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    Brett Hundley

    Research Analyst at Seaport Global

    Brett Hundley's questions to iANTHUS CAPITAL HOLDINGS (ITHUF) leadership

    Brett Hundley's questions to iANTHUS CAPITAL HOLDINGS (ITHUF) leadership • Q3 2019

    Question

    Brett Hundley from Seaport Global asked for management's confidence level in securing the full financing from Gotham Green Partners (GGP) amid a tight capital market. He also questioned if there were other competitive factors impacting the Nevada wholesale business beyond the company's planned mix shift.

    Answer

    CEO Hadley Ford expressed full confidence in receiving the GGP capital, noting their strong partnership and that the funds are for growth, as operations are cash generative. COO Pat Tiernan acknowledged increased competition in Nevada but highlighted the state's high retail prices. He explained the shift to branded products requires building out sales and logistics, and mentioned a new toll processing business model as an additional revenue stream.

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    Brett Hundley's questions to iANTHUS CAPITAL HOLDINGS (ITHUF) leadership • Q2 2019

    Question

    Brett Hundley of Seaport Global asked for a sequential comparison of MPX's revenue contribution from Q1 to Q2. He also requested guidance on future capital expenditures and inquired about the pace of adult-use store conversions in Massachusetts, specifically the opening timeline for the Worcester location.

    Answer

    CFO Julius Kalcevich confirmed that MPX revenue grew sequentially from Q1 to Q2, primarily driven by performance in Nevada. He stated that future CapEx would focus on Florida, while spending in New York and New Jersey awaits regulatory clarity. CEO Hadley Ford commented on the slow government processes in Massachusetts. COO Pat Tiernan projected that the Worcester store is expected to open late in the fourth quarter, likely in December.

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    Brett Hundley's questions to iANTHUS CAPITAL HOLDINGS (ITHUF) leadership • Q1 2019

    Question

    Brett Hundley of Seaport Global sought clarification on the $3.7 million of licensed MPX revenue being classified as 'managed revenue', asked for a forecast on the total number of stores expected by year-end, and inquired about the company's strategy regarding CBD ingestibles in light of FDA hearings.

    Answer

    CFO Julius Kalcevich confirmed the $3.7 million was reclassified to managed revenue due to IFRS standards and detailed the dispensary opening plans for Florida, New York, Massachusetts, and Nevada. CEO Hadley Ford and Chief Strategy Officer Elizabeth Stavola stated the company is taking a conservative approach to CBD ingestibles, waiting for FDA clarity, but noted some large retailers are moving forward regardless.

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    Brett Hundley's questions to iANTHUS CAPITAL HOLDINGS (ITHUF) leadership • Q4 2018

    Question

    Brett Hundley from Seaport Global asked about the potential risk from the Arizona State Supreme Court's review of cannabis oils and edibles. He also inquired about the CBD For Life acquisition, its channel exposure, growth strategy, and the current M&A market dynamics and their implications for iAnthus's disciplined growth strategy.

    Answer

    CEO Hadley Ford stated he believes there is low risk of products being removed from shelves in Arizona, as the political and voter sentiment supports full access. Ford detailed the strategic importance of the CBD For Life acquisition for enabling partnerships with CPG companies, capitalizing on the large CBD market, and building a brand with fewer restrictions. Regarding M&A, Ford emphasized the company's disciplined, brand-focused approach, the importance of successful integration, and the value created by the MPX merger, contrasting it with a 'land grab' strategy.

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