Whilst the licensed cannabis industry struggles with floundering stock rates and an uncertain future, providers across the sector are searching for new techniques to regain shareholder self-confidence.
Today Curaleaf Holdings, Inc. (CSE: CURA OTCQX: CURLF) announced a big insider stock acquire aimed at displaying upper management’s continued self-confidence in an potential to produce a profit moving forward.
Executive Chairman Boris Jordan acquired 100,000 shares of Curaleaf this week, shopping for the stock at an typical of $eight.21 a share, which represents a practically $two premium more than the company’s present stock price tag.
Jordan’s in-corporation get follows a comparable try to soothe more than skittish investors from Acreage Holdings, Inc. (CSE: ACRG.U OTCQX: ACRGF FSE: 0ZV) earlier this summer time when CEO Kevin Murphy purchased $two million worth of corporation shares.
That move failed to bring about a stock price tag bump for Acreage, with the company’s stock continuing to fall to practically half its July pricing.
Commenting on the choice to get 100,000 corporation shares, Boris Jordan issued this statement nowadays:
This is an thrilling time for Curaleaf, and I have in no way been much more confident in our future. Our sector is on the brink of tremendous development, particularly as lawmakers are recognizing the want to advance regulation like the Protected Banking Act. Curaleaf is in the greatest position to lead this sector and make worth for shareholders.
The Safe and Faire Enforcement (Protected) Banking Act sailed via the U.S. Home 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 perform with the cannabis sector regardless of a federal prohibition nonetheless in location. The likelihood of passing the Senate nonetheless remains up in the air nonetheless, as Senate Majority Leader Mitch McConnell has regularly refused to take up any Democratic measure coming from the Home this year.
In other Curaleaf news, the corporation lately released the initial legal flower item in New York, and has also opened a seventh dispensary in Arizona.
Whilst nonetheless effectively beneath the $10 – $11 variety it was trading at back in Might, Curaleaf’s stock has begun to rebound in the final week, at present trading at a price tag of $six.76 as of Friday morning.