US Cannabis Firm iAnthus Inks CA$835 Million Acquisition of MPX Bioceutical
Written by: Marijuana Business Daily
Multistate marijuana firm iAnthus Capital agreed to acquire the U.S. assets of Toronto-based cannabis company MPX Bioceutical Corp. in an all-stock deal valued at 835 million Canadian dollars ($640 million), the second mega-acquisition in the American MJ industry in less than a week.
The acquisition positions New York-based iAnthus as one the largest U.S. cannabis operators and expands the firm’s footprint to 10 states, nearly doubling its reach.
The transaction also marks the first public-to-public acquisition in the U.S. cannabis industry, according a news release.
The megadeal comes on the heels of last week’s announcement that MedMen Enterprises had agreed to acquire multistate medical marijuana company PharmaCann in an all-stock deal valued at $682 million.
Under the latest agreement, which is subject to shareholder approval, MPX shareholders will receive 0.1673 shares of iAnthus for each common share of MPX – representing roughly CA$1.28 per MPX share.
MPX shareholders also will receive common shares of MPX International, which will be created as a holding company for the firm’s non-U.S. businesses and will apply to list on the Canadian Securities Exchange (CSE).
“The nascent U.S. cannabis market is still in a land-grab phase, and we feel that our footprint, when combined with iAnthus, provides our investors with the strongest possible exposure to this explosive marketplace,” said Scott Boyes, CEO of MPX.
The combined company – excluding MPX International – will include 56 cannabis retail stores and 14 cultivation and processing licenses across 10 states, including Arizona, California, Colorado, Florida, Maryland, Massachusetts, Nevada, New Mexico, New York and Vermont.