High Tide (NasdaqCM:HITI) Q3 2025 Earnings Call September 16, 2025 11:30 AM ET Company ParticipantsCarter Brownlee - Advisor, Communications and Public AffairsRaj Grover - Founder, CEO & PresidentMayank Mahajan - CFONeal Gilmer - Director & Head - ResearchFrederico Gomes - Director - Institutional Research & Life SciencesConference Call ParticipantsBill Kirk - MD & Senior Research AnalystMichael Kim - Senior AnalystAndrew Semple - Equity Research AnalystOperatorGood morning. My name is Jenny, and I will be ...

Core Insights - High Tide Inc. has completed the acquisition of a 51% interest in Remexian for an estimated purchase price of €26.4 million, with a five-year option to acquire the remaining 49% [1][4][6] - This acquisition marks High Tide's expansion into the European cannabis market, positioning the company as a global player in the industry [2][3] Transaction Details - The acquisition implies an enterprise valuation of €53.4 million, representing 3.64065 times annualized Adjusted EBITDA for the six months ended March 31, 2025 [4] - The purchase price of €26.4 million consists of €7.65 million in cash, €7.65 million via a loan with a 7% annual interest, and 5,864,373 High Tide shares valued at €11.1 million [5] - The transaction has been conditionally approved by the TSXV and is awaiting final approval [5] Strategic Implications - The acquisition diversifies High Tide's revenue base beyond Canada and provides a pathway for expansion across Europe's regulated cannabis markets [3] - High Tide's proven track record of disciplined growth and free cash flow generation is expected to support its long-term global leadership ambitions [3] Future Options - High Tide has a Call Option to acquire the remaining interests in Remexian at an enterprise value based on Adjusted EBITDA, with a minimum price of €15 million [6] - The Call Option can be exercised at different valuations depending on the timing, while a Put Option allows Remexian's owners to sell their remaining interests back to High Tide [6]

Core Insights - MariMed Inc. has entered a strategic agreement with TILT Holdings to expand the distribution of its medical marijuana products to Pennsylvania [1][2] - Under a Management Services Agreement, MariMed will manage TILT's Standard Farms cultivation and processing facility in Pennsylvania starting September 1, 2025 [2][3] - MariMed will receive a management fee of 12.5% of Standard Farms' gross revenue for its management services [3] Company Overview - MariMed Inc. is recognized as a leading multi-state cannabis operator, known for its award-winning cannabis brands such as Betty's Eddies™, Bubby's Baked™, and Nature's Heritage™ [5] - The company aims to become a leading consumer packaged goods company in the medical marijuana sector through its "Expand the Brand" strategy [4] - TILT Holdings supports cannabis businesses with a diverse portfolio, including technology and cultivation services, and operates in multiple regions including North America and Europe [6] Market Context - Pennsylvania is identified as a strong medical marijuana market and is expected to transition into an adult-use market, presenting growth opportunities for MariMed [4] - The partnership with TILT is seen as a strategic move to leverage existing quality and trust established under the Standard Farms brand to enhance MariMed's market presence [4]

Core Insights - Cannara Biotech Inc. has received preliminary acceptance from the Société Québécoise du Cannabis (SQDC) for five vape cartridge products, set to be distributed across all retail stores in Québec starting November 2025 [1][2] - The company aims to leverage its expertise in producing premium live resin vape cartridges, which have no additives, to establish a strong presence in the Québec market [2][4] Company Overview - Cannara Biotech is a vertically integrated producer of premium-grade cannabis products, operating two mega facilities in Québec with a total area of over 1,650,000 sq. ft. and a potential annual cultivation output of 100,000 kg [1][6] - The company focuses on producing affordable premium cannabis products, benefiting from Québec's low electricity costs [6] Market Opportunity - The SQDC reported revenues of $741.5 million for the Québec cannabis market in 2024, indicating significant market potential [3] - A survey revealed that 25% of Québec consumers vaped in the past year, with 28% of those doing so at least weekly, suggesting a growing consumer base for vape products [3] Product Launch - Cannara's entry into the live rosin vape cartridge category represents a significant milestone, utilizing high-quality flower inputs that are grown and extracted in-house [4][5] - The launch is seen as a culmination of extensive research and development efforts, focusing on genetic selection and process refinement [5]