Canadian firm iAnthus makes $17.3M bid for spot in New York medical marijuana industry
A publicly traded Canadian firm that has hopscotched across America making deals for cannabis companies now plans to acquire a firm poised to become one of New York’s 10 medical marijuana licensees.
Toronto-based iAnthus Capital Holdings Inc. (CSE: IAN) signed a letter of intent to buy Valley Agriceuticals LLC for $17.3 million in a mostly stock transaction, iAnthus announced Monday morning. Under the terms of the agreement, iAnthus will pay $2.3 million in cash and $15 million in common shares of its common stock, priced at $2 per share.
Upon closing the deal, iAnthus will have operations in five states: Colorado, Massachusetts, New Mexico, New York and Vermont.