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)周二宣布其计划回购约5%的已发行和流通的普通股，作为股票回购计划的一部分，目的是取消回购的股票以提升股东价值。
What Happened
发生了什么
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.
根据正常的买盘（NCIB），C21可以回购最多6,002,390股普通股，占其总发行及流通股份的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.
该计划将运行一年，从2024年12月2日星期一开始，为公司在市场条件有利时提供灵活的购买选项。购买将取决于市场条件，C21保留在任何时候暂停或终止该计划的权利。
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.作为其代理人，代表其进行NCIb交易。
Read Also: 'Inflationary Pressures Continue To Impact Cannabis Industry, Says C21 As It Reports Net Loss And Decline In Nevada Sales
另请阅读：'通货膨胀压力持续影响大麻股行业，C21表示在报告净亏损和内华达州销售下降时。'
- 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.
- 订阅本新闻快讯，每天免费获取Benzinga独家分析和大麻股行业及市场的最新资讯。如果您对业务认真，不容错过。在这里订阅我们的新闻简报。
Why It Matters
这为以下原因非常重要
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在新闻稿中表示，它之所以做出这一决定，是因为它"相信普通股的市场价格可能没有完全反映其业务和前景的价值，"并补充说，"购买自己的普通股以注销是增加长期股东价值的适当策略，并代表公司金融资源的适当使用。"
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.
根据公司11月14日的财报，其第二季度营业收入总计750万美元，比第一季度增长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.
公司强调在南雷诺的药店销售增长强劲，第二季度增长了53%，9月份达到了416,000美元。10月份销售继续增长，再增加了14%至475,000美元。这些结果强调了公司能够在继续扩大业务的同时为股票回购计划提供资金的能力。
CEO and president Sonny Newman said quarterly results "have exceeded our expectations and we continue to see robust sales growth into the new quarter."
首席执行官兼总裁Sonny Newman表示，季度业绩"超出了我们的预期，我们继续看到新一季度的强劲销售增长。"
The company's shares traded 4.34% higher at 23 cents per share at the time of writing on Wednesday.
周三撰写时，公司股票的交易价格比23美分上涨了4.34%。
- The Biggest Little Company In Cannabis: C21 Investments Dominates Reno, NV
- 大麻行业的最大公司：C21 Investments主导内华达州里诺
译文内容由第三方软件翻译。
