The Canadian cannabis sector has been on an absolute tear in recent years, and despite many of the country’s most prominent names experiencing declines since January peaks, insiders at many of these producers have now begun to trim positions, at different rates, nearly across the board.
With valuations sky-high, it is hard to disagree with such a move. Insiders in marijuana producers holding a 10% or greater interest will typically make the list of insiders investors pay attention to; in this article, I’m going to highlight two of MedReleaf Corp.’s (TSX:LEAF) insiders who fit such a profile that have begun to "trim" their rather large stakes in this company.
Insider Stephen Arbib sold more than 32,000 shares at $19.50 per share recently, trimming his portfolio position slightly. Subsequently, Ray Leach, another insider holding more than 10 million shares, sold 100,000 shares of his MedReleaf holdings for nearly $20 million (average price of $19.40). Earlier this month, Leach sold more than 41,000 shares at a lower price of $1.540 per share.
As always, a reminder that insider selling is in no way an indication of the direction a stock is expected to move in the near-term, and long-term investors should assess the fundamentals of said company and consult an investment advisor before making any purchases.
Invest wisely, my friends.
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