High Tide Reports Fourth Quarter and 2025 Year End Financial Results Featuring Record Revenue and Adjusted EBITDA [Accessibility Statement] Skip NavigationThe Company remains FCF positive for the fiscal year, while delivering strong same-store sales growth and cementing its presence within the German medical cannabis market- High Tide Remains the Highest Revenue Generating Cannabis Company Reporting in Canadian Dollars,1 and Continues to Hold a Leading 12% Share of the Cannabis Retail Market Across the Five ...

Core Viewpoint - Tilray Medical has rebranded its Italian operations to Tilray Medical Italia, reflecting its commitment to a unified medical cannabis platform in Europe and enhancing its presence in Italy's regulated medical market [1][2][4] Group 1: Strategic Update - The transition to Tilray Medical Italia signifies the company's ongoing efforts to build a scalable medical cannabis platform across Europe [2] - Tilray Medical Italia is expanding its product portfolio with medical cannabis products authorized by the Italian Ministry of Health, in partnership with Molteni Farmaceutici [3][5] Group 2: Market Positioning - Italy is identified as a strategically important market for Tilray Medical, with the rebranding aimed at strengthening local presence and aligning operations under a single global medical brand [4][10] - The company operates within Italy's established medical cannabis framework, supplying products through hospital and pharmacy channels in compliance with national regulations [5][7] Group 3: Product Offerings - Tilray Medical Italia's product portfolio includes various medical cannabis flowers and oils, all EU-GMP certified to meet diverse patient needs [8][9] - The offerings include specific THC and CBD ratios, catering to different therapeutic requirements [9] Group 4: Collaboration and Compliance - The partnership with Molteni Farmaceutici supports physician education, responsible prescribing, and patient access while ensuring high standards for product quality and compliance [6][7] - Tilray Medical Italia aims to responsibly support the evolving demand for medical cannabis in a regulated pharmaceutical environment [7][11]

Cannabis Industry & Tilray Brands - Tilray Brands anticipates potential rescheduling of marijuana to schedule three drug by President Trump, which would reduce federal restrictions [1][3] - Rescheduling would allow Tilray to enter the US market, leveraging research and clinical studies from Canada and Europe, focusing on medical cannabis [5] - Tilray aims to collaborate with the FDA, hospitals, and doctor groups to provide cannabis for medical purposes, such as cancer, epilepsy, stress, and sleep [5][6] - Tilray has over 6 million square feet of cannabis grow space in Canada and Europe, planning to bring strains and genetics to the US [6] - Tilray estimates a potential US medical cannabis market of $10 billion, with a target of 3% to 10% market share, translating to a $300 million to $1 billion business [8] - Tilray has a $50 million business selling cannabis drinks in Canada, and sees potential opportunities in the US with regulated hemp THC products [14] Market Trends & Economic Data - S&P 500 equal weighted index has been outperforming recently, up about 3% in the last month [22] - Healthcare sector (XLV) is the best performing sector this quarter, up 12%, while financials are up about 2% [24] - Crude oil settled at the lowest point in four years at $5665 per barrel, down about 20% this year, while energy sector is up about 5% year-to-date [29][30] - Bitcoin is down 22% year-to-date, with shorts in control and a washout point at $75,000 [33] Women in the Workplace - A McKenzie report indicates a gap between men and women in seeking promotions in corporate environments [36] - A study indicates 86% of senior women leaders are more ambitious than five years ago, seeking flexibility, autonomy, and control [37] - 89% of women queried said they've made a massive change in the last few years, with 71% of those women making that decision by choice [40]

Core Insights - JAZZ Pharmaceuticals is an unconventional player in the cannabis sector, having entered the market through the acquisition of GW Pharmaceuticals in 2021, which added the FDA-approved CBD drug Epidiolex to its portfolio [1][2] - The company is well-positioned for long-term gains as the medical cannabis market evolves and regulatory clarity improves [2] Epidiolex's Contribution - Epidiolex has become a significant revenue contributor, accounting for a quarter of JAZZ's total revenues [3] - In the first nine months of 2025, Epidiolex generated over $772 million in product sales, reflecting an 11% year-over-year increase [4] - The global medical cannabis market is projected to exceed $130 billion by 2032, providing JAZZ with a unique opportunity due to its established FDA-approved product [5] Diverse Product Lineup - JAZZ has a diverse product lineup beyond cannabis, including drugs for neuroscience and oncology [6] - Xywav, a low-sodium formulation for narcolepsy, is a key product that offers advantages over its predecessor, Xyrem [7] - The oncology segment includes six drugs that now contribute over 26% to JAZZ's topline, driven by new launches and increased market share [8] Pipeline Developments - JAZZ is focused on expanding the labels of its oncology drugs, with promising results for Ziihera in treating HER2+ gastroesophageal adenocarcinoma [9] - Despite setbacks in its pipeline, including the discontinuation of suvecaltamide and underwhelming results for JPZ150, the company continues to explore options for its drug development [12][13] Stock Performance and Outlook - JAZZ's stock has surged 46% year-to-date, outperforming the industry average of 20% [14] - EPS estimates for 2025 and 2026 have trended upward, indicating a stronger outlook compared to other cannabis-focused companies [15] - The company offers a diversified revenue base, making it suitable for investors seeking balanced biotech exposure rather than a direct cannabis investment [16][17]

