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COMPANY OVERVIEW CNSX: IAN OTCQB: ITHUF - September 2018 - cloudfront.net
COMPANY OVERVIEW
    September 2018

     CNSX: IAN
    OTCQB: ITHUF
COMPANY OVERVIEW CNSX: IAN OTCQB: ITHUF - September 2018 - cloudfront.net
Disclaimer
Cautionary Note Regarding Forward-Looking Information                                             Securities Laws
• This investor presentation, dated September 6, 2018 (this “Presentation”), contains             • This Presentation is for informational purposes and does not constitute an offer or a
  “forward-looking information regarding iAnthus Capital Holdings, Inc. (“iAnthus” or the           solicitation of an offer to purchase the securities referred to herein.
  “Company”) and its subsidiaries.                                                                • iAnthus’ shares have not been and will not be registered under the United States
• Statements in this Presentation that are forward-looking statements are subject to various        Securities Act of 1933, as amended.
  risks and uncertainties concerning the specific factors disclosed herein and elsewhere in       • iAnthus expressly disclaims any and all responsibility for any direct or consequential loss
  iAnthus' periodic filings with Canadian securities regulators. When used in this                  or damage of any kind whatsoever arising directly or indirectly from: (i) reliance on any
  Presentation, words such as “will, could, plan, estimate, expect, anticipate, intend, may,        information contained herein, (ii) any error, omission, or inaccuracy in any such
  potential, believe, should,” and similar expressions, are forward-looking statements.             information, or (iii) any action resulting therefrom.
• Although iAnthus has attempted to identify important factors that could cause actual
  results, performance or achievements to differ materially from those contained in the
  forward-looking statements, there can be other factors that cause results, performance          No Reproduction or Distribution
  or achievements not to be as anticipated, estimated or intended, including, but not             • The contents of this Presentation are not to be reproduced or distributed to any third
  limited to: dependence on obtaining regulatory approvals; investing in target                     party, including the general public or the media, without the express written consent of
  companies or projects which have limited or no operating history and are engaged in               iAnthus.
  activities the Company believes to be compliant with applicable U.S. state and local
  law, but are currently considered illegal under US Federal laws; change in laws; limited
                                                                                                  Market and Industry Data
  operating history; reliance on management; requirements for additional financing;
  competition; hindering market growth and state adoption due to inconsistent public              • This Presentation includes market and industry data that has been obtained from third
  opinion and perception of the medical-use and adult-use cannabis industry and;                    party sources, including industry publications. iAnthus believes that the industry data is
  regulatory or political change. Forward-looking statements involve known and unknown              accurate and that the estimates and assumptions are reasonable, but there is no
  risks, uncertainties and other factors. Many of these risk factors and uncertainties are          assurance as to the accuracy or completeness of this data. Third party sources
  disclosed in the Company’s Annual Information Form for the year-ended December 31,                generally state that the information contained therein has been obtained from sources
  2016 in a section entitled “Risk Factors” and other documents, including the Company’s            believed to be reliable, but there is no assurance as to the accuracy or completeness
  Short Form Prospectus dated November 14, 2017, the Company files with the Canadian                of included information. Although the data is believed to be reliable, iAnthus has not
  securities regulators on SEDAR at www.sedar.com.                                                  independently verified any of the data from third party sources referred to in this
                                                                                                    Presentation or ascertained the underlying economic assumptions relied upon by such
• There can be no assurance that such information will prove to be accurate or that
                                                                                                    sources.
  management's expectations or estimates of future developments, circumstances or
  results will materialize. As a result of these risks and uncertainties, the results or events
  predicted in these forward-looking statements may differ materially from actual results or      Additional Information
  events.                                                                                         • Additional information pertaining to iAnthus has been filed electronically through SEDAR
• Accordingly, readers should not place undue reliance on forward-looking statements.               and is available at www.sedar.com or iAnthus’ website at www.ianthuscapital.com.
  The forward-looking statements in this Presentation are made as of the date of this
  Presentation. iAnthus disclaims any intention or obligation to update or revise such
  information, except as required by applicable law, and iAnthus does not assume any
  liability for disclosure relating to any other company mentioned herein.

