What is a normal course issuer bid (NCIB)?

An NCIB is a Canadian regulatory framework that permits public companies to repurchase their own shares in the open market over a 12-month period, subject to a daily trading limit (typically 25% of average daily volume). It is distinct from US Rule 10b-18 open-market repurchases and provides Canadian issuers with a formalized, compliant repurchase mechanism.

Why did Vireo establish an automatic repurchase plan (APP) with Haywood?

The APP permits Haywood to execute purchases on behalf of Vireo during trading blackout periods (e.g., when the company is in possession of material non-public information or near earnings releases) when company officers are restricted from trading. The APP was set up when Vireo had no material non-public information and operates within pre-established price and volume parameters.

What happens to shares repurchased under this program?

All subordinate voting shares purchased under the NCIB will be cancelled, reducing the total number of shares outstanding. This reduces share count without reducing total market capitalization proportionally, potentially increasing earnings or cash flow per share.

Is Vireo obligated to repurchase the full 2.4 million shares?

No. The filing explicitly states that Vireo is under no obligation to purchase any subordinate voting shares during the program. Actual repurchases will depend on market conditions, business considerations, available cash, securities law compliance, and management's judgment regarding the best use of capital.

What is the maximum price Haywood will pay per share under the APP?

Haywood has discretion to purchase subordinate voting shares at prices up to but not exceeding US$18.75 per share, subject to the APP's pre-established trading parameters and applicable securities laws. This ceiling may be amended, suspended, or terminated in accordance with the APP's terms.

How does this buyback fit into Vireo's capital allocation strategy?

Management stated the buyback represents a 'prudent and disciplined use of capital' and reflects confidence that the company's current valuation does not fully reflect the strength of its business and long-term value. The program provides an alternative to acquisitions or distributions while the company executes its growth strategy and closes pending transactions.

VREOF 8-K Filed 2026-08-18 New authorization

Vireo Growth authorizes buyback of up to 2.4M shares via NCIB

Cannabis company commences normal course issuer bid program through August 2027 at maximum $18.75 per share via automatic repurchase plan.

Authorization (shares)2.4M

MechanismNormal Course Issuer Bid (NCIB

What the filing says

Vireo Growth Inc. (CSE: VREO; OTCQX: VREOF) announced on August 13, 2026, that its Board of Directors has authorized a share buyback program operating as a normal course issuer bid (NCIB), effective August 17, 2026. Under the program, the Company may repurchase up to 2,426,872 subordinate voting shares in the open market on the Canadian Securities Exchange, with purchases to be executed through Haywood Securities Inc.

The buyback program is supported by an automatic repurchase plan (APP) with Haywood that permits purchases during periods when the Company might otherwise be restricted from trading. Under the APP, Haywood may purchase subordinate voting shares at prices up to but not exceeding US$18.75 per share, subject to pre-established trading parameters and applicable securities laws. The APP was established when the Company was not in possession of material non-public information.

As of August 13, 2026, Vireo had 48,517,509 subordinate voting shares and 7,718 multiple voting shares outstanding (with multiple voting shares convertible into an additional 771,800 subordinate voting shares). The NCIB will expire on August 17, 2027. Any shares repurchased will be cancelled. The Company states it is under no obligation to purchase any shares for the duration of the program, with timing and volume dependent on market conditions, business considerations, applicable securities laws, and CSE rules.

Vireo Growth Inc. ("Vireo" or the "Company") (CSE: VREO; OTCQX: VREOF), a leading vertically integrated cannabis company and agricultural markets platform, today announced it has received authorization from the Company's Board of Directors to commence a share buyback program ("Buyback Program"). Pursuant to a normal course issuer bid ("NCIB"), commencing on August 17, 2026, the Company may repurchase up to 2,426,872 subordinate voting shares of the Company ("Subordinate Voting Shares"), in the open market. — Vireo Growth Inc. 8-K filing · View on SEC EDGAR →

What this means

This NCIB authorization represents approximately 5% of Vireo's current outstanding subordinate voting shares (2.4M of 48.5M), a scale typical of mature-company buyback programs under Canadian regulations. The $18.75 per-share price ceiling in the APP reflects management's view of valuation; the automatic plan allows disciplined purchasing during blackout periods when officers cannot otherwise trade. Repurchased shares will be cancelled, reducing share count and potentially accretive to per-share metrics if cash is not otherwise deployed. The one-year program term and discretionary execution model mean actual repurchase activity will depend on cash availability, market conditions, and management's assessment of competing capital uses.

Frequently asked questions

What is a normal course issuer bid (NCIB)?: An NCIB is a Canadian regulatory framework that permits public companies to repurchase their own shares in the open market over a 12-month period, subject to a daily trading limit (typically 25% of average daily volume). It is distinct from US Rule 10b-18 open-market repurchases and provides Canadian issuers with a formalized, compliant repurchase mechanism.
Why did Vireo establish an automatic repurchase plan (APP) with Haywood?: The APP permits Haywood to execute purchases on behalf of Vireo during trading blackout periods (e.g., when the company is in possession of material non-public information or near earnings releases) when company officers are restricted from trading. The APP was set up when Vireo had no material non-public information and operates within pre-established price and volume parameters.
What happens to shares repurchased under this program?: All subordinate voting shares purchased under the NCIB will be cancelled, reducing the total number of shares outstanding. This reduces share count without reducing total market capitalization proportionally, potentially increasing earnings or cash flow per share.
Is Vireo obligated to repurchase the full 2.4 million shares?: No. The filing explicitly states that Vireo is under no obligation to purchase any subordinate voting shares during the program. Actual repurchases will depend on market conditions, business considerations, available cash, securities law compliance, and management's judgment regarding the best use of capital.
What is the maximum price Haywood will pay per share under the APP?: Haywood has discretion to purchase subordinate voting shares at prices up to but not exceeding US$18.75 per share, subject to the APP's pre-established trading parameters and applicable securities laws. This ceiling may be amended, suspended, or terminated in accordance with the APP's terms.
How does this buyback fit into Vireo's capital allocation strategy?: Management stated the buyback represents a 'prudent and disciplined use of capital' and reflects confidence that the company's current valuation does not fully reflect the strength of its business and long-term value. The program provides an alternative to acquisitions or distributions while the company executes its growth strategy and closes pending transactions.

authorization cannabis-sector ncib canada app otcqx

Source. This editorial summary is based on the SEC filing linked above. BuybackStocks aggregates and editorializes publicly available SEC EDGAR filings. Not investment advice. Past authorization announcements do not guarantee future repurchase activity or share price performance. See our full disclosures policy.