Financial Data and Key Metrics Changes - In Q1, net revenue increased by 49% to CAD 65.3 million from CAD 42.7 million in the same prior year period, primarily due to growth in the Canadian business, integration of Motif, and higher international sales [17] - Adjusted gross profit for the quarter increased by 67% to CAD 23.9 million compared to CAD 14.3 million in Q1 last year, supported by higher revenue and efficiency gains [17][18] - Adjusted EBITDA in Q1 was CAD 5.3 million, up 273% from CAD 1.4 million in the prior year period, driven by increased scale and higher international sales [20][21] - Net income for the quarter was CAD 20 million compared to a net loss of CAD 23 million in the same prior year period, reflecting a CAD 43 million year-over-year improvement [21][22] Business Line Data and Key Metrics Changes - In Q1, the company harvested over 28,000 kilograms of flower, representing a 43% year-over-year increase, driven by improving yields and ongoing refinements to nutrient programs [10] - The company maintained the number one position in overall vapes with a 20.4% market share and moved to the number two position in overall pre-rolls at 7.7% [8] - In beverages, market share increased by 80 basis points year-over-year to 5.9%, while in concentrates, the company achieved a 15.5% category share [8][9] Market Data and Key Metrics Changes - The company holds the number one market share position in Canada with 11.3% total share in Q1 and 11.7% over the past 12 months [5][6] - In Quebec, the company moved up to the number three position with 9.9% market share for the quarter, driven by the success of vape launches [7] - The company outperformed in most provinces, holding 33.1% market share in New Brunswick and 21.9% in Newfoundland [8] Company Strategy and Development Direction - The company is focused on operational execution, improving margins, and delivering to markets while also looking at future international expansion opportunities [29][30] - The company aims to balance risk and growth opportunities in international markets while maintaining a strong focus on consumer needs and innovation [30] - The company is optimistic about long-term growth in the cannabis industry and its ability to compete and lead as the market matures [5] Management's Comments on Operating Environment and Future Outlook - Management noted that Q1 results reflected strong year-over-year revenue and adjusted EBITDA growth, despite seasonal resets and operational pressures [16] - The company remains confident in its ability to deliver against full-year guidance of revenue exceeding CAD 300 million, supported by improving fundamentals and expanding margins [24] - Management expressed optimism about international sales growth in fiscal 2026, despite a temporary decline in international volumes due to product specifications [12][13] Other Important Information - The company announced a proprietary breakthrough in powdery mildew resistance, allowing for early screening of seedlings and reducing crop loss [11] - The company completed commissioning of its beverage line and began in-house production to support portfolio expansion [12] - The company is preparing for EU GMP certification and is working closely with regulators to address feedback received [13][48] Q&A Session Summary Question: Near-term opportunities and long-term initiatives - Management emphasized the importance of operational execution and cost management as short-term priorities, while focusing on international expansion as a long-term goal [29][30] Question: Insight on international volumes and flower issues - Management acknowledged stringent international flower requirements and identified core drivers of recent issues, expecting to resolve them soon [35] - The estimated impact of the flower issues was approximately CAD 3.5 million on international revenue [36] Question: Recovery in the Canadian market - Management confirmed that distribution levels in BC have returned to normal and expressed confidence in recovering market share despite increased competition [42] Question: EU GMP certification timeline - Management stated they are working closely with regulators to address questions and are aiming for the fastest resolution possible, but could not provide a specific timeline [48] Question: Route to market in Europe - Management indicated a mixed approach for market entry, utilizing both direct sales and partnerships depending on regulations and market conditions [52] Question: U.S. market strategy and regulatory environment - Management noted that the U.S. market is currently a small part of their business and emphasized a cautious approach to investments due to regulatory uncertainties [55][56] Question: Increased competition in pre-rolls - Management acknowledged competitive pressures across all categories, particularly in pre-rolls and vapes, and highlighted upcoming product innovations to address these challenges [60]

