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iAnthus Capital Holdings Inc (OTCMKTS:ITHUF) and MPX Bioceutical Corporation (OTC:MPXEF) Take a Giant Step

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As we continue to develop upon the theme of the corporate maturation of the cannabis industry (think of the IPO’s and strategic investments), we knew the day would come that we would see an all-public major merger. iAnthus Capital Holdings Inc (OTCMKTS:ITHUF) has done the honor.

The company just announced, along with MPX Bioceutical Corporation (CSE: MPX; OTC:MPXEF), that both companies have signed an arrangement agreement pursuant to which iAnthus will combine with MPX in an all-stock transaction with offered equity consideration to MPX shareholders valued at $835 million before giving effect to MPX International (defined below) and assuming all of MPX’s dilutive securities are exercised prior to the completion of the transaction. According to the release, the Agreement represents the first public to public merger transaction in U.S. cannabis history.

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.”

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As noted above, ITHUF just announced, along with MPX Bioceutical Corporation (CSE: MPX; OTC:MPXEF), that both companies have signed an arrangement agreement pursuant to which iAnthus will combine with MPX in an all-stock transaction with offered equity consideration to MPX shareholders valued at $835 million before giving effect to MPX International (defined below) and assuming all of MPX’s dilutive securities are exercised prior to the completion of the transaction.

“This is a watershed moment for iAnthus, as we nearly double the size of our national footprint in the United States. iAnthus will be uniquely positioned for success on the U.S. East Coast, while solidifying our cultivation and retail presence with the additions of California, Nevada, Maryland, and Arizona,” said Hadley Ford, CEO of iAnthus. “Since its inception, iAnthus has been strategically focused on building scale, and this announcement crystallizes our positioning as one of the largest multi-state operators in North America.”

The stocks have both pulled back in recent action along with anything and everything associated with the cannabis space. ITHUF shares have dropped about 20%, but that follows a momentous rally. This correction barely makes a dent in what appears to still be a healthy chart.

“MPX is committed to providing the strongest value possible to our shareholders, and we feel that working with a best-in-class operator like iAnthus provides us with the best opportunity to achieve that goal,” said Scott Boyes, Chief Executive Officer of MPX.  “The nascent U.S. cannabis market is still in a land-grab phase, and we feel that our footprint when combined with iAnthus, provides our investors with the strongest possible exposure to this explosive marketplace.”

At this time, carrying a capital value in the market of $365.76M, ITHUF has a significant war chest ($27.1M) of cash on the books, which stands against 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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