Fiscal Year 2025 Financial Highlights

• Revenue of $144.0 million, a decrease of 14.1% from the prior year.
• Gross profit of $65.7 million, a decrease of 12.5% from the prior year.
• Gross margin of 45.6%, reflecting an increase of 80 bps from the prior year.
• Net loss of $40.2 million, or a net loss of less than $0.01 per share, compared to a net loss of $7.6 million, or a net loss of less than $0.00 per share in the prior year.
• Adjusted EBITDA⁽¹⁾ of $13.0 million, down $10.9 million from the prior year. EBITDA and Adjusted EBITDA are non-GAAP measures. Reconciliation tables of EBITDA and Adjusted EBITDA as used in this press release to GAAP are included below.

Fourth Quarter 2025 Financial Highlights

• Revenue of $35.3 million, a sequential decrease of $0.1 million from Q3 2025, and a decrease of $7.4 million from the same quarter in the prior year.
• Gross profit of $15.1 million, a sequential decrease of $0.5 million from Q3 2025, and a decrease of $4.1 million from the same quarter in the prior year.
• Gross margin of 42.7%, reflecting a sequential decrease of 128 bps from Q3 2025, and a decrease of 206 bps from the same quarter in the prior year.
• Net loss of $14.1 million, or a net loss of less than $0.00 per share, compared to a net loss of $12.5 million, or a net loss of less than $0.00 per share in Q3 2025, and compared to a net income of $27.8 million, or a net income of less than $0.00 per share, in the same quarter in the prior year.
• Adjusted EBITDA⁽¹⁾ of $5.4 million, a sequential increase from an Adjusted EBITDA of $2.5 million in Q3 2025, and a decrease from an Adjusted EBITDA of $6.4 million from the same quarter in the prior year. EBITDA and Adjusted EBITDA are non-GAAP measures. Reconciliation tables of EBITDA and Adjusted EBITDA as used in this press release to GAAP are included below.

Non-GAAP Financial Information

This press release includes certain non-GAAP financial measures as defined by the SEC and the Canadian Securities Administrators. Reconciliations of these non-GAAP financial measures to the most directly comparable financial measures calculated and presented in accordance with GAAP are included in the tables above. This information should be considered as supplemental in nature and not as a substitute for, or superior to, any measure of performance prepared in accordance with GAAP.

In evaluating our business, we consider and use EBITDA and Adjusted EBITDA as supplemental measures of operating performance. We define EBITDA as earnings before interest, taxes, depreciation and amortization. We define Adjusted EBITDA as EBITDA before share-based compensation, accretion expense, write-downs and impairments, gains and losses from changes in fair values of financial instruments, income or losses from equity-accounted investments, the effect of changes in accounting policy, non-recurring costs related to the Company’s Recapitalization Transaction, litigation costs related to ongoing legal proceedings, and other income. We present EBITDA because we believe it is frequently used by securities analysts, investors and other interested parties as a measure of financial performance of other similarly situated companies in our industry, and we present Adjusted EBITDA because it removes non-recurring, irregular and one-time items that we believe may distort the comparability of EBITDA from period-to-period and with other industry participants.

EBITDA and Adjusted EBITDA are not standardized financial measures defined under GAAP, and are not a measure of operating income, operating performance or liquidity presented in accordance with GAAP. EBITDA and Adjusted EBITDA have limitations as an analytical tool, and when assessing the Company’s operating performance, investors should not consider EBITDA or Adjusted EBITDA in isolation, or as a substitute for net income (loss) or other consolidated income statement data prepared in accordance with GAAP. Among other things, EBITDA and Adjusted EBITDA do not reflect the Company’s actual cash expenditures. Other companies may calculate similar measures differently than us, limiting their usefulness as comparative tools. We compensate for these limitations by relying on GAAP results and using EBITDA and Adjusted EBITDA only as supplemental information.

About iAnthus

iAnthus is a vertically integrated cannabis company on a mission to build premium brands through a network of cultivation, production, and retail operations across the United States. Backed by a leadership team with deep expertise in cultivation, operations, and capital markets, the company strategically leverages acquisition-driven growth and access to capital to create long-term competitive advantage. iAnthus’ brand portfolio includes: MPX, Anthologie, Black Label, Cheetah, Frūtful, Last Resort, Moodz, Sunshine State, and The Vault. For more information, visit www.iAnthus.com.

Forward Looking Statements

Statements in this press release contain forward-looking statements. These forward-looking statements are made on the basis of the current beliefs, expectations and assumptions of management, are not guarantees of performance and are subject to significant risks and uncertainty. These forward-looking statements should, therefore, be considered in light of various important factors, including those set forth in the Company’s reports that it files from time to time with the SEC and the Canadian Securities Regulators, which you should review, including, but not limited to, the Annual Report filed with the SEC. When used in this press release, words such as “will,” “could,” “plan,” “estimate”, “expect”, “intend”, “may”, “potential”, “believe”, “should” and similar expressions identify forward-looking statements.

Forward-looking statements may include, without limitation, statements relating to the Company’s financial performance, business development and results of operations.

These forward-looking statements should not be relied upon as predictions of future events, and the Company cannot assure you that the events or circumstances discussed or reflected in these statements will be achieved or will occur. If such forward-looking statements prove to be inaccurate, the inaccuracy may be material. You should not regard these statements as a representation or warranty by the Company or any other person that the Company will achieve its objectives and plans in any specified time frame, or at all. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company disclaims any obligation to publicly update or release any revisions to these forward-looking statements, whether as a result of new information, future events or otherwise, after the date of this press release or to reflect the occurrence of unanticipated events, except as required by law.

