Joy Chen Resigns From iAnthus Board

New York-based iAnthus Capital Holdings, Inc. IAN ITHUF has lost another director. 

The cannabis company confirmed Thursday it has parted ways with Joy Chen, who opted to resign after serving on the iAnthus board for a year.

The board initially counted five independent directors, including Mark Dowley, Diane Ellis, Michael Muldowney, and Robert Whelan, alongside Chen. It now counts three members.

Dowley left the board in May, on the heels of co-founder Hadley Ford's departure.

Ford had been serving as the company's CEO since iAnthus launched in 2014.

According to a special committee review, Ford had been scrutinized for allegedly taking out two undisclosed loans, amounting to $160,000.

"Speaking on behalf of the entire iAnthus team, we appreciate the opportunity we had to benefit from Joy's extensive professional background, thorough business acumen, and the strategic insights that she brought to our board," iAnthus president and Interim CEO Randy Maslow said. "We thank Joy for her valuable contributions to the Company and wish her all the best in her future endeavors."

Over the past few months, iAnthus has been facing some difficult challenges, reporting debt of over $160 million. Gotham Green Partners, iAnthus secure lender, announced in June it's demanding debt repayments from the multistate cannabis.

Shortly after, the company's shares were suspended from trading on the Candian Securities Exchange due to failing to deliver its financial reports on time.

Meanwhile, besides board shake-ups and CEO's resignation, former director and chief strategy officer Elizabeth Stavola also stepped down from her roles in August.

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