It's a good day for Curaleaf Holdings (CSE:CURA) (OTCQX:CURLF) shareholders. For the second time this year, Executive Chairman Boris Jordan has purchased more shares of the company; this has sent Curaleaf stock up nearly 6% Thursday.
Here's what we know.
Curaleaf Stock Moving Higher on Share News
Yesterday, it was announced that Executive Chairman Boris Jordan has recently acquired $821,000 USD worth of stock, valued at a price of $8.21 USD. Jordan, who is worth $1.1 billion according to Forbes, has several investments in European and Russian-based companies through his private equity firm Sputnik Group, but in Curaleaf, Jordan has now increased his holding size by 0.7%. While that's not a large number, it's still enough to make Curaleaf Holdings shareholders happy. And, as previously mentioned, it's not Boris Jordan's first acquisition of Curaleaf. Earlier in 2019, Boris Jordan paid $9.72 CAD per share in an $18 million CAD purchase.
Curaleaf Holdings is a difficult cannabis company to formulate thoughts on. While it's a good sign that insiders own shares in the company, it also has to be recognized that the cannabis company did not make a profit over the last twelve months. Regardless, Curaleaf stock is having a good trading day, a day where several cannabis stocks are trading in the red zone.
According to Yahoo Finance, as of 11:50 AM EDT, Curaleaf stock is trading at $6.65; this puts the stock up 5.39%.
As mentioned, Curaleaf Holdings has both good and bads things going for it at the moment. Despite not making a profit, if insider ownership can increase, it may make shareholders more confident in the company as it shows management is thinking about the quality of life of its shareholders. And if shareholders become more confident, Curaleaf stock could keep moving higher.
What do you think? Do you see Curaleaf stock benefiting from Boris Jordan's latest acquisition? Let us know your thoughts in the comments below.
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