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TerrAscend Corp. (TSX:TSND) (OTC:TSNDF), a leading cannabis operator with headquarters in Canada, announced Tuesday the authorization of a $10 million share repurchase program. This marks the first stock buyback initiative by TerrAscend, authorized by its Board of Directors under a normal course issuer bid (NCIB).
The program allows the repurchase of up to 10 million shares, about 5% of the public float, within a year, starting August 22, 2024. The share buyback will take place on the Toronto Stock Exchange, the OTCQX Best Market or other alternative trading systems, adhering to the limitations and rules imposed by U.S. and Canadian securities regulations. Despite the allowance to buy back shares, the company maintains the flexibility to adjust the program as market conditions evolve or better uses for its cash reserves emerge.
"Our first ever stock buyback program demonstrates our confidence in TerrAscend's future and commitment to enhancing shareholder value. As famed investor Benjamin Graham famously stated, ‘in the short run, the market is a voting machine, but in the long run, it’s a weighing machine'," said executive chairman Jason Wild in a press release
"We are confident in the strength of our business, growth prospects, operational excellence, and strong cash flow. We believe our equity has compelling value and will be opportunistic with our share repurchases," Wild added.
This financial maneuver comes on the heels of a strong second quarter for TerrAscend, which reported a net revenue increase of 7.5% year-over-year to $77.5 million and a significant rise in adjusted EBITDA. The company also closed a $140 million term loan earlier in August, bolstering its balance sheet and supporting its strategic expansions across new geographic locales.
With no material debt maturing until 2027, TerrAscend's leadership appears poised to leverage its improved financial flexibility to further its market position and deliver value to its shareholders.
TSNDF Price Action
TSNDF's shares were trading 6.61% lower at $1.56 per share at the time of this writing around 1:15 PM ET Tuesday.
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