled. ATB Cormark Capital Markets has been re-appointed as the designated broker for the program.

“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.”

What the Expiring Program Actually Bought

The renewal lands as the prior NCIB, which commenced on August 22, 2025, expires on August 21, 2026. Under that program, TerrAscend purchased for cancellation a total of 653,500 shares at an aggregate repurchase price of approximately $417,371, or CAD$579,165, and a volume-weighted average purchase price of $0.64 per share, or CAD$0.89. The expiring NCIB had authorized purchases of up to 10,000,000 shares, meaning the company ultimately used roughly 6.5% of its share-count authorization and about 4.2% of the $10 million dollar ceiling.

That execution history matters for reading the new authorization. The company is not obligated to purchase any shares under the renewed bid, and the release states plainly that if management determines it has a better use for its cash reserves, purchases may be suspended or terminated at any time at TerrAscend’s discretion. The company also states it does not expect to incur debt to fund repurchases.

TerrAscend’s second-quarter financial disclosures, reported on August 6, 2026, fill in the interim picture: during the six months ended June 30, 2026, the company completed the repurchase of 578,500 shares through the NCIB at a weighted average price of $0.67 per share. The remaining 75,000 shares in the program total of 653,500 were repurchased outside the six-month period ended June 30, 2026 covered by the second-quarter report.

The Cash Position Behind the Buyback

The renewed program arrives with the company’s cash balance at $42.0 million as of June 30, 2026, according to the second-quarter results. TerrAscend reported second-quarter net revenue of $67.1 million, up from $65.5 million in the first quarter of 2026 and $65.0 million in the second quarter of 2025, with a gross profit margin of 54.0% and Adjusted EBITDA from continuing operations of $17.7 million. Net cash provided by continuing operations was $7.4 million in the quarter, the company’s sixteenth consecutive quarter of positive operating cash flow, and free cash flow was $5.7 million, the twelfth consecutive positive quarter.

The balance sheet has been reshaped over the past two months. In June 2026, TerrAscend closed an oversubscribed convertible debenture financing raising $21.7 million in aggregate principal, using $11.1 million of the proceeds to retire existing higher-interest senior unsecured convertible debentures and extending the convertible debt maturity to September 30, 2031, at an 8.00% annual interest rate. The company also paid down $10.0 million on the principal of its term loan during the second quarter, bringing year-to-date term loan repayments to $15.5 million.

Scheduled Dates on the Calendar

Two dated events now sit in front of shareholders. The renewed NCIB’s purchase window opens on August 24, 2026, and runs no later than August 23, 2027. Separately, TerrAscend has scheduled a special meeting of shareholders for August 24, 2026, to vote on a proposed share consolidation, which the company describes as a key step toward listing on a major U.S. exchange. The company’s forward-looking statements in the buyback release reference the possibility that regulatory developments may provide public multi-state operators with a pathway toward a potential listing on the NASDAQ or NYSE.

TerrAscend operates in Pennsylvania, New Jersey, Maryland, Ohio, and California, along with retail operations in Canada. In its second-quarter report, the company also disclosed a signed agreement for the option to acquire ownership in Aunt Mary’s, a dispensary in Flemington, New Jersey generating over $10.0 million in annualized revenue, which would become the company’s fifth dispensary in the state. MyCannabis covered the Aunt Mary’s option agreement when it was announced.

The buyback’s renewal also follows a year in which U.S. federal cannabis policy shifted underneath the industry’s publicly traded operators. 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 a state medical marijuana license from Schedule I to Schedule III of the Controlled Substances Act, effective April 28, 2026, as recounted in the company’s own cautionary disclosure. Other forms of marijuana remain Schedule I controlled substances under federal law.

The Program’s Own Terms and Limits

The release sets out the authorization’s mechanics and its constraints in the same breath. The 3.23% of outstanding shares covered by the 10,000,000-share ceiling is calculated against the 309,175,647 shares outstanding as of August 13, 2026. The daily repurchase restriction of 58,784 shares is derived from 25% of the 235,136-share average daily trading volume on the TSX. Purchases may occur on the TSX, the OTCQX Best Market, or alternative trading systems, subject to the limitations and rules imposed by U.S. and Canadian securities regulations.

The actual number of shares purchased, the timing of purchases, and the price paid will depend on market conditions and securities law requirements, the company states. Management frames the program as flexibility rather than commitment: having the NCIB in place provides the ability to utilize excess cash on hand to repurchase shares when management believes the market price does not reflect the underlying value of the business.

For context on the sector’s broader market-structure shift, MyCannabis previously covered Trulieve’s move to the New York Stock Exchange, the first U.S. cannabis company to list on that exchange, and the Republican lawmakers contesting retroactive cannabis tax relief after the rescheduling decision. TerrAscend’s own releases cite progress toward a major U.S. exchange listing as one of the catalysts informing the board’s conviction in the buyback, alongside the company’s operating and free cash flow generation.

The prior NCIB’s expiring authorization was itself a renewal and replenishment announced on August 20, 2025, which followed an NCIB commenced on August 22, 2024, under which the company repurchased 1,279,400 shares for an aggregate price of approximately $616,000, or CAD$855,000, at a volume-weighted average price of $0.47 per share. The 2026 renewal is the third consecutive annual authorization at the $10 million level.