NEW YORK and TORONTO – iAnthus Capital Holdings Inc. signed a deal to acquire Cheetah Enterprises Inc. under which iAnthus will acquire the Cheetah vape brand.
The acquisition marks a key milestone in iAnthus’ ongoing strategy to elevate its portfolio of consumer-focused cannabis brands and drive long-term growth. The Cheetah brand offers premium live resin vape products that have captured the attention of cannabis enthusiasts. By bringing Cheetah into its brand portfolio, iAnthus expands its presence in the Illinois and Pennsylvania markets. Further expansion isplanned throughout 2025.
The Acquisition is expected to bolster iAnthus’ revenue growth, while giving Cheetah the resources and distribution network to increase its market penetration in Illinois and other key states. Together, iAnthus and Cheetah will leverage shared resources, operational efficiencies, and a unified brand strategy to capitalize on growth opportunities across the country.
As part of the acquisition, Michael Piermont, Co-Founder and CEO of Cheetah, will join iAnthus as Chief Commercial Officer. Piermont’s experience in driving growth, brand development, and technology innovation – including his tenure as CRO of Leaf Trade, which was acquired by LeafLink in November 2024 – will be instrumental in maximizing the potential of Cheetah and iAnthus’ broader brand portfolio.
“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.”
Piermont commented, “From day one, Cheetah’s mission has been about being fearless, fast, and innovative to our consumers – qualities that clearly align with iAnthus’ vision for the future of cannabis. 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.”
Transaction Details
Pursuant to the Purchase Agreement, iAnthus will acquire substantially all of the assets of Seller that relate to and are used in connection with the Seller’s cannabis wholesale business, including the manufacture, marketing, and sale of cannabis distillate vaporizer products in the states of Illinois and Pennsylvania under the “Cheetah” brand, but excluding certain excluded assets, together with certain assumed liabilities related to the Purchased Assets.
The purchase price for the Purchased Assets includes common shares in the capital of the Company at an aggregate deemed value of approximately US$1.5 million, to be issued in three tranches. The Shares are issued at a deemed price of US$0.012, which is a premium to the current market price for the Shares. The Shares will be issued post-closing in three tranches and are subject to Canadian Securities Exchange approval. The Purchase Price also includes non-material cash payments in four installments payable upon completion of certain performance benchmarks and additional earnout consideration based on EBITDA generated by the Brand after closing and certain other performance metrics, payable in cash at various intervals until April 1, 2028.
The Shares will be issued pursuant to a prospectus exemption under Canadian securities law and will be subject to a Canadian holding period expiring four months and a day from the date(s) of issuance. The Shares will be issued pursuant to an exemption from the registration requirements under the United States Securities Act of 1933, as amended provided by Rule 903 of Regulation S promulgated under the U.S. Securities Act. The Shares have not been, nor will they be, registered under the U.S. Securities Act, and may not be offered or sold in the United States or to, or for the account or benefit of, “U.S. persons” (as such term is defined in Regulation S under the U.S. Securities Act) absent registration or an exemption from the registration requirements of the U.S. Securities Act and applicable state securities laws. The Shares will be issued as “restricted securities” as defined in Rule 144(a)(3) under the U.S. Securities Act.
About iAnthus
iAnthus owns and operates licensed cannabis cultivation, processing and dispensary facilities throughout the United States.
