It appears Curaleaf Holdings Inc (CNSX:CURA) (OTCMKTS:CURLF) believes the recent selloff in weedstocks has gone too far. Today, the company announced news which has the potential to have positive repercussions throughout the sector—especially is prices continues to get hit.

In a press released issued just after market open, CuraLeaf Holdings announced its intention to commence a normal course issuer bid to purchase up to $50 million USD of subordinated voting shares (common stock). No purchase schedule has been established, as the exact timing of any such purchases will be determined by the Company. However it stands to reason the company could be active in the market in times of market distress, which has been the case in recent times.

Before today, CuraLeaf had been among the weakest major cannabis stocks on the Canadian Securities Exchange. Over the past seven sessions, CURA had lost ↓36.72% of its value, descending 4-times faster than the U.S. Marijuana Index, which fell about ↓8.11% during that time. While nobody has been left unscathed during the market meltdown, CuraLeaf has been particularly savaged.

Pursuant to the Normal Course Issue Bid, share purchases may transpire from time to time over the next 12 months, and will not exceed 5% of the issued and outstanding Subordinated Voting Shares. GMP Securities L.P. will coordinate and facilitate such purchases, which may commence on December 12, 2018, and conclude once either the 5% threshold or 1-year limitation has been reached. All Subordinated Voting Shares purchased by the Company will be cancelled upon purchase, effectively diminishing the number of shares outstanding.

Perhaps the greater overarching narrative is whether other Canadian and U.S. LPs will enact such measures. Obviously, not all companies are in position to undertake such action. But if forward analyst revenue and profitability projections are to be believed—looking out several quarters—prices on several issues may be entering interesting levels.

It is a narrative we will be watching closely in the coming days—especially as the North America cannabis complex continues to struggle to find its footing.

At publishing time, CuraLeaf Holdings was higher by $0.48 to $5.82 (↑8.99%)