iAnthus Capital Holdings, Inc., which owns, operates, and partners with licensed cannabis operations throughout the U.S., received a US$50 million investment from Gotham Green Partners.
“Gotham Green Partners is well recognized as a long-term investor and leader within the cannabis investment community, and we are excited to partner with GGP to create value for our shareholders,” said Hadley Ford, CEO of iAnthus. “As the U.S. cannabis industry continues to grow, we will be well-capitalized and well-positioned to continue the buildout of our existing assets and pursue opportunistic acquisitions to expand our footprint.”
Through 2018, the Company plans to allocate the proceeds of this financing in the following manner:
- Repayment of US$20 million one-year note and accrued interest to VCP Bridge LLC;
- Continued cultivation and dispensary build-outs in New York and Florida markets; and
- Potential expansion activities consistent with iAnthus’ strategic objectives.
The remaining expenditures for completing iAnthus’ Massachusetts and Vermont operations will be funded with current cash on hand.
“As an early mover in the space, the iAnthus team has successfully assembled a portfolio of valuable licensed cannabis assets in attractive states with desirable demographics,” said Jason Adler, Managing Member of Gotham Green Partners. “iAnthus’ recent acquisitions in New York and Florida, combined with its operations in Massachusetts, provide a compelling growth and investment opportunity. With this infusion of capital, we look forward to working with the management team to source additional strategic opportunities and accelerate the Company’s growth profile.”