Cannabist Co Holdings Inc. (OTCMKTS:CBSTF) reported that director Jeff Clarke invested $26,360 in the company's common shares. The purchase occurred on March 18, 2024, with Clarke acquiring a total of 100,000 shares at prices ranging between $0.2625 and $0.2647 per share.
The transaction was disclosed in a regulatory filing with the Securities and Exchange Commission. Following these purchases, Clarke's total holdings in Cannabist Co increased to 802,947 common shares.
Cannabist Co Holdings Inc., previously known as Columbia Care (OTC:CBSTF) Inc., is involved in agricultural production with a focus on crops. The company is incorporated in the jurisdiction of A1 and has its fiscal year ending on December 31.
The purchase by Clarke is notable as it represents a significant addition to his existing stake in the company. Investors often monitor insider transactions such as these for signals about executives' confidence in their company's prospects.
The filing also included a footnote indicating that Clarke's purchase was matchable under Section 16(b) of the Securities Exchange Act of 1934 with a prior sale of stock. As a result, Clarke has agreed to pay the issuer $7,048.42, which is the full amount of profit realized from the short-swing transaction, after accounting for transaction costs.
The company's shares are traded on the OTC Markets under the ticker symbol CBSTF.
InvestingPro Insights
As Cannabist Co Holdings Inc. (OTCMKTS:CBSTF) sees insider investment activity, with director Jeff Clarke increasing his stake in the company, investors may be curious about the company's financial health and market performance. According to InvestingPro data, Cannabist Co Holdings Inc. has a market capitalization of 162.46 million USD, reflecting its size in the agricultural production sector. Despite a challenging period, the company has experienced a notable 20.24% return over the last week, which may signal a potential turnaround or a positive reaction to insider buying like Clarke's.
However, the company's financials paint a picture of struggle, with a negative P/E ratio of -0.614 for the last twelve months as of Q4 2023, indicating that the company has not been profitable during this period. The company also carries a significant debt burden, as indicated by one of the InvestingPro Tips, which could be a concern for potential investors. Moreover, the stock's volatility is something to keep an eye on, as fluctuations can pose both opportunities and risks.
For those seeking more comprehensive analysis, InvestingPro offers additional insights, including the fact that analysts do not anticipate the company will be profitable this year and that the stock has significantly declined over the last six months. With these InvestingPro Tips, and 6 more available on the platform, investors can make more informed decisions. Interested readers can unlock further expert analysis and tips on Cannabist Co Holdings Inc. by using the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription at InvestingPro.
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