Real Estate News
--> Florida News
Central Florida medical marijuana firm sold in $43M deal
A New York-based company has purchased a Central Florida pot operation for $43 million in cash ... iAnthus is paying GrowHealthy $12.5 million for its Lake Wales real estate and 200,000-square-foot cultivation and processing facility.
TALLAHASSEE, Fla- A New York-based company has purchased a Central Florida pot operation for $43 million in cash and stock, amid expectations that the industry will explode following the voter-approved legalization of medical marijuana more than a year ago.
iAnthus Capital Management purchased the assets of GrowHealthy Holdings, a Lake Wales marijuana operator affiliated with McCrory’s Sunny Hill Nursery, except for the marijuana licenseThe transfer of ownership of the license is pending approval by the state Department of Health.
Cigarettes and pot linked to teen psychosis
Commissioners discuss marijuana dispensaries in unincorporated Clay County
Judge sides with black farmer in pot dispute
Medical marijuana supporters worry in light of Sessions' guidance
Uncertainty cast on state's medical marijuana industry
Under the deal, which involves the marijuana operator and its affiliated businesses, iAnthus is paying GrowHealthy $12.5 million for its Lake Wales real estate and 200,000-square-foot cultivation and processing facilityGrowHealthy, one of the state’s 13 licensed medical marijuana operators, will also receive $30 million worth of shares in iAnthus, which is traded on the Canadian Securities ExchangeiAnthus will also purchase the Lake Wales company’s $5 million bond, required by the state for all marijuana operators.
The New York company also owns marijuana operations in Massachusetts, Vermont, Colorado and New Mexico and has a pending acquisition in New York, according to iAnthus President Randy Maslow.
“Florida is really going to be our number one operation, in terms of size and everything else,” Maslow said.
GrowHealthy started distributing marijuana to patients via delivery in November but has not opened a retail dispensary.
According to a press release Wednesday announcing the deal, the company is planning to open a dispensary in Palm Beach County later this year.
"As one of the largest states in the U.Swith a population of nearly 21 million people and favorable demographics, Florida and its medical cannabis market provide a tremendous opportunity for iAnthus and its shareholdersThe state's population includes a large percentage of older adults who can derive significant benefits from medical cannabis, and the Florida program has witnessed a rapid rise in its registered patient base since passage of the law," Maslow said in the release.
Voters in November 2016 approved a constitutional amendment that broadly legalized medical marijuana and helped fuel a battle for a limited number of licensesAbout 45,000 patients have received state-issued identification cards allowing them to purchase the marijuana treatment, but the number is expected to dramatically increase in coming years.
Trending Florida News:
You can buy the Florida mansion of former Sox hurler Derek Lowe
In South Florida, hardest-hit markets now enjoy the biggest gains in home values
With Yuan in a Nosedive, Chinese Investors Are Looking Overseas
Will immigration reform impact Fla. real estate?
Seniors Housing Acquisition, Florida
Busted: Debunking 20 big real estate myths
Bloomberg Markets: Adzem on Trump Florida Real Estate Impact
Inside OBJ's 2018 Residential Real Estate Awards event (PHOTOS)
John Dixon real estate auctions bring in $5.32 million in two weeks
Breaking Ground with Brian Bandell: 5 takeaways on Coral Gables development from real estate experts
Rummell calls for 'real reform' on gun laws
South Florida by the numbers: Focus on EB-5 visa program
Johnson Pope Stays True To Its Commitment To Grow Its Tampa Presence Adding Real Estate Strength
South Florida billionaire and family expected to help build UM football practice facility
Florida Realtors install Alley as district vice president
Small sinkhole opens outside Trump’s Florida getaway club
Real estate briefly: Passco buys again in Florida, this time for ...
CNL Commercial Real Estate Expands Senior Team in Florida Markets
Should Realtor's bankruptcy derail treasurer eligibility?
Haute Residence’s 2017 NYC Luxury Real Estate Summit Recap: ‘NYC Titans of Business’