In a further show of impressive expansion, iAnthus Capital Holdings Inc (OTCMKTS:ITHUF) just announced the opening of its first Northeast Be. retail store located on Staten Island. A soft opening is planned for March 11, 2019.
According to the release, the 3,850 square foot store, located at 338 New Dorp Lane, will be the only Registered Organization serving the borough of Staten Island’s population of close to 500,000. A grand opening celebration for Be. Staten Island is scheduled for March 26, 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 the opening of its first Northeast Be. retail store located on Staten Island. A soft opening is planned for March 11, 2019.
Even in light of this news, ITHUF has had a rough past week of trading action, with shares sinking something like -26% in that time. That said, chart support is nearby and we may be in the process of constructing a nice setup for some movement back the other way. Furthermore, the name has witnessed a pop in interest, as transaction volume levels have recently pushed approaching 110% over what the stock has registered over the longer term.
“We are thrilled to debut our new Be. retail brand for the patients of Staten Island, who have long been underserved by the legal cannabis market,” said Hadley Ford, CEO of iAnthus. “Bringing safe, tested, quality cannabis and excellent customer service to the medical cannabis patients in New York is our top priority and we look forward to serving the great people of Staten Island with Be. our new, exciting retail concept.”
Now commanding a market cap of $146M, 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.