iAnthus Capital Holdings

iAnthus uses a dual-entity structure in which a Canadian-listed public vehicle holds a 100% interest in iAnthus Capital Management, LLC, a US subsidiary that directly owns and operates licensed cannabis businesses across multiple states. This architecture was designed to give US cannabis operators access to public capital markets while insulating the Canadian parent from direct involvement in plant-touching activities that remain federally illegal in the United States. iAnthus was the first multi-state operator to successfully execute this cross-border model.

iAnthus operates vertically integrated cannabis businesses across eleven states, with named exposures in New York, New Jersey, Massachusetts, Florida, Maryland, Arizona, and Nevada. The firm combines cultivation facilities — including a half-a-million-square-foot buildout in Lake Wales, Florida — with processing labs, branded product lines such as MPX and Cheetah, wholesale distribution to over 2,300 retail locations, and company-owned dispensaries in cities including Boston, Brooklyn, and Miami.

Richard Proud serves as CEO, appointed in July 2023. He previously held the role of Executive Vice President of Revenue at Curaleaf, another large multi-state cannabis operator. CFO Jason Ware was formerly VP of Investor Relations and FP&A at Genesco. Chief Commercial Officer Michael Piermont co-founded the Cheetah vape brand, which iAnthus acquired in December 2024.

In December 2024, iAnthus acquired Cheetah, a cannabis vape brand co-founded in 2023 by Michael Piermont, who subsequently became iAnthus's Chief Commercial Officer. The acquisition integrates a direct-to-consumer vape brand into iAnthus's existing branded portfolio alongside its flagship MPX extracts line.

Yes. iAnthus operates company-owned dispensaries under its retail arm across multiple states — with named locations in Boston, Brooklyn, and Miami noted in firm materials. The firm also sells through wholesale channels, with its CBD line reaching over 2,300 retail locations nationally.