Report
Nikolaas Faes

IANTHUS | Blossom in the USA | BUY - initiation of coverage | CAD14.2

As one of the largest quoted US cannabis companies, iAnthus is one of the main beneficiaries of the rapidly growing legal US cannabis market. In 2017, legal cannabis sales in the US were an estimated USD8.5bn out of a total estimated market of USD54.3bn. Not only is legalisation gaining momentum, iAnthus’ retail and cultivation footprints are rapidly expanding across the United States. We initiate the company with a Buy recommendation and a Fair Value of CAD14.2 per share, double the current share price of CAD7.1.
Underlying
IANTHUS CAPITAL HLDGS

iAnthus Capital Holdings is principally engaged in the delivery of solutions for financing, developing and managing state-licensed cannabis cultivators and dispensaries throughout the United States. Through its subsidiaies, Co. provides financing and related management and advisory services to state-licensed operators engaged in the cultivation, manufacturing and dispensing of cannabis throughout the United States, where medical and/or adult use cannabis is legal. Co. operates through the following two geographical segments: Canada and the United States of America.

Provider
Bryan Garnier
Bryan Garnier

Since 1996, Bryan, Garnier & Co has been growing with an absolute conviction that the investment banking landscape would experience a major revolution: most of the large local generalist banking groups will disappear to the benefit of a handful of global powerhouses, and an emerging group of independent, highly specialised boutique investment banks.

Analysts
Nikolaas Faes

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