Cannabis borrowers, when they can find a lender, typically face high interest rates and conditions on par with those accepted by distressed companies at risk of bankruptcy. | Steve Helber/AP PhotoIn the heady days of the green rush, iAnthus emerged as one of the most ambitious U.S. companies seeking to cash in on the booming legal marijuana industry.
“They basically brought us out into the middle of the ocean and then drowned us,” said Beth Stavola, iAnthus’ former chief strategy officer. “The iAnthus-Gotham Green situation is … emblematic of a wave of debt financings that we tended to see a couple years ago that we in the industry call ‘loan-to-own,’” Kaufman said. “I’ve seen a lot of lending transactions in this industry that might be characterized as predatory.”
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