iAnthus management changes
On February 12, iAnthus Capital Holdings (ITHUF) announced that Pat Tiernan had been promoted to the position of executive vice president of operations. From now on, Tiernan will be responsible for the company’s operations across the United States. ITHUF also announced that Carlos Perea would move from chief operating officer to lead the company’s development of innovation group, which is focused on the evaluation and implementation of strategic investments in new technologies.
Hadley Ford, CEO of iAnthus, said, “Pat is an experienced operations executive with a proven ability to replicate processes to deliver a consistent consumer experience. He has extensive operations, general management, and business development experience and we are excited to have him in his new role. With our current footprint of 11 states, Pat’s track-record in driving operational excellence across companies is expected to result in immediate dividends to iAnthus.”
iAnthus declined 2.5% and closed at $5.50 for the week ending February 15. Despite the decline, the stock traded 11.3% above its 100-day moving average price of $4.94. On a year-to-date basis, the stock has gained 37.9%. It’s 14-day relative strength index is at 61, which indicates that the stock is neither overbought nor oversold.
iAnthus underperformed the Horizons Marijuana Life Sciences Index ETF (HMLSF), which gained 3.0% for the week ending February 15. The fund also provides exposure to Canopy Growth (CGC), Aphria (APHA), and Tilray (TLRY) with weights of 12.5%, 7.9%, and 7.6%, respectively.