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iAnthus Capital poised to start growing at state-of-the-art Holliston facility in Massachusetts

Last updated: 20:43 02 Jan 2018 GMT, First published: 09:22 02 Jan 2018 GMT

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Mayflower already has cannabis clones, which are expected to be planted over the next two weeks, iAnthus said

iAnthus Capital Holdings Inc (CNSX:IAN) is poised to start growing cannabis imminently at its Holliston facility in Massachusetts  after it received the go-ahead from the relevant regulators.

Its affiliate Mayflower Medicinals Inc received the final certificate of registration (FCR) and certificate of occupancy (CO) on December 28, last year, it revealed.

iAnthus has also completed the acquisition of 80% of Pilgrim Rock Management, which will provide IP licensing, management services, real estate and equipment leasing, and certain other services to Mayflower with effect from yesterday (January 1). It also has struck a deal to potentially buy the remaining 20%.

READ - iAnthus Capital Holdings says it has expanded market presence and improved operations

iAnthus reckons the Holliston state- of-the-art facility is one of the most advanced in the United States.

It is 36,000 sq ft with nine grow rooms and has sophisticated automated systems including lighting, fertigation and environmental controls, which reduces labor and operating costs.

Mayflower already has cannabis clones, which are expected to be planted over the next two weeks with initial finished product expected to be ready for market in June this year.

"iAnthus expects Mayflower's cultivation and production facility to be capable of producing approximately 500 pounds of dried cannabis per month," it said, adding it was already in discussions with cultivators to acquire wholesale product to allow it begin medical cannabis sales before the  first expected  harvest in June.

In addition to beginning medical cannabis sales, the company expects adult cannabis use sales to begin in Massachusetts in the third quarter of 2018. Massachusetts passed legislation in 2017 to implement adult use of marijuana.

READ - iAnthus Capital and a US$7bn legal US cannabis market

The construction of Mayflower's first retail dispensary in Boston, is nearing completion and is slated to be ready for operations in the second quarter of 2018.

At the time of its opening, the dispensary is expected to be one of only two operating within Boston city limits. iAnthus expects to announce its second dispensary location, which has already been granted a provisional license, during the first quarter, and is currently evaluating and negotiating locations for its expected third dispensary.

Shares in Toronto added 16.80% to C$2.92 each.

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