Article by TG Branfalt Jr., Ganjapreneur
Cannabis industry investment firm iAnthus Capital Holdings has purchased Denver, Colorado-based Organix LLC in a $4.375 million deal that will see iAnthus take over Organix’s brands, intellectual property and all real estate holdings of Organix’s affiliate DB Land Holdings, Inc., the company announced in a press release.
Organix owns a medical and adult-use operation in Breckenridge, along with a 12,000 square-foot cultivation facility in Denver. The deal does not include any cannabis, or any licenses to manufacture or sell. However, Bellflower, a newly formed Colorado limited liability company in which iAnthus holds no ownership stake, has agreed to purchase the inventory and licenses for $300,000. The Bellflower deal requires the approval from the Colorado Enforcement Division.
Once the Bellflower deal closes, iAnthus will provide the company with professional services, such as real estate and financing, through two newly created, wholly-owned subsidiaries Scarlet Globemallow, LLC, and Bergamot Properties, LLC.
“With the closing last month of our successful financing of [$16.2 million] in gross proceeds, iAnthus has the financial resources to diversify its footprint across the U.S.” Hadley Ford, iAnthus CEO said in the release. “This acquisition is the first deployment of capital from our recent financing and helps set the stage for our growth strategy in Colorado.”
Organix held approximately 40 percent of Breckenridge’s market share this year, with $4.4 million in estimated gross retail sales. They are the only Brecknridge outlet which holds both a medical and recreational license.