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.
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