                                                                                              2
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COMPANY OVERVIEW CNSX: IAN OTCQB: ITHUF - September 2018 - cloudfront.net
iAnthus operates best-in-class licensed
         cannabis facilities throughout the United
         States providing investors with diversified                               6 States
                                    industry exposure.
                                                                            8 Cultivation Facilities

                                                                               46 Dispensaries

                                                                        ~50 Million Addressable Market
            THE iANTHUS
                                                                 (1)
            OPPORTUNITY                                                       Proven First Mover

NOTES
1) Assuming build out of Florida, New York, Vermont and Massachusetts
                                                                                              CNSX: IAN │ OTCQB: ITHUF
COMPANY OVERVIEW CNSX: IAN OTCQB: ITHUF - September 2018 - cloudfront.net
Unparalleled Ability to Execute
       Finance and           Operations and               Regulatory and
      Capital Markets     Project Development            Government Affairs

       HADLEY FORD
       •                       CARLOS PEREA
                               •                          RANDY MASLOW
      Co-founder & CEO             COO               Co-founder & President

  JULIUS KALCEVICH
  •                        JOHN HENDERSON
                           •                         DR. RICHARD BOXER
                                                     •

            CFO          Chief Development Officer         Board Member

                                     4
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COMPANY OVERVIEW CNSX: IAN OTCQB: ITHUF - September 2018 - cloudfront.net
Exceptional Market Opportunity
                                       US$50 Billion Market Moving from “Black to White”(1)
                      Annual U.S. Cannabis Sales vs. Other Industries & Goods

                             Beer                                                                                $111.0B

                       Cigarettes
     Estimated Total Demand for
                                                                                                        $80.3B              Cannabis now rivals
Recreational Cannabis in the U.S.

                   Video Games                                         $36.0B
                                                                                       $50B-$55B
                                                                                                                            American spending
                      Doughnuts                         $19.9B                                                             on Netflix subscriptions
                                                                                                                           – and will likely surpass
          Firearms & Ammunition                  $11.9B
                     McDonald’s              $8.0B
                           Netflix

   Legal Recreational & Medical
                                           $6.6B
                                                                                                                            McDonald’s annual
                                          $5.8B-$6.6B
                                                                                                                           U.S. revenue this year
              Cannabis in 2017

                Organic Produce          $4.8B

                                                                                                                                – MJ Biz Daily
                          Tattoos     $1.5B

                           Oreos     $0.7B

NOTES
1) Source: Brewers Association, Alcohol & Tobacco Tax & Trade Bureau, Entertainment Software Association,
     Goldstein Research, IBIS World, Netflix, Nielsen, Nabisco. 2018 Marijuana Business Daily.
                                                                                                            5
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COMPANY OVERVIEW CNSX: IAN OTCQB: ITHUF - September 2018 - cloudfront.net
The Tide is Turning
“…federalism-based legislative solution to fix this states’ rights issue once
and for all.”
– Colorado Senator Cory Gardner

                      “…I support Senator Gardner […] I will probably end up supporting
                      that [bill].”
                      – U.S. President Donald Trump

“Cannabis may be de-regulated nationwide within four years and if we do
our job, it’s game over in 2 years…”
– U.S. Rep. Earl Blumenauer

                      "I'm convinced de-scheduling the drug is needed …“
                      – John Boehner, the retired Speaker of the House of Representatives

                                               6
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COMPANY OVERVIEW CNSX: IAN OTCQB: ITHUF - September 2018 - cloudfront.net
Why Invest in iAnthus?
   Exposure to                                  Leading
                                                               Funded for     Compelling         Proven
  $50 billion U.S.                             Position in
                                                                 Growth        Valuation       Leadership
    Market(1)                               Strongest States

