iAnthus Capital Holdings Inc., which owns and operates licensed cannabis operations in Vermont, Colorado, Massachusetts, and New Mexico, has acquired Florida medical cannabis company GrowHealthy in a deal worth $17,500,000 in cash and $30,500,000 in iAnthus common shares. The company is one of just 13 licensed medical cannabis producers in the Sunshine State.
GrowHealthy operates a 200,000-square-foot cultivation and processing facility in Lake Wales and a dispensary in Palm Beach County. Under the state’s medical cannabis law, GrowHealth is able to open up to 25 dispensaries throughout the state – which will be increased with every 100,000 new registered patients in the state. In the last six months, Florida has seen a 300 percent increase in its patient counts. Currently, patient counts in Florida are reported at 67,385; although just 45,204 have been approved for ID cards.
“As one of the largest states in the U.S. with a population of nearly 21 million people and favorable demographics, Florida and its medical cannabis market provide a tremendous opportunity for iAnthus and its shareholders. The state’s population includes a large percentage of older adults who can derive significant benefits from medical cannabis, and the Florida program has witnessed a rapid rise in its registered patient base since passage of the law.” – Randy Maslow, iAnthus president, in a press release
The deal is the second in less than six months for iAnthus. Last August, iAnthus signed a latter of intent to acquire New York producer Citiva Medical LLC. That agreement was worth $18 million in cash and stock but, according to the company’s website, has yet to close.
iAnthus is traded on the Canadian Securities Exchange. GorwHealthy delivered its first products to market in November.
Get daily cannabis business news updates. Subscribe