Ianthus Stock Price, News & Analysis

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.

iAnthus Capital Holdings, Inc. (OTCPK: ITHUF) has announced the resignation of Robert M. Whelan, Jr. from its Board of Directors, effective January 18, 2022. Whelan, who joined the Board in December 2019, served as Lead Independent Director and contributed strategic insights during his tenure. iAnthus President Randy Maslow expressed gratitude for Whelan’s service and wished him well in retirement. The Company operates licensed cannabis facilities across the U.S. and is navigating potential operational impacts due to COVID-19.

iAnthus Capital Holdings has announced a new long-term incentive plan (LTIP) aimed at retaining key employees during the uncertain closing period of its recapitalization transaction. This LTIP, approved by the board, will replace the current stock option pool, equating to approximately 5.75% of the pro forma common shares upon closing. The plan will cover 251 employees and is part of a strategy to enhance employee retention. The company has engaged a compensation consultant for its development, aiming to navigate the challenges arising from the ongoing COVID-19 pandemic.

iAnthus Capital Holdings announced an update regarding its Annual General Meeting (AGM) for 2020. The BC Registrar extended the deadline for the AGM to December 31, 2021, but later declined further extensions. In response, iAnthus filed a Notice of Appeal in the Supreme Court of British Columbia, seeking an extension until June 30, 2022, due to pending recapitalization transactions. The company emphasizes potential impacts from COVID-19 on operations, which may affect financial performance and share trading.

iAnthus Capital Holdings has updated stakeholders on its Recapitalization Transaction, following the Florida Department of Health's approval of a variance request for beneficial ownership change at its subsidiary, McCrory's Sunny Hill Nursery, on November 4, 2021. However, this approval is currently challenged in a petition filed by a Florida medical marijuana organization. The company awaits further regulatory approvals in Massachusetts, New York, and Maryland, which are essential for finalizing the transaction. The closing remains subject to several conditions outlined in the Restructuring Support Agreement.

iAnthus Capital Holdings, operating in the U.S. cannabis sector, has announced plans to appeal a recent ruling by the Ontario Superior Court regarding the extension of the timeline for regulatory approvals crucial for its Recapitalization Transaction. This decision, made on October 12, 2021, allows lenders to extend the Outside Date indefinitely until all conditions are met. iAnthus had previously entered into a Restructuring Support Agreement, which has not yet culminated due to pending approvals from various states, including New York and Maryland.