IANTHUS CAPITAL HLDG ORD - ITHUF STOCK NEWS

iAnthus Capital Holdings has appointed John Paterson to its Board of Directors and the Audit Committee, effective April 20, 2023. Paterson is a recognized figure in the diagnostic imaging industry and has extensive experience in finance, having previously worked with a Wall Street investment bank and advised major financial institutions. His expertise includes business and financial restructurings, mergers and acquisitions, and has been involved in the cannabis sector since 2019. This appointment follows the resignation of Marco D'Attanasio from the Board on September 15, 2022, with Paterson nominated as a replacement by the investor who initially nominated D'Attanasio. iAnthus operates cannabis facilities across the U.S. and continues to strategize its growth in this sector.

iAnthus Capital Holdings (CSE: IAN, OTCPK: ITHUF) announced significant operational expansions in New Jersey. Starting April 20, 2023, its subsidiary MPX NJ will launch adult-use operations at its Atlantic City dispensary, while also opening a second medical dispensary in Gloucester Township the following week. This expansion follows regulatory approvals from the New Jersey Cannabis Regulatory Commission. Additionally, MPX NJ's Pleasantville facility will enhance wholesale distribution for both medical and adult-use products, including Anthologie flower and Black Label cartridges. The company aims to grow its footprint in New Jersey, with a third dispensary under construction and plans for further adult-use sales. Interim CEO Robert Galvin expressed optimism about increasing access to products for both medical and adult-use customers.

iAnthus Capital Holdings has announced a change in its independent auditor, dismissing Marcum LLP and appointing PKF O'Connor Davies, LLP effective March 30, 2023. This decision was made after careful consideration and was approved by the company's audit committee. The previous auditor's reports for the fiscal years ending December 31, 2022, and 2021 did not contain any adverse opinions, though they did reference concerns regarding the company's ability to continue as a going concern. The company has confirmed that there were no disagreements with Marcum regarding accounting practices or financial disclosures. PKFOD has not been consulted on any financial matters during the last two fiscal years. iAnthus operates cannabis businesses across the United States.

iAnthus Capital Holdings (CSE: IAN, OTCPK: ITHUF) reported its financial results for the year ending December 31, 2022. Key figures include a 19.6% decrease in revenue to $163.2 million and a net loss of $449.4 million or $0.13 per share, compared to a loss of $77.5 million the previous year. The company’s gross profit fell 32.0% to $74.4 million with a gross margin of 45.6%. The fourth quarter saw revenue drop 21.3% to $37.6 million and an adjusted EBITDA loss of $1.0 million after a significant drop from $40.3 million in Q4 2021.

iAnthus Capital Holdings announced the resignation of board member Zachary Arrick, effective February 21, 2023. Arrick joined the board on June 24, 2022, following the company's recapitalization. Interim CEO Robert Galvin expressed gratitude for Arrick's contributions. According to the Investor Rights Agreement from June 24, 2022, the investor who nominated Arrick may designate a successor; however, no replacement has been appointed yet. iAnthus operates regulated cannabis operations across the U.S.

iAnthus Capital Holdings (OTCPK: ITHUF) has announced an amendment to its senior secured bridge notes due February 2, 2023. The maturity date has been extended to February 2, 2024, with an increased interest rate of 12% per annum. An amendment fee of 10% of the principal amount will also be payable at maturity. As of February 2, 2023, the outstanding principal amount is approximately US$14 million. This financial maneuver involves related-party lenders, including Gotham Green Partners and Senvest Management.

iAnthus Capital Holdings has appointed Philippe Faraut as Chief Financial Officer, effective immediately. Faraut brings over 20 years of financial management experience, previously serving as CFO at Irwin Naturals and holding senior positions at various financial firms. He replaces Julius Kalcevich, who held the CFO position since October 2016. The interim CEO, Robert Galvin, expressed excitement about Faraut's leadership as the company continues to grow in the cannabis sector across the U.S.

iAnthus Capital Holdings reported its financial results for Q3 2022, showing a revenue of $39.4 million, a 10% decline sequentially and a 20% decrease year-over-year. Gross profit fell to $16.2 million, a 18% reduction from Q2 2022, and 38% lower compared to Q3 2021. The gross margin stood at 41.1%, decreasing by 4.1% sequentially. The net loss was $22.0 million, significantly improved from the previous quarter's loss of $373.6 million. Adjusted EBITDA loss was $0.3 million, a decrease from $2.3 million in Q2 2022.