Vancouver-based cannabis company iAnthus Capital Holdings Inc (OTC: ITHUF) reported fourth-quarter financial results Tuesday, including pro forma revenue of $14.8 million.
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What Happened
The pro forma revenue figure includes MPX Bioceutical Corporation entities that iAnthus agreed to acquire in October — the deal closed in February — as well as managed revenue for Colorado and New Mexico operations.
The company's revenue and other income for the fourth quarter totaled $2.2 million, up by 165 percent on the year.
iAnthus also posted adjusted EBITDA loss of $6 million for the quarter.
The company closed the quarter with $168.4 million in assets, an increase from $45.8 million a year earlier on the back of acquisitions in Florida and New York and the build-out of cultivation facilities and dispensaries across operating entities.
Why It's Important
iAnthus is one of the largest vertically integrated cannabis operators in the U.S.
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The company generates revenue in nine out of 11 states where it has a presence and said it expects to start sales in California in the next 60 days. It operates 21 dispensaries across the U.S. and plans to continue to open locations in Florida, Massachusetts, New York, Nevada and New Jersey throughout the rest of 2019.
The company also has cultivation and processing facilities in nine states and distributes branded products to over 90 dispensaries.
What's Next
iAnthus plans to continue with its expansion and, in addition to opening new dispensaries, it also has plans to extend its cultivation and processing capabilities.
The company recently announced the acquisition of national CBD brand CBD For Life and expects to close the transaction in the second quarter of 2019.
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