iAnthus Q2 Revenue Increases 57% to $54 Million – New Cannabis Ventures – New Cannabis Ventures

iAnthus Reports Second Quarter 2021 Financial Results and Provides Update on Status of Recapitalization Transaction

NEW YORK and TORONTO, Aug. 10, 2021 /PRNewswire/ – iAnthus Capital Holdings, Inc. (“iAnthus” or the “Company”) (CSE: IAN) (OTCPK: ITHUF), which owns, operates, and partners with regulated cannabis operations across the United States, today reported its financial results for the three and six months ended June 30, 2021. The Company’s Quarterly Report on Form 10-Q, which includes its unaudited interim condensed consolidated financial statements for the three and six months ended June 30, 2021 and the related management’s discussion and analysis of financial condition and results of operations, can be accessed on the Securities and Exchange Commission’s (“SEC’s”) website at www.sec.gov, the Company’s SEDAR profile at www.sedar.com, and on the Company’s website at www.iAnthus.com. As a U.S. reporting company, the Company’s financial statements are reported in accordance with U.S. generally accepted accounting principles (“GAAP”). Unless otherwise noted, all currency is expressed in U.S. dollars.

Second Quarter 2021 Financial Highlights

Revenue of $54.2 million, up 57% from the same quarter in the prior year. Gross Profit of $31.3 million, up 66% from the same quarter in the prior year. Gross Margin of 57.7%, reflecting an increase of 3.2% from 54.5% in the same quarter in the prior year. Net loss of $15.3 million, or a loss of $0.09 per share, compared to a loss of $24.8 million, or a loss of $0.14 per share, in the same quarter in the prior year. Adjusted EBITDA(3) of $13.5 million, up from $0.7 million in the same quarter in the prior year. EBITDA and Adjusted EBITDA are non-GAAP measures. Reconciliation tables of EBITDA and Adjusted EBITDA as used in this news release are included below. Due to liquidity constraints experienced by the Company, the

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