CHICAGO and VANCOUVER, British Columbia, Sept. 16, 2024 – PRESS RELEASE – Green Thumb Industries Inc., a leading national cannabis consumer packaged goods company and owner of RISE Dispensaries, announced that its board of directors authorized a $50 million share repurchase program.
The repurchase program authorizes, pursuant to a normal course issuer bid, the repurchase of up to 10,573,860 of its subordinate voting shares (“shares”) from time to time over the next 12 months. Under the company’s previous repurchase program that expired on Sept. 10, 2024, Green Thumb repurchased 6.5 million shares for $73.3 million.
“We continue to believe in the value-creating nature of share buybacks done at attractive prices,” Green Thumb founder, Chairman and CEO Ben Kovler said. “This buyback program provides greater flexibility to use our cash reserves to repurchase more shares should the opportunity present itself. We love our balance sheet, particularly in light of the recent refinancing, and remain open to strategic M&A, capital expenditures into the business and unique investment opportunities. The future is bright for Green Thumb as America craves more well-being and more cannabis.”
The repurchase program will commence on Sept. 23, 2024, and expire on Sept. 22, 2025. 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 the treasury and canceled.
