Pullbacks are often tough to time, but traders working that strategy in iAnthus Capital Holdings Inc (OTCMKTS:ITHUF) over recent days have been sharply rewarded off key support with a strong rally in shares worth as much as 11% in two days as of the close on Wednesday. To help define the context for this action, the company just announced the addition of Neil Calvesbert as Chief Marketing Officer responsible for creating the brand vision and strategies to execute the company’s growth objectives across brand, retail and consumer experience.
According to the release, “Prior to joining iAnthus, Mr. Calvesbert served as the Chief Growth & Marketing Officer for Nicopure Labs and the Vice President of Global Marketing for Monster Energy Beverages, where he leveraged the Monster Energy brand to deliver inspirational brand stories and lifestyle-focused experiences through strategic partnerships with high profile athletes, musicians, influencers, global properties and events with a disruptive approach. He launched new categories and products, which contributed to the brand’s rapid growth and helped drive it to become the dominant energy drink in the U.S., globally distributed in over 100 countries with annual sales rising from $1.4 to $3 billion and a unique global army of dedicated, loyal fans.”
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 addition of Neil Calvesbert as Chief Marketing Officer responsible for creating the brand vision and strategies to execute the company’s growth objectives across brand, retail and consumer experience.
Traders will note basically flat share values of the name over the past week of action. Moreover, the company has seen a growing influx of trading interest, with the stock’s recent average trading volume running exceeding 140% beyond its prior sustained average level.
Hadley Ford, CEO of iAnthus, said, “iAnthus looks forward to creating and rolling out its national retail and product brands under Neil’s leadership. Branded products will distance themselves as the true driver of growth and value within the cannabis space. Neil brings to iAnthus a wealth of experience in building and growing global brands, having proven his ability across multiple product categories. We look forward to seeing him put those skills to work on behalf of iAnthus and helping us to further grow the company into an industry powerhouse.”
At this time, carrying a capital value in the market of $755.21M, 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.