Green Thumb Industries Announces Share Repurchase Program

 Green Thumb Industries Inc. (“Green Thumb” or “the Company”) (CSE: GTII) (OTCQX: GTBIF), a leading national cannabis consumer packaged goods company and owner of RISE Dispensaries, today announced that its Board of Directors has authorized the repurchase pursuant to a normal course issuer bid, of up to 10,486,951 of its Subordinate Voting Shares (“Shares”) (up to 5% of the class) from time to time over a 12-month period. The Board of Directors authorized the Company to spend up to USD $50 million for the repurchase program.

“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,” said Green Thumb Founder, Chairman and Chief Executive Officer Ben Kovler.

“As Warren Buffett taught us in this year’s Berkshire Hathaway annual letter to shareholders, ‘The math isn’t complicated: When the share count goes down, your interest in our [business] goes up. Every small bit helps if repurchases are made at value-accretive prices.’ We are excited about the future for Green Thumb and cannabis in America,” concluded Kovler.

There were 209,239,033 Shares outstanding as of August 1, 2023. While the timeframe to purchase shares starts on September 11, 2023 and ends not later than September 10, 2024, Green Thumb is not obligated to purchase any Shares. 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 Green Thumb’s discretion. Shares may be purchased on the Canadian Securities Exchange, the OTCQX Best Market, or alternative trading systems and will be subject to the limitations and rules imposed by U.S. and Canadian securities regulations. The Company does not expect to incur debt to fund the share repurchase program. The actual number of Shares purchased, timing of purchases and share price will depend upon market conditions at the time and securities law requirements. All Shares acquired will be returned to treasury and cancelled.

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