iAnthus Capital Holdings, Inc. (OTC: ITHUF) first-quarter earnings showed $18.5 million in pro forma revenue, representing a 22-percent increase from the fourth quarter.
The company increased its wholesale distribution across three states. Of the 11 states iAnthus operates in, nine generated revenue. The company was able to reach 11 states by completing the first public-to-public transaction of MPX, which occurred on Feb. 5.
iAnthus CEO Hadley Ford noted 2019 is off to a "great start" and said momentum has been trending upward.
Ford noted how iAnthus is excited to advance its branding efforts. This includes the Fall opening of its first flagship Be. location in Brooklyn, New York. Ford also mentioned momentum for its operations in Maryland, Massachusetts and Florida. He went on to discuss various next steps for the company.
"We expect to close the CBD For Life acquisition shortly and can't wait to share some of the exciting plans in store for that business," Ford said in the press release. "Managing growth is our number one focus, and we remain committed to investing prudently in our business to take advantage of this once ever opportunity. We will continue to be opportunistic in our approach to M&A and will maintain a strong focus on reducing our overall cost of capital. We are very excited about 2019 and look forward to continuing to deliver for our shareholders."
iAnthus traded higher by 3.2 percent to $4 per share at time of publication.
iAnthus Capital Holdings Unveils National Retail Brand
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