iAnthus closes on acquisition of New Jersey medical cannabis operation

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Multistate operator iAnthus said Thursday it closed on the acquisition of a 100% equity interest in MPX New Jersey, a medical cannabis company in the state.

The deal helps pave the way for iAnthus, which has offices in Toronto and New York, to take advantage of New Jersey’s forthcoming recreational marijuana market.

The MJBiz Factbook projects the market will reach $2 billion in annual sales by the fourth full year.

New Jersey regulators approved the acquisition on Jan. 7, according to an iAnthus news release.

Control of the lucrative marijuana operation had been the subject of a legal proceeding.

Thursday’s news release doesn’t mention that case, but an iAnthus regulatory filing states that the legal matter was resolved and closed in March 2021.

In February 2021, iAnthus raised $11 million from a debt offering with the intent to make significant improvements at the MPX cultivation and processing facility in Pleasantville, New Jersey.

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The company said it also plans to open a dispensary in Atlantic City in the next few months.

As disclosed in a December news release, iAnthus still needs regulatory approvals in several states for a previously announced financial restructuring and recapitalization plan.