iAnthus Capital Holdings Archives - Green Market Report

William SumnerSeptember 19, 2019
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iAnthus Capital Holdings, Inc. (CSE: IAN) (OTCQX: ITHUF) has entered an agreement to acquire WSCC, Inc., better known as Sierra Well, for $27.6 million. iAnthus will pay for the acquisition price with $5.1 million in cash and $22.5 million in company shares, priced at the 10-day volume-weighted average price prior to closing of the transaction.

Sierra Well is a Nevada-based, vertically integrated cannabis company with two retail dispensary locations and two cultivation/production facilities in Reno and Carson City totaling a combined 20,000 square feet. The company has an unaudited annual revenue of approximately $16 million with an EBITDA (non-IFRS) margin above 20% and positive net income.

“Strengthening our foothold in one of the most successful adult-use cannabis markets is consistent with our strategy to deliver iAnthus’ nationally recognized products in premier markets,” said Hadley Ford, CEO of iAnthus. “This strategic transaction will allow us to scale our Nevada operations, add talent, and solidify both our retail and brand presence in both the Northern and Southern portions of the state.”

The acquisition will help increase iAnthus’ total Nevada footprint to six retail dispensary licenses and 50,000 square feet of cultivation and production space and increase the company’s retail presence to 29 stores nationwide.  Once the acquisition closes, Sierra Well dispensaries will be renamed under iAnthus’ Be. brand, which will launch sometime next month.

“We’re excited to join the iAnthus team and look forward to expanding our business with the expertise of a tried and tested multi-state operator,” said Steven Nightingale, Chairman of the Board of Sierra Well. “We at Sierra Well see this partnership as a perfect fit, one that will allow our dynamic workforce to deepen their ability to provide top-notch service and products to the communities of Reno and Carson City.”

Pending approval from the Nevada Department of Taxation, the acquisition is expected to close in the first half of 2020.


William SumnerApril 3, 2019
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It’s time for your Daily Hit of cannabis financial news for April 2, 2019.

On the Site

iAnthus Capital Holdings

iAnthus Capital Holdings, Inc. (CSE: IAN, OTCQX: ITHUF) reported its fiscal fourth quarter and full year unaudited results for 2018, however, the company did not release any financial statement to accompany the press release.

Jacana Exported Medical Marijuana Out Of Jamaica, But Is That Legal?

The Minister of Ministry of Industry, Commerce, Agriculture, and Fisheries, Audley Shaw, recently lauded Cannabis company, Jacana, for making a multi-million-dollar investment in the cannabis industry as the first local entity to export cannabis flowers from Jamaica… There remains one issue with this export; there does not seem to be in existence a law in Jamaica supporting the export of cannabis flowers.

In Other News

IONIC Brands Corp.

IONIC Brands Corp. (CSE: IONC), a company focused on developing luxury cannabis brands, announced today that it has begun trading on the Canadian Securities Exchange (CSE) under the trading symbol IONC. “We are excited that IONIC BRANDS is listed on the Canadian Securities Exchange.  This is a critical step in the Company’s growth plans,” said John Gorst, CEO & Chairman of IONIC BRANDS in a statement. “We look forward to the access of the capital markets to build IONIC BRANDS and our premium brand portfolio.”

48North Cannabis Corp.

48North Cannabis Corp. announced that it has closed a previously announced bought deal short form prospectus offering, which includes the exercise of an over-allotment option granted to the underwriters. The company sold 21,139,760 units of the company at a price of $1.36 per unit, raising $28,750,073.60. 48North will use the proceeds of the offering to develop a 100-acre outdoor cultivation site in Brant County, Ontario and general corporate purposes.

Vertical Companies

Vertical Companies announced that it has raised $58 million in its Series A Financing Round. Originally the company set out to raise $35 million, but later raised the goal by $20 million due to investor demand. “Although early on we thought we might get broader institutional support based on their interest, the federal prohibition kept those funds out of our reach,” said Smoke Wallin, Vertical Companies President, in a statement. “In spite of those challenges, it is terrific that we have such broad-based investor support from the Merida team as well as high-net-worth individuals and family offices. Closing out at $58m with such investor momentum helps propel the company forward as we scale our commercial operations with a keen focus on execution.”


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