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, provides an update on its response to the Secured Noteholders’ application (the “Application“) iAnthus previously announced via news release on August 27, 2021 and that was the subject of an update on September 27, 2021 (the “September News Release“). On October 12, 2021, Justice Penny released his decision granting the Secured Noteholders’ relief sought in the Application (the “Decision“). Specifically, Justice Penny granted the declaration sought by the Secured Noteholders and ordered that: “the Outside Date in the restructuring support agreement has been and is extended to the date on which any regulatory approval or consent condition to implementation of the Plan is satisfied or waived.”
The Company is reviewing the Decision carefully and is considering the merits of an appeal. iAnthus has the right to appeal the Decision to the Ontario Court of Appeal on or before 30 days from the release of the decision.
As described in the September News Release, the Secured Noteholders are subject to a stay that, among other things, prevents any party to the restructuring support agreement dated July 10, 2020 (the “RSA“) from advancing or impeding the regulatory process for the closing of the transactions contemplated by the RSA (the “Recapitalization Transaction“) until 48 hours after the release of Justice Penny’s decision. At the conclusion of the stay, iAnthus will continue to satisfy all of its obligations and pursue all of its rights under the RSA. Prior regulatory approvals in Florida, Massachusetts, New York and Maryland necessary to close the Recapitalization Transaction are still outstanding.
iAnthus owns and operates licensed cannabis cultivation, processing and dispensary facilities throughout the United States. For more information, visit www.iAnthus.com.