Financial Data and Key Metrics Changes - Net investment income per share was $0.42 for Q3 2025, up from $0.34 in Q2 2025, indicating a 23.5% increase [10] - Gross investment income totaled $15.1 million for Q3 2025, compared to $13.1 million in Q2 2025 [10] - Net assets reached $302.9 million at quarter end, with net asset value per share increasing to $13.27 from $13.23 in Q2 2025 [11] Business Line Data and Key Metrics Changes - The company funded $66.7 million to 13 new investments in Q3 2025, setting a new record for originations [4][12] - 24% of the portfolio is invested in non-cannabis companies across multiple sectors, with 69% of the portfolio having floating interest rates [9] - The gross weighted average yield on the credit investment portfolio was approximately 15.8% [10] Market Data and Key Metrics Changes - The company has approximately $610 million in potential debt transactions in its pipeline, with $415 million in cannabis opportunities and $195 million in non-cannabis investments [13] - As of November 12, 2025, the company had approximately $97.8 million in liquidity, providing ample capacity for further investments [10] Company Strategy and Development Direction - The company focuses on lending to cannabis companies and the lower-middle market, which is often underserved by capital providers, creating unique credit opportunities [4] - The investment strategy emphasizes no overlap with other public BDCs, allowing for a differentiated portfolio [6][14] - The company aims to maintain a high bar for underwriting and structuring investments to ensure above-market risk-adjusted returns [13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the cannabis industry, noting that it is not a monolith and varies significantly across jurisdictions [19] - The closing of the hemp-related loophole is expected to support state-regulated markets and positively impact borrowers [23][24] - The company remains disciplined in its approach to lending, focusing on building strong relationships and maintaining a broad pipeline [20] Other Important Information - The company announced a $0.34 dividend, marking the fifth consecutive quarter at that rate, which is well covered by net investment income [8] - The portfolio is under-levered, with only $11 million of debt outstanding, compared to the BDC average of 1.2 times debt to equity [8] Q&A Session Summary Question: Were the loan repayments in line with expectations, and how does the company view the cannabis industry outlook? - Management noted that while there were more repayments than expected, it did not impact deployment pace due to a strong pipeline built over time [18] - The company maintains a constructive view of the cannabis industry, recognizing its complexity across different jurisdictions [19] Question: How does the company view the potential impact of the hemp derivatives industry on cannabis players? - Management believes that closing the hemp-related loophole will support state-regulated markets and benefit borrowers, despite some negative aspects [23][24] Question: What is the company's perspective on uncertain tax liabilities and their impact on borrowers? - The company views uncertain tax liabilities as a liability that must be paid and aims to limit such liabilities in loan documents to reduce risk [27] Question: How does the company manage the risks associated with lending to smaller private companies? - Management highlighted that lending to smaller companies allows for greater negotiation power and downside protection, balancing risk with strong portfolio monitoring [29]

Company Overview - Chicago Atlantic BDC has closed over $3.2 billion in loans since its platform inception[10] - The company's total portfolio investment value is $311 million[10] - The gross weighted-average yield of the company's debt investments is 15.8%[10] - 100% of the company's current debt investments are senior secured[10] Financial Performance - Gross investment income for the quarter ended September 30, 2025, was $15.1 million[24] - Net investment income for the same quarter was $9.5 million, or $0.42 per share[24] - Net asset value at the end of the period was $302.9 million, or $13.27 per share[24] Portfolio Composition and Strategy - 76% of the investment portfolio is allocated to cannabis-related businesses, while 24% is in non-cannabis sectors[29] - 71% of the debt portfolio is protected from further interest rate declines due to fixed rates or rate floors[15, 42] - Internally agented deals account for 83.8% of the portfolio companies[27]

Core Insights - Canopy Growth's stock surged 7.34% following the release of its Q2 fiscal 2026 results, indicating strong investor interest [1] - The company outperformed analyst forecasts, driven by robust performance in the Canadian adult-use and medical cannabis segments [2] - Operational improvements and disciplined cost management contributed to narrowing losses and lifting gross margins [2] Company Performance - Canopy Growth's Canadian operations continued to grow despite supply chain challenges in Europe, supported by innovative vape products and an increase in medical cannabis patients [3] - The company's evolving strategy and resilience in core markets are highlighted by these results [3] - The stock's future performance will depend on sustaining margin expansion, strengthening international operations, and solidifying its medical leadership [4] Market Position - Canopy Growth, based in Smiths Falls, Canada, has a market cap of approximately $287 million and serves both medical and recreational cannabis markets [5] - The product lineup includes high-THC cannabis flower, infused pre-rolls, advanced vape technology, and cannabis edibles [5] - Despite a strong product portfolio, CGC shares have declined 70.18% over the past 52 weeks, with a 14% drop in the last month, contrasting with a 14.4% gain in the S&P 500 Index during the same period [6]

