Core Insights - Aurora Cannabis Inc. will participate in the TD Cowen 46th Annual Health Care Conference on March 2, 2026, discussing its growth strategy and market opportunities [1] - The company has completed a transaction with Bevo Agtech Inc., enhancing its operational capabilities [1] Company Participation - Simona King, the Chief Financial Officer of Aurora, will engage in a fireside chat and one-on-one meetings with investors during the conference [1] - The discussion will cover Aurora's international leadership and the evolving global medical cannabis landscape [1] Market Position - Aurora is recognized as a global leader in medical cannabis, focusing on high-margin opportunities and a medical-first approach [1] - The company serves both medical and consumer markets across Canada, Europe, Australia, and New Zealand [1] Product and Brand Portfolio - Aurora's brand portfolio includes well-known names such as Aurora®, MedReleaf®, and Whistler Medical Marijuana Co.® [1] - The company operates GMP-certified manufacturing facilities in Canada and Germany, ensuring high-quality cannabis products [1]

Financial Data and Key Metrics Changes - Net revenue increased by 7% to CAD 94.2 million, supported by a record 12% growth in global medical cannabis revenue [16][17] - Adjusted gross margin rose by 100 basis points to 62%, with adjusted gross profit reaching CAD 55.6 million, a 6% increase [16][17] - Adjusted EBITDA was CAD 18.5 million, and adjusted net income was CAD 7.2 million, reflecting strong profitability [5][17] - Free cash flow was CAD 15.5 million, with a strong balance sheet showing CAD 154 million in cash and no cannabis business-related debt [5][17] Business Line Data and Key Metrics Changes - Medical cannabis net revenue rose by 12% to CAD 76.2 million, comprising 81% of total net revenue, compared to 77% in the prior year [17][18] - Consumer cannabis net revenue decreased by 48% to CAD 5.2 million, attributed to a strategic shift towards higher-margin global medical cannabis [18] - Plant propagation net revenue increased by 27% to CAD 11.3 million, but adjusted gross margin fell to 16% due to increased costs [18][19] Market Data and Key Metrics Changes - International medical cannabis revenue grew by 17%, with Germany being a primary driver of this growth [4][17] - The Australian market is projected to become a AUD 1 billion opportunity, with efforts to shift sales towards premium products [11] - In Poland, the company maintained its number one position in market share, benefiting from increased annual import limits [12][13] Company Strategy and Development Direction - The company is focusing on exiting select markets within the lower Canadian consumer cannabis segment to prioritize higher-margin global medical cannabis [7][15] - A divestiture of the lower-margin plant propagation operations is planned to enhance profitability and streamline operations [7][39] - The company aims to expand its leadership in global medical cannabis, reinforcing its presence in Canada, Europe, Australia, and New Zealand [23] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth potential of the global medical cannabis market, projected to surpass $9 billion [23] - The company is adapting to regulatory changes in markets like Germany and Poland, ensuring continued access to high-quality medical cannabis [10][42] - Future guidance anticipates annual global medical cannabis net revenue to increase to between CAD 269 million and CAD 281 million, driven by 10%-15% growth [21][22] Other Important Information - The company filed a prospectus supplement for a new At-the-Market equity program, allowing the issuance of up to $100 million in common shares for strategic purposes [8] - The company maintains a strong competitive position due to its regulatory certifications and GMP manufacturing capabilities [6][10] Q&A Session Summary Question: Follow-up on the select market exit in Canada - Management indicated that exiting these markets will be beneficial to overall financial results, reallocating resources to higher-margin international markets [25][26] Question: Impact of premiumization strategy in Australia - Management stated that the shift towards premium products is not disruptive and is expected to enhance margins [29][30] Question: Strategic decision to exit plant propagation - The focus remains on global medical cannabis, with divestiture seen as a way to allocate resources more effectively [37][39] Question: Clarification on global medical cannabis revenue guidance - Management clarified that the guidance reflects total revenue, including the impact of the divestiture of Bevo [47][48] Question: Supply chain and cultivation capacity - Management confirmed that the majority of products sold are produced in-house, with a focus on maintaining GMP standards [76][78]

INVESTOR PRESENTATION FY26 Q3 February 2026 Disclaimer CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS: Certain information contained in this presentation constitutes forward-looking statements under applicable securities laws. Any statements that are contained in this presentation that are not statements of historical fact may be deemed to be forward-looking statements. Forward looking statements are often identified by terms such as "may", "should", "anticipate", "expect", "potential", "believe", "in ...