                                                                                                     Operations

~50% Growth                                                    US$50 M        US$407 M     Regulations
    Anticipated in                                             Investment     Market Cap
        2018                                                   May 14, 2018                              Healthcare

                                                                                            Government

                                                                                                            Real
                                                                                                           Estate
                                                                                           Finance &
                                                                                             Capital
                                                                                            Markets
NOTES
1) Source: 2018 Marijuana Business Daily.
                                                                    7
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COMPANY OVERVIEW CNSX: IAN OTCQB: ITHUF - September 2018 - cloudfront.net
iANTHUS
OPERATIONAL EXCELLENCE

                         CNSX: IAN │ OTCQB: ITHUF
COMPANY OVERVIEW CNSX: IAN OTCQB: ITHUF - September 2018 - cloudfront.net
iAnthus is Operating in Six States
Vertically Integrated Operations
                                      Florida                               New York          Massachusetts      Vermont        Other Assets

                                                                                                                              Colorado

Population:                      21.2 million                             19.9 million            6.9 million   0.6 million

Cultivation:                      200,000 ft2                               39,500 ft2            36,000 ft2     6,900 ft2                 New
                                                                                                                                          Mexico
                                                                                                                                           25%
                                                                                                                                         Ownership
Dispensaries:                             30                                        4                 3            2(1)

NOTES
1) Recent legislation allows Grassroots Vermont to open an additional dispensary (2 total).
                                                                                              9
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COMPANY OVERVIEW CNSX: IAN OTCQB: ITHUF - September 2018 - cloudfront.net
A Sunny Investment
     Why Investors Should Care:
      • Over 21 million residents
      • Favorable demographics – adding ~2,500
        patients a week
      • GrowHealthy has one of only 14 licenses
      • Only 52 open dispensaries across the state
      • Weekly revenue of ~US$4.5 million and
        growing
      • Market estimated to reach US$1.0 billion by
        2020(1)
      • Recent addition of flower sales
NOTES
1) The State of Legal Marijuana Markets: 5th Edition, ArcView Market Research

                                                                                10
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GrowHealthy: Covering the State
                                            Orlando
                     Lake Wales           Open Q4 2018        Cultivation/Processing
                       Open
                                                              • 33 acre campus in Lake Wales, FL
                                                              • 25,000 ft2 built out
               Tampa
             Open Q1 2019                                     • Capacity to retrofit an additional 175,000 ft2
                                                              • Producing since April 2017
       Statewide Delivery
                                                              Dispensary/Delivery
               West Palm Beach                                • Up to 30 dispensaries
                Open Q4 2018
                                                              • Secured locations in West Palm Beach,
                                                                Tampa, Orlando, Deerfield Beach, Miami,
                        Deerfield Beach                         Oakland Park, Sarasota, Cape Coral,
                         Open Q1 2019
                                                                Brandon, Bonita Springs, and Tallahassee
   + 26 additional                                            • Select dispensaries will be delivery hubs
    dispensaries
                                                              • Delivery began in Q4 2017
                                                         11
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New York, New York it’s a Helluva State
                                                                 Rec’s in the City
Why Investors Should Care:                                    Miranda & Mr. Big Agree…

• Large population of nearly 20 million        “There are a lot of
                                               good reasons for
  residents                                    legalizing
                                               marijuana”
                                               - Cynthia Nixon,
• Wide range of secondary products             gubernatorial
                                               candidate for
  allowed                                      New York

• Citiva has one of only 10 licenses
• Vertically integrated licenses
                                                                            “It’s no longer a question of
• Home delivery allowed                                                     legal or illegal […] it’s going
                                                                            to be here anyway.”
                                                                            - Governor Andrew Cuomo
• Full rec on the horizon

