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Is iAnthus Capital Holdings Inc (OTCMKTS:ITHUF) Gathering Up for a Storm of Action?

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As we have previously noted, one of the under-the-radar cannabis all-stars is iAnthus Capital Holdings Inc (OTCMKTS:ITHUF). The company is growing strong and sailing on a strong balance sheet. In addition, ITHUF recently managed to secure new capital to get more aggressive. To wit: The company just announced that it closed its previously announced bought deal offering of 5,188,800 common shares of the Company at a price of $6.65 per Common Share for aggregate gross proceeds to the Company of $34,505,520.

According to the release, “The syndicate for the Offering was led by GMP Securities L.P. and included Canaccord Genuity Corp., Cormark Securities Inc., Beacon Securities Limited, Echelon Wealth Partners Inc. and PI Financial Corp. The number of Common Shares sold by iAnthus included an aggregate of 676,800 Common Shares offered and sold pursuant to an over-allotment option granted to the Underwriters that was exercised in full prior to closing.”

iAnthus Capital Holdings Inc (OTCMKTS:ITHUF), through its wholly-owned subsidiary iAnthus Capital Management, LLC, provides investors diversified exposure to “best-in-class” licensed cannabis cultivators, processors, and dispensaries throughout the United States. iAnthus currently owns, operates or has partnered with marijuana license holders in Massachusetts, Vermont, Colorado and New Mexico.

As reported, “founded by entrepreneurs with decades of experience in investment banking, corporate finance, law and healthcare services,” iAnthus provides a “unique combination” of capital and hands-on operating and management expertise. The Company leverages these skills to support “a diversified portfolio of cannabis industry investments for our shareholders.”

Moreover, iAnthus Capital Holdings, Inc. engages in the delivery of solutions for financing, developing, and managing state-licensed cannabis cultivators and dispensaries in the United States. The company is headquartered in New York, New York.

According to company materials, “iAnthus Capital Holdings, Inc. owns and operates best-in-class licensed cannabis cultivation, processing and dispensary facilities throughout the United States, providing investors diversified exposure to the U.S. regulated cannabis industry. Founded by entrepreneurs with decades of experience in operations, investment banking, corporate finance, law and healthcare services, iAnthus provides a unique combination of capital and hands-on operating and management expertise. The Company harnesses these skills to support operations across five states. For more information, visit www.iAnthusCapital.com.”

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As noted above, the company just announced that it closed its previously announced bought deal offering of 5,188,800 common shares of the Company at a price of $6.65 per Common Share for aggregate gross proceeds to the Company of $34,505,520. In all, we’ve witnessed flat action overall in the stock over the past month. Moreover, the listing has benefitted from a jump in recent trading volume to the tune of 31% beyond its prior sustained average level.

“We continue to remain opportunistic in all aspects of our business operations at iAnthus, and this capital raise helps facilitate that,” said Hadley Ford, CEO of iAnthus. “As we look to further build out our multi-state retail operation and pursue strategic acquisition targets in additional states, we are well equipped to make the investments needed to support strong growth opportunities.” The Company intends to use the net proceeds from the Offering for capital expenditures for capacity expansion, working capital and general corporate requirements.

Earning a current market cap value of $281M, ITHUF has a significant war chest ($27.1M) of cash on the books, which must be weighed relative to virtually no total current liabilities. ITHUF is pulling in trailing 12-month revenues of $2.7M. However, the company is seeing declines on the top-line on a quarterly y/y basis, with revenues falling at -3.9%. We will update the story again as soon as further details emerge. Sign-up for continuing coverage on shares of $ITHUF stock, as well as other hot stock picks, get our free newsletter today and get our next breakout pick!

Disclosure: we hold no position in $ITHUF, either long or short, and we have not been compensated for this article.

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