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­iAnthus Reports Fiscal Third Quarter 2020 Financial Results and Provides Update on Executive Team


NEW YORK and TORONTO, Nov. 27, 2020 /PRNewswire/ – 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 and on the Company's website at 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

Table 1: Q3 2020 Financial Results

in thousands of US$, except share and per share amounts (unaudited)

Q3 2020

Q2 2020

Q3 2019








Gross profit, excluding fair value items




Gross margin, excluding fair value items




Net loss




Net loss per share




Recapitalization Transaction

On October 5, 2020, the Company received final approval from the Supreme Court of British Columbia (the “Court”) for the Company's plan of arrangement approved by securityholders on September 14, 2020 (the “Plan of Arrangement”) to implement the Company's previously announced recapitalization transaction (the “Recapitalization Transaction”).

Further to the Company's news release dated October 6, 2020 (a copy of which is available under the Company's SEDAR profile at, iAnthus amended and restated the Plan of Arrangement (the “Revised Plan”) to remove a proposed injunction provision and to provide for a narrower scope of release of claims. The Court issued its Reasons for Judgment on October 5, 2020 and approved the Revised Plan. A copy of the Court's decision is available online at:

Securityholder approval and Court approval were the two primary conditions precedent for closing the Recapitalization Transaction, both of which conditions have been satisfied. The closing of the Recapitalization Transaction remains subject to certain other customary closing conditions set out in the previously disclosed Restructuring Support Agreement and the Arrangement Agreement, copies of which are available under the Company's SEDAR profile at (and filed on July 20, 2020 and August 17, 2020, respectively). A copy of the Revised Plan has also been filed under the Company's SEDAR profile as of October 7, 2020.

As previously disclosed on November 5, 2020, certain parties have filed a Notice of Appeal in respect of the Court's final approval for the Revised Plan. The Notice of Appeal does not set out any grounds upon which the appeal is sought. On November 12, 2020, iAnthus made an initial response to the appeal by filing a Notice of Appearance with the British Columbia Court of Appeal.

Certain of the transactions contemplated by the Recapitalization Transaction have triggered a review and approval requirement by state-level regulators in certain U.S. states with jurisdiction over the licensed cannabis operations of entities owned in whole or in part, or controlled directly or indirectly, by iAnthus. Where required, iAnthus has commenced the review and approval process.

Executive Team Update

The Company is pleased to announce that Robert Galvin has been named Interim Chief Operating Officer. Mr. Galvin is currently Senior Vice President and Chief Administrative Officer, and previously served as a member of the iAnthus Board of Directors following the completion of the Company's amalgamation transaction in February 2019 with MPX Bioceutical Corp. (MPX), at which Mr. Galvin also served as a board member. Mr. Galvin has significant relevant experience, having held operational, financial and administrative leadership roles at both public and private companies, and will focus on continuing the Company's operational momentum entering 2021.

The Company also announces the resignation of Chief Operating Officer, Patrick Tiernan, who has agreed to provide consulting services to the Company over the next three months to help ensure a successful transition. 

“On behalf of the Company, I would like to thank Pat Tiernan for his contributions and commitment to iAnthus over the past two years,” said Randy Maslow, President and Interim Chief Executive Officer of iAnthus. “Pat played a key role in driving improvements to operating results and product development, as well as the difficult task of integrating the assets we acquired in the MPX transaction. We wish him the best in all future endeavors.”

“I would also like to welcome Bob Galvin to his expanded role, and look forward to his continued contributions to iAnthus' growth and operational effectiveness.” 

About iAnthus

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

COVID-19 Risk Factor

The Company may be impacted by business interruptions resulting from pandemics and public health emergencies, including those related to COVID-19. An outbreak of infectious disease, a pandemic, or a similar public health threat, such as the recent outbreak of COVID-19, or a fear of any of the foregoing could adversely impact the Company by causing operating, manufacturing, supply chain, and project development delays and disruptions, labor shortages, travel, and shipping disruption and shutdowns (including as a result of government regulation and prevention measures). It is unknown whether and how the Company may be affected if such a pandemic persists for an extended period of time, including as a result of the waiver of regulatory requirements or the implementation of emergency regulations to which the Company is subject. Although the Company has been deemed essential and/or has been permitted to continue operating its facilities in the states in which it cultivates, processes, manufactures, and sells cannabis during the pendency of the COVID-19 pandemic, there is no assurance that the Company's operations will continue to be deemed essential and/or will continue to be permitted to operate. The Company may incur expenses or delays relating to such events outside of its control, which could have a material adverse impact on its business, operating results, financial condition, and the trading price of the Company's common shares.

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.

The Canadian Securities Exchange has not reviewed, approved or disapproved the content of this news release.

This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.  

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SOURCE iAnthus Capital Holdings, Inc.


PenFed Credit Union Named 'Top Ten Military Friendly® Company for 2021' by VIQTORY Media


TYSONS, Va., Jan. 25, 2021 /PRNewswire/ — PenFed Credit Union, the nation's second-largest federal credit union, today announced for the second year in a row it was selected by VIQTORY Media as a Top Ten Military Friendly® Company. PenFed is ninth on this year's list of Military Friendly Companies.

The independent list measures an organization's commitment and efforts in creating sustainable and meaningful career paths, community outreach, brand enthusiasm, and enduring partnerships for members of the military community. The full employers list and a profile celebrating PenFed will be published in the March 2021 issue of GIJobs Magazine®.