                                          12
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Citiva: Dominant in the NYC Area
                                                       Cultivation/Processing
                                                       • 8.5 acres of land in Warwick, NY
              Warwick
          Under Construction                           • Initial buildout of 39,500 ft2 greenhouse and
                               Wappingers Falls
                                                         processing facility
                                Open Q1 2019           • Designed to support multiple expansion
   Big Flats                                             phases
 Open Q3 2019
                                                       Dispensary/Delivery
                                                       • Four dispensary locations
                                                       • 2,000 ft2 dispensary across from Barclays
       Staten Island                                     Center in Brooklyn, NY
       Open Q1 2019
                                                       • Identified locations and negotiating leases
                                                         in Staten Island, Big Flats, and Wappingers
                                 Brooklyn
                               Open Q4 2018
                                                         Falls
                                                       • Home delivery
                                                  13
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Groundbreaking on Warwick Facility
                                                                        Warwick Facility Highlights
                                                                        • 39,500 ft2 greenhouse and
                                                                          processing facility
                                                                        • Site can support up to 125,000 ft2
                                                                          of total cultivation and processing
                                                                          space
                                                                        • Plans to implement high-end
                                                                          technology and cultivation
 Groundbreaking ceremony – July 31, 2018                                  practices
                                                                        • Estimated yearly production of
                                                                          2,400 kg of cannabis
                                                                        • Phase 1 of buildout projected to
                                                                          be completed in 1H 2019
                               Artistic rendering of Warwick facility
                                                           14
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Massachusetts: The Colorado of the East
    Why Investors Should Care:
                                                                                                                                   Massachusetts Cannabis Revenue(1)
    • 6.9 million residents
                                                                                                                                                                                     $ 1,049

    • 13.2 million people reside within 150 miles                                                                         $1,000
                                                                                                                                    62% compound
      of Boston                                                                                                                      annual growth
                                                                                                                           $800
                                                                                                                                                                           $ 791

                                                                                                       Revenue ($US mm)
    • Only 33 dispensaries have opened within                                                                                                            $ 604
                                                                                                                           $600                                                        $899
      the last four years
                                                                                                                                                                            $632
                                                                                                                           $400             $ 380
    • Full recreational program has an                                                                                                                    $438

      estimated market size of over US$1.0                                                                                 $200
                                                                                                                                             $215

      billion of annual revenues(1)                                                                                                          $165         $166              $159
                                                                                                                                   $151                                                $150
                                                                                                                             $0
    • Mayflower is the second dispensary to                                                                                        2017      2018E       2019E             2020E      2021E

      open in Boston                                                                                                                      Recreational           Medical

NOTES
1) Massachusetts cannabis revenue reflects historical and projected legal spending figures from
    Arcview Market Research / BDS Analytics: “The State of Legal Marijuana Markets 6th Edition”
                                                                                                  15
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Mayflower: Ready for Growth
                                      Cultivation/Processing
            Lowell                    • 36,000 ft2 cultivation and processing
         Open Q1 2019
                                        facility
                        Boston
                        Open          • First harvest, extraction, and processing
                                        cycle initiated in April 2018

                                      Dispensary/Delivery
                                      • Boston dispensary opened in July 2018
                                        with a full suite of products
           Holliston                  • One of only two dispensaries in Lowell
            Open
                                      • Third dispensary location secured, with
                                        full details to be provided pending final
  + 1 additional                        regulatory approval
   dispensary
                                      • Medical delivery allowed
                                 16
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Why We Love the Green Mountain State
 Why Investors Should Care:
   • First state to legalize recreational
     cannabis via legislative action

   • Large tourist population with ~13
     million visitors annually

   • Grassroots Vermont has one of only
     five licenses
   • Proposed second location is in one
     of the most densely populated
     areas in Vermont

