With the cannabis investment zeitgeist turning from Canada increasingly to the US, traders looking for companies with expanding stories in the US cannabis market would do worse than to have a close look at iAnthus Capital Holdings Inc (OTCMKTS:ITHUF). As a case in point, the company just announced that it will open its first and flagship dispensary in Florida on December 19, 2018.
According to the release, “the dispensary will operate under iAnthus’ ‘GrowHealthy’ Florida dispensary brand, with plans to open two more GrowHealthy dispensaries before the end of 2018. The new retail locations will offer a wide selection of locally-sourced, lab-tested vape cartridges, tinctures, topicals, and oral dispensing syringes, dispensed by a highly knowledgeable and friendly staff. The GrowHealthy flagship dispensary is located at 4237 Okeechobee Blvd. in West Palm Beach. The next two locations planned to open in December are located at 5614 SR-7 in Lake Worth/Wellington and 1525 E. Brandon Blvd. in Brandon. GrowHealthy plans to open 16 additional dispensaries in 2019 and a total of 30 dispensaries by the end of 2020.”
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 that it will open its first and flagship dispensary in Florida on December 19, 2018. In all, traders will note nearly -10% during the past week stripped out of shares of the stock.
Furthermore, the company has registered increased average transaction volume recently, with the past month seeing 14% above the average volume levels in play in this stock over the longer term.
“While we have offered free statewide delivery since February, the opening of our first dispensaries in Florida will allow us to expand patients’ access to medical cannabis products and create new jobs in Palm Beach and Hillsborough counties,” said Randy Maslow, President of iAnthus.
“We’ve made a substantial investment in developing an original dispensary design that provides an inviting, immersive and educational experience, along with a wide array of high-quality medical cannabis products. This is just the start in our plans for a rapid expansion of GrowHealthy dispensaries throughout Florida.”
Currently trading at a market capitalization of $278.91M, ITHUF has a significant war chest ($15.6M) of cash on the books, which stands against virtually no total current liabilities. ITHUF is pulling in trailing 12-month revenues of $3.1M. In addition, the company is seeing major top-line growth, with y/y quarterly revenues growing at 56.1%. 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.