Neither the Canadian Securities Exchange nor the U.S. Securities and Exchange Commission has reviewed, approved or disapproved the content of this press release.

Contact Information

Corporate/Media/Investors:
Justin Vu, Chief Financial Officer
iAnthus Capital Holdings, Inc.
1-646-518-9418
investors@ianthuscapital.com

In Florida, the Company plans to open its 26^th GrowHealthy dispensary in Tequesta, FL, further expanding its footprint in a core market. GrowHealthy’s Tequesta dispensary is currently scheduled to open on or about March 27, 2026, subject to receipt of necessary regulatory approvals, and is intended to improve patient access in Palm Beach County, while supporting the Company’s continued growth across the state.

“The Tequesta store is designed to better serve patients in northern Palm Beach County with convenient access to high-quality cannabis products,” said Richard Proud, CEO at iAnthus. “We’re expanding where we see clear demand and building dispensaries that feel local while delivering the quality and patient care GrowHealthy is known for across Florida.” 

GrowHealthy continues to set itself apart through a focus on whole-plant wellness, premium genetics and community connection. Built on the foundation of cultivators and caregivers, the company leads with a flower-first philosophy, strong community ties, and a deep respect for the cannabis plant. The Tequesta dispensary offers an extensive menu of products including flower, vapes, concentrates and additional form factors designed to meet the diverse wellness needs of the local community.

GrowHealthy’s Tequesta dispensary, located at 19510 U.S. Highway 1, Tequesta, FL 33469, will be open Monday-Saturday 9:00 a.m. to 8:30 p.m. and Sunday 9:00 a.m. to 8:00 p.m.

In New Jersey, the Company expanded its brand, The Vault, a curated archive of genetics icons, original cuts of cannabis strains that defined generations – preserved, protected, and reintroduced for consumers across the state of New Jersey. This launch reflects the Company’s ongoing efforts to build brands that resonate with distinct consumer segments.

With respect to the Company’s capital structure initiatives, the Company, along with its wholly-owned subsidiary, iAnthus New Jersey, LLC, has entered into amending agreements (collectively, the “Amendments”) with certain related-party lenders (including funds managed by affiliates of Gotham Green Partners, LLC, Oasis Management Company, Ltd., and Senvest Management, LLC) and the collateral agent under the senior secured bridge notes issued on February 2, 2021 (the “Bridge Notes”) to amend the terms of the Bridge Notes.

Pursuant to the Amendments, the maturity date of each applicable Bridge Note has been extended from February 16, 2026, to June 24, 2027 in consideration of an amendment fee (the “Amendment Fee”) equal to two percent (2%) of the principal amount of such Bridge Note as of the date of the Amendment, payable on the amended maturity date. As of February 16, 2026, the aggregate principal amount outstanding on the Bridge Notes is approximately US$8.4 million.

Gotham Green Partners, LLC, Oasis Management Company, Ltd. and Senvest Management, LLC may be considered “related parties” as such term is defined in Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”). Accordingly, the Amendment, including payment of the Amendment Fee, may be a “related party transaction” as defined in MI 61-101. Such transaction is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 pursuant to sections 5.5(a) and 5.7(1)(a) of MI 61-101, as neither the fair market value of subject matter of, nor the fair market value of the consideration for, the transaction, exceeds 25% of the Company’s market capitalization. The Company did not file a material change report 21 days prior to the expected closing of the Amendment as the structure of the transaction had not been confirmed at that time.

About iAnthus

iAnthus is a vertically integrated cannabis company on a mission to build premium brands through a network of cultivation, production, and retail operations across the United States. Backed by a leadership team with deep expertise in cultivation, operations, and capital markets, the company strategically leverages acquisition-driven growth and access to capital to create long-term competitive advantage. iAnthus’ brand portfolio includes: MPX, Anthologie, Black Label, Cheetah, Frūtful, Last Resort, Moodz, Sunshine State, and The Vault. For more information, visit www.iAnthus.com.

Forward Looking Statements

Statements in this news release contain forward-looking statements. These forward-looking statements are made on the basis of the current beliefs, expectations and assumptions of management, are not guarantees of performance and are subject to significant risks and uncertainty. These forward-looking statements should, therefore, be considered in light of various important factors, including those set forth in the Company’s reports that it files from time to time with the United States Security Exchange Commission (the “SEC”) and the Canadian securities regulators which you should review including, but not limited to, the Company’s Annual Report on Form 10-K filed with the SEC. When used in this news release, words such as “will”, “could”, “plan”, “estimate”, “expect”, “intend”, “may”, “potential”, “believe”, “should” and similar expressions, are forward-looking statements. Forward-looking statements may include, without limitation, statements relating to the Amendment and the Bridge Notes, including the Company’s payment of the Amendment Fee, and other statements relating to Company’s financial performance, business development and results of operations.

These forward-looking statements should not be relied upon as predictions of future events, and the Company cannot assure you that the events or circumstances discussed or reflected in these statements will be achieved or will occur. If such forward- looking statements prove to be inaccurate, the inaccuracy may be material. You should not regard these statements as a representation or warranty by the Company or any other person that it will achieve its objectives and plans in any specified timeframe, or at all. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this news release. The Company disclaims any obligation to publicly update or release any revisions to these forward-looking statements, whether as a result of new information, future events or otherwise, after the date of this news release or to reflect the occurrence of unanticipated events, except as required by law.

Neither the Canadian Securities Exchange nor the SEC has reviewed, approved or disapproved the content of this news release.

Corporate/Media/Investors:
Justin Vu, Chief Financial Officer
iAnthus Capital Holdings, Inc.

