An anonymous director reports

IANTHUS REPORTS SECOND QUARTER 2023 FINANCIAL RESULTS

iAnthus Capital Holdings Inc. has released its financial results for the second quarter ended June 30, 2023. The company's quarterly report on Form 10-Q, which includes its unaudited interim condensed consolidated financial statements for the three and six months ended June 30, 2023, and the related management's discussion and analysis of financial condition and results of operations, can be viewed on the 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. All currency is expressed in U.S. dollars.

Second quarter 2023 financial highlights:

• Revenue of $38.7-million, a sequential increase of 5.2 per cent from first quarter 2023 and a decrease of 11.0 per cent from the same quarter in the prior year;
• Gross profit of $18.4-million, a sequential increase of 18.7 per cent from Q1 2023 and a decrease of 6.5 per cent from the same quarter in the prior year;
• Gross margin of 47.5 per cent, reflecting a sequential increase of 529 basis points when compared with Q1 2023 and an increase of 227 basis points from the same quarter in the prior year;
• Net loss of $20.1-million, or a net loss of zero cent per share, compared with a net loss of $18.6-million, or a net loss of zero cent per share, in Q1 2023, and compared with a net loss of $373.6-million, or a net loss of 65 cents per share, in the same quarter in the prior year;
• Adjusted earnings before interest, taxes, depreciation and amortization of ($400,000), a sequential decrease from an adjusted EBITDA of $900,000 in Q1 2023, and down from $2.3-million from the same quarter in the prior year; EBITDA and adjusted EBITDA are non-GAAP measures.

About iAnthus Capital Holdings Inc.

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

We seek Safe Harbor.