iAnthus
iAnthus Capital Holdings is a publicly traded, vertically integrated multi-state cannabis operator licensed across nine U.S. states, generating revenue through 26 Florida GrowHealthy dispensaries, retail and cultivation operations in the Northeast and Southwest, and a national CBD wholesale network serving over 2,300 retail locations.
- Company typePublic
- Founded2014
- HeadquartersNew York, United States
- Headcount501–1,000
- GTM typeB2C
- OfferingServices
What iAnthus does
iAnthus Capital Holdings, Inc. is a publicly traded, vertically integrated multi-state cannabis operator (CSE: IAN; OTC: ITHUF) founded in 2014 and headquartered in New York and Toronto. The company controls licensed cultivation, processing, and retail operations across nine U.S. states — Florida, Massachusetts, New York, New Jersey, Maryland, Nevada, Arizona, Vermont, and New Mexico — with the largest indoor grow facility in Florida, a 36,000 sq ft Massachusetts facility, and modular cultivation in New York. Its retail footprint is concentrated in Florida under the GrowHealthy brand (26 dispensaries as of April 2026), with flagship locations in Boston (Mayflower Medicinals) and Brooklyn (Citiva) and additional retail presence through Grassroots Vermont. The brand portfolio spans GrowHealthy, MPX, Anthologie, Black Label, Cheetah, Frübtful, Last Resort, Moodz, Sunshine State, The Vault, Mayflower Medicinals, Citiva, and Grassroots Vermont, distributed through company-owned stores, medical cannabis delivery, and a wholesale CBD network reaching over 2,300 retail locations nationally.
The company makes money through direct retail dispensary sales of cannabis flower, vapes, concentrates, and edibles to medical cannabis patients and, where legal, adult-use consumers, supplemented by wholesale CBD distribution. Pricing is not publicly disclosed and is constrained by state-level medical cannabis regulations. Distribution is omnichannel within the regulatory perimeter: company-owned storefronts, last-mile delivery for patients in underserved geographies, and wholesale CBD into mass retail. The GTM motion is enterprise field sales anchored on vertically integrated retail.
Management is led by CEO Richard Proud and CFO Jason Ware (appointed April 29, 2026, succeeding Justin Vu). The board comprises Scott Cohen, Kenneth W. Gilbert, Michelle Mathews-Spradlin, Richard Proud, and Alexander Shoghi. Capital structure includes a continuing relationship with related-party lenders Gotham Green Partners, Oasis Management, and Senvest Management, whose bridge notes (~$14M originally, ~$8.4M now extended) were most recently extended to June 2027. The company completed a recapitalization transaction in September 2020 and trades at a market capitalization of approximately $25.44M as of April 2026 against FY2025 revenue of $144.0 million.
iAnthus firmographics
Firmographics- Name
- iAnthus
- Legal name
- iAnthus Capital Holdings, Inc.
- Website
- https://ianthus.com
- Company type
- Public
- Founded year
- 2014
- Operating status
- Operating
- Headcount range
- 501–1,000 employees
- Short description
- iAnthus Capital Holdings is a publicly traded, vertically integrated multi-state cannabis operator licensed across nine U.S. states, generating revenue through 26 Florida GrowHealthy dispensaries, retail and cultivation operations in the Northeast and Southwest, and a national CBD wholesale network serving over 2,300 retail locations.
- Ownership category
- akta.pro rank
iAnthus industry classification
Industry- Product category
- Medical Cannabis Operations
- NAICS
- Drugs and Druggists' Sundries Merchant Wholesalers (424210)
- SIC
- Retail-Drug Stores And Proprietary Stores (5912)
- akta.pro primary industry
- Medical Cannabis Dispensaries (CRANAFAB)
- akta.pro secondary industries
- Cannabis Dispensary + Ancillary Retail (Accessories, CBD/Hemp, Merchandise) (CRANAFAH), Cannabis Dispensary + Delivery/Online Pickup (Omnichannel Retail) (CRANAFAG), CBD/Hemp Wellness & Supplements Retail (CRANAHAC)
Keywords
Where iAnthus is headquartered
LocationHeadquarters
- HQ city
- New York
- HQ country
- United States
- HQ region
- North America
Offices8 records
Markets served
iAnthus business model
Business model- GTM type
- B2C
- Offering type
- Services
- Cost components
- Operations, Personnel, Supply Chain, Technology or R&D, Marketing or Sales, Infrastructure
Revenue model
- Cannabis Retail Sales: Revenue from retail dispensary sales of cannabis products including flower, vapes, concentrates, and edibles through company-owned GrowHealthy dispensaries. The company operates 26 dispensaries in Florida with additional retail presence in Massachusetts, New York, New Jersey, Maryland, Nevada, Arizona, and Vermont.
