Core Insights - IM Cannabis Corp. reported a revenue of C$54.7 million for the year ended December 31, 2025, with significant growth in Germany and a positive operating cash flow of C$4.7 million, marking a turnaround from negative cash flow in 2024 [1][6]. Financial Performance - Revenue in Germany surged over 134% to C$36.3 million, up from C$15.5 million in 2024, now representing over 66% of total Group revenue [6]. - Gross profit increased approximately 15% to C$9.7 million, driven by cost efficiencies and higher-margin sales in Germany [6]. - Cash flow from operating activities turned positive at C$4.7 million, compared to negative cash flow of C$1.1 million in 2024, indicating improved working capital management [6]. - Cash and restricted cash rose to C$3.3 million from C$0.9 million at year-end 2024, supported by strategic financings [6]. Strategic Initiatives - The company signed a non-binding letter of intent to acquire 51% of Black Axe Technologies, a Polish technology firm specializing in defense and intelligence solutions, marking its entry into the defense and homeland security technology sectors [2][11]. - This acquisition aims to target high-growth areas such as cyber drone interception, satellite intelligence, and AI analytics [2]. Operational Overview - IM Cannabis operates a medical cannabis platform in Israel and Germany, distributing cannabis to medical patients and pharmacies [3][4]. - The company leverages proprietary data and patient insights to enhance its operations and ensure quality control throughout its value chain [4].

Financial Data and Key Metrics Changes - Revenue for Q1 was CAD 178.3 million, up 25% year-over-year, marking the fastest growth in 10 quarters and a 9% sequential increase [6][26] - Adjusted EBITDA was CAD 11.5 million, up 62% year-over-year, representing the fastest growth in 2 years [7][28] - Free Cash Flow for Q1 was CAD 2.9 million, a significant improvement from -CAD 1.9 million in Q1 last year and more than double the CAD 1.3 million generated in Q4 [10][28] Business Line Data and Key Metrics Changes - The domestic core brick-and-mortar segment generated CAD 150 million in revenue, with a gross margin of 28%, marking the highest level in over three years [12][27] - The Remexian international business generated EUR 25 million in revenue for Q1, averaging over EUR 8 million a month, with February alone contributing EUR 12 million [8][41] - The brick-and-mortar segment's adjusted EBITDA margin was 9% in Q1, consistent with Q4's high [28] Market Data and Key Metrics Changes - Canna Cabana's market share in the five provinces where it operates increased to 12% during November and December, up from 11% a year ago [13] - Total industry sales in the five provinces were up 3% year-over-year, while Canna Cabana's sales increased by 14% during the same period [15][16] - The average annual revenue per square foot for Canna Cabana was CAD 1,728, significantly above many leading retailers [14] Company Strategy and Development Direction - The company plans to add 20-30 stores in Canada during the calendar year, focusing primarily on Ontario, while also exploring M&A opportunities [17][48] - Long-term goals include increasing sales from white label products to approximately 20% from the current 1.6% [17] - The company aims to expand its ecosystem into other international markets, particularly the UK, within the next twelve months [23][38] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the performance of the Remexian business, anticipating improved profitability as Canadian biomass begins to arrive in Germany [9][44] - The company acknowledged potential headwinds in Germany due to new laws but remains optimistic about the market's growth [22] - Management noted that the current macroeconomic environment, including inflation and potential recession, could impact consumer spending [68] Other Important Information - General and administrative expenses represented just 4.1% of revenue, marking a six-quarter low [23] - The company has a strong balance sheet with total debt at CAD 64.5 million and CAD 46.4 million in cash and restricted cash [29] Q&A Session Summary Question: Impact of winter storms on same-store sales - Management acknowledged that same-store sales were impacted by severe winter storms in January, but they still posted positive growth [34][36] Question: Plans for entering the UK market - Management is actively meeting with key players in the UK and aims to enter the market within the next 12 months, without rushing the process [38] Question: February sales performance in Germany - Management indicated that February's sales of EUR 12 million were exceptional but cautioned that this level may not be consistently repeatable in the near term [41][43] Question: Organic growth focus in Canada - Management confirmed that the focus for organic growth is primarily on Ontario, with potential expansions in Alberta and Saskatchewan as well [48] Question: E-commerce recovery strategies - Management highlighted recent changes in their e-commerce platforms that have led to increased conversion rates and order volumes [56][58] Question: Competitive pressures in the market - Management acknowledged the potential for irrational competitive behavior among competitors but emphasized their strategy of steady pricing and margin management [70][72]

