Multistate marijuana firm iAnthus Capital agreed to acquire the U.S. assets of Toronto-based cannabis company MPX Bioceutical Corp. in an all-stock deal valued at 835 million Canadian dollars ($640 million), the second mega-acquisition in the American MJ industry in less than a week.
The acquisition positions New York-based iAnthus as one the largest U.S. cannabis operators and expands the firm’s footprint to 10 states, nearly doubling its reach.
The transaction also marks the first public-to-public acquisition in the U.S. cannabis industry, according to a news release.
The mega-deal comes on the heels of last week’s announcement that MedMen Enterprises had agreed to acquire multistate medical marijuana company PharmaCann in an all-stock transaction valued at $682 million.
The deals are reflective of a ramp up in merger and acquisition activity in the U.S. cannabis market that could shake out and leave just “eight to 10 major national players,” iAnthus CEO Hadley Ford said.
