iAnthus Strengthens Portfolio with $36.5M Sale of Select Arizona Assets to Sonoran Roots
iAnthus Capital Holdings (ITHUF) has announced the sale of select Arizona assets to Sonoran Roots for $36.5 million. The transaction includes three dispensaries and two processing/cultivation facilities, with iAnthus retaining one dispensary in Mesa, Arizona.
The purchase price consists of $20 million in cash payable at closing and a $16.5 million secured promissory note bearing 6% annual interest over 66 months. The deal, expected to close in 1Q2025, aligns with iAnthus' strategy to optimize its portfolio and focus on key growth markets including Florida, Maryland, New Jersey, Massachusetts, and New York.
The proceeds will be used for working capital, general corporate purposes, and partial repayment of secured debt obligations. iAnthus will maintain its presence in Arizona through its Health for Life dispensary in Crismon and the MPX brand.
iAnthus Capital Holdings (ITHUF) ha annunciato la vendita di alcuni beni in Arizona a Sonoran Roots per 36,5 milioni di dollari. La transazione comprende tre dispensari e due impianti di lavorazione/cultivazione, con iAnthus che mantiene un dispensario a Mesa, Arizona.
Il prezzo di acquisto è composto da 20 milioni di dollari in contanti pagabili al momento della chiusura e da una promissoria garantita di 16,5 milioni di dollari con un interesse annuale del 6% per 66 mesi. L'accordo, che si prevede si chiuderà nel 1° trimestre del 2025, è in linea con la strategia di iAnthus di ottimizzare il suo portafoglio e concentrarsi sui mercati chiave in crescita, tra cui Florida, Maryland, New Jersey, Massachusetts e New York.
Il ricavato sarà utilizzato per il capitale circolante, per scopi aziendali generali e per il parziale rimborso di obbligazioni di debito garantito. iAnthus manterrà la sua presenza in Arizona attraverso il dispensario Health for Life a Crismon e il marchio MPX.
iAnthus Capital Holdings (ITHUF) ha anunciado la venta de activos selectos en Arizona a Sonoran Roots por 36,5 millones de dólares. La transacción incluye tres dispensarios y dos instalaciones de procesamiento/cultivo, con iAnthus manteniendo un dispensario en Mesa, Arizona.
El precio de compra consiste en 20 millones de dólares en efectivo pagaderos al cierre y una nota promisoria asegurada de 16,5 millones de dólares con un interés anual del 6% durante 66 meses. El acuerdo, que se espera cierre en el primer trimestre de 2025, se alinea con la estrategia de iAnthus de optimizar su portafolio y centrarse en mercados clave en crecimiento, incluyendo Florida, Maryland, Nueva Jersey, Massachusetts y Nueva York.
Los ingresos se utilizarán para capital de trabajo, propósitos corporativos generales y el reembolso parcial de obligaciones de deuda asegurada. iAnthus mantendrá su presencia en Arizona a través de su dispensario Health for Life en Crismon y la marca MPX.
iAnthus Capital Holdings (ITHUF)가 Sonoran Roots에게 애리ゾ나의 일부 자산을 3650만 달러에 판매한다고 발표했습니다. 이번 거래에는 세 개의 약국과 두 개의 가공/재배 시설이 포함되며, iAnthus는 애리조나 메사에서 한 개의 약국을 유지합니다.
구매 가격은 클로징 시 지급되는 2000만 달러의 현금과 66개월 동안 6%의 연이율이 적용된 1650만 달러의 담보 어음으로 구성됩니다. 이번 거래는 2025년 1분기에 종료될 것으로 예상되며, iAnthus의 포트폴리오 최적화 및 플로리다, 메릴랜드, 뉴저지, 매사추세츠, 뉴욕 등 주요 성장 시장에 집중하는 전략에 부합합니다.
수익금은 운영 자본, 일반 기업 목적 및 담보 부채 의무의 일부 상환에 사용됩니다. iAnthus는 Crismon에서 Health for Life 약국과 MPX 브랜드를 통해 애리조나에서의 입지를 유지할 것입니다.
iAnthus Capital Holdings (ITHUF) a annoncé la vente de certains actifs en Arizona à Sonoran Roots pour 36,5 millions de dollars. La transaction comprend trois dispensaires et deux installations de transformation/culture, avec iAnthus conservant un dispensaire à Mesa, Arizona.
