Mark Dowley Resigns from iAnthus Capital Holdings' Board of Directors
Mark Dowley has resigned from iAnthus Capital Holdings’ board of directors, the company announced Friday.
Dowley, and entrepreneur and marketer, joined the company’s board on December 5, 2019, as an independent director.
"On behalf of the entire iAnthus team, I want to thank Mark for his contributions as we navigate through these unprecedented times," iAnthus president and interim CEO Randy Maslow said via a press release.
Dowley, the chairman of DDCD & Partners, was part of a special committee that last month was tasked with investigating whether former iAnthus CEO Hadley Ford had misused company resources and violated its conflict of interest policies.
Ford stepped down from iAnthus on April 27, 2020, after Dowley and four other independent board members determined that he violated company policies requiring officers and directors to alert them of possible conflicts of interest.
The former CEO’S dismissal came three weeks after iAnthus failed to make $4.4 million in interest payments due on senior secured and unsecured convertible debts totaling roughly $160 million.
iAnthus has delayed the filing of its full-year 2019 earnings and first quarter 2020 earnings, citing “logistics and delays caused by the COVID-19 pandemic.”
In a press release, iAnthus said it expects to file its 2019 financial results “on or before May 29, 2020” and its Q1 2020 earnings by June 30, 2020.
Recall that iAnthus is facing several class action lawsuits for failing to debt obligations. The lawsuits allege that iAnthus stock fell more than 62% after the company said it would default on interest payments to investor Gotham Green Partners.
iAnthus is one of the largest multistate cannabis firms in the U.S. The company operates 33 dispensaries across 11 states.
Additional information is available in the press release below.
iAnthus Announces Resignation of Mark Dowley from Board of Directors
NEW YORK and TORONTO, May 8, 2020 /CNW/ - iAnthus Capital Holdings, Inc. ("iAnthus" or the "Company") (CSE: IAN, OTCQX: ITHUF), which owns, operates, and partners with regulated cannabis operations across the United States, announces the resignation of Mark Dowley from its Board of Directors. Mr. Dowley joined the Company on December 5, 2019 as part of the formation of the Company's independent Board of Directors, which includes Joy Chen, Diane M. Ellis, Michael P. Muldowney, and Robert M. Whelan, Jr.
"On behalf of the entire iAnthus team, I want to thank Mark for his contributions as we navigate through these unprecedented times," said Randy Maslow, iAnthus President and Interim CEO. "Mark is one of the most savvy business and marketing strategists. As a founder and Chairman of Art and Science Partners, Mark brought keen insights on strategic brand planning, creative strategy and execution. The entire iAnthus team wishes Mark our best in all his endeavors."
iAnthus owns and operates best-in-class licensed cannabis cultivation, processing and dispensary facilities throughout the United States, providing investors diversified exposure to the U.S. regulated cannabis industry. Founded by entrepreneurs with decades of experience in operations, investment banking, corporate finance, law and health care services, iAnthus provides a unique combination of capital and hands-on operating and management expertise. iAnthus currently has a presence in 11 states, and operates 33 dispensaries (AZ-4, MA-1, MD-3, FL-14, NY-3, CO-1, VT-1 and NM-6 where iAnthus has minority ownership). For more information, visit www.iAnthus.com.
Forward Looking Statements
Statements in this news release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors disclosed here and elsewhere in iAnthus' periodic filings with Canadian securities regulators. When used in this news release, words such as "will, could, plan, estimate, expect, intend, may, potential, believe, should, our vision" and similar expressions, are forward-looking statements.
Forward-looking statements may include, without limitation, statements relating to the Company's future financial performance, business development, and results of operations.
Readers should not place undue reliance on forward-looking statements. The forward-looking statements in this news release are made as of the date of this release. iAnthus disclaims any intention or obligation to update or revise such information, except as required by applicable law, and iAnthus does not assume any liability for disclosure relating to any other company mentioned herein.
The Canadian Securities Exchange has not reviewed, approved or disapproved the content of this news release.
This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.