   • Market estimates of over US$100.0
     million market by 2022(1)
NOTES
1) Vermont market estimate reflects projected legal spending figures from Arcview Market Research /   17
    BDS Analytics: “The State of Legal Marijuana Markets 6th Edition”                                      CNSX: IAN │ OTCQB: ITHUF
Grassroots: Gaining Share in Vermont
                                                 Cultivation/Processing
                     Statewide Delivery
                                                 • 6,900 ft2 cultivation and processing facility
                                                 • Recent upgrades to facilities
      Williston                                  • Plans underway to expand cultivation
 Proposed Location                                 space

                                                 Dispensary/Delivery
                                  Brandon        • Existing dispensary in Brandon, VT
                                   Open
                                                 • Construction on second dispensary
                                  Brandon          expected to begin in Q4 2018
                                   Open
                                                 • Launched statewide delivery service

                                            18
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The iAnthus Winning Formula…
 Premier Locations + Quality Design +   Full Range of Products

Boston
 Deerfield
 Tampa
         Beach
Brooklyn
 West Lowell
       Orlando
 Palm Staten
 Beach Island

                          19
                                                 CNSX: IAN │ OTCQB: ITHUF
…Made Possible by a World-Class Team

                    20
                                   CNSX: IAN │ OTCQB: ITHUF
iANTHUS
INVESTMENT THESIS

                    CNSX: IAN │ OTCQB: ITHUF
East Coast Triad – Over 48 Million Strong
                                                                                          2019E Market
                                          Population                                                                          Facilities              Competition
                                                                                          Size (US $s) (1)

                                                                                                                           4 Dispensaries;
                                              19.9 Million                                     $309 Million                                          1 of 10 Licenses
                                                                                                                        1 Cultivation Facility

                                                                                                                           3 Dispensaries;
                                               6.9 Million                                     $604 Million                                          1 of ~35 Licenses
                                                                                                                        1 Cultivation Facility

                                                                                                                          30 Dispensaries;
                                              21.2 Million                                     $768 Million                                          1 of 14 Licenses
                                                                                                                        1 Cultivation Facility

                                                                                                                          2 Dispensaries(2);
                                               0.6 Million                                      $29 Million                                           1 of 5 Licenses
                                                                                                                        1 Cultivation Facility

                                                                                                                           39 Dispensaries;        14 Weighted Average
                                              48.6 Million                                     $1.7 Billion
                                                                                                                        4 Cultivation Facilities       Competitors
           East Coast

                                             48.6 million residents and US$1.7 billion 2019 market with limited competition
NOTES
1) Estimated 2019 state market sizes reflect projected legal spending figures from Arcview Market Research
     / BDS Analytics: “The State of Legal Marijuana Markets 6th Edition”
2)   Recent legislation allows Grassroots Vermont to open an additional dispensary (2 total) and will also grant   22
     one additional license (5 total)                                                                                                                      CNSX: IAN │ OTCQB: ITHUF
Potential Addressable Market of US$8.0 Billion
                    If Florida and New York become full recreational, the market could
                                     expand to almost US$8.0 billion(1)

                                         Illustrative Four State Footprint Near Term Market Revenue(2)
                                $9,000
                                                                                                                                $7,875
                                $8,000                       The medical and full rec
                                                                  opportunity
             Revenue (US$ mm)

                                $7,000
                                $6,000                                                                        $5,679
                                $5,000
                                $4,000
                                $3,000                        $2,196
                                $2,000
                                $1,000
                                   $0
                                                           Medical                                       Recreational   Medical & Recreational

NOTES
1) Company estimates. Assumes 1.5% penetration for medical markets and 8% penetration for recreational
     markets
2)   Illustrative four states footprint includes Massachusetts, Vermont, New York, and Florida           23
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Leadership and Execution is Rewarded
                     iAnthus vs. US Comparables(1)                                                      iAnthus vs. US and CAN Peers
                                                                                                                                            As of     As of     YTD
         iAnthus is up 213% YTD, the                                                    Ticker      Company                              12/29/2017 9/6/2018   Return