Le prix d'achat se compose de 20 millions de dollars en espèces payables à la clôture et d'un billet à ordre sécurisé de 16,5 millions de dollars portant un intérêt annuel de 6 % sur 66 mois. L'accord, qui devrait se clôturer au 1er trimestre 2025, s'aligne avec la stratégie d'iAnthus d'optimiser son portefeuille et de se concentrer sur des marchés clés en croissance, notamment la Floride, le Maryland, le New Jersey, le Massachusetts et New York.
Le produit de la vente sera utilisé pour le fonds de roulement, des fins corporatives générales et pour le remboursement partiel des obligations de dette garanties. iAnthus maintiendra sa présence en Arizona par le biais de son dispensaire Health for Life à Crismon et de la marque MPX.
iAnthus Capital Holdings (ITHUF) hat den Verkauf ausgewählter Vermögenswerte in Arizona an Sonoran Roots für 36,5 Millionen Dollar bekannt gegeben. Die Transaktion umfasst drei Apotheken und zwei Verarbeitungs-/Anbauanlagen, wobei iAnthus eine Apotheke in Mesa, Arizona, behält.
Der Kaufpreis setzt sich aus 20 Millionen Dollar in bar, zahlbar bei der Schließung, und einer gesicherten Schuldanerkennung von 16,5 Millionen Dollar mit 6% jährlichem Zins über 66 Monate zusammen. Die Vereinbarung, die voraussichtlich im 1. Quartal 2025 abgeschlossen wird, steht im Einklang mit der Strategie von iAnthus, sein Portfolio zu optimieren und sich auf Schlüsselwachstumsmärkte wie Florida, Maryland, New Jersey, Massachusetts und New York zu konzentrieren.
Die Einnahmen werden für Betriebskapital, allgemeine Unternehmenszwecke und die teilweise Rückzahlung gesicherter Schulden verwendet. iAnthus wird seine Präsenz in Arizona durch seine Health for Life-Apotheke in Crismon und die MPX-Marke aufrechterhalten.
- Sale of Arizona assets for $36.5M strengthens balance sheet
- Strategic focus on higher-growth markets while maintaining Arizona presence
- Debt reduction through transaction proceeds
- Streamlined operations to enhance operational efficiency
- Reduction in Arizona market presence from 4 to 1 dispensary
- Extended payment terms with $16.5M via 66-month promissory note
Transaction Supports iAnthus' Focus on Key Growth Markets While Maintaining Presence in Arizona
NEW YORK and TORONTO, Feb. 07, 2025 (GLOBE NEWSWIRE) -- iAnthus Capital Holdings, Inc. (“iAnthus” or the “Company”) (CSE: IAN, OTCQB: ITHUF), which owns, operates and partners with regulated cannabis operations across the United States, today announced that certain iAnthus subsidiaries entered into definitive agreements (the “Purchase Agreements”) with a leading Arizona cannabis operator, Pitchfork Enterprises, LLC d/b/a Sonoran Roots and its affiliates (“Sonoran Roots”), to sell three dispensaries and two processing/cultivation facilities in Arizona for aggregate consideration of approximately
The Transaction includes two dispensaries, a processing facility and a cultivation/processing facility located in Mesa, Arizona, as well as one dispensary located in Phoenix, Arizona (collectively, the “Facilities”). These Facilities have consistently delivered high-quality cannabis products and experiences to their surrounding communities. The Transaction will allow iAnthus to redirect resources to its growth initiatives in Florida, Maryland, New Jersey, Massachusetts and New York while still maintaining a retail presence in Arizona with one dispensary in Mesa, Arizona.
“This transaction aligns with our ‘smart growth, strong margins’ strategy by enabling us to double down on markets where we can deliver the most value to our customers and long-term business interests,” said Richard Proud, CEO of iAnthus. “By streamlining our Arizona operations, we are laying the foundation for a future defined by operational excellence, unmatched customer loyalty, and enhanced profitability. Our continued presence in Arizona through our Health for Life dispensary in Crismon, AZ, and our trusted MPX brand underscores our commitment to delivering exceptional products and experiences in every market we serve.”
