iAnthus Capital Holdings (CSE:IAN) has announced that it has purchased 2,925,003 Class B Shares of GrowHealthy Holdings.
As quoted in the press release:
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Marijuana Treatment Centers (“MMTCs”) licensed to provide medical cannabis under Florida’s medical marijuana law, originally enacted in 2014 and expanded through legislation passed by the Florida Legislature in June 2017 and signed by the Governor (the “Act”), which followed the approval by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.
“We continue to be impressed with the progress that the GrowHealthy team has made in its cultivation and processing buildout and in preparing to begin retail operations in the Florida market,” said Randy Maslow, President of iAnthus. “As we continue our discussions about a further strategic relationship, we wanted to ensure that the company has sufficient capital to execute its business plan.”
In conjunction with the Preferred Share Purchase, the Company also announces that it has issued a US$3.0 million unsecured one-year note. The loan is due on October 11, 2018 and will bear interest at the rate of 8%.
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