1-646-518-9418
investors@ianthuscapital.com

NEW YORK and TORONTO, Dec. 08, 2025 (GLOBE NEWSWIRE) -- iAnthus Capital Holdings, Inc. (“iAnthus” or the “Company”) (CSE: IAN, OTCID: ITHUF), which owns, operates and partners with regulated cannabis operations across the United States, has announced its expansion into St. Petersburg with the opening of its 25th GrowHealthy dispensary in Florida.

The new St. Petersburg location opens its doors today with an expanded lineup of premium product brands, including The Vault, MPX and Sunshine State, offering patients greater choice and quality all under one roof.

“We’re thrilled to bring GrowHealthy to St. Petersburg,” said Richard Proud, CEO at iAnthus. “Each new opening is a chance to deepen our mission by broadening access to safe, high-quality cannabis, and strengthening our connection to patients across the Sunshine State. This store was built to feel local while delivering care, consistency, and the personal experience that patients expect from GrowHealthy.”

GrowHealthy continues to set itself apart through a focus on whole-plant wellness, premium genetics and community connection. Built on the foundation of cultivators and caregivers, the company leads with a flower-first philosophy, strong community ties, and a deep respect for the cannabis plant. The St. Petersburg dispensary offers an extensive menu of products including flower, vapes, concentrates and additional form factors designed to meet the diverse wellness needs of the local community.   

“The St. Pete opening gives us another opportunity to meet patients where they are and make the process as welcoming as possible,” said Kelly Heinichen, Vice President of Retail Operations at iAnthus. “Our team takes pride in offering not only exceptional products, but an experience centered on compassion, education and genuine connection.”

The St. Petersburg launch underscores iAnthus’ ongoing commitment to expanding patient access and elevating the cannabis retail experience across Florida. Each GrowHealthy location is built with thoughtful design, elevated service, and unwavering product quality.

The St. Petersburg dispensary, located at 4831 34^th Street South, Fort St. Petersburg, FL 33711, will be open Monday-Saturday 9:00 a.m. to 8:30 p.m. and Sunday 9:00 a.m. to 8:00 p.m.

About iAnthus
iAnthus is a vertically integrated cannabis company on a mission to build premium brands through a network of cultivation, production, and retail operations across the United States. Backed by a leadership team with deep expertise in cultivation, operations, and capital markets, the company strategically leverages acquisition-driven growth and access to capital to create long-term competitive advantage. iAnthus’ brand portfolio includes: MPX, Anthologie, Black Label, Cheetah, Frūtful, Last Resort, Moodz, Sunshine State, and The Vault. For more information, visit www.iAnthus.com.

Forward Looking Statements

Statements in this news release contain forward-looking statements. These forward-looking statements are made on the basis of the current beliefs, expectations and assumptions of management, are not guarantees of performance and are subject to significant risks and uncertainty. These forward-looking statements should, therefore, be considered in light of various important factors, including those set forth in Company's reports that it files from time to time with the United States Securities and Exchange Commission (the “SEC”) and the Canadian securities regulators which you should review including, but not limited to, the Company's Annual Report on Form 10-K filed with the SEC. When used in this news release, words such as “will,” could,” plan,” estimate,” expect,” intend,” may,” potential,” believe, “should” 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.

These forward-looking statements should not be relied upon as predictions of future events, and the Company cannot assure you that the events or circumstances discussed or reflected in these statements will be achieved or will occur. If such forward-looking statements prove to be inaccurate, the inaccuracy may be material. You should not regard these statements as a representation or warranty by the Company or any other person that it will achieve its objectives and plans in any specified timeframe, or at all. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this news release. The Company disclaims any obligation to publicly update or release any revisions to these forward-looking statements, whether as a result of new information, future events or otherwise, after the date of this news release or to reflect the occurrence of unanticipated events, except as required by law.

Neither the Canadian Securities Exchange nor the SEC has reviewed, approved or disapproved the content of this news release.

Corporate/Media/Investors:
Justin Vu, Chief Financial Officer
iAnthus Capital Holdings, Inc.
1-646-518-9418
investors@ianthuscapital.com

Third Quarter 2025 Financial Highlights

• Revenue of $35.4 million, an increase of $0.2 million from Q2 2025 and a decrease of $4.9 million from the same quarter in the prior year.
• Gross profit of $15.6 million, a decrease of $0.6 million from Q2 2025 and a decrease $2.5 million from the same quarter in the prior year.
• Gross margin of 44%, reflecting a decrease of 188 bps when compared to Q2 2025 and a decrease of 86 bps from the same quarter in the prior year.
• Net loss of $12.5 million, or a net loss of less than $0.00 per share, compared to a net loss of $18.7 million, or a net loss of less than $0.00 per share in Q2 2025, and compared to a net loss of $11.6 million, or a net loss of $0.00 per share, in the same quarter in the prior year.
• Adjusted EBITDA⁽¹⁾ of $2.5 million, an increase from an Adjusted EBITDA of $1.9 million in Q2 2025, and a decrease from an Adjusted EBITDA of $5.3 million from the same quarter in the prior year. EBITDA and Adjusted EBITDA are non-GAAP measures. Reconciliation tables of EBITDA and Adjusted EBITDA as used in this press release to GAAP are included below.
  
  

(1)    See “Non-GAAP Financial Information” below for more information regarding the Company’s use of non-GAAP financial measures.

(2)    Prior period amounts have been conformed to follow an accounting policy change made by the Company to aggregate interest and penalties related to accrued income taxes within "income tax expense" from within "selling, general and administrative expenses" in its unaudited interim condensed consolidated statement of operations.

(3)    Non-recurring charges includes one-time, non-recurring costs related to strategic review processes, ongoing legal disputes, severance and other non-recurring costs.

