Update ?July 15, 2020 iAnthus Provides Update on Timing of Annual and Interim Financial Statements and MD&A NEW YORK, NY and TORONTO, ON July 14, 2020 iAnthus Capital Holdings, Inc. (iAnthus or the Company) (CSE: IAN, OTCQX: ITHUF), which owns, operates, and partners with regulated cannabis operations across the United States, announces that the Company did not file the following continuous disclosure documents (collectively, the Interim Filings) prior to the filing deadline on July 14, 2020: 1. interim financial statements for the three months ended March 31, 2020; 2. managements discussion and analysis relating to the interim financial statements for the three months ended March 31, 2020; and 3. certification of the foregoing filings as required by National Instrument 52-109Certification of Disclosure in Issuers Annual and Interim Filings (NI 52-109). The Company had previously announced on July 17, 2020 that it had failed to file its annual financial statements for the year ended December 31, 2019, the managements discussion and analysis related thereto and the related certificates required by NI 52-109 (the Annual Filings). As a result, further to the Companys news release on June 23, 2020, the Company is subject to a cease trade order (the CTO) issued by the Ontario Securities Commission on June 22, 2020. The CTO affects trading in all securities of the Company by securityholders of the Company, in each jurisdiction in Canada in which the Company is a reporting issuer and will remain in effect until such time as the Company has filed both the Annual Filings and the Interim Filings. If the Annual Filings and Interim Filings are made within 90 days of the date of the CTO, such filings would constitute the Companys application to have the CTO revoked. The Company expects to file the Annual Filings and the Interim Filings on or before the 90-day deadline. About iAnthus iAnthus owns and operates licensed cannabis cultivation, processing and dispensary facilities throughout the United States, providing investors diversified exposure to the U.S. regulated cannabis industry. Founded by entrepreneurs with decades of experience in operations, investment banking, corporate finance, law and healthcare services, iAnthus provides a unique combination of capital and hands-on operating and management expertise. iAnthus currently has a presence in 11 states and operates 36 dispensaries (AZ-4, MA-1, MD-3, FL-16, NY-3, CO-1, VT-1 and NM-7 where iAnthus has minority ownership). For more information, visit www.iAnthus.com COVID-19 Risk Factor