ITHUFOTCAgricultural Production-CropsUS GAAP · USD

iANTHUS Capital Holdings, Inc.

iANTHUS CAPITAL HOLDINGS, INC. is a U.S.-based vertically integrated cannabis operator that owns and operates licensed cultivation, processing, and dispensary facilities through its subsidiaries. Its business spans retail dispensaries and production assets across multiple U.S. states, with operations tied to state cannabis licensing and regulatory approvals.

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Revenue144m USD
−14.1 %y/y
Operating profit (EBIT)-15.4m USD
−81.1 %y/y
EBIT margin-10.7%
−5.6 ppy/y
Net income-40.2m USD
−426.5 %y/y
Free cash flow-20.6m USD
−393.7 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

-300-200-1000100200300m USD2020: 152 m USD2020: EBIT -250 m USD20202021: 203 m USD2021: EBIT -24 m USD20212022: 163 m USD2022: EBIT -112 m USD20222023: 159 m USD2023: EBIT -30 m USD20232024: 168 m USD2024: EBIT -8.5 m USD20242025: 144 m USD2025: EBIT -15 m USD2025144-15
RevenueOperating profit (EBIT)
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Business

Share of revenue
Retail dispensaries55 %

State-licensed stores that sell cannabis products directly to consumers.

Cultivation20 %

Indoor or greenhouse growing operations that produce raw cannabis flower and biomass.

Processing and manufacturing15 %

Facilities that extract, package, and prepare cannabis products for sale.

Wholesale cannabis10 %

Sales of cannabis products to other licensed operators and retail channels.

Products

Reported · share of revenue
43.9%38.3%17.8%FY2025100 %
  • Ianthus Branded Products43.9 %
  • Third Party Branded Products38.3 %
  • Wholesale Bulk Other Products17.8 %

Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.

Customers

The company sells primarily to adult-use and medical cannabis consumers through its dispensaries, while also serving licensed wholesale and distribution counterparties in states where it can manufacture or distribute products. Its customer base is shaped by state-by-state licensing, so access, product assortment, and store footprint are central to demand capture.

Adult-use retail consumers

Buy cannabis products from dispensaries for personal consumption and convenience.

Medical cannabis patients

Purchase regulated cannabis products for therapeutic use in medical markets.

Wholesale and licensed operators

Buy cultivated or processed cannabis inventory for resale or further processing.

State-regulated distribution channels

Receive manufactured or distributed cannabis products where the company has rights.

Strategy

The company’s strategy centers on building a multi-state cannabis platform with retail, cultivation, processing, and distribution capabilities under one operating structure. It also emphasizes maintaining access to capital and using asset sales, financing, and operating cash flow to support expansion and obligations.

Build a vertically integrated cannabis platformMedium term

Owning retail and production assets helps control supply, margins, and product availability.

Expand in licensed state marketsMedium term

Cannabis demand is local and regulated, so state approvals determine growth opportunities.

Maintain funding flexibilityShort term

Capital access is needed for operations, obligations, and future expansion.

Geography

The company operates in seven U.S. states and owns or operates 39 dispensaries plus four cultivation and/or processing facilities. Florida is strategically important because the company has the capacity to own or operate an uncapped number of dispensary licenses there, while other states are constrained by local licensing and regulatory approvals.

Risks

The business is exposed to cannabis-specific regulatory risk because it operates in a federally illegal industry while relying on state licenses and approvals. It also faces financing and liquidity risk, as well as operating restrictions from debt agreements, which can limit flexibility in a capital-intensive and highly regulated market.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Liquidity and going-concern risk1Federal cannabis illegality2State licensing and regulatory approvals3
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Liquidity and going-concern riskImpact: CriticalLikelihood: Low

    Operations and capital plans depend on access to additional funding and asset monetization.

    Exposure: Corporate funding and operations

  2. Federal cannabis illegalityImpact: HighLikelihood: High

    The company operates in a federally illegal industry, creating legal, banking, and compliance constraints.

    Exposure: U.S. cannabis operations

  3. State licensing and regulatory approvalsImpact: HighLikelihood: Medium

    Dispensary, cultivation, and manufacturing rights depend on state-level approvals and compliance.

    Exposure: Multi-state operations

  4. Debt covenant restrictionsImpact: High

    Outstanding debt limits additional indebtedness, liens, dividends, securities issuance, and asset sales.

    Exposure: Capital structure

  5. Inventory and asset valuationImpact: Medium

    Cannabis inventory and fixed assets may require write-downs if demand, pricing, or utilization weakens.

    ExposureCultivationProcessingDispensaries
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Accounting

Judgemental items
Inventory valuation estimate

Cannabis inventory can be subject to obsolescence, shrinkage, and pricing changes.

Impact: Can affect cost of sales and write-downs

Section 280E tax accounting

Federal cannabis rules restrict ordinary expense deductions.

Impact: Raises effective tax burden relative to statutory rates

Asset impairment and disposal accounting

The company has reported asset sales and may record gains, losses, or impairments.

Impact: Can materially affect operating results and cash flow presentation

Debt and related-party accounting

Financing arrangements include interest accretion, extinguishment, and related-party balances.

Impact: Affects interest expense and liabilities

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Last updated: 24/09/2026