Shares of iAnthus Capital Holdings Inc (OTCMKTS:ITHUF) have been pulling back in a longer term constructive chart, which is always something we want to watch closely. The stock was a clear former momentum leader, but has now been locked in a sideways range over the past 12 months following a monster 375% run higher in 2017-18. One has to consider the potential that this is a natural consolidation of those gains amid a continuing growth story.
To further flesh out that story, the company just announced the unveiling of its national retail brand, “Be.”, at Canaccord Genuity’s 3rd Annual Cannabis Conference. Neil Calvesbert, iAnthus’ Chief Marketing Officer, said, “Be. was created to align with what we see as the need for a cannabis retail experience where consumers can simply “Be. You”. Be. is a place to empower self-expression and being a better version of yourself. Be. is a place where you will smile again”
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 unveiling of its national retail brand, “Be.”, at Canaccord Genuity’s 3rd Annual Cannabis Conference.
While this is a clear factor, it has been incorporated into a trading tape characterized by a pretty dominant offer, which hasn’t been the type of action ITHUF shareholders really want to see. In total, over the past five days, shares of the stock have dropped by roughly -6% on above average trading volume.
All in all, not a particularly friendly tape, but one that may ultimately present some new opportunities. Over the past month, shares of the stock have suffered from clear selling pressure, dropping by roughly -17%. Moreover, the name has seen a jump in recent trading volume to the tune of 15% over what the stock has registered over the longer term.
“We are excited to create an environment and experience where consumers are able to explore, learn and purchase cannabis. Our new Be. stores will build on the pioneering and award-winning retail experience of Beth’s ‘Health for Life’ stores in Arizona and Maryland and provide a welcoming environment where both the curious and the dedicated will feel comfortable; a place where a customer can Be. him or herself,” said Hadley Ford, CEO of iAnthus.
Currently trading at a market capitalization of $717.88M, ITHUF has a significant war chest ($20.6M) of cash on the books, which compares with 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 developments transpire. 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.