Mr. Hadley Ford reports
IANTHUS RESETS 2019 OPTION ISSUANCE FOR SENIOR MANAGEMENT TO STRONGLY ALIGN WITH SHAREHOLDERS
iAnthus Capital Holdings Inc. has cancelled recent stock options granted to iAnthus executive management. Approximately 60 per cent of the options that have been issued in 2019 will be cancelled effective today. The board plans to reissue the options in 30 days, subject to regulatory requirements and the terms and conditions of the company's omnibus (stock option) incentive plan. The strike price of the new stock options will be: (i) the higher of the closing price the day prior to issuance or (ii) $7.50. This will affect all 2019 options grants of the company's chief executive officer, president and chief financial officer, in addition to certain grants to six other members of the executive management team.
Hadley Ford, chief executive officer of iAnthus, stated: "We have cancelled recent option grants to members of the executive management team. In accordance with regulatory requirements and continued board approval, we plan to issue new stock options in 30 days to incorporate a minimum exercise price of $7.50, which is higher than the price at which our stock traded immediately following the close of our transaction with MPX. We believe the new exercise price more fully reflects our view of the potential for our stock and our confidence in the ability of our expanded executive team to continue to execute on our business plan.
"The company just posted strong first quarter results, with pro forma revenues of $18.5-million (U.S.), up 22 per cent sequentially and our current revenue run rate is over $100-million (U.S.) annually on a pro forma basis. In Massachusetts, the wholesale business is growing rapidly, and we are advancing our second and third dispensaries which will open with full adult-use licences in 2019. In Florida, where we have the third-highest THC sales per store, we are opening our fourth store in Orlando this week, followed by our fifth in Daytona Beach next week. The store openings in Florida will continue to dramatically ramp throughout 2019 and will be supported by our expanded cultivation footprint. We continue to have MPX brands carried on additional shelves in Arizona, Nevada and Maryland. And we recently unveiled our unified store name, Be, which will allow us to market our cannabis products under one national retail experience. The operations of the company have never been stronger and we believe that our current stock price does not reflect the inherent value of what we are continuing to build.
"Over all, iAnthus remains committed to being an industry leader and our growing executive team with deep experience in major international brands, including Coca Cola, Nike and Monster Energy, will continue to work hard to ensure we are."
About iAnthus Capital Holdings Inc.
iAnthus Capital Holdings owns and operates best-in-class 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 operations in 11 states and operates 21 dispensaries.
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