Core Insights - The publication reports significant improvements in pain-related outcomes, mental health measures, and quality of life among chronic pain patients using physician-authorized medical cannabis, as detailed in a study published in the Canadian Journal of Pain [1][6]. Study Overview - The study is a prospective, observational analysis evaluating patient-reported outcomes among chronic pain patients receiving medical cannabis under healthcare provider supervision, supported by multiple clinicians and medical institutions across Canada [2][3]. - The study was led by Dr. Hance Clarke at the University Health Network (UHN) and utilized the MyMedi.ca platform for data collection and patient support [1][8]. Study Results - Statistically significant improvements were observed in pain interference and pain intensity, as well as in anxiety, depressive symptoms, and overall quality of life over a 24-week follow-up period [5]. - Although the magnitude of change did not meet established minimal clinically important difference thresholds, the directional improvements align with existing literature on medical cannabis [5]. Scientific and Clinical Significance - The study represents a milestone for Avicanna, emphasizing the importance of high-quality, prospective real-world data in complementing randomized clinical trials and informing clinical practice [7]. - As regulatory frameworks evolve, physician-supervised models and rigorous data generation will be crucial for advancing cannabinoid-based medicines [7]. Ongoing Research and Development - The MCRWE study is ongoing, with continued patient recruitment across seven Canadian provinces, focusing on various outcomes associated with medical cannabis use [9]. - Avicanna is involved in providing the necessary infrastructure for large-scale real-world evidence research, ensuring that clinical decision-making and patient care remain unaffected [8]. Company Background - Avicanna is a biopharmaceutical company dedicated to the development and commercialization of cannabinoid-based products for medical and pharmaceutical markets, with over thirty proprietary products [11]. - The company has established a scientific platform that includes R&D and clinical development, supporting its commercial operations [11].

Core Viewpoint - IM Cannabis Corp. has raised a total of US$2,171,660.40 in debt financing to address its liquidity needs, with two separate note purchase agreements executed with a third-party lender [1][10]. Group 1: First Note Financing - The first note issued to the lender amounts to US$1,538,749, after a 10% original issuance discount [2]. - This note carries an interest rate of 8% per annum, which increases to 14% upon an event of default, and has a maturity of 18 months [3]. - Repayment of the principal and accrued interest will occur in ten equal monthly installments after the maturity date, with the option for early repayment subject to lender consent [4]. - The first note is convertible into common shares at a price of US$1.47 or 90% of the lowest daily volume-weighted average price during the preceding 20 trading days, with a floor price of US$0.29 [5]. - The company issued 228,150 common share purchase warrants to the lender, allowing the purchase of shares at C$3.45 for five years [6]. - Approximately US$500,000 of the proceeds were used to repay existing creditors, enhancing financial flexibility [7]. Group 2: Second Note Financing - The second note issued to the lender totals US$632,911.50, also after a 10% original issuance discount [10]. - Similar to the first note, it bears an 8% interest rate, increasing to 14% upon default, and matures in 18 months [11]. - Repayment terms mirror those of the first note, with ten equal monthly installments post-maturity and conditions for early repayment [12]. - The second note is convertible into common shares at a price of US$1.38 or 90% of the lowest daily VWAP, with a floor price of US$0.275 [13]. - The company issued 93,671 common share purchase warrants to the lender at the same price of C$3.45 for five years [14]. - Similar to the first note, US$500,000 of the proceeds were allocated to repay creditors and improve financial flexibility [15]. Group 3: Regulatory and Compliance - IM Cannabis Corp. is required to file a registration statement with the SEC covering the resale of common shares from both notes within 30 trading days of the respective purchase agreements [8][16]. - All securities issued are subject to a hold period of four months and one day from the issuance date [9][17]. Group 4: Company Overview - IM Cannabis Corp. is a leading medical cannabis company operating in Israel and Germany, focusing on sustainable and profitable growth in these markets [18]. - The company utilizes a data-driven approach and a globally sourced supply chain to enhance its operations [18]. - It operates through subsidiaries that import and distribute cannabis, as well as retail pharmacies and online platforms in Israel, and distributes cannabis to pharmacies in Germany [19].

Core Insights - IM Cannabis Corp. has appointed Mr. Alon Dayan to its board of directors effective December 31, 2025, enhancing its leadership team with expertise in technology and business development [1][2]. Company Overview - IM Cannabis Corp. is an international medical cannabis company that provides premium cannabis products to medical patients in Israel and Germany, focusing on sustainable and profitable growth in these high-value markets [3]. - The company operates a transnational ecosystem powered by a data-driven approach and a globally sourced product supply chain, aiming to amplify its commercial and brand power in the global cannabis market [3]. Operations - In Israel, IM Cannabis operates through subsidiaries that import and distribute cannabis to medical patients, utilizing proprietary data and patient insights [4]. - The company also runs medical cannabis retail pharmacies and online platforms in Israel to ensure safe delivery and quality control of its products throughout the value chain [4]. - In Germany, IM Cannabis operates through Adjupharm GmbH, distributing cannabis to pharmacies for medical cannabis patients [4].

