Canadian firm iAnthus makes $17.3M bid for spot in New York medical marijuana industry

A publicly traded Canadian firm that–has hopscotched across America making deals for cannabis companies now plans to acquire a firm poised to become one of New York’s 10 medical marijuana licensees.

Toronto-based iAnthus Capital Holdings Inc. (CSE: IAN) signed a letter of intent to buy Valley Agriceuticals LLC for $17.3 million in a mostly stock transaction, iAnthus announced Monday morning. Under the terms of the agreement, iAnthus will pay $2.3 million in cash and $15 million in common shares of its common stock, priced at $2 per share.

Related: iAnthus buys Colorado’s Organix LLC for nearly $4.4 million

Upon closing the deal, iAnthus will have operations in five states: Colorado, Massachusetts, New Mexico, New York and Vermont.

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