Core Insights - The company has shifted its Canadian product mix towards higher-margin SKUs, achieving gross margins of 43%, consistently exceeding the long-term target range of 30% to 40% [1] - The Netherlands pilot program has been successfully commercialized, resulting in positive net income after only three quarters of revenue [1] Canadian Market Performance - Canadian cannabis performance remains a core driver, maintaining the 1 market share position in dry flower despite temporary labor-related supply chain disruptions in British Columbia [2] - International cannabis export sales have increased more than sixfold, leveraging a four-year tenure as an EU GMP-certified operator to meet tightening global regulatory standards [2] Financial Performance and Strategy - The company achieved a $49 million year-over-year improvement in net income from continuing operations, attributed to disciplined capital allocation and the privatization of legacy produce assets [3] - Record fiscal 2025 performance was driven by a 'crawl-walk-run' strategy, transitioning from a legacy produce focus to a high-margin global cannabis operator [3] - The Delta 2 facility expansion in Canada is on track to contribute 15 incremental metric tons during the remainder of 2025, with a goal of 40 additional metric tons of annual production by mid-2027 [3] - The Netherlands Phase 2 facility in Groningen is nearing completion, with planting expected in late March and full capacity of 10 metric tons anticipated to ramp up throughout the remainder of 2025 [3] Future Outlook - Management expects a return to sequential growth in international exports in Q1 2026, supported by expansion into multiple new jurisdictions over the coming months [3] - Anticipated 2026 cash flow will be impacted by approximately $16 million in Canadian income tax payments as prior carryover tax losses have been fully utilized [3] - The strategic focus for 2026 remains on balancing domestic Canadian demand with high-margin international opportunities while maintaining a growth-oriented M&A mindset [3]