According to the Complaint, iAnthus Capital Holdings, Inc. is a holding company and, "[t]hrough its wholly-owned subsidiaries, the Company's principal business activity is to provide Shareholders with diversified exposure to best-in-class licensed cannabis cultivators, processors and dispensaries throughout the United States" by "acquir[ing] and operat[ing] a diversified portfolio of cannabis licenses and investments for Shareholders."

The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements, and omitted materially adverse facts, about the Company's ability to pay its interest obligations under various debenture agreements. As a result of Defendants' alleged false and misleading statements, the Company's stock traded at artificially inflated prices during the Class Period.