New York medical cannabis company sells for $18 million in cash, stock

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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.

iAnthus is a public company that trades on U.S. over-the-counter markets under the ticker symbol ITHUF and on the Canadian Securities Exchange as IAN.

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.