Cannabis company gets $11M in funding, big win in court

Big week for iAnthus New Jersey, which gets go-ahead on facility in Pleasantville

Talk about a good week: iAnthus New Jersey closed on $11 million of bridge financing to help construct and improve its cannabis facilities in the state on Tuesday — then got a court ruling in Monmouth County Superior Court on Wednesday allowing it continue construction at its Pleasantville facility.

IAnthus New Jersey is a wholly owned subsidiary of iAnthus Capital Holdings, which owns, operates and partners with regulated cannabis operations across the country.

Interim CEO Randy Maslow said the ruling was key.

“We are pleased with the court’s ruling today in iAnthus’ favor, giving the company the green light to continue its ongoing buildout of the Pleasantville cultivation and processing facility, which is important to New Jersey’s goal of providing additional supply as quickly as possible to the state’s medical cannabis patient population,” he said.

“The court recognized iAnthus’ substantial interest in completing the construction of the cultivation facility, especially given the company’s contractual rights to acquire full ownership of MPX NJ, subject to regulatory approval.

“The court’s ruling today, together with our closing yesterday on an $11 million financing earmarked solely for our New Jersey operations, gives us tremendous confidence in our ability to complete the cultivation, processing and associated dispensary facilities in a timely fashion for the benefit of New Jersey’s patients.”

The company currently has a dispensary located in Atlantic City, as well as two prospective satellite dispensaries expected to be leased and/or purchased and improved by iAnthus New Jersey pursuant to satellite approval applications filed with the state Department of Health on Dec. 31, 2020.

Maslow said the financing is strictly for New Jersey.

“The net proceeds from the financing will be used exclusively for our operations in New Jersey for the continued construction and completion of improvements at our New Jersey cultivation, manufacturing and dispensary facilities,” he said. “We expect to sublease these facilities to MPX NJ once construction is complete and the facilities are ready to commence licensed operations.”