iANTHUS CAPITAL HOLDINGS, INC.: management transactions · United States · SEC (Form 4)

About iANTHUS CAPITAL HOLDINGS, INC.

iAnthus Capital Holdings, Inc. is a U.S.-focused regulated cannabis company that is followed by international investors as a cannabis-sector special situation rather than a blue-chip NYSE/NASDAQ listing. The company is quoted on the OTCQB under the symbol ITHUF, while its common shares are also listed on the Canadian Securities Exchange under IAN. It was incorporated on November 15, 2013, originally as Genarca Holdings Ltd., and adopted the iAnthus Capital Holdings, Inc. name in August 2016. Although its corporate headquarters are in Vancouver, British Columbia, its commercial footprint and strategic identity are centered on the United States. ([sec.gov](https://www.sec.gov/Archives/edgar/data/1643154/000095017024038196/ithuf-20231231.htm)) Operationally, iAnthus describes itself as a vertically integrated, multi-state owner and operator of licensed cannabis cultivation, processing, and dispensary facilities in the United States. In addition to retail and cultivation assets, the company positions itself as a developer, producer, and distributor of branded cannabis products. This vertical integration is the core of its business model: control the supply chain, protect product consistency, support margin capture, and build a consumer-facing brand footprint in a fragmented state-by-state market. The company also highlights ancillary capabilities including capital investment and financing, real estate and equipment leasing, intellectual-property licensing, and management/professional services tailored to local cannabis laws. ([sec.gov](https://www.sec.gov/Archives/edgar/data/1643154/000095017024038196/ithuf-20231231.htm)) From a competitive standpoint, iAnthus operates in one of the most complex consumer-regulated markets in the world. The U.S. cannabis industry is still constrained by federal illegality: the company explicitly notes that marijuana remains illegal under U.S. federal law and that its subsidiaries operate in jurisdictions where cannabis has been legalized at the state and local level. That creates persistent legal, banking, and compliance risk, but it also means operators with licenses, infrastructure, and execution discipline can potentially gain strategic value if the regulatory backdrop improves. ([ianthus.com](https://www.ianthus.com/investors/sec-filings/xbrl_doc_only/1151)) Historically, iAnthus marketed itself as a way for Canadian investors to access the larger U.S. cannabis market, and that theme remains part of its investor narrative. More recently, the company has continued to publish quarterly financial reports, including third-quarter 2025 results, indicating ongoing disclosure activity despite its highly speculative profile. Its filings also reflect a balance sheet and capital structure shaped by prior restructurings, debt agreements, and equity-based compensation, all of which are common features among stressed or early-stage cannabis operators. ([ianthus.com](https://www.ianthus.com/investors)) In short, iAnthus Capital Holdings, Inc. is best understood as a niche U.S. cannabis operator with vertical integration, retail and cultivation assets, and brand-development ambitions. For investors in France, Belgium, or Switzerland, it represents a high-risk, event-driven exposure to regulated cannabis in the United States, with valuation sensitivity to execution, refinancing, and regulatory developments.