10:28 AM EST, 02/07/2025 (MT Newswires) -- iAnthus Capital Holdings ( ITHUF ) , which owns, operates and partners with regulated cannabis operations across the United States, on Friday said certain units of the company entered into purchase agreements with an Arizona cannabis operator, Pitchfork Enterprises, to sell three dispensaries and two processing/cultivation facilities in Arizona for about US$36.5 million.

This strategic transaction is part of the company's ongoing efforts to "optimize its portfolio, strengthen its balance sheet, and focus on key markets with the greatest growth potential". The deal will allow iAnthus to redirect resources to its growth initiatives in Florida, Maryland, New Jersey, Massachusetts and New York while maintaining a retail presence in Arizona.

iAnthus will sell and Pitchfork Enterprises will buy, substantially all of the assets related to or used in connection with the facilities, including but not limited to all cannabis licenses associated with such businesses and related real property, together with certain assumed liabilities related to the assets. The purchase price will consist of about US$20 million of cash payable at closing, and a secured promissory note to be issued by Sonoran Roots of US$16.5 million.

The company intends to use proceeds, net of related fees, costs and expenses for working capital and general corporate purposes, and the repayment of a portion of the company's various secured debt obligations. The deal is expected to close in the first quarter.