Core Viewpoint - Vireo Growth Inc. has announced the effectiveness of its Management Services Agreement (MSA) with PharmaCann, allowing Vireo to manage certain retail assets in Colorado until the closing of the Asset Purchase Agreement (APA), expected in Q2 2026 [1][2][3]. Group 1: Management Services Agreement - The MSA became effective on March 22, 2026, enabling Vireo's affiliate to provide management services related to PharmaCann's retail assets in Colorado until the acquisition closes [2]. - Vireo has placed 90,740,741 subordinate voting shares into escrow with Odyssey Trust Company, which will remain there until the asset acquisition is finalized [2]. Group 2: Company Background - Vireo Growth Inc. was founded in 2014 as a pioneering medical cannabis company, focusing on a disciplined and execution-oriented strategy within the industry [3]. - The company aims to leverage its national portfolio while maintaining a strong local market focus, emphasizing the hiring of industry leaders and strategic capital deployment [3].

Core Insights - Tilray Pharma has formed a strategic partnership with Tilray Medical, CC Pharma, and "gesund leben" cooperation to enhance its market presence in Germany [1][2][4] - The partnership aims to provide a comprehensive range of healthcare solutions, including prescription medications and medical cannabis, to pharmacies across Germany [2][5] Group 1: Partnership Details - The collaboration will take effect on April 1, 2026, focusing on improving pharmacy access and product availability [2] - The "gesund leben" cooperation includes approximately 3,600 member pharmacies, offering benefits such as digital access and competitive purchasing terms [3][8] - This partnership allows CC Pharma to access over 20% of German pharmacies, significantly expanding its market reach [4] Group 2: Market Context - Germany is identified as a crucial and dynamic healthcare market in Europe, making this partnership strategically significant for Tilray [4] - The alliance is expected to enhance service offerings and operational efficiency for pharmacies, thereby increasing customer traffic and sales [3][8] Group 3: Company Background - CC Pharma is a leading pharmaceutical distributor in Germany, serving over 16,000 pharmacies with a wide range of medicines [4][9] - Tilray Medical specializes in providing medical cannabis and has established itself as a significant supplier in the European market [10]

Summary of Aurora Cannabis Conference Call Company Overview - **Company**: Aurora Cannabis - **Industry**: Medical Cannabis - **Key Milestones**: Multi-year restructuring, debt-free cannabis operations, strong net cash position, significant growth in European markets, particularly Germany [1][2] Core Points and Arguments Strategic Focus - Shifted focus primarily to the medical cannabis business, which has higher margins compared to the consumer segment [2][6] - Divested the plant propagation business and scaled back on lower-margin consumer segments to prioritize medical cannabis [2][15] Financial Performance - Reported CAD 94 million in overall revenue, reflecting a 7% year-over-year growth [6] - Year-to-date global medical cannabis revenue reached CAD 212 million, up from CAD 177 million the previous year [6] - Anticipates an addressable market exceeding CAD 9 billion, particularly in Europe and Australia [6][84] Competitive Advantages - High margins in the medical cannabis sector, reported in the mid-to-high 60s percentage [8] - Strong operational excellence and regulatory expertise position the company favorably in highly regulated markets [4][77] - GMP (Good Manufacturing Practice) certification provides a competitive edge, ensuring consistent supply of quality products [71] Market Dynamics - Increased focus on international markets, especially Europe and Australia, where growth opportunities are significant [3][84] - The company is one of three licensed to manufacture and cultivate cannabis in Germany, allowing for increased capacity and operational efficiencies [22][24] - Monitoring regulatory changes, particularly in Germany and Australia, to adapt strategies accordingly [28][60] M&A and Growth Strategy - Established an ATM (At-the-Market) program for up to $100 million to fund strategic acquisitions and capacity expansion [51] - Emphasizes a patient and thoughtful approach to M&A, ensuring alignment with core business and financial value [51][53] Regulatory Environment - Regulatory uncertainties can impact revenue guidance, particularly regarding import/export licenses [55][57] - Strong regulatory affairs team in Germany aids in navigating potential changes and maintaining compliance [28][60] Future Outlook - Continued focus on profitable growth and maintaining a strong balance sheet while exploring M&A opportunities [52][54] - Anticipates significant growth in the international cannabis market, with a strong emphasis on medical cannabis [84] Additional Important Insights - The company is actively working on SKU rationalization and inventory management as part of its strategy to streamline operations [19][21] - The partnership with Leafio in Australia expands distribution and patient access, crucial for market penetration [39] - Lessons learned from navigating regulatory changes in Poland are applicable to other markets, including Germany [44][66] This summary encapsulates the key points discussed during the conference call, highlighting Aurora Cannabis's strategic direction, financial performance, competitive advantages, and future growth prospects in the medical cannabis industry.

