Key Takeaways
- Green Thumb Industries Inc. appoints Richard Reisin and Hannah (Buchan) Ross as new independent members of its Board of Directors.
- The Company's Board announced a share repurchase program, authorizing the repurchase of up to 10,486,951 of its Subordinate Voting Shares.
New Board Members
Chicago, IL and Vancouver, BC--On September 21, 2023, Green Thumb Industries Inc. confirmed the appointments of Richard Reisin and Hannah (Buchan) Ross as independent members of its Board of Directors. The latest appointments expand the Board to nine members.
According to a Globe Newswire release, Reisin, a former Executive Vice President at Carylon Corporation, will serve on the audit committee.
Meanwhile, Ross, COO at Edie Parker, will be part of the audit and compensation committees.
Their vast experience is expected to provide valuable insights as Green Thumb prepares for future advancements in the cannabis industry, potentially including a listing on a major U.S. exchange.
Per the release, Ben Kovler, Green Thumb's Founder, Chairman, and CEO, expressed enthusiasm about the new appointments. He lauded Reisin's expertise in operations, finance, and accounting and Ross's profound knowledge in branding, capital markets, and operations within the cannabis sector.
On the heels of their appointments, both Reisin and Ross shared their excitement and commitment to leverage their expertise for the benefit and growth of Green Thumb.
Share Repurchase Program
According to a Globe Newswire release earlier this month, on September 5, 2023, Green Thumb's Board of Directors authorized a share repurchase program.
The company aims to buy back up to 10,486,951 of its Subordinate Voting Shares over a span of 12 months. The Board has sanctioned up to USD $50 million for the repurchase initiative.
In the release, Ben Kovler pointed out that this move is geared towards generating shareholder value without hindering the company's growth prospects.
He also highlighted the potential benefits of the reclassification proposal for cannabis by the U.S. Department of Health and Human Services.
The release noted that the repurchase period commences on September 11, 2023, and concludes on September 10, 2024.
However, the company retains the right to modify the share repurchase plans based on various factors, including market conditions.
What Do We Think
Green Thumb Industries is making strategic moves to bolster its Board while focusing on shareholder value.
The appointments of Reisin and Ross will likely provide fresh perspectives and insights beneficial for the company's growth.
The share repurchase program reflects Green Thumb's confidence in its financial strength and proactive stance in creating shareholder value in light of the evolving regulatory landscape for cannabis in the U.S.