iAnthus Capital Holdings (IAN) AI Stock Analysis

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iAnthus Capital Holdings

(CNQX:IAN)

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Rating:40Underperform

Price Target:CAD 0.01▲(100.00% Upside)

Action:downgraded

Date:11/14/26

The score is driven primarily by severe financial weakness, including negative equity, significant debt, persistent losses, declining revenue, and negative free cash flow. Limited support comes from positive gross profit and modestly positive operating cash flow, while missing technical data is treated neutrally and the negative P/E weighs on valuation.

Positive Factors

Vertical integrationOperating across cultivation, processing and retail can let iAnthus capture value at multiple stages of the cannabis supply chain. This model may support product control, internal sourcing and brand development, creating a durable operating advantage where state licenses permit integration.

Negative Factors

Negative equity and high leverageSustained negative equity and debt that is high relative to assets materially restrict financial flexibility. This capital structure increases refinancing and dilution risk, can constrain investment in licensed operations, and leaves the company more exposed to setbacks in operating performance.

iAnthus Capital Holdings (IAN) vs. iShares MSCI Canada ETF (EWC)

Market Cap: CAD 28.60M
Dividend Yield: ―
Average Volume (3M): 98.67K
Price to Earnings (P/E): -0.5
Beta (1Y): -2.58
Revenue Growth: -6.64%
EPS Growth: -2340.00%
Country: Canada
Employees: 741
Sector: Healthcare
Sector Strength: 51
Industry: Drug Manufacturers - Specialty & Generic

iAnthus Capital Holdings Business Overview & Revenue Model

Company Description

iAnthus Capital Holdings, Inc. is a U.S.-based cannabis enterprise that holds licenses for and actively manages cannabis cultivation, processing, and retail dispensary operations. Its diverse product portfolio encompasses both cannabis and cannabidio...

How the Company Makes Money

iAnthus’s primary way of making money has been generating sales from state-legal cannabis operations it owns and/or controls. Key revenue streams include: (1) Retail dispensary revenue: sales of cannabis products to consumers at company-operated disp...

iAnthus Capital Holdings Financial Statement Overview

Summary

Financial performance is severely weak: revenue declined, net losses remained substantial, equity was negative, debt was high relative to assets, and free cash flow was negative. Positive gross profit and modestly positive operating cash flow provide only limited support.

Income Statement

24Negative

Balance Sheet

8Very Negative

Cash Flow

17Very Negative

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	143.93M	146.51M	167.57M	159.24M	163.21M	203.02M
Gross Profit	30.01M	47.22M	75.11M	63.17M	74.43M	111.28M
EBITDA	-10.36M	5.04M	21.22M	-2.59M	-380.69M	7.96M
Net Income	-56.24M	-40.91M	-7.64M	-76.62M	-449.39M	-76.25M
Balance Sheet
Total Assets	255.98M	275.19M	271.04M	277.41M	303.47M	346.74M
Cash, Cash Equivalents and Short-Term Investments	6.76M	11.85M	18.54M	13.10M	14.34M	13.24M
Total Debt	242.34M	227.54M	210.46M	201.00M	183.94M	228.54M
Total Liabilities	398.58M	378.05M	336.58M	339.07M	292.48M	369.14M
Stockholders Equity	-142.60M	-102.85M	-65.54M	-61.67M	10.99M	-22.40M
Cash Flow
Free Cash Flow	-11.71M	-20.99M	7.03M	-3.06M	-26.55M	-4.25M
Operating Cash Flow	3.55M	3.20M	12.54M	3.02M	-19.50M	16.15M
Investing Cash Flow	-13.52M	2.34M	-6.28M	-3.63M	-4.74M	-21.32M
Financing Cash Flow	-1.20M	-12.89M	-339.00K	-618.00K	22.06M	10.24M

iAnthus Capital Holdings Risk Analysis

iAnthus Capital Holdings disclosed 67 risk factors in its most recent earnings report. iAnthus Capital Holdings reported the most risks in the "Legal & Regulatory" category.

Legal & Regulatory - Litigation, compliance, new legislation, and taxation risks

Latest Risks Added

1 New Risk

1.We face risks related to cyber security attacks and other incidents.Q4, 2023

iAnthus Capital Holdings Peers Comparison

Overall Rating

UnderperformOutperform

Sector (51)

Financial Indicators

TSE:IAN against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TSE:GTII	69Neutral	CAD 1.94B	14.39	5.30%	―	6.44%	127.50%
TSE:CURA	59Neutral	CAD 3.14B	-217.45	-1.47%	―	5.01%	92.12%
Sector *	51Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
TSE:VRNO	51Neutral	CAD 2.17B	-1.34	-30.11%	―	0.61%	37.92%
TSE:CL	45Neutral	CAD 318.77M	-1.72	-28.54%	―	-2.43%	-80.34%
TSE:IAN	40Underperform	CAD 34.87M	-0.51	45.36%	―	-6.64%	-2340.00%

* Healthcare Sector Average

Performance Comparison

TSE:IAN and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TSE:IAN	Ianthus Capital Holdings (OTC)	0.01	0.00	0.00%
TSE:CURA	Curaleaf Holdings (Otc)	11.21	2.72	32.04%
TSE:GTII	Green Thumb Industries (OTC)	8.74	0.79	9.94%
TSE:CL	Cresco Labs OTC	0.72	-0.51	-41.46%
TSE:VRNO	Verano Holdings Corp.	6.32	0.00	0.00%

iAnthus Capital Holdings Corporate Events

Business Operations and StrategyPrivate Placements and Financing

iAnthus Secures US$2.5 Million Credit Line to Expand in New York and Florida

Positive

Aug 24, 2026

iAnthus Capital Holdings has secured a revolving line of credit of up to US$2.5 million from affiliates of Gotham Green Partners to support its strategic initiatives in New York and Florida. The facility, bearing 12% annual interest and maturing in J...

Glossary

BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.

Date of analysis: Nov 14, 2026

iAnthus Capital Holdings AI Stock Analysis