iAnthus Capital Holdings Inc (OTCMKTS:ITHUF) just announced it has been approved to commence adult-use cultivation and processing at its Holliston, Massachusetts facility.
According to the release, “the Company passed its final Massachusetts Cannabis Control Commission (“CCC”) inspection at the Holliston, Massachusetts facility in December and has been approved to commence operations for adult-use cultivation and production, effective Monday, January 27. The license allows the Company to directly supply the state’s rapidly growing adult-use cannabis market with high-quality flower, concentrates, edibles, and other products. The 36,000 square foot facility is currently supplying the Company’s medical dispensary in Boston as well as approximately 30 other dispensaries on a wholesale basis with its Mayflower branded flower, pre-rolls and concentrates. The adult-use license will allow the Company to supply its adult-use dispensary currently under construction in Worcester, as well as the 35 additional adult-use dispensaries currently licensed in the state on a wholesale basis.”
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 it has been approved to commence adult-use cultivation and processing at its Holliston, Massachusetts facility.
Recent action has been basically flat over the past week. In addition, the listing has registered increased average transaction volume recently, with the past month seeing 22% over the long run average.
“The Massachusetts cannabis market generated nearly $400 million in gross sales from adult-use cannabis retailers during its first year of legalization, according to the CCC. Demand for adult-use cannabis in Massachusetts has continued to exceed supply and stock-outs are endemic across the market. We look forward to the opportunity to bring safe, high quality, well-curated products to the adult-use market just as we have to the medical market to help address this problem,” said Hadley Ford, CEO of iAnthus.
Currently trading at a market capitalization of $245M, ITHUF has a significant war chest ($27.9M) of cash on the books, which compares with 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 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.