iAnthus Capital Holdings of New York, (CSE IAN)(OTCQB ITHUF), reported a loss net of $7.6million for 2024. This is a huge improvement from last year when it lost $76.6million.
iAnthus’ revenue was $167.6 Million for the entire year. This is an increase of $5.2% from last year. This included $42.7 in just the fourth quarter, a rise both year over year and sequentially.
Although the final year’s tally was in the red for the company, it reported a net income of 27.8 Million dollars during the fourth quarter. It’s a significant improvement over the $18.7m net loss in 2016. This suggests iAnthus is poised to change its fortunes.
In its filings with the U.S. Securities and Exchange Commission, the company stated that it plans to expand in several states with a particular focus on Florida and New York.
iAnthus will have 40 dispensaries in Arizona, Florida Illinois Maryland Massachusetts Nevada New Jersey New York by the year 2024. However, it said that they plan to expand their retail presence only in two of these states. The company plans to increase its processing and cultivation capabilities across several markets.
The company stated that they could harvest 35,000 pounds annually from their existing space. They believe we can harvest 144,000 pounds annually with all the projected space.
iAnthus said it is always on the lookout for potential acquisitions and licensing targets. In January, iAnthus acquired Illinois cannabis vape brands Cheetah and Arizona Properties for $36.5 Million in a deal that was all stock.
As of the end of 2016, iAnthus total assets included $271 million, $18.5 millions in cash and $336.5 million total liabilities.