Lasting support has been extremely difficult to find for shares of iAnthus Capital Holdings Inc (OTCMKTS:ITHUF). To help turn the story around, the company just announced the opening of its GrowHealthy dispensary in Ocala, Florida.
According to the release, “this brings the Company’s total number of dispensaries in Florida to eleven and its system-wide total to 29. The new 3,900 square foot store is located at 2370 SW College Road. This is GrowHealthy’s first dispensary in Marion County, serving a rapidly growing patient base from a population of over 350,000. The store is located in a heavy retail corridor near the Shady Oaks Shopping Center between I-75 and downtown Ocala.”
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 opening of its GrowHealthy dispensary in Ocala, Florida.
Traders will note 7% during the past week in terms of shareholder gains in the name. In addition, the company has seen interest climb, with an increase in recent trading volume of 15% above its longer-run average levels.
According to the release, “GrowHealthy plans to open an additional dispensary in Stuart, Florida later this month. Several additional stores will follow in early 2020 pending regulatory approvals. The Company currently has several additional sites under construction and a total of 11 more under lease. Florida is among the fastest growing medical marijuana markets in the United States and continues to grow robustly. According to the December 6, 2019 weekly update from the Florida Office of Medical Marijuana Use (“OMMU”), Florida now has over 291,000 qualified patients, up 83% year-over-year. The current patient base represents 1.4% of the Florida population. Over the past three months, GrowHealthy has averaged about 3.5% market share in THC mgs dispensed, according to data collected by the OMMU.”
Currently trading at a market capitalization of $197M, ITHUF has a significant war chest ($27.9M) of cash on the books, which must be weighed relative to about $41.6M in total current liabilities. ITHUF is pulling in trailing 12-month revenues of $53.1M. In addition, the company is seeing major top-line growth, with y/y quarterly revenues growing at 2279%. 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.