Key Levels in Play for iAnthus Capital Holdings Inc (OTCMKTS:ITHUF)

Key Levels in Play for iAnthus Capital Holdings Inc (OTCMKTS:ITHUF)

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iAnthus Capital Holdings Inc (OTCMKTS:ITHUF) just announced it has received approval to commence operations at its Pleasantville, NJ cultivation campus.

According to the release, “MPX New Jersey, an affiliate of iAnthus, is the ninth Alternative Treatment Center (ATC) in the state to receive a cultivation permit. This marks the tenth state in iAnthus’ operational footprint. On February 3, 2020, the New Jersey Department of Health issued MPX New Jersey a permit to cultivate at the Company’s Pleasantville cultivation facility. The 33,000-square-foot facility, when fully built, will include an extraction lab and kitchen as well as cultivation. The facility is expandable to 83,000 square feet and the first harvest is expected in the second quarter of 2020.”

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 received approval to commence operations at its Pleasantville, NJ cultivation campus.

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 -8% on above average trading volume. All in all, not a particularly friendly tape, but one that may ultimately present some new opportunities. Furthermore, the stock has registered increased average transaction volume recently, with the past month seeing 18% above its longer-run average levels.

“We are thrilled to be entering the New Jersey market, my home-state and our milestone tenth state market,” said Beth Stavola, Chief Strategy Officer of iAnthus and CEO of MPX New Jersey. “With this expansion, we will bring to New Jersey not only clean, safe, and high-quality cannabis products, but jobs and increased economic activity in the Pleasantville and Atlantic City areas.  We greatly look forward to servicing the medical marijuana community and being part of a path forward toward full adult-legalization.”

Currently trading at a market capitalization of $233M, 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 as 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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