One stock that has taken a true red-headed-stepchild type of beating in recent action, but has just started to show some signs of a “distressed asset” style of potential in recent action is iAnthus Capital Holdings Inc (OTCMKTS:ITHUF). The company just announced the resignation of Mark Dowley from its Board of Directors.
According to the release, Mr. Dowley joined the Company on December 5, 2019 as part of the formation of the Company’s independent Board of Directors, which includes Joy Chen, Diane M. Ellis, Michael P. Muldowney, and Robert M. Whelan, Jr.
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.”
Find out when $ITHUF reaches critical levels. Subscribe to OracleDispatch.com Right Now by entering your Email in the box below.
As noted above, ITHUF just announced the resignation of Mark Dowley from its Board of Directors.
Recent action has seen 42% during the past week in terms of shareholder gains in the name. Moreover, the name has benefitted from a jump in recent trading volume to the tune of 14% beyond its prior sustained average level.
“On behalf of the entire iAnthus team, I want to thank Mark for his contributions as we navigate through these unprecedented times,” said Randy Maslow, iAnthus President and Interim CEO. “Mark is one of the savviest business and marketing strategists. As a founder and Chairman of Art and Science Partners, Mark brought keen insights on strategic brand planning, creative strategy and execution. The entire iAnthus team wishes Mark our best in all his endeavors.”
Currently trading at a market capitalization of $42M, 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%. 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.