Cannabis Co. iAnthus Q3 Revenue Drops 6.1% YoY, Needs Capital ‘To Continue As A Going Concern’
iAnthus Capital Holdings, Inc. (CSE:IAN) (OTCQB:ITHUF) reported its financial results Tuesday for the third quarter ended Sep. 30, disclosing revenue of $40.3 million, down 6.1% from $42.9 million in the same quarter in the prior year. The New York- and Toronto-based cannabis company reported a gross profit of $18.1 million, up from $13.35 million in the same period of 2023.
The increase in gross profits is attributed to lower material costs and a more favorable sales mix from increased volume of higher-margin products sold in both Maryland and New Jersey. Additionally, iAnthus disclosed in the filing that gross profits increased due to significantly lower costs in Massachusetts thanks to improved operating efficiencies at its Fall River facility.
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