iANTHUS CAPITAL HOLDINGS ITHUF

iAnthus Capital Holdings Inc integrates cultivation processing and dispensary operations across multiple states and develops produces distributes branded cannabis products in the United States. As of December 31 2025 the company owned and or operated 40 dispensaries and 4 cultivation and or processing facilities located in 7 states. The company holds rights to manufacture and distribute cannabis products in 8 states subject to regulatory approvals. iAnthus Capital Holdings Inc operates brands such as GrowHealthy, Cheetah, The Vault, Black Label, Melting Point Extracts, MPX, Frutful, and Anthologie. The company’s cultivation footprint includes approximately 173,000 square feet of fully built out space and an additional 32,000 square feet under construction. Current annual biomass harvest capacity is about 43,000 pounds with an expected increase to 55,000 pounds once the new facility is completed.

The company generates revenue primarily from the sale of cannabis flower, extracts, edibles, vape cartridges, topicals, and other infused products. Retail sales occur through its own dispensaries where medical and adult use consumers purchase cultivated and branded cannabis items. Wholesale revenue comes from supplying over 600 third party dispensaries in states such as Maryland, Massachusetts, Illinois, Pennsylvania, and New Jersey with products bearing iAnthus owned brands and white label offerings. Additionally the company earns income from licensing agreements and product development fees related to its proprietary formulations and packaging. Revenue is also derived from ancillary sales of merchandise and accessories at retail locations.

iAnthus Capital Holdings Inc competes with other multistate cannabis operators including Acreage Holdings Inc, Cresco Labs Inc, Curaleaf Holdings Inc, Green Thumb Industries Inc, Trulieve Cannabis Corp, and Verano Holdings Corp. The company’s vertical integration from seed to sale provides control over quality, cost, and supply chain consistency. Its multistate presence diversifies regulatory risk and offers growth opportunities in states with uncapped licensing such as Florida. Strong brand recognition and a diverse product portfolio help differentiate iAnthus Capital Holdings Inc from single state operators. Barriers to entry created by strict state licensing requirements limit the number of competitors in each market benefiting established participants.

The company serves medical and adult use consumers at its 40 dispensaries located in markets such as Atlantic City, Baltimore, Bethesda, Boston, Brooklyn, Miami, Orlando, Mesa, Staten Island, and West Palm Beach. Wholesale customers include more than 600 dispensaries that purchase iAnthus branded products for resale to their own patient and consumer bases. Specific brands distributed through the wholesale channel consist of MPX, Frutful, The Vault, Cheetah, GrowHealthy, Anthologie, and Black Label. The company’s customer base also includes registered patients participating in state medical cannabis programs and adult use consumers seeking recreational products in jurisdictions where such sales are permitted.