A New York-based marijuana funding company used money and its Canadian-listed shares to fund a $48 million acquisition of a licensed medical marijuana enterprise in Florida.
iAnthus Capital Holdings, an investor in U.S. marijuana companies, purchased Florida’s GrowHealthy Holdings for $30.5 million in inventory and $17.5 million in money.
GrowHealthy and its affiliate, McCrory’s Sunny Hill Nursery, maintain one of many state’s 13 medical marijuana enterprise licenses.
The deal provides iAnthus a toehold in what is predicted to grow to be one of many nation’s largest MMJ markets. The company trades on the Canadian Securities Exchange as IAN.
Randy Maslow, president and co-founder of iAnthus, stated the $48 million transaction is the most important M&A deal in Florida’s hashish sector so far.
“Florida is the big prize,” he informed Marijuana Business Daily. “The cause we love Florida is you possibly can confide in 25 dispensaries instantly, dwarfing some other medical state, and the demographics are phenomenal.
“It’s a state with a lot of opportunity and a limited number of licenses.”
GrowHealthy spent near $20 million to finish its 200,000-square-foot facility in Lake Wales, in line with Maslow.
And, inside that construction, Maslow plans to determine cultivation area as demand will increase.
The facility at present homes four,000 sq. ft of cover that produces 500 kilograms of medical marijuana per yr.
Construction of GrowHealthy’s flagship Palm Beach County dispensary is predicted to be in operation by July.
The company is also engaged on leasing preparations for dispensaries in Tampa and Orlando. They are deliberate to open within the third and fourth quarter, respectively.
Matt Lamers might be reached at [email protected]
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