# EDGAR Filing Document

**Accession Number:** 0001643154
**File Stem:** 0001193125-26-230331
**Filing Date:** 2026-5
**Character Count:** 218677
**Document Hash:** d3ce7eb5d45b59ea6c4530b743321514
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-230331.hdr.sgml**: 20260519

**ACCESSION NUMBER**: 0001193125-26-230331

**CONFORMED SUBMISSION TYPE**: DEF 14A

**PUBLIC DOCUMENT COUNT**: 4

**CONFORMED PERIOD OF REPORT**: 20260625

**FILED AS OF DATE**: 20260519

**DATE AS OF CHANGE**: 20260519

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** iANTHUS CAPITAL HOLDINGS, INC.
- **CENTRAL INDEX KEY:** 0001643154
- **STANDARD INDUSTRIAL CLASSIFICATION:** AGRICULTURE PRODUCTION - CROPS [0100]
- **ORGANIZATION NAME:** 08 Industrial Applications and Services
- **EIN:** 000000000
- **STATE OF INCORPORATION:** A1
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** DEF 14A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-56228
- **FILM NUMBER:** 26997325

**BUSINESS ADDRESS:**
- **STREET 1:** SUITE 1980, 1075 WEST GEORGIA ST.
- **CITY:** VANCOUVER
- **STATE:** A1
- **ZIP:** V6E 3C9
- **BUSINESS PHONE:** 604-688-9588

**MAIL ADDRESS:**
- **STREET 1:** SUITE 1980, 1075 WEST GEORGIA ST.
- **CITY:** VANCOUVER
- **STATE:** A1
- **ZIP:** V6E 3C9

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** GENARCA HOLDINGS LTD
- **DATE OF NAME CHANGE:** 20150522

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

**SCHEDULE 14A INFORMATION** 

**Proxy Statement Pursuant to Section 14(a) of the** 

**Securities Exchange Act of 1934** 

**(Amendment No.)** 

Filed by the Registrant ☒

Filed by a Party other than the Registrant ☐

Check the appropriate box:

☐ Preliminary Proxy Statement

☐ **Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))** 

☒ Definitive Proxy Statement

☐ Definitive Additional Materials

☐ Soliciting Material Pursuant to § 240.14a-12

## iAnthus Capital Holdings, Inc.
**(Name of Registrant as Specified In Its Charter)** 

Payment of Filing Fee (Check boxes that apply):

☒ No fee required.

☐ Fee paid previously with preliminary materials.

☐ Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11.

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![LOGO](g146939g0518173340633.jpg)

**214 KING STREET, SUITE 400** 

**TORONTO, ONTARIO, M5H 3S6** 

**TELEPHONE NO.: (646) 518-9411** 

**EMAIL: INFO@IANTHUSCAPITAL.COM** 

**NOTICE OF ANNUAL GENERAL MEETING OF SHAREHOLDERS** 

**TO BE HELD JUNE 25, 2026** 

To the Shareholders of iAnthus Capital Holdings, Inc.:

NOTICE IS HEREBY GIVEN that the 2026 Annual General Meeting (the "**Meeting**") of holders of the common shares of iAnthus Capital Holdings, Inc. (the "**Company**" or "**iAnthus**") will be held on June 25, 2026, at 12:00 pm (Eastern time), online via live webcast. The Meeting will be held for the following purposes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) to receive the financial statements of the Company for the year ended December 31, 2025, together with the
reports of the Company's auditor thereon;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) to elect five directors to serve until the next annual meeting or until their respective successors are duly elected
or qualified (Proposal One);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) to re-appoint PKF O'Connor Davies, LLP, Chartered Professional
Accountants as auditor of the Company for the fiscal year ending December 31, 2026, and to authorize the directors to fix their remuneration (Proposal Two); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) to transact such other business as may properly come before the Meeting or any adjournments or postponement thereof.
The foregoing items of business are more fully described in the Proxy Statement accompanying this Notice.

You will find more information on the matters for voting in the Proxy Statement on the following pages. If you are a shareholder of record (also called a registered shareholder), you may vote by mail, by toll-free telephone number or by using the Internet.

Shareholders and duly appointed proxyholders can attend the meeting online by going to http://meetnow.global/MGZK7NC. Shareholders participating virtually will be able to make motions, raise points of order, submit questions and vote their shares while the meeting is being held. Non-registered (beneficial) shareholders who have not duly appointed themselves as proxyholder will be able to attend the meeting virtually as guests, but guests will not be able to vote or submit questions at the meeting.

**Your vote is important!** We strongly encourage you to exercise your right to vote as a shareholder. Please sign, date and return the enclosed proxy card or voting instruction card in the envelope provided, call the toll-free number or log on to the Internet. You may revoke your proxy at any time before it is exercised.

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**NOTICE & ACCESS** 

This year, we are using "notice and access" to deliver our Meeting materials. Accordingly, the audited consolidated financial statements of the Company for the year ended December 31, 2025 and related management discussion and analysis, annual report, and Proxy Statement and related proxy materials, along with additional documentation and information concerning iAnthus, are available on our website at www.ianthus.com. Notice and access is an environmentally friendly and cost-effective way to distribute these materials since it reduces printing, paper and postage. You can also find iAnthus' recently filed disclosure documents under iAnthus' profile on SEDAR+ at <u>www.sedarplus.ca</u>.

Should you wish to receive a paper copy of the Meeting materials on or after the Meeting or if you have any questions about notice and access, please contact our transfer agent, Computershare Investor Services Inc. ("**Computershare**"), by toll-free telephone at 1-800-564-6253 or 1-514-982-7555. Paper copies of the Meeting materials will be made available free of charge. A paper copy will be sent to you within three business days of receiving your request if received in advance of the Meeting or within ten calendar days if a request is received on or after the date of the Meeting and within one year of the date the Meeting materials were filed on SEDAR+. If you wish to receive a paper copy of any of these documents before the June 23, 2026 proxy cutoff, please contact Computershare by 5 p.m. (Vancouver time) on June 12, 2026*.*

You will find instructions on how to vote beginning on page 4 of the Proxy Statement. As long as you are a shareholder at the close of business on May 6, 2026, you have the right to vote on the proposals being presented at the Meeting.

If you are a registered shareholder, you are requested to: (i) complete, date and sign the form of proxy and return it to the Company's transfer agent, Computershare, by fax within North America at 1-866-249-7775, outside North America at (416) 263-9524, or by mail 320 Bay Street, 14th Floor, Toronto, Ontario, Canada M5H 4A6 or by hand delivery at 3rd Floor, 510 Burrard Street, Vancouver, British Columbia, V6C 3B9; (ii) use a touch-tone phone to transmit voting choices to the toll-free number given in the form of proxy (registered shareholders who choose this option must follow the instructions of the voice response system and refer to the proxy form for the toll-free number, the holder's account number and the proxy access number); or (iii) log on to Computershare's website at www.investorvote.com. Registered shareholders must follow the instructions provided on the website and refer to the form of proxy for the holder's account number and the proxy access number at any time prior to the close of business on the second to last business day preceding the day of the Meeting. In order to be valid, proxies must be received by Computershare not less than 48 hours (excluding Saturdays, Sundays and holidays) before the time set for the holding of the Meeting or any adjournment or postponement thereof. If you are not a registered shareholder and receive these materials through your broker or through another intermediary, please complete and return the form of proxy or voting instruction form in accordance with the instructions and within the timeframe provided to you by your broker or by the other intermediary.

Shareholders who wish to appoint a third-party as their proxyholder (i.e., persons other than the persons designated by iAnthus on the form of proxy or identified on their voting instruction form (including a non-registered shareholder who wishes to appoint themselves as proxyholder)) must carefully follow the instructions in this Proxy Statement and on their form of proxy or voting instruction form. If your proxyholder will be attending the meeting virtually, these instructions include the additional step of registering such proxyholder with our transfer agent, Computershare, after submitting their form of proxy or voting instruction form. Failure to register the proxyholder will result in the proxyholder not receiving an invitation code that will act as their online sign-in credentials, which is required for them to vote at the meeting and, consequently, only being able to attend the meeting online as a guest. Non-registered shareholders located in the United States must also provide Computershare with a

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duly completed legal proxy if they wish to vote virtually at the meeting or appoint a third-party as their proxyholder.

**The persons named in the form of proxy you receive are directors and/or officers of the Company. Each shareholder has the right to appoint a proxyholder other than such persons, who need not be a shareholder, to act for such shareholder and on such shareholder's behalf at the Meeting. To exercise such right, the names of the nominees of management should be crossed out and the name of the shareholder's appointee should be legibly printed in the blank space provided.** 

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| |
|:---|
| *By Order of the Board of Directors* |
| /s/ Richard Proud |
| *Richard Proud* |
| *Chief Executive Officer* |
| May 8, 2026 |

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![LOGO](g146939g0518173340633.jpg)

**214 KING STREET, SUITE 400** 

**TORONTO, ONTARIO M5H 3S6** 

**PROXY STATEMENT** 

**FOR** 

**ANNUAL GENERAL MEETING OF SHAREHOLDERS** 

**TO BE HELD JUNE 25, 2026** 

**DATED May 8, 2026** 

The enclosed proxy (the "**Proxy Statement**") is being solicited on behalf of the management of iAnthus Capital Holdings, Inc. (the "**Company**" or "**iAnthus**") for use at the Annual General Meeting of shareholders (the "**Annual General Meeting**" or the "**Meeting**") to be held on June 25, 2026 at 12:00 pm (Eastern Time) via online webcast, or at such other time and place to which the Meeting may be adjourned or postponed.

In this Proxy Statement, references to "**we,**" "**us**" and "**our**" refer to the Company. "**Shares**" means common shares without par value in the capital of the Company. Unless otherwise specified, references to "**C$**" are to Canadian dollars and references to "**$**" or "**US$**" are to US dollars.

As last year, iAnthus is conducting a virtual only shareholders' meeting. Registered shareholders and duly appointed proxyholders can attend the meeting online at http://meetnow.global/MGZK7NC to participate, vote, or submit questions during the meeting's live webcast. Non-registered (beneficial) shareholders who have not duly appointed themselves as proxyholder will be able to attend the meeting virtually as guests, but guests will not be able to vote or submit questions at the meeting.

If you attend the meeting virtually, it is important that you are connected to the internet at all times during the meeting in order to vote when balloting commences. You should ensure you have a strong, preferably high-speed, internet connection wherever you intend to participate in the meeting. The meeting will begin promptly at 12:00 pm (Eastern time) on June 25, 2026, unless otherwise adjourned or postponed.

**Registered Shareholders** and **duly appointed proxyholders** can participate in the meeting by clicking "**Shareholder**" and entering a control number or an "Invite Code" before the start of the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Registered Shareholders: the 15-digit control number is located on the Form of
Proxy you received.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Duly appointed proxyholders: Computershare Investor Services Inc. ()"**Computershare**") will provide the
proxyholder with an Invite Code by email <u>after the voting deadline has passed</u>.

**United States Beneficial Shareholders:** To attend and vote at the virtual meeting, you must first obtain a valid Legal Proxy from your broker, bank or other agent and then register in advance to attend the meeting. Follow the instructions from your broker or bank included with the Proxy materials or contact your broker or bank to request a Legal Proxy. After first obtaining a valid Legal Proxy from

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your broker, bank or other agent, you must submit a copy of your Legal Proxy to Computershare in order to register to attend the Meeting. Requests for registration should be sent:

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| | |
|:---|:---|
| By mail to: | COMPUTERSHARE |
|  | 320 BAY STREET, 14<sup>TH</sup> FLOOR |
|  | TORONTO, ON M5H 4A6 |
| By email at: | USLegalProxy@computershare.com |

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Requests for registration must be labeled as "**Legal Proxy**" and be received no later than 12:00 pm (Eastern time), June 23, 2026. You will receive a confirmation of your registration by email after we receive your registration materials. You may attend the Meeting and vote your shares at http://meetnow.global/MGZK7NC during the Meeting. Please note that you are required to register your appointment at http://www.computershare.com/Ianthus.

Attending and voting at the Meeting will only be available for Registered Shareholders and duly appointed proxyholders. **Non-Registered Shareholders** who have not duly appointed themselves as proxyholders to participate and vote at the Meeting may login as a guest, by clicking on "**Guest**" and complete the online form; however, they will not be able to vote or submit questions. **Non-Registered Shareholders** who have not duly appointed themselves as proxyholders to participate and vote at the Meeting will only be able to attend the Meeting online as guests.

Execution and return of the enclosed proxy will not affect a registered shareholder's right to attend the Meeting virtually and to vote online at the Meeting. Any shareholder executing a proxy retains the right to revoke such proxy at any time prior to exercise at the Meeting. A proxy may be revoked by delivery of written notice of revocation to the Secretary of the Company, by execution and delivery of a later proxy or by voting the shares online at the Meeting. If you attend the Meeting virtually and vote online by ballot, your proxy will be revoked automatically and only your vote at the Meeting will be counted. A proxy, when executed and not revoked, will be voted in accordance with the instructions thereon. In the absence of specific instructions, proxies will be voted by those named in the proxy "**FOR**" the election as directors of those nominees named in the Proxy Statement, "**FOR**" the approval of each of the other proposals described in this Proxy Statement, and in accordance with the best judgment of the board of directors of the Company (the "**Board**") on all other matters that may properly come before the Meeting. The enclosed form of proxy card provides a method for shareholders to withhold authority to vote for any one or more of the nominees for director while granting authority to vote for the remaining nominees. The names of all nominees are listed on the proxy.

Note that if you hold some Shares as a registered shareholder and others as a non-registered shareholder you will receive multiple mailing packages, each containing a form of proxy or voting instruction form, as applicable. You are requested to return or otherwise vote all forms of proxy and voting instruction forms received to ensure the votes attached to all of the Shares you hold are counted.

Shareholders who wish to appoint a third-party as their proxyholder (i.e., persons other than the persons designated by iAnthus on the form of proxy or identified on their voting instruction form (including a non-registered shareholder who wishes to appoint themselves as proxyholder)) must carefully follow the instructions in this Proxy Statement and on their form of proxy or voting instruction form. If your proxyholder will be attending the Meeting virtually, these instructions include the additional step of registering such proxyholder with our transfer agent, Computershare, after submitting their form of proxy or voting instruction form. Failure to register the proxyholder will result in the proxyholder not receiving a username that will act as their online sign-in credentials, which is required for them to vote at the Meeting and, consequently, only being able to attend the meeting online as a guest. Non-

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registered shareholders located in the United States must also provide Computershare with a duly completed Legal Proxy if they wish to vote virtually at the Meeting or appoint a third-party as their proxyholder.

Shareholders who wish to appoint a third-party proxyholder to represent them at the Meeting must submit their Proxy or Voting Instruction Form (as applicable) prior to registering their proxyholder. Registering the proxyholder is an additional step once a shareholder has submitted their Proxy/Voting Instruction Form. Failure to register a duly appointed proxyholder will result in the proxyholder not receiving an Invite Code to participate in the Meeting.

To register a proxyholder, shareholders MUST visit http://www.computershare.com/Ianthus by June 23, 2026, and provide Computershare with their proxyholder's contact information, so that Computershare may provide the proxyholder with an Invite Code via email.

Without an Invite Code, proxyholders will not be able to attend and vote at the Meeting. A Registered Shareholder (or a Non-Registered Shareholder) who has appointed themselves or appointed a third-party proxyholder to represent them at the Meeting, will appear on a list of proxyholders prepared by Computershare, who is appointed to review and tabulate proxies for the Meeting. To be able to vote their shares at the Meeting, each Registered Shareholder or proxyholder will be required to enter their control number or Invite Code provided by Computershare at http://meetnow.global/MGZK7NC prior to the start of the Meeting.

In order to vote, Non-Registered Shareholders who appoint themselves as a proxyholder MUST register with Computershare at http://www.computershare.com/Ianthus AFTER submitting their voting instruction form in order to receive an Invite Code.

**ADVICE TO BENEFICIAL HOLDERS OF SHARES** 

The information set forth in this section is of significant importance to many shareholders, as a substantial number of shareholders do not hold Shares in their own name. Shareholders who do not hold their Shares in their own name (referred to in this document as "**Beneficial Shareholders**") should note that only proxies deposited by shareholders whose names appear on the records of the Company as the registered shareholders can be recognized and acted upon at the Meeting. If Shares are listed in an account statement provided to a shareholder by a broker, then in almost all cases those Shares will not be registered in the shareholder's name on the records of iAnthus. Such Shares will more likely be registered under the names of the shareholder's broker or an agent of that broker. In Canada, the vast majority of such Shares are registered under the name of CDS & Co. (the registration name for CDS Clearing and Depository Services Inc., which acts as nominee for many Canadian brokerage firms). In the United States, the vast majority of such Shares are registered under the name of Cede & Co. Shares held by brokers or their agents or nominees can only be voted (for or against resolutions) upon the instructions of the Beneficial Shareholder. Without specific instructions, brokers and their agents and nominees are prohibited from voting Shares for the broker's clients. Therefore, Beneficial Shareholders should ensure that instructions respecting the voting of their Shares are communicated to the appropriate person well in advance of the Meeting.

Applicable regulatory policy requires intermediaries/brokers to seek voting instructions from Beneficial Shareholders in advance of shareholders' meetings. Every intermediary/broker has its own mailing procedures and provides its own return instructions which should be carefully followed by Beneficial Shareholders in order to ensure that their Shares are voted at the Meeting. Often, the form of proxy supplied to a Beneficial Shareholder by its broker is identical to the form of proxy provided to registered shareholders; however, its purpose is limited to instructing the registered shareholder how to vote on behalf of the Beneficial Shareholder. The majority of brokers now delegate responsibility for obtaining instructions from clients to Broadridge Financial Solutions, Inc. ("**Broadridge**"). Broadridge typically mails a scannable voting instruction form in lieu of the form of proxy. The Beneficial Shareholder is

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requested to complete and return the voting instruction form to them by mail or facsimile. Alternatively, the Beneficial Shareholder can call a toll-free telephone number or visit <u>www.proxyvote.com</u> to vote the Shares held by the Beneficial Shareholder. Broadridge then tabulates the results of all instructions received and provides appropriate instructions respecting the voting of Shares to be represented at the Meeting. A Beneficial Shareholder receiving a voting instruction form cannot use that voting instruction form to vote shares directly at the virtual Meeting as the voting instruction form must be returned as directed by Broadridge well in advance of the Meeting in order to have the shares voted.

Although a Beneficial Shareholder may not be recognized directly at the Meeting for the purposes of voting Shares registered in the name of his or her broker (or agent of the broker), a Beneficial Shareholder may virtually attend at the Meeting as proxyholder for a registered shareholder and vote the Shares in that capacity. Beneficial Shareholders who wish to virtually attend the Meeting and indirectly vote their Shares as proxyholder for a registered shareholder should enter their own names in the blank space on the instrument of proxy provided to them and return the same to their broker (or the broker's agent) in accordance with the instructions provided by such broker (or agent), well in advance of the Meeting.

The Company intends to send proxy related materials indirectly through intermediaries and brokers to non-objecting beneficial owners under National Instrument 54-101—*Communication with Beneficial Owners of Securities of a Reporting Issuer*. The Company will not pay for the costs of delivery of proxy related materials to objecting beneficial owners. An objecting beneficial owner will not receive the materials unless the objecting beneficial owner's intermediary assumes the cost of delivery.

**NOTICE AND ACCESS** 

The Company is using Notice and Access for both registered and non-registered owners of our shares, which allows the Company to furnish proxy materials online to shareholders instead of mailing paper copies of such materials. Using Notice and Access, the Company can deliver proxy-related materials by (i) posting this Proxy Circular (and other proxy related materials) on a website other than SEDAR+ and (ii) sending a notice informing shareholders that this Proxy Circular and proxy related materials have been posted and explaining how to access such materials (the "**N&A Notice**").

On or around May 22, 2026, the Company will send to holders of iAnthus shares as of the record date a notice package containing the N&A Notice and the relevant voting document (a form of proxy or VIF, as applicable). The N&A Notice will contain basic information about the Meeting and the matters to be voted on, instructions on how to access the proxy materials, including this Proxy Circular and the Company's audited consolidated financial statements for the years ended December 31, 2025 and 2024 and management's discussion and analysis related thereto (together with this Circular, the "**Proxy-Related Materials**"), an explanation of the Notice and Access process and details of how to obtain a paper copy of the Proxy Related Materials upon request at no cost.

The Proxy-Related Materials are available on our website at www.ianthus.com and under our profile on SEDAR+ at www.sedarplus.ca and EDGAR at www.sec.gov/edgar.shtml. Shareholders who want to receive a paper copy of the Proxy-Related Materials or who have questions about Notice and Access may contact our transfer agent, Computershare, by toll-free telephone at 1-800-564-6253 or 1-514-982-7555. In order to receive a paper copy in time to vote before the Meeting, requests should be received by June 12, 2026.

