New store marks the Company's twelfth location in network of Florida cannabis dispensaries
NEW YORK and TORONTO, Jan. 8, 2020 /PRNewswire/ - iAnthus Capital Holdings, Inc. ("iAnthus" or the "Company") (CSE: IAN,OTCQX: ITHUF), which owns, operates, and partners with best-in-class regulated cannabis operations across the United States, is pleased to announce the opening of its GrowHealthy dispensary in Stuart, Florida. This brings the Company's total number of dispensaries in Florida to twelve and its system-wide total to 30.
This is GrowHealthy's first "Treasure Coast" location. The new 2,400 square feet freestanding store is located at 1981 SE Federal Highway, along the highly trafficked US Highway 1, less than five minutes from downtown Stuart and only 20 minutes south of Port St. Lucie. The location will service the greater Port St. Lucie metropolitan area with a population of over 470,000.
Several additional stores will follow in early 2020 pending regulatory approvals, including Pensacola, Tallahassee and Largo. The Company currently has several additional sites under construction and a total of 10 more under lease.
GrowHealthy released the first strain in its "Master Grower Series" on December 10th. The limited-availability premium strains will be available to "Master Grower" subscribers on a first-come-first-serve basis as the strains are released. The first strain, "Bitter Sweetz", sold out in three hours. The next strain in the series, "Rainmaker", was released this week. The Company also recently launched its GrowHealthy "Littles", a value flower product of small-sized buds that were previously used exclusively in pre-rolls. Additionally, the Company began delivery of pre-rolls, making flower available for delivery to its patients for the first time. Later this month, the Company will introduce a new capsules product line in high CBD, 1:1, and high THC concentrates. Information on these products, as well as other products and promotions, can be found at https://www.growhealthy.com/.
Florida is among the fastest growing medical marijuana markets in the United States and continues to grow robustly. According to the January 3, 2019 weekly update from the Florida Office of Medical Marijuana Use ("OMMU"), Florida now has over 299,000 qualified patients, up 78% year-over-year. The current patient base represents 1.4% of the Florida population. Over the past three months, GrowHealthy has averaged about 3.5% market share in THC mgs dispensed, according to data collected by the OMMU.
A Grand Opening celebration for the Stuart location is planned for January 10th-12th where new and existing patients will receive 30% discount on all items, excluding flower, and a swag bag with every $125 purchase. For more information, visit www.growhealthy.com or call the store directly at 772-494-2050, option 1.
iAnthus owns and operates best-in-class licensed cannabis cultivation, processing and dispensary facilities throughout the United States, providing investors diversified exposure to the U.S. regulated cannabis industry. Founded by entrepreneurs with decades of experience in operations, investment banking, corporate finance, law and health care services, iAnthus provides a unique combination of capital and hands-on operating and management expertise. iAnthus currently has operations in 11 states, including 30 dispensaries (FL-12, AZ-4, MD-3, MA-1, NY-2, CO-1, VT-1, and NM-6 where iAnthus has minority ownership). For more information, visit www.iAnthus.com.
Forward Looking Statements
Statements in this news release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors disclosed here and elsewhere in iAnthus' periodic filings with Canadian securities regulators. When used in this news release, words such as "will, could, plan, estimate, expect, expectation, intend, may, potential, believe, should, our vision" and similar expressions, are forward-looking statements.
Forward-looking statements may include, without limitation, statements including iAnthus' expansion strategy in Florida and other statements of fact.
Readers should not place undue reliance on forward-looking statements. The forward-looking statements in this news release are made as of the date of this release. iAnthus disclaims any intention or obligation to update or revise such information, except as required by applicable law, and iAnthus does not assume any liability for disclosure relating to any other company mentioned herein.
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This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.