June 10, 2022

– 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 announces that on June 9, 2022, the Massachusetts Cannabis Control Commission (the “CCC“) approved the application (the “COC Application“) for a proposed change of ownership and control of the Company’s wholly-owned subsidiary, Mayflower Medicinals, Inc. (“Mayflower“) contemplated by Company’s previously announced recapitalization transaction (the “Recapitalization Transaction“).

On June 17, 2021, the CCC approved the applications for the proposed change of ownership and control of the then-current licenses held by Mayflower and the Company’s wholly-owned subsidiary, Cannatech Medicinals, Inc., contemplated by the Recapitalization Transaction (the “June 17 Approval“).  On August 12, 2021, the CCC approved Mayflower’s pending application for a Marijuana Establishment retail license for its Allston, Massachusetts retail location (the “Allston License“).  As a result of the August 21, 2021 approval relating to the Allston License, the COC Application had to be approved before the June 17 Approval could be implemented.  Now that the COC Application has been approved, the June 17 Approval is now a final approval.

The Company continues to diligently seek the remaining regulatory approvals in New Jersey and New York. Given that only two regulatory approvals remain outstanding for the Recapitalization Transaction, the Company expects to close the Recapitalization Transaction in the near term.

About iAnthus

iAnthus owns and operates licensed cannabis cultivation, processing and dispensary facilities throughout the United States. For more information, visit www.iAnthus.com.