**RECORD DATE AND VOTING SECURITIES** 

Only shareholders of record at the close of business on May 6, 2026 (the "**Record Date**"), are entitled to notice of, and to vote at, the Meeting. The stock transfer books of the Company will remain open between the Record Date and the date of the Meeting. The authorized capital of the Company consists of an unlimited number of Shares. The Shares are without par value and carry the right to one vote

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each. The Shares are listed on the Canadian Securities Exchange (the "**CSE**") and the OTC Market (the "**OTC**"), and as of May 8, 2026, the Company had 3,972,551,786 fully paid and non-assessable Shares outstanding.

No group of shareholders has the right to elect a specified number of directors, nor are there cumulative or similar voting rights attached to the Shares. Certain shareholders have the right to nominate candidates for election to the Board as described below.

**PRINCIPAL HOLDERS OF VOTING SECURITIES** 

As of the date hereof, to the knowledge of the directors and executive officers of the Company, the only persons who beneficially own, or control or direct, directly or indirectly, Shares carrying 10% or more of the voting rights attached to all outstanding Shares of each class are set out below:

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| | |
|:---|:---|
| **Name** | **Number and Percentage of Shares** |
| Gotham Green Partners, LLC | Approximately 2,598,704,326 Shares (37.27% of the total Shares) |
| Oasis Investments II Master Fund Ltd. | Approximately 1,279,055,833 Shares (18.34% of the total Shares) |
| Senvest Global (KY), LP and Senvest<br> Master Fund, LP. | Approximately 1,074,406,901 Shares (15.41% of the total Shares) |

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In connection with the closing of the Recapitalization Transaction (See "*The Recapitalization Transaction*", below), the Company entered into an Investor Rights Agreement ("**IRA**") dated June 24, 2022 with ICM and certain investors (the "**Investors**"). Pursuant to the IRA, on the record date in respect of any meeting of the shareholders of the Company, if (i) the number of Debt Exchange Common Shares held by the First Investor (as defined herein) at such time; plus (ii) the number of Non-Participating Secured Lender Shares (as defined in the IRA) at such time would represent more than 35.78% of the votes attached to all of the issued and outstanding Shares, then, unless Supermajority Board Approval is obtained, the First Investor shall not vote at such meeting of the shareholders such number of its Debt Exchange Common Shares (the "**Non-Votable First Investor Debt Exchange Common Shares**") that would otherwise result in the Secured Lenders (as defined in the IRA) being able to vote more than 35.78% of the votes attached to all of the issued and outstanding Shares (for purposes of calculating the number of Non-Votable First Investor Debt Exchange Common Shares, such shares shall be excluded from the total number of issued and outstanding Shares). Notwithstanding the foregoing, such voting restriction shall not apply in respect of a vote in favor of a Change of Control Transaction (as defined in the IRA). Such voting restriction shall cease to apply on the earlier of (i) the date that the Debt Exchange Common Share Percentage of each of the Second Investor (as defined herein), the Third Investor (as defined herein) and the Fourth Investor (as defined herein) is less than 5%; and (ii) June 24, 2025. Moreover, until June 24, 2025, unless Supermajority Board Approval is obtained, the First Investor shall not, directly or indirectly, acquire Shares that will cause the First Investor's Common Share Percentage (as defined in the IRA) to exceed the percentage calculated as follows: (i) 49.9%, minus (ii) the percentage resulting from the number of Non-Participating Secured Lender Shares divided by the total number of Shares issued and outstanding at the time such determination is made.

**QUORUM AND VOTING** 

Under the articles of the Company (the "**Articles**"), a quorum of shareholders is at least one person who is, or who represents by proxy, one or more shareholders who, in the aggregate, hold at least 5% of the issued Shares entitled to be voted at the meeting. All votes will be tabulated by the scrutineer appointed for the Meeting. Abstentions and broker non-votes are counted as present for establishing a quorum.

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Assuming the presence of a quorum, the following paragraphs describe the vote required by the shareholders of record to approve each of the proposals to be voted on set forth in this Proxy Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Proposal One.** The nominees for director who receive the most votes cast by the holders of the Shares entitled to
vote at the Meeting and present virtually or by proxy (also known as "**plurality**" of the votes cast) will be elected.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Proposal Two.** The affirmative vote of a majority of the votes cast by holders of the Shares entitled to vote at
the Meeting and present virtually or by proxy, is required for the re-appointment of PKF O'Connor Davies, LLP ()"**PKF LLP**") as the Company's auditor for the fiscal year ending
December 31, 2026, and to authorize the Board to fix the remuneration thereof.

**The Board recommends a vote "FOR" each of proposals set forth in this Proxy Statement.** 

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**QUESTIONS AND ANSWERS ABOUT THESE PROXY MATERIALS** 

Below are instructions on how to vote, as well as information on your rights as a shareholder as they relate to voting. Some of the instructions vary depending on how your Shares are held. It is important to follow the instructions that apply to your situation.

**Why am I receiving these materials?** 

The Company has made these materials available to you in connection with the Company's solicitation of proxies for use at the Meeting, and at any postponement(s) or adjournment(s) thereof. These materials are first being made available to shareholders on or about May 15, 2026. This Proxy Statement gives you information on how to vote your proxy, and the proposals to be presented at the Meeting so that you can make an informed decision.

**What is included in these materials?** 

These materials (the "**Proxy Materials**") include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Notice of Meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• this Proxy Statement for the Meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the form of proxy accompanying this Proxy Statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Company's Annual Report on Form 10-K for the year ended
December 31, 2025, as filed with the Securities and Exchange Commission (the "**SEC**") and on the System for Electronic Document Analysis and Retrieval ()"**SEDAR+**") on March 27, 2026, (the "**2025 Annual Report** "); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Company's Annual Audited Financial Statements for the year ended December 31, 2025, filed with the SEC
and on SEDAR+ (collectively with the 2025 Annual Report, the "**Annual Report** ").

If you requested printed versions of the Proxy Materials by mail, these materials also include the proxy card or voting instruction form for the Meeting. Upon request, the Company will promptly provide a copy of such document free of charge to a securityholder of the Company.

**How do I participate in the Meeting?** 

As last year, iAnthus is conducting a virtual only shareholders' meeting. Registered shareholders and duly appointed proxyholders can attend the Meeting online at http://meetnow.global/MGZK7NC to participate, vote, or submit questions during the Meeting's live webcast. Non-registered (beneficial) shareholders who have not duly appointed themselves as proxyholder will be able to attend the Meeting virtually as guests, but guests will not be able to vote or submit questions at the Meeting.

If you attend the Meeting virtually, it is important that you are connected to the Internet at all times during the Meeting in order to vote when balloting commences. You should ensure you have a strong, preferably high-speed, Internet connection wherever you intend to participate in the Meeting. The Meeting will begin promptly at 12:00 pm (Eastern time) on June 25, 2026, unless otherwise adjourned or postponed.

**Registered Shareholders** and **duly appointed proxyholders** can participate in the meeting by clicking "**Shareholder**" and entering a Control Number or an Invite Code before the start of the meeting.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Registered Shareholders: the 15-digit Control Number is located on the Form of
Proxy you received.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Duly appointed proxyholders: Computershare will provide the proxyholder with an Invite Code by email <u>after the voting deadline has passed</u>.

**United States Beneficial Shareholders:** To attend and vote at the virtual meeting, you must first obtain a valid Legal Proxy from your broker, bank or other agent and then register in advance to attend the meeting. Follow the instructions from your broker or bank included with the Proxy materials or contact your broker or bank to request a Legal Proxy. After first obtaining a valid Legal Proxy from your broker, bank or other agent, you must submit a copy of your Legal Proxy to Computershare in order to register to attend the meeting. Requests for registration should be sent:

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| | |
|:---|:---|
| By mail to: | COMPUTERSHARE |
|  | 320 BAY STREET, 14<sup>TH</sup> FLOOR |
|  | TORONTO, ON M5H 4A6 |
| By email at: | USLegalProxy@computershare.com |

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Attending and voting at the Meeting will only be available for Registered Shareholders and duly appointed proxyholders. **Non-Registered Shareholders** who have not appointed themselves as proxyholders to participate and vote at the Meeting may login as a guest, by clicking on "**Guest**" and complete the online form; however, they will not be able to vote or submit questions. **Non-Registered Shareholders** who have not appointed themselves as proxyholders to participate and vote at the Meeting will not be able to attend the Meeting online. You are entitled to participate in the Meeting if you were a shareholder as of the close of business on the Record Date or hold a valid proxy for the Meeting.

**What items of business will be voted on at the Meeting?** 

The items of business scheduled to be voted on at the Meeting are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) to elect five directors to serve until the next Annual General Meeting or until their respective successors are duly
elected or qualified (Proposal One);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) to re-appoint PKF LLP as our auditor for the fiscal year ending
December 31, 2026, and to authorize the directors to fix their remuneration (Proposal Two); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) to transact such other business as may properly come before the Meeting or any adjournments or postponement thereof.

**How does the Board recommend that I vote?** 

The Board recommends a vote "**FOR**" each of the proposals (including each director nominee) set forth in this Proxy Statement.

**Who can vote at the Meeting?** 

Shareholders who owned Shares on the Record Date may attend and vote at the Meeting.

**How many votes am I entitled to per share?** 

Each Share entitles the holder thereof to one vote on each proposal (and each director nominee) at the Meeting.

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There were 3,972,551,786 fully paid and non-assessable Shares outstanding on May 8, 2026. There are no cumulative voting rights. Information about the holdings of Shares by our directors and executive officers is contained in the section of this Proxy Statement entitled "*Security Ownership of Certain Beneficial Owners and Management*".

**What is the difference between a shareholder of record and a beneficial owner of Shares held in street name?** 

If your Shares are registered directly in your name through Computershare, the Company's transfer agent, you are considered a "shareholder of record." If your Shares are held in a brokerage account or bank, you are considered a "street name" holder.

How do I vote if Shares are registered in my name (as a shareholder of record)?

*By Mail*: complete, date and sign the proxy card and return it to the Company's transfer agent, Computershare, by fax within North America at 1-866-249-7775, outside North America at (416) 263-9524, or by mail to 320 Bay Street, 14<sup>th</sup> Floor, Toronto, Ontario, M5H 4A6 or by hand delivery at 3rd Floor, 510 Burrard Street, Vancouver, British Columbia, V6C 3B9.

*By Telephone or Internet*: use a touch-tone phone to transmit voting choices to the toll-free number given in the proxy card. Registered shareholders who choose this option must follow the instructions of the voice response system and refer to the proxy card for the toll-free number, the holder's account number and the proxy access number; or log on to Computershare's website at, www.investorvote.com. Registered shareholders must follow the instructions provided on the website and refer to the proxy card for the holder's account number and the proxy access number.

*By Virtually Attending the 2026 Annual General Meeting*: participate in our Meeting virtually via live online webcast at http://meetnow.global/MGZK7NC, and if previously submitted a proxy, withdraw your earlier proxy and vote at the Meeting online. To vote online at the Meeting, you do not need to complete or return your proxy. Simply login to the Meeting and complete a ballot online during the Meeting.

The "*Telephone or Internet*" voting procedures are designed to allow you to vote your Shares and to confirm that your instructions have been properly recorded consistent with applicable law. Please see your proxy card for specific instructions. Shareholders who wish to vote over the Internet should be aware that there may be costs associated with electronic access, such as usage charges from Internet access providers and telephone companies, and that there may be some risk a shareholder's vote might not be properly recorded or counted because of an unanticipated electronic malfunction.

**How do I vote if my Shares are held in "street name?"** 

You should give instructions to your broker on how to vote your Shares.

If you do not provide voting instructions to your broker, your broker may have discretion to vote those Shares on matters that are routine. However, a broker may not be able to vote Shares on non-routine matters without your instructions. Accordingly, your broker may not have the discretion to vote Shares as to which you have not provided voting instructions with respect to any of these matters or may seek them from you.

**What is a broker non-vote?** 

"Broker non-votes" are shares that are held in "street name" by a bank, brokerage firm or other nominee that indicates on its proxy that it does not have or did not exercise discretionary authority to vote on a particular matter. If you do not instruct your brokerage firm, bank or other nominee how to

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vote with respect to these proposals, your brokerage firm, bank or other nominee may not vote with respect to these proposals and those Shares that would have otherwise been entitled to be voted will be counted as "broker non-votes."

The election of directors is a non-discretionary matter and your brokerage firm, bank or other nominee will not be able to vote on this proposal if you do not provide instructions on how to vote. Ratification of the selection of our independent registered public accounting firm, is considered a discretionary matter, and your brokerage firm, bank or other nominee will be able to vote on this proposal even if it does not timely receive instructions from you, so long as it holds your Shares in its name.

**What is an Abstention?** 

An abstention is a shareholders' affirmative choice to decline to vote on a proposal.

**What is the proxy card?** 

The proxy card enables you to appoint Richard Proud, our Chief Executive Officer, and Jason Ware, our Chief Financial Officer, as your representatives at the Meeting. By completing and returning the proxy card, you are authorizing these persons to vote your Shares at the Meeting in accordance with your instructions on the proxy card. This way your Shares will be voted whether or not you attend the Meeting. Even if you plan to virtually attend the Meeting, it is strongly recommended you complete and return your proxy card before the Meeting date just in case your plans change. If a proposal comes up for vote at the Meeting that is not on the proxy card, the proxy will vote your Shares, under your proxy, according to their best judgment to the extent permissible by applicable law.

**Can I revoke my proxy or change my vote after I have voted?** 

If your Shares are registered in your name, you may revoke your proxy at any time before it is exercised. There are several ways you can do this:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• by delivering a written notice of revocation to the Secretary of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• by executing and delivering another proxy that bears a later date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• by voting by telephone at a later time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• by voting over the Internet at a later time; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• by voting online at the Meeting.

If your Shares are held in street name, you must contact your broker to revoke your proxy.

**How are votes counted?** 

In tallying the results of the voting, the Company will count all properly executed and unrevoked proxies that have been received in time for the Meeting. To hold a meeting of shareholders, a quorum of the Shares is required to be represented either virtually or by proxy at the Meeting.

A simple majority of affirmative votes cast online virtually or by proxy at the Meeting is required to pass the resolution contemplated by Proposal Two.

**What are my options when voting on Proposal One?** 

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What are my options when voting for directors (Proposal One)? When voting to elect directors, you have two options:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Vote FOR a nominee; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• WITHHOLD from voting on a nominee.

It is the intention of the management designees, if named as proxy, to vote "**FOR**" the election of each of the persons named in Proposal One to the Board unless otherwise directed. Shareholders can vote "**FOR**" all of the proposed directors set forth herein, vote for some of them and "**WITHHOLD**" for others, or "**WITHHOLD**" for all of them. Abstention is not available for Proposal One. Broker non-votes will have no impact on the election of directors.

Management does not contemplate that any of the nominees will be unable to serve as a director. However, if for any reason any of the proposed nominees does not stand for election or is unable to serve as such, the management designees, if named as proxy, reserve the right to vote for any other nominee in their sole discretion unless you have specified in your proxy that your Shares are to be withheld from voting on the election of that particular director.

**What are my options when voting on Proposal Two?** 

When voting on Proposal Two, you have two options:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Vote FOR the proposal; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• WITHHOLD from voting on the proposal. If you indicate on your proxy card that you wish to "**WITHHOLD** "
your vote on Proposal Two, your withheld votes are not counted in determining the number of Shares voted "**FOR**" any proposal but will be counted as present and entitled to vote on the proposal.

An abstention or broker non-vote for Proposal Two will not be counted as a vote cast and will have no effect on the proposal.

**How will my Shares be voted if I sign and return my proxy card with no votes marked?** 

If you sign and return your proxy card with no votes marked, your Shares will be voted "**FOR**" each of proposals set forth in this Proxy Statement.

**How are proxies solicited and what is the cost?** 

The Company may actively solicit proxy participation. The Company encourages banks, brokers and other custodian nominees and fiduciaries to supply proxy materials to shareholders, and reimburses them for their expenses. However, the Company does not reimburse its own employees for soliciting proxies.

**Is my vote kept confidential?** 

Proxies, ballots and voting tabulations identifying shareholders are kept confidential and will not be disclosed except as may be necessary to meet legal requirements.

**Where do I find the voting results of the Meeting?** 

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We will announce voting results at the Meeting. The final voting results will be tallied by the scrutineer and published in a Current Report on Form 8-K, which the Company is required to file with the SEC within four business days following the Meeting. A copy of the report will also be available on SEDAR+.

**Do I have any appraisal rights?** 

Neither the *Business Corporations Act* (British Columbia) (the "**BCBCA**") nor our Articles provide for appraisal or other similar rights for dissenting shareholders in connection with the proposals at this Meeting. Accordingly, our shareholders will have no right to dissent and obtain payment for their Shares.

**Are there any other matters to be handled at the Meeting?** 

We are not currently aware of any business to be acted upon at the Meeting other than the proposals discussed in this Proxy Statement. The form of proxy accompanying this Proxy Statement confers discretionary authority upon the named proxy holders with respect to amendments or variations to the matters identified in the accompanying Notice of Meeting and with respect to any other matters which may properly come before the Meeting or at any adjournment(s) or postponement(s) of the Meeting. If other matters do properly come before the Meeting, or at any adjournment(s) or postponement(s) of the Meeting, Shares, represented by properly submitted proxies, will be voted by the proxy holders in accordance with their best judgment to the extent permitted by applicable law.

**Who can help answer my questions?** 

You can contact our Chief Executive Officer, Richard Proud at Richard.Proud@ianthus.com or by sending a letter to Mr. Proud at the Company's headquarters at iAnthus Capital Holdings, Inc., 214 King Street, Suite 400, Toronto, Ontario, M5H 3S6, with any questions about the proposals described in this Proxy Statement or how to execute your vote.

**FINANCIAL STATEMENTS** 

The financial statements of the Company for the financial year ended December 31, 2025, and accompanying auditor's report will be placed before the Meeting.

**THE RECAPITALIZATION TRANSACTION** 

On June 24, 2022 (the "**Closing Date**"), the Company completed its previously announced recapitalization transaction (the "**Recapitalization Transaction**") pursuant to the terms of that certain Restructuring Support Agreement (the "**Restructuring Support Agreement**") dated July 10, 2020, as amended on June 15, 2021, by and among the Company, all of the holders (the "**Secured Lenders**") of the 13% senior secured convertible debentures (the "**Secured Debentures**") issued by iAnthus Capital Management, LLC, a wholly-owned subsidiary of the Company ("**ICM**"), and a majority of the holders (the "**Consenting Unsecured Debentureholders**") of the Company's 8% unsecured convertible debentures (the "**Unsecured Debentures**"). The Recapitalization Transaction closed pursuant to the terms of the amended and restated plan of arrangement (the "**Plan of Arrangement**") under the BCBCA approved by the Supreme Court of British Columbia.

In connection with the closing of the Recapitalization Transaction, the Company issued an aggregate of 6,072,579,705 Shares to the Secured Lenders and all of the holders (the "**Unsecured Lenders**") of the Unsecured Debentures. Specifically, the Company issued 3,036,289,852 Shares (the "**Secured Lender Shares**"), or 48.625% of the outstanding Shares, to the Secured Lenders and 3,036,289,853 Shares (the "**Unsecured Debentureholder Shares**"), or 48.625% of the outstanding Shares, to the Unsecured Lenders. As a result of the consummation of the Recapitalization Transaction, as of June 24, 2022, there were 6,244,297,897 Shares issued and outstanding and existing holders of Shares

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collectively held 171,718,192 Shares, or 2.75% of the outstanding Shares. For further information, see "*Security Ownership of Certain Beneficial Owners and Management*" in this Proxy Statement.

In connection with the consummation of the Recapitalization Transaction, (i) the outstanding principal amount of the Secured Debentures (including the interim financing secured notes in the aggregate principal amount of approximately $14.7 million originally due on July 13, 2025) (the "**Interim Financing**") together with interest accrued and fees thereon were forgiven in part and exchanged for (A) the Secured Lender Shares, (B) 8% secured debentures (the "**June Secured Debentures**") in the aggregate principal amount of $99,736,842.05 and (C) the 8% unsecured debentures (the "**June Unsecured Debentures**") in the aggregate principal amount of $5 million and (ii) the outstanding principal amount of the Unsecured Debentures together with interest accrued and fees thereon were forgiven in part and exchanged for (A) the Unsecured Debentureholder Shares and (B) the June Unsecured Debentures in the aggregate principal amount of $15 million. Furthermore, all existing options and warrants to purchase Shares, including certain debenture warrants and exchange warrants previously issued to the Secured Lenders, the warrants previously issued in connection with the Unsecured Debentures and all other Affected Equity (as defined in the Plan of Arrangement), were cancelled and extinguished for no consideration.

The Shares may be consolidated pursuant to a yet-to-be decided consolidation ratio. Such consolidation, if implemented, would be subject to applicable corporate approval along with applicable CSE filings and applicable CSE approval and approval by the Financial Industry Regulatory Authority. Under the Company's Articles, the Company may subdivide or consolidate all or any of its Shares by a resolution of the Board.

