One stock that has been powerfully outperforming the majority of the cannabis patch thus far this year is iAnthus Capital Holdings Inc (OTCMKTS:ITHUF). Helping to put more flesh on the bone for this story, the company just announced the closing of the previously announced plan of arrangement under the Business Corporations Act pursuant to which iAnthus acquired all of the issued and outstanding common shares of MPX pursuant to the terms of an arrangement agreement, as amended, among, inter alia, iAnthus and MPX dated October 18, 2018.
According to the release, “the combined company (iAnthus and MPX), now has operations in 11 states that will permit iAnthus to operate 63 retail locations and 15 cultivation/processing facilities. As a result of the business combination, iAnthus has added retail and/or production capabilities in Arizona, Maryland, Nevada, California, Massachusetts and New Jersey. These additional licenses complement iAnthus’ existing assets in New York, Florida, Massachusetts, Vermont, Colorado, and New Mexico, forming super-regional footprints in both the eastern and western United States reaching over 121 million potential customers.”
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 the closing of the previously announced plan of arrangement under the Business Corporations Act pursuant to which iAnthus acquired all of the issued and outstanding common shares of MPX pursuant to the terms of an arrangement agreement, as amended, among, inter alia, iAnthus and MPX dated October 18, 2018.
We’ve witnessed 20% piled on for shareholders of the company during the trailing month. Moreover, the listing has benefitted from a jump in recent trading volume to the tune of 74% over the long run average.
“2019 will be a transformative year for iAnthus, with the closing of our business combination with MPX being a crucial step forward. As the U.S. cannabis market continues to expand with increasing consumer and regulatory acceptance, iAnthus will continue to execute and provide the quality products and brands that our customers demand. As demonstrated with our 2018 acquisitions in Florida and New York, and now with the closing of our MPX transaction, the iAnthus team continues to demonstrate its focus on growing its platform and operations.” said Hadley Ford, CEO of iAnthus.
Earning a current market cap value of $392.95M, ITHUF has a significant war chest ($15.6M) of cash on the books, which compares with 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 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.