Company Overview - Tilray Brands, Inc. (NASDAQ:TLRY) is a Canadian lifestyle consumer products company specializing in medical cannabis products, operating through four segments: Beverage, Cannabis, Distribution, and Wellness [4]. Analyst Sentiment - As of December 24, slightly more than 60% of analysts covering Tilray Brands assigned a Hold rating, while 36% recommended buying the stock [1]. - Bernstein analyst Nadine Sarwat reiterated a 'Market Perform' rating on December 22, significantly raising the price target from $1 to $10 [2]. Price Target and Potential - The target price for Tilray Brands ranges from $8.50 to $25, with a median price target of $19, indicating an upside potential of 88.49% [1]. Market Trends - Cannabis has emerged as a bipartisan issue, with 64% of Americans in favor of cannabis legalization by 2025, although this is a decrease from the 70% peak reported in 2023 [4]. - President Trump's cannabis-related Executive Order aims to reschedule cannabis from Schedule I to III and revise the statutory definition of hemp-derived cannabinoid products, which could accelerate research and establish a regulatory approach [3].

Core Viewpoint - The potential rescheduling of marijuana under the Controlled Substances Act in the U.S. could enhance legal clarity for patients traveling from Colombia with prescribed medical cannabis and may impact international trade and policy for compliant pharmaceutical suppliers [1]. Group 1: Legal Implications - The ongoing U.S. federal process to reschedule marijuana may lead to improved legal clarity for medical cannabis patients [1]. - Changes in the legal status of marijuana could affect the compliance requirements for pharmaceutical suppliers operating in the medical cannabis sector [1]. Group 2: International Trade - The rescheduling of marijuana could have significant implications for international trade, particularly for countries like Colombia that are involved in the medical cannabis industry [1]. - Colombian medical cannabis operators, such as Sannabis S.A.S., may benefit from clearer regulations that facilitate cross-border transactions [1].

Core Viewpoint - Vireo Growth Inc. plans to acquire additional senior secured convertible notes of Medicine Man Technologies Inc. (Schwazze) at a significant discount, indicating a strategic move to strengthen its financial position and market presence [1][2]. Group 1: Acquisition Details - The total outstanding principal plus accrued interest of the acquired notes is approximately $2.6 million, with Vireo acquiring them for about $1.6 million, payable in subordinate voting shares at a price of $0.54 per share [1]. - Upon closing, Vireo will have acquired approximately 89% of the outstanding senior secured convertible notes of Schwazze, subject to customary conditions and necessary approvals [2]. Group 2: Company Background - Vireo Growth Inc. was founded in 2014 as a pioneering medical cannabis company, focusing on building a disciplined and strategically aligned platform in the industry [3]. - The company emphasizes a long-term mindset and a commitment to its customers, employees, shareholders, and the communities it serves, aiming to leverage its national portfolio while maintaining a strong local market focus [3].

Core Insights - Avicanna Inc. supports President Trump's executive order to reclassify cannabis from Schedule I to Schedule III, emphasizing the importance of scientific research in the field of cannabinoid-based medicine [2][3] - The company has made significant advancements in research and development, clinical development, and medical affairs, positioning itself for future growth and innovation in cannabinoid therapies [3][6] R&D and Clinical Development - Avicanna has established a robust scientific platform leading to the commercialization of over thirty proprietary, evidence-based products, including a diverse range of cannabinoid formulations [5] - The company is executing a balanced clinical development strategy, with approximately 450 patients enrolled in a real-world evidence study evaluating outcomes related to pain, sleep, anxiety, and depression [6] - A Phase II randomized controlled trial for evaluating arthritic pain using Avicanna's proprietary formulations commenced in December 2025 [6] Medical Affairs and Education - Avicanna has expanded its engagement with healthcare professionals through educational events and initiatives, enhancing patient access and support programs [6][9] - The MyMedi.ca platform aims to improve the medical cannabis patient journey, offering bilingual pharmacist-led support and specialty services for distinct patient groups [9] Pharmaceutical Pipeline - The company is developing a pipeline of proprietary, indication-specific cannabinoid-based candidates targeting unmet needs in dermatology, chronic pain, and neurological disorders [9] - Avicanna's active pharmaceutical ingredients are supplied by its subsidiary, ensuring a reliable source of high-quality CBD, THC, and CBG for various applications [9]