iAnthus acquires marijuana vape brand Cheetah for $1.5 million

Marijuana multistate operator iAnthus Capital Holdings is buying Illinois vape brand Cheetah Enterprises in an all-stock deal valued at $1.5 million.

The acquisition is key to iAnthus’ “ongoing strategy to elevate its portfolio” of marijuana brands and “drive long-term growth,” the company said in a news release.

Cheetah, based in Chicago, offers premium live resin vape products.

With the addition of Cheetah, New York- and Toronto-headquartered iAnthus expands its presence in the Illinois and Pennsylvania cannabis markets, the release noted, with additional expansion planned throughout 2025.

“We are building a platform where bold brands can thrive, and Cheetah fits that mold perfectly,” iAnthus CEO Richard Proud said in a statement.

“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.”

Under terms of the deal, Cheetah co-founder and CEO Michael Piermont will join iAnthus as chief commercial officer, according to the release.

Before his Cheetah endeavors, Piermont served as chief revenue officer of Leaf Trade, which LeafLink acquired in November.

“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,” Piermont said in a statement.

The acquisition is expected to boost iAnthus’ revenue growth and give Cheetah the “resources and distribution network to increase its market penetration in Illinois and other key states,” according to the release.

Shares of iAnthus trade as IAN on the Canadian Securities Exchange.