Parent of Vermont medical cannabis firm releases 1Q18 results
Vermont Business Magazine iAnthus Capital Holdings, Inc (CSE: IAN, OTCQB: ITHUF), which owns, operates, and partners with licensed cannabis operations throughout the United States including a plant in Brandon (Grassroots Vermont), with plans to open a second dispensary in Williston, has announced its financial and operating results for the first quarter of 2018. All amounts expressed are in USD.
Hadley Ford, CEO of iAnthus, provided the following statement on the Company’s Q1 2018 results:
“With the continued development of licensed operations and assets, iAnthus has successfully transitioned to an owner and operator in the U.S. regulated cannabis sector. In the East Coast states of New York, Florida, Massachusetts, and Vermont, iAnthus now holds licenses to operate up to four cultivation and processing facilities and 34 dispensaries. The Company has made significant investments in building out its cultivation operations and dispensaries across each of these states, resulting in increased production capacity and competitive retail locations. As we look ahead to the next quarter, we expect iAnthus to continue to be aggressive in ramping up production and dispensary openings across each of our operations.”
The Company recorded $3.2 million of revenues in Q1 2018, compared to $0.3 million in Q1 2017. Total revenues include the Company’s inaugural cannabis revenues totaling $0.2 million, as the Company transitions to an owner and operator of licensed assets in the cannabis sector, in addition to $2.6 million in fair value adjustment on biological assets, which represents results from the Company’s cultivation operations; The net loss for the quarter ended March 31, 2018 was approximately ($0.6 million), or ($0.01) per share compared to a loss of approximately ($1.9 million), or ($0.07) per share for the quarter ended March 31, 2017. The decrease in the net loss for Q1 2018 compared to the prior period is primarily due to increases in deal related expenses including legal, professional and transaction fees relating to the acquisitions in Florida and New York, which