iAnthus Posts 93.5% Surge In Revenue, 232% Increase In Gross Profit YoY Despite 2020 Setbacks

iAnthus Capital Holdings, Inc. (CSE:IAN) (OTCPK: ITHUF) reported Thursday its revenue went up by 93.5% year-over-year to $151.7 million in 2020. Fourth-quarter revenue amounted to $46 million.

For the fiscal year ended December 31, the gross profit amounted to $86.7 million, representing a 232.2% increase compared to 2019. Gross profit in the fourth quarter was $21.8 million.

The net loss for 2020 totaled $309.8 million, or a $1.81 loss per share. The fourth-quarter net loss was $27.3 million, or a loss of $0.16 per share.

A Tough Year

Over the last year, iAnthus has been struggling to secure financing due to the many challenges it has been facing.

In November, the New York-based company announced that Joy Chen had opted to step down as director after serving on the board for a year.

Chen was not the first director to leave the company. In May, 2020, Mark Dowley's had also resigned.

The board shake-ups came on the heels of the departure of co-founder and CEO Hadley Ford, who had been reviewed for supposedly taking out two undisclosed loans, totaling $160,000.

And these are not the only setbacks iAnthus has been experiencing. In June of last year, the company's secure lender - Gotham Green Partners – demanded repayment of more than $160 million in debt.

The multi-state cannabis operator was soon after suspended from trading on the Candian Securities Exchange for not delivering its financial reports on time. The company has since been re-instated.

Shares were trading up by 1.6% at the time of the publication of this article.