The $18 million deal was satisfied mostly through iAnthus shares – $14.4 million – and $3.6 million in cash. iAnthus is traded on the Canadian Securities Exchange. Citiva’s license includes a cultivation and processing facility and four dispensary locations which will be located in Brooklyn, Staten Island, Dutchess, and Chemung counties. Once open, which is expected in the fourth quarter of this year, the Staten Island dispensary will be the only one to serve the island’s 500,000 residents.
“We expect that experience to translate well into developing an effective medical cannabis business throughout the state. With the closing of the New York transaction, iAnthus now has operations in six states, and is currently the only publicly traded company which holds a New York Registered Organization.” – Hadley Ford, CEO of iAnthus, in a press release
The deal, first announced in August, comes less than a month after iAnthus announced it had agreed to acquire Florida medical cannabis licensee GrowHealthy in a $48 million deal. In addition to New York and Florida, iAnthus own and operates medical cannabis licensees in Vermont, Colorado, Massachusetts, and New Mexico.