Ascend Wellness Stock In Focus On Planned Share Buyback: Retail’s Bullish
As of December 24, the company had about 204.3 million outstanding and issued common shares.
FollowShares of Ascend Wellness ($AAWH) slipped following the company’s announcement of a share buyback deal, but retail stayed bullish.
Ascend said the share buyback will commence on on January 2 and will include the repurchase of “up to the lesser of”: 10,215,690 shares of the company's class A common stock, representing 5% of its outstanding common shares; and $2.25 million worth of common shares, in the open market.
As of December 24, the company had about 204.3 million outstanding and issued common shares. Ascend has received authorization from the company's board of directors to commence the share buyback program, it said in a statement.
"With the initiation of this share buyback program, we are taking another meaningful step to continue to create shareholder value," Sam Brill, CEO of Ascend said. "Our prior share repurchase, together with the recent open market purchases by members of our board of directors, demonstrate our strong confidence in our strategy and our commitment to driving returns for our investors. With our strong foundation and the impact of our ongoing initiatives, we are excited about the opportunities the new year will bring."
Following the announcement, retail sentiment on Stocktwits leaned bullish.
The cannabis-focused Ascend serves both retail and wholesale customers. Its brands include Common Goods, Simply Herb, Ozone, Effin', and Royale. The company has assets in Illinois, Maryland, Massachusetts, Michigan, Ohio, New Jersey, and Pennsylvania.
Ascend stock is down 65% year-to-date.
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