Cannabis Executives Go On Stock Buying Spree

As the cannabis industry matures, certain patterns are beginning to be established not unlike other retail industries. The one that just occurred is the first-quarter dip in sales. As companies are delivering their first-quarter results, many told investors that sales dipped after the fourth quarter, but that the second quarter was picking up.

Especially companies that have the early jump on New Jersey adult-use sales. These companies have gotten a taste of the impact these sales will have on their companies. They have a pretty good idea that the next few quarters are going to kick butt.

Stock prices for cannabis companies have been pummeled over the last year. Frustrated executives have complained about posting mostly rising revenues only to see the stocks sell-off. Expectations for a strong back half of the year and excessive valuation devastation are combining to create a perfect buying opportunity and these executives are letting their purchases do the talking.

Buying

Trulieve

Led by CEO Kim Rivers, a slew of Trulieve executives have bought stock lately. Here’s the rundown:

Executive                       Shares Bought

CEO Kim Rivers             14,000

President Steve White   7,000

CFO Alex D’Amico          1,500

CPO Kyle Landrum         1,250

CSO Tim Morey                700

CLO Eric Powers              1,700

CTO Nilyum Jhala            1,000

CIO Jason Pernell             3,500

IR Christine Hersey          1,000

Columbia Care

CEO Nicholas Vita                    25,000

TerrAscend

Chair Jason Wild               18,000

Curaleaf

Chair Boris Jordan             566,000 (converted or exchanged)

Selling

Despite the potential improvement in stock prices some companies have seen insider selling. Here are some of the big sellers:

Planet 13

East Coast Pres. Michael Jennings       137,400

Ascend Wellness

HR Robin Debiase                                     15,000

 

In Closing

Many traders believe that insider buying is a signal of a market bottom. These individuals are often considered to be smart money. Vickers Insider Weekly wrote in a note published on Monday, “Corporate insiders have reacted with increasing optimism, expressing confidence that historically has come in advance of notable rallies.”

Debra Borchardt

Debra Borchardt is the Co-Founder, and Executive Editor of GMR. She has covered the cannabis industry for several years at Forbes, Seeking Alpha and TheStreet. Prior to becoming a financial journalist, Debra was a Vice President at Bear Stearns where she held a Series 7 and Registered Investment Advisor license. Debra has a Master's degree in Business Journalism from New York University.


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