Brown was named MPX’s national compliance director in 2018 and when iAnthus took over MPX’s operations in 2018, Brown was required to interview for his job, while the white compliance officers were not required to do the same, the lawsuit contends. Brown alleges that iAnthus demoted him to a regional compliance officer role and promoted a white man to take over the national job, the report says.
iAnthus (OTC: ITHUF) stock popped over 57% to lately sell at 29 cents after the company was able to close on an $11 million bridge financing funded by certain lenders affiliated with the counterparties to the previously announced restructuring support agreement dated July 10, 2020. They are the holders of all of the 13% senior secured convertible debentures issued by iAnthus Capital Management, LLC and the holders of 91% of the principal amount of 8% convertible unsecured debentures issued by iAnthus.
Upon acceptance of a report from a special committee of independent directors which reviewed and confirmed allegations against its chief executive officer, iAnthus Capital Holdings accepted the resignation of CEO Hadley Ford. iAnthusco-founder and President Randy Maslow was named interim CEO. Maslow also serves as a member of the Federal Policy Council of the National Cannabis Industry Association, and on the board of directors for the Cannabis Trade Federation, the New Jersey Cannabis Industry Association, and the New York Medical Cannabis Industry Association.