iAnthus Capital

iAnthus Capital Holdings, Inc. owns and operates best-in-class licensed cannabis cultivation, processing and dispensary facilities throughout the United States, providing investors diversified exposure to the U.S. regulated cannabis industry.

Founded by entrepreneurs with decades of experience in operations, investment banking, corporate finance, law and health care services, iAnthus provides a unique combination of capital and hands-on operating and management expertise. The Company uses these skills to support operations across six states.

Investor Presentation

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Manuf.

Medi.

R&D

Overview

Overview

iAnthus operates best-in-class licensed cannabis facilities throughout the United States providing investors with diversified industry exposure

They deliver a comprehensive solution for financing licensed cannabis cultivators, processors and dispensaries. iAnthus can provide a full range of critical support to its partners, including capital investment and financing facilities, real estate and equipment leasing, intellectual property licensing, and management and professional services, tailored in each case to the applicable state cannabis laws and regulatory system

Founded by entrepreneurs with decades of experience in investment banking, corporate finance, law and healthcare services, iAnthus provides a unique combination of capital and hands-on operating and management expertise. The Company harnesses these skills to support a diversified portfolio of cannabis industry investments for our shareholders.

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Highlights

Exposure to a $50 Billion High Growth Market

The size of the United States cannabis market is currently estimated at $50 billion per year.

As the shif from the black market to legally regulated markets occurs it has created one of the fastest growing industries
in the U.S. Given the growing trend of states moving towards legalisation of marijuana and the already proven demand curve for cannabis,
iAnthus, with an estimated addressable market in excess of 48 million people, is well positioned to capture this shif
from “black” to “white”.

Geographically Diversified Operations

iAnthus is in the process of consolidating a significant footprint of cannabis operations and investments across 6 U.S. states.
Our investments within Massachusetts, New York and Florida all exist in markets with large populations, strong growth
characteristics and limited licenses.

Each state has its own unique regulatory environment, with its own indications, ingestion methods, and license opportunities,
as well as their own unique growth prospects and risks.

By being diversified across multiple states, iAnthus reduce the overall risk that comes with being exposed to just one state,
while enhancing their overall exposure to the growth of the U.S. market. This creates a better risk profile. As the cannabis
industry moves towards national legalisation, the large regional and national footprint will provide iAnthus with a significant
advantage for branding, cost sharing, and other operational efficiencies.

Highlights

First Mover Advantage

iAnthus prides itself on being a first mover within the cannabis space, having achieved several significant “firsts” within the
industry. The company is the first to build a multi-state operation in the U.S., a feat that will be difficult for competitors to
replicate as the market matures.

While most Canadian publicly traded cannabis stocks fought over Canada’s population of 36 million people, iAnthus became
the first company to give Canadian investors access to the significantly larger U.S. cannabis market.

Later, following the publication of updated guidelines from the Canadian Securities Administrators (“CSA”), iAnthus became the
first company to have a short form prospectus approved by the CSA.

Proven Management Team

iAnthus proven leadership team provides the company with a significant long-term advantage its over competition, with the
ability to manage top-flight operations across multiple states.

Expertise ranges from Hadley Ford’s building out of $100 million cancer centres in four states, Randy Maslow leading a
nationwide footprint for XO Communications, or Carlos Perea bringing clean water to 500+ communities, iAnthus management
has a history of innovation and operational excellence across multiple industries. The team brings that same approach to the
cannabis industry.

Differentiators

• Operations in multiple states
• Strong management
• Access to capital

facilities

Colorado

Organix Overview
  • 12,000 sqf wholly-owned cultivation facility, and 1,500 sqf
    dispensary in Breckenridge
  • Four cultivation licenses, two infused manufacturing licenses,and two dispensary licenses (medical and recreational)
  • Leading operator in world renowned ski town

Colorado

The Green Solution Overview
  • 12 current dispensary locations with 6 new openings in
    Colorado expected in 2017. For videos of the TGS Retail
    experience, click here and here
  • Approximately 300,000 square feet cultivation facilities
  • Top five operator in Colorado (4% state-wide market share)
  • Registered to offer franchises in 47 states; currently active in
    Florida, Oregon, Maryland, Nevada and Illinois
  • Agreement with OrganiGram to provide exclusive consulting
    and licensing of the TGS and NectarBee brand in Canada
  • Over 50 awards won by NectarBee brand for extracted and
    infused products.

