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IANTHUS CAPITAL HLDG ORD - ITHUF STOCK NEWS

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IANTHUS CAPITAL HLDG ORD (ITHUF) delivers a comprehensive solution for financing and managing licensed cannabis cultivators, processors, and dispensaries throughout the United States. Founded by experienced entrepreneurs in investment banking, corporate finance, law, and healthcare services, iAnthus offers a unique combination of capital and hands-on operating expertise. They support a diversified portfolio of cannabis industry investments, including equity investments in for-profit license holders and lending facilities to not-for-profit license holders.

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iAnthus Capital Holdings (CSE: IAN, OTC: ITHUF) provided an update on its Recapitalization Transaction, confirming that both securityholder and Court approvals have been obtained. The closing, however, is contingent upon regulatory approvals from state authorities in several states, including Florida and Massachusetts. The Outside Date for these approvals has been amended from June 30, 2021, to August 31, 2021. Additionally, the Company announced a postponement of its Annual General Meeting from June 30, 2021, to October 31, 2021.

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iAnthus Capital Holdings reported strong Q1 2021 financial results, with revenue reaching $51.8 million, a 70% increase year-over-year. Adjusted Gross Profit surged 111% to $32.6 million, achieving an Adjusted Gross Margin of 63%. The net loss narrowed to $19.5 million from $236.3 million in the prior year, equating to a loss of $0.11 per share. The company aims to recapitalize its debt, subject to regulatory approvals, to improve its financial standing and operations in the U.S. cannabis market.

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iAnthus Capital Holdings reported financial results for Q4 and the full year 2020, revealing a 93.5% increase in revenue to $151.7 million. Gross profit surged by 232.2% to $86.7 million. Despite these gains, the company faced a net loss of $309.8 million, or $1.81 per share, attributed to liquidity issues resulting in unpaid interest on debentures and a triggered event of default.

The company is pursuing a recapitalization transaction that could involve issuing up to 6 billion shares, pending regulatory approvals.

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iAnthus Capital Holdings has filed an amendment to its Form 10 Registration Statement with the SEC, establishing itself as a fully reporting company. This amendment became effective on February 5, 2021, obligating iAnthus to file regular reports including 10-K, 10-Q, and 8-K, thereby enhancing transparency for investors. The Form 10 details the Company's operations, strategies, and financials. Despite pandemic-related risks that could disrupt operations, iAnthus remains licensed to operate. For more information, visit www.iAnthus.com.

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iAnthus Capital Holdings has successfully closed an $11 million bridge financing, primarily intended for the construction and improvement of its cannabis facilities in New Jersey. The financing involves senior secured bridge notes with a 14% annual interest, decreasing to 8% after a recapitalization transaction. The net proceeds will support facilities expected to be subleased to MPX New Jersey. CEO Randy Maslow highlights the importance of this financing for operational expansion in the state.

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iAnthus Capital Holdings reported its Q2 2020 financial results, revealing a net loss of $20.9 million or $0.12 per share. Revenue was $34.6 million, a 14% increase from the previous quarter, with a gross margin of 54.8%, up from 49.2% in Q1 2020. However, due to liquidity issues, the company did not make interest payments on its senior secured and unsecured debentures totaling $97.5 million and $60.0 million, respectively, resulting in an event of default. A recapitalization plan was approved by the British Columbia Supreme Court on October 5, 2020.

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iAnthus Capital Holdings has received final approval from the Supreme Court of British Columbia for its recapitalization plan, initially approved by securityholders on September 14, 2020. The plan has been amended to refine the scope of claim releases. Both securityholder and court approvals are now satisfied, paving the way for closing the Recapitalization Transaction, subject to customary conditions. iAnthus operates regulated cannabis facilities across 11 states in the U.S., with 36 dispensaries. The company notes risks related to COVID-19 affecting operations.

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iAnthus Capital Holdings provided an update on its recapitalization plan following a fairness hearing on September 25, 2020. Justice Gomery of the Supreme Court of British Columbia noted that while the plan met good faith requirements, the proposed release of claims was not approved. A possible amendment to the release language is encouraged. iAnthus must pursue the Recapitalization Transaction under the Companies' Creditors Arrangement Act if no final court order is granted by the extended deadline of October 6, 2020. The company operates licensed cannabis facilities across the U.S.

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iAnthus Capital Holdings will attend a hearing on September 25, 2020, in Vancouver to seek court approval for its recapitalization transaction. This transaction aims to restructure the Company's debt and equity. The Secured and Unsecured Debentureholders have already approved the recapitalization, with unanimous support, while 79% of Equityholders voted in favor, surpassing the minority approval threshold. The approval process may involve state-level regulatory reviews in various U.S. states. The Company also notes potential disruptions from COVID-19 affecting its operations.

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On September 14, 2020, iAnthus Capital Holdings announced overwhelming approval from Securityholders for a recapitalization transaction via a court-approved plan under British Columbia's Business Corporations Act. Secured Noteholders and Unsecured Debentureholders voted 100% in favor, while 79% of Existing Equityholders supported the plan, significantly exceeding minority approval requirements. A court hearing for final approval is scheduled for September 25, 2020. The transaction may require state-level regulatory review in various U.S. states where iAnthus operates.

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FAQ

What is the current stock price of IANTHUS CAPITAL HLDG ORD (ITHUF)?

The current stock price of IANTHUS CAPITAL HLDG ORD (ITHUF) is $0.0047 as of December 24, 2024.

What is the market cap of IANTHUS CAPITAL HLDG ORD (ITHUF)?

The market cap of IANTHUS CAPITAL HLDG ORD (ITHUF) is approximately 33.4M.

What services does iAnthus offer?

iAnthus provides financing and management solutions for licensed cannabis cultivators, processors, and dispensaries in the United States.

Who founded iAnthus?

The company was founded by entrepreneurs with experience in investment banking, corporate finance, law, and healthcare services.

What kind of investments does iAnthus support?

iAnthus supports a diversified portfolio of cannabis industry investments, including direct equity investments in for-profit license holders, lending facilities, and management services to not-for-profit license holders.

Where is iAnthus based?

iAnthus is based in the United States and operates licensed cannabis cultivation, processing, and dispensary facilities throughout the country.

What is the mission of iAnthus?

iAnthus aims to use cannabis as a tool to build community and enact positive change, providing high-quality products and brands to consumers and patients.

What is the latest news from iAnthus?

The company reported its financial results for the first quarter of 2024, which can be accessed on the SEC's website and the Company's official website.

Who is the CEO of iAnthus?

Richard Proud is the CEO of iAnthus.

How can I learn more about iAnthus?

For more information about iAnthus and its operations, visit the company's official website at www.iAnthus.com.

IANTHUS CAPITAL HLDG ORD

OTC:ITHUF

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ITHUF Stock Data

33.39M
3.61B
7.34%
85.18%
Drug Manufacturers - Specialty & Generic
Healthcare
Link
United States of America
Toronto