The Transaction represents a strategic milestone for iAnthus, allowing it to align resources with its long-term objectives. For iAnthus, the Transaction not only reinforces its commitment to smart growth by simplifying the Company’s operations but also provides significant capital to invest in its core markets and reduces the Company’s debt.
“We are thrilled to announce the acquisition of select iAnthus Arizona assets, a transformational step for us in Arizona. This transaction is highly accretive and strategically enhances our market position, increasing our Ponderosa Dispensary footprint to seven retail locations with broad geographical coverage,” said Michael O’Brien, CEO of Sonoran Roots. “We are excited to continue providing exceptional cannabis products and experiences to customers in these locations.”
Transaction Details
Pursuant to the Purchase Agreements, iAnthus will sell and Sonoran Roots will acquire, substantially all of the assets related to or used in connection with the Facilities, including but not limited to all cannabis licenses associated with such businesses and related real property (collectively, the “Assets”), together with certain assumed liabilities related to the Assets.
The purchase price (“Purchase Price”) for the Assets is approximately
The Transaction is expected to close in 1Q2025, subject to customary conditions precedent including the receipt of applicable consents and regulatory approvals.
Ducera Securities, LLC served as the financial advisor to the Company in connection with the Transaction. The Hawkeye Capital Markets team of Beech Hill Securities, Inc. acted as the financial advisor to Sonoran Roots in connection with the Transaction.
All references to currency in this news release are in U.S. dollars.
About iAnthus
iAnthus owns and operates licensed cannabis cultivation, processing and dispensary facilities throughout the United States. For more information, visit www.iAnthus.com.
About Sonoran Roots
Sonoran Roots is a locally owned and operated, vertically integrated cannabis company based in Tempe, AZ. Upon closing the Transaction, the company will operate seven Ponderosa Dispensary retail locations serving Chandler, Flagstaff, Glendale, Mesa, Phoenix, Queen Creek, and Tucson. Production operations include indoor cultivation, processing & extraction, focused on its premium quality Sonoran Roots flower and Canamo Concentrates lines, as well as sales & distribution. For more information, visit www.sonoranroots.com.
Forward Looking Statements
Statements in this news release contain forward-looking statements. These forward-looking statements are made on the basis of the current beliefs, expectations and assumptions of management, are not guarantees of performance and are subject to significant risks and uncertainty. These forward-looking statements should, therefore, be considered in light of various important factors, including those set forth in Company’s reports that it files from time to time with the SEC and the Canadian securities regulators which you should review including, but not limited to, the Company’s Annual Report on Form 10-K filed with the SEC. When used in this news release, words such as “will”, “could”, “plan”, “estimate”, “expect”, “intend”, “may”, “potential”, “believe”, “should” and similar expressions, are forward-looking statements. Forward-looking statements may include, without limitation, statements relating to the Transaction, including the anticipated closing date thereof, the receipt of regulatory approvals thereto, the payment of the Purchase Price and use of proceeds, and other statements relating to the Company’s financial performance, business plans and development and results of operations.
These forward-looking statements should not be relied upon as predictions of future events, and the Company cannot assure you that the events or circumstances discussed or reflected in these statements will be achieved or will occur. If such forward- looking statements prove to be inaccurate, the inaccuracy may be material. You should not regard these statements as a representation or warranty by the Company or any other person that it will achieve its objectives and plans in any specified timeframe, or at all. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this news release. The Company disclaims any obligation to publicly update or release any revisions to these forward-looking statements, whether as a result of new information, future events or otherwise, after the date of this news release or to reflect the occurrence of unanticipated events, except as required by law.
Neither the Canadian Securities Exchange nor the United States Securities and Exchange Commission has reviewed, approved or disapproved the content of this news release.
Corporate/Media/Investors:
Justin Vu, Chief Financial Officer
iAnthus Capital Holdings, Inc.
1-646-518-9418
investors@ianthuscapital.com
FAQ
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