iAnthus Capital Holdings (OTC: ITHUF) is a cannabis company that cultivates, produces, and retails cannabis and cannabis-derived products across multiple U.S. states. Revenue comes from the manufacture and sale of cannabis products through its own dispensaries and wholesale channels. The company operates cultivation and processing facilities alongside retail dispensaries, and in December 2024 acquired the Cheetah brand cannabis distillate vaporizer wholesale business operating in Illinois and Pennsylvania for approximately $3.5 million. iAnthus has divested certain operations, including agreeing in February 2024 to sell its North Las Vegas cultivation and production facility and Las Vegas dispensary assets to a third-party buyer for aggregate proceeds of $5.9 million. The auditor's report filed March 27, 2026 includes a going concern qualification, citing net losses, a working capital deficit, and material debt obligations coming due as of fiscal year ended December 31, 2025.

Revenue model

Transactional revenue from retail cannabis dispensary sales to consumers and wholesale distribution of cannabis products, including branded distillate vaporizer products, to third-party retailers.

Products and services

Cannabis flower, cannabis distillate vaporizer products (sold under the Cheetah brand in Illinois and Pennsylvania as of December 2024), and other cannabis-derived products manufactured at cultivation and processing facilities.

Customers and end markets

Adult-use and medical cannabis consumers served through retail dispensaries; wholesale cannabis product buyers including licensed retailers in Illinois and Pennsylvania.

Value-chain role

Vertically integrated operator: cultivates, processes, manufactures, and retails cannabis products; also distributes branded wholesale cannabis products to third-party licensees.

Geographic exposure

United States, with operations including Illinois and Pennsylvania (Cheetah brand wholesale, as of December 2024); Nevada operations subject to asset sale agreement executed February 2024 with management control transferred June 24, 2024.

Source: SEC 10-K, filed 2026-03-27

Industry: Agricultural Production-Crops Peers: Milestone Pharmaceuticals Inc SNDL Inc