Company Overview - IIPR's total committed/invested capital is $2.5 billion[10] - The company owns 112 properties[10] - The weighted average lease length is 12.9 years[10] - Q3 2025 total revenue reached $64.7 million[10] - Over $1 billion in dividends have been paid since the company's inception in 2016[10] Portfolio Composition - Cannabis properties account for 95.3% of the portfolio[32] - Total annual income from cannabis properties is $315 million[32] - The top 10 states account for 89.6% of the annualized base rent (ABR), totaling $265.398 million[35] Financial Performance - The company has a debt to total gross assets ratio of 13%[57] - The debt service coverage ratio is 11.7x[58] - AFFO per share reached $6.84 annualized in Q3 2025, compared to $5.01 in 2020[64]

Financial Data and Key Metrics Changes - SNDL reported net revenue of CAD 244 million for Q3 2025, reflecting a 3.1% increase year-over-year, driven primarily by the cannabis segments [7][10] - Gross profit reached CAD 64.2 million, a 1.9% increase year-over-year, despite CAD 3.9 million in non-cash inventory-related adjustments [8][9] - Free cash flow for the quarter was CAD 16.7 million, marking a CAD 7.5 million improvement compared to the same period last year, and achieving positive cumulative free cash flow of CAD 7.7 million for the first nine months of the year [10][13] Business Line Data and Key Metrics Changes - The liquor retail segment generated net revenue of CAD 139.4 million, a 3.6% year-over-year decline, while gross profit was CAD 36.7 million, a modest reduction of CAD 0.2 million [14][15] - Cannabis retail achieved net revenue of CAD 85 million, a record high with a 4.8% year-over-year growth, and gross profit of CAD 22.5 million, reflecting an 8.5% increase [16] - Cannabis operations reported net revenue of CAD 37.4 million, a 50% growth year-over-year, driven by edibles and international sales [17] Market Data and Key Metrics Changes - The cannabis retail segment saw a 3.6% increase in same-store sales, contributing to a 12 basis points gain in market share [19] - International sales reached CAD 4.2 million in Q3, with expectations for continued growth due to strong demand and reliability of supply [20][33] Company Strategy and Development Direction - SNDL is focused on growth, profitability, and enhancing its workforce, with plans to open five new cannabis stores and two new Wine & Beyond stores in Q4 [19][21] - The company aims to strengthen its competitive position in Canada while resolving ongoing litigation related to Sunstream restructurings, which are expected to provide exposure to dynamic medical markets [5][6] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the impact of CAD 11.9 million in unfavorable non-cash items on the P&L, but emphasized operational improvements and cash generation as key indicators of business fundamentals [4][3] - The outlook for cannabis retail is mixed, with signs of market maturity in provinces like Alberta and Ontario, but opportunities for margin improvement remain [36][39] Other Important Information - SNDL has no debt and over CAD 240 million in unrestricted cash, providing a strong balance sheet to support growth initiatives [5] - The company is experiencing a significant increase in share-based compensation due to a 121% rise in share price during Q3 [9][12] Q&A Session Summary Question: Clarification on cannabis operations write-offs - Management confirmed CAD 3.9 million inventory adjustment impacting gross profit and CAD 2.7 million fixed asset impairment affecting operating income but not gross margin [25][27] Question: Growth drivers for sales to provincial boards - Management noted softness in third-party retail sales but continued growth in their own segment, with expectations for regaining momentum through new products and innovation [29][30] Question: International sales outlook - Management expressed optimism about international sales growth, with strong demand and increasing purchase orders anticipated for Q4 and beyond [32][33] Question: Update on 1CMPharm transaction regulatory approval - Management stated that the review process is ongoing, with no additional information available at this time [35] Question: Market opportunities in cannabis retail - Management indicated a shift towards maturity in the market, with expectations for low single-digit revenue growth moving forward, while also noting improvements in gross margin [36][39] Question: RISE rewards program performance - Management reported strong engagement from loyalty members and plans to roll out a similar program for the liquor business [41]

