Multistate marijuana operator iAnthus, partially blaming the coronavirus, said it is unable to meet interest obligations totaling $4.4 million on $157.5 million in debt.
The New York-based company also delayed announcing its quarterly earnings results.
“The decline in the overall public equity cannabis markets, coupled with the extraordinary market conditions that began in Q1 2020 due to the novel coronavirus … have negatively impacted the financing markets and have caused liquidity constraints for the company,” iAnthus said in a news release.
The company, which operates 31 dispensaries in 11 states, also said it is hiring Cannacord Genuity as its strategic adviser as it battles to raise much-needed cash.