iAnthus Invests $3mm into Florida MMJ Provider GrowHealthy – New Cannabis Ventures
iAnthus Purchases US$3.0 Million of Preferred Shares in GrowHealthy
Concurrently issues US$3.0 million unsecured one-year note
NEW YORK, NY and TORONTO, ON–(Marketwired – October 12, 2017) – iAnthus Capital Holdings, Inc. (“iAnthus” or “the Company”), (CSE: IAN) (CSE: IAN.CN) (CNSX: IAN) (OTCQB: ITHUF), which owns, operates, and partners with licensed cannabis operations throughout the United States, announces that it has purchased 2,925,003 Class B Shares of GrowHealthy Holdings, LLC (“GrowHealthy”) for a total purchase price of US$3.0 million pursuant to a Class B Share Purchase Agreement (the “Preferred Share Purchase”). The Preferred Share Purchase represents approximately 6.1% of the issued and outstanding equity shares of GrowHealthy. In addition to closing the Preferred Share Purchase, iAnthus continues to engage in exclusive discussions with GrowHealthy and its affiliated Florida entities about a further strategic relationship. For further details on the exclusivity with GrowHealthy, see iAnthus’ news release dated September 14, 2017 (a copy of which is filed under iAnthus SEDAR profile at www.sedar.com).
GrowHealthy’s subsidiary, McCrory’s Sunny Hill Nursery, LLC, is one of the twelve (12) current Florida Medical Marijuana Treatment Centers (“MMTCs”) licensed to provide medical cannabis under Florida’s medical marijuana law, originally enacted in 2014 and expanded through legislation passed by the Florida Legislature in June 2017 and signed by the Governor (the “Act”), which followed the approval by more than 71% of the state’s voters of a medical marijuana amendment to Florida’s Constitution in November 2016 (“Amendment 2”). Florida, which has a population of more than 20 million residents, currently has 41,300 total patients enrolled in its medical marijuana program (the “Program”). The Program has been adding patients at a rate of ~200 per day since the Act was passed in June 2017, accounting for ~22% patient growth month over month.
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