(4)    Q3 2025 reflects $0.3 million of Employee Retention Tax Credits ("ERTCs") received during the quarter, partially offset by other miscellaneous expenses. Q2 2025 reflects $0.7 million of ERTCs and AZ & NY tax refund received during the quarter. Q3 2024 reflects less than $0.1 million of accounts payable write-offs and vendor credits

Non-GAAP Financial Information

This press release includes certain non-GAAP financial measures as defined by the SEC and the Canadian Securities Administrators. Reconciliations of these non-GAAP financial measures to the most directly comparable financial measures calculated and presented in accordance with GAAP are included in the tables above. This information should be considered as supplemental in nature and not as a substitute for, or superior to, any measure of performance prepared in accordance with GAAP.

In evaluating our business, we consider and use EBITDA and Adjusted EBITDA as supplemental measures of operating performance. We define EBITDA as earnings before interest, taxes, depreciation and amortization. We define Adjusted EBITDA as EBITDA before share-based compensation, accretion expense, write-downs and impairments, gains and losses from changes in fair values of financial instruments, income or losses from equity-accounted investments, the effect of changes in accounting policy, non-recurring costs related to the Company’s Recapitalization Transaction, litigation costs related to ongoing legal proceedings, and other income. We present EBITDA because we believe it is frequently used by securities analysts, investors and other interested parties as a measure of financial performance of other similarly situated companies in our industry, and we present Adjusted EBITDA because it removes non-recurring, irregular and one-time items that we believe may distort the comparability of EBITDA from period-to-period and with other industry participants.

EBITDA and Adjusted EBITDA are not standardized financial measures defined under GAAP, and are not a measure of operating income, operating performance or liquidity presented in accordance with GAAP. EBITDA and Adjusted EBITDA have limitations as an analytical tool, and when assessing the Company’s operating performance, investors should not consider EBITDA or Adjusted EBITDA in isolation, or as a substitute for net income (loss) or other consolidated income statement data prepared in accordance with GAAP. Among other things, EBITDA and Adjusted EBITDA do not reflect the Company’s actual cash expenditures. Other companies may calculate similar measures differently than us, limiting their usefulness as comparative tools. We compensate for these limitations by relying on GAAP results and using EBITDA and Adjusted EBITDA only as supplemental information.

About iAnthus

iAnthus owns and operates licensed cannabis cultivation, processing and dispensary facilities throughout the United States. For more information, visit www.iAnthus.com. 

Forward Looking Statements

Statements in this press release contain forward-looking statements. These forward-looking statements are made on the basis of the current beliefs, expectations and assumptions of management, are not guarantees of performance and are subject to significant risks and uncertainty. These forward-looking statements should, therefore, be considered in light of various important factors, including those set forth in the Company’s reports that it files from time to time with the SEC and the Canadian Securities Regulators, which you should review, including, but not limited to, the Annual Report filed with the SEC. When used in this press release, words such as “will,” “could,” “plan,” “estimate”, “expect”, “intend”, “may”, “potential”, “believe”, “should” and similar expressions identify forward-looking statements.

Forward-looking statements may include, without limitation, statements relating to the Company’s financial performance, business development and results of operations.

These forward-looking statements should not be relied upon as predictions of future events, and the Company cannot assure you that the events or circumstances discussed or reflected in these statements will be achieved or will occur. If such forward-looking statements prove to be inaccurate, the inaccuracy may be material. You should not regard these statements as a representation or warranty by the Company or any other person that the Company will achieve its objectives and plans in any specified time frame, or at all. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company disclaims any obligation to publicly update or release any revisions to these forward-looking statements, whether as a result of new information, future events or otherwise, after the date of this press release or to reflect the occurrence of unanticipated events, except as required by law.

Neither the Canadian Securities Exchange nor the U.S. Securities and Exchange Commission has reviewed, approved or disapproved the content of this press release.

Contact Information

Corporate/Media/Investors:
Justin Vu, Chief Financial Officer
iAnthus Capital Holdings, Inc.
1-646-518-9418
investors@ianthuscapital.com 

NEW YORK and TORONTO, Nov. 05, 2025 (GLOBE NEWSWIRE) -- iAnthus Capital Holdings, Inc. (“iAnthus” or the “Company”) (CSE: IAN, OTCID: ITHUF), which owns, operates and partners with regulated cannabis operations across the United States, has announced its expansion into Fort Myers with the opening of its 24th GrowHealthy dispensary in Florida.

The new location opens its doors today with an expanded lineup of premium product brands, including The Vault, Sunshine State and MPX, offering patients greater choice and quality all under one roof.

“We’re thrilled to introduce GrowHealthy to the Fort Myers community,” said Richie Proud, CEO at iAnthus. “Each new opening is an opportunity to bring our mission to life–broadening access to safe, high-quality cannabis and deepening our connection to patients across the Sunshine State. This store was designed to feel distinctly local, while still embodying the care, consistency and premium experience that GrowHealthy has become known for.”

GrowHealthy continues to set itself apart through a focus on whole-plant wellness, premium genetics and community connection. Built on the foundation of cultivators and caregivers, the company leads with a flower-first philosophy, strong community ties, and a deep respect for the cannabis plant. The Fort Myers dispensary offers an extensive menu of products–including flower, vapes, concentrates and other formats–crafted to meet the local community’s diverse wellness needs.

“This Fort Myers opening gives us another opportunity to do what we do best–meet patients where they are and make the process as welcoming as possible,” said Kelly Heinichen, Vice President of Retail Operations at iAnthus. “Our team takes pride in offering not only exceptional products, but an experience built on compassion, education and genuine connection. Each relationship is built around trust, and we want every visit to feel personal to our patients."

