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:
Ten years and counting: FIU’s Masters in International Real Estate program
We Love Real Estate, Rental Startup Beycome Because Their Video Is The Sh*t
Focused approach sets Regan apart in real estate biz
Chinese buying up Florida real estate
League of Women Voters of Florida announces positions on 2014 ballot amendments
Experts' outlook for 2017: S. Florida home prices to inch higher, but luxury sector could take a hit
Florida Realtors®: Affordable Housing, Water Among Top 2015 Legislative Issues
Doral Named Best Place to Invest in Real Estate in Florida
Jacksonville group buys Laura Street Trio, Barnett buildings downtown
Cold, hard cash facts: More buy homes in Southwest Florida without mortgage
Investor-fueled home buying spree 'scary'
Trump picks lawyer involved in Florida Trump University decision for top education job
Condo buyer frustrated by sellers' roadblocks
Report: Seattle area home values at highest point ever
5 views on real estate from ULI condo conference
Builders predict virtual reality will change the real estate industry
Brother: Humidity sparked Vegas shooter to leave Florida
Find The Most Luxurious Home Options Within The Freshest Community In South Florida
Here’s the latest developer to press pause as luxury real estate tumbles
Orlando real estate can post some of 2017's hottest gains, reports say