Toronto, Canada

Time filter

Source Type

News Article | May 10, 2017
Site: www.businesswire.com

舊金山--(BUSINESS WIRE)--(美國商業資訊)--2017年4月30日, Morrison Street Debt Opportunities Fund, L.P.(簡稱“MSDO”)施行基金的最終交割,完成籌集2億美元資本承諾金的目標。MSDO提供小額差額夾層資本,投資差額通常為200-1,000萬美元,對象為全國百大MSA領域橫跨多種地產型態的房地產市場參與者。MSDO的投資方式通常為夾層債務、B-note或優先股,並量身打造以滿足不同情況下的具體需求。 Morrison Street Capital, LLC(簡稱“Morrison Street”)成立MSDO以利用當前債務資本市場的機會,以及其在中型市場房地產領域的債務和權益投資者的經驗。MSDO專注於穩定地產,涉及主要市場的次級資產或次級市場的主要資產,並提供長期夾層資本,以便為融資缺口差額打造客製化的解決方案。與其他眾多房地產債務資本提供商不同的是,MSDO不使用基金層面的槓桿。 MSDO吸納來自於現有和新投資者的資金。基金的投資者包括退休金、捐贈基金、基金會、家族理財室和註冊投資顧問,美國和歐洲投資者均對


News Article | May 10, 2017
Site: www.businesswire.com

旧金山--(BUSINESS WIRE)--(美国商业资讯)--2017年4月30日, Morrison Street Debt Opportunities Fund, L.P.(简称“MSDO”)实施了基金的最终交割,筹集了2亿美元的资本承诺金,完成了其目标。MSDO提供小额差额夹层债务资本,投资差额通常为200-1,000万美元,对象为全国百强MSA领域横跨多种地产门类的房地产市场参与者。MSDO的投资方式通常为夹层债务、B-note或优先股,并通过定制化的方式满足不同情景下的具体需求。 Morrison Street Capital, LLC(简称“Morrison Street”)成立了MSDO,以利用当前债务资本市场的机遇,以及其作为中间市场房地产领域债务和权益投资者的经验。MSDO专注于稳定地产,涉及主要市场的二级资产或二级市场的主要资产,并提供长期的夹层债务资本,以便为融资缺口差额打造定制化的解决方案。与其他众多房地产债务资本提供商不同的是,MSDO并不会使用基金层面的杠杆。 MSDO吸纳来自于现有和新投资者的资金。基金的投资者包括养老金、捐赠基金、基金会、家族理财室和


