09:04 AM EDT, 08/20/2024 (MT Newswires) -- TerrAscend Corp. ( TSNDF ) , a North American cannabis company, on Tuesday announced a normal course issuer bid to repurchase up to US$10 million of the company's common shares, from time to time over a 12-month period.

Jason Wild, Executive Chairman of TerrAscend ( TSNDF ), in a statement said, "Our first ever stock buyback program demonstrates our confidence in TerrAscend's ( TSNDF ) future and commitment to enhancing shareholder value....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."

A statement noted there were 291 million shares outstanding as of August 16, 2024. It said while the timeframe to purchase shares starts on August 22, 2024, and ends no later than August 21, 2025, the company is not obligated to purchase any shares. The statement added if management determines it has a better use for its cash reserves, it is under no obligation to continue to purchase shares and share purchases may be suspended or terminated at any time at TerrAscend's ( TSNDF ) discretion. The company does not expect to incur debt to fund the share repurchase program.

Tuesday's statement noted the company is authorized to repurchase up to 10 million of the company's shares, which represents 5% of the public float based on 291,513,055 total shares outstanding as of August 16, 2024. There is a daily repurchase restriction of 65,361 shares, which represents 25% of the company's average daily trading volume on the Toronto Stock Exchange of 261,445 shares.