           only stock in peer group                                                     CNSX:IAN                                              2.50     7.83     213%
            that is up on the year                                                      TSX:WEED    Canopy Growth Corporation                 29.74    68.47     130%
                                                                                        CNSX:CRZ    CannaRoyalty Corp.                         3.73     6.45      73%
                                                                                        TSX:CRON    Cronos Group Inc.                          9.74    16.38      68%
                                                                       GTI(2)           TSXV:OGI    OrganiGram Holdings Inc.                   4.10     6.53      59%
                                                                                        TSX:HEXO    The Hydropothecary Corporation             4.09     5.89      44%
                                                                                        CNSX:MPX    MPX Bioceutical Corporation                0.82     1.00      22%
                                                                                        TSX:TRST    CannTrust Holdings Inc.                    9.15    10.02      10%
                                                                                        TSXV:GENE   Invictus MD Strategies Corp.               1.59     1.69       6%
                                                                                        TSX:APH     Aphria Inc.                               18.70    18.48      -1%
                                                                                        TSX:ACB     Aurora Cannabis Inc.                       9.60     8.68     -10%
                                                                       MPX              TSXV:FIRE   The Supreme Cannabis Company, Inc.         2.29     2.03     -11%
                                                                       MedMen(3)        TSX:VFF     Village Farms International, Inc.          7.64     6.56     -14%
                                                                                        TSXV:EMH    Emerald Health Therapeutics, Inc.          5.21     4.34     -17%
                                                                       Liberty Health   TSXV:WMD    WeedMD Inc.                                2.45     2.04     -17%
                                                                       Sciences         CNSX:GLH    Golden Leaf Holdings Ltd.                  0.38     0.28     -27%
                                                                       Golden Leaf      TSXV:EMC    Emblem Corp.                               2.28     1.52     -33%
                                                                       TerraTech        CNSX:LHS    Liberty Health Sciences Inc.               2.07     0.93     -55%

                                                                                                    iAnthus is up 213% YTD vs
                                                                                                     median cannabis stock
NOTES
1) Prices as of January 2, 2018 through September 6, 2018.                                             performance of 3%
2)   GTI share price as of June 18, 2018 represents price at open.
                                                                                24
3)   MedMen share price as of May 29, 2018 represents price at open.
                                                                                                                                          CNSX: IAN │ OTCQB: ITHUF
And Execution adds Revenue
                                            Near term dispensary openings can generate as much as
                           $7.0                            US$6.0 million per month
                                                                                                                                                                $0.3
                           $6.0                                                                                                                  $0.4
                                                                                                                                     $0.3
                                                                                                                           $0.5
Monthly Revenue ($US mm)

                           $5.0
                                                                                                               $0.5
                                                                                                  $0.5
                           $4.0
                                                                                       $0.5
                                                                  $0.5
                           $3.0
                                               $1.0
                                                                                                                        With the potential for many
                           $2.0
                                   $1.5                                                                                 more dispensary openings
                           $1.0                                                                                                on the horizon

                           $0.0
                                  Store A     Store B           Store C              Store D     Store E      Store F     Store G   Store H     Store I       Store J

                                      Market 1                                             Market 2                           Market 3        Market 4 Market 5

NOTES
1) Hypothetical revenue figures for illustrative purposes, not actual revenue forecasts.                 25
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IANTH
                                                            US IA
                                                                 N 7.88
Watch your Ticker…                                                      CAD +
                                                                              0.62 (
                                                                                     8.54%
                                                                                           )↑

 Q3 2018

                                    Boston Dispensary Open
 Q4 2018

           Brooklyn Dispensary Open                  West Palm Beach, Orlando and
                                                     Brandon Dispensaries Open
 1H 2019

           Lowell Dispensary Open                    Tampa and Deerfield Beach
                                                     Dispensary Open

           Staten Island and Wappingers Falls Dispensaries Open;
           Completion of Cultivation and Processing Facility
                                         26
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The Best Odds at the Starting Line?

