An anonymous director reports

IANTHUS REPORTS FIRST QUARTER 2023 FINANCIAL RESULTS

iAnthus Capital Holdings Inc. has released its financial results for the first quarter ended March 31, 2023. 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, 2023, and the related management's discussion and analysis (MD&A) of financial condition and results of operations, can be accessed on the U.S. Securities and Exchange Commission's website, on the company's SEDAR profile and on the company's website. 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 2023 financial highlights:

• Revenue of $36.8-million, a sequential decrease of 2.2 per cent from Q4 2022 and a decrease of 14.1 per cent from the same quarter in the prior year;
• Gross profit of $15.5-million, a sequential decrease of 3.6 per cent from Q4 2022 and a decrease of 31.0 per cent from the same quarter in the prior year;
• Gross margin of 42.2 per cent, relatively flat when compared with Q4 2022 and a decrease of 1,036 basis points from the same quarter in the prior year;
• Net loss of $18.6-million or a net loss of nil per share, compared with a net loss of $43.7-million or a net loss of one cent per share in Q4 2022, and compared with a net loss of $10.1-million or a net loss of six cents per share in the same quarter in the prior year;
• Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) of $900,000, a sequential increase from negative $1.0-million in Q4 2022 and a decrease from $3.4-million from the same quarter in the prior year. EBITDA and adjusted EBITDA are non-GAAP financial measures. Reconciliation tables of EBITDA and adjusted EBITDA as used in this news release to GAAP are included in this news release.

Recent business updates:

• On April 20, 2023, iAnthus' subsidiary in New Jersey (doing business as MPX New Jersey) commenced adult-use sales at its Atlantic City dispensary and subsequently entered the adult-use wholesale market in New Jersey.
• On April 26, 2023, MPX New Jersey opened its second location in New Jersey, a medical dispensary in Gloucester township.
• On May 3, 2023, the Maryland governor signed a bill to regulate cannabis sales, opening a pathway to adult-use legalization with a target start date of July 1, 2023. The company continues to monitor the situation and prepare for the potential to convert its subsidiaries' medical licences to licences to operate both medical and adult-use cannabis businesses in the state of Maryland.

About iAnthus Capital Holdings Inc.

iAnthus owns and operates licensed cannabis cultivation, processing and dispensary facilities throughout the United States.

We seek Safe Harbor.