Madison Street Capital Arranges Line of Credit for Maintenance Systems Management, Inc. Chicago, IL, May 23, 2017 --( “It was a real pleasure working with Rick Davis of MSM. This facility allows MSM to take advantage of growth opportunities in their marketplace and we are glad we were able to help make it happen,” said Charles Botchway. “Madison Street Capital, under the direction of Charles Botchway, provided my company with the capitalization help I needed and requested. They were able to facilitate my needs by offering a timely solution as well as providing me with advice to strengthen my company’s financial future. I look forward to working with Madison Street Capital again in the future,” added Rick Davis. About Maintenance Systems Management, Inc. Maintenance Systems Management is one of the Bay Area’s leading providers of contract custodial, janitorial and maintenance services. Founded in 1990 and headquartered in San Francisco, CA, Maintenance Systems Management has a strong regional presence and is setting new standards in the maintenance services and commercial cleaning industry. For additional information visit www. About Sterling Commercial Credit Sterling Commercial Credit is a family owned and operated financial service provider specializing in short term commercial lending. At Sterling our mission is to engineer creative working capital solutions for growth minded Entrepreneurs,’ which allows them to follow their dream with an industry leading, transparent commercial lending partner. Please visit our website at About Madison Street Capital Madison Street Capital is an international investment banking firm committed to integrity, excellence, leadership and service in delivering corporate financial advisory services, merger and acquisition expertise, financial opinions, and valuation services to publicly and privately held businesses. These services position our clients to succeed in the global marketplace. In undertaking each new project, the client’s goals and objectives become ours, ranging from financial advisory and successful capital raises to M&A transactions to transfers of ownership. Madison Street Capital views emerging markets as the core component driving the global growth of our clients, and will continue to focus significant assets on these markets. Our firm has earned the trust of clients around the world through our unwavering dedication to the highest levels of professional standards. For additional information, please visit our website at Chicago, IL, May 23, 2017 --( PR.com )-- International investment banking firm Madison Street Capital (MSC) acted as the exclusive financial advisor in arranging a line of credit for its client, Maintenance Systems Management, Inc. (MSM). The facility was provided by Sterling Commercial Credit. The transaction was announced today by Madison Street Capital CEO, Charles Botchway. Terms of the deal were not disclosed.“It was a real pleasure working with Rick Davis of MSM. This facility allows MSM to take advantage of growth opportunities in their marketplace and we are glad we were able to help make it happen,” said Charles Botchway.“Madison Street Capital, under the direction of Charles Botchway, provided my company with the capitalization help I needed and requested. They were able to facilitate my needs by offering a timely solution as well as providing me with advice to strengthen my company’s financial future. I look forward to working with Madison Street Capital again in the future,” added Rick Davis.About Maintenance Systems Management, Inc.Maintenance Systems Management is one of the Bay Area’s leading providers of contract custodial, janitorial and maintenance services. Founded in 1990 and headquartered in San Francisco, CA, Maintenance Systems Management has a strong regional presence and is setting new standards in the maintenance services and commercial cleaning industry. For additional information visit www. msm-inc.com About Sterling Commercial CreditSterling Commercial Credit is a family owned and operated financial service provider specializing in short term commercial lending. At Sterling our mission is to engineer creative working capital solutions for growth minded Entrepreneurs,’ which allows them to follow their dream with an industry leading, transparent commercial lending partner. Please visit our website at www.sterlingcommercialcredit.com About Madison Street CapitalMadison Street Capital is an international investment banking firm committed to integrity, excellence, leadership and service in delivering corporate financial advisory services, merger and acquisition expertise, financial opinions, and valuation services to publicly and privately held businesses. These services position our clients to succeed in the global marketplace. In undertaking each new project, the client’s goals and objectives become ours, ranging from financial advisory and successful capital raises to M&A transactions to transfers of ownership. Madison Street Capital views emerging markets as the core component driving the global growth of our clients, and will continue to focus significant assets on these markets. Our firm has earned the trust of clients around the world through our unwavering dedication to the highest levels of professional standards. For additional information, please visit our website at www.madisonstreetcapital.com


Sunnyvale, CA, May 24, 2017 (GLOBE NEWSWIRE) -- SmithGroupJJR has been commissioned by Spear Street Capital to design a new 145,500-square foot, three-story, Class A speculative office building at 221 N. Mathilda Avenue in Sunnyvale, California. The development will be constructed on a 4.3 acre greenfield site at the northwest corner of the intersection of Mathilda Avenue and West California Avenue, in close proximity to the Sunnyvale station of Caltrain, the San Francisco Peninsula commuter rail service. According to SmithGroupJJR lead designer David King, the building’s most significant design feature is the striking, custom 2,000-square-foot, laminated glass artwork that will span the building’s east façade.  Commissioned from artist Stephen Galloway, known for his large-scale public works, the artwork reflects the site’s history as an orchard. Inside, the unique design continues with floor-to-floor windows and industrial elements that offer an open, modern warehouse feel. SmithGroupJJR designed the facility to have a strong visual connection to the surrounding community. It is one of the first new buildings to comply with the Peery Park Specific Plan, which calls for updated design and planning standards for redevelopment encouraging Class A office and density. “We wanted to acknowledge Sunnyvale’s rich history by maintaining a large amount of open space on the site while simultaneously representing its dynamic future,” said Juhee Cho, Workplace Studio Leader at SmithGroupJJR’s San Francisco office. The office building will feature large floorplates up to 49,500-square-feet, a multi-level parking garage and ample outdoor amenities, such as a prominent deck and a private courtyard with an outdoor kitchen. Additional amenities include a third-level patio, bike repair and storage, lockers and showers, and public open space. The site also includes a 1,200-square-foot historic home, which will be rehabilitated as a multi-purpose conference/amenity facility for the future tenant. Slated for construction completion in the fall of 2018, the new office building is targeting LEED-NC Platinum certification. Sustainable design features include energy efficient building systems, architectural solar shading, water conserving fixtures, ample outdoor amenities, including public open space and green screen cladding on the parking garage. South Bay Construction is serving as general contractor. SmithGroupJJR is a recognized, integrated architecture, engineering and planning firm ranked Top 10 in the U.S. by Building Design + Construction magazine. The firm’s nationally recognized Workplace Practice has completed the planning and design of more than 60 million-square-feet of corporate, government, institutional and private development projects related to workplace environments and urban development. With 164 LEED certified projects, SmithGroupJJR is a leader in sustainable design. Spear Street Capital is a real estate investment company dedicated to pursuing select office investment opportunities primarily in the United States and Canada. The firm targets well- conceived and located properties that can succeed through creative leasing efforts, physical improvements, entitlement changes or realization of adaptive re-use strategies. A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/1042b7cb-7018-490b-b0e3-0a1ffea3d213 A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/f19cda0d-40dc-47f0-8695-3f0b2043efd9


