Marijuana multistate operator Green Thumb Industries is poised to repurchase as much as 5% of its outstanding subordinate voting shares over the course of a year.
The Chicago-based MSO will spend up to $50 million on the share buybacks, at its discretion, according to a news release.
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The buybacks could start Sept. 11.
However, Green Thumb management is not obligated to buy the shares if “it has a better use for its cash reserves.”
Green Thumb CEO Ben Kovler called the share buybacks “an appropriate tool for creating shareholder value without compromising our growth initiatives.”
The plan was underway before the recent news about the potential rescheduling of marijuana by the U.S. government, Kovler said in a statement.
That news led to a spike in cannabis equity prices, including Green Thumb’s.
“Having witnessed a 30-plus percent move in the sector based on news from Washington,
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