An anonymous director reports

IANTHUS REPORTS THIRD QUARTER 2023 FINANCIAL RESULTS

iAnthus Capital Holdings Inc. has released its financial results for the third quarter ended Sept. 30, 2023. The company's quarterly report on Form 10-Q, which includes its unaudited interim condensed consolidated financial statements for the three and nine months ended Sept. 30, 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 (SEC) website, 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.

Third quarter 2023 financial highlights:

• Revenue of $42.9-million, a sequential increase of 10.8 per cent from Q2 2023 and an increase of 8.9 per cent from the same quarter in the prior year;
• Gross profit of $17.4-million, a sequential decrease of 5.2 per cent from Q2 2023 and an increase of 7.7 per cent from the same quarter in the prior year;
• Gross margin of 40.6 per cent, reflecting a sequential decrease of 687 basis points (bps) when compared with Q2 2023 and a decrease of 47 bps from the same quarter in the prior year;
• Net loss of $15.6-million, or a net loss of nil per share, compared with a net loss of $20.1-million, or a net loss of nil per share, in Q2 2023 and compared with a net loss of $22.0-million, or a net loss of nil per share, in the same quarter in the prior year;
• Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) of $4.9-million, a sequential increase from an adjusted EBITDA of $3.9-million in Q2 2023 and an increase from negative $300,000 from the same quarter in the prior year. EBITDA and adjusted EBITDA are non-GAAP measures. Reconciliation tables of EBITDA and adjusted EBITDA as used in this news release to GAAP are included in this news release.

About iAnthus Capital Holdings Inc.

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

We seek Safe Harbor.