The Fort Myers launch underscores iAnthus’ ongoing commitment to expanding patient access and redefining the cannabis retail experience across Florida. Each GrowHealthy location reflects the company’s vision for a thoughtful design, elevated service, and unwavering product quality.

The Fort Myers dispensary, located at 2649 Dr. Martin Luther King Blvd, Fort Myers, FL 33916, will be open Monday-Saturday 9:00 a.m. to 8:30 p.m. and Sunday 9:00 a.m. to 8:00 p.m.

About iAnthus
iAnthus is a vertically integrated cannabis company on a mission to build premium brands through a network of cultivation, production, and retail operations across the United States. Backed by a leadership team with deep expertise in cultivation, operations, and capital markets, the company strategically leverages acquisition-driven growth and access to capital to create long-term competitive advantage. iAnthus’ brand portfolio includes: MPX, Anthologie, Black Label, Cheetah, Frūtful, Last Resort, Moodz, Sunshine State, and The Vault. For more information, visit www.iAnthus.com.

Forward Looking Statements

Statements in this news release contain forward-looking statements. These forward-looking statements are made on the basis of the current beliefs, expectations and assumptions of management, are not guarantees of performance and are subject to significant risks and uncertainty. These forward-looking statements should, therefore, be considered in light of various important factors, including those set forth in Company's reports that it files from time to time with the United States Securities and Exchange Commission (the “SEC”) and the Canadian securities regulators which you should review including, but not limited to, the Company's Annual Report on Form 10-K filed with the SEC. When used in this news release, words such as “will,” could,” plan,” estimate,” expect,” intend,” may,” potential,” believe, “should” 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.

These forward-looking statements should not be relied upon as predictions of future events, and the Company cannot assure you that the events or circumstances discussed or reflected in these statements will be achieved or will occur. If such forward-looking statements prove to be inaccurate, the inaccuracy may be material. You should not regard these statements as a representation or warranty by the Company or any other person that it will achieve its objectives and plans in any specified timeframe, or at all. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this news release. The Company disclaims any obligation to publicly update or release any revisions to these forward-looking statements, whether as a result of new information, future events or otherwise, after the date of this news release or to reflect the occurrence of unanticipated events, except as required by law.

Neither the Canadian Securities Exchange nor the SEC has reviewed, approved or disapproved the content of this news release.

Corporate/Media/Investors:
Justin Vu, Chief Financial Officer
iAnthus Capital Holdings, Inc.
1-646-518-9418
investors@ianthuscapital.com

Products and Engaging Retail Experience to Broward County

NEW YORK and TORONTO, Sept. 11, 2025 (GLOBE NEWSWIRE) -- iAnthus Capital Holdings, Inc. (“iAnthus” or the “Company”) (CSE: IAN, OTCID: ITHUF), which owns, operates and partners with regulated cannabis operations across the United States, today has announced the opening of its 23rd GrowHealthy dispensary in Florida, now welcoming patients in Tamarac. The dispensary opens today with access to new, premium in-house brands: Sunshine State & The Vault.

“We’re proud to bring GrowHealthy to Tamarac and become part of this vibrant community,” said Richie Proud, CEO of iAnthus. “Every new opening is about more than a dispensary; it’s about expanding access for patients and supporting wellness of patients. This location was designed to reflect the spirit of Tamarac, while delivering the same high standards of quality that patients across Florida expect from GrowHealthy.”

GrowHealthy distinguishes itself in Florida through a focus on premium genetics and whole-plant wellness. Built on the foundation of cultivators and caregivers, the company leads with a flower-first philosophy, strong community ties, and a deep respect for the cannabis plant. The Tamarac locations debuts GrowHealthy’s refreshed store design, blending Florida’s vibrant aesthetic while paying tribute to Tamarac with a mural unique to the city. The dispensary offers patients a wide range of options, including flower, vapes, concentrates, and additional products curated to meet the diverse wellness needs of Florida patients.

“Opening in Tamarac gives us the chance to do what we love most, connect with patients where they are,” said Kelly Heinichen, Vice President of Retail Operations at iAnthus. “Our team is passionate about creating a welcoming environment that takes the stress out of the process. Every patient who visits will find the most knowledgeable staff in the cannabis industry, genuine care, and a community that truly understands the role that this plant can play in improving quality of life.”

The Tamarac opening reflects iAnthus’ ongoing commitment to increasing patient access and education to premium cannabis products throughout Florida. This dispensary continues to elevate expectations of what the customer experience should deliver.

The new dispensary is located at 5100 West Commerce Blvd (Suite 13-14), Tamarac, Florida 33319, in the Sabal Palm Plaza just west of I-95 and the Florida Turnpike. The dispensary will be open Monday – Saturday 9am – 8:30pm and Sunday 9am – 8pm.

About iAnthus

iAnthus is a vertically integrated cannabis company on a mission to build premium brands through a network of cultivation, production, and retail operations across the United States. Backed by a leadership team with deep expertise in cultivation, operations, and capital markets, the company strategically leverages acquisition-driven growth and access to capital to create long-term competitive advantage. iAnthus’ brand portfolio includes: MPX, Anthologie, Black Label, Cheetah, Frūtful, Last Resort, Moodz, Sunshine State, and The Vault. For more information, visit www.iAnthus.com.