Financial Data and Key Metrics Changes - Revenue for Q1 was CAD 178.3 million, up 25% year-over-year, marking the fastest growth in 10 quarters and a 9% sequential increase [6][26] - Adjusted EBITDA was CAD 11.5 million, up 62% year-over-year, representing the fastest growth in 2 years [7][28] - Free Cash Flow for Q1 was CAD 2.9 million, a significant improvement from -CAD 1.9 million in Q1 last year and more than double the CAD 1.3 million generated in Q4 [10][28] Business Line Data and Key Metrics Changes - The domestic core brick-and-mortar segment generated CAD 150 million in revenue, achieving a CAD 600 million annual run rate, with gross margins reaching 28%, the highest in over three years [12][27] - The Remexian international business generated EUR 25 million in revenue for Q1, averaging over EUR 8 million a month, with February alone contributing EUR 12 million [8][41] - The Canna Cabana loyalty program saw membership grow to 2.58 million, up 47% year-over-year, with Elite members increasing by 100% year-over-year to 162,000 [11][29] Market Data and Key Metrics Changes - Market share in the five provinces where the company operates increased to 12% in November and December, up from 11% a year ago [13] - Total industry sales in the five provinces were up 3% year-over-year, while Canna Cabana sales increased by 14% during the same period [15][16] - The average annual revenue per square foot for Canna Cabana was CAD 1,728, significantly above the peer average of CAD 1.3 million [14] Company Strategy and Development Direction - The company plans to add 20-30 stores in Canada during the calendar year, focusing primarily on Ontario, while also exploring M&A opportunities [17][48] - Long-term goals include increasing sales from white label products to approximately 20% from the current 1.6% [17] - The company aims to expand its ecosystem into other international markets, particularly the U.K., within the next twelve months [23][38] Management's Comments on Operating Environment and Future Outlook - Management acknowledged a slowing market in Canada but expressed confidence in outperforming competitors due to strong execution and strategic location choices [36][68] - The company remains optimistic about the Remexian business, anticipating improved profitability as Canadian biomass begins to arrive in Germany [9][44] - Management highlighted strong cost controls, with general and administrative expenses at a six-quarter low of 4.1% of revenue [23] Other Important Information - The company generated CAD 42.6 million in Adjusted EBITDA over the past 12 months, indicating strong profitability [24] - New advisory positions were created to provide strategic guidance on various matters, including real estate and e-commerce technology [24] Q&A Session Summary Question: Impact of winter storms on same-store sales - Management confirmed that same-store sales were impacted in late January but still posted a 2% increase in the last three months of 2025, outperforming the industry [34][36] Question: Plans for entering the U.K. market - Management is actively meeting with key players in the U.K. and aims to enter the market within the next 12 months, with no rush to finalize a deal [37][38] Question: February sales performance in Germany - Management noted that February's sales of EUR 12 million were the highest since acquiring Remexian, but cautioned that this level may not be sustainable in the short term [41][43] Question: Future store openings and market focus - Management indicated that while the focus is on Ontario, growth opportunities exist in Alberta and Saskatchewan as well [48] Question: E-commerce recovery strategies - Management implemented several changes in the e-commerce segment, resulting in a 30%-50% increase in conversion rates and a positive trend continuing into Q2 [56][58]

