Even though the licensed cannabis industry struggles with floundering stock rates and an uncertain future, firms across the sector are looking for new techniques to regain shareholder self-assurance.
Today Curaleaf Holdings, Inc. (CSE: CURA OTCQX: CURLF) announced a important insider stock buy aimed at displaying upper management’s continued self-assurance in an capacity to produce a profit moving forward.
Executive Chairman Boris Jordan acquired 100,000 shares of Curaleaf this week, acquiring the stock at an typical of $eight.21 a share, which represents a practically $two premium more than the company’s existing stock value.
Jordan’s in-firm purchase follows a equivalent try to soothe more than skittish investors from Acreage Holdings, Inc. (CSE: ACRG.U OTCQX: ACRGF FSE: 0ZV) earlier this summer season when CEO Kevin Murphy purchased $two million worth of firm shares.
That move failed to bring about a stock value bump for Acreage, with the company’s stock continuing to fall to practically half its July pricing.
Commenting on the selection to purchase 100,000 firm shares, Boris Jordan issued this statement these days:
This is an fascinating time for Curaleaf, and I have by no means been much more confident in our future. Our market is on the brink of tremendous development, particularly as lawmakers are recognizing the require to advance regulation like the Protected Banking Act. Curaleaf is in the finest position to lead this market and make worth for shareholders.
The Safe and Faire Enforcement (Protected) Banking Act sailed via the U.S. Residence of Representatives last week, with 91 Republicans and one independent joining much more than 220 Democrats to pass the legislation.
If it passes the Senate and is signed into law by the President, the bill will let banks to operate with the cannabis market in spite of a federal prohibition nevertheless in spot. The likelihood of passing the Senate nevertheless remains up in the air nonetheless, as Senate Majority Leader Mitch McConnell has regularly refused to take up any Democratic measure coming from the Residence this year.
In other Curaleaf news, the firm lately released the 1st legal flower item in New York, and has also opened a seventh dispensary in Arizona.
Even though nevertheless nicely under the $10 – $11 variety it was trading at back in Could, Curaleaf’s stock has begun to rebound in the final week, at present trading at a value of $six.76 as of Friday morning.