iAnthus Completes Full Acquisition of Pilgrim Rock, Provides Update on its Massachusetts Operations
NEW YORK and TORONTO, April 17, 2018 (GLOBE NEWSWIRE) — iAnthus Capital Holdings, Inc. (“iAnthus” or “the Company”), (CSE:IAN) (OTCQB:ITHUF), which owns, operates, and partners with licensed cannabis operations throughout the United States, announced today the completion of its acquisition of the remaining 20% of Pilgrim Rock Management, LLC (“Pilgrim Rock”), the affiliated management and services company that provides intellectual property licensing, professional and management services, real estate and equipment leasing, and certain other services to Mayflower Medicinals, Inc. (“Mayflower”). Mayflower, a non-profit Massachusetts corporation affiliated with Pilgrim Rock, has received two provisional licenses to operate Registered Marijuana Dispensaries (“RMDs”) in Massachusetts, with a third RMD application pending before the Massachusetts Department of Public Health (“DPH”). Following the acquisition, iAnthus now owns 100% of Pilgrim Rock.
To effectuate the acquisition, VSH PR, Inc. (the “Seller”) was merged into iAnthus’ wholly-owned subsidiary, iAnthus Capital Management, LLC. The Company thereby acquired the Seller’s 200,000 Class A-2 units of Pilgrim Rock in return for 1,655,734 common shares of