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.
In a blockbuster cannabis deal orchestrated by a Philadelphia law firm, high-flying marijuana retailer MedMen is acquiring grower-and-dispensary operator PharmaCann in an all-stock transaction valued at $682 million.
"We believe this is the largest acquisition merger ever in the legalized cannabis industry," said Joshua Horn, a partner at Philadelphia's Fox Rothschild LLP.
A number of multistate operators are vying for the coveted six additional medical marijuana licenses in New Jersey’s rapidly growing MMJ industry, underscoring the increasing attraction of the Garden State market.
The New Jersey Department of Health has made the list of applicants available but said no further information would be released until the licenses are awarded Nov. 1. The state received 146 applications from 106 groups.