iAnthus Capital Holdings, Inc. (“iAnthus” or the “Company”) (CSE: IAN, OTCQX: ITHUF), which owns, operates, and partners with regulated cannabis operations across the United States, announces, further to its news release on June 11, 2020, that the Company did not file the following continuous disclosure documents (collectively, the “Required Filings”) prior to the filing deadline on June 15, 2020:
- (a) audited annual financial statements for the year ended December 31, 2019;
- (b) management’s discussion and analysis relating to the audited financial statements for the year ended December 31, 2019; and
- (c) certification of the foregoing filings as required by National instrument 52-109 Certification of Disclosure in Issuers’ Annual and Interim Filings.
In light of the delay, the Company has received notice from the Ontario Securities Commission (the “OSC”) that the Company has been noted in default for failure to file the Required Filings. Failure to file the Required Filings in a timely matter may result in further action including the issuance of a cease trade order by the OSC, without further notice.
The Company expects to be able to file the Required Filings prior to the end of June 2020. The Company will provide updates as further information relating to the Required Filings becomes available.
iAnthus owns and operates licensed cannabis cultivation, processing and dispensary facilities throughout the United States, providing investors diversified exposure to the U.S. regulated cannabis industry. Founded by entrepreneurs with decades of experience in operations, investment banking, corporate finance, law and healthcare services, iAnthus provides a unique combination of capital and hands-on operating and management expertise. iAnthus currently has a presence in 11 states and operates 35 dispensaries (AZ-4, MA-1, MD-3, FL-16, NY-3, CO-1, VT-1 and NM-6 where iAnthus has minority ownership). For more information, visit www.iAnthus.com.
COVID-19 Risk Factor
The Company may be impacted by business interruptions resulting from pandemics and public health emergencies, including those related to COVID-19. An outbreak of infectious disease, a pandemic, or a similar public health threat, such as the recent outbreak of COVID-19, or a fear of any of the foregoing could adversely impact the Company by causing operating, manufacturing, supply chain, and project development delays and disruptions, labor shortages, travel, and shipping disruption and shutdowns (including as a result of government regulation and prevention measures). It is unknown whether and how the Company may be affected if such a pandemic persists for an extended period of time, including as a result of the waiver of regulatory requirements or the implementation of emergency regulations to which the Company is subject. Although the Company has been deemed essential and/or has been permitted to continue operating its facilities in the states in which it cultivates, processes, manufactures, and sells cannabis during the pendency of the COVID-19 pandemic, there is no assurance that the Company’s operations will continue to be deemed essential and/or will continue to be permitted to operate. The
Company may incur expenses or delays relating to such events outside of its control, which could have a material adverse impact on its business, operating results, financial condition, and the trading price of the Company’s common shares.