Of the 12 licensed medical marijuana treatment centers in Florida that can dispense medical marijuana to registered patients, Grow Healthy started off with the largest facility. Impressed with Grown Healthy’s management and growth, iAnthus Capital Holdings, Inc., has provided them with a $2 million loan to expand on their production.
The Florida medical marijuana program is still in its infancy and the state has until October 3rd to finalize rules. There is some skepticism that we (Florida) will meet that deadline as new applications have recently been introduced for future cultivators, many cities and counties are banning outlets and the state is involved in a lawsuit over banning the smoking of medical marijuana.
If you are interested in finding out what is involved in trying to get your Florida medical marijuana card, we have a comprehensive brochure on the topic, please click here. Once a patient has been certified by a qualified Florida marijuana physician and has been registered with the state, they can then go to a medical marijuana treatment centers like Grow Healthy to purchase medical marijuana. Orders can be placed online and delivered to your door.
iAnthus Capital Holdings, Inc. (“iAnthus” or “the Company”), which owns, operates, and partners with licensed cannabis operations throughout the United States, announces that it has entered into an agreement to provide a US$2 million credit facility (the “Loan Facility”) to GrowHealthy Holdings, LLC and its affiliated Florida entities (collectively, “GrowHealthy”). GrowHealthy’s subsidiary, McCrory’s Sunny Hill Nursery, LLC, is one of the twelve (12) current Florida Medical Marijuana Treatment Centers (“MMTCs”) licensed to provide medical cannabis under Florida’s medical marijuana law, originally enacted in 2014 and expanded through legislation passed by the Florida Legislature in June 2017 and signed by the Governor (the “Act”), which followed the approval by more than 71% of the state’s voters of a medical marijuana amendment to Florida’s Constitution in November 2016 (“Amendment 2”).
GrowHealthy owns a cultivation and processing facility comprised of almost 200,000 square-feet on 33 acres in Lake Wales, Florida, which at the time of licensure was the largest cultivation facility in the state. Pursuant to the Act, each MMTC is permitted to immediately open and operate up to twenty-five (25) dispensaries, which number will be increased with every 100,000 patients that are added to the state medical marijuana registry. GrowHealthy is currently negotiating lease agreements for its initial proposed dispensaries in the Tampa and West Palm Beach areas, and is expected to deliver to its first patients in November 2017.
In addition to the Loan Facility, iAnthus announces that it is in exclusive negotiations with GrowHealthy regarding a further strategic relationship between the parties. The Loan Facility provides for an exclusive dealings period that will run until at least December 31, 2017 and may be further extended by the parties.
We are extremely impressed with GrowHealthy’s management team and the company’s cultivation operations, and we believe that GrowHealthy has the ability to become the preeminent provider of medical cannabis in one of the nation’s most populous states.
With more than 20 million residents and favorable demographics, Florida provides enormous potential for its licensed medical cannabis providers, and we look forward to working with GrowHealthy as it establishes itself as one of the leaders in this large and fast-growing market.
The new Florida full-strength medical marijuana program currently comprises more than 1,000 ordering physicians, with more than 36,000 patients currently registered with the state. The program has been adding patients at a rate of more than 220 per day. In the three months since the Act was passed, Florida’s medical cannabis program patient count is up 87%, having added approximately 17,000 patients during that period.
The new Florida program is still in its infancy, with only 17 dispensaries opened across the state so far. In addition to the allowable 25 dispensaries per MMTC, the Act also allows for delivery by each MMTC to medical marijuana patients.
GrowHealthy has built a state of the art cultivation facility providing the capacity to become one of the largest producers in Florida, and has already cultivated significant inventory.
This credit facility from iAnthus allows GrowHealthy to ramp up its product manufacturing capabilities and accelerate its dispensary build-out, to more quickly provide for the needs of Florida’s medical marijuana patients.