Multistate cannabis operator iAnthus Capital Holdings received a demand for repayment on a secured debenture issuance as well as a notice of intention to enforce security under Canadian bankruptcy law.
New York-based iAnthus defaulted on interest payments on that debt in April and expects to default on payments again at the end of June.
The debt totaled $159.1 million as of June 11, iAnthus said earlier this month.
The company, which is in the midst of a strategic review, said financial adviser Cannacord Genuity “has received several expressions of interest, including expressions of interest, which if completed, would repay the secured debentures in full and in cash.”