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Green Thumb Industries Inc., (CSE: GTII) (OTCQX : GTBIF), announced Monday that it could repurchase its shares worth up to $50,000,000 in the coming year.

The Chicago-based firm said its board authorized the purchase of up to 10,573,860 shares beginning Sept. 23 until Sept. 22, 2020. It Follows a previous buyback Green Thumb purchased 6.5 million shares at a cost of $73.3 million.

Ben Kovler, the CEO and founder of Green Thumb, said in an interview. Statement The move allows for “greater flexibility in using our cash reserves to purchase more shares if the opportunity arises.”

He said that he believes “in the value-creating nature” of share buybacks at attractive prices.

The announcement came just days after Green Thumb secured an $150 million credit facility from Valley National Bank. Called a “first of its kind” The U.S. cannabis sector. The secured overnight financing rate plus 5% is the interest rate for the five-year facility.

Kovler cited Green Thumb’s strong balance after the refinancing. He added that the company remains “open to strategic M&A and capital expenditures in the business as well as unique investment opportunities.”

The company can cancel the program at any point.

The company did not expect to be in debt to fund its share repurchase plan. The actual number of stocks purchased, the timing of purchases, and the share price will be determined by market conditions and securities laws. All shares will be returned to Treasury and cancelled.”

According to a recent analysis by Viridian, Green Thumb has a relatively low EV/2024 EBITDA multiple and carries less than 2.2x Debt/EBITDA. Viridian suggested that such companies would be “good candidates for debt funded equity repurchases or acquisitions using relatively large percentages of debt financed consideration.”

The firm noted that Green Thumb has “consistently ranked as the strongest MSO Credit” and could achieve yields of 10 percent or less in future bond offerings.