Evidently, the reason someone steps down from their role as a director of a cannabis operation is to sell their equity. At least, that’s what a former director of Cresco Labs (CSE: CL) appears to think.
Dominic Sergi, a former director of Cresco, appears to be on a bit of a binge as of late. An original founder of Cresco Labs, Sergi has made several filings over recent weeks related to his dwindling position in the multi state operator. One of the most significant of which was filed today.
The former (as per the company) director of the firm this afternoon filed his latest sale, in which he sold off the bulk of his subordinate voting shares. The former exec managed to sell a total of 425,000 shares of the company at a price of $9.95, generating gross proceeds of US$4.2 million in the process.
The transaction follows several that have occurred over the last several weeks, with Sergi now having sold a total of 1,600,000 common shares of the issuer over roughly the last month. In total, the gross proceeds from the series of sales amounts to US$18,672,250, with sales being recorded at prices between US$9.95 and US$12.50. Of the total US$18.7 million, roughly US$6.2 million has been sold in the last two weeks of trading.
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Following the sale, Sergi is believed to continue to hold just under 6.0 million LLC Units that are convertible into subordinate voting shares of the issuer, along with 4,884 subordinate voting shares.
Sergi reportedly retired from the company as a director back in April, with his retirement enabling the appointment of Tarik Brooks to the firms board. The event was said to be part of a board refreshment process. Despite this however, Sergi continues to file his equity transactions through SEDI, while denoting himself as a director of the company.
Cresco Labs last traded at C$13.19 on the CSE.
Information for this briefing was found via Sedar and Cresco Labs. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
