Financial Data and Key Metrics Changes - In Q4, net revenue increased 79% to CAD 80.1 million from CAD 44.7 million in the same prior year period [15] - Full-year fiscal 2025 net revenue increased 62% to CAD 259.2 million from CAD 159.8 million in the prior year [15] - Adjusted gross profit for Q4 increased 85% to CAD 30.6 million versus CAD 16.5 million in Q4 last year [16] - Adjusted EBITDA set a company record in fiscal 2025, with Q4 adjusted EBITDA of CAD 9.8 million, an increase of 72% sequentially and 69% year-over-year [20] - The net loss for Q4 was CAD 38 million, compared to a net loss of CAD 5.4 million in the same prior year period [22] Business Line Data and Key Metrics Changes - The acquisition of Motif Labs contributed significantly to growth without market share dilution [4] - The company achieved record international sales of CAD 26.3 million in fiscal 2025, a 171% increase versus the prior year [10] - Adjusted gross margin in Q4 rose by 400 basis points over Q3 to 38% [17] Market Data and Key Metrics Changes - Organigram holds the number one market position in Canada with 11.9% market share in fiscal 2025 [6] - The company ranked first in Ontario, British Columbia, and Alberta, and fourth in Quebec [7] - Market share in New Brunswick reached 34.2%, Newfoundland 23.7%, Saskatchewan 14.9%, and Nova Scotia 12.2% [7] Company Strategy and Development Direction - The company aims to increase the margin profile of its domestic product mix while optimizing operational footprint for capacity and throughput [9] - Plans to launch new products, including coated infused pre-rolls and beverages, to meet evolving consumer needs [9] - The focus on international expansion includes launching branded vapes and gummies in Australia [34] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued growth supported by a stronger platform and expanding international opportunities [26] - The company anticipates strong net revenue growth exceeding CAD 300 million in fiscal 2026 [24] - Management is monitoring U.S. regulatory changes that could impact the hemp-derived THC market but does not expect a material adverse economic impact [12] Other Important Information - The company received a CAD 2 million grant from Opportunities New Brunswick to support facility enhancements [6] - The Jupiter Fund currently has CAD 59 million available for deployment to leverage opportunities in markets outside of Canada [13] - The company is awaiting a determination on its EU-GMP application submitted in October 2025 [12] Q&A Session Summary Question: International growth expectations and supply-demand dynamics - Management indicated that they are starting to realize increased capacity and are well-positioned for fiscal 2026, particularly in Germany [32] Question: Gross margin expectations for fiscal 2026 - Management expects continued improvement in gross margin driven by operational improvements and synergies from the Motif acquisition [36] Question: Contribution of Motif synergies versus cultivation improvements to margin improvement - Management stated that the majority of margin improvement will come from operational improvements in cultivation rather than solely from Motif synergies [46] Question: Capital expenditure plans for the next year - Management plans to keep capital expenditures modest for fiscal 2026, expecting to spend less than CAD 10 million [47]

《南华早报》称，这3名男子18日乘机从泰国首都曼谷抵达马来西亚。机场行李扫描仪检测到"可疑影 像"，随后对他们的6个行李箱进行人工检查，在凤尾鱼和虾干的包装袋中发现了藏匿的毒品。 【环球网报道 记者 李梓瑜】据英国《独立报》、香港《南华早报》20日报道，因涉嫌走私43公斤大麻 花，3名日本男子在马来西亚吉隆坡国际机场被逮捕。 《独立报》说，大麻花的价格高于大麻叶，每公斤售价可达9.8万林吉特（约合人民币17万元）。据估 计，此次缴获的大麻花价值约420万林吉特（约合人民币719万元）。 报道援引相关部门消息称，涉案人员正因贩毒罪名接受调查，该罪名最高被可判处死刑或终身监禁。 ...