Financial Performance - SNDL achieved a record $16.7 million in Free Cash Flow in Q3 2025, driven by working capital improvements in Cannabis Operations and Liquor segments[14, 17] - Net Revenue increased by 3.1% year-over-year to $244 million[14] - Gross Profit increased by 1.9% year-over-year to $64.2 million[14] - Adjusted Operating Income increased by 42.7% year-over-year to $(9.5) million[14] Segment Performance - Liquor Retail net revenue decreased by $(5.2) million or (3.6)% year-over-year to $139.4 million, with gross profit decreasing by $(0.2) million or (0.7)% year-over-year to $36.7 million[36] - Cannabis Retail net revenue increased by $3.9 million or 4.8% year-over-year to $85.0 million, with gross profit increasing by $1.8 million or 8.5% year-over-year to $22.5 million[39, 40] - Cannabis Operations net revenue increased by $12.4 million or 50% year-over-year to $37.4 million, but gross profit decreased by $(0.3) million or (5.6)% year-over-year to $5.0 million[45, 46] Strategic Priorities - Cannabis Retail same store sales grew by 3.6%[51] - Wine & Beyond same store sales grew by 2.9%, supported by private label growth of 13.3%[51] - Cannabis Operations experienced 50% year-over-year revenue growth, driven by edibles and international sales[52]

Core Insights - The Canadian cannabis market is evolving with global demand increasing and U.S. legalization being a significant topic of interest [1][13] - Major producers are focusing on profitability, cost reduction, and high-margin opportunities like medical exports and branded products [1][13] Company Summaries Tilray Brands, Inc. (TLRY) - Tilray is expanding its U.S. presence through hemp-derived THC beverages and wellness products, focusing on consumer engagement and product innovation [3][5] - For fiscal 2025, Tilray's total net revenue increased by approximately 4% year over year to over $820 million, with gross profit in its cannabis division rising to nearly $100 million and gross margin expanding from 33% to 40% [5][12] - Despite facing a net loss due to impairment charges, management is confident in its restructuring plan and international expansion strategy [5][12] Cronos Group Inc. (CRON) - Cronos is focused on innovation and cannabinoid research, preparing for potential federal legalization in the U.S. while serving international medical and wellness markets [7][9] - In 2024, Cronos's annual net revenue rose by over 30%, with quarterly results in early 2025 showing continued progress and net income turning positive for the first time in years [9][12] - The company maintains a strong balance sheet with substantial cash reserves and minimal debt, positioning itself for sustained growth [9][12] Aurora Cannabis Inc. (ACB) - Aurora serves both medical and recreational markets across more than 25 countries, focusing on medical exports and high-quality production [10][12] - The company reported over 35% year-over-year revenue growth in 2025, with medical cannabis sales rising over 50% [12] - Aurora's strategic pivot towards the higher-margin medical market has improved profitability and stabilized cash flow, positioning it well for future growth [12][13] Industry Outlook - The Canadian cannabis sector is navigating a critical transformation period, with companies like Tilray, Cronos, and Aurora leading the charge [13][14] - Investors are encouraged to monitor technical patterns and apply strict risk management to capitalize on potential growth opportunities in November 2025 [14]

Core Points - Verano Holdings Corp. has successfully completed its redomicile from British Columbia, Canada, to the State of Nevada [1][2] - The redomicile was approved by shareholders during a Special Meeting on October 27, 2025, and finalized with the British Columbia Supreme Court's Final Order on October 30, 2025 [2] - Following the redomicile, Verano's common stock is now traded on the Cboe Canada exchange under the ticker symbol "VRNO" and on the OTCQX under "VRNOF" [3] Company Overview - Verano Holdings Corp. is recognized as a leading company in the U.S. cannabis industry, based on historical revenue, geographic scope, and brand performance [4] - The company operates as a vertically integrated, multi-state operator, focusing on providing a superior cannabis shopping experience in both medical and adult-use markets [4] - Verano's product offerings include a wide range of high-quality, regulated cannabis products sold under various trusted consumer brands, including Verano, Essence, MÜV, Savvy, BITS, Encore, and Avexia [4] - The company has active operations across 13 U.S. states, with 15 production facilities and over 1.1 million square feet of cultivation capacity [4]

Core Insights - Planet 13 Holdings Inc. plans to release its financial results for the third quarter ended September 30, 2025, on November 12, 2025, after market close [1] - A conference call will be held on the same day to discuss the financial results, key business highlights, strategy, and outlook, chaired by the Co-CEOs and Interim CFO [2] Company Overview - Planet 13 is a vertically integrated cannabis company with operations in California, Nevada, Illinois, and Florida, known for its award-winning cultivation, production, and dispensary operations [3] - The company operates the largest dispensary in the U.S., located in Las Vegas, and has recently opened its first consumption lounge and dispensary in Illinois [3] - Planet 13 aims to build a globally recognized brand known for world-class dispensary operations and innovative cannabis products [3]

