iAnthus Completes Full Acquisition of Pilgrim Rock, Provides Update on its Massachusetts Operations
NEW YORK and TORONTO, April 17, 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, announced today the completion of its acquisition of the remaining 20% of Pilgrim Rock Management, LLC (“Pilgrim Rock”), the affiliated management and services company that provides intellectual property licensing, professional and management services, real estate and equipment leasing, and certain other services to Mayflower Medicinals, Inc. (“Mayflower”). Mayflower, a non-profit Massachusetts corporation affiliated with Pilgrim Rock, has received two provisional licenses to operate Registered Marijuana Dispensaries (“RMDs”) in Massachusetts, with a third RMD application pending before the Massachusetts Department of Public Health (“DPH”). Following the acquisition, iAnthus now owns 100% of Pilgrim Rock.
To effectuate the acquisition, VSH PR, Inc. (the “Seller”) was merged into iAnthus’ wholly-owned subsidiary, iAnthus Capital Management, LLC. The Company thereby acquired the Seller’s 200,000 Class A-2 units of Pilgrim Rock in return for 1,655,734 common shares of the Company issued to the Seller. The common shares were issued pursuant to prospectus exemptions in Canada and are subject to a Canadian hold period expiring on August 17, 2018. iAnthus and the Seller are arms-length parties.
We are pleased to have completed this transaction and our acquisition of 100% of Pilgrim Rock, which is instrumental in enabling Mayflower to become a leading licensed cultivator, processor and dispensary operator in Massachusetts’ flourishing cannabis industry.
Randy Maslow, President of iAnthus
iAnthus is focused on securing 100% ownership of its strategic assets around the United States, which ensures us control of each licensed operation and provides our investors with full exposure to the growth of each of our state operations.
iAnthus further provided the following updates regarding Mayflower’s operational progress:
- Mayflower’s 36,000 cultivation facility in Holliston is fully operational, and its first extraction cycle for processed product was completed last week;
- Mayflower’s first harvest will be shortly moving to the drying and curing rooms. The first harvest, as a pilot, utilized a subset of the facility’s total grow space. Mayflower will quickly move to optimize the full capacity of the facility in subsequent harvests; and
- The flagship Harvard Avenue dispensary in the Allston neighborhood of Boston is now completed and staffed. Pending final regulatory approval, Mayflower expects to open in early May 2018 to medical patients.
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.
About Mayflower Medicinals, Inc.
Mayflower Medicinals is a “patient-first” non-profit healthcare organization, dedicated to providing the highest-quality medical cannabis products and services in a safe, secure and professionally managed environment in the Commonwealth of Massachusetts. Mayflower has received two provisional licenses to operate Registered Marijuana Dispensaries (“RMDs”), in Boston and a second undisclosed Massachusetts jurisdiction, and operates its cultivation center in Holliston, Massachusetts. Mayflower has a third application for an RMD license pending. Mayflower is affiliated with iAnthus Capital Management, LLC and Randy Maslow, Hadley Ford and John Henderson of iAnthus are members of the five-person Mayflower Board of Directors.