iAnthus Capital Holdings Inc (OTCMKTS:ITHUF) says it has made major inroads in the Massachusetts adult-use market. It thanks the state for giving it the approval it had been seeking for quite some time.
The next move
With this approval, its subsidiary known as Mayflower Medicinals will start setting up its first adult-use retail dispensary. The facility is being set up in Worcester which is a city with about 923,000 people. It is also in second place in terms of size in the cities found here.
The business guru is in continuing talks with the Massachusetts Cannabis Control Commission (“CCC”). It seeks to obtain the final approval from the state which is necessary for it to commence its business operations. In the meantime, it is directing a great deal of its focus to construction activities.
Once it completes the construction and attains the approval, it will start its operations right away. The designing of this company’s new facility according to sources is such that it conforms to its retail concept. If things go according to plan, the business guru intends to set up two more adult-use dispensaries in Massachusetts. Just like any other deal, this one will also be subject to regulatory approval.
This company has a 36,000 sq. ft. marijuana cultivation facility in Holliston and it has been running since 2018. It has been conducting operations using a medical-only license.
The current state of affairs and focus into the future
Massachusetts has witnessed the various changes that have pulled along with the legalization. The adult-use cannabis retailers have generated high revenues and reports indicate that Massachusetts has fetched about $400 million. This figure represents its gross sales.
The business giant says that it wants to focus on the production of high quality and safe products to customers. According to it, consumers seek to pay for value and it is only right to serve them with well-curated products. It also wants to channel efforts towards improving product availability and access as well.
This company has also provided important details about its Annual General & Special Meeting of Shareholders. This was conducted on Thursday, December 5, 2019. In this meeting, the company said that it would require the shareholders to give their approval in the election of directors.