Outspoken billionaire investor Leon Cooperman didn’t mince words when joining Green Thumb Industries’ analyst call following the results of the company’s first-quarter results on Wednesday. Cooperman, whose ownership in GTI either through his personal holdings or through the Omega Advisors hedge fund that he controls isn’t disclosed on Bloomberg, lambasted company management for their lack of insider stock buying. “Are we just waiting for legalization as the only lever to pull, to turn around sentiment, or basically are there things the company can do in their control,” Cooperman asked GTI CEO Ben Kovler. “I look at Bloomberg and I see two or three pages of insider selling. I see no insider buying. If you think this story is so good, why we're not seeing any insider buying?”
According to Bloomberg, there have been seven notable dates where GTI executives have sold shares in the company, compared to five times executives have purchased GTI shares. Kolver currently owns roughly 455,000 shares in the company, worth about $7 million, and has sold about 2.36 million shares over the past year while buying just 9,385, according to Bloomberg data.
Kolver told Cooperman that there’s “no real insider selling” in the company and that he continues to have a bullish view in GTI as well as the broader cannabis industry. He noted that getting U.S. investors access to U.S. pot stocks would also help benefit the company. “To be really totally candid with you, influencers in New York like yourself who have a voice with the New York Stock Exchange and the NASDAQ will not let us be listed. This is leading to real damage in the industry,” Kovler said.
To which Cooperman replied: “I take my battles with Elizabeth Warren and that's about it. I'm not looking for more battles, but thank you and good luck.”