Sunnyvale, CA, May 24, 2017 (GLOBE NEWSWIRE) -- SmithGroupJJR has been commissioned by Spear Street Capital to design a new 145,500-square foot, three-story, Class A speculative office building at 221 N. Mathilda Avenue in Sunnyvale, California. The development will be constructed on a 4.3 acre greenfield site at the northwest corner of the intersection of Mathilda Avenue and West California Avenue, in close proximity to the Sunnyvale station of Caltrain, the San Francisco Peninsula commuter rail service. According to SmithGroupJJR lead designer David King, the building’s most significant design feature is the striking, custom 2,000-square-foot, laminated glass artwork that will span the building’s east façade.  Commissioned from artist Stephen Galloway, known for his large-scale public works, the artwork reflects the site’s history as an orchard. Inside, the unique design continues with floor-to-floor windows and industrial elements that offer an open, modern warehouse feel. SmithGroupJJR designed the facility to have a strong visual connection to the surrounding community. It is one of the first new buildings to comply with the Peery Park Specific Plan, which calls for updated design and planning standards for redevelopment encouraging Class A office and density. “We wanted to acknowledge Sunnyvale’s rich history by maintaining a large amount of open space on the site while simultaneously representing its dynamic future,” said Juhee Cho, Workplace Studio Leader at SmithGroupJJR’s San Francisco office. The office building will feature large floorplates up to 49,500-square-feet, a multi-level parking garage and ample outdoor amenities, such as a prominent deck and a private courtyard with an outdoor kitchen. Additional amenities include a third-level patio, bike repair and storage, lockers and showers, and public open space. The site also includes a 1,200-square-foot historic home, which will be rehabilitated as a multi-purpose conference/amenity facility for the future tenant. Slated for construction completion in the fall of 2018, the new office building is targeting LEED-NC Platinum certification. Sustainable design features include energy efficient building systems, architectural solar shading, water conserving fixtures, ample outdoor amenities, including public open space and green screen cladding on the parking garage. South Bay Construction is serving as general contractor. SmithGroupJJR is a recognized, integrated architecture, engineering and planning firm ranked Top 10 in the U.S. by Building Design + Construction magazine. The firm’s nationally recognized Workplace Practice has completed the planning and design of more than 60 million-square-feet of corporate, government, institutional and private development projects related to workplace environments and urban development. With 164 LEED certified projects, SmithGroupJJR is a leader in sustainable design. Spear Street Capital is a real estate investment company dedicated to pursuing select office investment opportunities primarily in the United States and Canada. The firm targets well- conceived and located properties that can succeed through creative leasing efforts, physical improvements, entitlement changes or realization of adaptive re-use strategies. A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/1042b7cb-7018-490b-b0e3-0a1ffea3d213 A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/f19cda0d-40dc-47f0-8695-3f0b2043efd9