In connection with the closing of the Recapitalization Transaction, the Company also entered into the IRA, pursuant to which the Investors are entitled to designate nominees for election or appointment to the Board as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• one investor (the "**First Investor**") shall be entitled to designate director nominees as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) For so long as the First Investor's Debt Exchange Common Share Percentage (as defined in the IRA) is at least
30%, the First Investor shall be entitled to designate up to three individuals as director nominees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) For so long as the First Investor's Debt Exchange Common Share Percentage is less than 30% but is at least 15%,
the First Investor shall be entitled to designate up to two individuals as director nominees; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) For so long as the First Investor's Debt Exchange Common Share Percentage is less than 15% but is at least 5%,
the First Investor shall be entitled to designate up to one individual as a director nominee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a second investor (the "**Second Investor**") shall be entitled to designate up to one individual as a
director nominee for so long as the Second Investor's Debt Exchange Common Share Percentage is at least 5%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a third investor (the "**Third Investor**") shall be entitled to designate up to one individual as a
director nominee for so long as the Third Investor's Debt Exchange Common Share Percentage is at least 5%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a fourth investor (the "**Fourth Investor**") shall be entitled to designate up to one individual as a
director nominee for so long as the Fourth Investor's Debt Exchange Common Share Percentage is at least 5%.

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**PROPOSAL ONE** 

**ELECTION OF DIRECTORS** 

It is intended that the persons named in the following table will be nominated as directors of the Company and that the persons named in the accompanying proxy, unless otherwise directed, will vote for the election of such nominees at the Meeting. Each of the nominees has indicated their willingness to serve as a member of the Board, if elected. However, in the event any nominee shall become unavailable for election to the Board for any reason not presently known or contemplated, the proxy holders will be vested with discretionary authority in such instance to vote the enclosed form of proxy for such substitute as the Board shall designate. Please refer to the section below entitled "*Director Nomination Process*" for a description of nomination rights held by certain shareholders.

The Articles include an advance notice provision (the "**Advance Notice Provision**") which provides for the requirement of advance notice to the Company in circumstances where nominations of persons for election to the Board are made by shareholders of the Company other than pursuant to (i) a requisition of a meeting made pursuant to the provisions of the BCBCA or (ii) a shareholder proposal made pursuant to the provisions of the BCBCA.

Among other things, the Advance Notice Provision fixes a deadline by which holders of voting shares of the Company must submit director nominations to the Company prior to any annual general or special meeting of shareholders and sets forth the minimum information that a shareholder must include in the notice to the Company for the notice to be in proper written form. For further information, see "*Shareholder Nominations to the Board of Directors*" in this Proxy Statement. The foregoing is merely a summary of the Advance Notice Provision, is not comprehensive and is qualified by the full text of such provision in the Articles, a copy of which is filed as an exhibit to the Company's 2023 Annual Report on Form 10-K filed with the SEC at www.sec.gov and available under the Company's SEDAR+ profile at www.sedarplus.ca.

If, as of the date that is 30 days prior to the date of the Meeting, the Company has not received notice of a nomination in compliance with the Advance Notice Provision, any nominations for director other than nominations by or at the direction of the Board or an authorized officer of the Company will be disregarded at the Meeting.

The following five nominees have been nominated by the Board. Voting for the election of directors will be conducted on an individual, and not slate, basis.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name of Nominee** | **Director<br>Since** | **Principal Occupation,<br>Business or<br>Employment<sup>(4)</sup>** | **Shares<br>Beneficially<br>Owned, or<br>Controlled**<br> **or Directed,<br>Directly or<br>Indirectly<sup>(5)(7)</sup>** | **Options<br>Beneficially<br>Owned, or<br>Controlled**<br> **or Directed,<br>Directly or<br>Indirectly<sup>(7)</sup>** |
|  Scott Cohen<sup>(1)(3)</sup><br> Age: 57<br> California, USA | 2022 | Principal, Four Seas Advisors LLC | **46443629**<sup>(8)</sup> |  |
|  Michelle Mathews- Spradlin<sup>(1)(2)</sup><br> Age: 59<br> California, USA | 2022 | Board Member, Talkwalker<br> Board Member, The Wendy's Company<br> Board Member, Jacana<br> Board Trustee, Caltech<br> Board Member, The Brandtech Group | **47816178** **<sup>(</sup>**<sup>9)</sup> |  |

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| | | | |
|:---|:---|:---|:---|
|  |  | Board Member, UCLA School of Theater, Film, and Television<br> Advisory Board Member (digital), Unilever |  |
|  Kenneth W. Gilbert<sup>(2)(3)</sup><br> Age: 75<br> Connecticut, USA | 2022.0 | Board Member, The Wendy's Company | **1960785** **<sup>(</sup>**<sup>10)</sup> |
|  Alexander Shoghi<sup>(1)(2)(3)(6)</sup><br> Age: 44<br> Texas, USA | 2022.0 | Portfolio Manager, Oasis Management | **64424885**<br> **<br><sup>(</sup>**<sup>11)</sup> |
|  Richard Proud<sup>(6)</sup><br> Age: 46<br> Ohio, United States | 2023.0 | Chief Executive Officer, iAnthus Capital Holdings, Inc. | **72875894**<sup>(12)</sup> |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Member of the Audit Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Member of the Compensation Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Member of the Nominating and Corporate Governance Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) The information as to principal occupation, business or employment and Shares beneficially owned, controlled or
directed by a nominee is not within the knowledge of the management of the Company and has been furnished by the nominee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Does not include Shares issuable upon the exercise of stock options.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) This director may not be considered "independent" of the Company. "Independent" refers to the
standards of independence established under Canadian Securities Administrators' National Instrument 58-101 – *Disclosure of Corporate Governance Practices*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) Figures provided as of May 8, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) Represents 46,443,629 common shares. Excludes 33,673,469 common shares underlying unvested restricted stock units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) Represents 47,816,178 common shares. Excludes 33,673,469 common shares underlying unvested restricted stock units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) Represents 1,960,785 common shares. Excludes 77,764,156 common shares underlying unvested restricted stock units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) Represents 64,424,885 common shares. Excludes 46,428,571 common shares underlying unvested restricted stock units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) Represents 72,875,894 common shares. Excludes 66,070,622 common shares underlying unvested restricted stock
units.

***Scott Cohen***

Scott Cohen has over 25 years of professional investment experience, including public and private debt and equity securities. Mr. Cohen is currently a consultant to financially troubled companies and stakeholders, and an active investor in turnaround opportunities. Until 2017 Mr. Cohen was with Silver Rock Financial, a large family office, investing in debt and equity investments. Responsibilities included sourcing of both public and private debt, structuring debt securities and loans, and leading activist and restructuring transactions. Prior to Silver Rock Financial, Mr. Cohen was Managing Director and Portfolio Manager at Cerberus Capital Management ("**Cerberus**"). At Cerberus, Mr. Cohen's responsibilities included analyzing, investing, and managing of a portfolio of primarily distressed assets. Most of these investments involved activist or control roles, from leading creditor committees to initiating negotiations with borrowers in restructurings. Mr. Cohen also worked closely with the private equity team at Cerberus on several large transactions, focusing on liability management within portfolio companies. Prior to joining Cerberus, Mr. Cohen worked in Merrill Lynch's distressed debt trading group from 1992 to 1998, analyzing and investing in distressed corporate situations. From 1990 to 1992 he was an investment banker in Merrill's High Yield Finance and Restructuring Group. Mr. Cohen is a 1990 graduate of Tufts University. The Company believes Mr. Cohen is qualified to serve as a director of the Company because of his experience and background in both private equity and capital markets.

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***Michelle Mathews-Spradlin***

From 1993 until her retirement in 2011, Ms. Mathews-Spradlin worked at Microsoft Corporation (Nasdaq: MSFT) ("**Microsoft**"), where she served as Chief Marketing Officer and previously held several other key leadership positions. Prior to her employment with Microsoft, Ms. Mathews-Spradlin worked in the United Kingdom as a communications consultant for Microsoft from 1989 to 1993. She also held various roles at General Motors Co. from 1986 to 1989.

As the CMO and SVP of Microsoft, Ms. Mathews-Spradlin oversaw the company's global marketing function, including the household brands of Windows, Office, Xbox, Internet Explorer and Bing. Ms. Mathews-Spradlin led Microsoft's consumer and business-to-business marketing to hundreds of millions of global customers. She was instrumental in driving the growth of Microsoft's global business by building several of the world's leading technology brands. As the most senior woman at Microsoft, she was also a strong advocate for female advancement and personally spearheaded the company's network and mentoring program for female progression at the company. She retired from Microsoft in 2011, after 22 years.

Ms. Mathews-Spradlin currently serves on the board of The Wendy's Company (Nasdaq: WEN) and in addition serves as a board member of several private companies, including Jacana Holdings Inc., The Bouqs Company and Brandtech Group. She is also a digital advisory board member for Unilever PLC (NYSE: UL), a member of the board of trustees of the California Institute of Technology and a member of the executive board of the UCLA School of Theater, Film and Television. The Company believes Ms. Mathews-Spradlin is qualified to serve as a director of the Company because of her experience in senior leadership and C-suite positions.

***Kenneth Gilbert***

From October 2012 until his retirement in December 2017, Mr. Gilbert served as the Group Chief Marketing Officer of VOSS of Norway ASA ("**VOSS**"), a global manufacturer and marketer of premium bottled water. Prior to joining VOSS, Mr. Gilbert founded and served as the President of RazorFocus, a marketing consultant practice, from May 2005 to October 2012. Prior to that time, he served as President and Chief Operating Officer of UniWorld Group, Inc., a multicultural advertising agency in the U.S., from May 2003 to June 2004. From September 1995 to April 2001, Mr. Gilbert worked at Snapple Beverage Corporation (formerly Snapple Beverage Group, Inc.) ("**Snapple**") as Senior Vice President and Chief Marketing Officer, where he led marketing efforts to revitalize the brand and assembled four company brands for successful disposition. Prior to his employment with Snapple, Mr. Gilbert served as Group Account Director at the Messner Vetere Berger Carey Schmetterer RSCG advertising agency from July 1991 to August 1995 and as Senior Vice President and Director of Client Services at UniWorld Group, Inc. from February 1989 to June 1991. Mr. Gilbert served on the board of directors of The Wendy's Company (Nasdaq: WEN) from 2016 to December 2024.

The Company believes Mr. Gilbert is qualified to serve as a director of the Company because he possesses extensive experience in global brand management, marketing communications, advertising strategy and sustainability/ESG attributable to his overall professional background as a senior marketing executive in the consumer beverage industry. In his former roles as Chief Marketing Officer for VOSS and Snapple, Mr. Gilbert oversaw the company's marketing function, administered multimillion-dollar budgets, directed internal marketing capabilities, and managed the company's strategic worldwide brand development, expansion, and distribution. During those years he developed in-depth knowledge and expertise in strategic planning, innovative brand revitalization, risk management, advertising conceptualization and public relations, domestic and international operations, and human capital management. Mr. Gilbert also provides valuable and unique insights into consumer brand positioning strategies, new product development, digital and social media platforms and cultivation of brand recognition and value.

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***Alexander Shoghi***

Mr. Shoghi is a Portfolio Manager at Oasis Management, a private investment management firm headquartered in Hong Kong. Mr. Shoghi joined Oasis in 2005, first based in Hong Kong, and subsequently relocating to the U.S. as the founder and manager of Oasis Capital in Austin, Texas in early 2012. From 2004 to 2005, Mr. Shoghi worked at Lehman Brothers in New York City. Mr. Shoghi holds a Bachelor of Science of Business Administration in Finance and International Business degree from Georgetown University. The Company believes Mr. Shoghi is qualified to serve as a director of the Company because of his experience and background in finance.

***Richard Proud***

Richard Proud is the current Chief Executive Officer of iAnthus and serves on its Board. As a globally experienced and results driven leader, Richard is responsible for driving the strategic vision of the organization. He comes to us with 20 years of leadership experience across cannabis, retail, wholesale, and international selling channels. Before being named CEO in July 2023, Richard most recently held the title of Executive Vice President of Revenue for Curaleaf—a vertically integrated multi-state cannabis operator. Prior to joining Curaleaf, Mr. Proud was Head of Planning for Grassroots Cannabis from August 2019 to September 2020, which is when Grassroots Cannabis was acquired by Curaleaf. Prior to that, Mr. Proud held executive level positions for globally recognized consumer retail brands: Abercrombie & Fitch, Hollister, and Garage. Mr. Proud holds a Bachelor of Arts degree from the University of Georgia.

**Involvement in Certain Legal Proceedings** 

To our knowledge, none of our current directors or executive officers has, as at the date of this Proxy Statement or during the past ten years:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• been convicted in a criminal proceeding or been subject to a pending criminal proceeding (excluding traffic violations
and other minor offenses);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• had any bankruptcy petition filed by or against the business or property of the person, or of any partnership,
corporation or business association of which he was a general partner or executive officer, either at the time of the bankruptcy filing or within two years prior to that time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in their own capacity or as a director or executive officer of any company that while the person was acting in that
capacity, or within a year of that person ceasing to act in that capacity became a bankrupt, made a proposal under any legislation relating to bankruptcy or insolvency or was subject to or instituted any proceedings, arrangement or compromise with
creditors or had a receive manager or trustee appointed to hold its assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• been the subject of any penalties or sanctions imposed by a court relating to securities legislation or by a securities
regulatory authority or has entered into a settlement agreement with a securities regulatory authority;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• was subject to an order that was issued while the proposed director was acting in the capacity as director, chief
executive officer or chief financial officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• was subject to an order that was issued after the proposed director ceased to be a director, chief executive officer or
chief financial officer and which resulted from an event that occurred while that person was acting in the capacity as director, chief executive officer or chief financial officer, been subject to any other penalties or sanctions imposed by a court
or regulatory body, including a self-regulatory body that would be likely to be considered important to a reasonable securityholder making a decision;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• been subject to any order, judgment, or decree, not subsequently reversed, suspended or vacated, of any court of
competent jurisdiction or federal or state authority, permanently or temporarily enjoining, barring, suspending or otherwise limiting, his involvement in any type of business, securities, futures, commodities, investment, banking, savings and loan,
or insurance activities, or to be associated with persons engaged in any such activity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• been found by a court of competent jurisdiction in a civil action or by the SEC or the Commodity Futures Trading
Commission to have violated a federal or state securities or commodities law, and the judgment has not been reversed, suspended, or vacated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• been the subject of, or a party to, any federal or state judicial or administrative order, judgment, decree, or finding,
not subsequently reversed, suspended or vacated (not including any settlement of a civil proceeding among private litigants), relating to an alleged violation of any federal or state securities or commodities law or regulation, any law or regulation
respecting financial institutions or insurance companies including, but not limited to, a temporary or permanent injunction, order of disgorgement or restitution, civil money penalty or temporary or permanent cease-and-desist order, or removal or prohibition order, or any law or regulation prohibiting mail or wire fraud or fraud in connection with any business entity; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• been the subject of, or a party to, any sanction or order, not subsequently reversed, suspended or vacated, of any
self-regulatory organization (as defined in Section 3(a)(26) of the Securities Exchange Act of 1934, as amended (the "**Exchange Act** ")), any registered entity (as defined in Section 1(a)(29) of the Commodity Exchange Act),
or any equivalent exchange, association, entity or organization that has disciplinary authority over its members or persons associated with a member.

Except as disclosed in the Annual Report, we are not currently a party to any legal proceedings, the adverse outcome of which, individually or in the aggregate, we believe will have a material adverse effect on our business, financial condition or operating results.

**Shareholder Approval** 

The nominees for director who received the most votes cast by the holders of the Shares entitled to vote at the Meeting and virtually present or by proxy (also known as "**plurality**" of the votes cast) will be elected.

**The Board recommends a vote "FOR" the election of such nominees.** 

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**CORPORATE GOVERNANCE** 

**Executive Officers** 

Our executive officers are appointed annually by our Board and hold office until their resignation or removal or their successors are appointed. The following table sets forth information about our executive officers as of May 8, 2026.

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| | | | |
|:---|:---|:---|:---|
| **Name** | **Age** | **Age** | **Position(s)** |
|  Richard Proud |  | 46 | Chief Executive Officer |
|  Jason Ware |  | 52 | Chief Financial Officer |

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***Richard Proud***

***Richard Proud*** is the Chief Executive Officer of iAnthus and serves on its Board. As a globally experienced and results driven leader, Richard is responsible for driving the strategic vision of the organization. He comes to us with 20 years of leadership experience across cannabis, retail, wholesale, and international selling channels. He has held executive level positions for globally recognized consumer retail brands: Abercrombie & Fitch, Hollister, and Garage. Before being named CEO in July 2023, Richard most recently held the title of Executive Vice President of Revenue for Curaleaf - a vertically integrated multi-state cannabis operator.

***Jason Ware***

***Jason Ware*** is the Company's Chief Financial Officer. Mr. Ware joined iAnthus in April 2026. Jason brings more than twenty-years of finance leadership experience across public companies and high-growth consumer brands. His background includes expertise in financial planning and analysis, treasury, capital allocation, strategic planning and investor relations. Prior to joining iAnthus, Jason served as Vice President of Investor Relations and FP&A at Genesco – a publicly traded footwear and lifestyle retailer. He previously served as Senior Vice President of Finance at Nutrafol, where he helped the business through a period of significant growth. Earlier in his career, he held senior finance leadership roles at Victoria's Secret and L Brands, supporting enterprise forecasting planning and analysis and strategic decision-making at scale. Jason holds an MBA from The University of Texas McCombs School of Business and a B.S. in Accounting & Finance from The University of Virginia's McIntire School of Commerce.

***Board of Directors***

The business affairs of the Company are managed under the direction of the Board. The Board meets on a regularly scheduled basis during the fiscal year of the Company to review significant developments affecting the Company and to act on matters requiring Board's approval. It also holds special meetings as required from time to time when important matters arise requiring Board action between scheduled meetings. The Board met 6 times during the 2025 fiscal year. During the fiscal year 2025, each director participated in 100% of the aggregate of: (i) the total number of meetings of the Board (held during the period for which he or she was a director); and (ii) the total number of meetings of all committees of the Board on which he or she served (during the period that he or she served).

**Family Relationships** 

There are no family relationships among any of our executive officers or directors.

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**Corporate Governance Overview** 

We are committed to having sound corporate governance principles, which are essential to running our business efficiently and maintaining our integrity in the marketplace. We understand that corporate governance practices change and evolve over time, and we seek to adopt and use practices that we believe will be of value to our shareholders and will positively aid in the governance of the Company. To that end, we regularly review our corporate governance policies and practices and compare them to the practices of other peer institutions and public companies. We will continue to monitor emerging developments in corporate governance and enhance our policies and procedures when required or when our board determines that it would benefit our Company and our shareholders.

**Director Independence** 

The Board considers a director to be independent in accordance with Canadian legal requirements if he or she meets the definition of independence set forth in National Instrument 52-110 – *Audit Committees* ("**NI 52-110**") and if he or she has no direct or indirect material relationship with the Company which, in the view of the Board, could reasonably be perceived to materially interfere with the exercise of the director's independent judgment. Our Board considers the relationships that non-employee directors have with us and all other facts and circumstances our Board deems relevant in determining independence, including the beneficial ownership of our Shares by each non- employee director. Alexander Shoghi and Richard Proud may not be considered "independent" of the Company.

**Board's Role in Risk Oversight and Management** 

Our Board has responsibility for the oversight of the Company's risk management processes and, either as a whole or through its committees, regularly discusses with management our major risk exposures, their potential impact on our business and the steps we take to manage them. The risk oversight process includes receiving regular reports from board committees and members of senior management to enable our Board to understand the Company's risk identification, risk management and risk mitigation strategies with respect to areas of potential material risk, including operations, finance, legal, regulatory, strategic and reputational risk.

**Director Nomination Process** 

Our Board believes that its directors should have the highest professional and personal ethics and values, consistent with the Company's longstanding values and standards. They should have broad experience at the policy-making level in business, government or civic organizations. They should be committed to enhancing shareholder value and should have sufficient time to carry out their duties and to provide insight and practical wisdom based on their own unique experience. Each director must represent the interests of the Company. When considering potential director candidates, our Board also considers the candidate's independence, character, judgment, diversity, age, skills, including financial literacy, and experience in the context of our needs and those of our Board. Our Board believes that diversity is an important attribute of the members who comprise our Board and that the members should represent an array of backgrounds and experiences and should be capable of articulating a variety of viewpoints. Our Board's priority in selecting board members is the identification of persons who will further the interests of our shareholders through his or her record of professional and personal experiences and expertise relevant to our business. Also see "*Board Diversity*" in this Proxy Statement.

Pursuant to the IRA, which is further described under "*The Recapitalization Transaction*" in this Proxy Statement, certain shareholders are entitled to designate nominees for election or appointment to the Board.

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*Nominating and Corporate Governance Committee* 

The nominating and corporate governance committee (the "**Nominating and Corporate Governance Committee**") is responsible for, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• developing and recommending criteria for Board membership and recommending Board nominees including reviewing candidates
recommended by shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• recommending committee nominees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• considering matters of corporate governance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing and advising regarding the functions of senior officers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing succession plans with respect to officers.

