iAnthus Signs Leases for High-Traffic Dispensary Locations in Brooklyn and Tampa
Citiva’s Flagship New York Dispensary to be Located Across from Barclays Center
NEW YORK, Feb. 28, 2018 (GLOBE NEWSWIRE) — iAnthus Capital Holdings, Inc. (“iAnthus” or “the Company”), (CSE:IAN) (OTCQB:ITHUF), which owns, operates, and partners with licensed cannabis operations throughout the United States, is pleased to announce that its 100% owned subsidiary Citiva Medical, LLC (“Citiva”), which holds one of the ten vertically integrated medical marijuana “Registered Organization” licenses issued by New York State, has signed a lease for its flagship dispensary in Brooklyn, New York. The Company also announces that its 100% owned subsidiary GrowHealthy Holdings, LLC (“GrowHealthy”), which along with its affiliate, McCrory’s Sunny Hill Nursery, LLC (“McCrory’s”) comprise one of just thirteen (13) current Florida Medical Marijuana Treatment Centers (“MMTCs”) licensed to provide medical cannabis under Florida’s medical marijuana law, has signed a lease for a dispensary location in Tampa, Florida.
Citiva’s Brooklyn dispensary, located at 202 Flatbush Avenue, will be just across the street from Barclays Center, one of the borough’s most highly trafficked areas. Build-out of the 2,000 sq. ft. dispensary is expected to be completed in Q4 2018. Once open, it will be one of only two dispensaries operating in Brooklyn, New York City’s most populous borough.
GrowHealthy’s dispensary in Tampa will be the Company’s second location in Florida, with the other being GrowHealthy’s flagship location in Palm Beach County. The Tampa location is expected to open in Q3 2018, and will be located in a 2,100 sq. ft. free standing building sitting at the intersection of a heavily trafficked highway and state road. The dispensary is in a densely populated area of Tampa, close to other commercial shopping destinations.
Following our recent acquisitions of Citiva and GrowHealthy, we are excited to close in on the new dispensary locations and begin their respective build-outs.
Hadley Ford, CEO of iAnthus
Through Citiva in New York and GrowHealthy in Florida, we have a significant presence in two of the largest markets on the East Coast.
In addition to the Company’s dispensary announcements, iAnthus announces that it has received US$2 million of principal repayment and US$0.9 million of accrued interest in early February from The Green Solution (“TGS”), a Colorado-based dispensary chain. iAnthus and TGS have mutually agreed to an extension for the remaining US$5.5 million of credit facility until July 31, 2018, with an interest rate of 23%. Under the amended credit facility, TGS is required to make principal repayments with accrued interest in April and July 2018.
About iAnthus Capital Holdings, Inc.
iAnthus Capital Holdings, Inc. 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. The Company uses these skills to support operations across six states. For more information, visit www.iAnthusCapital.com.
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