Industry Overview - The U.S. cannabis sector is transitioning towards a more disciplined approach, prioritizing profitability over rapid expansion, leading to a separation between stronger and weaker companies [1][2] - State-level legalization is expanding, and existing markets are becoming more efficient and competitive, with steady consumer demand despite economic uncertainty [2] - Investors are focusing on companies with scale, strong brands, and operational efficiency as the industry evolves [2][3] Company Highlights Green Thumb Industries (GTBIF) - Green Thumb Industries is recognized as one of the most disciplined cannabis operators in the U.S., balancing retail operations with branded wholesale distribution for revenue stability [3][4] - The company operates numerous retail dispensaries under the Rise brand and has a strong presence in states like Illinois, Pennsylvania, Florida, New Jersey, and Nevada [4][5] - Green Thumb's focus on operational efficiency has helped maintain margins during downturns, with selective store openings reflecting a conservative growth strategy [5][6] - Financially, Green Thumb has shown resilience with steady revenue growth and improving profitability trends, supported by cost controls and operational discipline [6][8] Curaleaf Holdings (CURLF) - Curaleaf is one of the largest cannabis companies in the U.S., with a national footprint and operations in both medical and adult-use markets, enhancing revenue diversification [8][9] - The company operates over 100 dispensaries, with significant presence in Florida, New York, New Jersey, Illinois, Arizona, and Massachusetts, and controls multiple cultivation and processing facilities [9][11] - Curaleaf has several well-known brands, including Curaleaf, Select, and Grassroots, which strengthen its market penetration [11][12] - Financially, Curaleaf is among the highest-revenue operators, with recent restructuring efforts improving operational efficiency and focusing on profitability [12][13] Verano Holdings (VRNOF) - Verano has emerged as a major vertically integrated cannabis operator, with a strong retail focus and operations across multiple regulated markets [14][15] - The company operates more than 160 dispensaries, primarily in Florida, and has a diverse brand portfolio including MÜV, Zen Leaf, Savvy, and Encore [15][16] - Verano is focusing on operational improvements, with revenue growth supported by retail expansion and brand development, while prioritizing efficiency and margin stabilization [17][18] - The company's vertical integration offers advantages in cost control and product consistency, positioning it well for future growth in the evolving Florida market [18] Conclusion - As February 2026 approaches, the cannabis sector remains volatile but selective, with companies like Green Thumb, Curaleaf, and Verano standing out due to their scale, discipline, and strong brands [19]

Investor Presentation September 30, 2025 CAUTIONARY STATEMENT This document is current as of September 30, 2025, except where otherwise stated. The information contained in this presentation is provided by Organigram Global Inc. ("Organigram" or the "Company") for informational purposes only and does not constitute an offer to issue or arrange to issue, or the solicitation of an offer to issue, securities of Organigram or other financial products. No part of this presentation shall form the basis or be reli ...

Core Insights - Vext Science, Inc. reported a revenue of $12.7 million for Q3 2025, representing a 41% increase year-over-year, driven by expanded retail operations in Ohio and resilient performance in Arizona [4][5] - Year-to-date operating cash flow reached $8.5 million, a significant improvement compared to $(0.7) million in the same period last year [5] - The company is on track to expand its retail footprint in Ohio, aiming to reach the state dispensary license cap of eight by 2026 [5][18] Financial Performance - Q3 2025 revenue was $12,670,000, compared to $13,407,000 in Q2 2025 and $8,987,000 in Q3 2024 [3] - EBITDA for Q3 2025 was $2,315,000, down from $5,263,000 in Q2 2025 but up from $1,925,000 in Q3 2024 [3][10] - Adjusted EBITDA for Q3 2025 was $2,112,000, with an adjusted EBITDA margin of 16.7%, compared to 30% in Q2 2025 and 32% in Q3 2024 [3][10] Operational Highlights - The company has strengthened its retail presence in Ohio, consolidating operations to five locations and planning for three additional dispensaries [5][18] - Vext's operational discipline has allowed it to outperform state averages in Arizona, maintaining steady performance despite broader market declines [4] - The company expects continued operational momentum and improved cash flow in Q4 2025 as it addresses inventory built in Q3 [4]

Core Insights - Rubicon Organics Inc. has appointed Glen Ibbott as Chief Financial Officer and Corporate Secretary, highlighting his extensive experience in the cannabis industry and previous role as CFO of Aurora Cannabis [1][2][3] Company Overview - Rubicon Organics is a licensed producer focused on cultivating and selling organic certified and premium cannabis products, positioning itself as a leader in the Canadian market [1][4] - The company operates a vertically integrated model with a strong national distribution network, featuring trusted brands such as Simply Bare™ Organics and 1964 Supply Co.™ [4] Leadership and Strategic Direction - Glen Ibbott has been recognized for his exceptional leadership and strategic insight during his interim CFO tenure, contributing significantly to the company's growth and operational scaling [2][3] - Ibbott's background includes over 25 years in financial leadership roles, with notable achievements at Aurora Cannabis, including international expansion and delivering recurring EBITDA [3] Production Capacity and Growth Potential - Rubicon's production capabilities are anchored by its Pacifica facility in Delta, BC, and the newly acquired Cascadia facility in Hope, BC, which will increase production capacity by over 40% [5] - The company is well-positioned to capitalize on the growing global demand for high-quality cannabis, supported by proprietary genetics and certifications for international distribution [5][6] Market Position and Financial Performance - As the Canadian cannabis market rationalizes, Rubicon Organics distinguishes itself through disciplined execution, brand equity, and consumer loyalty, driving consistent revenue growth and positive Adjusted EBITDA [6] - The company represents a combination of category leadership, operational strength, and long-term growth potential in the premium cannabis segment [6]