Sunnyvale, CA, May 24, 2017 (GLOBE NEWSWIRE) -- SmithGroupJJR has been commissioned by Spear Street Capital to design a new 145,500-square foot, three-story, Class A speculative office building at 221 N. Mathilda Avenue in Sunnyvale, California. The development will be constructed on a 4.3 acre greenfield site at the northwest corner of the intersection of Mathilda Avenue and West California Avenue, in close proximity to the Sunnyvale station of Caltrain, the San Francisco Peninsula commuter rail service. According to SmithGroupJJR lead designer David King, the building’s most significant design feature is the striking, custom 2,000-square-foot, laminated glass artwork that will span the building’s east façade.  Commissioned from artist Stephen Galloway, known for his large-scale public works, the artwork reflects the site’s history as an orchard. Inside, the unique design continues with floor-to-floor windows and industrial elements that offer an open, modern warehouse feel. SmithGroupJJR designed the facility to have a strong visual connection to the surrounding community. It is one of the first new buildings to comply with the Peery Park Specific Plan, which calls for updated design and planning standards for redevelopment encouraging Class A office and density. “We wanted to acknowledge Sunnyvale’s rich history by maintaining a large amount of open space on the site while simultaneously representing its dynamic future,” said Juhee Cho, Workplace Studio Leader at SmithGroupJJR’s San Francisco office. The office building will feature large floorplates up to 49,500-square-feet, a multi-level parking garage and ample outdoor amenities, such as a prominent deck and a private courtyard with an outdoor kitchen. Additional amenities include a third-level patio, bike repair and storage, lockers and showers, and public open space. The site also includes a 1,200-square-foot historic home, which will be rehabilitated as a multi-purpose conference/amenity facility for the future tenant. Slated for construction completion in the fall of 2018, the new office building is targeting LEED-NC Platinum certification. Sustainable design features include energy efficient building systems, architectural solar shading, water conserving fixtures, ample outdoor amenities, including public open space and green screen cladding on the parking garage. South Bay Construction is serving as general contractor. SmithGroupJJR is a recognized, integrated architecture, engineering and planning firm ranked Top 10 in the U.S. by Building Design + Construction magazine. The firm’s nationally recognized Workplace Practice has completed the planning and design of more than 60 million-square-feet of corporate, government, institutional and private development projects related to workplace environments and urban development. With 164 LEED certified projects, SmithGroupJJR is a leader in sustainable design. Spear Street Capital is a real estate investment company dedicated to pursuing select office investment opportunities primarily in the United States and Canada. The firm targets well- conceived and located properties that can succeed through creative leasing efforts, physical improvements, entitlement changes or realization of adaptive re-use strategies. A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/1042b7cb-7018-490b-b0e3-0a1ffea3d213 A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/f19cda0d-40dc-47f0-8695-3f0b2043efd9


News Article | April 17, 2017
Site: co.newswire.com

​​Ranking amongst the top Mortgage firms in Canada, year over year, Ram Anandappa’s Mortgage Alliance R&R Mortgages has developed a strong reputation within the real estate industry. After successfully launching the franchise in 2011 Anandappa, alongside his partner Renuka Selvakumar, more recently purchased Remax Royal Properties where he oversees a team of 40. The trajectory of his businesses has been made possible by his vested interest in building successful partnerships and relationships with stakeholders. This includes top national and global lending institutions like TD Bank, Scotiabank, HSBC, ICICI Bank, First National, and Street Capital, and the 140 real estate professionals, and counting, who he has personally mentored. Prioritizing capacity building from early on has ensured the development of effective and highly motivated teams, and empowered clients for Anandappa and Selvakumar. Anandappa, who serves as Mortgage Broker and Co-Founder, initially began working as a mortgage agent in early 2004, when he operated independently for Mortgage Alliance. Once he acquired both his mortgage broker and real estate broker licenses, he went purchased a franchise. Ram is also the Co-Founder of LendEase Director Mortgage Investment Corporation, launched July 2016. Amidst his specializations are mortgage planning, underwriting, lending, reverse mortgages, mortgage banking and mortgage servicing. Prior to his entry into real estate, Anandappa gained significant experience in IT. Selvakumar is also a licensed mortgage and real estate broker and serves as Principal Broker/Broker of Record and Co-Founder for the Mortgage Alliance and Remax Royal Properties ventures. She has 10 years of industry experience, during which she almost exclusively assumed management roles. Both Anandappa and Selvakumar reinforce their organizations’ social responsibility portfolios through fundraisers for the Sick Kids Foundation and The Canadian Cancer Society. Their diverse experiences have encouraged them to embrace and cater to that of their stakeholders, including staff and clienteles. This is evident in their commitment to professional development for their staff and informational seminars for clients. Rather than limit their measurement of successful outcomes to securing the best-suited mortgages, they continuously go above and beyond to ensure clients are educated on a wide range of topics including offer presentation and preparation, listing and buying, the art of negotiation and MLS training. Anandappa and Selvakumar’s vision to create organizations that adapt quickly and effectively to market demands consistently creates value for clients, and business models worth emulating industry wide.


