iAnthus Gets Massachusetts Regulatory Approval For Recapitalization Transaction

iAnthus Capital Holdings, Inc. ITHUF IAN received approval from the Massachusetts Cannabis Control Commission for a proposed change of ownership and control of the company's wholly-owned subsidiary, Mayflower Medicinals, Inc.

On June 17, 2021, the CCC approved the applications for the proposed change of ownership and control of the then-current licenses held by Mayflower and the company's wholly-owned subsidiary, Cannatech Medicinals, Inc., contemplated by the recapitalization transaction. On August 12, 2021, the CCC approved Mayflower's pending application for a marijuana establishment retail license for its Allston, Massachusetts retail location. As a result of the August 21, 2021 approval relating to the Allston license, the COC application had to be approved before the June 17 approval could be implemented. Now that the COC application has been approved, the June 17 approval is now a final approval.

The company continues to diligently seek the remaining regulatory approvals in New Jersey and New York. Given that only two regulatory approvals remain outstanding for the recapitalization transaction, the company expects to close the recapitalization transaction in the near term.

Photo by Jamie Edwards on Unsplash

About iAnthus

iAnthus owns and operates licensed cannabis cultivation, processing and dispensary facilities throughout the United States.

Related News

iAnthus Reports 17% Drop In Revenue For Q1 2022, Here Are The Details

iAnthus Names Robert Galvin Interim CEO & Board Member, Provides Business Update

iAnthus' Co-Founder Randy Maslow Resigns