Thursday, Verano Holdings Corp. (VRNO) announced that its Board of Directors has authorized the repurchase of upto $20 million in shares of the company's common stock listed on Cboe Canada.
The company expects the program to offer Verano a strategic outlet to unlock value for the company and its shareholders, including strengthening the balance sheet and accretive M&A opportunities.
"Given business performance and the transformative Schedule III medical cannabis designation, we believe the share repurchase authorization provides Verano further optionality to deploy capital in pursuit of growth initiatives," noted CEO George Archos.
VRNO closed trading at $1.24, down 1.59 percent on the OTC Markets.
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