Florida pot grower sells for $48 million


In another big-dollar deal for a Florida cannabis company, a publicly traded firm said Wednesday that it paid $48 million for a state-licensed pot producer.

iAnthus Capital Holdings announced a deal for GrowHealthy Holdings of Lake Wales. The company said it plans to open a dispensary in Palm Beach County during the third quarter of 2018.

iAnthus Chief Executive Hadley Ford said he expects Florida’s marijuana market to be worth $1 billion by 2020, and he pointed to a statewide patient count that topped 67,000 as of last week.

“The patient growth has been nothing short of remarkable,” Ford said.

GrowHealthy operates a 200,000-square-foot cultivation and processing facility in Lake Wales. It has no retail locations yet, but it expects to open as many as 25 dispensaries statewide.

iAnthus is based in New York but trades on a Canadian stock exchange. It’s the second publicly traded company to buy a Florida medical marijuana operator. Liberty Health Sciences of Toronto last summer bought Chestnut Hill Tree Farm of Alachua County for $40 million.

Ford said he isn’t deterred by Attorney General Jeff Sessions move toward tougher enforcement of federal marijuana laws.

“By and large, any state that has a good regulatory scheme in place is going to be just fine,” Ford said in a conference call with analysts.


Reader Comments ...


Next Up in

Put that pen down: Why baby boomers should not co-sign college loans 
Put that pen down: Why baby boomers should not co-sign college loans 

We all know that young people should show respect for their elders. In return, those elders should extend all their resources to the up-and-coming generation. Right? Not so fast, says the Motley Fool. When it comes to co-signing for college loans, parents and grandparents in the Baby Boom generation (born 1946 to 1964) should just say no...
Meet Janice Bryant Howroyd, the first African-American woman to run a $1 billion business
Meet Janice Bryant Howroyd, the first African-American woman to run a $1 billion business

Janice Bryant Howroyd, 65, is founder and chief executive of Act 1 Group, an employment agency that also provides consulting and business services, including background checks and screening. She’s the first African-American woman to operate a company that generates more than $1 billion in annual revenue, according to Black Enterprise Magazine...
Struggling Winn-Dixie could close nearly a third of its stores
Struggling Winn-Dixie could close nearly a third of its stores

The parent of long-suffering grocer Winn-Dixie is pondering another bankruptcy and might close 200 of the chain’s 700 stores, Bloomberg reports. Winn-Dixie parent Bi-Lo is preparing for a bankruptcy filing in March, Bloomberg said. Once a major player in the Sunshine State’s supermarket sector, Winn-Dixie has been vanquished by Publix...
Gas prices decline, but runup expected to begin in March
Gas prices decline, but runup expected to begin in March

Gasoline prices have dropped in both Palm Beach County and statewide in the last week, but motorists should not expect the downward trend to continue. Spring refinery maintenance began Feb. 1. Refineries reduce output while they conduct scheduled maintenance on their equipment. In addition, the switch to more expensive summer blend fuels has to be...
Four Palm Beach County educators who make more than Robert Avossa
Four Palm Beach County educators who make more than Robert Avossa

To a teacher making $40,000 a year, Robert Avossa’s salary seems a lofty sum. But at least four private schools in Palm Beach County pay their top executives far more than the Palm Beach County schools superintendent’s salary of $334,750. Oxbridge Academy offers the most generous pay among private schools. It paid former head Robert Parsons...
More Stories