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Saturday, November 28, 2020

Is this Pullback in iAnthus Capital Holdings Inc (OTCMKTS:ITHUF) a Gift?

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One of the more promising bottoming candidates in the cannabis patch in recent weeks has been iAnthus Capital Holdings Inc (OTCMKTS:ITHUF). Shares of the stock have been ramping since putting in a key pivot low in early October in the neighborhood of $1.10/share. That effort has been hit in recent days after finding resistance near the 50-day MA around $1.85. Helping to color the action, the company just announced the retirement of Paul Rosen from its Board of Directors. 

According to the release, “Mr. Rosen’s retirement comes in coordination with the Company’s previously announced slate of independent Board of Directors (“Board”). 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 and Special Meeting to be held on December 5, 2019.”

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 retirement of Paul Rosen from its Board of Directors.

We’ve witnessed 7% tacked on to share pricing for the company in the past month. What’s more, the listing has witnessed a pop in interest, as transaction volume levels have recently pushed 8% above its longer-run average levels.

“It has been a pleasure to serve on the iAnthus Board of Directors during this exciting early phase of its growth.  I am happy to be retiring knowing the Company is on solid footing with a strong proposed slate of new independent directors, a fully-funded business plan with a recently announced $100 million financing plan by Gotham Green Partners, an experienced management team in place, and operational momentum in all of its key states,” said Paul Rosen.

“On behalf of the entire iAnthus team, I want to thank Paul for his three years of leadership and advice as we built iAnthus to its current scale with operations across 11 states,” said Hadley Ford, iAnthus CEO.  “Paul is one of most active and diversified entrepreneurs in the emerging cannabis industry.  As a founder of PharmaCan Capital Corporation (now Cronos Group), BreakWater Venture Capital and most recently Pantry, Paul’s expertise and experience as a pioneer in cannabis investing was invaluable as we sought to fund our early growth.  The entire iAnthus team wishes Paul our best in his future endeavors.”

Now commanding a market cap of $236M, 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%. This may be a very interesting story and we will look forward to updating it again soon. 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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