- CBD Product Distribution: Distribution of CBD line products to over 2,300 retail locations nationally
Go-to-market motion1 record
Distribution channels3 records
Marketing channels6 records
iAnthus product offering
Product offeringCore offering
iAnthus Capital Holdings operates as a vertically integrated multi-state cannabis company, conducting cultivation, processing, and retail operations across multiple U.S. states. The company runs the GrowHealthy retail dispensary network (26 locations in Florida as of April 2026) and additional retail and cultivation operations in Massachusetts, New York, New Jersey, Maryland, Nevada, Arizona, and Vermont. It sells proprietary cannabis product brands (including The Vault, MPX, Anthologie, Black Label, Cheetah, Frübtful, Last Resort, Moodz, and Sunshine State) and distributes CBD products to over 2,300 retail locations nationally.
Product overview
iAnthus is a vertically integrated cannabis company operating a multi-state production and retail platform across 9 U.S. states (Massachusetts, New York, New Jersey, Maryland, Florida, Nevada, and Arizona). The company operates through three core integrated functions: cultivation (including the largest indoor grow operation in Florida), processing (production of various cannabis product forms), and retail (GrowHealthy dispensary brand). The company's brand portfolio includes multiple product sub-brands including The Vault, MPX, Sunshine State, Anthologie, Black Label, Cheetah, Frūtful, Last Resort, and Moodz, which are sold through the company's retail dispensary network. The company also operates CBD product lines serving over 2,300 retail locations nationally.
Differentiator
Problem solved
Functional benefit
Brands
- MPX: Cannabis product brand in the company's portfolio
- Anthologie
- Black Label
- Cheetah
- Frūtful
- Last Resort
- Moodz
- Sunshine State
- The Vault
Products and services
- GrowHealthy Retail Dispensaries Vertically integrated retail dispensary brand in Florida offering cannabis flower, vapes, concentrates, and edibles to medical cannabis patients, with 26 storefronts as of April 2026.
- The Vault Curated archive of cannabis strain genetics, offering preserved and reintroduced original cuts to consumers, currently available in New Jersey.
- MPX Premium cannabis product brand included in the company's brand portfolio, available across multiple state markets.
- Sunshine State Premium cannabis product brand from Florida, part of the company's diverse brand portfolio.
- Anthologie Premium cannabis brand in the company's portfolio of cannabis products.
- Black Label Premium cannabis brand in the company's portfolio offering high-quality products.
- Cheetah Premium cannabis brand included in the company's brand portfolio.
- Frübtful Premium cannabis brand in the company's portfolio featuring fruit-flavored cannabis products.
- Last Resort Premium cannabis brand included in the company's diverse brand portfolio.
- Moodz Premium cannabis brand in the company's portfolio offering mood-enhancing cannabis products.
- Cultivation Operations Vertically integrated cannabis cultivation operations including indoor grow facilities, with the largest indoor cultivation facility in Florida, supporting production across multiple state markets.
- Processing Operations Cannabis processing operations including extraction, product manufacturing, and lab space for producing vapes, concentrates, and other cannabis products.
- CBD National Distribution Wholesale CBD product line distributed to over 2,300 retail locations nationally.
Quantifiable outcome
- Revenue of $144 million in FY2025
- +3 more outcomes
Companies that use iAnthus
Customer profileNamed customers2 records
Segments2 records
Ideal customer profiles2 records
iAnthus technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature3 records
iAnthus partnerships and signals
Strategic signalPartnerships
One partnership is on record.
- Green FlowerminorEducational partnership for cannabis workforce training. Green Flower has partnerships with 45 colleges and universities with up to 10,000 students earning certificates. iAnthus has 150 employees currently enrolled in Green Flower training programs.
