It appears that iAnthus Capital Holdings (CSE: IAN) is going head to head with that of former director and chief strategy officer Elizabeth Stavola. The company announced a number of developments this morning, including the receipt of a complaint in the Superior Court of New Jersey by that of MPX NJ, which is majority owned by Stavola.
The complaint was filed in connection with a financing, leasing, licensing and services agreement with iAnthus NJ back in August 2019, along with other agreements including those focused on loans and options of the New Jersey asset. The company also reportedly has a path to 100% ownership under certain arrangements.
The complaint effectively sees MPX NJ seeking a judgement that identifies that MPX NK is the only authority that can represent its interest to state and local officials as well as any other party, and the Stavola is the principal management for the operation. The firm is also seeking to having the services agreement marked as being ineffective and unenforceable, while enjoining iAnthus from claiming it has a controlling interest in the operation, or executing any arrangements on its behalf.
Following the complaint, temporary restraints have been put in place to iAnthus from entering any contracts on behalf of MPX NJ, from representing it currently has a controlling interest, and to disclose all contracts and activities occurring at the firms Pleasantville, NJ cultivation facility. Despite this, iAnthus disputes the allegations contained within the complaint.
Outside of the New Jersey complaint, the company confirmed this morning that an appeal in connection with its recapitalization transaction is slated to be heard January 26, 2021, which the company also intends to defend while commenting that the appeal is without merit.
Finally, the company has received a class action complaint against its New York management company subsidiary, alleging violations of the TCOA related to text message marketing. Unsurprisingly, the company disputes the allegations and intends to defend itself in court.
iAnthus Capital last traded at $0.55 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.
