IANTHUS CAPITAL HLDG ORD - ITHUF STOCK NEWS

iAnthus Capital Holdings reported its Q2 2022 financial results, revealing a revenue of $43.5 million, a sequential increase of 2% but down 20% year-over-year. The gross profit was $19.7 million, marking a 37% decline from the previous year. A significant net loss of $373.6 million was attributed mainly to a non-cash loss of $316.6 million from debt extinguishment during a recapitalization. Adjusted EBITDA stood at $2.3 million, down from $3.4 million in Q1 2022. iAnthus became a U.S. reporting company in February 2021, complying with GAAP reporting.

iAnthus Capital Holdings, which operates regulated cannabis businesses in the U.S., announced the results of its Annual General Meeting held on August 11, 2022. All proposed resolutions were approved by shareholders, including the election of six directors: Scott Cohen, Michelle Mathews-Spradlin, Kenneth W. Gilbert, Alexander Shoghi, Marco D'Attanasio, and Zachary Arrick. Additionally, Marcum LLP was appointed as the company's auditors. This meeting signifies strong shareholder support for the company's governance and operational direction.

iAnthus Capital Holdings has successfully closed its recapitalization transaction as of June 24, 2022. The transaction involved issuing a total of 6,072,579,705 Common Shares to secured lenders and holders of unsecured debentures, giving them a substantial 97.5% ownership stake. Existing shareholders hold only 2.75%. The company also restructured its debt, exchanging certain debentures for new secured and unsecured notes valued at $99,736,842 and $5,000,000, respectively. Additionally, $25,000,000 in new financing was secured for working capital. Changes to the board included resignations and new nominations.

On June 9, 2022, iAnthus Capital Holdings announced that the Massachusetts Cannabis Control Commission approved the change of ownership for its subsidiary, Mayflower Medicinals, tied to a recapitalization transaction. This approval follows earlier permissions granted on June 17, 2021, and August 12, 2021. With only two regulatory approvals pending in New Jersey and New York, iAnthus expects to finalize the recapitalization soon. The company operates licensed cannabis businesses across the U.S.

iAnthus Capital Holdings reported Q1 2022 financial results, showcasing a revenue of $42.8 million, reflecting a 10% decrease from Q4 2021 and a 17% decline year-over-year. Gross profit was $22.5 million with a gross margin of 52.6%. The net loss improved to $10.1 million, or a loss of $0.06 per share compared to previous quarters. Adjusted EBITDA stood at $3.4 million, down from $8.2 million in Q4 2021. A significant concern remains the company's $97.5 million secured and $60 million unsecured debentures, accompanied by accrued interest and exit fees totaling $60.6 million.

iAnthus Capital Holdings has appointed Robert R. Galvin as the new Interim CEO and Director, effective immediately. Galvin, who previously served as Interim COO, brings extensive operational and financial experience. The announcement follows the separation agreement with former Interim CEO Randy Maslow, who resigned effective May 6, 2022, and will receive substantial compensation. Furthermore, updates on the Recapitalization Transaction indicate positive developments, with approvals from Maryland and Florida for ownership changes, while regulatory approvals are still pending in other states.

iAnthus Capital Holdings, Inc. (CSE: IAN, OTC: ITHUF) announced the resignation of co-founder Randy Maslow from all executive roles, effective May 6, 2022. Maslow, who has been pivotal in shaping the regulated cannabis industry and leading iAnthus through a significant restructuring during challenging periods, will continue as a consultant for six months post-resignation. The company is now seeking a successor for the CEO position and will provide updates regarding interim leadership by the resignation date. Maslow's contributions since 2014 have significantly impacted the company's growth and operational footprint across the U.S.

iAnthus Capital Holdings (ITHUF) reported its 2021 financial results, showing a 34% revenue increase to $203 million and a 36% rise in gross profit to $111.3 million. The company achieved a gross margin of 54.8%. Despite the positive revenue growth, iAnthus recorded a net loss of $76.2 million, significantly improved from $313.4 million in 2020. The Adjusted EBITDA was $42.1 million, up from $8.7 million last year. However, liquidity issues prevented interest payments on its senior secured convertible debentures.

iAnthus Capital Holdings has successfully completed its acquisition of MPX New Jersey, a medical cannabis permit holder, enhancing its operational footprint in the U.S. cannabis market. The acquisition, which closed on February 1, 2022, involved iAnthus converting loans into a 99% equity interest and acquiring the remaining 1%. The company plans to utilize US$11 million in bridge notes for facility improvements in Pleasantville, New Jersey, and anticipates opening dispensaries in Atlantic City and other locations shortly. Regulatory approvals remain pending for broader operations.