NEWS BRIEF

Struggling marijuana MSO iAnthus loses Chief Strategy Officer Stavola

Beth Stavola resigned as chief strategy officer and board director for troubled multistate cannabis operator iAnthus Capital Holdings.

The company did not expound on the resignation of Stavola, who previously served as a senior vice president at Wall Street firm Jefferies & Co. before joining MPX Bioceuticals. MPX merged with iAnthus in 2018.

Stavola is the latest iAnthus board director to resign this year, following the May resignation of Mark Dowley.

In April, Hadley Ford resigned as CEO and a director after a company investigation found he failed to disclose two loans totaling $160,000 in what was determined a “potential or apparent” conflict of interest.

New York-based iAnthus, which maintains offices in Toronto, is in the midst of a restructuring and recapitalization effort after defaulting on interest payments in June.

In late July, iAnthus announced it had abandoned its September 2019 merger agreement with Nevada-based Sierra Well dispensary operator WSCC.

The company said the decision to terminate the merger was mutual, citing a “prolonged timeline to achieve the necessary conditions to close combined with the adverse market conditions surrounding the industry and broader economy.”

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