THE CONSUMABLES SHOW
We are hosting our weekly Consumables Show today, September 5th @ 12 PM ET.
Every Monday at 12 PM ET (but this week Tuesday), our Consumables Team will be hosting a live event where we will go through Timely and Topical events/data that have occurred in our respective industries and preview the week to come. We hope you can grab your lunch and join us as we break down the Restaurant, Consumer Staples, and Cannabis space.
We will explore a number of topics, including recent position monitor changes, top questions from client meetings, most frequent inbounds, pushback on our most recent calls, and updates on some of our best ideas.
green thumb share repurchase program
Green Thumb (GTBIF) is a Hedgeye Cannabis Best Idea Long.
GTBIF announced today that its Board of Directors has authorized the repurchase, pursuant to a normal course issuer bid, of up to 10,486,951 of its Subordinate Voting Shares over a 12-month period. The Board of Directors authorized the Company to spend up to USD $50M for the repurchase program. “We believe instituting a share repurchase program is an appropriate tool for creating shareholder value without compromising our growth initiatives. This action was in the works before last week’s announcement from the U.S. Department of Health and Human Services, which called for cannabis to be reclassified to Schedule III. Having witnessed a 30-plus percent move in the sector based on news from Washington, D.C., we want the ability to take advantage for shareholders should the opportunity arise,” said Green Thumb Founder, Chairman and Chief Executive Officer Ben Kovler. If management determines it has a better use for its cash reserves, it is under no obligation to continue to purchase Shares and share purchases may be suspended or terminated at any time at Green Thumb’s discretion.
Maryland's social equity program
We have written in the past few weeks about the disaster that the New York licensing program has been and how there are roughly 30 licenses held up by the courts due to the lack of due diligence at the state level. Maryland officials are unveiling a new portal that will allow people to check their eligibility for a social equity marijuana business license before regulators begin to accept applications later this year. “Our goal with establishing this verification tool is to ensure that every person who may be interested in a cannabis business license knows before the application period opens whether they are eligible to apply,” Maryland Cannabis Administration Acting Director Will Tilburg said. “We are excited to offer this verification tool, free of charge, to all prospective applicants.” This is no doubt a move to avoid the headaches that New York is currently facing. Maryland launched adult-use legalization back on July 1st, 2023.