Multistate cannabis operator iAnthus Capital Holdings received a demand for repayment on a secured debenture issuance as well as a notice of intention to enforce security under Canadian bankruptcy law.
The debt totaled $159.1 million as of June 11, iAnthus said earlier this month.
The company, which is in the midst of a strategic review, said financial adviser Canaccord Genuity “has received several expressions of interest, including expressions of interest, which if completed, would repay the secured debentures in full and in cash.”
The company trades on the Canadian Securities Exchange as IAN.
However, trading of iAnthus shares on that exchange was suspended Tuesday after a cease-trade order.
In the news release issued Tuesday, iAnthus said the cease-trade order followed its failure to file continuous disclosure documents by a June 15 deadline.
The company operates 35 marijuana dispensaries in eight states, including Arizona, Colorado, Florida, Maryland, Massachusetts, New Mexico, New York and Vermont.
Former iAnthus CEO Hadley Ford stepped down in April after an investigation into undisclosed personal loans totaling $160,000.