An anonymous director reports

IANTHUS PROVIDES UPDATE TO LITIGATION CLAIM

iAnthus Capital Holdings Inc. has provided an update to its news release dated June 3, 2020, disclosing the complaint filed by Hi-Med LLC, the former holder of an unsecured debenture of the company in the principal amount of $5-million (U.S.), in the U.S. District Court for the Southern District of New York. Hi-Med sought damages and other remedies against iAnthus for, among other things, alleged breaches of the unsecured debenture and the related debenture purchase agreement. Effective on Dec. 12, 2023, iAnthus and Hi-Med settled the litigation pursuant to a settlement agreement on terms that provide for, among other things, the issuance of 20 million shares of the company's common stock, no par value per share, to Hi-Med. Further to the settlement agreement, applicable filings are to be made in the U.S. District Court for the Southern District of New York to dismiss Hi-Med's claim with prejudice.

The settlement agreement contains no admission of wrongdoing by the company or any of its current or former directors and officers, nor are the company or any of its current or former directors and officers acknowledging any liability, wrongdoing or breaches of contract by entering into the settlement agreement.

The shares will be issued pursuant to a prospectus and registration exemption under Canadian securities law and will be subject to a Canadian holding period expiring four months and a day from the date of issuance.

About iAnthus Capital Holdings Inc.

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

We seek Safe Harbor.