iAnthus Capital Holdings still awaits ruling on plan of arrangement

By Sarah Lizee

Olympia, Wash., Sept. 29 – iAnthus Capital Holdings, Inc. said the court has not yet made a ruling on its plan of arrangement voted on by security holders on Sept. 14 to implement a recapitalization transaction.

iAnthus went before the Supreme Court of British Columbia on Sept. 25 for final court approval of the plan and justice Gomery delivered his reasons for the decision orally on Monday.

Justice Gomery invited iAnthus and the parties to the restructuring support agreement to consider whether some other form of release language may be presented and ruled, in part, that “...It is possible that iAnthus and the noteholders may agree to amend the plan to narrow the release and injunction to the point of acceptability. To preserve that possibility, I do not dismiss the petition. I grant iAnthus liberty to apply, if it thinks fit, on the basis of an amended plan of arrangement.”

Under the RSA, iAnthus is obligated to pursue the recapitalization transaction under the Companies' Creditors Arrangement Act within five business days if the final court order for the plan of arrangement was not granted by Sept. 28. The parties to the RSA have agreed to extend the deadline to Oct. 6.

iAnthus is an operator of cannabis cultivation, processing and dispensary facilities throughout the United States. It is based in New York and Toronto.

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