iAnthus Discloses Several Milestones In Massachusetts Adult-Use Cannabis Market

iAnthus Capital Holdings, Inc. IAN ITHUF reported Thursday about its recent achievements in Massachusetts, one of them being the state’s approval for its subsidiary, Mayflower Medicinals, Inc., to start construction on its first adult-use retail dispensary.

The company’s new dispensary is located in Worcester, which has about 923,000 residents, and only one other adult-use dispensary at the moment. iAnthus plans to continue to cooperate with the Massachusetts Cannabis Control Commission to attain the final approval to begin operations once the construction is finalized.

In 2020, the company aims to add two more adult-use dispensaries in Massachusetts.

In other milestones, iAnthus’ cannabis cultivation and processing facility in Holliston, which has a medical-only license, gained approval for a final license for adult-use cultivation and production. Upon passing the last inspection and attaining the license, the company will be enabled to directly supply the state’s adult-use cannabis market.

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iAnthus aims to open a second cultivation and processing facility in Fall River at the beginning of 2020, that will be equipped for the production of the company’s popular MPX line.

“As the only fully legal adult-use market on the east coast, demand for adult-use cannabis in Massachusetts continues to exceed supply, and as a result, long lines and stock-outs are endemic across the Massachusetts market. We look forward to the opportunity to bring safe, high quality, well-curated products to the adult-use market to help address this problem, improve access and availability,” Hadley Ford, CEO of iAnthus, said in a statement.

iAnthus closed Wednesday’s session at $1.24 per share.