-- The Muller Company, a full-service real estate company specializing in management, investment and development of commercial real estate in the western United States, announced today that the firm's Taj Mahal Medical Center in Laguna Hills, California, has won the Building Owners and Managers Association (BOMA) Pacific Southwest Regional TOBY (The Outstanding Building of the Year) Award for Medical Office Building. The Taj Mahal Medical Center will now advance to the international level, where the Taj Mahal Medical Center will be judged against medical office buildings around the world. The project first won the BOMA Orange County TOBY Award."We are very proud of the work that we have done to renovate this iconic landmark building in order to provide our tenants with a state-of-the-art facility and outstanding amenities," said Jon M. Muller, principal of The Muller Company. "Our entire team, along with our service providers, care about what we do, and we're honored that this building has been recognized at the regional level and will be competing among the best of the best in the worldwide TOBY competition."Located at 23521 Paseo de Valencia in Laguna Hills, the Taj Mahal Medical Center is a three-story, 89,000-square-foot landmark mid-century modern building, which was transformed into a "Class A" state-of-the-art medical office building. Situated on a raised podium across the street from Saddleback Memorial Hospital, the neoclassical contemporary architecture is reminiscent of similar landmark buildings like the Kennedy Center in Washington, D.C., the Lincoln Center in New York and the Dorothy Chandler Pavilion at the Los Angeles Music Center in Los Angeles. The building is also walking distance to the Laguna Hills Mall, which is currently under renovation and has been renamed Five Lagunas, and Laguna Woods Village (formerly known as Leisure World). Suzi Mier, CPMis the property manager for the building and Mark Zuvich and Eric Tse of Zuvich Commercial Advisors, Inc. of Irvine, Calif., are the leasing agents.The Outstanding Building of the Year (TOBY) Awards are the most prestigious and comprehensive programs of their kind in the commercial real estate industry, recognizing quality in buildings and rewarding excellence in building management. During the competitions, all facets of a building's operations are thoroughly evaluated. Buildings are judged on everything from community involvement and site management to environmental and "green" policies and procedures. The competition consists of three levels. The competition begins at the BOMA local association level, winning entries advance from there to the regional level and, finally, regional winners advance to the international level. The Pacific Southwest Regional TOBY covers 12 local BOMA Associations within California, Arizona, Nevada and Hawaii. The winners of the international competition will be announced at the 2017 Every Building Conference & Expo in Nashville, Tennessee, during the TOBY Awards Banquet on Tuesday, June 27, 2017.For more information about the Taj Mahal Medical Center, see tajmahalmedicalcenter.com. ( http://www.tajmahalmedicalcenter.com/ The Building Owners and Managers Association (BOMA) International is a federation of 91 BOMA U.S. associations and 18 international affiliates. Founded in 1907, BOMA represents the owners and managers of all commercial property types including nearly 10.5 billion square feet of U.S. office space that supports 1.7 million jobs and contributes $234.9 billion to the U.S. GDP. Its mission is to advance a vibrant commercial real estate industry through advocacy, influence and knowledge. BOMA International is a primary source of information on building management and operations, development, leasing, building operating costs, energy consumption patterns, local and national building codes, legislation, occupancy statistics, technological developments and other industry trends. Visit boma.org for more information.The Muller Company is a privately held real-estate investment, development and management firm with a proven track record of enhancing the value of their properties. Since its inception in 1979, The Muller Company has acquired and operated over 30 million square feet of office, industrial and retail space across greater Los Angeles, Orange County, San Diego County, the Inland Empire, Northern California and Arizona. With over 35 years of experience in acquiring and repositioning commercial properties, The Muller Company has partnered with institutional owners such as Blackstone, Green Oak, Northlight Financial, Harbert Management, Walton Street Capital, Colony Capital, GE Capital, Rockwood Capital, PCCP and Oak Tree Capital just to name a few. See themullercompany.com.