Pursuant to the IRA, the Nominating and Corporate Governance Committee shall be comprised of such directors as the Board may determine. The Nominating and Corporate Governance Committee currently consists of Alexander Shoghi, Kenneth Gilbert and Scott Cohen with Alexander Shoghi serving as the Chair. The Nominating and Corporate Governance Committee did not meet during 2025. The Board adopted a written charter for the Nominating and Corporate Governance Committee, which is available on the Company's website at www.ianthus.com/team/board-committees. The inclusion of our website address in this Proxy Statement does not include or incorporate by reference the information on our website into this Proxy Statement.

**Shareholder Nominations to the Board** 

Shareholders wishing to recommend persons for consideration as nominees for election to the Board can do so by writing to an officer of the Company at 214 King Street, Suite 400, Toronto, Ontario, M5H 3S6, attention: CEO, CFO or Corporate Secretary. Notice must set forth the following information for each person whom the nominating shareholder proposes to nominate for election as a director: (A) the name, age, business address and residence address of the person, (B) the principal occupation or employment of the person, (C) the class or series and number of shares in the capital of the Company which are controlled or which are owned beneficially or of record by the person as of the record date for the meeting of shareholders (if such date shall then have been made publicly available and shall have occurred) and as of the date of such notice, (D) a statement as to whether such person would be "independent" of the Company (within the meaning of NI 52- 110), if elected as a director at such meeting and the reasons and basis for such determination and (E) any other information relating to the person that would be required to be disclosed in a dissident's proxy circular in connection with solicitations of proxies for election of directors. The Nominating and Governance Committee will consider the candidate and the candidate's qualifications in the same manner in which it evaluates nominees identified by the Nominating and Governance Committee. The Nominating and Governance Committee may contact the shareholder making the nomination to discuss the qualifications of the candidate and the shareholder's reasons for making the nomination. The nominating process described above applies only with respect to the selection of director candidates whom the Nominating

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and Governance Committee will recommend to the Board for inclusion in the slate of candidates for election at the Annual Meeting.

The Nominating and Corporate Governance Committee will also consider nominees to our Board recommended by shareholders if shareholders comply with the requirements of our Articles and the BCBCA. Director nominations by a shareholder or group of shareholders for consideration by our shareholders at our Annual Meeting of shareholders, or at a special meeting of our shareholders that includes on its agenda the election of one or more directors, may only be made in accordance with the IRA, our Articles and applicable law. Where a third party has the right to nominate one or more directors to the Company's Board, such as pursuant to the IRA, the selection and nomination of such directors need not be subject to this process.

Pursuant to our Articles, nominations of persons for election to the Board may be made by any shareholder of the Company (a "**Nominating Shareholder**") who, at the close of business on the Meeting Notice Date (as defined below) and on the record date for the notice of the Annual Meeting, is entered in the securities register as a holder of one or more shares carrying the right to vote at the Annual Meeting or who beneficially owns shares that are entitled to be voted at such meeting, and who complies with the notice procedures set forth below. For a nomination to be made by a Nominating Shareholder, such Nominating Shareholder must give timely notice thereof in proper written form to an officer of the Company in accordance with the Articles. The Nominating Shareholder's notice must include the information about the Nominating Shareholder and the director-nominee, as well as satisfaction of certain eligibility requirements by the director-nominee, as set forth in the Articles.

To be timely under the Articles, a Nominating Shareholder's notice must be received by an officer of the Company not less than 30 days or more than 65 days prior to the date of the Annual Meeting; provided, however, that in the event that the Annual Meeting is to be held on a date that is less than 40 days after the date on which the first public announcement of the date of the Annual Meeting was made (the "**Meeting Notice Date**"), the Nominating Shareholder's notice must be so received not later than the close of business on the 10th day following the Meeting Notice Date. The public announcement of an adjournment of the Annual Meeting does not commence a new time period for the giving of a Nominating Shareholder's notice. In the case of a special meeting (which is not also an annual meeting) of shareholders called for the purpose of electing directors (whether or not called for other purposes), notice must be made not later than the 15th day following the day on which the first public announcement of the date of the special meeting of shareholders was made.

The foregoing is merely a summary of the Advance Notice Provision, is not comprehensive and is qualified by the full text of such provision in the Articles, a copy of which is filed as an exhibit to the Company's 2023 Annual Report on Form 10-K filed with the SEC at www.sec.gov and available under the Company's SEDAR+ profile at www.sedarplus.ca.

**Changes in Nominating Procedures** 

There were no material changes to the procedures by which shareholders may recommend nominees to the Board during the year ended December 31, 2025.

**Board Mandate and Committees** 

The Board has a written mandate that governs the Board. The Board meets on a regular basis and holds additional meetings as required to deal with the Company's business.

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 **Committee**") and the Nominating and Corporate Governance Committee, each of which operate under a written committee charter approved by the Board. The composition and responsibilities of each committee of our Board are described in this Proxy Statement. Members serve on these committees until their resignation or until otherwise determined by our Board. Our Board may establish other committees as it deems necessary or appropriate from time to time.

Although each committee is directly responsible for evaluating certain enumerated risks and overseeing the management of such risks, the entire Board is generally responsible for and is regularly informed through committee reports about such risks and any corresponding remediation efforts designed to mitigate such risks. In addition, appropriate committees of the Board receive reports from senior management within the organization in order to enable the Board to understand risk identification, risk management and risk mitigation strategies. When a committee receives such a report, the chairman of the relevant committee reports on the discussion to the full Board during the committee reports portion of the next Board meeting. This enables the Board and its committees to coordinate the risk oversight role.

*Audit Committee* 

The IRA provides that the Audit Committee shall be comprised of one nominee designated by each of the First Investor, the Second Investor and the Third Investor. The current members of our Audit Committee are Scott Cohen as Chair, Michelle Mathews-Spradlin and Alexander Shoghi. After reviewing the qualifications of the members of the Audit Committee, and any relationships they may have with us that might affect their independence, the Board has determined that Scott Cohen, and Michelle Mathews-Spradlin are independent of the Company. In addition, our Board has determined that Scott Cohen qualifies as an "audit committee financial expert," as such term is defined in Item 407(d)(5) of Regulation S-K. Our audit committee met 5 times during 2025.

The main function of the Audit Committee is to oversee our accounting and financial reporting processes, internal systems of control, independent registered public accounting firm relationships and the audits of our financial statements. The Audit Committee's responsibilities include, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• overseeing the work of the external auditors in preparing or issuing the auditor's report, including the
resolution of disagreements between management and the external auditors regarding financial reporting and audit scope or procedures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• determining whether adequate controls are in place over annual and interim financial reporting as well as controls over
our assets, transactions and the creation of obligations, commitments and liabilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing our financial statements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing transactions with related persons;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing all non-audit services which are proposed to be provided by the
external auditors to us or any of our subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• establishing procedures for complaints received by us regarding accounting matters; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing the policies and procedures in effect for considering officers' expenses and perquisites.

<u>Relevant Education and Experience</u> 

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Each of the current and proposed members of the Audit Committee is financially literate (as such term is defined in National Instrument 51- 102 *Continuous Disclosure Obligations* ("**NI 51-102**")) and has adequate education and experience that is relevant to their performance as an Audit Committee member and, in particular, the requisite education and experience that have provided the member with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an understanding of the accounting principles used by the issuer to prepare its financial statements, and the ability to
assess the general application of those principles in connection with estimates, accruals and reserves;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• experience preparing, auditing, analyzing or evaluating financial statements that present a breadth and level of
complexity of accounting issues that are generally comparable to the breadth and complexity of issues that can reasonably be expected to be raised by the issuer's financial statements, or experience actively supervising individuals engaged in
such activities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an understanding of internal controls and procedures for financial reporting.

<u>Audit Committee Oversight</u> 

On March 30, 2023 the Audit Committee recommended to the Board to accept the resignation of Marcum LLP as auditor of the Company, and recommended the appointment of PKF LLP as auditor of the Company. The Audit Committee has not recommended any other auditor since the commencement of the Company's most recently completed financial year.

<u>Reliance on Certain Exemptions</u> 

At no time has the Company relied on the exemption in Section 2.4 of NI 52-110 (*De Minimis* Non-audit Services), or an exemption from NI 52-110, in whole or in part, granted under Part 8 of NI 52-110.

The Company is a "**venture issuer**" as defined in NI 52-110 and is relying on the exemptions in section 6.1 of NI 52-110 relating to Parts 3 (*Composition of the Audit Committee*) and 5 (*Reporting Obligations*).

A copy of the charter for the Audit Committee is posted on our website at www.ianthus.com/team/board-committees and appended hereto as Schedule A. The inclusion of our website address in this Proxy Statement does not include or incorporate by reference the information on our website into this Proxy Statement.

*Compensation Committee* 

Pursuant to the IRA, the Compensation Committee of the Board shall be comprised of one nominee designated by the Second Investor together with such other directors as the Board may determine. The current members of our Compensation Committee are Michelle Mathews-Spradlin as Chair, Alexander Shoghi and Kenneth Gilbert. Each member of our Compensation Committee is a non-employee director, as defined in Rule 16b-3 promulgated under the Exchange Act and an outside director, as defined pursuant to Section 162(m) of the Internal Revenue Code of 1986, as amended.

The Compensation Committee is responsible for assessing whether any of our compensation policies or programs has the potential to encourage excessive risk-taking. Furthermore, the Compensation Committee discharges the responsibilities of the Board in overseeing our compensation policies, plans and programs and to review and determine the compensation to be paid to our executive officers,

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directors and other senior management, as appropriate. The Compensation Committee did not meet during 2025. The Compensation Committee is responsible for, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing and approving our compensation and benefit programs, policies and practices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• setting the compensation of the Chief Executive Officer and approving the compensation of the members of the executive
leadership team;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• establishing and reviewing annual and long-term performance goals and objectives of the Chief Executive Officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing the goals approved by the Chief Executive Officer for the members of the executive leadership team and the
performance thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing and making recommendations to the Board regarding director compensation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• overseeing the administration of the cash-based and equity-based compensation plans.

A copy of the charter for the Compensation Committee is posted on our website at www.ianthus.com/team/board-committees. The inclusion of our website address in this Proxy Statement does not include or incorporate by reference the information on our website into this Proxy Statement.

**Board Diversity** 

Our Nominating and Corporate Governance Committee is responsible for reviewing with the Board, on an annual basis, the appropriate characteristics, skills and experience required for the Board as a whole and its individual members. In evaluating the suitability of individual candidates (both new candidates and current members), the Nominating and Corporate Governance Committee, in recommending candidates for election, and the Board, in approving (and, in the case of vacancies, appointing) such candidates, will take into account many factors, including the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• personal and professional integrity, ethics and values;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• experience in corporate management, such as serving as an officer or former officer of a publicly-held company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• development or commercialization experience in large consumer products companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• experience as a board member or executive officer of another publicly-held company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• strong finance experience;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• diversity of expertise and experience in substantive matters pertaining to our business relative to other board members;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• diversity of background and perspective, including with respect to age, gender, race, place of residence and specialized
experience;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• conflicts of interest; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• practical and mature business judgment.

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Currently, our Board evaluates each individual in the context of the Board as a whole, with the objective of assembling a group that can best maximize the success of the business and represent shareholder interests through the exercise of sound judgment using its diversity of experience in these various areas.

**Board Diversity Matrix (as of May 8, 2026)** 

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| | | | | |
|:---|:---|:---|:---|:---|
| Board Size: |  |  |  |  |
| Total Number of Directors | **5** |  |  |  |
|  | **Female** | **Male** | **Non-Binary** | **Did not disclose<br>gender** |
| **Gender:** |  |  |  |  |
| Directors | **1** | **4** | **0** | **0** |
| **Number of Directors who identify in any of the categories below:** | **Number of Directors who identify in any of the categories below:** | **Number of Directors who identify in any of the categories below:** | **Number of Directors who identify in any of the categories below:** | **Number of Directors who identify in any of the categories below:** |
| African American or Black | **0** | **1** | **0** | **0** |
| Alaskan Native or Native American | **0** | **0** | **0** | **0** |
| Asian | **0** | **0** | **0** | **0** |
| Hispanic or Latinx | **0** | **0** | **0** | **0** |
| Native Hawaiian or Pacific Islander | **0** | **0** | **0** | **0** |
| White | **1** | **3** | **0** | **0** |
| Two or More Races or Ethnicities | **0** | **0** | **0** | **0** |
| LGBTQ+ | **0** | **0** | **0** |  |
| Did Not Disclose Demographic Background | **0** | **0** | **0** |  |

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**Compliance with Section 16(a) of the Exchange Act** 

Section 16(a) of the Exchange Act requires our directors and executive officers, and persons who own more than 10% of a registered class of our equity securities, to file with the SEC initial reports of ownership and reports of changes in ownership of our common stock and other equity securities. To our knowledge, based solely upon a review of Forms 3, 4, and 5 filed with the SEC during the fiscal year ended December 31, 2025, we believe that, except as stated below, our directors, executive officers, and greater than 10% beneficial owners have complied with all applicable filing requirements during the fiscal year ended December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Richard Proud, our Chief Executive Officer, failed to report one transaction on time on a Form 4.

**Directorships** 

The following current and proposed directors of the Company are also presently serving on boards of other reporting companies (or equivalent): Mr. Shoghi is also serving on the board of JAKKS Pacific

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Inc. (NASDAQ: JAKK) and Ms. Mathews-Spradlin is also serving on the board of The Wendy's Company (NASDAQ: WEN).

**Director Orientation and Continuing Education** 

When new directors are appointed, they receive orientation commensurate with their previous experience on the Company's properties and on the responsibilities of directors.

Board meetings may also include presentations by the Company's management and employees to give the directors additional insight into the Company's business.

**Board Assessments** 

The Board monitors the adequacy of information given to directors, communication between the Board and management and the strategic direction and processes of the Board and its board committees.

**Ethical Business Conduct** 

The Board has found that the fiduciary duties placed on individual directors by the Company's governing corporate legislation and the common law and the restrictions placed by applicable corporate legislation on an individual directors' participation in decisions of the Board in which the director has an interest have been sufficient to ensure that the Board operates independently of management and in the best interests of the Company.

**Shareholder Communications with our Board** 

Shareholders and other interested persons seeking to communicate with our Board must submit their written communications to our Secretary at iAnthus Capital Holdings, Inc., 214 King Street, Suite 400, Toronto, ON, M5H 3S6. Such communications must include the number of Company securities owned, beneficially or otherwise, by the person issuing the communication. Depending on the subject matter of the communication, our Secretary will do one of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• forward the communication to the Board or any individual member of our Board to whom any communication is specifically
addressed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• attempt to handle the inquiry directly, for example where it is a request for information about our Company or it is a
stock related matter; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not forward the communication if it is primarily commercial in nature, if it relates to an improper or irrelevant topic,
or if it is unduly hostile, threatening, illegal or otherwise inappropriate.

Our Board (and any individual director to whom the communication was specifically addressed) will determine what further steps are appropriate depending on the facts and circumstances outlined in the communication.

**Code of Business Conduct and Ethics** 

We have adopted a written code of business conduct and ethics that applies to our directors and officers. A copy of the code is filed as an exhibit to our Annual Report on Form 10-K for the year ended December 31, 2025. Disclosure regarding any amendments to, or waivers from, provisions of the code of business conduct and ethics that apply to our directors and officers will be included in a Current Report on Form 8-K, which we will file within four business days following the date of the amendment or waiver.

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**Director Attendance at Annual Meetings** 

We do not have a formal policy regarding director attendance at our annual meeting of shareholders. However, all directors are encouraged to attend. Last year, Richard Proud attended our last annual meeting of shareholders.

**REPORT OF THE AUDIT COMMITTEE** 

The Audit Committee oversees the Company's financial reporting process on behalf of the Board. Management has the primary responsibility for the financial statements and the reporting process, including the systems of internal controls. In fulfilling its oversight responsibilities, the Audit Committee reviewed the audited financial statements in the Annual Reports with management including a discussion of the quality, not just the acceptability, of the accounting principles, the reasonableness of significant judgments, and the clarity of disclosures in the financial statements.

The Audit Committee discussed with PKF O'Connor Davies, LLP ("**PKF LLP**"), the Company's current auditor, whom are responsible for expressing an opinion on the conformity of those audited financial statements with generally accepted accounting principles, the matters required to be discussed by Public Company Accounting Oversight Board ("**PCAOB**") and such other matters as are required to be discussed with the Audit Committee under generally accepted auditing standards. In addition, the Audit Committee received and reviewed the written disclosures and the letter from PKF LLP required by applicable requirements of the PCAOB regarding PKF LLP's communications with the Audit Committee concerning independence, and the Audit Committee discussed with PKF LLP its independence.

The Audit Committee discussed with PKF LLP the overall scope and plans for their audit. The Audit Committee met with PKF LLP, with and without management present, to discuss the results of their examinations, their evaluations of the Company's internal controls, and the overall quality of the Company's financial reporting. The Audit Committee held 5 meetings during fiscal year 2025.

In reliance on the reviews and discussions referred to above, the Audit Committee recommended to the Board (and the Board has approved) that the audited financial statements be included in the Annual Reports on Form 10-K for the year ended December 31, 2025, which was filed on SEDAR+ and the SEC on March 27, 2026. These Annual Reports on Form 10-K included an unmodified opinion in PKF's reports for the Company's year ended December 31, 2025 and year ended December 31, 2024.

The Audit Committee and the Board have recommended that the shareholders re-appoint PKF LLP as the Company's auditor.

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| |
|:---|
| Respectfully submitted, |
| AUDIT COMMITTEE |
| of the Board of Directors |
| Scott Cohen, Chair |

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The foregoing report of the Audit Committee does not constitute soliciting material and will not be deemed filed, incorporated by reference into or a part of any other filing by the Company (including any future filings) under the Exchange Act, except to the extent the Company specifically incorporates such report by reference therein.

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**Executive Compensation** 

As an emerging growth company under the Jumpstart our Business Startups ("**JOBS**") Act, we have opted to comply with the executive compensation disclosure rules applicable to "smaller reporting companies" as such term is defined in the rules promulgated under the Securities Act of 1933, as amended, which permit us to limit reporting of executive compensation to (i) our principal executive officer, (ii) up to two other most highly compensated executive officers whose salary exceeds $100,000 and (iii) up to two additional individuals for whom disclosure would have been provided under (ii) but for the fact that the individual was not serving as an executive officer of the company at the end of the last fiscal year.

In this section "Named Executive Officer" ("**NEO**") means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) each individual who, in respect of the Company, during any part of the most recently completed financial year, served
as chief executive officer, including an individual performing functions similar to a chief executive officer ()"**CEO** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) each individual who, in respect of the Company, during any part of the most recently completed financial year, served
as chief financial officer, including an individual performing functions similar to a chief financial officer ()"**CFO** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in respect of the Company and its subsidiaries, the most highly compensated executive officer other than the
individuals identified in paragraphs (a) and (b) at the end of the most recently completed financial year whose total compensation was more than C$150,000 for that financial year; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) each individual who would be a NEO under paragraph (c) but for the fact that the individual was not an executive
officer of the Company or any of its subsidiaries, and was not acting in a similar capacity, at the end of that financial year.

**Summary Compensation Table** 

The following table provides information regarding the compensation awarded to or earned during 2024 and 2025, as applicable, by our named executive officers.

