iAnthus Capital Holdings, Inc. (CSE: IAN) (OTCQB: ITHUF) is buying Illinois vape brand, Cheetah in an all-stock deal valued at $1.5 million. In addition to the stock payments, the deal includes non-material cash payments in four installments if the company hits certain performance benchmarks, payable in cash at various intervals until April 1, 2028.
iAnthus said the acquisition would expand its presence in the Illinois & Pennsylvania cannabis markets – with further expansion planned throughout 2025. Buying Cheetah is expected to improve iAnthus’ revenue growth and also allow Cheetah to increase its market share.
“We are building a platform where bold brands can thrive, and Cheetah fits that mold perfectly,” said Richard Proud, CEO of iAnthus. “Cheetah’s innovative approach to the vape market mirrors the agility, precision, and speed with which we’re building iAnthus. This Acquisition gives us the momentum to win with consumers, expand into new markets, and bring top-industry talent into our organization.”
Cheetah is known for its Iive resin vapes that tend to be on the expensive side. It’s a brand that buys other cultivator strains. The company is also known for sending a portion of its proceeds to the Cheetah Conservation Fund.
Michael Piermont, Co-Founder and CEO of Cheetah, will join iAnthus as Chief Commercial Officer. Piermont used to be the CRO of Leaf Trade, which LeafLink successfully acquired in November 2024.
Piermont said, “From day one, Cheetah’s mission has been about being fearless, fast, and innovative to our consumers – qualities that clearly align with iAnthus’ vision for the future of cannabis. We’re thrilled to join forces with a team that recognizes the power of brand authenticity, the impact of thinking outside the box, and the importance of staying ahead of the curve in this industry.”
iAnthus continues to work its way back to a solid financial footing as it said last year that it was selling assets after reporting that its revenue fell 6.3% sequentially to $40.3 million in the third quarter and dropped 6.1% from the same quarter in the prior year. Green Market Report wrote in November that the company continues to operate as a going concern. At the end of the quarter, it had unrestricted cash of $19.9 million, an accumulated deficit of $1.3 billion and a working capital deficit of $31.4 million. The company said it may need to raise additional capital, however, it also stated that it faces restrictions on increasing its debt.
[[{“value”:”Cheetah is known for its expensive live-resin vapes.
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