iAnthus Capital Holdings, which owns, operates and partners with regulated cannabis operations across the U.S., yesterday announced that it has entered into an asset purchase agreement with Cheetah Enterprises to acquire the Cheetah vape brand, a fast-growing brand known in the Illinois cannabis market.
The acquisition is part of iAnthus' 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 cannabis markets, with further expansion planned throughout 2025.
The acquisition should bolster the company's revenue while giving Cheetah the resources and distribution network to increase its market penetration in Illinois and other key states.
The deal creates a path for Cheetah to become a national leader in the vape category. iAnthus and Cheetah will leverage shared resources, operational efficiencies, and a unified brand strategy to capitalize on growth opportunities nationwide.
Michael Piermont, co-founder and CEO of Cheetah, will join iAnthus as chief commercial officer. Piermont has experience driving growth, brand development, and technology innovation, including his tenure as CRO of Leaf Trade, which LeafLink acquired in November 2024.
As part of the deal, iAnthus will acquire substantially all assets that relate to and are used in connection with Cheetah Enterprises' 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.
The purchase price includes common shares in the capital of the company at an aggregate deemed value of approximately $1.5 million, to be issued in three tranches. The shares are issued at a deemed price of $0.012, a premium to the current market price.
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.