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name and<br>Principal Position** | **Year** | **Salary($)** | **Bonus<br>($)<sup>(1)</sup>** | **Stock<br>Awards<br>($)<sup>(2)</sup>** | **Option<br>Awards<br>($)** | **Non Equity**<br> **Incentive**<br> **Plan<br>Compensation($)** | **Change in<br>Pension**<br> **Value and<br>Nonqualified<br>Deferred<br>Compensation<br>Earnings ($)** | **All Other<br>Compensation<br>($)** | **Total ($)** |
|  **Richard Proud** | 2025 | 475000 |  |  |  |  |  | 55843<sup>(3)</sup> | 530843 |
|  *Chief Executive Officer and Director* | 2024 | 475000 | 532000 |  |  |  |  |  | 1007000 |
|  **Justin Vu** | 2025 | 300000 |  |  |  |  |  |  | 300000 |
|  *Former Chief Financial Officer* | 2024 | 115000 | 168000 |  |  |  |  |  | 283000 |
|  **Philippe Faraut<sup>(7)</sup>** | 2025 |  |  |  |  |  |  | 4437<sup>(5)</sup> | 4437 |
|  *Former Chief Financial Officer* | 2024 | 82068 |  |  |  |  |  | 204766<sup>(4)</sup> | 286861 |
|  **Robert Galvin<sup>(4)(6)</sup>** |  |  |  |  |  |  |  |  |  |
|  *Former Interim Chief Executive Officer and Interim Chief Operating Officer* | 2024 |  |  | 306470 |  |  |  | 356901<sup>(4)</sup> | 663371 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Represents payments of discretionary bonuses for performance during the applicable years, which are discretionary
payments as determined by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Represents the aggregate grant date fair value of RSUs granted for the fiscal year ended December 31, 2025 and
December 31, 2024 as determined in accordance with ASC Topic 718, rather than the amount paid to or realized by Robert Galvin, Philippe Faraut, Richard Proud or Justin Vu.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Represents: (i) $42,973 in tax gross-up payments paid in fiscal year 2025 by
the Company on behalf of Mr. Proud to satisfy withholding taxes arising from the sale of common shares in 2025 to cover applicable tax obligations relating to the vesting of RSUs during 2024; and (ii) $12,870 representing the difference between
(a) the price at which the Company repurchased 9,910,592 common shares from Richard Proud in 2025 and (b) the fair market value of such shares on the date of repurchase. Such sale of common shares occurred in connection with the
Company's correction of an administrative error in 2024, in which an insufficient number of shares were withheld to satisfy tax withholding obligations upon the vesting of RSUs in 2024. In 2025, the Company discovered the error and repurchased
the additional shares that should have been withheld at the time of vesting using the 2024 share price applicable at such time. The Company did not intend to provide, and Mr. Proud did not receive, any additional compensation beyond that was
originally associated with the 2024 vesting of RSUs, and the repurchase was effected solely to place Mr. Proud in the position he would have been had the appropriate number of shares been withheld at the time of vesting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) For 2024, all other compensation for each Robert Galvin and Philippe Faraut includes the following in connection with
payment received under Robert Galvin's Separation Agreement with the Company and Philippe Faraut's Separation Agreement with the Company (the "**Faraut Separation Agreement** "), respectively, in each case, for the fiscal
year ended December 31, 2024:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name** | **Separation<br>Payment** | **Bonus** | **COBRA<br>Premium** | **Paid Time<br>Off** | **Total of All Other<br>Compensation** |
|  Philippe Faraut | 175000 | – | 7266 | 22500 | 204766 |
|  Robert Galvin | 350000 | – | 6901 | 63427 | 356901 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) For 2025, all other compensation for Philippe Faraut includes the following in connection with payment received under
the Faraut Separation Agreement for the fiscal year ended December 31, 2025:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name** | **Separation<br>Payment** | **Bonus** | **COBRA<br>Premium** | **Paid Time<br>Off** | **Total of All Other<br>Compensation** |
|  Philippe Faraut | – |  | 4437 | – | 4437 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Mr. Galvin was appointed as director of the Company on February 5, 2019, ceased being a director on
December 5, 2019, was re- appointed as a director of the Company on May 6, 2022 and resigned on June 24, 2022. Mr. Galvin was appointed as Interim Chief Operating Officer of the Company on
November 27, 2020. Mr. Galvin was appointed as Interim CEO effective as of May 6, 2022. Mr. Galvin completed his tenure as Interim CEO on July 17, 2023 and resigned from his position as Interim Chief Operating Officer as of
October 11, 2023.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) Mr. Faraut ceased to be Chief Financial Officer effective as of April 5, 2024.

**Narrative to Summary Compensation Table** 

***Compensation Review Process***

Compensation of the directors of the Company is determined by the Board, based on the recommendations made by the Compensation Committee. Compensation of the CEO of the Company is determined by the Compensation Committee (either alone or, if directed by the Board, in conjunction with a majority of the independent directors on the Board). Compensation for senior executives is determined and approved annually by the Compensation Committee, based on recommendations made by the CEO of the Company. In determining compensation, the Compensation Committee and the Board consider industry standards, annual and long-term performance goals and financial situation but do not currently have any formal objectives or criteria. The Compensation Committee and the Board informally monitor the performance of each executive officer keeping in mind the business strengths of the individual and the purpose of their appointment as an officer. The Compensation Committee currently comprises of the following directors: Michelle Mathews-Spradlin, Alexander Shoghi and Kenneth Gilbert. The Board has not adopted any specific policies or practices to determine the compensation for the Company's directors and executive officers other than as disclosed above.

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The Compensation Committee is also responsible for, among other things, reviewing and approving the Company's compensation and benefit programs, policies and practices, and overseeing the administration of the Company's cash-based and equity-based compensation plans.

***Risk Management***

The Board has not considered the implications of the risks associated with the Company's compensation policies and practices.

The Company has not adopted a policy that forbids directors or officers from purchasing financial instruments designed to hedge or offset a decrease in market value of the Company's securities granted as compensation or held, directly or indirectly, by directors or officers. The Company is not, however, aware of any of its directors or officers having entered into this type of transaction.

***Elements of Executive Compensation Program***

The Company's compensation program consists of the following elements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) base salary or consulting fees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) bonus payments; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) equity participation through the Omnibus Incentive Plan.

***Base Salary or Consulting Fees***

Base salary ranges for NEOs were initially determined upon review of salaries paid by other companies that are comparable in size to the Company.

In determining the base salary of a NEO, the Compensation Committee and the Board considers the following factors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the particular responsibilities related to the position;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) salaries paid by other companies in the same industry, which were similar in size and stage of development as the
Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the experience level of the NEO;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the amount of time and commitment which the NEO devotes to the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the NEO's overall performance and performance in relation to the achievement of corporate milestones and
objectives.

***Bonus Payments***

Each of the NEOs, as well as all employees, are eligible for an annual bonus, payable in cash or through option-based compensation. The amount paid is based on the Board's assessment of the Company's performance for the year. Factors considered in determining bonus amounts include individual performance, financial criteria (such as cash management and share price performance) and operational criteria (such as significant acquisitions of licensed cannabis operations and the attainment of corporate milestones).

The Company awarded bonuses to certain NEOs and employees during its financial year ended December 31, 2024, as disclosed in the compensation table above. The Company did not award bonuses to any NEOs during its financial year ended December 31, 2025.

***Equity Participation***

The Company currently offers equity participation in the Company through its Omnibus Incentive Plan. Please see "*Equity Compensation Plan Information*".

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***Executive Compensation***

Except for the grant of awards to NEOs, there are no arrangements under which NEOs were compensated by the Company during the three most recently completed financial years for their services in their capacity as NEOs, directors or consultants.

**Pension Disclosure** 

The Company does not have in place any deferred compensation plan or pension plan that provides for payments or benefits at, following or in connection with retirement.

***Section 162(m) of the Code***

Section 162(m) generally disallows the corporate tax deduction for certain compensation paid in excess of $1,000,000 annually to "covered employees," which include: (i) the Chief Executive Officer; (ii) the Chief Financial Officer; (iii) any employee whose total compensation is required to be reported to shareholders under the Exchange Act by reason of such employee being among the three highest compensated officers for the taxable year (excluding the CEO and CFO); and (iv) any executive who was a "covered employee" for any tax year beginning after December 31, 2016. A "covered employee" includes any individual who meets the definition of a "covered employee" at any time during the year, and also includes executives who are the top three highest paid officers (excluding the CEO or CFO) even if their compensation is not required to be disclosed under existing SEC rules. Section 162(m) of the *U.S. Internal Revenue Code of 1986* (the "**Code**") was amended by the Tax Cut and Jobs Act of 2018 so that the exceptions for payment of "performance-based compensation" or commissions have been eliminated.

Certain of our executives have received total compensation in excess of $1,000,000, such that we may not be allowed the full federal tax deduction otherwise permitted for such compensation.

**Employment Agreements; Potential Payments Upon Termination or Change-in-Control** 

Other than as set out in this Proxy Statement, the Company has no agreements or arrangements under which compensation was provided during the 2025 financial year or is payable in respect of services provided to the Company or any of its subsidiaries that were performed by a director or NEO.

The Company entered into an employment agreement with Richard Proud (the "**Proud Employment Agreement**") effective as of July 17, 2023, pursuant to which Mr. Proud currently serves as the Chief Executive Officer of the Company. Pursuant to the Proud Employment Agreement, Mr. Proud receives an annual base salary of $475,000. In addition, Mr. Proud is eligible to receive an annual bonus, with the target annual bonus being 100% of Mr. Proud's annual base salary. Mr. Proud's target annual bonus has a minimum of 0% and a maximum of 200%, based upon individual and/or corporate performance criteria established annually by the Board and Mr. Proud; provided, however, 50% of Mr. Proud's target annual bonus is guaranteed for Mr. Proud's first two years of employment. To be eligible to receive the target annual bonus. Mr. Proud must be employed on the bonus payment date.

Pursuant to the Proud Employment Agreement, Mr. Proud also received a grant of RSUs with respect to the common shares of the Company equal to 3% of the common shares of the Company outstanding as of the date of the RSU grant. The grant of the RSUs to Mr. Proud are subject to the terms and conditions of the Company's Omnibus Incentive Plan and related equity award agreement. The RSUs will vest in three equal annual installments on the first three anniversaries of the date of grant of such

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RSUs, contingent on Mr. Proud remaining employed through each vesting date. The RSUs will immediately fully vest upon the consummation of a Change of Control (as defined in the Proud Employment Agreement). Mr. Proud also received a one-time signing bonus equal to $100,000, which was payable within ten (10) days of the effective date of the Proud Employment Agreement. In addition, Mr. Proud will be entitled to receive personal time off benefits under Company's policies and any other employee benefits pursuant to any benefit plans maintained by the Company in a manner consistent with other similarly situated employees of the Company. He will also be entitled to reimbursement of reasonable and necessary business-related expenses.

In the event of a Change of Control of the Company, either while Mr. Proud is employed or during the first 12 months after the Company terminates Mr. Proud's employment without Cause (as defined in the Proud Employment Agreement), or Mr. Proud resigns for Good Reason (as defined in the Proud Employment Agreement), then he shall be entitled to receive the following upon the consummation of the Change of Control: (i) a lump-sum cash payment equal to the sum of (A) 150% of Mr. Proud's then-current base salary and (B) the amount of any target annual bonus paid to Mr. Proud in the 12 months preceding the Change of Control of the Company; (ii) the acceleration of vesting of his RSU grant; (iii) a fully vested grants of RSUs with an aggregate fair market value equal to $475,000, based on the closing public market price per share on the grant date of the Change of Control RSU award, or, in the event that no public market price exists on such date, then as determined by an independent third party accounting or valuation firm acceptable to both the Company and Mr. Proud; and (iv) if Mr. Proud elects continuation coverage pursuant to COBRA under the Company's group health plan, the Company shall pay Mr. Proud's COBRA premiums for such coverage until the earlier of (A) 18 months following the date of Mr. Proud's termination of employment, or (B) the date upon which Mr. Proud accepts new employment that offers him medical benefits. In the event that the Company terminates Mr. Proud's employment for any reason other than Cause, death or disability, or if Mr. Proud resigns for Good Reason, then he shall be entitled to receive the following: (i) a lump-sum cash payment equal to 100% of Mr. Proud's then-current base salary (provided, that if such termination of employment is less than 180 days after a Change of Control of the Company, then this paragraph shall not apply); (ii) to the extent unvested, Mr. Proud's RSU grant shall be accelerated and become fully vested on the date of termination; and (iii) if Mr. Proud elects continuation coverage pursuant to COBRA under the Company's group health plan, the Company shall pay Mr. Proud's COBRA premiums for such coverage until the earlier of (A) 12 months following the date of Mr. Proud's termination of employment, or (B) the date upon which Mr. Proud accepts new employment that offers him medical benefits. The foregoing severance benefits are subject to, among other things, Mr. Proud's execution and delivery of a general release of all claims in favor of the Company and its affiliates and subsidiaries.

The Company entered into an employment agreement with Jason Ware (the "**Ware Employment Agreement**") effective as of April 29, 2026, pursuant to which Mr. Ware currently serves as the Chief Financial Officer of the Company. Pursuant to the Ware Employment Agreement, Mr. Ware receives an annual base salary of $325,000. In addition, Mr. Ware is eligible to receive an annual bonus, with the target annual bonus being 50% of Mr. Ware's annual base salary. Mr. Ware's target annual bonus has a minimum of 0% and a maximum of 200%, based upon individual and/or corporate performance criteria established annually by the Board and Mr. Ware; provided, however, $100,000 of Mr. Ware's target annual bonus (the "**Guaranteed Target Bonus**") is guaranteed for Mr. Ware's first year of employment. To be eligible to receive the target annual bonus Mr. Ware must be employed on the bonus payment date. Notwithstanding the foregoing, Mr. Ware will be eligible to receive the Guaranteed Target Bonus in the event the Company terminates Mr. Ware without Cause (as defined in the Ware Employment Agreement) at any time during the first year of Mr. Ware's employment, regardless of whether Mr. Ware is actively employed on the Guaranteed Target Bonus payout date.

Pursuant to the Ware Employment Agreement, Mr. Ware also received a grant of RSUs with respect to the common shares of the Company with an aggregate fair market value (based on the closing

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public market price per share on the grant date) equal to $300,000. The grant of the RSUs to Mr. Ware are subject to the terms and conditions of the Company's Omnibus Incentive Plan and related equity award agreement. The RSUs will vest in three equal annual installments on the first three anniversaries of the date of grant of such RSUs, contingent on Mr. Ware remaining employed through each vesting date. The RSUs will immediately fully vest upon the consummation of a Change of Control (as defined in the Ware Employment Agreement). In addition, Mr. Ware will be entitled to receive personal time off benefits under Company's policies and any other employee benefits pursuant to any benefit plans maintained by the Company in a manner consistent with other similarly situated employees of the Company. He will also be entitled to reimbursement of reasonable and necessary business-related expenses.

In the event of a Change of Control of the Company, either while Mr. Ware is employed or during the first 12 months after the Company terminates Mr. Ware's employment without Cause (as defined in the Ware Employment Agreement), or Mr. Ware resigns for Good Reason (as defined in the Ware Employment Agreement), then he shall be entitled to receive the following upon the consummation of the Change of Control: (i) a lump-sum cash payment equal to the sum of (A) 150% of Mr. Ware's then-current base salary and (B) the amount of any target annual bonus paid to Mr. Ware in the 12 months preceding the Change of Control of the Company; (ii) the acceleration of vesting of his RSU grant; and (iii) if Mr. Ware elects continuation coverage pursuant to COBRA under the Company's group health plan, the Company shall pay Mr. Ware's COBRA premiums for such coverage until the earlier of (A) 18 months following the date of Mr. Ware's termination of employment, or (B) the date upon which Mr. Ware accepts new employment that offers him medical benefits. In the event that the Company terminates Mr. Ware's employment for any reason other than Cause, death or disability, or if Mr. Ware resigns for Good Reason, then he shall be entitled to receive the following: (i) a payment equal to 100% of Mr. Ware's then-current base salary (provided, that if such termination of employment is less than 180 days after a Change of Control of the Company, then this paragraph shall not apply), which will be payable in equal monthly installments on regular Company pay days over a period of 12 months; (ii) to the extent unvested, Mr. Ware's RSU grant shall be accelerated and become fully vested on the date of termination; and (iii) if Mr. Ware elects continuation coverage pursuant to COBRA under the Company's group health plan, the Company shall pay Mr. Ware's COBRA premiums for such coverage until the earlier of (A) 12 months following the date of Mr. Ware's termination of employment, or (B) the date upon which Mr. Ware accepts new employment that offers him medical benefits. The foregoing severance benefits are subject to, among other things, Mr. Ware's execution and delivery of a general release of all claims in favor of the Company and its affiliates and subsidiaries.

Effective as of April 29, 2026, (the "**Vu Resignation Date**"), Justin Vu, our former Chief Financial Officer, resigned from his executive positions, including all positions with our subsidiaries and affiliates. In connection with the resignation, the Company and Mr. Vu executed a separation agreement (the "**Vu Separation Agreement**"), pursuant to which, Mr. Vu will receive total cash compensation in the amount of $17,307. Further, the third and final installment of RSUs granted to Mr. Vu on June 27, 2023 will accelerate and fully vest upon satisfactory completion of Mr. Vu's consulting services. Under the terms of the Vu Separation Agreement, the Company will continue to pay the monthly premium for Mr. Vu's continued participation in the Company's health and dental insurance benefits pursuant to COBRA until the earlier of: (i) December 31, 2026, and (ii) Mr. Vu obtaining employment that provides for comparable health benefits. Mr. Vu will serve in a consulting role for up to six weeks following the Vu Resignation Date and will receive bi-weekly payments consistent with his base salary as Chief Financial Officer.

**Equity Compensation Plan Information** 

The Company has an Amended and Restated Omnibus Incentive Plan (the "**Omnibus Incentive Plan**") dated October 15, 2018, which was approved by shareholders at the Company's annual general

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and special meeting held on November 26, 2018 and ratified at the Company's annual general and special meeting held on June 27, 2024.

On January 6, 2022, the Board approved the terms of a long-term incentive program recommended by the then current Compensation Committee, pursuant to which the Company will allocate to certain employees (including executive officers) Restricted Stock Units and option awards up to, in the aggregate, 5.75% of our fully diluted equity under the Omnibus Incentive Plan ("**LTIP Awards**") in order to attract and retain such employees. The allocations of the LTIP Awards were awarded after the closing of the Recapitalization Transaction contemplated by the Restructuring Support Agreement. All of the warrants and options that existed prior to the closing of the Recapitalization Transaction were cancelled. The shares may be consolidated pursuant to a consolidation ratio which has yet to be determined.

The following table sets out information as of December 31, 2025, with respect to the Omnibus Incentive Plan.

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| | | | |
|:---|:---|:---|:---|
| **Plan category** | **Number of**<br>**securities to be**<br>**issued upon**<br>**exercise of**<br>**outstanding**<br>**options, warrants**<br>**and rights**<br>**(a)** | **Weighted-average**<br>**exercise price of**<br>**outstanding**<br>**options, warrants**<br>**and rights ($)**<br>**(b)** | **Number of**<br>**securities remaining**<br>**available for future**<br>**issuance under**<br>**equity**<br>**compensation plans**<br>**(excluding**<br>**securities reflected**<br>**in column (a))**<br>**(c)** |
|  Equity compensation plans approved by security holders | 389134992 | $0.05 | 982690612 |
|  Equity compensation plans not approved by security holders |  |  |  |
|  Total | 389134992 |  | 982690612 |

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As at December 31, 2025, the following awards were outstanding under the Omnibus Incentive Plan: a total of 381,257,636 restricted stock units, representing approximately 5.6% of the then outstanding Share number. A total of 7,877,356 options, with a weighted-average exercise price of $0.051 representing approximately 0.1% of the then outstanding Share number. As at December 31, 2025, an aggregate of 982,690,612 options remained available for issuance under the Omnibus Incentive Plan, representing approximately 14.3% of the then outstanding Share number.

**Summary of Terms and Conditions of the Omnibus Incentive Option Plan** 

The following is a summary of the material provisions of the Omnibus Incentive Plan. This summary does not purport to be complete and is subject to, and qualified in its entirety by reference to, the provisions of the Omnibus Incentive Plan, a copy of which may also be obtained upon request from the CFO and Corporate Secretary of the Company by email at: info@ianthuscapital.com. A copy of the Omnibus Incentive Plan is also available on the Company's website at https://www.ianthus.com, under the Company's SEDAR+ profile at www.sedarplus.ca and on the SEC's website at www.sec.gov. Unless otherwise defined herein, all capitalized terms used herein will have the meanings ascribed to them in the Omnibus Incentive Plan.

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***Eligibility***

Any employee, officer, director, Consultant or, subject to applicable law, other advisor of, or any other individual who provides Services to the Company or any Affiliate will be eligible to receive an Award under the Plan. Only eligible employees of the Company and its Affiliates (as determined in accordance with Section 422(b) of the Code (and Sections 424(e) and 424(f) of the Code with respect to options representing the right to purchase Shares from the Company ("**Incentive Stock Options**" or "**Options**") in the case of employees who are U.S. Participants) are eligible to be granted Incentive Stock Options under the Plan and no Canadian Participant, other than a Canadian Employee Participant, will be eligible to be granted Deferred Stock Units under the Plan. Eligibility for the grant of Awards and actual participation in the Plan will be determined by a committee of the Board established or designated by the Board as responsible for the administration of the Omnibus Incentive Plan (the "**Committee**").

