Ispire Technology’s board has authorized the repurchase of up to $10 million in shares of the marijuana vaping hardware company’s common stock in the next 24 months.
The Los Angeles-based company may repurchase shares in open-market transactions as well as under a Rule 10b5-1 trading plan, according to a news release.
Ispire Technology shares trade on the Nasdaq exchange as ISPR.
Depending on market conditions, Ispire also may repurchase shares through accelerated share-buyback programs, tender offers and privately negotiated transactions.
“Our share repurchase authorization reflects the confidence we have in the growth of our overall business as well as the development of the strategic investments we have made,” Ispire co-CEO Michael Wang said in a statement.
“Given the current capital markets environment, we believe … now is an excellent opportunity to buy our common stock at a significant discount.”
A handful of plant-touching cannabis companies launched stock-repurchase programs in the second half of 2024, including Green Thumb Industries, SNDL and TerrAscend Corp.
Meanwhile, Arizona-based CBD and wellness company CBD Life Sciences announced this week that it had reduced its number of authorized shares by 3.5 billion.
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