iAnthus Capital Holdings Inc., which owns, operates and partners with regulated cannabis operations across the United States, has entered into an asset purchase agreement with Cheetah Enterprises Inc.
New York City-based iAnthus said it agreed to acquire the Illinois-based Cheetah vape brand for $1.5 million on Dec. 30.
As part of the acquisition, Michael Piermont, co-founder and CEO of Cheetah, will join iAnthus as chief commercial officer.
“We are building a platform where bold brands can thrive, and Cheetah fits that mold perfectly," said Richard Proud, CEO of iAnthus. “Cheetah's innovative approach to the vape market mirrors the agility, precision, and speed with which we're building iAnthus. This acquisition gives us the momentum to win with consumers, expand into new markets and bring top-industry talent into our organization.”
Pursuant to the purchase agreement, iAnthus said it will acquire substantially all the assets of Cheetah Enterprises Inc. that relate to and are used in connection with the Cheetah’s cannabis wholesale business. This includes the manufacture, marketing and sale of cannabis distillate vaporizer products in the states of Illinois and Pennsylvania under the Cheetah brand.
“We're thrilled to join forces with a team that recognizes the power of brand authenticity, the impact of thinking outside the box and the importance of staying ahead of the curve in this industry,” Piermont said in announcing the acquisition.
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