Company to Host a Conference Call at 4:30PM ET Monday June 12 to Discuss its Largest Transaction to Date TORONTO, ON and NEW YORK, NY--(Marketwired - June 12, 2017) - iAnthus Capital Holdings, Inc. ("iAnthus" or "the Company"), ( : IAN) ( : IAN.CN) ( : IAN) ( : ITHUF), which owns, operates, and partners with licensed cannabis operators throughout the United States, is pleased to announce that it has signed a binding letter of intent to acquire 100% of Valley Agriceuticals, LLC ("Valley Ag"), which has received conditional approval from the New York State Department of Health to be awarded one of just ten medical marijuana licenses issued by the state. The proposed acquisition, when closed, will expand iAnthus' portfolio into five regulated cannabis states in the U.S., which the Company believes will constitute the largest footprint among public companies focused on licensed cannabis operations in the U.S. Pursuant to the terms of the binding letter of intent, iAnthus will acquire 100% of Gloucester Street Capital, LLC, and its wholly owned subsidiaries, Valley Agriceuticals, LLC and Valley Agriceuticals Real Estate, LLC, for US$17.3 million, which includes US$2.3 million payable in cash and US$15 million payable in common shares of iAnthus priced at US$2.00 per share. The proposed acquisition includes the Valley Ag cultivation campus consisting of approximately 136 acres of real estate that is currently zoned for cannabis cultivation and a 6,500-square foot custom-built cultivation and processing facility. Upon final certification by the New York State Department of Health, Valley Ag's license will encompass one cultivation and processing facility and four dispensary locations. The transaction is subject to the terms noted below in "Transaction Details". The approval of Valley Ag's final registration is subject to the terms noted below in "About Gloucester Street Capital, LLC". "With a population of nearly 20 million residents, a rapidly growing patient base, and only ten medical cannabis licenses, New York is an ideal market for iAnthus to enter," said Randy Maslow, President of iAnthus. "The state's move to eliminate some of the Program's initial limitations has created an incredibly potent opportunity for accelerating patient growth. Coupled with our presence in Massachusetts, the proposed acquisition in New York sets the stage for iAnthus to be a key player in two of the most densely populated markets in the northeastern United States." "The addition of chronic pain to New York's list of medical cannabis indications, as well as existing qualifying conditions such as Parkinson's disease and multiple sclerosis, has made the medicine available to a very large group of patients in New York. As we educate more doctors and patients on the list of ailments that cannabis may beneficially treat, we expect the number of Program enrollees to grow at an even faster rate," said Stephen Ashekian, CEO of Valley Ag. "Our team's experience in the medical cannabis industry is, in our view, second to none, putting us in an excellent position to capture a significant portion of the market." Valley Ag plans to produce medical-grade standardized medical marijuana deliverable through oils, pills, inhaler pens and other state-approved delivery mechanisms and dispense the products through its vertically integrated dispensaries. Valley Ag is working with Seach Ltd, one of the most experienced and advanced cultivation and processing teams in the industry. With decades of experience, the team is one of the largest official suppliers of medical grade cannabis to the Israeli Ministry of Health and specifically licensed to grow and distribute medical cannabis to authorized patients in one of the most advanced medical cannabis markets in the world. "Through our affiliation with one of Israel's leading medical cannabis providers, and my experiences working directly with patients, Valley Ag will incorporate best-in-class patient acquisition and retention practices," said Eileen Konieczny RN, Lead Strategist at Valley Ag and President of the American Cannabis Nurses Association. "Our past experience shows that taking a hands-on approach with patients dramatically increases patient retention. We feel our retention practices, combined with our patient outreach and acquisition, puts us in a position to have the strongest patient base of New York's medical cannabis license holders." Valley Ag is expected to supplement the 6,500-square foot facility with a planned Phase 2 expansion of a 14,500 square foot hybrid greenhouse, which has been shown to provide a lower cost of production when compared to typical indoor cultivation methods. iAnthus anticipates approximately US$5 million of capital expenditures and working capital requirements throughout 2017. It is expected that the first crop will be completed and dispensaries will be opened by early Q1 2018. The Valley Ag cultivation campus is approximately 60 miles from New York City and favorably positioned to become a large-scale wholesale supplier to the New York State market in addition to Valley Ag's own dispensaries. "Having watched the development of the Canadian cannabis market up close, we are seeing striking similarities between where New York is today and where Canada was a year ago, with comparable patient numbers and a limited number of competitors," said Julius Kalcevich, CFO of iAnthus. "The main difference we are seeing is that New York is experiencing significantly faster patient growth, indicating that New York State could potentially be one of the largest medical marijuana markets in the U.S.," said Philip Green, CFO of Valley Ag. "We are delighted to be partnering with iAnthus, and our whole team looks forward to begin working with doctors across the state to help ease pain and suffering for New Yorkers," said Erik Holling, President of Valley Ag. "We have said from the beginning of this process that it is all about helping people and providing them with relief. That commitment remains paramount and we are excited to begin meeting that commitment." Background on the New York State Medical Marijuana Program The New York State Medical Marijuana Program (the "Program") began registering patients in December 2015 and currently numbers 21,009 registered patients. The Program has been expanded in the past two months to increase the accessibility of medical marijuana to patients through the addition of chronic pain as a qualifying condition and publishing the names of qualifying practitioners to make it easier for patients to obtain a medical certification. Further innovations by the state have included the implementation of home delivery, wholesaling, as well as allowing nurse practitioners and physician assistants to issue medical cannabis certifications to patients. The New York State Senate is currently considering a bill to add post-traumatic stress disorder ("PTSD") to the list of qualifying conditions, as well as allowing telemedicine so that patients can be seen by registered practitioners in the privacy of their own home