In June, Vermont's Governor, Phil Scott signed S.16 into law. The bill adds post-traumatic stress disorder (PTSD), Parkinson’s disease, and Crohn’s disease to the list of qualifying conditions, authorizes an additional dispensary (bringing the state total to five) and allows existing dispensaries to open one more location each. Once more than 7,000 patients have registered for the program the state will authorize another dispensary.
Today, iAnthus Capital (CSE:IAN)(OTC:IATHF) put out a release weighing in on this legislation and its impact on their business and that of their non-profit partner in Vermont, Grassroots Vermont.
About Grassroots Vermont & iAnthus Capital
iAnthus Capital is the sole provider of financing and management services to Grassroots Vermont. As of the end of June, iAnthus has lent Grassroots $775,000 in the form of a credit facility.
Grassroots is one of the four (to be five under the new law) non-profits authorized to supply cannabis to Vermont's patients. Grassroots currently operates one dispensary location in Brandon, VT.
They are currently upgrading their cultivation facility which is also located in Brandon. The improvements are expected to be completed in the third quarter and help increase yields and improve quality. The bill also allows existing license holders to convert to for profit entities, an option that Grassroots and iAnthus are exploring together.
Grassroots' Executive Director, Alex Ford
"We support the efforts made by the state to make the medical cannabis program more accessible to Vermont's qualified patients. We look forward to securing our second dispensary location so that we can provide more patients with the highest quality, affordable medical cannabis."
iAnthus Capital's President, Randy Maslow
"While it is impossible to be certain that the state will revisit legalization of cannabis for adult use (a bill for recreational use passed the Senate and House, but was vetoed by the Governor this year) in the 2018 legislative session, Governor Scott has certainly expressed his willingness to work with lawmakers on this initiative, and I believe we are likely to see another adult use bill proposed in the next legislative session."
In midday trading Monday, shares of iAnthus Capital are down nearly 1% on the CSE. The company's OTC Markets symbol is roughly flat on light trading volume. Year-to-date, iAnthus is up roughly 35%.
To learn more about iAnthus Capital check out the company's stock profile in The Daily Marijuana Observer's marijuana stock database.
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