iAnthus moves upward
Last week, iAnthus Capital Holdings (ITHUF) ended on a strong note, gaining 6.4% and closing at $5.85. It outperformed the Horizons Marijuana Life Sciences Index ETF (HMLSF), which gained 2.3%. Canopy Growth (CGC), Aphria (APHA), and Tilray (TLRY) comprise 11.7%, 8.7%, and 7.5% of HMLSF, respectively.
What drove the stock up?
Last week, iAnthus continued its expansion with the opening of a 2,600-square-foot dispensary in Wappingers Falls, its 20th US dispensary and second in New York. The company opened its first New York dispensary in Brooklyn in December. Its rapid expansion is seen as positive by markets and may have prompted Seaport Global to rate ITHUF as a “buy.”
In a press release, iAnthus CEO Hadley Ford said, “The opening of our Citiva Hudson Valley dispensary is a major milestone for iAnthus, as it marks the 20th dispensary opened by the Company.” He added, “2019 will be full of catalysts and exciting developments for Citiva, including the much-anticipated completion of our cultivation facility in Warwick, New York, and the opening of dispensaries in Staten Island and Chemung County.”
ITHUF is now trading 18.4% above its 100-day moving average of $4.94, and has risen 46.7% this year. Its 14-day relative strength index score is 64, indicating the stock is neither overbought nor oversold.