Find Real Estate Agents and Homes for Sale

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.

Archived Story

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. More Headlines 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’