Trulieve Cannabis Corp. announced today that its Board of Directors has authorized a share repurchase program allowing the company to buy back up to $50 million worth of its subordinate voting shares.
Under the program, Trulieve may repurchase up to the lesser of $50 million in aggregate value or 8,495,038 subordinate voting shares, which represents 5% of the company’s issued and outstanding subordinate voting shares as of June 8. The program will run for 12 months and is scheduled to expire on June 16, 2027.
“This program reflects our confidence in the long-term value of the business and our disciplined approach to capital allocation,” said Kim Rivers, Trulieve founder and CEO. “We view share repurchases as an important tool to deliver value to shareholders when market conditions present a compelling opportunity, while maintaining the flexibility to invest in growth and strengthen our balance sheet.”
The company said repurchases will be carried out in accordance with applicable securities laws and regulations. Trulieve noted that the program does not require the company to acquire any specific number of shares and may be suspended, modified or discontinued at any time at the company’s discretion. Any shares purchased under the program will be cancelled.
Trulieve is a vertically integrated cannabis company and multi-state operator with medical marijuana operations in Florida, Georgia, Pennsylvania and West Virginia. The company is currently listed on the Canadian Securities Exchange under the symbol TRUL and trades on the OTCQX market under the symbol TCNNF.
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