Business

Executive Transformation: iAnthus Capital Announces CFO Resignation and Appointment of Interim Successor

NEW YORK and TORONTO, March 29, 2024 /PRNewswire/ - iAnthus Capital Holdings, Inc. (referred to as "iAnthus" or the "Company"), a distinguished presence in the regulated cannabis market of the United States, and publicly traded under the symbols (CSE: IAN) (OTCQB: ITHUF), today communicated a significant shift in its executive team. The noteworthy announcement comes with the disclosure of Philippe Faraut’s forthcoming departure from his role as Chief Financial Officer.

Philippe Faraut, who has been at the financial helm since November 2022, is set to resign from his position as Chief Financial Officer as well as from his associated roles within the Company's subsidiaries and affiliates, as of April 5, 2024, a date that has been formally designated as the "Resignation Date." His tenure at iAnthus has seen him contribute to the Company's growth and financial health.

"On behalf of the Company, we would like to thank Philippe for his contributions and commitment to iAnthus since 2022," expressed Mich Mathews-Spradlin, Chairwoman of the Board. "We wish him the best in all his future endeavors."

The Company has articulated its gratitude towards Mr. Faraut, acknowledging his dedicated service and his role in advancing the Company's fiscal strategy. His expertise has been invaluable, and thus his departure is met with both understanding and a notable sense of loss for the iAnthus team.

However, iAnthus ensures continuity and stability as Mr. Faraut transitions to a consulting position briefly post his formal resignation, providing his expertise for a month thereafter. In alignment with this, iAnthus has strategically appointed Justin Vu as Interim Chief Financial Officer, taking the reins effective as of the Resignation Date. Vu joined the iAnthus team in early 2023 with a rich past as the Senior Vice President of Finance and has since been an integral part of the Company's financial leadership. His credentials are further bolstered by his previous tenure as a financial consultant and his roles within a prominent US-based media and entertainment conglomerate.

As Justin Vu assumes his interim position, the shores of stability appear to be within sight for iAnthus. The Company is actively embarking on a diligent search for a permanent CFO, raising the bar high to attract a candidate with not only a robust financial acumen but also a visionary approach and an unwavering dedication to the Company's progress and evolution.

About iAnthus Capital Holdings

Building an empire within the cannabis sector demands ingenuity, compliance, and a dynamic operational model, all of which iAnthus proudly embodies. The Company oversees an array of licensed cannabis cultivation, processing, and dispensary facilities distributed liberally across the United States. To gather further insights and details about iAnthus’s initiatives and footprint in the cannabis industry, interested parties are encouraged to visit www.iAnthus.com.

Forward Looking Statements and the Road Ahead for iAnthus

The company's future is etched with anticipations and projections that speak to their belief in a dynamic trajectory ahead. The forward-looking statements, inherently laced with certain risks and uncertainties, furnish a blueprint of iAnthus's strategic plans. These include, but are not limited to, expectations surrounding financial performance, business growth, operational results, and managerial moves within the entity's structure.

It is important for investors, stakeholders, and observers to digest such projections with the understanding that they are based upon the currently available assessments and conjectures of the management. These are not ironclad guarantees but rather a vision that's subject to change due to a plethora of influencing factors. The management encourages public review of these statements against the backdrop of official reports that are regularly filed with SEC and Canadian securities regulators. These comprehensive reports include the annual reports on Form 10-K and others that provide a detailed and regulated insight into the Company’s operations.

The lexicon of such statements is replete with words indicating potential and expectations. Terms such as "will," "could," "plan," "estimate," "expect," "intend," "may," "potential," "believe," and "should" underscore the predictive nature of these statements. They are reflections of iAnthus's aspirations and calculated estimates regarding the future of the company.

It is imperative to approach these predictions with caution. The Company is forthright about the potential discrepancies that might arise, acknowledging that if such forward-looking statements deviate from the actual unfolding events, the variance could be of substantial magnitude. They serve as a cautionary note and not as a binding commitment from iAnthus or any other party to actualize specific objectives and plans within a certain timeline, or indeed at all. Given the shifting sands of the industry and market pressures, listeners and readers are advised to refrain from placing undue reliance on these visionary comments.

The dialogue of forward-looking statements includes an express disclaimer from iAnthus regarding any statutory duty to update these statements post-release. Exceptions pertain to new information that may arise, future events that could necessitate a revision, or the occurrence of unanticipated events. This policy is in strict adherence to the law.

It must be noted that neither the Canadian Securities Exchange nor the U.S. Securities and Exchange Commission endorses, sanctions, or offers comments on the contents of this news release. Their mention in this context serves merely as a declaration of neutral standing with regards to the presented information.

With this news, iAnthus Capital Holdings, Inc. reaffirms its commitment to transparency, regulatory compliance, and strategic growth in the dynamic landscape of the cannabis industry. The executive changes reflect both the natural evolution of the company and its continued pursuit of excellence in a sector that is every bit as challenging as it is promising.

This news release was disseminated by iAnthus Capital Holdings, Inc., a beacon of enterprise within the cannabis space that prides itself on driving innovation and upholding the highest standards of operation in jurisdictions where its presence is established.

In conclusion, the company stands at a threshold of change, with a leadership rearrangement poised to steer the strategic direction towards continued success. As iAnthus navigates this new chapter, the focus remains on upholding the integrity of its operations, deepening its market penetration, and enhancing its financial performance, all while remaining grounded in the principles that have guided its journey thus far.

The road ahead is one of opportunity and challenge alike, and iAnthus is positioned to embrace the twists and turns with resolve and forward momentum. Stakeholders stand reassured by the devoted trailblazers at the helm and the steady hands of those who will join the ranks to shape the future narrative of iAnthus, a true cultivator of progress and prosperity in the cannabis industry.

The dialogue continues. The growth narrative endures. And the iAnthus story unfolds with each passing day.

Declaration and Regulatory Statement

This news release, while providing information essential to the stakeholders of iAnthus, is not to be considered as advice or recommendation towards investments or endorsements. The information provided herein serves to communicate changes within the company's structure and its outlook on future developments. Any investment decisions should be made based on individual judgment and after consulting professional investment advisors. iAnthus is committed to maintaining compliance with relevant securities exchange regulations and ensures full disclosure in alignment with legal requirements.

The forward-looking statements encapsulate the essences of the company's aspirations and are to be considered alongside inherent uncertainties and business risks. iAnthus prescribes an informed and judicious interpretation of its business forecasts and actively disavows any obligation to update these statements following the publication of the news release. It remains dedicated to transacting with the recognition of its responsibilities towards its investors, partners, and the regulatory bodies that govern the industry.

The news material contained here does not constitute an offer or solicitation for sale in jurisdictions where iAnthus is not authorized to conduct business or where such offer or solicitation would be contrary to securities laws or regulations of that jurisdiction.

In respect of the ethos of transparent communication and adherence to regulatory norms, iAnthus makes available its wealth of information and updates through its official platforms, delivering timely and accurate information to interested individuals.

SOURCES:

• iAnthus Capital Holdings, Inc.

Click here for Company's Official Website and Further Information.

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