Core Insights - MariMed Inc. has announced manufacturing and distribution agreements to launch its beverage and edibles brands, including Vibations™ and Betty's Eddies™, into the hemp-derived THC market [1][2] - The initiative is part of MariMed's "Expand the Brand" strategy aimed at extending its product portfolio into new categories and markets across the U.S. [2] - The hemp beverage market generated $3.3 billion in 2024 and is projected to nearly double by 2029, presenting a significant growth opportunity for MariMed [4] Company Strategy - The first product to be launched will be a hemp-derived THC version of the Vibations hydrating drink mix, with distribution expected in Rhode Island by early Q1 2026 [2] - MariMed is developing distribution plans for Vibations and Betty's Eddies, which are consistently top-selling cannabis edibles in core markets [3] - A new business unit, MMA Hemp Inc., has been established to manage the company's hemp-derived THC activities [4] Market Position - Vibations is ranked among the top 10 selling cannabis beverage brands in Illinois, Massachusetts, Maryland, and Delaware [2] - The company aims to establish itself as a leader in the national cannabis brand space within the next five years, leveraging partnerships with established leaders in manufacturing and distribution [4]

Core Viewpoint - Tilray Brands has faced challenges in increasing its stock price and attracting growth investors, primarily being perceived as a cannabis company despite diversifying into alcohol [1] Group 1: Financial Position and Digital Assets - As of the end of August, Tilray Brands held 9.16 units of Bitcoin, with digital assets totaling just under $1 million, a significant increase from zero three months prior [3] - The management indicated plans to consider holding other cryptocurrencies like Ethereum and Solana, and to accept Bitcoin on its websites, recognizing the cryptocurrency holdings of its users [4] Group 2: Investment Strategy - Investing in Bitcoin could be beneficial for Tilray Brands if the company maintains sufficient cash flow for operations and growth, allowing for potential investment in crypto with remaining funds [5] - However, the volatility of Bitcoin poses risks, as significant declines in value could impact the company's growth strategy if funds are needed for operational purposes [6] Group 3: Current Challenges - Tilray Brands' current position in crypto is relatively small compared to larger holders, and the company continues to experience cash burn, complicating the balance between crypto investments and growth strategy [7]

Core Insights - InterCure has entered into a definitive Share Purchase Agreement and a Collaboration Agreement with Cannasoul R&D Ltd, acquiring a 28% ownership stake in Cannasoul with an option to increase to 51% within two years [1][2] - The collaboration aims to combine InterCure's pharmaceutical platform with Cannasoul's research capabilities to develop evidence-based cannabis therapeutics [1][4] - The agreements come at a pivotal moment for the U.S. cannabis market, as the Trump administration is reportedly considering rescheduling cannabis, which could create significant opportunities for international cannabis companies like InterCure [2][4] Company Overview - InterCure Ltd. operates as Canndoc and is Israel's largest licensed cannabis producer, known for its pharmaceutical-grade medical cannabis products [5] - The company utilizes a vertically integrated "seed-to-sale" model and has a strong distribution network, positioning itself as a leader in the global cannabis market outside North America [5] Research and Development - Prof. Dedi Meiri, a prominent cannabis researcher, is expected to chair InterCure's newly established Scientific Advisory Board, enhancing the integration of Cannasoul's analytics into InterCure's operations [3][4] - The partnership aims to accelerate the development of next-generation cannabis therapeutics, leveraging Cannasoul's advanced research capabilities [3][4] Market Context - The potential rescheduling of cannabis from Schedule I to Schedule III by the Trump administration could transform the regulatory landscape, unlocking new opportunities for companies like InterCure [2][4]

Core Points - Curaleaf Holdings, Inc. has launched its fifth annual Feed the Block fundraiser to combat food insecurity, raising over $450,000 since its inception in 2020 [1][2][6] - The campaign will run throughout November and December across 12 states, including Arizona, Connecticut, Florida, and others [3] - Customers can contribute by rounding up their purchases or donating at checkout, with all funds going directly to local food-relief organizations [4] - Curaleaf employees will also participate in community initiatives such as food drives and meal prep events [5] - The 2025 Map the Meal Gap report indicates that nearly 10% of Americans face food insecurity, highlighting the need for initiatives like Feed the Block [7] Company Overview - Curaleaf is a leading international provider of consumer cannabis products, focusing on enhancing lives through the power of the plant [8] - The company operates a strong distribution network across Europe, Canada, and Australasia, integrating science and research with cultivation and production [8]