iAnthus Capital Holdings, Inc. (“iAnthus” or the “Company”) (CSE: IAN,OTCQX: ITHUF), which owns, operates, and partners with best-in-class regulated cannabis operations across the United States, is pleased to announce the recent opening of its new dispensary in Phoenix, Arizona. This dispensary, currently operating under “The Holistic Center” brand, has replaced a prior location in Phoenix.
The new location, 21035 North Cave Creek Road, Suite C 3-4, is 2,000 square feet and has 13 points of sale, double the number of the prior location. The newly renovated, fresh, modern facility features an open layout that allows for a larger brand and product selection, better customer experience and shorter wait times. The new store has been designed in conjunction with the overall Be. store rebranding concept and will be converted to a Be. store with the other Arizona stores in early 2020. Store events and specials can be found at http://theholisticcenter.org/.
The Holistic Center is one of four retail dispensaries iAnthus acquired in Arizona through the MPX acquisition which closed in February 2019. The remaining three operate under the “Health for Life” brand. In aggregate, iAnthus has about 5% market share in the state, including its wholesale business. In addition to the increased retail capacity at Cave Creek, the Company added delivery service throughout the North Phoenix and East Mesa areas.
MPX concentrates are the category leader in the state and are carried in 54% of the state-licensed dispensaries. Leveraging the strength of the MPX brand, the company recently launched several new products including Black Label concentrates and MPX + Grow Sciences Full Spectrum Live Resin Cartridges.
Arizona has one of the most robust medical marijuana markets in the country. Since the program began in 2012, the total registered patient count has grown to over 215,000 as of October 2019 or 3% of the population. State-wide revenue is expected to reach $700 million in 2019, up ~21% from 2018. The “Smart and Safe Arizona Act” is a 2020 ballot initiative underway in Arizona, which, if it passes, would legalize adult-use (21+) in the state. In 2016, Proposition 205 failed by a narrow margin (48.2% to 51.8%) due, in part, to competing for pro-legalization factions failing to come together to support one initiative. The Smart and Safe Act is viewed as likely to pass given the strong, bi-partisan support state-wide for legalization.