Core Insights - IM Cannabis Corp. is set to report its operational and financial results for Q3 2025 on November 13, 2025, before market opening [1] Company Overview - IM Cannabis Corp. is an international cannabis company focused on providing premium cannabis products to medical patients in Israel and Germany, which are among the largest medical cannabis markets [2] - The company aims for sustainable and profitable growth in its key markets, leveraging a data-driven approach and a globally sourced product supply chain [2] - IM Cannabis is committed to responsible growth and compliance with strict regulatory environments to enhance its commercial and brand power [2] Operational Ecosystem - The IMC ecosystem operates in Israel through subsidiaries that import and distribute cannabis to medical patients, utilizing proprietary data and patient insights [3] - The company manages medical cannabis retail pharmacies, online platforms, distribution centers, and logistical hubs in Israel to ensure safe delivery and quality control of its products [3] - In Germany, IM Cannabis operates through Adjupharm GmbH, distributing cannabis to pharmacies for medical cannabis patients [3]

Core Viewpoint - Cannabis stocks experienced significant gains following President Donald Trump's promotion of a video advocating for the inclusion of cannabidiol (CBD) under Medicare coverage [1][6]. Group 1: Stock Performance - Tilray Brands surged nearly 20% and was up 36% after market open [1]. - Canopy Growth jumped about 20%, while Cronos Group rose 13% [1]. - Aurora Cannabis climbed 13.3%, and Trulieve Cannabis spiked almost 20% [1]. - Green Thumb Industries, Curaleaf Holdings, and Innovative Industrial Properties also saw considerable share price increases [3]. Group 2: Video Promotion and Content - The video produced by The Commonwealth Project features Trump and a narrator advocating for wider access to CBD for seniors [6][9]. - The narrator claims that hemp-derived CBD can significantly improve the quality of life for older adults [7][10]. - The video suggests that CBD can help restore the endocannabinoid system and assist with pain, sleep, and stress [10]. Group 3: Regulatory Context - Trump previously indicated he was considering reclassifying marijuana as a less dangerous substance, although no action has been taken yet [8]. - The timing of the video promotion coincides with Congress deliberating on tightening hemp regulations, with some Republicans advocating for stricter limits on CBD products containing trace amounts of THC [8].

Financial Performance - High Tide Inc. reported record-high revenues, gross profit, and free cash flow for Q2-2025, marking it as the best quarter in the company's history [1] Market Expansion - High Tide has officially entered the German medical cannabis market, indicating a strategic expansion into new territories [1]

Core Insights - Aurora Cannabis Inc. is recognized as one of the 12 best marijuana stocks to buy according to analysts [1] - The company, in collaboration with Copeia, has launched an English-language version of the Physician Experience Platform (PEP), which includes over 130 anonymized case studies on medicinal cannabis treatments [1][2] - PEP aims to provide healthcare professionals with access to peer-reviewed clinical insights and is initially available in several countries including Canada, the UK, and Australia [1][2] Company Developments - The PEP platform builds on a successful German launch in 2024 and is secured by a DocCheck login for verified physicians [2] - Aurora Cannabis operates in the global medicinal and consumer cannabis markets under various brands such as MedReleaf, CanniMed, Drift, and San Rafael '71 [2] - The company intends to create an international medical cannabis case study database for physicians to upload cases in the future [2]

Core Insights - Tilray Medical is expanding its presence in Germany's medical cannabis market by introducing three new EU-GMP certified cannabis strains, enhancing patient and pharmacy access [1][2][3] Product Offerings - The new strains include Good Supply Cannabisblüten THC 22 IIM, THC 25 MMK, and THC 18 LLD, available in 15 g and 500 g sizes to cater to diverse needs [1][2] - Good Supply Cannabisblüten THC 22 IIM will be available from early September, THC 25 MMK from September 19, and THC 18 LLD by late September or early October [2] Market Positioning - Tilray Medical aims to be a trusted partner in medical cannabis, leveraging its robust international platform and distribution network to ensure consistent quality and reliable supply [2][3] - The company has established itself as a leading supplier of medical cannabis, with a portfolio that includes several recognized brands tailored for the German market [3][4] Company Background - Tilray Medical has evolved from being one of the first licensed producers of medical cannabis in Canada to building GMP-certified production facilities in Portugal and Germany [4] - The company is committed to providing safe and reliable access to a global portfolio of medical cannabis brands, including Good Supply, Broken Coast, Redecan, and Navcora [4] Strategic Goals - The introduction of new strains is part of Tilray's broader strategy to enhance healthcare standards and patient care globally [2] - The company emphasizes its dedication to transforming healthcare through informed health decisions and individualized patient care [1][2]

Regulatory Landscape & Policy Changes - The cannabis industry has been actively lobbying Washington, potentially leading to more favorable policies [2] - The Trump administration expressed support for cannabis and reducing uncertainty in the sector [2] - Rescheduling cannabis from Schedule I to Schedule III would significantly alter the industry's tax structure [2][4] - The FDA has acknowledged the medicinal use of cannabis in a 28-page memo [3] Market Dynamics & Investment Opportunities - State-by-state, cannabis legalization is consistently progressing, with adult, medical, and recreational markets being approved [6] - The cannabis market is estimated to be an $80 billion market, including adult, medical, and illicit sales [8] - Top-line growth is evident, attracting consumers seeking exposure to this growth [8] - Investing in the cannabis sector now allows investors to be ahead of institutional capital [8] Challenges & Considerations - Confusion exists regarding the business outlook due to complex legal and regulatory frameworks at both state and federal levels [5] - Restrictions on sales types vary across states where cannabis products are available [5] - Hemp-derived THC legalization through the farm bill adds complexity for investors [7] - Investing in the sector can be complicated, requiring a deep understanding of the industry [8]