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iAnthus Subsidiary GrowHealthy to Open Two New Dispensaries

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The announcement

Today, GrowHealthy, a subsidiary of iAnthus Capital Holdings (IAN) (ITHUF), announced that it would open two new cannabis dispensaries in Florida this month, in Orlando and Daytona. The dispensaries will be offering a variety of products that will be available in the form of flower and pre-rolls, vape cartridges, topical salves, and oral dispensing syringes.

These two new dispensaries will be the fourth and fifth dispensaries of GrowHealthy in the state. Along with already available delivery service across Florida, the company plans to add more dispensaries throughout this year and next to reach a total of 30 dispensaries by the end of 2020.

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Randy Maslow, president of iAnthus Capital, stated, “As of May 2019, Florida has over 2,200 qualified physicians recommending more than 200,000 registered patients medical cannabis products to alleviate pain and other symptoms. As these numbers grow, we are committed to making continued progress on our aggressive expansion plans for 2019 to keep up with demand. We look forward to providing each new community with high-quality products and the education-first buying experience that patients have come to expect from the GrowHealthy brand,” reported Cision.

Stock performance

Today, iAnthus was trading flat in early morning trading. YTD, the company’s stock price has declined by 4.0% as of June 5. The company posted its first-quarter earnings on May 30. You can read about the company’s first-quarter performance in iAnthus Capital Holdings’ Q1 Earnings: Key Takeaways.

In comparison, peers Planet 13 Holdings (PLNHF) (PLTH), MedMen Enterprises (MMNFF) (MMEN), and Curaleaf Holdings (CURLF) (CURA) have returned 79.2%, -31.9%, and 58.7% YTD, respectively.

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