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Tuesday, December 1, 2020

iAnthus Capital Holdings Inc (OTCMKTS:ITHUF) Raises Big Cash to Swing for the Fences

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Shares of iAnthus Capital Holdings Inc (OTCMKTS:ITHUF) continue to appear promising in a technical sense, with a potential bullish breakout level positioned just above in the $6.25/share area. To further flesh out the story, the company just announced that it has completed the private placement offering of US$35 million of unsecured convertible notes and corresponding warrants to three investors.

According to the release, “the proceeds from the Offering will be applied to continue the build-out of facilities across the Company’s 11-state footprint….The Company has issued units consisting of US$35 million aggregate principal amount of unsecured convertible notes, with a maturity date of four years and 2,177,291 warrants to purchase common shares of the Company. Additionally, until April 26, 2019, one of the noteholders shall have the right to purchase up to an additional US$25 million aggregate principal amount of Notes and corresponding Warrants.”

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 has completed the private placement offering of US$35 million of unsecured convertible notes and corresponding warrants to three investors.

Recent action has seen 9% piled on for shareholders of the listing during the trailing week. What’s more, the listing has seen interest climb, with an increase in recent trading volume of just shy of 190% over the long run average.

“With the closing of the transaction with MPX Bioceutical Corporation in early February, iAnthus remains driven to become a market leader across our 11-state platform. This financing allows the Company to simultaneously strengthen our balance sheet, deepen our investor base, and fund our growth capital,” said Hadley Ford, CEO of iAnthus.

Currently trading at a market capitalization of $902.42M, 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%. You can bet we will update this one again as new information comes into view. 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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