Forward Looking Statements

Statements in this news release contain forward-looking statements. These forward-looking statements are made on the basis of the current beliefs, expectations and assumptions of management, are not guarantees of performance and are subject to significant risks and uncertainty. These forward-looking statements should, therefore, be considered in light of various important factors, including those set forth in Company's reports that it files from time to time with the United States Securities and Exchange Commission (the “SEC”) and the Canadian securities regulators which you should review including, but not limited to, the Company's Annual Report on Form 10-K filed with the SEC. When used in this news release, words such as “will,” could,” plan,” estimate,” expect,” intend,” may,” potential,” believe, “should” 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.

These forward-looking statements should not be relied upon as predictions of future events, and the Company cannot assure you that the events or circumstances discussed or reflected in these statements will be achieved or will occur. If such forward-looking statements prove to be inaccurate, the inaccuracy may be material. You should not regard these statements as a representation or warranty by the Company or any other person that it will achieve its objectives and plans in any specified timeframe, or at all. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this news release. The Company disclaims any obligation to publicly update or release any revisions to these forward-looking statements, whether as a result of new information, future events or otherwise, after the date of this news release or to reflect the occurrence of unanticipated events, except as required by law.

Neither the Canadian Securities Exchange nor the SEC has reviewed, approved or disapproved the content of this news release.

Corporate/Media/Investors:

Justin Vu, Chief Financial Officer
iAnthus Capital Holdings, Inc.
1-646-518-9418
investors@ianthuscapital.com

Second Quarter 2025 Financial Highlights

• Revenue of $35.2 million, a decrease of $2.9 million from Q1 2025 and a decrease of $7.8 million from the same quarter in the prior year.
• Gross profit of $16.2 million, a decrease of $2.7 million from Q1 2025 and a decrease $4.5 million from the same quarter in the prior year.
• Gross margin of 46%, reflecting a decrease of 362 bps when compared to Q1 2025 and a decrease of 221 bps from the same quarter in the prior year.
• Net loss of $18.7 million, or a net loss of less than $0.00 per share, compared to a net income of $5.1 million, or a net income of less than $0.00 per share in Q1 2025, and compared to a net loss of $9.8 million, or a net loss of $0.00 per share, in the same quarter in the prior year.
• Adjusted EBITDA⁽¹⁾ of $1.9 million, a decrease from an Adjusted EBITDA of $3.2 million in Q1 2025, and a decrease from an Adjusted EBITDA of $8.9 million from the same quarter in the prior year. EBITDA and Adjusted EBITDA are non-GAAP measures. Reconciliation tables of EBITDA and Adjusted EBITDA as used in this press release to GAAP are included below.

Non-GAAP Financial Information

This press release includes certain non-GAAP financial measures as defined by the SEC and the Canadian Securities Administrators. Reconciliations of these non-GAAP financial measures to the most directly comparable financial measures calculated and presented in accordance with GAAP are included in the tables above. This information should be considered as supplemental in nature and not as a substitute for, or superior to, any measure of performance prepared in accordance with GAAP.

In evaluating our business, we consider and use EBITDA and Adjusted EBITDA as supplemental measures of operating performance. We define EBITDA as earnings before interest, taxes, depreciation and amortization. We define Adjusted EBITDA as EBITDA before share-based compensation, accretion expense, write-downs and impairments, gains and losses from changes in fair values of financial instruments, income or losses from equity-accounted investments, the effect of changes in accounting policy, non-recurring costs related to the Company’s Recapitalization Transaction, litigation costs related to ongoing legal proceedings, and other income. We present EBITDA because we believe it is frequently used by securities analysts, investors and other interested parties as a measure of financial performance of other similarly situated companies in our industry, and we present Adjusted EBITDA because it removes non-recurring, irregular and one-time items that we believe may distort the comparability of EBITDA from period-to-period and with other industry participants. 

EBITDA and Adjusted EBITDA are not standardized financial measures defined under GAAP, and are not a measure of operating income, operating performance or liquidity presented in accordance with GAAP. EBITDA and Adjusted EBITDA have limitations as an analytical tool, and when assessing the Company’s operating performance, investors should not consider EBITDA or Adjusted EBITDA in isolation, or as a substitute for net income (loss) or other consolidated income statement data prepared in accordance with GAAP. Among other things, EBITDA and Adjusted EBITDA do not reflect the Company’s actual cash expenditures. Other companies may calculate similar measures differently than us, limiting their usefulness as comparative tools. We compensate for these limitations by relying on GAAP results and using EBITDA and Adjusted EBITDA only as supplemental information.

About iAnthus

iAnthus owns and operates licensed cannabis cultivation, processing and dispensary facilities throughout the United States. For more information, visit www.iAnthus.com.

Forward Looking Statements

Statements in this press release contain forward-looking statements. These forward-looking statements are made on the basis of the current beliefs, expectations and assumptions of management, are not guarantees of performance and are subject to significant risks and uncertainty. These forward-looking statements should, therefore, be considered in light of various important factors, including those set forth in the Company’s reports that it files from time to time with the SEC and the Canadian Securities Regulators, which you should review, including, but not limited to, the Annual Report filed with the SEC. When used in this press release, words such as “will,” “could,” “plan,” “estimate”, “expect”, “intend”, “may”, “potential”, “believe”, “should” and similar expressions identify forward-looking statements.

Forward-looking statements may include, without limitation, statements relating to the Company’s financial performance, business development and results of operations.

These forward-looking statements should not be relied upon as predictions of future events, and the Company cannot assure you that the events or circumstances discussed or reflected in these statements will be achieved or will occur. If such forward-looking statements prove to be inaccurate, the inaccuracy may be material. You should not regard these statements as a representation or warranty by the Company or any other person that the Company will achieve its objectives and plans in any specified time frame, or at all. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company disclaims any obligation to publicly update or release any revisions to these forward-looking statements, whether as a result of new information, future events or otherwise, after the date of this press release or to reflect the occurrence of unanticipated events, except as required by law.

