iAnthus Capital Holdings, Inc. ('iAnthus' or the 'Company') (CSE: IAN, OTCPK: ITHUF) which owns operates, and partners with regulated cannabis operations across the United States reports its financial results for the third quarter ended September 30 2020.

The Company's Financial Statements for the third quarter ended September 30, 2020 and the related Management's Discussion & Analysis can be accessed on the Company's SEDAR profile at www.sedar.com and on the Company's website at www.ianthus.com. Amounts are in U.S. Dollars, unless stated otherwise.

Third Quarter 2020 Financial Updates

Revenue of $40.6 million, up 17% from the prior quarter

Gross margin for the quarter was 62.9%, up from 54.8% in the prior quarter

Net loss of $9.7 million, or a loss of $0.06 per share, versus a net loss of $20.9 million, or a loss of $0.12 per share, in the prior quarter

Due to liquidity constraints experienced by the Company, the Company did not make applicable interest payments due on its 13% senior secured convertible debentures ('Secured Notes') and its 8% convertible unsecured debentures ('Unsecured Debentures') due on March 31, 2020, June 30, 2020, or September 30, 2020. As previously disclosed, the non-payment of interest in March 2020 triggered an event of default with respect to these components of the Company's long-term debt, consisting of principal amounts at face value of $97.5 million and $60.0 million and accrued interest amounts as of September 30, 2020 of $11.4 million and $3.6 million on the Secured Notes and Unsecured Debentures, respectively. In addition, as a result of the default, the Company has accrued additional fees and interest of $13.3 million in excess of the amounts stated above that are further detailed in the Company's Financial Statements.

About iAnthus

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

Forward Looking Statements

Statements in this news release that are forward-looking statements are subject to various risks and uncertainties, including concerning COVID-19 and the specific factors disclosed here and elsewhere in iAnthus' periodic filings with Canadian securities regulators. When used in this news release, words such as 'will, could, plan, estimate, expect, intend, may, potential, believe, should, our vision' and similar expressions, are forward-looking statements. Forward-looking statements may include, without limitation, statements relating to the Company's financial performance, business development and results of operations and the timing and outcome of closing of the Recapitalization Transaction. Readers should not place undue reliance on forward-looking statements. The forward-looking statements in this news release are made as of the date of this release. iAnthus disclaims any intention or obligation to update or revise such information, except as required by applicable law, and iAnthus does not assume any liability for disclosure relating to any other company mentioned herein.

Contact:

Tel: 1-646-518-9411

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