***Administration***

The Omnibus Incentive Plan will be administered by the Committee, in its discretion and subject to the terms of the Omnibus Incentive Plan and applicable law, the Committee will have full power and discretion to: (i) designate Participants; (ii) determine the type or types of Awards to be granted to each Participant under the Omnibus Incentive Plan; (iii) determine the number of Shares to be covered by (or with respect to which payments, rights, or other matters are to be calculated in connection with) any one or more of the Awards, including whether an Award will be a Canadian Award or a U.S. Award; (iv) authorize and approve the applicable form and determine the terms and conditions, not inconsistent with the terms of the Omnibus Incentive Plan, of any Award Agreement and Award granted hereunder (including the exercise price (if any), the exercise period, any termination provisions, any restriction or limitation, any vesting schedule or acceleration thereof, or any forfeiture restrictions or waiver thereof, regarding any Award and the Shares relating thereto, based on such factors, if any, as the Committee will determine); (v) determine whether, to what extent, and under what circumstances Awards may be settled or exercised in cash, Shares, other securities, or other Awards, or canceled, forfeited or suspended, and the method or methods by which Awards may be settled, exercised, canceled, forfeited or suspended; (vi) determine whether, to what extent, and under what circumstances cash, Shares, other securities, other Awards, and other amounts payable with respect to an Award under the Omnibus Incentive Plan will be deferred either automatically or at the election of the holder thereof or of the Committee, taking into consideration the requirements of Section 409A of the Code; (vii) determine whether to require a Participant, as a condition of the granting of any Award, to not sell or otherwise dispose of securities acquired pursuant to the exercise of an Award for a period of time as determined by the Committee following the date of the grant of such Award; (viii) determine whether an Option is an Incentive Stock Option or Non-Qualified Stock Option; (ix) interpret and administer the Omnibus Incentive Plan and any instrument or agreement relating to, or Award made under, the Omnibus Incentive Plan; (x) establish, amend, suspend or waive such rules and regulations and appoint such agents as it will deem appropriate for the proper administration of the Omnibus Incentive Plan; (xi) permit accelerated vesting or lapse of restrictions of any Award at any time; and (xii) make any other determination and take any other action that the Committee deems necessary or desirable for the administration of the Omnibus Incentive Plan.

The grant of each Award pursuant to the Omnibus Incentive Plan will be evidenced by an Award Agreement in substantially the form as may be approved by the Committee. Each such Award Agreement will include both terms and conditions as specifically provided for in the Omnibus Incentive Plan as well as such additional terms and conditions, in either case not inconsistent with the provisions of the Omnibus Incentive Plan, as the Committee will determine.

***Options***

An Option is any right granted to a Participant under the Omnibus Incentive Plan allowing such Participant to purchase Shares at such price or prices and during such period or periods as the Committee shall determine, as set out in the applicable Award Agreement.

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The Committee will be authorized to grant Options to Participants under the Omnibus Incentive Plan. Incentive Stock Options must be granted within ten years from the earlier of: (i) the date the Omnibus Incentive Plan was adopted by the Board (i.e., the "Effective Date"); or (ii) the date the Omnibus Incentive Plan is approved by the Company's shareholders. Each Award Agreement will separately designate whether the Option is an Incentive Stock Option or a Non-Qualified Stock Option, and will include the following terms and conditions and such additional terms and conditions, in either case not inconsistent with the provisions of the Omnibus Incentive Plan, as the Committee will determine, in its discretion.

The number and kind of Shares for which any Option may be granted will be determined by the Committee. Each Award Agreement will specify the exercise price per Share as determined by the Committee at the time the Option is granted; provided, however, that, except in the case of Substitute Awards, such exercise price will not be less than 100% (or not less than 110% in the case of an Incentive Stock Option granted to a 10% Shareholder) of the greater of: (i) the Fair Market Value of a Share on the date of grant of such Option; and (ii) the Fair Market Value of a Share on the trading day prior to the date of grant of such Option, which grant will occur after the close of the Exchange on the grant date.

Each Award Agreement will specify the term for which the Option thereunder is granted and will provide that such Option will expire at the end of such term; provided, however, that the term (measured from the grant date) of an Incentive Stock Option will not exceed ten years or five years for an Incentive Stock Option to a 10% Shareholder. If the term of an Option (other than an Incentive Stock Option) held by any Participant not subject to Section 409A of the Code would otherwise expire during, or within two business days of the expiration of a Blackout Period applicable to such Participant, then the term of such Option will be extended to the earlier of the end of such Blackout Period or, provided the Blackout Period has ended, the expiry date.

With the approval of the Committee, a Participant may elect to exercise an Option, in whole or in part, without payment of the aggregate price due on such exercise by electing to receive Shares equal in value to the difference between the price and the Fair Market Value on the date of exercise, computed in accordance with the Omnibus Incentive Plan.

***Stock Appreciation Rights***

The Committee will be authorized to grant SARs to Participants under the Omnibus Incentive Plan. Each SAR will represent a right to receive, on exercise by the Participant, the excess of the Fair Market Value of one Share on the date of exercise over the base price of the SAR on the date of grant, or if granted in connection with an outstanding Option on the date of grant of the related Option, as specified by the Committee, which, except in the case of Substitute Awards, will not be less than the greater of: (i) the Fair Market Value of a Share on such date of grant of the SAR or the related Option, as the case may be; and (ii) the Fair Market Value of a Share on the trading day prior to such date of grant of the SAR or the related Option, as the case may be.

Each Award Agreement will specify whether a SAR is granted to a Participant as either a freestanding SAR or a tandem SAR.

Any tandem SAR related to an Option will be granted at the same time such Option is granted to the Participant. In the case of any tandem SAR related to any Option, the SAR or applicable portion thereof will not be exercisable until the related Option or applicable portion thereof is exercisable and will terminate and no longer be exercisable on the termination or exercise of the related Option, except that a SAR granted with respect to less than the full number of Shares covered by a related Option will not be reduced until the exercise or termination of the related Option exceeds the number of Shares not covered by the SAR. Any Option related to any tandem SAR will no longer be exercisable to the extent the related SAR has been exercised.

------

A freestanding SAR will not have a term greater than ten years or, unless it is a Substitute Award, a base price less than 100% of the greater of: (i) the Fair Market Value of the Share on the date of grant; and (ii) the Fair Market Value of the Share on the trading day prior to the date of grant, which grant will occur after the close of the Exchange on the grant date. Notwithstanding the foregoing, if the term of a SAR held by any Participant not subject to Section 409A of the Code would otherwise expire during, or within two business days of the expiration of a Blackout Period applicable to such Participant, then the term of such SAR will be extended to the earlier of the end of such Blackout Period or, provided the Blackout Period has ended, the expiry date.

***Restricted Stock and Restricted Stock Units***

The Committee will be authorized to grant Awards of Restricted Stock and Restricted Stock Units to Participants under the Omnibus Incentive Plan.

Each Restricted Stock Unit will represent a right to receive a cash payment equal to the Fair Market Value of one Share or, as the Committee's discretion, one Share. Shares of Restricted Stock and Restricted Stock Units will be subject to such restrictions as the Committee may impose (including, without limitation, any limitation on the right to receive any dividend or Dividend Equivalent or other right), which restrictions may lapse separately or in combination at such time or times, in such installments or otherwise, as the Committee may deem appropriate.

***Deferred Stock Units***

The Committee will be authorized to grant Awards of Deferred Stock Units to Participants under the Omnibus Incentive Plan. Deferred Stock Units provide Participants with compensation opportunities which are compatible with the interests of the Company's shareholders, encourage a sense of ownership and reward significant achievements.

Deferred Stock Units will be settled on expiration of the deferral period specified for an Award of Deferred Stock Unit by the Committee (or, if permitted by the Committee, as elected by the Participant). In addition, Deferred Stock Units will be subject to such restrictions on transferability, risk of forfeiture and other restrictions, if any, as the Committee may impose, which restrictions may lapse at the expiration of the deferral period or at earlier specified times (including based on achievement of performance goals and/or future service requirements), separately or in combination, in installments or otherwise, and under such other circumstances as the Committee may determine at the date of grant or thereafter. Deferred Stock Units may be satisfied by delivery of a cash payment, Shares, other Awards, or a combination thereof, as determined by the Committee at the date of grant or thereafter.

The Committee may award Dividend Equivalents with respect to Awards of Deferred Stock Units. The entitlements on such Dividend Equivalents will not be available until the expiration of the deferral period for the Award of Deferred Stock Units.

***Performance Awards***

The Committee will be authorized to grant Performance Awards to Participants under the Omnibus Incentive Plan payable on the attainment of specific Performance Goals.

If the Performance Award is payable in shares of Restricted Stock, such shares will be transferable to the Participant only on attainment of the relevant Performance Goal. If the Performance Award is payable in cash, it may be paid upon the attainment of the relevant Performance Goals either in cash or in shares of Restricted Stock (based on the then current Fair Market Value of such Shares), as determined by the Committee.

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Subject to the applicable provisions of the Award Agreement and the Omnibus Incentive Plan, on a Participant's termination of Service for any reason during the Performance Period for a given Performance Award, the Performance Award in question will vest or be forfeited in accordance with the terms and conditions established by the Committee on the date of the grant of the Performance Award. Based on Service, performance and/or such other factors or criteria, if any, as the Committee may determine, the Committee may, at or after grant, due to such Service, performance and/or such other factors or criteria relating to the Participant's performance to date accelerate on a pro rata basis the vesting of all or any part of any Performance Award.

When and if Performance Awards become payable, a Participant having received the grant of such units will be entitled to receive payment from the Company in settlement of such units in cash, Shares of equivalent value (based on the Fair Market Value, subject to applicable law), in some combination thereof, or in any other form determined by the Committee.

***Other Stock Based Awards***

The Committee will be authorized, subject to limitations under applicable law, to grant to Participants such other Awards that may be denominated or payable in, valued in whole or in part by reference to, or otherwise based on, or related to, Shares or factors that may influence the value of Shares, including, without limitation, convertible or exchangeable debt securities, other rights convertible or exchangeable into Shares, purchase rights for Shares, Awards with value and payment contingent on performance of the Company or business units thereof, Shares awarded purely as a bonus and not subject to restrictions or conditions, or any other factors designated by the Committee.

***Insider Limitations***

Subject to the terms of the Omnibus Incentive Plan and unless permitted by applicable law, the Company will not grant Awards under the Omnibus Incentive Plan to an employee or Consultant of the Company who is an investor relations person of the Company, an Associated Consultant of the Company, an Executive Officer of the Company, a director of the Company, or a Permitted Assign of those persons if, after the distribution, (a) the number of securities, calculated on a fully diluted basis, reserved for issuance under any Security Based Compensation Arrangement granted to (i) Related Persons, exceeds 10% of the outstanding securities of the Company, or (ii) a Related Person, exceeds 5% of the outstanding securities of the Company, or (b) the number of securities, calculated on a fully diluted basis, issued within 12 months to (i) Related Persons, exceeds 10% of the outstanding securities of the Company, or (ii) a Related Person and the Associates of the Related Person, exceeds 5% of the outstanding securities of the Company.

***Effect of Termination of Service on Awards***

The Committee may specify the circumstances in which Awards will be exercised, vested, paid or forfeited in the event a participant ceases to provide service to the Company or any Affiliate prior to the end of a performance period or exercise or settlement of such Award. If no such circumstances are specified in the terms of an Award Agreement for a participant, the following terms will apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if a participant resigns their office or employment, or the employment of a participant is terminated, or a
participant's contract as a consultant terminates, only the portion of the Awards (except for Deferred Stock Units granted to Canadian Employee Participants) that has vested and is exercisable at the date of any such resignation or termination
may be exercised by the participant during the period ending 30 days after the date of resignation or termination, as applicable, after which period all Awards expire;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if a participant resigns their office or employment, or the employment of a participant is terminated, or a
participant's contract as a consultant terminates, the portion of the

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Awards (except for Deferred Stock Units granted to Canadian Employee Participants) that has not vested and is not exercisable at the date of any such resignation will expire on the date of any such resignation or termination; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any Awards (except Deferred Stock Units), whether vested or unvested, will expire immediately upon the participant
being dismissed from their office or employment for cause or on a participant's contract as a consultant being terminated before its normal termination date for cause, including where a participant resigns their office or employment or
terminates their contract as a consultant after being requested to do so by the Company as an alternative to being dismissed or terminated by the Company for cause.

***Changes in Control***

Except as otherwise provided in an Award Agreement, the occurrence of a Change in Control will not result in the vesting of unvested Awards nor the lapse of any period of restriction pertaining to any Restricted Stock or Restricted Stock Units ("**Unvested Awards**"). For the period of 24 months following a Change in Control, where a Participant's employment or term of office or engagement is terminated for any reason, other than for cause: (i) any Unvested Awards as at the date of such termination will be deemed to have vested, and any period of restriction will be deemed to have lapsed, as at the date of such termination and will become payable as at the date of termination; and (ii) the level of achievement of Performance Goals for any Unvested Awards that are deemed to have vested pursuant to (i) above, will be based on the actual performance achieved at the end of the applicable period immediately prior to the date of termination. Subject to certain restrictions as set out in the Omnibus Incentive Plan, notwithstanding the above, no cancellation, acceleration of vesting, lapsing of restrictions, payment of an Award, cash settlement or other payment will occur with respect to any Award if the Committee reasonably determines in good faith in connection with a Change in Control that such Award will be honoured or assumed, or new rights substituted therefor by any successor to the Company or an Affiliate.

***Amendments and Termination***

Unless required by applicable law, the Committee may amend, alter, suspend, discontinue or terminate the Omnibus Incentive Plan and any outstanding Awards granted thereunder, in whole or in part, at any time without notice to or approval by the Shareholders of the Company, for any purpose whatsoever, provided that where the such amendment relates to any outstanding Award and it would (i) materially decrease the rights or benefits accruing to the holder of an Award; and (ii) materially increase the obligations of the holder of an Award, then, unless otherwise excepted out by a provision of the Plan, the Committee must also obtain the written consent of the holder of such Award in question to such amendment.

***Term of the Omnibus Incentive Plan***

The term of the Omnibus Incentive Plan is ten years from the Effective Date. However, unless otherwise expressly provided in the Omnibus Incentive Plan or in an applicable Award Agreement, any Award granted prior to the date that is ten years from the Effective Date may extend beyond such date, and the authority of the Committee to amend, alter, adjust, suspend, discontinue, or terminate any such Award, or to waive any conditions or rights under any such Award, and the authority of the Board to amend the Plan, will extend beyond such date.

***Withholding Tax***

The Company or any Affiliate shall have the authority and the right to deduct or withhold, or require a Participant to remit to the Company or Affiliate, an amount sufficient to satisfy federal, provincial, state, local and foreign taxes required by law to be withheld with respect to any taxable event concerning a Participant arising as a result of the Omnibus Incentive Plan.

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**Outstanding Equity Awards at 2025 Fiscal Year End** 

The following table provides information with respect to holdings of unvested options and stock awards held by our named executive officers, at December 31, 2025.

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Option Awards | Option Awards | Option Awards | Option Awards | Option Awards | Option Awards | Option Awards | Option Awards | Option Awards |
| Name and Principal<br>Position | Number of<br>Securities<br>Underlying<br>Unexercised<br>Options (#)<br>Exercisable | Number of<br>Securities<br>Underlying<br>Unexercised<br>Options (#)<br>Unexercisable | Equity<br>Incentive<br>Plan<br>Awards:<br>Number of<br>Securities<br>Underlying<br>Unexercised<br>Unearned<br>Options <sup>(3)</sup> | Option<br>Exercise<br>Price ($) | Option<br>Expiration<br>Date | Number of<br>shares or<br>units of stock<br>that have not<br>vested<br>(#) | Market<br>value of<br>shares of<br>units of<br>stock that<br>have not<br>vested<br>($)<sup>(4)</sup> | Equity<br>incentive<br>plan<br>awards:<br>Number<br>of<br>unearned<br>shares,<br>units or<br>other<br>rights that<br>have not<br>vested<br>(#) | Equity<br>incentive<br>plan<br>awards:<br>Market or<br>payout<br>value of<br>unearned<br>shares,<br>units or<br>other<br>rights that<br>have not<br>vested<br>($) |
|  Richard Proud,<br>*Chief Executive Officer* |  |  |  |  |  | 66070622<sup>(1)</sup> | $330353 |  |  |
|  Justin Vu<br>*Former Chief Financial Officer* |  |  |  |  |  | 4316547<sup>(2)</sup> | $21583 |  |  |
|  Philippe Faraut,<br>*Former Chief Financial Officer* |  |  |  |  |  |  |  |  |  |
|  Robert Galvin,<br>*Former Interim Chief Executive Officer and Former Interim Chief Operating Officer* | 3938678**<sup>(</sup>**<sup>3)</sup> |  |  | US$0.051 | 7/10/2030 |  |  |  |  |

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(1) RSUs granted to Richard Proud on August 31, 2023, which will vest on August 31, 2026.

(2) RSUs granted to Justin Vu on June 27, 2023, which will accelerate and fully vest upon completion of
Mr. Vu's consulting services in accordance with the Vu Separation Agreement.

(3) Replacement stock options granted to Robert Galvin on September 21, 2022, which vested in equal installments on
July 10, 2021, July 10, 2022, and July 10, 2023.

(4) Market value determined using the closing stock price of $0.005 per share on the last trading day the fiscal year on
December 31, 2025.

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**Non-Employee Director Compensation** 

The table below shows the equity and other compensation granted to our non-employee directors during the fiscal year ended 2025. All amounts in the table are in whole dollars.

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Name | Year | Fees<br>Earned or<br>Paid Cash<br>($) | Stock Awards<br>($)<sup>(1)</sup> | Option Awards<br>($) | Non- Equity<br>Incentive Plan<br>Compensation<br>($) | Nonqualified<br>Deferred<br>Compensation<br>Earnings ($) | All Other in<br>Compensation<br>($) | Total ($) |
|  Michelle Mathews-Spradlin | 2025 | $140000**<sup>(</sup>**<sup>2)</sup> | $165000**<sup>(</sup>**<sup>3)</sup> | – |  | – |  | $305000 |
|  Kenneth Gilbert | 2025 | $50000**<sup>(</sup>**<sup>4)</sup> | $165000**<sup>(</sup>**<sup>5)</sup> | – |  | – |  | $215000 |
|  Scott Cohen | 2025 | $70000<sup>(6)</sup> | $165000<sup>(7)</sup> | – |  | – |  | $235000 |
|  Alexander Shoghi | 2025 |  | $227500**<sup>(</sup>**<sup>8)</sup> | – |  | – |  | $227500 |

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(1) Amounts reported represent the aggregate grant date fair value for option awards granted in each respective year in
accordance with FASB ASC Topic 718, excluding the effect of forfeitures. See Note 10 "Share Capital" in the Notes to the Company's Consolidated Financial Statements for the fiscal year ended 2025 included in our Form 10-K for the year ended 2025 for more information regarding the Company's accounting for share-based compensation plans. The amounts shown in the Director Compensation Table above do not represent the actual
value realized by each Director.

(2) Represents annual cash retainers totaling $140,000 ($50,000 annual retainer, $75,000 annual retainer as Chair of the
Board and $15,000 retainer as Chair of the Compensation Committee).

(3) On December 1, 2025, Michelle Mathews-Spradlin was issued 33,673,469 RSUs, valued at $165,000 based on the
Company's closing stock price on November 30, 2025, the date immediately preceding the grant, all of which vest on December 1, 2026.

(4) Represents annual cash retainer equal to $50,000.

(5) On December 1, 2025, Kenneth Gilbert was issued 33,673,469 RSUs, valued at $165,000 based on the Company's
closing stock price on November 30, 2025, the date immediately preceding the grant, all of which vest on December 1, 2026.

(6) Represents annual cash retainers totaling $70,000 ($50,000 annual retainer and $20,000 annual retainer as Chair of the
Audit Committee).

(7) On December 1, 2025, Scott Cohen was issued 33,673,469 RSUs, valued at $165,000 based on the Company's
closing stock price on November 30, 2025, the date immediately preceding the grant, all of which vest on December 1, 2026.

(8) On December 1, 2025, Alexander Shoghi was issued 46,428,571 RSUs, valued at $227,500 based on the Company's
closing stock price on November 30, 2025, the date immediately preceding the grant, all of which vest on December 1, 2026. Mr. Shoghi elected to receive RSUs equal to, and in lieu of, the cash Board fees he otherwise would have been
entitled, and accordingly, of the $227,500 in RSUs issued to Mr. Shoghi, $62,500 (or 12,500,000 RSUs) is attributable to Mr. Shoghi's annual Board retainers ($50,000 annual retainer and $12,500 annual retainer as Chair of the
Nominating and Corporate Governance Committee).

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**PROPOSAL TWO** 

**APPOINTMENT OF AUDITOR** 

The Board recommends, on the advice of the Audit Committee, that the shareholders of the Company re-appoint PKF LLP as the Company's auditor to audit the Company's consolidated financial statements for fiscal year 2026. To the knowledge of management of the Company, neither such firm nor any of its members has any direct or material indirect financial interest in the Company, nor any connection with the Company in any capacity other than as our auditor.

**Principal Independent Registered Public Accounting Firm Fees and Services** 

PKF LLP has served as our auditor as of March 30, 2023. During the years ended December 31, 2023, 2024 and 2025, there were no "reportable events" as such term is defined in NI 51-102.

**External Auditor Service Fees** 

The Audit Committee has reviewed the nature and amount of the non-audit services provided by PKF LLP to ensure auditor independence. Fees incurred with PKF LLP for audit and non-audit services in the last two fiscal years are outlined in the following table.

