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Tuesday, November 24, 2020

Is iAnthus Capital Holdings Inc (OTCMKTS:ITHUF) Evolving Into a Potential Leader?

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One stock that may deserve a close look right now is iAnthus Capital Holdings Inc (OTCMKTS:ITHUF). Shares of the stock have pulled back somewhat aggressively in the past 48 hours to check some key support levels, including confluence between the 50-day and 200-day simple moving averages. To add some further color to the narrative, the company just announced the grand opening of its third Florida dispensary, located in the City of Lake Worth.

According to the release, “The dispensary will operate as “GrowHealthy Lake Worth” under iAnthus’ “GrowHealthy” Florida dispensary brand. The company will hold a ribbon cutting ceremony for members of the media at the Lake Worth dispensary on Thursday, March 7, at 9:30 a.m.” That event has now passed and the stock has pulled back. It may be worth a close look here at present levels.

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 grand opening of its third Florida dispensary, located in the City of Lake Worth. Despite the boost that accompanied this news, shares of ITHUF have been under some pressure, down about -10% over the past five days of trading activity.

Furthermore, the listing has seen a jump in recent trading volume to the tune of 83% over the long run average.

“We’re pleased to open up a GrowHealthy location in Lake Worth, which we feel has been underserved in terms of access to cannabis treatment up until this point,” said Frank Quattrone, Vice President of Operations at GrowHealthy. “Lake Worth is a successful and creative community, and we’re happy to serve the robust market that exists in and around the city.”

Now commanding a market cap of $755.71M, ITHUF has a significant war chest ($15.6M) of cash on the books, which is balanced by 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%. This may be a very interesting story and we will look forward to updating it again soon. 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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