The company is facing several ongoing legal actions.
Canadian firm iAnthus Capital Holdings Inc. (CSE: IAN) (OTCQB: ITHUF) saw its fortunes increase slightly with an uptick in revenue, but it wasn’t nearly enough to bring the struggling operator into profitability, the company reported in its third quarter financials.
iAnthus posted a $15.6 million loss for the quarter, contrasted with $20.1 million in both Q2 of 2023 and Q3 in 2022, in part through increasing revenue by 10.8% to $42.9 million from $38.7 million in the second quarter this year.
The financial struggles come as the business stares down the barrel of several legal threats, including a racketeering lawsuit filed by investors. It appears new CEO Richard Proud has not been able to course-correct yet from iAnthus’s expensive 2022, when it lost $449 million.
So far for 2023, iAnthus’s net losses have reached $54.3 million, an impressive contraction from last year.
Also during the third quarter, iAnthus launched sales at two shops in New Jersey, with medical cannabis at MPX-NJ in Pennsauken and both medical and recreational marijuana at MPX-NJ in Gloucester Township. The openings bring iAnthus’ U.S. dispensary footprint to 36 total shops, including three in New Jersey.
Subsequent to the end of the quarter on Sept. 30, iAnthus launched its edibles brand Moodz at its 18 medical marijuana dispensaries in Florida and also announced its interim COO Robert Galvin would be stepping down.
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