iAnthus

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.

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

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

• Medical cannabis
• Cannabis cultivation
• Cannabis retail
• Vertically integrated cannabis
• CBD distribution

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices8 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Operations, Personnel, Supply Chain, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. 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.
2. 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

Core 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

Named customers2 records

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

One partnership is on record.

• Green FlowerminorStrategic or Co-development Partner · 30 March 2026Educational 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

Direct 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

• Xx.com/ianthuscapital
• Facebookfacebook.com/ianthus-capital-management-1097273053656742
• LinkedInlinkedin.com/company/ianthus-capital-management

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Subsidiaries5 records

Funding overview

Funding rounds10 records

Investors4 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A6 records

Investments2 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about iAnthus