Florida Medical Marijuana Dispensary Sold for $43 Million Dollars
Florida Marijuana News: In the biggest deal in 2018 so far, New York-based iAnthus Capital Management makes a $43 Million deal for Florida based GrowHealthy Holdings. One of 13 Medical Marijuana Dispensary and (Medical Marijuana Treatment Center) license holder in Florida.
The deal becomes one of several investments that iAnthus has made in the cannabis industry, including market stakes in Vermont, Massachusets, New Mexico and Colorado dispensaries.
Their Florida deal includes $12 Million upfront for Growhealthy's central Florida 200,000 sq ft grow and processing facility, inc all the Real Estate there. Plus $30 Million worth of stocks and shares in iAnthus, which is currently traded on the Canadian Exchange.
The deal is still awaiting full approval by the Florida Office Of Medical Marijuana Use but looks like it will go through without a hitch.
So far in 2018 over 69,000 patients are approved in the state's registry, the industry is poised to be worth over 2 Billion Dollars by 2020, so more deals are likely in the near future. There are already investors from other states where cannabis is legal, looking to get ownership in Florida marijuana.
Although GrowHealthy is a Florida Dispensary license holder, they haven't opened any retail locations yet. Under Florida law, dispensaries may have up to 25 satellite, retail locations throughout the state. iAnthus Capital already announced plans to open dispensary locations in West Palm Beach by the end of the year.
" Florida has over 21 Million residents and passed Amendment 2 legislation legalizing cannabis with over 72% support, " says an iAnthus spokesperson Thursday. The market in Florida for people that want and can benefit from cannabis is tremendous and will be one of the largest monetary markets in the country.