Canadian Cannabis Producer C21 Launches Share Buyback, Citing Undervalued Stock Price
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.
What Happened
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.
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.
The company …