The latest sale of a New York state medical marijuana business license is now a done deal.
iAnthus Capital Holdings on Thursday completed the acquisition of Citiva Medical, one of 10 MMJ licensees in New York, for roughly $18 million, according to a news release.
New York-based iAnthus paid $3.6 million in cash plus $14.4 million in iAnthus shares at $2.57 per share for Citiva Medical and a related company, Citiva USA.
Citiva USA holds marijuana-related intellectual property and assets across the United States.
The transaction allows iAnthus to add New York to a roster of cannabis-related holdings that includes businesses in Colorado, Florida, Massachusetts, New Mexico and Vermont.
The deal has been in the works since last summer, when Citiva was awarded one of a new round of MMJ licenses. New York regulators originally issued only five MMJ business permits.
One of the original five MMJ licenses in New York was sold just over a year ago, when California-based MedMen acquired Bloomfield Industries’ state permit.