iAnthus Capital Holdings, Inc. (“iAnthus” or the “Company“) (CSE: IAN) (OTCPK: ITHUF), which owns, operates and partners with regulated cannabis operations across the United States, announces that Zachary Arrick has resigned from the board of directors of the Company (the “Board“), effective February 21, 2023. Mr. Arrick joined the Board on June 24, 2022 upon completion of the Company’s previously announced recapitalization transaction.
“On behalf of the entire iAnthus team, we thank Zach for the valuable contributions and strategic insights he brought to the Board after closing the Recapitalization Transaction. We wish Zach the best in all his future endeavors,” said Robert Galvin, iAnthus Interim Chief Executive Officer.
Pursuant to the Investor Rights Agreement dated June 24, 2022 by and among the Company, iAnthus Capital Management, LLC, a wholly-owned subsidiary of the Company, and certain Investors (as defined therein), the Investor who nominated Mr. Arrick is entitled to designate a successor nominee for appointment to the Board, and the Company is required to cause such nominee to be appointed to the Board. As of the date hereof, such Investor has not nominated a successor nominee, and the Company has not appointed a replacement for Mr. Arrick. A copy of the Investor Rights Agreement is available on the Company’s SEDAR profile at www.sedar.com and the U.S. Securities and Exchange Commission’s (“SEC’s”) website at www.sec.gov.
