Ayr Wellness AYR AYRWF, a vertically integrated multi-state cannabis operator (MSO), provided an update on its stock repurchase program on Friday.
Under the program to date, the Company has repurchased 568,000 subordinate voting shares for a total of over CAD $11 million.
“We continue to be strategic and opportunistic in how we allocate capital, all in support of driving shareholder value. We accelerated our repurchase program in December 2021 to take advantage of pricing pressure caused by end of year tax selling and other technical conditions,” said Jon Sandelman, founder, chairman and CEO of Ayr Wellness.
“We continue to maintain flexibility and take an opportunistic approach to our stock repurchase program, as we believe that Ayr and its U.S. MSO peers are significantly undervalued compared to our operational performance and growth,” he added.
The Company previously announced that its Board had authorized the repurchase of up to 5%, or ~2.5 million of the Company’s shares, the maximum amount allowed for CSE listed companies, for a 12-month period pursuant to a normal course issuer bid.
Photo by Ishant Mishra on Unsplash.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Cannabis is evolving – don’t get left behind!
Curious about what’s next for the industry and how to leverage California’s unique market?
Join top executives, policymakers, and investors at the Benzinga Cannabis Market Spotlight in Anaheim, CA, at the House of Blues on November 12. Dive deep into the latest strategies, investment trends, and brand insights that are shaping the future of cannabis!
Get your tickets now to secure your spot and avoid last-minute price hikes.