iAnthus is a vertically integrated, multi-state cannabis operator (MSO) in the U.S. The company grows cannabis, processes it into finished products, and sells through its own retail dispensaries and via wholesale to third-party dispensaries. iAnthus operates 40 dispensaries across seven states — Arizona, Florida, Illinois, Maryland, Massachusetts, New Jersey, and New York — with Florida as its largest market, where iAnthus holds 25 medical dispensaries under a license with no cap on further openings. Products include flower, pre-rolls, vapes, concentrates, edibles, tinctures, and topicals, sold under brands including GrowHealthy, MPX, Cheetah, and Melting Point Extracts. iAnthus also produces white-label and licensed products for third parties. The wholesale channel distributes to over 600 dispensaries across five states. Vertical integration — roughly 173,000 sq ft of cultivation and processing space across four states — lets iAnthus capture margin at multiple supply chain stages. Like all U.S. cannabis operators, iAnthus faces a significant tax burden from IRS Section 280E, which prohibits deducting most business expenses because cannabis remains federally illegal. iAnthus went through a debt default in 2020 and a recapitalization in 2022, and has since been divesting non-core assets to improve liquidity. Near-term growth is focused on expanding the Florida dispensary network, activating adult-use wholesale and retail in New York, and growing its wholesale brand presence.