iAnthus Reports First Quarter 2021 Financial Results and Provides Update on Status of Recapitalization Transaction – WFMZ Allentown

NEW YORK and TORONTO, May 17, 2021 /PRNewswire/ – iAnthus Capital Holdings, Inc. (“iAnthus” or the “Company”) (CSE: IAN) (OTC: ITHUF), which owns, operates, and partners with regulated cannabis operations across the United States, today reported its financial results for the three months ended March 31, 2021. The Company’s Quarterly Report on Form 10-Q, which includes its unaudited interim condensed consolidated financial statements for the three months ended March 31, 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”) website at www.sec.gov, the Company’s SEDAR profile at www.sedar.com, and on the Company’s website at www.iAnthus.com. The Company became a U.S. reporting company effective February 5, 2021. As such, the Company’s financial statements are reported in accordance with U.S. Generally Accepted Accounting Principles (GAAP). All currency is expressed in U.S. dollars.

First Quarter 2021 Financial Highlights

Revenue of $51.8 million, up 70% from the same quarter in the prior year.Adjusted Gross Profit(4) of $32.6 million, up 111% from the same quarter in the prior year.Adjusted Gross Margin(4) of 63%, up 12% from the same quarter in the prior year.Net loss of $19.5 million, or a loss of $0.11 per share, compared to a loss of $236.3 million, or a loss of $1.38 per share, in the same quarter in the prior year.Adjusted EBITDA(4) of $13.0 million, up from ($6.8) million in the same quarter in the prior year. EBITDA and Adjusted EBITDA are non-GAAP measures. Reconciliation tables of EBITDA and Adjusted EBITDA are included below.Due to liquidity constraints experienced by the Company, the Company did not make applicable interest payments due on its 13% senior secured convertible debentures (“Secured Notes”) and its 8% convertible unsecured debentures (“Unsecured Debentures”) due during 2020. As previously disclosed, the non-payment of

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