iAnthus Capital Cannabis Co. Shares Up Slightly After Revealing 57% Surge In Q2 2021 Revenue Following A Tough Year

Cannabis company iAnthus Capital Holdings, Inc. IAN ITHUF reported its financial results on Tuesday for the three and six months ended June 30, revealing a 57% surge in revenue for the second quarter of 2021, reaching $54.2 million.

Gross profit totaled $31.3 million over the same period, representing a 66% improvement from the corresponding quarter of 2020.

The gross margin was 57.7% reflecting a 3.2% spike from 54.5% in the same period of last year.

The net loss amounted to $15.3 million versus a $24.8 million loss in the second quarter of last year.

Adjusted EBITDA, a non-GAAP measure, came in positive at $13.5 million, representing a $0.7 million increase from the prior year.

Over the last year, the New York and Toronto-based company struggled to secure funding due to several challenges it has faced.

Management changes that shook iAnthus up for over a year included the departure of co-founder and CEO Hadley Ford, who was under review for allegedly taking out two undisclosed loans, amounting to $160,000; Joy Chen's stepping down from the position of director after serving on the board for a year and Mark Dowley's resignation from the same board in May 2020.

Other setbacks the multi-state cannabis operator has been experiencing are related to the company's secure lender, Gotham Green Partners, which demanded repayment of more than $160 million in debt in June 2020.

After being suspended from trading on the Candian Securities Exchange, for not delivering

its financial reports on time, the company was re-instated.

iAnthus’ shares were trading 4.80% higher at $0.186 per share at the time of writing Tuesday evening.

Photo: Courtesy of Andre Taissin on Unsplash