Chicago Cannabis Giant Announces Stock Buyback Plan: It Was 'In Works' Before HHS Call To Reschedule Marijuana, CEO Says
Portfolio Pulse from Jelena Martinovic
Green Thumb Industries Inc. (GTBIF) has announced a stock buyback plan to repurchase up to 10,486,951 of its subordinate voting shares over 12 months. The company can spend up to $50 million for the repurchase program. The move is aimed at creating shareholder value without compromising growth initiatives. The announcement comes after the U.S. Department of Health and Human Services called for cannabis to be reclassified to Schedule III, which led to an increase in cannabis stock prices.
September 05, 2023 | 4:12 pm
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Green Thumb Industries' stock buyback plan could potentially increase shareholder value and the stock price. The reclassification of cannabis could also positively impact the company's stock.
Stock buybacks generally increase a company's stock price as they reduce the number of shares in circulation, thereby increasing earnings per share. The potential reclassification of cannabis could also boost the company's stock as it could lead to increased demand for cannabis products.
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