iAnthus Closes US$11 Million Bridge Financing

On February 2, 2021, iAnthus Capital Holdings, Inc. (“iAnthus”) (CSE:IAN) closed a US$11 million bridge financing funded by certain lenders affiliated with the counterparties to the previously announced restructuring support agreement dated July 10, 2020, being the holders of all of the 13% senior secured convertible debentures issued by iAnthus and the holders of 91% of the principal amount of 8% convertible unsecured debentures issued by the company.

The proceeds of the financing, net of fees, costs, and expenses related to the financing, will be used primarily for the construction and improvements of certain New Jersey facilities leased and/or owned by iAnthus.

iAnthus owns and operates licensed cannabis cultivation, processing and dispensary facilities throughout the United States. iAnthus recently opened their 33^rd dispensary, with more to come, with THC products carries in over 200 stores across the US and CBD products in over 1,500 stores.

McMillan acted as Canadian counsel to iAnthus in connection with this cross-border transaction. James Munro led the multidisciplinary team, comprised of Jason Haley and Eric Friedman, in securing a favourable outcome for iAnthus.

As a national business law firm with exceptional capabilities to lead businesses through cross-border transactions and investments into Canada and within multifaceted regulatory regimes, McMillan provides real-time business solutions to our clients. Our Capital Markets & Securities and Corporate Finance Groups are skilled at structuring and closing complex deals of all shapes and sizes in Canada, the US and internationally and in providing innovative transactional advice and solutions. Our understanding of business imperatives and our relationships with the regulators helps our clients stay ahead.