Felix Stahlberg

iAnthus Finalizes Deal for New York MMJ Company

iAnthus Capital Holdings has completed its $18 million acquisition of New York medical cannabis company Citiva Medical, LLC. Citiva is one of just 10 medical cannabis licensees in the Empire State.

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.

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Authored By

TG is a journalist by trade and has been covering cannabis industry news for Ganjapreneur.com since 2014. He is also the host of the Ganjapreneur.com Podcast and currently lives in Burlington, Vermont.

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