Scale indicators12 records
Recent moves11 records
Expansion highlights5 records
iAnthus competitors and assessment
Company assessmentDirect peers
- Curaleaf Holdings: Largest U.S. multi-state cannabis operator with cultivation, processing, and retail across dozens of states including Florida. Most directly comparable MSO peer to iAnthus in terms of vertical integration and footprint strategy.
- Trulieve Cannabis: Vertically integrated MSO with the dominant Florida retail footprint. Direct competitor to iAnthus's GrowHealthy operations in the same Florida medical cannabis market.
- Green Thumb Industries: U.S. multi-state cannabis operator with retail, cultivation, and branded products across multiple states. Directly comparable MSO with similar vertical integration model.
- Cresco Labs: Multi-state cannabis operator with branded wholesale and retail across the U.S. Comparable MSO peer with overlapping state footprint in markets like Illinois, Pennsylvania, and Florida.
- Verano Holdings: Vertically integrated MSO operating cultivation, processing, and dispensaries across multiple states. Comparable peer with similar asset-light retail expansion strategy.
- TerrAscend: Multi-state cannabis operator with operations in Pennsylvania, New Jersey, Maryland, Massachusetts, and Michigan. Direct peer operating in several of the same Northeast states as iAnthus.
- Acreage Holdings: U.S. multi-state cannabis operator with cultivation and retail operations across multiple states. Comparable MSO peer, particularly in Northeast markets where both companies have presence.
- Columbia Care (now part of Cresco Labs): Multi-state operator with significant retail and cultivation assets in markets including New York, Massachusetts, and Florida. Direct MSO peer prior to its acquisition by Cresco Labs.
Emerging players
- Ayr Wellness: Multi-state cannabis operator focused on limited-license markets in the Northeast and Florida. Comparable MSO peer with overlapping geographic focus, though smaller scale.
- Planet 13 Holdings: Cannabis operator with flagship superstore in Nevada and multi-state expansion. Comparable peer in cannabis retail, though more concentrated in Nevada than iAnthus.
Market position
Strengths4 records
Weaknesses5 records
Competitive moat4 records
Key risks5 records
Key highlights7 records
Customer concentration
iAnthus social profiles
Digital presenceiAnthus financial estimates
Financial estimateRevenue estimate
Valuation estimate
iAnthus leadership team
Management profileNumber of profiles
Profiles7 records
iAnthus subsidiaries and ownership
Company hierarchySubsidiaries5 records
iAnthus funding detail
Funding detailFunding overview
Funding rounds10 records
Investors4 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
iAnthus M&A and investment
M&A and investmentM&A6 records
Investments2 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about iAnthus
What does iAnthus do?
iAnthus Capital Holdings operates as a vertically integrated multi-state cannabis company, conducting cultivation, processing, and retail operations across multiple U.S. states. The company runs the GrowHealthy retail dispensary network (26 locations in Florida as of April 2026) and additional retail and cultivation operations in Massachusetts, New York, New Jersey, Maryland, Nevada, Arizona, and Vermont. It sells proprietary cannabis product brands (including The Vault, MPX, Anthologie, Black Label, Cheetah, Frübtful, Last Resort, Moodz, and Sunshine State) and distributes CBD products to over 2,300 retail locations nationally.
Is iAnthus a public or private company?
iAnthus is a public company. It is classified as public and is currently operating.
When was iAnthus founded?
iAnthus was founded in 2014. It employs 501 to 1,000 people.
Where is iAnthus based?
iAnthus is headquartered in New York, United States, in the North America region.
How does iAnthus make money?
Two revenue lines are on record. Cannabis Retail Sales are the primary driver. The others are CBD Product Distribution.
Who are iAnthus's main competitors?
Direct peers on record are Curaleaf Holdings, Trulieve Cannabis, Green Thumb Industries, Cresco Labs, Verano Holdings, TerrAscend, Acreage Holdings and Columbia Care (now part of Cresco Labs). Emerging players are Ayr Wellness and Planet 13 Holdings.
Does iAnthus have an API?
No public API is recorded for iAnthus.
What industry is iAnthus in?
iAnthus's product category is Medical Cannabis Operations. Its primary akta.pro industry code is CRANAFAB, Medical Cannabis Dispensaries, with a secondary code of CRANAFAH, Cannabis Dispensary + Ancillary Retail (Accessories, CBD/Hemp, Merchandise). Its NAICS code is 424210 and its SIC code is 5912.