MJ Biz reports…..Canadian securities regulators halted the trading of iAnthus stock for nearly four hours Wednesday as they sought information from the multistate cannabis operator about reports related to its difficult financial situation. …./….
While partly blaming the coronavirus outbreak, iAnthus said earlier this month that it was unable to pay interest obligations of $4.4 million on $157.5 million in debt. The company operates 31 dispensaries in 11 states.
Looks like they are trying to buy time
Here’s the full press release
NEW YORK and TORONTO, April 22, 2020 /PRNewswire/ – 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, is responding to a request from the Investment Industry Regulatory Organization of Canada (IIROC) regarding online media reports with respect to the Company’s Strategic Alternatives Review Process.
The Company’s policy is not to comment on speculative media reports and directs readers to its April 6, 2020 news release, iAnthus Announces Default of Interest Obligations to Debenture Holders on March 31, 2020, with respect to the Company’s announcement that it formed a special committee, initiated the Strategic Alternatives Review Process and has hired Canaccord Genuity Corp. as its financial advisor.
The Strategic Alternatives Review Process is ongoing and there can be no assurance as to what, if any, alternative might be pursued by the Company. In accordance with applicable disclosure requirements, the Company will advise the market of material changes, if and when they occur.
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 health care 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 33 dispensaries (FL-14, AZ-4, MA-1, MD-3, NY-3, CO-1, VT-1 and NM-6 where iAnthus has minority ownership). For more information, visit www.iAnthus.com.
Forward Looking Statements
Statements in this news release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors disclosed here and elsewhere in iAnthus’ periodic filings with Canadian securities regulators. When used in this news release, words such as “will, could, plan, estimate, expect, intend, may, potential, believe, should, our vision” and similar expressions, are forward-looking statements.
Statements in this news release that are forward-looking statements are subject to various risks and uncertainties concerning the novel coronavirus (COVID-19) pandemic, the specific factors disclosed here and elsewhere in iAnthus’ periodic filings with Canadian securities regulators.
When used in this news release, words such as “will, could, plan, estimate, expect, intend, may, potential, believe, should, our vision” and similar expressions, are forward-looking statements. Forward-looking statements may include, without limitation, statements relating to the Company’s future financial performance, business development, results of operations, and financing and recapitalization opportunities, as well the evaluation of strategic alternatives.
Readers should not place undue reliance on forward-looking statements. The forward-looking statements in this news release are made as of the date of this release. iAnthus disclaims any intention or obligation to update or revise such information, except as required by applicable law, and iAnthus does not assume any liability for disclosure relating to any other company mentioned herein.
The Canadian Securities Exchange has not reviewed, approved or disapproved the content of this news release.
This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
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SOURCE iAnthus Capital Holdings, Inc.
Released April 22, 2020