Canadian Cannabis Producer C21 Launches Share Buyback, Citing Undervalued Stock Price
Canadian Cannabis Producer C21 Launches Share Buyback, Citing Undervalued Stock Price
The company has appointed Vertically integrated cannabis company C21 Investments Inc. (CSE:CXXI) (OTCQX: CXXIF) announced on Tuesday its plan to repurchase approximately 5% of its issued and outstanding common shares as part of a share buyback program, with the intention of canceling the repurchased shares to enhance shareholder value.
垂直整合的大麻股公司C21 Investments Inc. (cse:CXXI) (OTCQX: CXXIF)週二宣佈其計劃回購約5%的已發行和流通的普通股，作爲股票回購計劃的一部分，目的是取消回購的股票以提升股東價值。
What Happened
發生了什麼
Under the normal course issuer bid (NCIB), C21 may repurchase up to 6,002,390 of its common shares, representing 5% of its total issued and outstanding shares.
根據正常的買盤（NCIB），C21可以回購最多6,002,390股普通股，佔其總髮行及流通股份的5%。
The program will run for a year, starting Monday, Dec. 2, 2024, providing the company with the flexibility to make purchases when market conditions are favorable. Purchases will depend on market conditions, and C21 retains the right to suspend or discontinue the program at any time.
該計劃將運行一年，從2024年12月2日星期一開始，爲公司在市場條件有利時提供靈活的購買選項。購買將取決於市場條件，C21保留在任何時候暫停或終止該計劃的權利。
The company has appointed Haywood Securities Inc. as its broker to conduct the NCIB transactions on its behalf.
公司已任命Haywood Securities Inc.作爲其代理人，代表其進行NCIb交易。
Read Also: 'Inflationary Pressures Continue To Impact Cannabis Industry, Says C21 As It Reports Net Loss And Decline In Nevada Sales
另請閱讀：'通貨膨脹壓力持續影響大麻股行業，C21表示在報告淨虧損和內華達州銷售下降時。'
- Get Benzinga's exclusive analysis and the top news about the cannabis industry and markets daily in your inbox for free. Subscribe to our newsletter here. If you're serious about the business, you can't afford to miss out.
- 訂閱本新聞快訊，每天免費獲取Benzinga獨家分析和大麻股行業及市場的最新資訊。如果您對業務認真，不容錯過。在這裏訂閱我們的新聞簡報。
Why It Matters
這爲以下原因非常重要
C21 said in a press release it opted for the move as it "believes that the market price of the common shares may not fully reflect the value of its business and prospects," adding that "purchasing its own common shares for cancellation is an appropriate strategy for increasing long-term shareholder value and represents an appropriate use of the company's financial resources."
C21在新聞稿中表示，它之所以做出這一決定，是因爲它"相信普通股的市場價格可能沒有完全反映其業務和前景的價值，"並補充說，"購買自己的普通股以註銷是增加長期股東價值的適當策略，並代表公司金融資源的適當使用。"
According to the company's Nov. 14 earnings report, its second-quarter revenue totaled $7.5 million, representing a 14% increase from the first quarter.
根據公司11月14日的業績，其第二季度營業收入總計750萬美元，比第一季度增長14%。
The company highlighted strong sales growth in its South Reno dispensary, with a 53% increase during the second quarter, reaching $416,000 in September. Sales continued to grow in October, rising another 14% to $475,000. These results underscore the company's ability to fund the share buyback program while continuing to expand its operations.
公司強調在南雷諾的藥店銷售增長強勁，第二季度增長了53%，9月份達到了416,000美元。10月份銷售繼續增長，再增加了14%至475,000美元。這些結果強調了公司能夠在繼續擴大業務的同時爲股票回購計劃提供資金的能力。
CEO and president Sonny Newman said quarterly results "have exceeded our expectations and we continue to see robust sales growth into the new quarter."
首席執行官兼總裁Sonny Newman表示，季度業績"超出了我們的預期，我們繼續看到新一季度的強勁銷售增長。"
The company's shares traded 4.34% higher at 23 cents per share at the time of writing on Wednesday.
週三撰寫時，公司股票的交易價格比23美分上漲了4.34%。
- The Biggest Little Company In Cannabis: C21 Investments Dominates Reno, NV
- 大麻行業的最大公司：C21 Investments主導內華達州里諾
譯文內容由第三人軟體翻譯。
