In October 2018, iAnthus and MPX Bioceuticals announced an agreement to merge. The all-share transaction was the first of its kind, valued at C$835 million, making it the largest public cannabis transaction to date in the U.S. The transaction closed in February 2019.
The combined created an entity with a significantly expanded footprint, with operations in 11 states, spanning both the east and west coasts, with a total addressable customer population of 121 million people and an over $10 billion 2019 market size. With this transformational expansion, iAnthus now has licenses to operate 68 retail locations and over 500,000 square feet of cultivation and processing space across the U.S.
iAnthus Capital Holdings, Inc. owns and operates best-in-class licensed cannabis cultivation, processing and dispensary facilities throughout the United States, providing investors diversified exposure to the U.S. regulated cannabis industry. Founded by entrepreneurs with decades of experience in operations, investment banking, corporate finance, law and healthcare services, iAnthus provides a unique combination of capital and hands-on operating and management expertise. The Company uses these skills to support operations across eleven states.
We are building significant competitive advantage through best-in-class operations, including development of the largest indoor grow operation in Florida. And across our businesses, we are combining scale with standardized systems and detailed performance metrics to deliver more efficient operations. The result will be higher quality and lower cost products delivered to our patients.
The size of the United States cannabis market is currently estimated at $55 billion per year. As the shift from the black market to legally regulated markets occurs, it is creating one of the fastest growing industries in the U.S. Given the growing number of states moving towards marijuana legalization and the already proven cannabis demand curve, iAnthus, with an estimated addressable market in excess of 121 million people, is well positioned to capitalize on this shift.
iAnthus has assembled a significant footprint of cannabis operations and investments across 11 U.S. states. Our investments in Massachusetts, New York, New Jersey, Maryland, Florida, Nevada, and Arizona all exist in markets with large populations, strong growth characteristics and limited licenses.
Each state has its own unique regulatory environment, with its own indications, ingestion methods, and license opportunities, as well as their own unique growth prospects and risks.
By being diversified across multiple states, iAnthus reduces the overall risk that comes with being exposed to just one state, while enhancing their overall exposure to the growth of the U.S. market. This creates a better risk profile. As the cannabis industry moves towards national legalization, the large regional and national footprint will provide iAnthus with a significant advantage for branding, cost sharing, and other operational efficiencies.
iAnthus prides itself on being a first mover within the cannabis space, having achieved several significant "firsts" within the industry. The company was the first multi-state operator in the U.S. to go public and raise money in Canada - a feat many thought too tough to tackle and now widely copied.
While most Canadian publicly traded cannabis stocks fought over Canada's population of 36 million people, iAnthus became the first company to give Canadian investors access to the significantly larger U.S. cannabis market. Later, following the publication of updated guidelines from the Canadian Securities Administrators ("CSA"), iAnthus became the first company to have a short form prospectus approved by the CSA.
Our proven leadership team provides iAnthus with a significant long-term advantage its over competition -- the ability to manage top-flight operations across multiple states. Expertise ranges from Hadley Ford's building out of $100 million cancer centers in four states, Beth Stavola, a leading cannabis entrepreneur, building successful businesses in multiple states, Randy Maslow leading a nationwide footprint for XO Communications, and Pat Tiernan expanding Stone Brewing Company’s operations and distribution nationally and then to 34 countries. The team brings that same approach to the cannabis industry.
Computershare Investor Services Inc.