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| | | |
|:---|:---|:---|
| **Nature of**<br> **Services** | **Fees Paid in Fiscal Year Ended<br>December 31, 2025** | **Fees Paid in Fiscal Year Ended<br>December 31, 2024** |
|  **Audit Fees<sup>(1)</sup>** | US$985,569 | US$1,068,955 |
|  **Audit-Related Fees<sup>(2)</sup>** | Nil | Nil |
|  **Tax Fees<sup>(3)</sup>** | Nil | Nil |
|  **All Other Fees<sup>(4)</sup>** | Nil | Nil |
|  **Total** | US$985,569 | US$1,068,955 |

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(1) "Audit Fees" include fees necessary to perform the annual audit and quarterly reviews of the
Company's consolidated financial statements. Audit Fees include fees for review of tax provisions and for accounting consultations on matters reflected in the financial statements. Audit Fees also include audit or other attest services
required by legislation or regulation, such as comfort letters, consents, reviews of securities filings and statutory audits.

(2) "Audit-Related Fees" include services normally performed by the auditor. These audit-related services
include employee benefit audits, due diligence assistance, accounting consultations on proposed transactions, internal control reviews and audit or attest services not required by legislation or regulation.

(3) "Tax Fees" include fees for all tax services other than those included in "Audit Fees" and
"Audit-Related Fees". This category includes fees for tax compliance, tax planning and tax advice. Tax planning and tax advice includes assistance with tax audits and appeals, tax advice related to mergers and acquisitions, and requests
for rulings or technical advice from tax authorities.

(4) "All Other Fees" include all other non-audit services.

**Pre-approval Policies and Procedures** 

In accordance with the Sarbanes-Oxley Act, our Audit Committee Charter requires the Audit Committee to pre-approve all audit and permitted non-audit services provided by our independent registered public accounting firm, including the review and approval in advance of our independent registered public accounting firm's annual engagement letter and the proposed fees contained therein. The Audit Committee has the ability to delegate the authority to pre-approve non-audit services to one or more designated members of the Audit Committee. If such authority is delegated, such delegated members of the Audit Committee must report to the full Audit Committee at the next Audit Committee meeting all items pre-approved by such delegated members. In the fiscal years ended December 31, 2025, 2024 and 2023 all of the services performed by our independent registered public accounting firm were pre-approved by the Audit Committee

The enclosed Proxy will be voted as specified, but if no specification is made, it will be voted "**FOR**" the appointment of PKF LLP as the auditor of the Company for the fiscal year ended December 31, 2026, and to authorize the directors to fix the remuneration of the auditor.

**The Board recommends a vote "FOR" this proposal.** 

**SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT** 

The following table sets forth certain information regarding beneficial ownership of Shares as of May 8, 2026, by (i) each person known to beneficially own more than 5% of our outstanding common shares, (ii) each of our directors, (iii) each of our named executive officers and (iv) all of our directors and named executive officers as a group.

Except as indicated in footnotes to this table, we believe that the shareholders named in this table have sole voting and investment power with respect to all shares of common stock shown to be beneficially owned by them, based on information provided to us by such shareholders, subject to community property laws, where applicable.

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| | | |
|:---|:---|:---|
| **Beneficial Owner<sup>(1)</sup>** | **Shares Beneficially<br>Owned** | **Percentage of Shares<br>Beneficially Owned<sup>(2)</sup>** |
|  **Directors and Named Executive Officers:** |  |  |
|  Richard Proud | 72875894**<sup>(</sup>**<sup>3)</sup> | \* |
|  Jason Ware | Nil |  |
|  Michelle Mathews-Spradlin | 47816178<sup>(4)</sup> | \* |
|  Scott Cohen | 46443629<sup>(5)</sup> | \* |
|  Kenneth Gilbert | 1960785<sup>(6)</sup> | \* |
|  Alexander Shoghi | 64424885<sup>(7)</sup> | \* |

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| | | |
|:---|:---|:---|
|  All Executive Officers and Directors as a Group (6 persons) | 233521371 | \* |
|  **5% or Greater Shareholders:** |  |  |
|  Parallax Master Fund, LP<sup>(8)</sup> | 369665259 | 5.30% |
|  Jason Adler<sup>(9)</sup> | 2598704326<sup>(10)</sup> | 37.27% |
|  Senvest Management, LLC<sup>(11)</sup> | 1074406901<sup>(12)</sup> | 15.41% |
|  Oasis Investments II Master Fund Ltd.<sup>(13)</sup> | 1279055833 | 18.34% |

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| | |
|:---|:---|
| \*Represents | beneficial ownership of less than 1%.  |

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(1) Unless otherwise indicated, the address of each person is c/o iAnthus Capital Holdings, Inc., 214 King Street, Suite
400, Toronto, ON, M5H 3S6.

(2) The calculation in this column is based upon 3,972,551,786 common shares outstanding on May 8, 2026. Beneficial
ownership is determined in accordance with the rules of the SEC and generally includes voting or investment power with respect to the subject securities. Common shares that may be acquired by an individual or group within 60 days of May 8,
2026, pursuant to the exercise of options or warrants, vesting of common shares or conversion of convertible debt, are deemed to be outstanding for the purpose of computing the percentage ownership of such individual or group, but are not deemed to
be outstanding for the purpose of computing the percentage ownership of any other person shown in the table.

(3) Represents 72,875,894 common shares. Excludes 66,070,622 common shares underlying unvested restricted
stock units.

(4) Represents 47,816,178 common shares. Excludes 33,673,469 common shares underlying unvested restricted stock units.

(5) Represents 46,443,629 common shares. Excludes 33,673,469 common shares underlying unvested restricted stock
units.

(6) Represents 1,960,785 common shares. Excludes 77,764,156 common shares underlying unvested restricted stock
units.

(7) Represents 64,424,885 common shares. Excludes 46,428,571 common shares underlying unvested restricted stock units.

(8) William Bartlett is the Managing Member of Parallax Master Fund, LP and in such capacity has the right to vote and
dispose of the securities held by such entity. The address of Parallax Master Fund, LP is 88 Kearny Street, 20th Floor, San Francisco, CA 94108.

(9) Jason Adler is the Managing Member of Gotham Green Credit Partners GP I, LLC, Gotham Green GP 1, LLC, Gotham Green GP
II, LLC and Gotham Green Partners SPV V GP, LLC. Gotham Green Credit Partners GP I, LLC is the General Partner of Gotham Green Credit Partners SPV 1, LP. Gotham Green GP 1, LLC is the General Partner of Gotham Green Fund 1, LP and Gotham Green Fund
1 (Q), LP. Gotham Green GP II, LLC is the General Partner of Gotham Green Fund II (Q), LP and Gotham Green Fund II, LP. Gotham Green Partners SPV V GP, LLC is the General Partner of Gotham Green Partners SPV V, LP.

(10) Represents (i) 125,585,311 common shares held by Gotham Green Fund 1, L.P.; (ii) 502,419,744 common shares held by
Gotham Green Fund 1(Q), L.P.; (iii) 57,324,290 common shares held by Gotham Green Fund II, L.P.; (iv) 333,453,540 common shares held by Gotham Green Fund II (Q), L.P.; (v) 934,167,928 common shares held by Gotham Green Credit Partners SPV 1, L.P.;
and (vi) 615,096,377 common shares held by Gotham Green Partners SPV V, L.P.

(11) Senvest Management, LLC serves as the investment manager to Senvest Master Fund, LP and Senvest Global (KY), LP
(collectively, the "Investment Vehicles"), with respect to the common shares held by the Investment Vehicles. Richard Mashaal serves as the Managing Member of Senvest Management, LLC, with respect to the common shares held by the
Investment Vehicles. Senvest Management, LLC may be deemed to beneficially own the securities held by the Investment Vehicles by virtue of Senvest Management LLC's position as Investment Manager of each of the Investment Vehicles.
Mr. Mashaal may be deemed to beneficially own the securities held by the Investment Vehicles by virtue of Mr. Mashaal's status as the Managing Member of Senvest Management, LLC.

(12) Represents: (i) 946,501,317 common shares held by Senvest Master Fund, LP; and (ii) 127,905,584 common shares held by
Senvest Global (KY), LP. 132

(13) Seth Fisher is responsible for the supervision and conduct of all investment activities of Oasis Management Company
Ltd. (the "**Investment Manager** "), including all investment decisions with respect to the assets of Oasis Investments II Master Fund Ltd., with respect to the common shares held by Oasis Investments II Master Fund Ltd. The address
of the business office of Mr. Fischer is c/o Oasis Management (Hong Kong), 25/F, LHT Tower, 31 Queen's Road Central, Central, Hong Kong. The address of the business office of each of Oasis Management and the Oasis II Fund is Ugland House,
PO Box 309 Grand Cayman, KY1-1104, Cayman Islands.

**CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS** 

The following includes a summary of transactions during our fiscal years ended December 31, 2025 and December 31, 2024 to which we have been a party, including transactions in which the amount involved in the transaction exceeds the lesser of $120,000 or 1% of the average of our total assets at year-end for the last two completed fiscal years and in which any of our directors, executive officers or, to our knowledge, beneficial owners of more than 5% of our capital stock or any member of the immediate family of any of the foregoing persons had or will have a direct or indirect material interest,

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other than equity and other compensation, termination, change in control and other arrangements, which are described our 2025 Annual Report on Form 10-K. We are not otherwise a party to a current related party transaction and no transaction is currently proposed, in which the amount of the transaction exceeds the lesser of $120,000 or 1% of the average of our total assets at year-end for the last two completed fiscal years and in which a related person had or will have a direct or indirect material interest.

Gotham Green Partners, LLC ("**GGP**") invested $14.7 million through the Interim Financing during the year ended December 31, 2020 and during the year ended December 31, 2021, GGP, Senvest Master Fund, LP, Oasis Investments II Master Fund LTD and Hadron Healthcare and Consumer Special Opportunities Master Fund invested an aggregate of $5.5 million, $2.1 million, $2.5 million and $0.1 million, respectively, through the Senior Secured Bridge Notes. On the Closing Date, we closed the Recapitalization Transaction pursuant to which the outstanding principal amount of the Secured Notes (including the Interim Financing) together with interest accrued and fees thereon were forgiven in part and exchanged for (A) the Secured Lender Shares, (B) June Secured Debentures and (C) June Unsecured Debentures and the outstanding principal amount of the Unsecured Debentures together with interest accrued and fees thereon were forgiven in part and exchanged for (A) the Unsecured Lender Shares and (B) June Unsecured Debentures. As a result of closing the Recapitalization Transaction, GGP and Parallax Master Fund, LP, were issued the June Secured Debentures in the principal amount of $84.4 million and $12.1 million, respectively, and 2,568,047,188 and 369,665,259 common shares, respectively. In addition, we issued June Unsecured Debentures as follows: $4.2 million to GGP, $0.6 million to Parallax Master Fund, LP, $1.3 million to Hi-Med, $5.3 million to Senvest Master Fund, LP, $6.3 million to Oasis Investments II Master Fund LTD and $2.3 million to Hadron Healthcare and Consumer Special Opportunities Master Fund, respectively. We also issued GGP, Parallax Master Fund, LP, Senvest Master Fund, LP, Oasis Investments II Master Fund LTD and Hadron Healthcare and Consumer Special Opportunities Master Fund 2,568,047,188, 369,665,259, 936,189,371, 1,265,120,771 and 455,443,478 common shares, respectively. Further during the year ended December 31, 2022, GGP, Senvest Master Fund, LP, Oasis Investments II Master Fund LTD and Hadron Healthcare and Consumer Special Opportunities Master Fund invested aggregate of $12.5 million, $4.8 million, $5.7 million and $2.0 million, respectively, which were evidenced through the issuance of Additional Secured Debentures. As of December 31, 2025, the outstanding principal balance of the June Secured Debentures and Additional Secured Debentures were $132.3 million and $33.2 million, respectively (December 31, 2024 — $122.1 million and $30.6 million, respectively). The outstanding principal balance of the June Unsecured Debentures as of December 31, 2025 was $26.5 million (December 31, 2024 — $24.4 million). As of December 31, 2025, the outstanding principal balance on the Senior Secured Bridge Notes was $8.5 million (December 31, 2024—$16.0 million).

Pursuant to the terms of the Third Amended and Restated Secured Debenture Purchase Agreement (the "**Secured DPA**"), dated as of June 24, 2022, with ICM, the other Credit Parties (as defined in the Secured DPA), the Collateral Agent (as defined in the Secured DPA), and the lenders party thereto (the "**New Secured Lenders**") the Company has a related party payable of $6.3 million due to certain of the New Secured Lenders, including GGP, Oasis Investment Master II Fund LTD., Senvest Global (KY), LP, Senvest Master Fund, LP and Hadron Healthcare and Consumer Special Opportunities Master Fund for certain out-of-pocket costs, charges, fees, taxes and other expenses incurred by the New Secured Lenders in connection with the closing of the Recapitalization Transaction (the "**Deferred Professional Fees**"). The Company had until December 31, 2022 to pay the Deferred Professional Fees ratably based on the amount of each New Secured Lender's Deferred Professional Fees. The Deferred Professional Fees accrued simple interest at the rate of 12.0% from the Closing Date until December 31, 2022. Beginning with the first business day of the month following December 31, 2022, interest began accruing on the Deferred Professional Fees at the rate of 20% calculated on a daily basis and is payable on the first business day of every month until the Deferred Professional Fees and accrued interest thereon is paid in full. As of December 31, 2025, the outstanding related party portion of the Deferred Professional Fees including accrued interest was $2.2 million (December 31, 2024 – $9.2 million).

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**SHAREHOLDER PROPOSALS FOR 2027 ANNUAL GENERAL MEETING** 

**Our Annual General Meeting of Shareholders generally is expected to be held by the end of June of each year.** 

**Proposals to be included in our Proxy Statement** 

Proposals of shareholders intended to be presented at the annual meeting of shareholders to be held in 2027 pursuant to Rule 14a-8 under the Exchange Act must be received by the Secretary of the Company at its executive offices no later than January 8, 2027, to be considered for inclusion in the Company's proxy materials for that meeting. That date is 120 calendar days before the one-year anniversary of the May 8, 2026, release date for this Proxy Statement. In the event the date of the 2026 annual meeting of shareholders has been changed by more than 30 days from the date of the 2026 annual meeting, shareholders who intend to have a proposal considered for inclusion in our proxy materials for presentation at our 2027 annual meeting of shareholders must submit the proposal to us at iAnthus Capital Holdings, Inc., 214 King Street, Suite 400, Toronto, Ontario, Canada M5H 3S6 no later than a reasonable time before we begin to print and send our proxy materials for our 2026 annual meeting. Such proposals also must comply with SEC regulations under Rule 14a-8 regarding the inclusion of shareholder proposals in Company-sponsored proxy materials.

The BCBCA permits shareholders to make valid proposals by written notice setting out a matter that the shareholder wishes to have considered at the annual meeting. If you wish to submit a proposal to be included in our Proxy Statement for our 2027 annual meeting of shareholders, proposals must be signed and submitted by a qualified shareholder who has complied with the relevant rules of the SEC and the BCBCA and must be delivered to our office at iAnthus Capital Holdings, Inc., 214 King Street, Suite 400, Toronto, Ontario, Canada M5H 3S6 at least three months before the anniversary of the previous year's annual general meeting (i.e., before March 25, 2027). Pursuant to the BCBCA, a qualified shareholder is a person who: (i) is a registered owner or beneficial owner of one or more shares of our Company that carry the right to vote at general meetings; and (ii) has been a registered owner or beneficial owner of one or more such shares for an uninterrupted period of at least two years before the date of the signing of the proposal, provided that a person is not a qualified shareholder if the person has submitted and failed to present at an annual general meeting a previous proposal.

The proposal must also be signed by qualified shareholder who, together with the submitter, are, at the time of signing, registered or beneficial owners of shares that in the aggregate constitute at least 1/100 of the issued and outstanding shares of our Company that carry the right to vote at the 2027 annual meeting of shareholders or have a fair market value in excess of CAD$2,000.

The proposal must be accompanied by a declaration from the submitter and each supporter, signed by the submitter or supporter, as the case may be, or, in the case of a submitter or supporter that is a corporation, by a director or senior officer of the signatory: (i) providing the name of and a mailing address for that signatory; (ii) declaring the number and class or series of shares carrying the right to vote at general meetings that are owned by that signatory as a registered owner or beneficial owner; and (iii) unless the name of the registered owner has already been provided, providing the name of the registered owner of those shares. A proposal may be accompanied by one written statement in support of the proposal. The proposal and, if any, the statement, together, must not exceed 1,000 words in length (excluding signatures and the declarations referred to above).

A company that receives a proposal must send to all of the persons who are entitled to notice of the annual general meeting in relation to which the proposal is made: (i) the text of the proposal; (ii) the names and mailing addresses of the submitter and the supporters, and (iii) the text of the statement, if any, accompanying the proposal. The Company will allow a submitter to present the proposal, virtually online or by proxy, at the 2027 annual meeting of shareholders if the submitter is a qualified shareholder at the time of that meeting. If our Company receives more than one proposal in relation

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to the 2027 annual meeting of shareholders and the proposals relate to substantially the same matter, our Company only needs to comply with (i) to (iii) above in respect of the first of such proposals.

The Company need not process a proposal if any of the following circumstances applies: (i) the directors have called the 2027 annual meeting of shareholders after the date on which the proposal is received by the Company and have sent notice of that meeting in accordance with the BCBCA; (ii) the proposal is not valid or exceeds the maximum length as further described above; (iii) substantially the same proposal was submitted to shareholders in a notice of meeting, or an information circular or equivalent, relating to a general meeting that was held not more than five (5) years before the receipt of the proposal, and did not receive the sufficient support at the meeting in accordance with the BCBCA; (iv) it clearly appears that the proposal does not relate in a significant way to the business or affairs of the Company; (v) it clearly appears that the primary purpose for the proposal is securing publicity or enforcing a personal claim or redressing a personal grievance against the Company or any of its directors, officers or security holders; (vi) the proposal has already been substantially implemented; (vii) the proposal, if implemented, would cause the Company to commit an offence; or (viii) the proposal deals with matters beyond the Company's power to implement.

If the Company does not intend to process a proposal in accordance with the BCBCA, as further described above, the Company must, within 21 days after the proposal is received by our registered office, send to the submitter: (i) written notice of the Company's decision in relation to the proposal; and (ii) a written explanation as to the Company's reasons for its decision. The submitter may apply to the court for a review of the Company's decision. The court may restrain the holding of the annual general meeting in relation to which the proposal is made and may, if it determines that the Company did not have proper grounds to refuse to process the proposal, make any order it considers appropriate.

**Proposals to be considered at a Meeting but not included in our Proxy Statement** 

In order to bring any other business before the shareholders at the Annual Meeting that will not be included in our Proxy Statement pursuant to Rule 14a-8, you must comply with the procedures and timing specifically described in our Articles and pursuant to Rule 14a-4(c) of the Exchange Act.

Under Rule 14a-4(c) of the Exchange Act, our Board may exercise discretionary voting authority under proxies solicited by it with respect to any matter properly presented by a shareholder at the 2027 annual meeting of shareholders that the shareholder does not seek to have included in our Proxy Statement if (except as described in the following sentence) the Proxy Statement discloses the nature of the matter and how our Board intends to exercise its discretion to vote on the matter, unless we are notified of the proposal on or before March 31, 2027 (pursuant to Rule 14a-4 of the Exchange Act, 45 days before the anniversary of the prior year's mailing date, May 15, 2026) and the shareholder satisfies the other requirements of Rule 14a-4(c)(2). However, if the date of the 2027 annual meeting of shareholders is changed by more than 30 days from the date of the previous year's meeting, then the deadline is a reasonable time before we begin to print and send our Proxy Statement for 2027 annual meeting of shareholders. We will disclose the new deadline by which shareholder's proposals must be received under Item 5 of our earliest possible Quarterly Report on Form 10-Q, or, if impracticable, by any means reasonably calculated to inform shareholders. If we first receive notice of the matter after March 31, 2027, and the matter nonetheless is permitted to be presented at the 2027 annual general meeting of shareholders, our Board may exercise discretionary voting authority with respect to the matter without including any discussion of the matter in the Proxy Statement for the meeting. We reserve the right to reject, rule out of order or take other appropriate action with respect to any proposal that does not comply with the requirements described above and other applicable requirements. Accordingly, with respect to the Company's 2027 annual meeting of shareholders, notice must be provided to iAnthus Capital Holdings, Inc. Attn. Corporate Secretary, at iAnthus Capital Holdings, Inc., 214 King Street, Suite 400, Toronto, Ontario, Canada M5H 3S6 no later than March

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31, 2027. If a shareholder fails to provide timely notice of a proposal to be presented at the 2027 annual meeting, the chair of the meeting will declare it out of order and disregard any such matter.

**EXPENSES OF SOLICITATION** 

All costs incurred in the solicitation of Proxies for the Meeting will be borne by the Company. In addition to the solicitation by mail, officers and regular employees of the Company may solicit Proxies by telephone, email or personally, without additional compensation. The Company may also make arrangements with brokerage houses and other custodians, nominees and fiduciaries for the forwarding of solicitation materials to the beneficial owners of Shares held of record by such persons, and the Company may reimburse such brokerage houses and other custodians, nominees and fiduciaries for their out-of-pocket expenses incurred in connection therewith.