“PenFed is honored to once again be recognized by VIQTORY media for our commitment to the military community,” said PenFed Credit Union President/CEO and PenFed Foundation CEO James Schenck. “At PenFed, we celebrate the passion and resilience of veterans and military spouses. As our team of 2,700 financial professionals grows in 2021, we will continue our robust recruiting efforts within the military community.”

As part of an ongoing commitment to hiring and supporting the military community, PenFed operates a Military Employment Program focused on every phase of the employment lifecycle for all members of the military community – including veterans, military and surviving spouses, wounded warriors and their caregivers, Reservists and National Guardsmen.

In addition to spending 20% of its recruiting budget on hiring and retaining veterans and military spouses, PenFed collaborates with dozens of military employment organizations, as well as dozens of installation Transition Assistance Program offices, to enhance military employment efforts. Members of the military community interested in a career with a military-friendly company are encouraged to visit PenFed's designated Military Webpage. The military webpage allows members of the military community to join our military talent community and search for jobs based on their skillsets.

PenFed has a strong legacy of being a military-friendly company and donates 2% of its annual net income to charitable organizations, with the majority going to military charities. The PenFed Foundation, a national 501(c)3 founded by PenFed Credit Union, was created in 2001 and, since then, has provided more than $38.5 million in financial support to veterans, active-duty service members, families and caregivers.

About PenFed Credit Union

Established in 1935, Pentagon Federal Credit Union (PenFed) is America's second-largest federal credit union, serving over 2 million members worldwide with over $26 billion in assets. PenFed Credit Union offers market-leading certificates, checking, credit cards, personal loans, mortgages, auto loans, student loans, and a wide range of other financial services with members' interests always in mind. PenFed Credit Union is federally insured by the NCUA and is an Equal Housing Lender. To learn more about PenFed Credit Union, visit, like us on Facebook and follow us @PenFed on Twitter. Interested in working for PenFed? Check us out on LinkedIn. We are proud to be an Equal Employment Opportunity Employer.

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SOURCE PenFed Credit Union

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INTENSE Cycles Adopts MSTS' Credit as a Service to Bolster Customer Payment Options


OVERLAND PARK, Kan., Jan. 25, 2021 /PRNewswire-PRWeb/ — MSTS, a global B2B payment and credit solutions provider, today announced the launch of its Credit as a Service® (CaaS) solution for INTENSE Cycles, a leading manufacturer and retailer for mountain and racing bikes, parts, and gear. The technology will allow INTENSE Cycles to offer its dealers net terms and payment by invoice.

“In the past year, we've seen our customer base grow as more people take an interest in outdoor activities,” said Michael Ford, Director of Finance and Operations at INTENSE Cycles. “While flexible payments have always been top of mind for us, this increased demand further accelerated our need to extend credit. Given MSTS' deep expertise in serving business-to-business ecommerce and manufacturing customers, we knew they were the right trusted payments partner for INTENSE Cycles. We look forward to leveraging MSTS' technology to better serve our dealers and end customers now and into the future.”

Following the rise of stay-at-home advisories due to the COVID-19 pandemic in 2020, INTENSE Cycles saw an uptick in demand among bike enthusiasts and newcomers. Consequently, the company recognized the need for flexible payment terms and invoicing for its dealers that are increasingly purchasing larger quantities of bikes and parts. INTENSE Cycles adopted MSTS' white-labeled, payment solution which enables the extension of credit and invoicing at checkout on the company's ecommerce platform. As a result, dealers are able to bring a wider range of bikes, parts, and gear to store locations, ultimately improving the end-user purchasing experience.

“INTENSE Cycles' robust ecommerce platform showcases its true market leadership in the cycling industry,” said Brandon Spear, CEO of MSTS. “We're proud to provide the company with the technology necessary to free INTENSE Cycles from the logistics of payments processes, and instead, allow them to cultivate long-lasting relationships with its dealer network and end customers.”

To learn more about MSTS' credit and payment solutions, visit

About MSTS

MSTS is a global leader in B2B payment and credit solutions, facilitating $6 billion in transactions per year in 17 currencies for customers in more than 190 countries. Our cutting-edge Credit as a Service® (CaaS) solution is setting the stage for the future of omni-channel B2B payments. The company specializes in payment and credit management for B2B companies across transportation, manufacturing and distribution, retail, eCommerce, and marketplaces. MSTS' Credit as a Service solution is a suite of applications and services that facilitates B2B payments by extending terms, handling invoicing and managing collections.

Media Contact

Sarah Erickson, MSTS, 312-561-2491, [email protected]



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Scholarships Available to Students in FCC Short-Term Workforce Training Programs


FREDERICK, Md., Jan. 25, 2021 /PRNewswire-PRWeb/ — Students enrolling in non-credit courses at FCC leading to employment, licensure, or job skill enhancement are eligible to receive financial assistance through the Workforce Development Sequence Scholarship from the State of Maryland.

This scholarship is available to prospective students and those already registered in one of the specific course series for the spring semester (January 2021June 2021). Course sequences approved for these scholarships can be found here and include courses in automotive technology, child care, electrical, HVAC, welding, medical billing and coding, veterinary assistant, sterile processing, certified nursing assistant, and the Microsoft Foundation series. The maximum amount for the scholarship is $1,000.

To be eligible for this scholarship in spring 2021, students must fill out this online application and submit all required documents.

For more information, contact Treasure Mathis at [email protected].

Media Contact

Caroline Cole, Frederick Community College, (240) 629-7918, [email protected]


SOURCE Frederick Community College

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