Ianthus Stock Price, News & Analysis

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.

iAnthus Capital Holdings announced the resignation of Marco D'Attanasio from its board of directors, effective September 15, 2022. D'Attanasio joined in June 2022 following a recapitalization transaction. The company expressed gratitude for his contributions but has yet to appoint a successor nominee as per the Investor Rights Agreement. iAnthus operates cannabis facilities across the U.S. and is subject to potential operational disruptions from COVID-19. The company warns that its business and financial performance could be materially impacted by future public health emergencies.

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.