iAnthus Provides Credit Facility to GrowHealthy
In Exclusive Discussions Regarding a Strategic Relationship with Florida-based Medical Marijuana Provider
NEW YORK, NY and TORONTO, ON — (Marketwired) — 09/14/17 — 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, announces that it has entered into an agreement to provide a US$2 million credit facility (the “Loan Facility”) to GrowHealthy Holdings, LLC and its affiliated Florida entities (collectively, “GrowHealthy”). GrowHealthy’s subsidiary, McCrory’s Sunny Hill Nursery, LLC, is one of the twelve (12) current Florida Medical Marijuana Treatment Centers (“MMTCs”) licensed to provide medical cannabis under Florida’s medical marijuana law, originally enacted in 2014 and expanded through legislation passed by the Florida Legislature in June 2017 and signed by the Governor (the “Act”), which followed the approval by more than 71% of the state’s voters of a medical marijuana amendment to Florida’s Constitution in November 2016 (“Amendment 2”).
GrowHealthy owns a cultivation and processing facility comprised of almost 200,000 square-feet on 33 acres in Lake Wales, Florida, which at the time of licensure was the largest cultivation facility in the state. Pursuant to the Act, each MMTC is permitted to immediately open and operate up to twenty-five (25) dispensaries, which number will be increased with every 100,000 patients that are added to the state medical marijuana registry. GrowHealthy is currently negotiating lease agreements for its initial proposed dispensaries in the Tampa and West Palm Beach areas, and is expected to deliver to its first patients in November 2017.
In addition to the Loan Facility, iAnthus announces that it is in exclusive negotiations with GrowHealthy regarding a further strategic relationship between the parties. The Loan Facility provides for an exclusive dealings period that will run until at