Top Cannabis Pro Exits From Debt-Laden iAnthus
Beth Stavola has resigned from New York-based iAnthus Capital (Pink: ITHUF), where she was both director and chief strategy officer.
The reason behind Stavola's departure was not revealed by the company, which confirmed the exit late Tuesday.
Stavola's Cannabis Credentials: Stavola was technically an acqui-hire. New York-based iAnthus purchased her cannabis firm, MPX Bioceutical, in 2019 in a $1.6-billion deal.
Stavola agreed to stay on board to ensure a smooth transition for all employees for both companies. Prior to that, she had been a well-known boss across the cannabis industry in her own right.
Last year, she was named “Most Powerful Woman in Cannabis,” as well as one of High Times’ “Women of Weed." In 2018, Inc.com included her among its “Top 100 Female Founders” list and, before that, Cannabis Business Executive ranked Stavola third on its “CBE 75 Most Important Women in Cannabis" list.
She also co-founded a beauty and wellness brand, CBD For Life.
Staff Shuffle At iAnthus: The cannabis pro's departure from iAnthus is just the latest in a string of news announcements for the multistate cannabis operator. In April, iAnthus co-founder Hadley Ford — who had been CEO since the company launched in 2014 — resigned.
Ford took out two undisclosed loans totaling $160,000. The loans created "a potential or apparent conflict and should have been disclosed to the board in a timely way," according to a statement at the time.
In June, iAnthus reported that it had debt obligations of roughly $160 million. That includes $100 million of 13% senior secured convertible bonds and $60 million of 8% of unsecured convertible bonds in addition to $1.6 million in other debt obligations.
Courtesy photo.
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