SCHEDULE: TerrAscend Investor Group Reduces Stake After Redemptions

JW Asset Management and affiliated entities reduced their beneficial ownership in TerrAscend Corp. to 29.54% following distributions to investors and fund liquidations.

Summary

• On August 27, 2025, investment vehicles advised by the Reporting Persons distributed 14,715,981 Common Shares of TerrAscend Corp. to their respective investors.
• This distribution was in connection with planned redemptions of interests in JW Select Investments, LP and JW Opportunities Fund, LLC.
• The distributions were part of the full liquidation of JW Select Investments, LP and the closure of a specific share class within JW Opportunities Fund, LLC.
• As a result of these distributions, the Reporting Persons' overall holdings in TerrAscend common shares were reduced.
• Jason Wild personally received 6,300,567 shares as part of this distribution and continues to hold them.
• The aggregate beneficial ownership of Jason G. Wild and affiliated entities is now 93,775,822 Common Shares, representing 29.54% of TerrAscend's outstanding shares.
• On June 23, 2025, warrants to purchase 400,001 Common Shares held by investment vehicles advised or managed by the Reporting Persons expired with strike prices well above the market price.
• Jason Wild also received a grant of 1,364,423 restricted stock units (RSUs) from TerrAscend on June 24, 2025.

Sentiment

Score: 5

Explanation: The filing reports a reduction in beneficial ownership by a significant investor group due to fund redemptions and liquidation, which could be viewed as a neutral to slightly negative signal. However, a portion of these shares was transferred to Jason Wild personally, and he also received new RSUs, indicating continued personal commitment. The expiration of out-of-the-money warrants is a minor negative. Overall, the event is an expected operational adjustment for the funds rather than a direct negative assessment of TerrAscend's prospects.

Positives

• Jason Wild personally received 6,300,567 shares and continues to hold them, indicating continued personal conviction in TerrAscend.
• Jason Wild received a grant of 1,364,423 restricted stock units (RSUs) from the Issuer, aligning his interests with the company's long-term performance.

Negatives

• The Reporting Persons' overall holdings in TerrAscend common shares were reduced by 14,715,981 shares due to distributions.
• Warrants to purchase 400,001 Common Shares expired worthless because their strike prices were well above the market price of the Common Shares.

Future Outlook

No explicit forward-looking statements or guidance regarding TerrAscend's future performance or strategy are provided in this filing.

Industry Context

TerrAscend operates in the cannabis industry. This filing reflects an institutional investor group's portfolio adjustments, which is a common occurrence across various sectors. The expiration of warrants with strike prices 'well above the market price' suggests that the company's stock price has not met certain previous growth expectations, a common challenge in the evolving and often volatile cannabis market.

Related Party Transactions

• Jason Wild, a key figure in the reporting group, received 6,300,567 shares as part of the distribution from the investment vehicles he advises.
• Jason Wild received a grant of 1,364,423 restricted stock units (RSUs) from TerrAscend Corp.

Stakeholder Impact

• Shareholders: The reduction in overall institutional ownership by JW Asset Management and its affiliates might lead to short-term market speculation or selling pressure, although the underlying reason is fund-specific redemptions.
• Shareholders: Jason Wild's increased personal stake and the grant of RSUs could be interpreted as a positive signal of continued insider confidence and alignment with long-term company performance.
• Investors in JW Select Investments, LP and JW Opportunities Fund, LLC: These investors received their distributions as part of planned redemptions and fund liquidation.

Key Dates

Recommendation

While the reduction in institutional holdings might create some selling pressure, it stems from fund redemptions and liquidations rather than a change in investment thesis for TerrAscend itself. Jason Wild's increased personal stake and RSU grant demonstrate continued insider confidence. The expiration of out-of-the-money warrants is a minor negative, but not indicative of a fundamental shift. Investors should monitor future filings and company performance, but this specific event does not warrant a strong buy or sell signal.

Keywords

TerrAscend, JW Asset Management, Schedule 13D, beneficial ownership, share distribution, fund liquidation, cannabis industry, institutional investor, Jason Wild, common shares, restricted stock units, warrants