Another stock in the OTC cannabis patch that has shown a consistent bid in recent action is iAnthus Capital Holdings Inc (OTCMKTS:ITHUF). Shares of the stock have been trending steadily higher since their lows in the $3.75 area back in late December, sporting an advance of as much as 54% in the past seven weeks. To add further flesh on the bone, the company just announced that Pat Tiernan has been promoted to Executive Vice President of Operations responsible for the company’s operations across the United States.
According to the release, Carlos Perea will transition from his current position as Chief Operating Officer to lead the company’s development of an innovation group focused on the evaluation and implementation of strategic investments in new technologies.
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 Pat Tiernan has been promoted to Executive Vice President of Operations responsible for the company’s operations across the United States.
We’ve witnessed 23% added to share values of the company over the past month of action. Moreover, the listing has seen interest climb, with an increase in recent trading volume of 41% above the average volume levels in play in this stock over the longer term.
“Pat is an experienced operations executive with a proven ability to replicate processes to deliver a consistent consumer experience,” said Hadley Ford, CEO of iAnthus. “He has extensive operations, general management and business development experience and we are excited to have him in his new role. With our current footprint of 11 states, Pat’s track-record in driving operational excellence across companies is expected to result in immediate dividends to iAnthus.”
Currently trading at a market capitalization of $822.13M, ITHUF has a significant war chest ($15.6M) 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 $3.1M. In addition, the company is seeing major top-line growth, with y/y quarterly revenues growing at 56.1%. As more color becomes clear on the name, we will review the situation and update our take. 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.