 

 

Massachusetts

Mayflower Medicinals Overview
  • Three dispensary locations allowed, local zoning laws lead to
    high barriers to entry
  • Flagship dispensary located in Boston on Harvard Ave. is one
    of three dispensaries in Boston serving 4.8 million people in
    the greater Boston area
  • 36,000 sq f cultivation and MIPS facility owned by Mayflower
  • The cultivation facility is within a modular industrial complex,
    which will present future opportunities for expanding
    capacity beyond the initial 36,000 square feet
  • Expected capacity from cultivation facility will be able to
    support in excess of $35 million per year using current market
    prices
  • Expected to begin dispensary sales during Q4 2017

New Mexico

Reynold Greenleaf & Associates Overview:
  • Management of four licenses which encompasses the
    following…
  • Six dispensaries with plans to add three more in 2017; One
    manufacturing facility
  • 10,385 sq f of cultivation space across three facilities with
    plans to add an additional 3,200 sq f in 2017
  • Leading operator in the state with ~20% market share in
    Albuquerque

Vermont

Grassroots Vermont Overview
  • One of four vertically integrated license holders in Vermont
  • 6,900 sq f facility that houses both the cultivation centre and
    the dispensary
  • Largest state-wide delivery system among competitors
  • Current built capacity from cultivation facility can support in
    excess of $8.8 million per year using current market prices

growth

Growth Strategy

  • Partnerships with operators with regulatory barriers to entry or market leading positions
  • Positioned in front of adult use legalisation in Massachusetts and perhaps Vermont
  • Expansion within existing markets, including Colorado, Massachusetts, New Mexico and Vermont
  • Geographic expansion beyond core markets, with active discussions in Florida, New York, Illinois, Maryland, Oregon

New Markets

Florida Expansion in 2018 via the purchase of GrowHealthy. GrowHealthy and its affiliate McCrory’s Sunnyhill nursery comprise 1 of
just 13 licenses to provide medicinal cannabis to the Florida market.

As one of the largest states in the U.S. with a population of nearly 21 million people and favourable demographics, Florida and its
medical cannabis market provide a tremendous opportunity for iAnthus. The state’s population includes a large percentage of older
adults who can derive significant benefits from medical cannabis, and the Florida program has witnessed a rapid rise in its registered
patient base since passage of the law.

GrowHealthy in particular boasts a state-of-the-art 200,000 square foot cultivation and processing facility in Lake Wales, a flagship
dispensary location in a densely populated area of Palm Beach County, and the opportunity to open up to 25 dispensaries in Florida
currently and more in the future. The GrowHealthy cultivation and operations team has already established itself as a leader in
Florida’s medical cannabis market, and will be contributing iAnthus’ capital and operational resources to fully build out
GrowHealthy’s infrastructure and capitalise on the enormous opportunity provided by Florida’s medical cannabis market.

New York

  • 20m population
  • 10 licenses available
  • Vertically integrated licenses available
  • Delivery allowed

Citiva holds one of the ten vertically integrated medical marijuana “Registered Organisation” licenses issued by New York State.

Citiva NY’s license includes a cultivation and processing facility and four dispensary locations to be located in Brooklyn, Staten
Island, Dutchess County and Chemung County.

Citiva’s proposed 2,000 square-foot flagship Brooklyn dispensary is slated to open in Q4 2018, and will be one of only two
dispensaries located in New York City’s most populous borough, with 2.6 million residents.

