Ianthus Capital Holdings, Inc. · CSE:IAN
Ianthus Capital — Investor Presentation (August 2025)
19 slides from Ianthus Capital's investor presentation, August 2025
Slide 1: August 2025 Investor Presentation
August 2025 T Irn avnes fso t or m r P i nr e g sC enatnanta i obni s CNSX: IAN OTCPK: ITHUF
Slide 2: Disclaimer
Disclaimer Cautionary Note Regarding Forward-Looking Information This investor presentation contains certain “forward-looking information” and “forward-looking statements” within the meaning of Canadian and United States securities laws (collectively, “forward-looking information”) that involve a nu
Slide 3: Disclaimer (cont’d)
Disclaimer (cont’d) Cautionary Note Regarding Forward-Looking Information (cont’d) Although it is believed that the expectations and assumptions made in this presentation are reasonable, there can be no assurance that the forward-looking information included herein will prove to be accurate. Forward
Slide 4: Leading Vertically Integrated MSO
Leading Vertically Integrated MSO 8 ~800 38 381k States Employees Current Sq Ft of Open Dispensaries Facility Space 4
Slide 5: Investment Highlights
Investment Highlights National • 8 states with High quality • Portfolio of attractive licenses + monetizable footprint with aggregate population asset base real estate a presence in of 100+ million with clear path • Established licensed • Attractive competitive to ongoing key U.S. markets (e.g., FL,
Slide 6: Recent History
Recent History iAnthus is years ahead of over-levered peers that likely will need their own restructuring process 2016-2019: Asset Aggregation 2020-2021: Recapitalization 2022: Emergence • RTO in Canada, listing on CSE • Company enters into Restructuring Support • Recapitalization Transaction closes
Slide 7: Infrastructure and Vertical Integration
Infrastructure and Vertical Integration NY 4 1 1 30k (2) MA 3 1 1 37k PA 0 0 0 0k (3) IL (1) 2 0 0 0k NJ 3 1 1 35k MD 3 0 1 5k AZ 1 0 0 0k FL 25 1 1 304k Key State Dispensaries Cultivation Processing Facility size (sq. ft.) (1) Hold minority stake in Illinois (2) Ithaca, NY dispensary temporarily cl
Slide 8: iAnthus National Brand Matrix
iAnthus National Brand Matrix 8
Slide 9: Retail Presence: Florida
Retail Presence: Florida Dispensaries: • Bonita Springs • North Orlando • Brandon • North Port • Ocala • Cape Coral • Orlando • Daytona • Palm Harbor • Deerfield Beach • Pensacola Dispensary • Fort Myers • Sarasota • Gainesville • St Petersburg Cultivation / Production • Jacksonville • Stuart • Lake
Slide 10: Retail Presence: Arizona
Retail Presence: Arizona Dispensaries Link to Website: • Mesa (Crismon), Med / Rec https://healthforlifeaz.com/ Dispensary Cultivation / Production 10
Slide 11: Retail Presence: Massachusetts
Retail Presence: Massachusetts Dispensaries Link to website: • Boston, Med / Rec • Lowell, Rec https://mayflowermass.com/ • Worcester, Rec Dispensary Cultivation / Production 11 Holliston cultivation facility no longer operational
Slide 12: Retail Presence: New York
Retail Presence: New York Dispensaries Link to website: • Brooklyn, Med • Staten Island, Med https://bestores.com/ • Wappingers Falls, Med • Ithaca*, Med Dispensary 12 *Temporarily closed
Slide 13: Retail Presence: New Jersey
Retail Presence: New Jersey Dispensaries Link to website: • Atlantic City, Med / Rec • Gloucester, Med / Rec https://mpxnj.com/ • Pennsauken, Med / Rec Dispensary Cultivation / Production 13
Slide 14: Retail Presence: Maryland
Retail Presence: Maryland Dispensaries Link to website: • Baltimore, Med / Rec • Bethesda, Med / Rec https://healthforlifedispensaries. com/maryland/ • White Marsh, Med / Rec Dispensary Production 14
Slide 15: Cultivation and Processing
Cultivation and Processing Current Sq Ft of Facility Space: 381k Square Feet Lake Wales, FL Fall River, MA Gaithersburg, MD Pleasantville, NJ • Cultivation & Processing • Cultivation & Processing • Processing • Cultivation & Processing • Acquired January 2018 • Opened November • Acquired in 2019 • O
Slide 16: Quarterly Revenue and Adjusted EBITDA
Quarterly Revenue and Adjusted EBITDA Revenue (in millions) Adjusted EBITDA* (in millions) $43.00 $42.72 $41.56 $40.29 $38.12 $35.19 $8.95 $5.35 $6.41 $3.24 $3.20 $1.89 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q2 2025 Revenue by Product Type Q2
Slide 17: Annual Revenue and Looking Forward
Annual Revenue and Looking Forward Revenue (in millions) Upcoming Catalysts • FL: Retail Brand Update and Expansion • NY: adult-use market maturation, $203.02 regulation enforcement $167.57 $151.67 $163.21 $159.24 • New Brands and Products • Merchandise $78.38 $3.41 2018 2019 2020 2021 2022 2023 202
Slide 18: Executive Leadership & Board
Executive Leadership & Board Name Title Select Experience Richard Proud Chief Executive Officer Curaleaf, Grassroots Cannabis, Garage, Abercrombie & Fitch Justin Vu Chief Financial Officer 8020 Consulting, Warner Bros. Entertainment, THQ Andrew Ryan General Counsel MPX Bioceutical Corp; Holtec Inter
Slide 19: Contact Information
Contact Information Transforming Cannabis iAnthus Investor Relations │ investors@ianthuscapital.com
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