Green Thumb To Repurchase Up To US$50 Million Shares

Green Thumb Industries (CSE: GTII) is looking to get investors excited again, announcing this morning it would be conducting a large share repurchase program.

The US multi state cannabis operator is looking to spend up to US$50 million on a stock buyback program, with that figure representing roughly a third of all cash it had on hand as of June 30. The company intends to repurchase up to 10.5 million subordinate voting shares over a twelve month period.

“We believe instituting a share repurchase program is an appropriate tool for creating shareholder value without compromising our growth initiatives. This action was in the works before last week’s announcement from the U.S. Department of Health and Human Services, which called for cannabis to be reclassified to Schedule III. Having witnessed a 30-plus percent move in the sector based on news from Washington, D.C., we want the ability to take advantage for shareholders should the opportunity arise,” commented CEO Ben Kovler on the announcement.

The company does not intend to incur debt as a result of the repurchases, nor is it obligated to repurchase any. The program will begin on September 11, 2023, and run for a period of twelve months.

Green Thumb Industries last traded at $12.81 on the CSE.


Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization unless otherwise mentioned. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

Why Copper Juniors Could Explode After This Trade War Move | Christian Easterday – Hot Chili

Silver Is Rarer Than Gold, And the Market’s Waking Up | Shawn Khunkhun – Dolly Varden Silver

Gold Will Hit North of $4,000: Who’s Actually Producing? | Shane Williams – West Red Lake

Recommended

ESGold Sees ANT Survey Reveal Vertically Continuous System To 1,200 Metres Depth

First Majestic Produces 7.9 Silver Equivalent Ounces In Q2, Lifts Production Guidance

Related News

Green Thumb Formally Responds To Claims Made By Chicago Tribune

Green thumb Industries (CSE: GTII) this morning formally responded to a Chicago Tribune article that...

Wednesday, March 31, 2021, 08:24:22 AM

Green Thumb Raises Additional $56.0 Million Under Form S-1

Green Thumb Industries (CSE: GTII) this morning announced that it has raised further funds in...

Tuesday, February 23, 2021, 07:13:39 AM

Canaccord Lowers Targets On Numerous Top Level Cannabis Equities

On February 4th, Canaccord Genuity came out with their cannabis fourth quarter 2021 preview. On...

Monday, February 7, 2022, 01:30:00 PM

Green Thumb Reports Q4 2023 Financials: Record Revenue, Expands Buyback Program By $50 Million

Green Thumb Industries Inc. (CSE: GTII) has unveiled its financial performance for the fourth quarter...

Thursday, February 29, 2024, 09:52:30 AM

Cowen & Co Issues US Cannabis Update, Remains Bullish on Green Thumb, Cresco, Curaleaf

On the first of the month, Cowen and Co sent out an industry update specifically...

Sunday, September 6, 2020, 01:37:00 PM