Neither the Canadian Securities Exchange nor the U.S. Securities and Exchange Commission has reviewed, approved or disapproved the content of this press release.

Contact Information

Corporate/Media/Investors:
Justin Vu, Chief Financial Officer
iAnthus Capital Holdings, Inc.
1-646-518-9418
investors@ianthuscapital.com

NEW YORK and TORONTO, July 17, 2025 (GLOBE NEWSWIRE) -- iAnthus Capital Holdings, Inc. (“iAnthus” or the “Company”) (CSE: IAN, OTCQB: ITHUF), which owns, operates and partners with regulated cannabis operations across the United States, has announced the opening of its 22^nd GrowHealthy dispensary in Florida, now serving patients in Palm Harbor. The new dispensary opened last week with a ribbon-cutting ceremony and a three-day celebration that included exclusive promotions, live events, and access to new, premium Sunshine State products.

“The Palm Harbor community has been asking for a GrowHealthy location for some time, and we are thrilled to finally open our doors,” said Kelly Heinichen, Vice President of Retail Operations at iAnthus. “From day one, our focus has been clear – offer safe, consistent access to the highest quality medical cannabis in Florida. Everything about this space – from the layout to the lighting to the local vibes – was built with the patient in mind.”

GrowHealthy’s commitment to high-quality genetics and whole-plant wellness sets it apart in a crowded market. As a company built by cultivators and caregivers, GrowHealthy continues to lead with flower-first values, local relationships, and a deep respect for the plant. Patients of the dispensary have access to a variety of products, including flower, vapes, concentrates and other medicinal offerings.

“From the moment you walk in, you feel it – the energy, the intention, the hospitality,” said Kassandra Jones, District Manager at GrowHealthy. “Whether you’re new to medical cannabis or a seasoned patient, our Palm Harbor team is here to listen, guide, and make sure every patient leaves feeling more confident in their wellness journey.”

The grand opening is part of iAnthus’ broader strategy to expand access to high-quality cannabis across Florida while delivering a modern, approachable retail experience that redefines what a dispensary can be.  

Located at 2431 Tampa Road, Palm Harbor, Florida (across from the Ferrari dealership), the dispensary will be open Monday-Saturday 9am-8:30pm and Sunday 9am-8pm.

About iAnthus

iAnthus is a vertically integrated cannabis company on a mission to build premium brands through a network of cultivation, production, and retail operations across the United States. Backed by a leadership team with deep expertise in cultivation, operations, and capital markets, the company strategically leverages acquisition-driven growth and access to capital to create long-term competitive advantage. iAnthus’ brand portfolio includes: MPX, Anthologie, Black Label, Cheetah, Frūtful, Last Resort, Moodz and Sunshine State. For more information, visit www.iAnthus.com.     

Forward Looking Statements
Statements in this news release contain forward-looking statements. These forward-looking statements are made on the basis of the current beliefs, expectations and assumptions of management, are not guarantees of performance and are subject to significant risks and uncertainty. These forward-looking statements should, therefore, be considered in light of various important factors, including those set forth in Company's reports that it files from time to time with the United States Securities and Exchange Commission (the “SEC”) and the Canadian securities regulators which you should review including, but not limited to, the Company's Annual Report on Form 10-K filed with the SEC. When used in this news release, words such as “will,” could,” plan,” estimate,” expect,” intend,” may,” potential,” believe, “should” 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.

These forward-looking statements should not be relied upon as predictions of future events, and the Company cannot assure you that the events or circumstances discussed or reflected in these statements will be achieved or will occur. If such forward-looking statements prove to be inaccurate, the inaccuracy may be material. You should not regard these statements as a representation or warranty by the Company or any other person that it will achieve its objectives and plans in any specified timeframe, or at all. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this news release. The Company disclaims any obligation to publicly update or release any revisions to these forward-looking statements, whether as a result of new information, future events or otherwise, after the date of this news release or to reflect the occurrence of unanticipated events, except as required by law.

Neither the Canadian Securities Exchange nor the SEC has reviewed, approved or disapproved the content of this news release.

Corporate/Media/Investors:
Justin Vu, Chief Financial Officer
iAnthus Capital Holdings, Inc.
1-646-518-9418
investors@ianthuscapital.com

All matters put forward before the iAnthus shareholders (the "Shareholders") for consideration and approval as set out in the Proxy Statement dated May 21, 2025, were approved by the Shareholders. Specifically, the Shareholders: (i) approved the election of Scott Cohen, Michelle Mathews-Spradlin, Kenneth W. Gilbert, Alexander Shoghi, and Richard Proud as directors of the Company; and (ii) approved the appointment of PKF O'Connor Davies, LLP as auditors of the Company.

About iAnthus
iAnthus owns and operates licensed cannabis cultivation, processing and dispensary facilities throughout the United States. For more information, visit www.iAnthus.com.

Neither the Canadian Securities Exchange nor the U.S. Securities and Exchange Commission has reviewed, approved or disapproved the content of this news release.