via video conference and place orders with their dispensary without leaving their homes. This may provide an additional catalyst for patient growth in the near future. Comparing the Program's patient registration to Canada's patient registration under the Marihuana for Medical Purposes Regulations ("MMPR"), which began in late 2013 and was subsequently replaced by the Access to Cannabis for Medical Purposes Regulations, New York State is growing at double the pace of Canada in the days following medical legalization. The New York Program has now been in existence for just over 500 days with its patients registered representing a 0.11% population penetration rate. Comparatively, after the first 500 days of Canada's MMPR program, Canada had a patient penetration rate of 0.05% and it took Canada's medical marijuana program approximately 800 days since program inception to reach the same 0.11% penetration rate, almost one full year slower than New York State. Subject to the terms of the binding letter of intent, iAnthus will acquire 100% of Gloucester Street Capital, LLC, and its wholly owned subsidiaries, Valley Agriceuticals, LLC and Valley Agriceuticals Real Estate, LLC, for US$17.3 million, which includes US$2.3 million payable in cash and US$15 million payable in common shares of iAnthus priced at US$2.00 per share. The proposed acquisition will include the Valley Ag cultivation campus real estate and cultivation and processing facility. Up to an additional five (5) million IAN common shares may be issued to Valley Ag shareholders conditional upon Valley Ag achieving 15,000 active patient registrations by December 31, 2020. Certain of the executives of Valley Ag will receive 60% of their respective common share consideration in Class A restricted voting convertible shares of iAnthus. The transaction remains subject to a number of conditions, including New York State Department of Health regulatory approval, Canadian Securities Exchange approval and completion of definitive documentation between parties. The transaction is expected to close during the third quarter of 2017. For more information about the New York State Medical Marijuana Program, please visit The securities issued by iAnthus under the transaction will be issued on a prospectus exempt basis and will be subject to: (i) a hold period in Canada of four months and a day from the date of issuance; and (ii) an applicable US securities law legend. The company will hold a conference call for financial analysts and investors at 4:30PM ET on Monday, June 12, 2017 to discuss the Valley Ag transaction. A presentation will be available for download on the iAnthus Investor Relations web page shortly before the start of the call. The call will be archived and available on iAnthus' website for replay. Please visit http://ir.ianthuscapital.com/ to download a copy of the presentation or to access the archived conference call. A replay of the call will be available for 30 days by dialing: iAnthus Capital Holdings, Inc., through its wholly-owned subsidiary iAnthus Capital Management, LLC, provides investors diversified exposure to best-in-class licensed cannabis cultivators, processors and dispensaries throughout the United States. iAnthus currently owns, operates or has partnered with marijuana license holders in Massachusetts, Vermont, Colorado and New Mexico. Founded by entrepreneurs with decades of experience in investment banking, corporate finance, law and healthcare services, iAnthus provides a unique combination of capital and hands-on operating and management expertise. The Company leverages these skills to support a diversified portfolio of cannabis industry investments for our shareholders. For more information, visit www.iAnthuscapital.com. Gloucester Street Capital, LLC, together with its wholly-owned subsidiaries, Valley Agriceuticals, LLC and Valley Agriceuticals Real Estate Holdings, LLC, was founded in 2014 to apply for registration as a licensed Registered Organization under the New York State Medical Marijuana Program. On May 25, 2017, the New York State Department of Health ("DOH") issued Valley Ag a conditional registration as a Registered Organization, subject to DOH review and approval of certain additional information related to Valley Ag's real property interests and requested minor additions to Valley Ag's application and operating plan. Valley Ag expects to receive its final registration as a Registered Organization in the Summer of 2017. Statements in this news release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors disclosed here and elsewhere in iAnthus' periodic filings with Canadian securities regulators. When used in this news release, words such as "will, could, plan, estimate, expect, intend, may, potential, believe, should," and similar expressions, are forward-looking statements. Forward-looking statements may include, without limitation, statements relating to the acquisition of final registration as a registered organization in New York State, the number of enrollees in the Program, Valley Ag's proposed products, the expected date of the closing of the proposed acquisition, Valley Ag's proposed Phase 2 expansion, Valley Ag's proposed first crop, and potential for patient growth in New York State. Although iAnthus has attempted to identify important factors that could cause actual results, performance or achievements to differ materially from those contained in the forward-looking statements, there can be other factors that cause results, performance or achievements not to be as anticipated, estimated or intended, including, but not limited to: dependence on obtaining regulatory approvals; investing in target companies or projects which have limited or no operating history and are engaged in activities currently considered illegal under US Federal laws; change in laws; limited operating history; reliance on management; requirements for additional financing; competition; hindering market growth and state adoption due to inconsistent public opinion and perception of the medical-use and adult-use marijuana industry and; regulatory or political change. There can be no assurance that such information will prove to be accurate or that management's expectations or estimates of future developments, circumstances or results will materialize. As a result of these risks and uncertainties, the results or events predicted in these forward-looking statements may differ materially from actual results or events. Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking statements in this news release are made as of the date of this release. iAnthus disclaims any intention or obligation to update or revise such information, except as required by applicable law, and iAnthus does not assume any liability for disclosure relating to any other company mentioned herein. The Canadian Securities Exchange has not reviewed, approved or disapproved the content of this news release. To be added to the email distribution list, please email iAnthus@kcsa.com with "iAnthus" on the subject line.


