iAnthus Capital Holdings (CSE: IAN) this morning provided an update on the firms Massachusetts operations, highlighting several recent developments. Chief among recent developments include status updates on that of its recreational market operations in the only fully legal adult-use state on the East Coast of the US.
First and foremost, iAnthus has received state approval for its Mayflower Medicinals subsidiary to begin construction on an adult-use dispensary in Worcester, MA. Worcester is the second largest city within the state with a population of over 923,000 people. Despite this, only one other adult use dispensary is in operation within the city, providing ample opportunity for iAnthus to capitalize on once its 2,800 sq ft retail location is fully licensed.
The new dispensary, which is to follow iAnthus’ new retail store concept, is expected to see construction completed in the first quarter of 2020, after which it will apply for final licensing. Two further adult-use dispensaries are expected to be added to iAnthus’ Massachusetts portfolio before the end of 2020.
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Secondly, iAnthus is nearing adult-use certification for its currently medical-only cultivation and processing facility. 36,000 square feet in size, the facility is expected to soon be dual licensed for both the medical and adult use markets. Given the anticipated demand from bringing additional dispensaries online, iAnthus will also be opening a second cultivation and processing facility in the state, based in Fall River. The new facility is expected to be 37,700 square feet in size and feature ethanol extraction equipment, enabling it to produce MPX products. The new facility is expected to be operational in early 2020.
iAnthus Capital Holdings last traded at $1.65 on the CSE.
Information for this briefing was found via Sedar and iAnthus Capital Holdings. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
