iAnthus Capital Holdings, Inc. (OTCPK: ITHUF) reported its financial results for the fourth quarter and year-ended December 31, 2021. In the fourth quarter, revenue rose 4% to $47.7 million. iAnthus also reported a net loss of $25.7 million, or a loss of $0.15 per share, compared to a loss of $26.7 million, or a loss of $0.16 per share, in the same quarter in the prior year.
iAnthus reported revenue rose 34% for the full year of 2021 to $203.0 million, up 34% from the prior year. The company also recorded a net loss of $76.2 million, or a loss of $0.44 per share, compared to a loss of $313.4 million, or a loss of $1.83 per share, in the prior year.
Due to liquidity constraints, iAnthus said it did not make applicable interest payments due on its 13% senior secured convertible debentures and its 8% convertible unsecured debentures due during 2020. As previously disclosed, the non-payment of interest in March 2020 triggered an event of default with respect to these components of the Company’s long-term debt, which, as of December 31, 2021, consisted of principal amounts of $97.5 million and $60.0 million, and accrued interest of $30.9 million and $9.6 million, on the Secured Notes and Unsecured Debentures, respectively. In addition, as a result of the default, as of December 31, 2021, the company has accrued additional fees and interest of $15.4 million in excess of the aforementioned amounts that are further detailed in the company’s financial statements.
After the quarter ended, on January 7, 2022, the New Jersey Cannabis Regulatory Commission approved iAnthus New Jersey, LLC’s acquisition of 100% of the equity interests of New Jersey license holder MPX New Jersey, LLC. On February 1, 2022, the company closed on its acquisition of MPX NJ.
Delayed Annual Meeting
The company still hasn’t held its annual meeting from 2020 and when the BC Registrar declined the company’s request to delay it again, iAnthus filed an appeal. The company wants an extension to June 30, 2022 or some later date. With regards to the 2021 annual meeting, that deadline was extended to June 30, 2022.