iAnthus To Open Its First Marijuana Dispensary In Florida

iAnthus Capital Holdings Inc ITHUF is executing on its plan to expand its presence across the United States and plans to open its first dispensary in Florida on Dec. 19.

What Happened

iAnthus, which is one of the largest U.S. cannabis companies, said its first dispensary in Florida will be under its GrowHealthy brand and will represent the company's flagship location in the state. The dispensary will be located in Palm Beach Country.

GrowHealthy was acquired by iAnthus in January 2018, offering the latter access to one of 13 marijuana licenses in Florida. Aside from dispensaries, GrowthHealthy also has a 200,000 square-foot cultivation and processing facility in Lake Wales.

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Why It's Important

The acquisition of GrowHealty's assets was a major step for iAnthus, which is betting on M&A to expand its footprint across the U.S. In November, iAnthus CEO Hadley Ford told Benzinga the main competition in the cannabis space in the U.S. will be conducted on the M&A front

“Our strategy is to expand and have a national footprint. There is no way any company can apply in every state and win in every state,” Ford said.

In addition to its flagship location, iAnthus and GrowHealthy plan to open two other dispensaries in Florida by the end of 2018. Moreover, in 2019, the company aims to have 16 additional GrowHealthy dispensaries in Florida next year and to reach a total of 30 locations by the end of 2020.

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