iAnthus Capital Holdings Inc (OTCMKTS:ITHUF) Resumes Sale Of Cannabis Vaping Products In Massachusetts: Improves Customer Experience In Phoenix
iAnthus Capital Holdings Inc (OTCMKTS:ITHUF) expects to resume the sales of vaping cannabis products because the cannabis control commission (CCC) in Massachusetts has amended the regulation. Mayflower Medicinal Inc, a subsidiary of iAnthus, will begin the sale of vaping products that are free from vitamin E acetate and other contaminants complying with the amended regulation. According to the recent directive of CCC, the company can only sell products that are produced on or after December 12, 2019, and free from contaminants and vitamin E acetate.
President of iAnthus, Randy Maslow, said the production post-December 12 2019, is ready for testing. It is reviewing the labeling and readying inserts to comply with CCC’s new requirements. The company gives priority to safety of its patients, and all the products are tested to comply with new requirements.
Commences construction of an adult-use dispensary
iAnthus has commenced the construction of an adult-use retail dispensary (after the recent receipt of the state nod) in Worcester. The company also manages a medical dispensary in Boston. It also operates a marijuana production and processing facility on an area of 36,000 sq. Ft. in Holliston. iAnthus expects to begin operations on another 37,700 Sq. Ft. facility in early 2020.
Inaugurates a new dispensary in Phoenix
iAnthus has inaugurated a new dispensary in Phoenix, Arizona, and boasts 13 points of sale. The renovated and modern 2,000 Sq. Ft. facility has an open layout to offer improved customer service, better product selection, and reduce wait times. iAnthus commands a market share of 5% in Arizona. It offers delivery service in the East Mesa and North Phoenix areas.
Closes additional financing of $36.5 million
iAnthus has closed the funding of $36.5 million through senior convertible notes. The company would use the funds mobilized from Gotham Green Partners and other investors to support the build-out of existing markets. It is part of the $100 million funding program revealed on September 30, 2019.
CFO of iAnthus, Julius Kalcevich, said the company is enjoying the continued financial backing from a group of large investors that support cannabis space. The company expects to focus on operational execution with free cash flow next year.