New Legislation to Improve Vermont’s Medical Cannabis Program
iAnthus and Grassroots Vermont weigh in on new legislation in Vermont that significantly expands the state’s medical marijuana program
TORONTO, ON and NEW YORK, NY — (Marketwired) — 07/17/17 —
iAnthus Capital Holdings, Inc. (“iAnthus” or “the Company”), (CSE: IAN) (CSE: IAN.CN)(CNSX: IAN) (OTCQB: ITHUF), which owns, operates, and partners with licensed cannabis operations throughout the United States, provides the following update on the completion of the 2017 Vermont legislative session and the passage into law of S.16, a bill that significantly expands the state’s medical cannabis program.
As the sole provider of financing and management services to Grassroots Vermont (“Grassroots”), one of the four non-profit entities currently licensed to dispense medical cannabis to patients across the state, iAnthus views Governor Scott’s recent signing of S.16 as a significant stepping stone for the expansion of the state’s legal cannabis market. S.16 adds Crohn’s Disease, Parkinson’s Disease, and Post-Traumatic Stress Disorder to Vermont’s list of qualifying conditions. The new law also provides Grassroots with the ability to expand its operations by opening an additional dispensary location, in addition to its existing dispensary in Brandon.
We support the efforts made by the state to make the medical cannabis program more accessible to Vermont’s qualified patients. We look forward to securing our second dispensary location so that we can provide more patients with the highest quality, affordable medical cannabis.
Alex Ford, Executive Director of Grassroots
Grassroots is currently upgrading its cultivation facility in Brandon, Vermont. The improvements are expected to increase yields, support consistent harvest cycles, and improve product quality year-round, and is expected to be completed in Q3 2017. This infrastructure, combined with operational expertise provided by iAnthus, has laid the foundation for ample production capacity to serve a significantly larger patient population from the new medical expansion if required.
During Vermont’s 2017 legislative session, lawmakers also considered the legalization of cannabis for adult use. While an adult use bill was passed by both the Vermont House and Senate, the bill was vetoed by the Governor, who nevertheless indicated a willingness to support adult use legislation in the future provided that certain concerns were addressed to his satisfaction. With the legalization of adult use in Massachusetts and Maine this past November, it is expected that an amended version of the 2017 bill will be considered during the next legislative session. If passed, Vermont’s adult use cannabis market could exceed US$100 million, according to the 2015 “Considering Marijuana Legalization — Insights for Vermont and Other Jurisdictions” report from the RAND Corporation.
While it is impossible to be certain that the state will revisit legalization of cannabis for adult use in the 2018 legislative session, Governor Scott has certainly expressed his willingness to work with lawmakers on this initiative, and I believe we are likely to see another adult use bill proposed in the next legislative session.
Randy Maslow, President of iAnthus
S.16 also allows existing license holders to convert from a non-profit organization into a for-profit entity, an opportunity that Grassroots is currently exploring with iAnthus. As of June 30, 2017, iAnthus has provided Grassroots with a credit facility of US$775,000.
About iAnthus Capital Holdings, Inc.
iAnthus Capital Holdings, Inc. provides investors diversified exposure to best-in-class licensed cannabis cultivators, processors and dispensaries throughout the United States. Founded by entrepreneurs with decades of experience in investment banking, corporate finance, law and healthcare services, iAnthus provides a unique combination of capital and hands-on operating and management expertise. The Company harnesses these skills to support a diversified portfolio of cannabis industry investments for our shareholders. For more information, visit www.iAnthuscapital.com.
About Grassroots Vermont
Grassroots Vermont provides pure, effective and affordable medical marijuana to patients across Vermont from its Rutland County dispensary. Founded and operated by a local Vermont family, Grassroots provides patients with a healthier approach to natural wellness. Grassroots cultivates its own indoor marijuana using health-conscious methods and offers a variety of world-class, natural products. For more information, visit www.grassrootsvermont.com.
Original press release: http://ir.ianthuscapital.com/press-releases/detail/38