Cannabis-focused financier iAnthus Capital Holdings Inc (CSE:IAN, OTCQB:ITHUF) has welcomed latest legal changes in the state of Vermont, USA, which expands its medical marijuana program.
One Governor Scott has recently signed S.16 into law, which adds Crohn's Disease, Parkinson's Disease, and Post-Traumatic Stress Disorder to Vermont's list of qualifying conditions in the legalised market.
"While it is impossible to be certain that the state will revisit legalization of cannabis for adult use in the 2018 legislative session, Governor Scott has certainly expressed his willingness to work with lawmakers on this initiative, and I believe we are likely to see another adult use bill proposed in the next legislative session," Randy Maslow, the president of iAnthus, told investors.
If passed, Vermont's adult use cannabis market could potentially exceed US$100 million, according to a report in 2015.
IAnthus is the sole provider of financing and management services to Grassroots Vermont - one of the four non-profit entities currently licensed to dispense medical cannabis to patients across the state.
It has provided it with a credit facility of US$775,000.
This new law also allows Grassroots to expand its operations by opening an additional dispensary location, in addition to its existing one in Brandon.
"We support the efforts made by the state to make the medical cannabis program more accessible to Vermont's qualified patients," says Alex Ford, Executive Director of Grassroots.
"We look forward to securing our second dispensary location so that we can provide more patients with the highest quality, affordable medical cannabis."
During Vermont's 2017 legislative session, lawmakers also considered the legalization of cannabis for adult use.
While an adult use bill was passed by both the Vermont House and Senate, the bill was vetoed by the Governor, who nevertheless indicated a willingness to support adult use legislation in the future provided that certain concerns were addressed.
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