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Thursday, January 27, 2022

Timing the Next Leg of the Party in iAnthus Capital Holdings Inc (OTCMKTS:ITHUF)

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The narrowing lateral consolidation in shares of iAnthus Capital Holdings Inc (OTCMKTS:ITHUF) continues to build itself out. And the question for traders is all about timing a low-risk bet on a prospective next leg higher in what continues to look, in our eyes, like a generally constructive technical process. To further flesh out the story, the company just announced that, as of April 24, 2019, it has completed the redemption of the outstanding convertible debentures of MPX Luxembourg SARL, a wholly-owned subsidiary of iAnthus.

According to the release, “On March 25, 2019, iAnthus announced that it had issued a notice of redemption to the holder of Debentures, providing that the Debentures were redeemable for an amount (the “Redemption Price”) equal to US$860.43 per US$1,000 principal amount of Debentures, being the Redemption Price prescribed as of the Redemption Date pursuant to the terms of the debenture indenture governing such Debentures.”

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, as of April 24, 2019, it has completed the redemption of the outstanding convertible debentures of MPX Luxembourg SARL, a wholly-owned subsidiary of iAnthus

Even in light of this news, ITHUF has had a rough past week of trading action, with shares sinking something like -7% in that time. That said, chart support is nearby and we may be in the process of constructing a nice setup for some movement back the other way. Moreover, the listing has registered increased average transaction volume recently, with the past month seeing 90% beyond its prior sustained average level.

According to the release, “Prior to the Redemption Date, holders of Debentures in the aggregate principal amount of US$30,854,439.60 elected to convert their Debentures into units of iAnthus, each such unit consisting of 0.1673 of one common share in the capital of iAnthus and 0.08365 of one common share purchase warrant, at a conversion price equal to C$0.74 per unit. Accordingly, iAnthus issued an aggregate of 8,929,457 iAnthus Shares and 4,464,724 iAnthus Warrants to holders electing to convert their Debentures prior to the Redemption Date.”

Currently trading at a market capitalization of $744.72M, ITHUF has a significant war chest ($20.6M) of cash on the books, which is balanced by virtually no total current liabilities. ITHUF is pulling in trailing 12-month revenues of $6.4M. In addition, the company is seeing major top-line growth, with y/y quarterly revenues growing at 399.9%. 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.

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