Core Insights - Auxly Cannabis Group Inc. reported strong financial results for Q3 2025, with net revenues of $39.9 million, a 20% increase year-over-year, driven by higher volumes and improved pricing across its product portfolio [9][5][19] - The company achieved a gross profit of $28.2 million, resulting in a gross profit margin of 71% for the quarter, up from 52% in Q3 2024 [11][12] - Adjusted EBITDA grew by 48% to $12.3 million, reflecting improved operational efficiency and cost control [3][21] Financial Highlights - Net revenues for Q3 2025 were $39.9 million, compared to $33.3 million in Q3 2024, marking a 20% increase [9][5] - Gross margin on finished cannabis inventory sold improved to 56% from 47% in Q3 2024 [12][11] - Net income for Q3 2025 was $20.5 million, a significant increase of 533% compared to $3.2 million in Q3 2024 [19][20] - Cash flow from operations before working capital changes was $11 million, an increase of 82% year-over-year [5][3] Operational Highlights - The company maintained a strong market position, being the third-largest licensed producer in Canada by market share [5] - Back Forty was recognized as the number one cannabis brand in Canada, with Liquid Imagination and Fire Breath 28g being the top-selling SKUs [5][3] - Auxly's operational efficiency led to a 48% year-over-year growth in Adjusted EBITDA, with margins reaching 31% [3][21] Strategic Outlook - Auxly aims to leverage its strong financial position to pursue organic growth opportunities and maintain profitability through innovation and cost control [22][24] - The company plans to allocate $2.0 million to $2.5 million of cash flow from operations towards capital projects in 2025 [25] - Auxly is exploring international market opportunities, supported by its strong brands and scalable production capabilities [26][27]

Core Insights - Rubicon Organics Inc. reported strong financial results for Q3 2025, with net revenue of CAD 15.6 million, a 16% increase year-over-year, and Adjusted EBITDA of CAD 1.7 million, reflecting operational scale and cost control [3][8][9] Financial Performance - Q3 2025 net revenue reached CAD 15.6 million, up from CAD 13.5 million in Q3 2024, while year-to-date (YTD) revenue for 2025 was CAD 43.0 million, a 25% increase compared to the same period in 2024 [9][12] - Adjusted EBITDA for Q3 2025 was CAD 1.7 million, with YTD Adjusted EBITDA at CAD 3.8 million, marking the sixth consecutive quarter of positive Adjusted EBITDA [3][9][12] - Gross profit for Q3 2025 was CAD 8.0 million, with a gross profit margin of 33.7%, compared to 32.4% in Q3 2024 [12] Market Position and Growth Strategy - The company has a national market share of 6.2% in premium flower and pre-rolls, 13.2% in premium vapes, and 16.0% in premium edibles for Q3 2025 [9] - Rubicon's acquisition of the Cascadia Facility is expected to increase production capacity by over 40%, supporting future growth in both domestic and international markets [7][11] - The company has successfully shipped to three international markets in the fiscal year, indicating a strategic focus on global expansion [9] Operational Highlights - The company has begun investing in talent and foundational initiatives to support growth as it prepares to realize revenue from the Cascadia Facility in 2026 [2][3] - Cash flow from operations for Q3 2025 was CAD 0.5 million, with total current assets amounting to CAD 35.6 million as of September 30, 2025 [9][12] Future Outlook - For fiscal 2025, the company forecasts growth in both net revenue and Adjusted EBITDA, despite anticipated one-time costs related to the Cascadia Facility [11][20] - The company remains confident in its long-term value creation potential, driven by ongoing expansion and strategic initiatives [11][20]

With Congress passing the funding bill on Wednesday, ending the record-long government shutdown, a controversial provision has made its way into the bill’s provisions, one that is sparking alarm across the hemp and cannabis industry. Move To Re-Criminalize Hemp-Derived ProductsA last-minute provision in the funding package that the Senate passed on Monday comes with a surprise catch: the criminalization of several THC-infused and hemp-derived products across the country, which were legalized as part of the ...

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]

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 brings over 25 years of leadership experience in publicly-traded life sciences and cannabis companies, having played a crucial role in Aurora Cannabis's growth and international expansion [3] - The CEO, Margaret Brodie, expressed confidence in Ibbott's strategic insight and financial acumen, which have already positively impacted the company's operations [2] Production and Capacity Expansion - Rubicon's production base is anchored by its Pacifica facility in Delta, BC, and is set to expand by over 40% with the acquisition and licensing of the Cascadia facility in Hope, BC [5] - The company is positioned to support future growth in both domestic and export markets through proprietary genetics and award-winning products [5] Market Position and Growth Potential - As the Canadian cannabis market rationalizes and global demand for high-quality cannabis increases, Rubicon's disciplined execution and brand equity differentiate it from competitors [6] - The company has demonstrated consistent revenue growth and positive Adjusted EBITDA, indicating strong operational performance and long-term growth potential [6]

Q3 2025 Revenue of $23.3 millionQ3 2025 Net loss of $44.0 million, which includes a $29.8 million non-cash impairment lossQ3 2025 Adjusted EBITDA loss of $4.1 million All figures are reported in United States dollars ($) unless otherwise indicated LAS VEGAS, Nov. 12, 2025 (GLOBE NEWSWIRE) -- Planet 13 Holdings Inc. (CSE: PLTH) (OTCQX: PLNH) (“Planet 13” or the “Company”), a leading vertically-integrated multi-state cannabis company, today announced its financial results for the three-month period ended Sep ...

NEW YORK and TORONTO, Nov. 12, 2025 (GLOBE NEWSWIRE) -- iAnthus Capital Holdings, Inc. (“iAnthus” or the “Company”) (CSE: IAN, OTCID: ITHUF), which owns, operates, and partners with regulated cannabis operations across the United States, today reported its financial results for the third quarter ended September 30, 2025. The Company’s Quarterly Report on Form 10-Q (the “Quarterly Report”), which includes its unaudited interim condensed consolidated financial statements for the three and nine months ended Se ...