iAnthus Capital Holdings Archives - Green Market Report

Debra BorchardtMarch 18, 2022
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3min172

 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. 

 


William SumnerSeptember 19, 2019
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iAnthus Capital Holdings, Inc. (CSE: IAN) (OTCQX: ITHUF) has entered an agreement to acquire WSCC, Inc., better known as Sierra Well, for $27.6 million. iAnthus will pay for the acquisition price with $5.1 million in cash and $22.5 million in company shares, priced at the 10-day volume-weighted average price prior to closing of the transaction.

Sierra Well is a Nevada-based, vertically integrated cannabis company with two retail dispensary locations and two cultivation/production facilities in Reno and Carson City totaling a combined 20,000 square feet. The company has an unaudited annual revenue of approximately $16 million with an EBITDA (non-IFRS) margin above 20% and positive net income.

“Strengthening our foothold in one of the most successful adult-use cannabis markets is consistent with our strategy to deliver iAnthus’ nationally recognized products in premier markets,” said Hadley Ford, CEO of iAnthus. “This strategic transaction will allow us to scale our Nevada operations, add talent, and solidify both our retail and brand presence in both the Northern and Southern portions of the state.”

The acquisition will help increase iAnthus’ total Nevada footprint to six retail dispensary licenses and 50,000 square feet of cultivation and production space and increase the company’s retail presence to 29 stores nationwide.  Once the acquisition closes, Sierra Well dispensaries will be renamed under iAnthus’ Be. brand, which will launch sometime next month.

“We’re excited to join the iAnthus team and look forward to expanding our business with the expertise of a tried and tested multi-state operator,” said Steven Nightingale, Chairman of the Board of Sierra Well. “We at Sierra Well see this partnership as a perfect fit, one that will allow our dynamic workforce to deepen their ability to provide top-notch service and products to the communities of Reno and Carson City.”

Pending approval from the Nevada Department of Taxation, the acquisition is expected to close in the first half of 2020.


William SumnerApril 3, 2019
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4min50

It’s time for your Daily Hit of cannabis financial news for April 2, 2019.

On the Site

iAnthus Capital Holdings

iAnthus Capital Holdings, Inc. (CSE: IAN, OTCQX: ITHUF) reported its fiscal fourth quarter and full year unaudited results for 2018, however, the company did not release any financial statement to accompany the press release.

Jacana Exported Medical Marijuana Out Of Jamaica, But Is That Legal?

The Minister of Ministry of Industry, Commerce, Agriculture, and Fisheries, Audley Shaw, recently lauded Cannabis company, Jacana, for making a multi-million-dollar investment in the cannabis industry as the first local entity to export cannabis flowers from Jamaica… There remains one issue with this export; there does not seem to be in existence a law in Jamaica supporting the export of cannabis flowers.

In Other News

IONIC Brands Corp.

IONIC Brands Corp. (CSE: IONC), a company focused on developing luxury cannabis brands, announced today that it has begun trading on the Canadian Securities Exchange (CSE) under the trading symbol IONC. “We are excited that IONIC BRANDS is listed on the Canadian Securities Exchange.  This is a critical step in the Company’s growth plans,” said John Gorst, CEO & Chairman of IONIC BRANDS in a statement. “We look forward to the access of the capital markets to build IONIC BRANDS and our premium brand portfolio.”

48North Cannabis Corp.

48North Cannabis Corp. announced that it has closed a previously announced bought deal short form prospectus offering, which includes the exercise of an over-allotment option granted to the underwriters. The company sold 21,139,760 units of the company at a price of $1.36 per unit, raising $28,750,073.60. 48North will use the proceeds of the offering to develop a 100-acre outdoor cultivation site in Brant County, Ontario and general corporate purposes.

Vertical Companies

Vertical Companies announced that it has raised $58 million in its Series A Financing Round. Originally the company set out to raise $35 million, but later raised the goal by $20 million due to investor demand. “Although early on we thought we might get broader institutional support based on their interest, the federal prohibition kept those funds out of our reach,” said Smoke Wallin, Vertical Companies President, in a statement. “In spite of those challenges, it is terrific that we have such broad-based investor support from the Merida team as well as high-net-worth individuals and family offices. Closing out at $58m with such investor momentum helps propel the company forward as we scale our commercial operations with a keen focus on execution.”


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