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Verano Holdings Corp. (Cboe CA: VRNO) (OTCQX:VRNOF) announced Monday that its board of directors has authorized the repurchase of up to $50 million of the company's class A subordinate voting shares which are listed for trading on Cboe Canada.
"Our longstanding commitment to operational excellence alongside our focus on capital discipline has set up Verano to generate consistent revenue growth, deliver strong margins, and produce leading cash flows," said George Archos, Verano chairman and CEO. "The authorization of our first-ever share repurchase program provides an additional outlet for capital deployment alongside other measures such as capital expenditures, strengthening our balance sheet, and potential M&A as we position Verano for long-term growth and success. Going forward, we will be opportunistic in identifying market dislocations to support the stock and return cash to shareholders."
Under the normal course issuer bid, the multi-state operator (MSO may buy up to a total of 17.32 million shares (accounting for 5% of the issued and outstanding shares of the company at the time of the authorization), subject to the $50 million limit. The purchases may be made from time to time over a period of 12 months ending June 13, 2025, unless such share or dollar limit is met sooner.
On any given day, Verano may not purchase more than 25% of the average daily trading volume and is subject to other limitations set forth by Cboe Canada and Rule 10b-18 under the Securities Exchange Act of 1934. In addition, Verano may make block purchases of shares that meet certain criteria.
All purchases made will be through the selected purchasing member, ATB Securities Inc., through the facilities of Cboe Canada or through alternative trading systems.
In determining the amount of capital to allocate to share repurchases, the company takes into account, among other things, its historical and expected business performance and cash and liquidity position, global economic and market conditions, and the market price of the company's common stock. The company is not obligated to repurchase any specific number of shares and the program may be modified, suspended, or discontinued at any time.
Verano shares closed Friday market session 5.41% lower at $3.15 per share.
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