TerrAscend Announces Results of Annual General Meeting

Rhea-AI Summary

TerrAscend announced the outcomes of its annual shareholder meeting held on June 17, 2024. Shareholders approved the election of five directors: Craig Collard, Ira Duarte, Ed Schutter, Kara DioGuardi, and Jason Wild. They also ratified MNP LLP as the independent public accounting firm for the fiscal year ending December 31, 2024. Additionally, shareholders approved amending the expiry dates of stock options for certain employees and directors. The Toronto Stock Exchange (TSX) has neither approved nor disapproved the content of this release, and no securities regulator accepts responsibility for its adequacy or accuracy.

Positive

• Shareholders approved the election of experienced directors, potentially strengthening the company's leadership.
• Ratification of MNP LLP as the independent public accounting firm ensures continued financial oversight.
• Approval of amendments to stock option expiry dates may help retain key employees and directors.

Negative

• The Toronto Stock Exchange (TSX) has neither approved nor disapproved the content of the release.
• No securities regulator accepts responsibility for the adequacy or accuracy of the release.

TORONTO, June 17, 2024 (GLOBE NEWSWIRE) -- TerrAscend Corp. ("TerrAscend" or the "Company") (TSX: TSND) (OTCQX: TSNDF), a leading North American cannabis company, today announced the results of its annual meeting of shareholders held on June 17, 2024 (the "Meeting"). Common shareholders at the Meeting affirmatively approved the following resolutions:

• the election of Mr. Craig Collard, Ms. Ira Duarte, Mr. Ed Schutter, Ms. Kara DioGuardi and Mr. Jason Wild as directors of the Company;
• the ratification of the appointment of MNP LLP as the independent public accounting firm of the Company for the fiscal year ended December 31, 2024; and
• the approval of a resolution to amend the expiry dates of stock options held by certain employees and directors of the Company, as further described in the Company’s Management Information Circular and Proxy Statement.

The Toronto Stock Exchange (“TSX”) has neither approved nor disapproved the contents of this news release. Neither the TSX nor any securities regulator accepts responsibility for the adequacy or accuracy of this release.

About TerrAscend

TerrAscend is a leading TSX-listed cannabis company with interests across the North American cannabis sector, including vertically integrated operations in Pennsylvania, New Jersey, Maryland, Michigan and California through TerrAscend Growth Corp. and retail operations in Canada through TerrAscend Canada Inc. (“TerrAscend”). TerrAscend operates The Apothecarium, Gage and other dispensary retail locations as well as scaled cultivation, processing, and manufacturing facilities in its core markets. TerrAscend’s cultivation and manufacturing practices yield consistent, high-quality cannabis, providing industry-leading product selection to both the medical and legal adult-use markets. The Company owns or licenses several synergistic businesses and brands including Gage Cannabis, The Apothecarium, Cookies, Lemonnade, Ilera Healthcare, Kind Tree, Legend, State Flower, Wana, and Valhalla Confections. For more information visit www.terrascend.com. 

Caution Regarding Cannabis Operations in the United States

Investors should note that there are significant legal restrictions and regulations that govern the cannabis industry in the United States. Cannabis remains a Schedule I drug under the US Controlled Substances Act, making it illegal under federal law in the United States to, among other things, cultivate, distribute, or possess cannabis in the United States. Financial transactions involving proceeds generated by, or intended to promote, cannabis-related business activities in the United States may form the basis for prosecution under applicable US federal money laundering legislation.

While the approach to enforcement of such laws by the federal government in the United States has trended toward non-enforcement against individuals and businesses that comply with medical or adult-use cannabis programs in states where such programs are legal, strict compliance with state laws with respect to cannabis will neither absolve TerrAscend of liability under U.S. federal law, nor will it provide a defense to any federal proceeding which may be brought against TerrAscend. The enforcement of federal laws in the United States is a significant risk to the business of TerrAscend and any proceedings brought against TerrAscend thereunder may adversely affect TerrAscend's operations and financial performance.

For more information regarding TerrAscend:
Keith Stauffer
Chief Financial Officer
717-343-5386
IR@terrascend.com

Briana Chester
MATTIO Communications
424-465-4419
terrascend@mattio.com

FAQ

What were the results of TerrAscend's annual shareholder meeting on June 17, 2024?

Shareholders approved the election of five directors, ratified MNP LLP as the independent public accounting firm, and approved amendments to stock option expiry dates.

Who was elected as a director at TerrAscend's 2024 shareholder meeting?

Craig Collard, Ira Duarte, Ed Schutter, Kara DioGuardi, and Jason Wild were elected as directors.

What accounting firm did TerrAscend's shareholders ratify for 2024?

Shareholders ratified MNP LLP as the independent public accounting firm for the fiscal year ending December 31, 2024.

What changes were approved regarding TerrAscend's stock options?

Shareholders approved amending the expiry dates of stock options held by certain employees and directors.

Did the TSX approve TerrAscend's June 17, 2024, press release?

No, the TSX has neither approved nor disapproved the content of the release.