**INTEREST OF CERTAIN PERSONS IN MATTERS TO BE ACTED ON** 

Other than as set forth in this Proxy Statement, no person who has been a director or executive officer of the Company at any time in the last four financial years, nor any associate or affiliate of any of the foregoing, has any material interest, directly or indirectly, by way of beneficial ownership of securities or otherwise, in any matter to be acted upon.

**INDEBTEDNESS OF DIRECTORS AND EXECUTIVE OFFICERS** 

No directors, proposed nominees for election as directors, executive officers or their respective associates or affiliates, or other management of the Company were indebted to the Company as at the date hereof.

**INTEREST OF INFORMED PERSONS IN MATERIAL TRANSACTIONS** 

To the knowledge of management of the Company, no informed person or nominee for election as a director of the Company or any associate or affiliate of any informed person or proposed director had any interest, direct or indirect in any transaction which has materially affected or would materially affect the Company or any of its subsidiaries since the commencement of our most recently completed financial year, or has any interest in any material transaction in the current year other than as set out herein or as disclosed in "*Related Party Transactions*" in the Company's Annual Financial Statements for the fiscal years ended December 31, 2025; and in "*Related Party Transactions*" of the related management discussion and analysis all of which were filed under the Company's SEDAR+ profile at <u>www.sedarplus.ca</u> on March 27, 2026.

**ADDITIONAL INFORMATION AVAILABLE** 

Proxy Materials can be viewed online under the Company's profile on the SEC's website at www.sec.gov and on SEDAR+ at www.sedarplus.ca or on the Company's website at https://www.ianthus.com/investors/annual-meeting-materials/2026-shareholder-materials. The Proxy Materials will be available for viewing by shareholders for up to one year from the date of posting and shareholders may request a paper copy of the materials at any time during this period. Financial information is provided in the Company's comparative annual financial statements and management discussion & analysis ("**MD&A**") for its most recently completed financial year. Shareholders may contact the Company at 214 King Street, Suite 400, Toronto, Ontario, Canada M5H 3S6, attention: CEO, CFO or Corporate Secretary to request copies of the Company's comparative annual financial statements and MD&A for its most recently completed financial year.

The Proxy Statement provides additional detailed information relating to the matters to be dealt with at the Meeting and is supplemental to, and expressly made a part of, the Notice. Additional information

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about the Company and its consolidated financial statements are also available under the Company's profile on the SEC's website at www.sec.gov and on SEDAR+ at www.sedarplus.ca.

**OTHER BUSINESS** 

As of the date of this Proxy Statement, the Board and management are not aware of any other matter, other than those described herein, which will be presented for consideration at the Meeting. Should any other matter requiring a vote of the shareholders properly come before the Meeting or any adjournment thereof, the enclosed proxy confers upon the persons named in and entitled to vote the shares represented by such proxy discretionary authority to vote the shares represented by such proxy in accordance with their best judgment in the interest of the Company on such matters. The persons named in the enclosed proxy also may, if it is deemed advisable, vote such proxy to adjourn the Meeting from time to time.

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| |
|:---|
| *By Order of the Board of Directors,* |
| */s/* Richard Proud |
| *Richard Proud* |
| *Chief Executive Officer* |

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May 8, 2026

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**SCHEDULE A** 

**iANTHUS CAPITAL HOLDINGS, INC.** 

**AUDIT COMMITTEE CHARTER** 

**1.** **Purpose** 

The Audit Committee (the "Committee") is a committee of the Board of Directors (the "Board") of iAnthus Capital Holdings, Inc. (the "Company").

The Audit Committee will represent and assist the Board in fulfilling its financial oversight responsibilities. The Committee will review and consider in consultation with the auditors: the integrity of the financial reporting process, the system of internal control, the Company's compliance with legal and regulatory requirements, the Company's external auditor's qualifications and independence and the performance of the Company's internal audit function and external accounting firm. In performing its duties, the Committee will maintain effective working relationships with the Board, management, and the external auditors. To effectively perform his or her role, each Committee member must obtain an understanding of the principal responsibilities of Audit Committee membership as well and the Company's business, operations and risks.

In addition, the Committee shall prepare a report each year for inclusion in the Company's proxy statement relating to the election of Directors.

Except as otherwise required by applicable laws, regulations or listing standards, all major decisions are considered by the Board as a whole.

**2.** **Composition** 

The Board will elect, from among their membership, based on the recommendation of the Nominating and Corporate Governance Committee of the Board, an Audit Committee. Each member of the Committee shall serve for such term or terms as the Board may determine or until his or her earlier resignation, removal or death. Any vacancy on the Committee shall be filled by the Board. No member of the Committee shall be removed as a member, except by the Board.

The Chair of the Committee shall be designated by the Board, provided that if the Board does not designate a Chair, the members of the Committee, by a majority vote, may designate a Chair.

The audit committee will consist of a minimum of three directors.

*2.1 Independence* 

All members of the Committee, in the judgment of the Board, shall be independent in accordance with applicable securities legislation and regulations and by the policies of any stock exchange on which any of the Company's capital stock is listed. In addition, the Company also aims to voluntarily abide by the New York Stock Exchange (NYSE) listing standards with regards to independence.

*2.2 Expertise of Committee Members* 

Each member of the Audit Committee, in the judgement of the Board, must be financially literate and have the ability to read and understand the Company's basic financial statements. At least one member of the Committee must have accounting or related financial management expertise. The

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Board shall interpret the qualifications of financial literacy and financial management expertise in its business judgment and shall conclude whether a director meets these qualifications.

Furthermore, while not required by the CSE, the Board will make its best effort to have at least one member of the Committee, in the judgment of the Board, be an "audit committee financial expert" in accordance with the rules and regulations of the Securities and Exchange Commission (SEC), and at least one member (who may also serve as the Audit Committee financial expert), in the judgment of the Board, have accounting or related financial management expertise in accordance with NYSE listing standards.

No member of the Committee may serve simultaneously on the audit committees of more than three public companies, including the Company, unless the Board determines that such simultaneous service would not impair the ability of such member to effectively serve on the Committee and such determination is disclosed in accordance with any and all applicable rules and regulations.

**3.** **Meetings** 

The Committee shall meet in accordance with a schedule established each year by the Board, with a minimum of four meetings per year and at other times that the Committee may determine necessary to fulfill its responsibilities. The Committee shall meet at least annually with the Company's Chief Financial Officer and external auditors in separate executive sessions.

At least annually, the Committee shall coordinate with any other applicable committees to discuss matters of mutual interest within the context of each Committee's responsibilities. The Committee shall report regularly to the Board with respect to its activities and make recommendations to the Board as appropriate. The Committee shall maintain minutes of its meetings and records relating to those meetings.

**4.** **Quorum** 

A quorum at any meeting will be a simple majority of Committee members, provided that if the number of Committee members is an even number, one half of the number plus one shall constitute a quorum.

**5.** **Roles and Responsibilities** 

The audit committee shall fulfill the following roles and discharge the following responsibilities, consistent with and subject to applicable law and rules and regulations promulgated by the CSE or any other applicable regulatory authority:

*5.1 External Audit* 

The Committee shall be directly responsible for overseeing the work of the external auditors in preparing or issuing the auditor's report, including the resolution of disagreements between management and the external auditors regarding financial reporting and audit scope or procedures. In carrying out this duty, the Committee shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) recommend to the Board the external auditor to be nominated by the shareholders for the purpose of preparing or
issuing an auditor's report or performing other audit, review or attest services for the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) review (by discussion and enquiry) the external auditors' proposed audit scope and approach;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) review the performance of the external auditors and recommend to the Board the appointment or discharge of the
external auditors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) review and recommend to the Board the compensation to be paid to the external auditors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) pre-approve all audit services to be provided by the external auditors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) establish policies for the hiring of employees and former employees of the external audit firm;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) review and confirm the independence of the external auditors by reviewing the non-audit services provided and the external auditors' assertion of their independence in accordance with professional standards; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) at least annually, receive and review a report by the external auditors describing the auditor firm's internal
quality control procedures and any material issues raised by the most recent internal quality- control review, peer review or inspection of the external auditor firm, or by any inquiry or investigation by governmental or professional authorities,
within the preceding five years, regarding one or more independent audits carried out by the firm, and any steps taken to deal with any such issues; and any other required reports from the external auditor.

*5.2 Internal Control* 

The Audit Committee shall consider whether adequate controls are in place over annual and interim financial reporting as well as controls over assets, transactions and the creation of obligations, commitments and liabilities of the Company. In carrying out this duty, the Committee shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) evaluate the adequacy and effectiveness of management's system of internal controls over the accounting and
financial reporting system within the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) ensure that the external auditors discuss with the audit committee any event or matter which suggests the possibility
of fraud, illegal acts or deficiencies in internal controls;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) review and approve, based on discussion with the Chief Financial Officer, the appointment, replacement or dismissal of
the internal auditor, who shall report directly to the Committee and administratively to the Chief Financial Officer. Review annually with the Chief Financial Officer the performance of the chief internal auditor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) review and discuss, at least annually, the scope and results of the internal audit program, including the
Company's current and future internal programs and procedures for implementing accepted recommendations made by the external auditor, and any other significant matters recognized internally; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) review and discuss with the external auditor, and management, and take such action with respect thereto as may be
deemed appropriate:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the adequacy and effectiveness of the Company's systems of internal controls (including any significant
deficiencies, material weaknesses and significant changes in internal controls reported to the Committee by the external auditor or management), accounting practices, and disclosure controls and

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procedures (and management reports thereon), of the Company and its subsidiaries; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) current accounting trends and developments.

*5.3 Financial Reporting* 

The Audit Committee shall review the financial statements and financial information prior to its release to the public. In carrying out this duty, the audit committee shall:

*General* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) review significant accounting and financial reporting issues, especially complex, unusual and related party
transactions, including those considered by the Nominating and Corporate Governance Committee, and any significant unusual transactions, in each case considered for disclosure in the Company's financial statements, to understand the terms,
structure and business purpose of, and approval process applied to, each such transaction; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) review and ensure that the accounting principles selected by management in preparing financial statements are
appropriate.

*Annual Financial Statements* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) review the draft annual financial statements and provide a recommendation to the Board with respect to the approval of
the financial statements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) meet with management and the external auditors to review the financial statements and the results of the audit,
including any difficulties encountered; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) review management's discussion & analysis respecting the annual reporting period prior to its release
to the public.

*Interim Financial Statements* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) review and approve the interim financial statements prior to their release to the public; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) review management's discussion & analysis respecting the interim reporting period prior to its release
to the public.

*Release of Financial Information* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) review and approve all public disclosure, including earnings press releases, as well as Company policies with respect
to earnings press releases, financial information and earnings guidance provided to analysts and rating agencies, prior to its release to the public (this function may be performed by the Chair or the full Committee).

*5.4 Non-Audit Services* 

All non-audit services (being services other than services rendered for the audit and review of the financial statements or services that are normally provided by the external auditor in connection with statutory and regulatory filings or engagements) which are proposed to be provided by the external

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auditors to the Company or any subsidiary of the Company shall be subject to the prior approval of the audit committee.

*Pre-Approval Policies and Procedures* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Audit Committee may satisfy the requirement for the pre-approval of non-audit services by adopting specific policies and procedures for the engagement of non-audit services, if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the pre-approval policies and procedures are detailed as to the particular
service;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Committee is informed of each non-audit service; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the procedures do not include delegation of the Audit Committee's responsibilities to management.

*5.5 Other Responsibilities* 

*The audit committee shall:* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) establish and oversee procedures for the receipt, retention and treatment of complaints received by the Company
regarding accounting, internal accounting controls, or auditing matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) establish and oversee procedures for the confidential, anonymous submission by employees of the Company of concerns
regarding questionable accounting or auditing matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) ensure that significant findings and recommendations made by management and the external auditor are received and
discussed on a timely basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) review the policies and procedures in effect for considering officers' expenses and perquisites;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) perform other oversight functions as requested by the Board; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) conduct an annual performance evaluation of the Committee and annually review the adequacy and update this Charter
accordingly and receive approval of changes to this Charter from the Board.

*5.6 Reporting Responsibilities* 

The audit committee shall regularly update the Board about Audit Committee activities and make appropriate recommendations.

**6.** **Resources and Authority of the Audit Committee** 

The Committee shall have the resources and the authority appropriate to discharge its responsibilities, including the authority to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) obtain the advice and assistance, as appropriate, of independent counsel and other advisors as necessary to fulfill
the responsibilities of the Committee, including to

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conduct or authorize investigations into, or studies of, matters within the Committee's scope of responsibilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) set and pay the compensation for any advisors employed by the Audit Committee; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) communicate directly with the internal and external auditors.

**7.** **Guidance – Roles & Responsibilities** 

The following is intended to provide the Audit Committee members with additional guidance on fulfilment of their roles and responsibilities on the committee:

*7.1 Internal Control* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) evaluate whether management is setting the goal of high standards by communicating the importance of internal control
and ensuring that all individuals possess an understanding of their roles and responsibilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) review and discuss, at least annually, the Company's information security and technology risks (including
cybersecurity), including the Company's information security and risk management programs; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) gain an understanding of whether internal control recommendations made by external auditors have been implemented by
management.

*7.2 Financial Reporting General* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) review significant accounting and reporting issues, including recent professional and regulatory pronouncements, and
understand their impact on the financial statements; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) ask management and the external auditors about significant risks and exposures and the plans to minimize such risks;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) review and discuss the Company's policies with respect to risk assessment and risk management, and review
contingent liabilities and risks that may be material to the Company and relevant major legislative and regulatory developments that could materially impact the Company's contingent liabilities and risks; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) understand industry best practices and the Company's adoption of them.

*Annual Financial Statements* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) review the annual financial statements and determine whether they are complete and consistent with the information
known to Committee members, and assess whether the financial statements reflect appropriate accounting principles in light of the jurisdictions in which the Company reports or trades its shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) pay special attention to complex and/or unusual transactions such as restructuring charges and derivative disclosures;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) focus on judgmental areas such as those involving valuation of assets and liabilities, including, for example, the
accounting for and disclosure of loan losses; warranty, professional liability; litigation reserves; and other commitments and contingencies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) consider management's handling of proposed audit adjustments identified by the external auditors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) ensure that the external auditors communicate all required matters to the committee.

*Interim Financial Statements* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) be briefed on how management develops and summarizes interim financial information, the extent to which the external
auditors review interim financial information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) meet with management and the auditors, either telephonically or in person, to review the interim financial statements;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to gain insight into the fairness of the interim statements and disclosures, obtain explanations from management on
whether:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) actual financial results for the quarter or interim period varied significantly from budgeted or projected results;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) changes in financial ratios and relationships of various balance sheet and operating statement figures in the interim
financial statements are consistent with changes in the company's operations and financing practices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) generally accepted accounting principles have been consistently applied;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) there are any actual or proposed changes in accounting or financial reporting practices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) there are any significant or unusual events or transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the Company's financial and operating controls are functioning effectively;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the Company has complied with the terms of loan agreements, security indentures or other financial position or results
dependent agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) the interim financial statements contain adequate and appropriate disclosures.

*7.3 Compliance with Laws and Regulations* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) periodically obtain updates from management regarding compliance with this policy and industry "best
practices";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) be satisfied that all regulatory compliance matters have been considered in the preparation of the financial
statements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) review the findings of any examinations by securities regulatory authorities and stock exchanges; and

A - 7

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) review the status of compliance with laws, regulations, and internal procedures; and the scope and status of systems
designed to promote Company compliance with laws, regulations and internal procedures, through review of reports from management, legal counsel and third parties as determined by the Committee.

*7.4 Other Responsibilities* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) review, with the Company's counsel, any legal matters that could have a significant impact on the
Company's financial statements.

A - 8

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IANTHUS CAPITAL HOLDINGS INC. 320 Bay Street, 14th Floor Toronto, ON M5H 4A6 www.computershare.com Security Class Holder Account Number Form of Proxy—Annual General Meeting to be held on June 25, 2026 This Form of Proxy is solicited by and on behalf of Management. Notes to proxy 1. Every holder has the right to appoint some other person or company of their choice, who need not be a holder, to attend and act on their behalf at the meeting or any adjournment or postponement thereof. If you wish to appoint a person or company other than the Management Nominees whose names are printed herein, please insert the name of your chosen proxyholder in the space provided (see reverse). 2. If the securities are registered in the name of more than one owner (for example, joint ownership, trustees, executors, etc.), then all those registered should sign this proxy. If you are voting on behalf of a corporation or another individual you may be required to provide documentation evidencing your power to sign this proxy with signing capacity stated. If you are voting on behalf of a corporation you are required to provide your name and designation of office, e.g., ABC Inc. per John Smith, President. 3. This proxy should be signed in the exact manner as the name(s) appear(s) on the proxy. 4. If a date is not inserted in the space provided on the reverse of this proxy, it will be deemed to bear the date on which it was mailed to the holder by Management. 5. The securities represented by this proxy will be voted as directed by the holder, however, if such a direction is not made in respect of any matter, and the proxy appoints the Management Nominees listed on the reverse, this proxy will be voted as recommended by Management. 6. The securities represented by this proxy will be voted in favour, or withheld from voting, or voted against each of the matters described herein, as applicable, in accordance with the instructions of the holder, on any ballot that may be called for. If you have specified a choice with respect to any matter to be acted on, the securities will be voted accordingly. 7. This proxy confers discretionary authority in respect of amendments or variations to matters identified in the Notice of Meeting and Proxy Statement or other matters that may properly come before the meeting or any adjournment or postponement thereof, unless prohibited by law. 8. This proxy should be read in conjunction with the accompanying documentation provided by Management. Proxies submitted must be received by 12:00 pm (Eastern Time), on June 23, 2026. VOTE USING THE TELEPHONE OR INTERNET 24 HOURS A DAY 7 DAYS A WEEK! To Vote Using the Telephone To Vote Using the Internet To Virtually Attend the Meeting • Call the number listed BELOW from a touch tone • Go to the following web site: • You can attend the meeting virtually by visiting the telephone. www.investorvote.com URL provided on the back of this document. • Smartphone? 1-866-732-VOTE (8683) Toll Free Scan the QR code to vote now. If you vote by telephone or the Internet, DO NOT mail back this proxy. Voting by mail may be the only method for securities held in the name of a corporation or securities being voted on behalf of another individual. Voting by mail or by Internet are the only methods by which a holder may appoint a person as proxyholder other than the Management Nominees named on the reverse of this proxy. Instead of mailing this proxy, you may choose one of the two voting methods outlined above to vote this proxy. To vote by telephone or the Internet, you will need to provide your CONTROL NUMBER listed below. CONTROL NUMBER

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![LOGO](g146939dsp063.jpg)

Appointment of Proxyholder I/We being holder(s) of securities of iAnthus Capital Holdings, Inc. (the OR Print the name of the person you are "Corporation") hereby appoint: Richard Proud, Chief Executive Officer, or appointing if this person is someone failing this person, Jason Ware, Chief Financial Officer (the "Management other than the Management Nominees") Nominees listed herein. Note: If completing the appointment box above YOU MUST go to http://www.computershare.com/Ianthus and provide Computershare with the name and email address of the person you are appointing. Computershare will use this information ONLY to provide the appointee with a user name to gain entry to the online meeting. as my/our proxyholder with full power of substitution and to attend, act and to vote for and on behalf of the holder in accordance with the following direction (or if no directions have been given, as the proxyholder sees fit) and on all other matters that may properly come before the Annual General Meeting of shareholders of the Corporation to be held online at https://meetnow.global/MGZK7NC on June 25, 2026 at 12:00 pm (Eastern Time), and at any adjournment or postponement thereof. VOTING RECOMMENDATIONS ARE INDICATED BY HIGHLIGHTED TEXT OVER THE BOXES. 1. Election of Directors Fold For Withhold For Withhold For Withhold 01. Scott Cohen 02. Michelle Mathews-Spradlin 03. Kenneth W. Gilbert 04. Alexander Shoghi 05. Richard Proud For Withhold 2. Appointment of Auditors Appointment of PKF O'Connor Davies, LLP as Auditors of the Corporation for the ensuing year and authorizing the Directors to fix their remuneration. Fold Signature of Proxyholder Signature(s) Date I/We authorize you to act in accordance with my/our instructions set out above. I/We hereby revoke any proxy previously given with respect to the Meeting. If no voting instructions are indicated above, and the proxy appoints the Management Nominees, this Proxy will be voted as recommended by Management. If you are voting on behalf of a corporation you are required to provide your name and designation of office, e.g., ABC Inc. per John Smith, President. Signing Capacity Interim Financial Statements—Mark this box if you would Annual Financial Statements—Mark this box if you would Information Circular—Mark this box if you would like to like to receive Interim Financial Statements and like to receive the Annual Financial Statements and receive the Information Circular by mail for the next accompanying Management's Discussion and Analysis by accompanying Management's Discussion and Analysis by securityholders' meeting. mail. mail. If you are not mailing back your proxy, you may register online to receive the above financial report(s) by mail at www.computershare.com/mailinglist. I A Y Q 3 8 5 5 4 7 A R 1