Citiva’s Staten Island dispensary, which will be the only Registered Organisation serving Staten Island’s 500,000 residents, is also
slated to open in Q4 2018.

The Dutchess County and Chemung County dispensaries, serving a population of 300,000 and 70,000 respectively, are currently
projected to open in Q2 2019.

The New York State Medicinal Marijuana Program

While the medical cannabis program is still growing, the recent regulatory improvements have significantly accelerated
patient growth:

  • From December 31, 2015 to March 16, 2017 (prior to the addition of chronic pain): The Program added an average
    of 33 patient registrations per day. 14,437 patients were registered on March 16, 2017 prior to the implementation
    of chronic pain as a qualifying condition;
  • From March 30, 2017 to May 8, 2017 (post the addition of chronic pain): The Program added an average of 75
    patient registrations per day, up 130% from the December 2015 – March 2017 period; and
  • From May 8, 2017 to January 23, 2018 (post the publication of qualifying practitioners): The Program added an
    average of 92 patient registrations per day, up ~180% from the December 2015 – March 2017 period. 42,429
    patients were registered on January 23, 2018.

As of January 2018, the state expanded the list of allowable medical cannabis ingestion methods to include
vaporisation, tinctures, capsules, ointments, lotions, patches, tablets, lozenges, and certain non-smokable forms of
ground plant material

Orange County

Brooklyn

Staten Island

Massachusetts

 

“The Colorado of the east”. With 6.7m residents and recreational usage to be legalised from July 1, 2018, this
state is one of the biggest opportunities in the US outside of California. With expected year on year growth of
38% this outstrips total projected US growth of 33.5% year on year. With their acquisition of Mayflower, iAnthus
is perfectly positioned to take advantage of this opportunity.

Production

  • Holliston
  • 36,000 square feet
  • First harvest in Q3 2018

Retail

  • Mayflower dispensaries
  • In the Allston-Brighton neighbourhood where there is only 1 other competitor
  • Expected to open for trading in Q2 2018

Boston

Overall East Coast Opportunity

With solid distribution footprint (both existing and planned), iAnthus on track for a significant future opportunity on the East Coast

management team

Hadley Ford – Co-founder
and CEO

Former Goldman Sachs
Investment Banker and CEO
of ProCure

Nine years as CEO of ProCure
Treatment Centres, a proton
therapy cancer treatment
company with over 300
employees and $100 million
of annual revenues.

M.B.A. from Stanford
University, the Graduate
School of Business. B.S. in
Business Admin from Boston
University.

 

Randy Maslow – CoFounder
and President

Former Executive at XO
Communications; Technology
Attorney and Entrepreneur
Co-founder, board member,
and Senior Vice President of
Business Development and
General Counsel for the
internet service provider that
became XO Communications,
which was eventually sold to
Verizon for $1.8 billion in
February 2016.

Co-Founder of Internet
Gaming Entertainment U.S.,
which had +$100 million in
annual revenues. Served as
Senior Vice President and
General Counsel and board
member.

John Henderson – COO

Former COO of ProCure;
Healthcare and Real Estate
Veteran.

Served as COO and Chief
Development Officer of
ProCure Treatment Centres
where Mr. Henderson
managed the development of
four $150 million plus proton
therapy centres.

Advised major academic
research centres in Europe
and the Middle East on the
development of proton
therapy projects. 15 years at
construction services firm
George B.H. Macomber
Company, including 5 years
as President.

Julius Kalcevich – CFO

Former Partner at BG Partners
Corp; +15 Years of Banking
Experience in U.S./Canada

Served as partner and leader
of cannabis investments at
BG Partners Corp., a Toronto
based merchant bank
focused on early stage and
venture financings.

Former investment banking
director at CIBC and Dundee
Capital Markets, where Mr.
Kalcevich worked on over 40
transactions worth +$5
billion.

Extensive knowledge of cross
border transactions and
financings.
M.B.A. from Col

.