Core Insights - High Tide Inc. has achieved significant milestones in 2025, including surpassing 200 stores and entering the German medical cannabis market, while maintaining strong financial performance [1][2][3] Company Performance - The company reported over $2 billion in cumulative sales since cannabis legalization in Canada, with an annualized revenue run-rate of $600 million as of the last reported quarter [3][4] - High Tide ended 2025 with an annualized Adjusted EBITDA run-rate exceeding $42 million, driven by a 7.4% increase in same-store sales in Q3 2025 [4] - The retail sales per square foot across the Canna Cabana store network reached $1,735, outperforming many leading retailers [4] Market Position - High Tide holds a 12% market share in the retail cannabis sector across five Canadian provinces, reinforcing its position as a market leader [4][6] - The company added 27 new Canna Cabana locations in Canada in 2025, achieving its goal of opening 20 to 30 locations [4] Brand and Loyalty Program - The Cabana Club membership surpassed 2.4 million members, including 139,000 ELITE members, making it the largest cannabis loyalty program globally [4] - High Tide's Canna Cabana brand is recognized as the most prominent cannabis retail brand in Canada, with 218 stores [4][6] International Expansion - The company successfully entered the German medical cannabis market by acquiring a majority stake in Remexian Pharma GmbH, positioning itself as a major importer and distributor in Germany [4][7] - High Tide aims to expand its global footprint and strengthen its brand presence, with potential future expansion into the United States [3][4]

Core Viewpoint - Vireo Growth Inc. has announced a definitive agreement to acquire Eaze Inc., expanding its operations into California and Florida, two of the largest cannabis markets in the U.S. [1][2] Group 1: Transaction Details - The acquisition will add 14 dispensaries in Colorado, increasing Vireo's total to 55 stores in the state [2] - Eaze operates 65 retail locations and has completed over 12 million deliveries, enhancing Vireo's delivery capabilities [1][2] - The transaction is structured as a merger, with a total consideration of approximately $47 million, payable through the issuance of about 84 million subordinate voting shares at a deemed price of $0.56 per share [3] Group 2: Market Expansion - Post-acquisition, Vireo's portfolio will cover 10 states, with a total of 166 active retail dispensaries and around 800,000 square feet of cultivation and production space [1][2] - Eaze is the sixth largest retailer in Florida, with 39 active stores and approximately 64,000 square feet of cultivation canopy [2] Group 3: Future Considerations - Eaze may be entitled to earn-out consideration based on adjusted EBITDA as of December 31, 2026, calculated at 3.84 times adjusted EBITDA [4] - The sellers of Eaze have entered into share lock-up agreements, restricting share transfers until March 1, 2028, with a gradual release of shares [5] Group 4: Leadership Commentary - Vireo's CEO expressed excitement about the acquisition, highlighting the immediate scale it provides in major cannabis markets [6] - Eaze's CEO noted that joining Vireo represents a significant opportunity to enhance retail and delivery experiences across their markets [6]

Core Insights - Herbal Dispatch Inc. has announced a comprehensive Strategic Business Plan for 2026 aimed at driving sustainable growth and enhancing shareholder value, building on its strong historical performance and aiming for significant revenue acceleration while improving gross margins and EBITDA [1][2] Strategic Priorities - **Enhancing Medical Cannabis Sales to Veterans**: The company plans to increase sales in this segment by 200% annually through partnerships with veterans' organizations, development of veteran-specific product bundles, and targeted marketing campaigns. Key performance indicators (KPIs) include 30% year-over-year growth in veteran customer acquisition and maintaining a retention rate above 89% [2][3] - **Expanding Recreational Sales**: Herbal Dispatch aims for 40% year-over-year growth in recreational sales by securing listings with additional provincial cannabis wholesalers and expanding SKU counts in British Columbia from 44 to over 100. KPIs include entering new provinces and boosting British Columbia's market share to 15% [2][5] - **Growing B2B Exports**: The company targets tripling export volumes by 2028, focusing on strengthening partnerships in existing markets and entering new markets. KPIs include 100% year-over-year export revenue growth and adding 2-3 new markets annually [5][6] - **Increasing Investor Awareness**: Herbal Dispatch will engage specialized investor relations and marketing firms to enhance liquidity and attract institutional investors, including quarterly webinars and updated investor materials [6][10] Market Position - Herbal Dispatch holds a unique position among Canadian public cannabis companies, with the longest growth runway in the sector. The company is positioned to simultaneously double medical sales and provincial footprint while tripling exports, which are opportunities that competitors have already exhausted [7][8] Execution Strategy - To execute its strategic priorities, Herbal Dispatch has engaged a coordinated team of agencies, allocating approximately CAD $410,000 for these initiatives, funded from existing working capital [12][13]

