Leonard M. Tannenbaum, a Director and 10%+ owner of Advanced Flower Capital Inc. (AFCG), purchased another block of shares on September 2, 2026, according to a newly filed Form 4 with the SEC. The insider bought 15,223 shares at $3.59 apiece, an outlay of $54,650.57, bringing his directly held stake to 6,849,299 shares.
The purchase is notable less for its size than for its place in a broader pattern. Between August 24 and September 2, 2026, Tannenbaum has now made seven separate open-market purchases of AFCG stock, spending a combined $801,604 of his own money. Each transaction has been funded personally rather than through options or other compensation-linked mechanisms, and all shares are held directly rather than through a trust or entity.
A Pattern That Keeps Extending
Clustered insider buying — multiple purchases by the same insider over a short window — is generally treated as a stronger signal than a single isolated trade, since it reflects a sustained commitment rather than a one-off decision. Academic research on insider trading patterns has found that clusters of open-market purchases are statistically associated with subsequent outperformance on average, though any individual case can diverge from that average and this filing should not be read as a signal to act on.
This is not the first time the streak has drawn attention. Earlier coverage on this site tracked the run as it passed the $828,954 mark in aggregate insider spending, detailed in AFCG: Tannenbaum’s Cluster Buy Streak Tops $828,954. The latest filing shows the pattern has continued into September, with Tannenbaum adding to his position at a share price modestly below where some of the earlier purchases in the sequence were made.
Advanced Flower Capital Inc. operates as a specialty finance company focused on the cannabis sector, an industry where insider ownership concentration can be higher than average given the relatively small number of institutional lenders and the regulatory complexity that keeps some capital on the sidelines. Tannenbaum’s role as both a director and a 10%+ owner means his trading activity is closely watched by market participants who follow insider disclosures as one input among many when assessing a company’s near-term outlook.
As with all Form 4 disclosures, the filing reflects a completed transaction reported after the fact and does not indicate any future trading intentions. Whether the streak extends further will depend on subsequent filings, which will be tracked as they are made public.
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Source: original SEC Form 4 filing.