Every-Palmer S.,Street Capital
Drug and Alcohol Dependence | Year: 2011

Background: Aroma, Spice, K2 and Dream are examples of a class of new and increasingly popular recreational drugs. Ostensibly branded " herbal incense" they have been intentionally adulterated with synthetic cannabinoids such as JWH-018 in order to confer on them cannabimimetic psychoactive properties while circumventing drug legislation. JWH-018 is a potent cannabinoid receptor agonist. Little is known about its pharmacology and toxicology in humans. This is the first research considering the effects of JWH-018 on a psychiatric population and exploring the relationship between JWH-018 and psychotic symptoms. Method: This paper presents the results of semi-structured interviews regarding the use and effects of JWH-018 in 15 patients with serious mental illness in a New Zealand forensic and rehabilitative service. Results: All 15 subjects were familiar with a locally available JWH-018 containing product called " Aroma" and 86% reported having used it. They credited the product's potent psychoactivity, legality, ready availability and non-detection in drug testing as reasons for its popularity, with most reporting it had replaced cannabis as their drug of choice. Most patients had assumed the product was " natural" and " safe" Anxiety and psychotic symptoms were common after use, with 69% of users experiencing or exhibiting symptoms consistent with psychotic relapse after smoking JWH-018. Although psychological side effects were common, no one reported becoming physically unwell after using JWH-018. Three subjects described developing some tolerance to the product, but no one reported withdrawal symptoms. Conclusion: It seems likely that JWH-018 can precipitate psychosis in vulnerable individuals. People with risk factors for psychosis should be counseled against using synthetic cannabinoids. © 2011 Elsevier Ireland Ltd.

Loading Street Capital collaborators
Loading Street Capital collaborators