Corporate/Media/Investors:
Justin Vu, Chief Financial Officer
iAnthus Capital Holdings, Inc.
1-646-518-9418
investors@ianthuscapital.com

First Quarter 2025 Financial Highlights

• Revenue of $38.1 million, a decrease of $4.6 million from Q4 2024 and a decrease of $3.4 million from the same quarter in the prior year.
• Gross profit of $18.9 million, a decrease of $0.3 million from Q4 2024 and an increase $1.7 million from the same quarter in the prior year.
• Gross margin of 50%, reflecting an increase of 472 bps when compared to Q4 2024 and an increase of 814 bps from the same quarter in the prior year.
• Net income of $5.1 million, or a net income of less than $0.00 per share, compared to a net income of $27.8 million, or a net income of less than $0.00 per share in Q4 2024, and compared to a net loss of $14.0 million, or a net loss of $0.00 per share, in the same quarter in the prior year.
• Adjusted EBITDA⁽¹⁾ of $3.2 million, a decrease from an Adjusted EBITDA of $6.4 million in Q4 2024, and remains consistent from the same quarter in the prior year. EBITDA and Adjusted EBITDA are non-GAAP measures. Reconciliation tables of EBITDA and Adjusted EBITDA as used in this press release to GAAP are included below.
  
  

(1) See “Non-GAAP Financial Information” below for more information regarding the Company’s use of non-GAAP financial measures.

(2) Prior period amounts have been conformed to follow an accounting policy change made by the Company to aggregate interest and penalties related to accrued income taxes within "income tax expense" from within "selling, general and administrative expenses" in its unaudited interim condensed consolidated statement of operations.

(3) Includes one-time, non-recurring costs related to strategic review processes, ongoing legal disputes, severance and other non-recurring costs.

(4) Q1 2024 reflects a loss of $0.1 million on debt extinguishment related to the second amendment of the $11.0 million senior secured bridge notes issued by iAnthus New Jersey, LLC on February 16, 2024.

(5) Q1 2025 reflects a gain of $12.1 million from deconsolidation following the sale of Nevada and certain Arizona assets.

(6) Q1 2025 reflects $3.0 million of Employee Retention Tax Credits received during the quarter and $1.0 million of forgiven deferred professional fees. Q4 2024 reflects approximately $0.2 million of accounts payable write-offs and vendor credits. Q1 2024 reflects $0.4 million of insurance refunds and accounts payable write-offs and vendor credits.

(7) Effective January 2025, the Company implemented a change in accounting estimate with respect to inventory valuation from weighted average to standard costing.

Non-GAAP Financial Information

This press release includes certain non-GAAP financial measures as defined by the SEC and the Canadian Securities Administrators. Reconciliations of these non-GAAP financial measures to the most directly comparable financial measures calculated and presented in accordance with GAAP are included in the tables above. This information should be considered as supplemental in nature and not as a substitute for, or superior to, any measure of performance prepared in accordance with GAAP.

In evaluating our business, we consider and use EBITDA and Adjusted EBITDA as supplemental measures of operating performance. We define EBITDA as earnings before interest, taxes, depreciation and amortization. We define Adjusted EBITDA as EBITDA before share-based compensation, accretion expense, write-downs and impairments, gains and losses from changes in fair values of financial instruments, income or losses from equity-accounted investments, the effect of changes in accounting policy, non-recurring costs related to the Company’s Recapitalization Transaction, litigation costs related to ongoing legal proceedings, and other income. We present EBITDA because we believe it is frequently used by securities analysts, investors and other interested parties as a measure of financial performance of other similarly situated companies in our industry, and we present Adjusted EBITDA because it removes non-recurring, irregular and one-time items that we believe may distort the comparability of EBITDA from period-to-period and with other industry participants.

EBITDA and Adjusted EBITDA are not standardized financial measures defined under GAAP, and are not a measure of operating income, operating performance or liquidity presented in accordance with GAAP. EBITDA and Adjusted EBITDA have limitations as an analytical tool, and when assessing the Company’s operating performance, investors should not consider EBITDA or Adjusted EBITDA in isolation, or as a substitute for net income (loss) or other consolidated income statement data prepared in accordance with GAAP. Among other things, EBITDA and Adjusted EBITDA do not reflect the Company’s actual cash expenditures. Other companies may calculate similar measures differently than us, limiting their usefulness as comparative tools. We compensate for these limitations by relying on GAAP results and using EBITDA and Adjusted EBITDA only as supplemental information.

About iAnthus

iAnthus owns and operates licensed cannabis cultivation, processing and dispensary facilities throughout the United States. For more information, visit www.iAnthus.com.

Forward Looking Statements

Statements in this press release contain forward-looking statements. These forward-looking statements are made on the basis of the current beliefs, expectations and assumptions of management, are not guarantees of performance and are subject to significant risks and uncertainty. These forward-looking statements should, therefore, be considered in light of various important factors, including those set forth in the Company’s reports that it files from time to time with the SEC and the Canadian Securities Regulators, which you should review, including, but not limited to, the Annual Report filed with the SEC. When used in this press release, words such as “will,” “could,” “plan,” “estimate”, “expect”, “intend”, “may”, “potential”, “believe”, “should” and similar expressions identify forward-looking statements.

Forward-looking statements may include, without limitation, statements relating to the Company’s financial performance, business development and results of operations.

These forward-looking statements should not be relied upon as predictions of future events, and the Company cannot assure you that the events or circumstances discussed or reflected in these statements will be achieved or will occur. If such forward-looking statements prove to be inaccurate, the inaccuracy may be material. You should not regard these statements as a representation or warranty by the Company or any other person that the Company will achieve its objectives and plans in any specified time frame, or at all. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company disclaims any obligation to publicly update or release any revisions to these forward-looking statements, whether as a result of new information, future events or otherwise, after the date of this press release or to reflect the occurrence of unanticipated events, except as required by law.

Neither the Canadian Securities Exchange nor the U.S. Securities and Exchange Commission has reviewed, approved or disapproved the content of this press release.

Contact Information

Corporate/Media/Investors:
Justin Vu, Chief Financial Officer
iAnthus Capital Holdings, Inc.
1-646-518-9418
investors@ianthuscapital.com