                                                                                                 iAnthus                 GTI              MedMen

        States                                                                                      Six                Seven                 Four

        East Coast Triad (FL, NY, MA)                                                              3/3                  2/3                  3/3

        Strong Balance Sheet                                                                       Yes                   Yes                  Yes

        Proven Use of Stock for Acquisitions                                                       Yes                   No                   No

        Stage of Development                                                                      Early                 Early                Early

        Valuation                                                                           US$406.9 million(1)   ~US$2.1 billion(2)   ~US$2.1 billion(2)

NOTES
1) Adjusted to include current share count as of September 6, 2018.
2)   Share count as reported by the Canadian Securities Exchange as of September 6, 2018.

                                                                                                      27
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Canada, Analogue to the U.S.?
            The Canadian capital markets have been ahead of the U.S.
                          What does parity look like?
                                                               Canada                            iAnthus East Coast
                                                                                                                             Metric
                                                             (Vertically Int)                        Markets(1)                           No matter
               Population                                        36 million                                48 million      33% larger
                                                                                                                                            which
                                                                                                                                         metric you
               Near Term Rec and                                                                                                         use, iAnthus
                                                               C$6.0 billion                              C$9.8 billion    63% larger
               Medical Market
                                                                                                                                         has a clear
               Competitors                                            116                                     14(2)        88% fewer
                                                                                                                                         advantage
               Revenue per
                                                             C$51.7 million                         C$700.0 million        13x more
               Competitor

               Public Companies                                        39                                      1

               Average / Current
                                                              ~C$1.1 billion                        C$536.6 million       50% discount
               Market Cap(3)

NOTES
1) East Coast markets include Massachusetts, Vermont, New York, and Florida
2)   Weighted average license holders by population in Massachusetts, Vermont, New York, and Florida
3)   CapIQ, basic market caps as of September 6, 2018. iAnthus adjusted to include current share count.        28
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iAnthus Highlights
   Large U.S. market opportunity                Exposure to $50 billion market

                                              48 million addressable market in
 Leading position in strongest states
                                                        NY, MA and FL

         Funded for growth                   Access to public and private capital

                                              Limited ways to participate in the
       Compelling valuation
                                                 legalization of U.S. cannabis

                                                Opening of dispensaries and
        Near term catalysts
                                                   cultivation facilities

                                                 First-class team with deep
         Proven leadership
                                              expertise and broad experience

                                        29
                                                                       CNSX: IAN │ OTCQB: ITHUF
QUESTIONS?

                       Contact Information:
Investor Relations │ 416.428.3533 │ investors@ianthuscapital.com
iAnthus Capital Structure Overview
                      Capital Structure                                             Funds Raised
Basic Shares Outstanding                                      Funds raised to date: ~C$162.3 million
Common (Voting)                                51.63 M          • US$9.0 million (Private; Pre-IPO)
Common (Class A: Non-Voting)                   16.89 M          • C$21.0 million (Public; November 2016)
Total Basic Shares Outstanding                 68.53 M          • C$20.0 million (Public; February 2017)

Dilutive Securities                                             • US$3.0 million (Private; October 2017)
                                                                • C$15.7 million (Public; November 2017)
Options (Strike C$1.34 – C$3.56)                5.86 M
                                                                • US$20.0 million (Private; January 2018)
Warrants (Strike C$1.70 – C$4.92)              21.34 M
                                                                • US$50.0 million (Gotham Green; May 2018)
Convertible High Yield Notes (Strike C$3.94)   12.97 M
Total Dilutive Securities                      40.17 M
                                                                                 Stock Performance
Total Fully Diluted Shares Outstanding         108.7 M        52 week range
Insider Ownership %                            14.01%           • IAN: C$1.70 – C$8.08

                                                                • ITHUF: US$1.32 – US$6.16

                                                              YTD
                                                                ` return: 213%

                                                         31
                                                                                                            CNSX: IAN │ OTCQB: ITHUF
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