Financial Data and Key Metrics Changes - Revenue for Q1 was CAD 178.3 million, up 25% year-over-year, marking the fastest growth in 10 quarters and a 9% sequential increase [5][24] - Adjusted EBITDA was CAD 11.5 million, up 62% year-over-year, representing the fastest growth in 2 years [5][26] - Free Cash Flow for Q1 was CAD 2.9 million, a significant improvement from -CAD 1.9 million in Q1 last year and more than double the CAD 1.3 million generated in Q4 [9][26] Business Line Data and Key Metrics Changes - The domestic core brick-and-mortar segment generated CAD 150 million in revenue, achieving a CAD 600 million annual run rate, with gross margins reaching 28%, the highest level in over three years [11][24] - The international business, particularly Remexian, reported revenue of EUR 25 million in Q1, averaging over EUR 8 million a month, with February alone generating EUR 12 million [6][40] - The adjusted EBITDA margin for the brick-and-mortar segment was 9% in Q1, consistent with the previous quarter [26] Market Data and Key Metrics Changes - Market share in the five provinces where the company operates increased to 12% during November and December, up from 11% a year ago [12] - Total industry sales in the five provinces were up 3% year-over-year, while total Canna Cabana sales increased by 14% during the same period [14] Company Strategy and Development Direction - The company plans to add 20-30 stores in Canada during the calendar year, focusing primarily on Ontario, while also exploring M&A opportunities [15][46] - Long-term goals include increasing sales from white label products to approximately 20% from the current 1.6% [16] - The company aims to expand its ecosystem into other international markets, particularly the UK, within the next twelve months [21][36] Management's Comments on Operating Environment and Future Outlook - Management acknowledged a slowdown in the Canadian market but expressed confidence in outperforming competitors due to strong execution and strategic location selection [34] - The company remains optimistic about the Remexian business and anticipates improved profitability as Canadian biomass begins to arrive in Germany [8][41] - Management noted that general and administrative expenses represented just 4.1% of revenue, marking a six-quarter low, indicating strong cost controls [21] Other Important Information - The company generated CAD 42.6 million in Adjusted EBITDA over the past 12 months, indicating strong profitability [22] - New advisory positions were created to provide strategic guidance on various matters, including real estate and e-commerce technology [23] Q&A Session Summary Question: Impact of winter storms on same-store sales - Management confirmed that same-store sales were impacted mostly in the last 10 days of January due to severe weather, but they still posted positive growth [32][34] Question: Plans for entering the UK market - Management is actively meeting with key players in the UK and is not in a rush to enter the market, aiming for a transaction within the next 12 months [35][36] Question: February sales performance in Germany - Management noted that February's sales of EUR 12 million were the highest since acquiring Remexian, but cautioned that this level may not be consistently repeatable [40][41] Question: Future growth in brick-and-mortar margins - Management expressed optimism about maintaining margins due to white label initiatives and ELITE sales, despite competitive pressures [50][52] Question: Changes in e-commerce platforms - Management implemented several changes in their e-commerce strategy, resulting in a sequential increase in revenue for the first time in two years [55][56] Question: Impact of medical reimbursement changes on recreational market - Management indicated that changes in the medical cannabis program are unlikely to significantly impact the recreational market [59] Question: Growth expectations in the German market - Management highlighted significant growth in the German market, with increasing patient numbers and pharmacy participation [61][62] Question: Concerns about irrational competitive behavior - Management acknowledged the potential for competitive pressures but emphasized their strategy of steady pricing and margin management [66][68] Question: New store growth strategy - Management confirmed plans to open 20-30 stores, focusing on organic growth while also considering M&A opportunities [72][74]

Core Insights - High Tide Inc. reported record revenue exceeding $700 million for the first fiscal quarter of 2026, with a significant increase in gross profit and positive free cash flow [1][4][5] - The company aims to expand its Canna Cabana retail locations from 220 to over 350 across Canada, emphasizing its growth strategy [1][25] Financial Performance - Revenue for the first fiscal quarter of 2026 reached $178.3 million, a 25% increase year-over-year and a 9% increase sequentially, marking the fastest growth rate in 10 quarters [5][12] - Gross profit was a record $44.4 million, up 25% year-over-year and 4% sequentially [5][12] - The company generated $2.9 million in free cash flow during the quarter, a significant improvement from a negative cash flow of $(1.9) million year-over-year [5][12] - Adjusted EBITDA was $11.5 million, representing a 62% increase year-over-year and the second-highest quarter ever for the company [5][12] Retail Highlights - Canna Cabana remains the largest cannabis retailer in Canada, holding a 12% market share, up from 11% the previous year [3][7] - The average retail sales per square foot were $1,728, which was impacted by harsh weather conditions in Ontario [7] - Same-store sales increased by 0.5% year-over-year, although they decreased by 1.3% sequentially due to weather conditions [7] Membership Growth - Cabana Club membership in Canada surpassed 2.58 million, a 47% increase year-over-year, marking the fastest growth in 10 quarters [3][28] - ELITE membership in Canada exceeded 162,000, doubling year-over-year, indicating strong customer loyalty [3][28] International Expansion - High Tide's German operations are gaining momentum, with Remexian increasing its market share of German imports from 6.5% to 10.3% [3][10] - The company is exploring additional international opportunities, including potential M&A in the UK market within the next 12 months [4][32] E-commerce and Regulatory Developments - The e-commerce segment is showing signs of recovery, with a 5% sequential revenue increase, marking the first improvement in two years [8][29] - The company is positioned to capitalize on U.S. federal initiatives regarding CBD products, including a Medicare pilot program for seniors [8][30]