Auxly Cannabis Group Conference Call Summary Company Overview - Auxly Cannabis Group is a publicly traded Canadian cannabis company headquartered in Toronto, trading on the TSX and OTCQB exchanges [2][3] - The company has a team of 410 members and specializes in the cultivation and manufacturing of cannabis products [3][4] - Auxly is the third largest producer of cannabis products in Canada, holding a 6.2% market share [4] Financial Performance - For the trailing 12 months as of Q2, Auxly generated $139 million in net operating revenue, $38 million in adjusted EBITDA, and $28 million in net income [5] - Q2 2025 financials showed a record $38.8 million in net revenue, a 33% year-over-year increase, and expanded gross margins to 52%, an 11 percentage point improvement [15] - Adjusted EBITDA for Q2 was $11.6 million, a 123% improvement year-over-year, resulting in a 30% EBITDA margin [15] - The company generated $8.3 million in net income and $4 million in cash flow from operations during Q2 [16] - Over the 12-month period, Auxly achieved a 56% conversion rate of EBITDA to cash flow, generating $21.5 million of cash flow on $38 million of EBITDA [16] Market Dynamics - The Canadian cannabis market is growing, with increasing consumer preference for regulated sources over the illicit market [5][6] - Weaker players exiting the market have improved pricing dynamics for producers like Auxly [6] - The company aims to focus on domestic success while also eyeing international market opportunities [6][7] Product Portfolio and Innovation - Auxly's flagship brand, Back Forty, is the number one brand in cannabis by dollars sold and is present in 97% of retail locations [4] - The company focuses on key product categories: dried flower, pre-rolls, and vapes, which collectively account for about 90% of market sales [4] - Back Forty is growing at a rate of 91% in the dried flower category and 41% in pre-rolls on a rolling 12-month basis [10][11] - Auxly Charlottetown is recognized for its innovation in the vape segment, holding a 23% market share in that category [13] Strategic Partnerships - Auxly has a strategic partnership with Imperial Brands, which owns 19.9% of the company and supports its growth into international markets [7][8] - The partnership has facilitated a five-year R&D collaboration to enhance pre-roll filling and packaging capabilities [11] Operational Excellence - Auxly Leamington, a 1.1 million square foot cultivation facility, is designed specifically for cannabis production and is one of the largest in the world [9] - The facility produces about 100,000 kilograms of high-quality dried flowers annually, with a target of 85% of production going to B2C sales [20] - The company aims to improve output by 8-10% annually through capital-light initiatives [24] Balance Sheet and Future Outlook - Auxly recently recapitalized its balance sheet, eliminating $21 million of debt and transforming its working capital from a deficit to a pro forma surplus of $35 million [17] - The company is focused on prudent capital allocation to high-return opportunities while maintaining profitability and cash flow [18][29] - Auxly is committed to navigating the evolving regulatory environment for international markets with caution and transparency [30] Conclusion - Auxly Cannabis Group is positioned for continued growth in a stable and expanding market, with a strong focus on product innovation, operational excellence, and strategic partnerships [18]

Core Insights - The U.S. cannabis industry is projected to exceed $40 billion in sales by 2025 and could surpass $70 billion by 2030 as more states legalize cannabis for medical and recreational use [1][19] - Cannabis REITs such as Innovative Industrial Properties, Chicago Atlantic Real Estate Finance, and NewLake Capital Partners are positioned to benefit from this growth, offering attractive dividend yields between 8% and 12% [1][20] Group 1: Innovative Industrial Properties (IIPR) - IIPR is the first publicly traded cannabis REIT in the U.S., focusing on acquiring and leasing specialized facilities to licensed operators [3][5] - The company reported quarterly revenues of approximately $62.9 million, a decline from the previous year due to tenant defaults, but maintained a net income exceeding $25 million [8][9] - IIPR has a strong balance sheet with a debt-to-asset ratio below 12% and over $190 million in available liquidity, emphasizing disciplined acquisitions [9] Group 2: Chicago Atlantic Real Estate Finance (REFI) - REFI specializes in originating senior secured loans to state-licensed cannabis operators, providing a unique entry point into the cannabis space [10][12] - The company maintains a loan portfolio generating attractive interest spreads between 12% and 15%, with strong credit performance and high income stability [13][14] - REFI's conservative loan-to-value ratios and focus on experienced operators contribute to low default rates, making it well-positioned to capitalize on the industry's capital needs [14] Group 3: NewLake Capital Partners (NLCP) - NLCP focuses on property ownership through sale-leaseback transactions and build-to-suit projects, leasing to major cannabis operators [16][18] - For the first half of 2025, NLCP reported revenues of $26.1 million and a stable net income of $13.6 million, with a low debt-to-asset ratio of approximately 1.6% [17][18] - The company's dividend payout is currently $0.43 per share quarterly, translating to an annualized payout of $1.72 per share, ensuring sustainability [18]

Core Insights - Trulieve Cannabis Corp. will hold a conference call on November 5, 2025, at 8:30 AM Eastern Time to discuss its third quarter 2025 financial results [1][2] - The call will feature Chairman and CEO Kim Rivers and CFO Jan Reese, who will review the company's financial and operational performance [2] Company Overview - Trulieve is a leading vertically integrated cannabis company and multi-state operator in the U.S., with significant market positions in Arizona, Florida, and Pennsylvania [2] - The company is focused on accelerated growth and expansion through a hub strategy, enhancing retail and distribution capabilities in both new and existing markets [2] - Trulieve aims to provide innovative, high-quality products across its brand portfolio, enhancing customer experiences and increasing access to cannabis [2]