Gotham Green is demanding debt repayments from multistate cannabis operator iAnthus IAN ITHUF.
IAnthus recently disclosed that it's saddled with almost $160 million in debt. Its shares were suspended from trading on the Candian Securities Exchange after failing to provide financial reports by its June 15, 2020 deadline.
The cease of trade order could be revoked if the company makes the required fillings within 90 days of the date of the CTO.
The New York-based company has hired Canaccord Genuity as a third-party financial advisor.
The company “has received several expressions of interest" that would repay the secured debentures in full and in cash, the company announced.
Earlier this year, iAnthus co-founder and former-CEO Hadley Ford resigned. The decision came on the heels of a review conducted by a special committee of independent directors, which determined that Ford had "misused iAnthus' resources to his benefit."
Randy Maslow is currently interim CEO.
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