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Saturday, November 28, 2020

Why iAnthus Capital Holdings Inc (OTCMKTS:ITHUF) May be Showing Fresh Upside Performance

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As the cannabis patch starts to repair itself, iAnthus Capital Holdings Inc (OTCMKTS:ITHUF) shares appear to have some fresh upside momentum. Helping to nurture that action, the company just announced its plans to update its corporate governance and oversight toward a majority independent Board of Directors. According to the release, in connection with this change, the Board will be nominating Joy Chen, Mark Dowley, Diane M. Ellis, Michael P. Muldowney, and Robert M. Whelan, Jr., as new independent directors, subject to shareholder approval, during the next Annual General Meeting to be held on December 5, 2019.

These future changes to the Board will coincide with several changes to the Company’s Corporate Charters, designed to align with Glass Lewis and Institutional Shareholder Services’ standards for corporate governance. Such changes include: Establishing a Board, with a majority of independent directors, and establishing a requirement to nominate a Lead Independent Director; Constituting compensation, audit, and nominating and governance committees comprised solely of independent directors; Setting expertise and other required thresholds to sit on assigned committees; Improving the insider trading and confidentiality policies to meet the standards of securities regulatory authority in both Canada and the United States; and Adopting a Whistleblower Policy and Third-Party Independent Hotline mechanism for confidential and anonymous submission of concerns.

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 its plans to update its corporate governance and oversight toward a majority independent Board of Directors.

Traders will note 42% during the past week in terms of shareholder gains in the listing. Moreover, the name has benefitted from a jump in recent trading volume to the tune of 64% above the average volume levels in play in this stock over the longer term.

Hadley Ford, CEO of iAnthus, stated, “We are very pleased to nominate this impressive slate of new members to the iAnthus Board. This completes one of our main 2019 objectives; transforming our Board into a best-in-class Board in Cannabis, truly independent and highly experienced, with leaders from across multiple industries and proven track records in finance, marketing, and retail operations. All proposed directors being nominated are completely independent of all iAnthus officers, directors, affiliates, and major shareholders of the business. We all look forward to working together with the newly constituted Board of Directors to achieve great success for our patients, employees and shareholders.”

At this time, carrying a capital value in the market of $274M, ITHUF has a significant war chest ($30.5M) of cash on the books, which stands against about $41.2M in total current liabilities. ITHUF is pulling in trailing 12-month revenues of $31.7M. In addition, the company is seeing major top-line growth, with y/y quarterly revenues growing at 7411.4%. 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.

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