Vext Science, Inc. (OTC:VEXTF) reported an earnings per share (EPS) of -$0.01, missing the estimated EPS.The company generated a revenue of $12.67 million, with a 41% increase compared to the same period last year.Vext's strategic expansion in Ohio aims to reach the state's dispensary license cap by 2026, positioning the company for future growth.Vext Science, Inc. (OTC:VEXTF) is a U.S.-based cannabis operator with operations in Arizona and Ohio. The company focuses on expanding its retail presence and capi ...

Financial Data and Key Metrics Changes - Revenue for Q3 reached an all-time high of $149.7 million, up 14% year over year and 9% sequentially [22] - Adjusted EBITDA was a record $10.6 million, up 11% year over year and 32% sequentially [24] - Free cash flow of $7.7 million grew 148% year over year, marking the second highest level since disclosure began [9][26] - Net income turned positive at $832,000, a significant turnaround from a $2.8 million net loss in Q2 [9] Business Line Data and Key Metrics Changes - Bricks-and-mortar revenue was a record, up 18% year over year, with same-store sales growth accelerating to 7.4% [7][22] - Bricks-and-mortar adjusted EBITDA reached an all-time high of $12.7 million, up 42% year over year [9][24] - E-commerce business continues to underperform, with less than 3% of consolidated revenues, prompting management to implement changes [25][47] Market Data and Key Metrics Changes - Canna Cabana's market share across five operating provinces reached 12%, the highest since legalization [8] - In Germany, the company started with a 16% market share, leveraging relationships with licensed producers [13][19] Company Strategy and Development Direction - The company aims to expand its brick-and-mortar presence, targeting 300 stores in Canada, with plans to open 20 to 30 new locations annually [40] - The recent acquisition of Remexian is seen as a strategic move to enter the German market, with plans to leverage existing relationships with Canadian licensed producers [10][11] - The company is focused on curating a diverse menu of cannabis strains in Germany and expanding into other European markets [15][63] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the continued strength of the bricks-and-mortar business, with no signs of slowing down in same-store sales [8][31] - The company is optimistic about the integration of Remexian and the potential for growth in the German market, despite temporary supply chain issues from Portugal [39][41] - Management highlighted the importance of maintaining a strong balance sheet while pursuing growth opportunities [18][39] Other Important Information - The company has closed a $30 million junior subordinated loan with Kronos, which is seen as validation of its strategy [18] - Management emphasized the importance of operational efficiency, with salaries and wages representing 12.2% of revenue, the lowest in seven quarters [24] Q&A Session Summary Question: How much of the recent acceleration in same-store sales is due to industry improvement versus market share gains? - Management indicated that the company has the best retail model, contributing to the acceleration in same-store sales, with competitor closures playing a minor role [30][31] Question: What is the company's philosophy on capital allocation post-Remexian transaction? - Management stated that significant working capital is required for growth, and they plan to use raised funds to support Remexian while continuing organic store openings [38][39] Question: How confident is the company in executing a turnaround for the e-commerce business? - Management acknowledged the underperformance of the e-commerce segment but expressed optimism about new initiatives and partnerships to improve sales [47][49] Question: What is driving the expansion of margins in the bricks-and-mortar segment? - Management attributed margin expansion to a combination of white label sales, price increases, and operational efficiencies [54] Question: How are newer stores performing relative to prior cycles? - Management reported that newer stores are ramping up sales faster than expected, benefiting from the strong brand recognition of Canna Cabana [58][60] Question: What are the opportunities for expansion in other European markets? - Management indicated that while the focus is on integrating Remexian, they are monitoring other EU markets for potential entry when compelling opportunities arise [63]

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]