iAnthus Capital Holdings Inc (OTCMKTS:ITHUF) just announced the successful launch of Rick Simpson Oil (RSO) in its Florida-based GrowHealthy locations throughout the state.
According to the release, “Since the introduction of the new product in mid-February 2020 to all 12 GrowHealthy retail locations and delivery hubs, RSO has contributed to a double-digit sales increase across the concentrate category. Concentrates, including vape cartridges and syringes, contribute approximately 40% of GrowHealthy’s revenue year-to-date. Based on early results, RSO appears to be almost entirely incremental to GrowHealthy’s concentrate sales. According to the Florida Office of Medical Marijuana Use Weekly Updates, the Company sold approximately 15 million milligrams of THC in the four-week period ending March 6, 2020, compared to approximately 9.5 million milligrams sold in the period ending February 7, 2020, representing a 55% increase in volume sold.”
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 successful launch of Rick Simpson Oil (RSO) in its Florida-based GrowHealthy locations throughout the state.
Even in light of this news, ITHUF has had a rough past week of trading action, with shares sinking something like -39% 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. Over the past month, shares of the stock have suffered from clear selling pressure, dropping by roughly -64%. In addition, the name has seen a growing influx of trading interest, with the stock’s recent average trading volume running 70% above its longer-run average levels.
According to the release, “The introduction of RSO was announced after GrowHealthy received overwhelming demand for the product from 10 of the largest Medical Cannabis physician groups in Florida, representing roughly 58,000 active patients with medical cards out of the 323,000 patients in the state. Post-launch, the response from patients and physicians, including in online reviews, have positioned GrowHealthy’s RSO product as some of the best available in the Florida marketplace.”
Now commanding a market cap of $75.5M, ITHUF has a significant war chest ($27.9M) of cash on the books, which is balanced by 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%. As more color becomes clear on the name, we will review the situation and update our take. 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.