iAnthus Announces Execution of Support Agreement for a Recapitalization Transaction

NEW YORK and TORONTO, July 13, 2020 /PRNewswire/ – iAnthus Capital Holdings, Inc. (“iAnthus” or the “Company”) (CSE: IAN) (OTCQX: ITHUF), which owns, operates, and partners with regulated cannabis operations across the United States, announced today that it has entered into a Restructuring Support Agreement (as defined below) with 100% of its Secured Lenders (as defined below) and over 91% of the Unsecured Debentureholders (as defined below) to effect a proposed recapitalization transaction (the “Recapitalization Transaction”), as well as provide Interim Financing (as defined below) of $14 million.

The Recapitalization Transaction is expected to significantly reduce the Company’s outstanding indebtedness and annual interest costs, improve its capital structure and liquidity, and result in an enhanced financial foundation for the Company. Assuming completion of the Recapitalization Transaction, the Company’s pro forma outstanding indebtedness will be reduced from $168.7 million (excluding fees and accrued and unpaid interest thereon) as at June 30, 2020 to $101.4 million (excluding $20 million of Preferred Equity (as defined in the schedule to this news release and more fully described below)).

Pursuant to the terms of the Restructuring Support Agreement, the Recapitalization Transaction will be implemented pursuant to arrangement proceedings commenced under the British Columbia Business Corporations Act (“BCBCA”) or,

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