Core Viewpoint - IM Cannabis Corp. (IMC) is strategically entering the defense and homeland security technology sectors by signing a non-binding letter of intent to acquire 51% of Blackaxe Technologies, a Polish company specializing in advanced defense and intelligence solutions [1][2]. Company Overview - IMC is a medical cannabis company operating in Israel and Germany, currently focused on expanding into technology-driven sectors [6]. - The company operates a medical cannabis platform that serves patients in Israel and Germany, leveraging proprietary data and patient insights [7]. Acquisition Details - The proposed acquisition of Blackaxe Technologies represents a significant strategic expansion for IMC into the defense sector, particularly in areas such as satellite intelligence, AI analytics, and counter-drone solutions [2][3]. - Blackaxe operates using advanced Israeli technologies aimed at supporting governments and defense organizations in addressing aerial and intelligence threats [3]. Market Context - The transaction is set against a backdrop of a rapidly expanding global defense and security market, driven by rising geopolitical tensions and new threats, including low-cost drones and advanced missile systems [4]. - Current conflicts in Eastern Europe and the Middle East have increased demand for satellite intelligence and counter-drone technologies, which are critical for military and homeland security agencies [4]. Transaction Conditions - The proposed transaction is subject to due diligence, execution of definitive agreements, customary closing conditions, and regulatory approvals [5].

Core Viewpoint - Tilray Brands is close to finalizing a deal to acquire parts of BrewDog, a UK beer business, which has been struggling financially [1][2]. Group 1: Deal Details - The potential acquisition includes BrewDog's brewery located in Ellen, Scotland, along with some of its brands and bars [2]. - BrewDog has engaged AlixPartners to explore interest in its loss-making business, leading to the current negotiations with Tilray [1]. Group 2: Financial Performance of BrewDog - BrewDog reported a loss of £34.1 million ($46.6 million) in 2024, a decrease from a loss of £62.7 million the previous year [5]. - The company experienced an operating loss of £19.6 million in 2024, compared to £45.6 million in 2023 [5]. - Net revenue for BrewDog was £280.2 million in 2024, slightly down from £280.9 million in 2023 [5][6]. Group 3: Tilray's Business Focus - Tilray, originally established as a cannabis-focused company, has diversified its operations to include pharmaceutical and hemp-based products, as well as beverages [3]. - Cannabis now accounts for approximately 30% of Tilray's annual sales, indicating a shift in revenue sources [2]. - The company has been active in mergers and acquisitions, including recent purchases of brands from Anheuser-Busch InBev and Molson Coors Beverage Co. [3].

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]

Core Insights - Aurora Cannabis (ACB) reported strong third-quarter results for fiscal 2026, with adjusted EPS of 9 cents, up from 4 cents year-over-year, and sales increasing by 7% to approximately $68 million (~C$94 million) [1][10] Financial Performance - For the nine months of fiscal 2026, Aurora Cannabis achieved significant top-line growth, with medical cannabis sales rising about 20% year-over-year to C$211.5 million, representing nearly 75% of total revenues [3] - The adjusted EBITDA for the nine months ended September 2025 increased by 35% year-over-year to C$44.7 million, indicating strong operating leverage in the medical cannabis segment [6] Medical Cannabis Segment - The growth in the medical cannabis segment was driven by higher sales in international markets such as Australia, Germany, and Poland, as well as increased revenues from insurance-covered and self-paying patients in Canada [4] - Management expects annual global medical cannabis revenue to reach C$269-C$281 million in fiscal 2026, reflecting a year-over-year growth of 10-15% [8] Strategic Focus - Aurora Cannabis is reallocating resources towards its high-margin global medical cannabis business, prioritizing international markets for growth while exiting lower-return activities [7][11] - The company plans to exit select lower-margin consumer cannabis markets in Canada, which is expected to improve margins despite incurring near-term transition costs [12] Consumer Cannabis Business - The consumer cannabis segment is facing challenges due to price compression and intense competition in Canada's adult-use market, which has negatively impacted revenues and margins [9][10] - Management noted that the consumer segment incurs higher sales and marketing costs, prompting a strategic pullback to enhance overall gross margins [12] Competitive Landscape - Aurora Cannabis operates in a highly competitive market, contending with companies like Canopy Growth and Tilray Brands, which are also focusing on international expansion and cost efficiency [13] Stock Performance and Outlook - Despite improving fundamentals in the medical cannabis sector, Aurora Cannabis currently holds a Zacks Rank 4 (Sell), indicating it is not recommended for new investments [16][17] - The unchanged earnings estimates over the past 30 days suggest limited near-term upside potential for the stock [17]

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 ...