iAnthus Capital Holdings (CSE: IAN) has concluded its special committee investigation related to prior claims against the company that were circulated online. As a result, two claims against Hadley Ford were found to be substantiated, and as a result Ford has resigned from his position within the company.
The claims that were substantiated include a personal loan entered into by Ford with that of Jason Adler the day following the closing of iAnthus’ December, 2019 US$36.15 million loan from Gotham Green Partners. It was found that the undisclosed loan, for a total amount of US$100,000 bore no interest and was due March 31, 2020. The special committee resolved however that there was no basis to believe this impacted the decision making on Ford closing the financing arrangement for iAnthus.
It was also found that another US$60,000 loan with a non-arms length party was not disclosed, however further details were not provided. The failure to not disclose the details were viewed as a breach of iAnthus’ conflict policies and other obligations of a director and member of management.
Ford as a result has resigned from all roles in the iAnthus organization, including his role as CEO and director.
In Ford’s place is that of iAnthus co-founder Randy Maslow, whom was formerly the chief financial officer of the firm. Maslow will be helming the company on an interim basis.
Furthermore, iAnthus also confirmed that it is still review strategic alternatives for the company and that no assurances are made regarding the outcome of the review. The company also reiterated that it has delayed its year end financial reports, with no date yet set for release.
iAnthus Capital Holdings last traded at $0.26 on the CSE.
Information for this briefing was found via Sedar and iAnthus Capital Holdings Inc. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
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