TerrAscend Corp. has scheduled a special meeting of shareholders as the company prepares for a potential uplisting to a major U.S. stock exchange.

The company announced today that it has filed notice to hold the special meeting on August 24, with shareholders set to vote on a proposed consolidation of TerrAscend’s common shares. The record date for the meeting is June 30.

TerrAscend said additional details on the proposed share consolidation, including the consolidation ratio, will be included in a management information circular to be filed with the U.S. Securities and Exchange Commission and on SEDAR+ ahead of the meeting.

According to the company, the share consolidation is intended to help position TerrAscend to meet share price requirements established by major U.S. stock exchanges. The company’s board said it believes taking the step now is prudent as it looks to be prepared if an uplisting opportunity becomes available.

“The regulatory progress that has occurred over the past several months is real and meaningful,” said Jason Wild, executive chairman of TerrAscend. “We believe uplisting to a major U.S. exchange is no longer a question of if, it is a question of when.”

Wild said the company has been positioning itself for a potential uplisting since 2022, when it became an SEC filer, and said TerrAscend has more recently been in consultation with U.S. stock exchanges.

“This shareholder vote is an important step, and we look forward to sharing additional details ahead of the meeting,” Wild said.

TerrAscend is listed on the Toronto Stock Exchange under the symbol TSND and trades on the OTCQX under the symbol TSNDF. The company operates in several U.S. marijuana markets, including Pennsylvania, New Jersey, Maryland, Ohio and California, as well as retail operations in Canada.

The move comes as multiple U.S. marijuana companies have been taking steps tied to possible uplistings, with industry operators closely watching federal regulatory developments and exchange listing requirements.