Core Viewpoint - Village Farms International, Inc. has amended and extended its Canadian cannabis credit facility, increasing loan commitments by CAD $15 million and extending maturities to February 2029, which provides flexibility for growth investments at interest rates below 6.0% [1][2] Group 1: Financial and Operational Highlights - The company drew an initial CAD $5 million from the new loan on February 20, 2026, while all other terms of the credit facility remain unchanged [1] - Village Farms maintains a strong net cash position and has established a solid credit profile through record financial performance [2] - The incremental financing is viewed as a responsible use of the balance sheet to enhance operating capabilities and preserve options for future growth opportunities [2] Group 2: Business Operations and Market Position - Village Farms is a large-scale, vertically-integrated supplier of high-value plant-based Consumer Packaged Goods, leveraging decades of experience in Controlled Environment Agriculture [3] - The company's subsidiary, Pure Sunfarms, operates one of the largest cannabis facilities globally, with 2.2 million square feet of greenhouse production, and is recognized as a low-cost producer with high-quality products [4] - Village Farms owns an additional 2.6 million square feet of greenhouse capacity in Canada for future expansion and holds an 80% stake in Rose LifeScience, a leader in cannabis product commercialization [4] Group 3: International Expansion and Strategy - The company is targeting international cannabis opportunities with significant growth potential, exporting medical cannabis to markets such as Germany, the UK, Israel, Australia, and New Zealand [5] - Village Farms is expanding its export business and making investments in international production assets, including a license to grow and distribute recreational cannabis in the Netherlands [5] - In the US, the company plans to enter the THC market using its Texas-based greenhouse assets, which include 2.2 million square feet of existing capacity and 950 acres of land for future expansion [6]

Investor Presentation December 31, 2025 CAUTIONARY STATEMENT This document is current as of December 31, 2025, except where otherwise stated. The information contained in this presentation is provided by Organigram Global Inc. ("Organigram" or the "Company") for informational purposes only and does not constitute an offer to issue or arrange to issue, or the solicitation of an offer to issue, securities of Organigram or other financial products. No part of this presentation shall form the basis or be relied ...

Core Insights - Aurora Cannabis Inc. reported a net revenue increase of C$7 million to C$94.2 million for the quarter, driven by the global medical cannabis and plant propagation segments [2] - The company is focusing on the higher-margin medical cannabis business, with revenue from this segment rising 12% to C$76.2 million, representing 81% of total revenue [2][4] - Adjusted gross margin improved to 62%, while adjusted EBITDA decreased by 5% year over year to C$18.5 million due to higher operating expenses [3] Financial Performance - The medical cannabis segment's growth was led by a 17% increase in international markets, particularly in Germany and Poland [2] - Management confirmed full year 2026 adjusted EBITDA guidance of C$52–57 million, despite a cautious outlook for the fourth quarter [3] - ACB's balance sheet is strong, with C$154 million in cash and no debt, and the company has filed for an at-the-market offering of up to C$100 million for additional capital flexibility [4] Strategic Focus - ACB is divesting from the less-profitable plant propagation business and exiting select Canadian consumer cannabis markets to focus on international medical opportunities [4] - Management anticipates fiscal year 2026 to be a record revenue year, with continued growth and margin expansion expected through fiscal year 2028 [5] - Despite top-line growth and improved margins, ACB's valuation remains discounted compared to peers and its historical performance, indicating potential for a rerating in 2026 [5]

Core Insights - Aurora Cannabis reported a consolidated adjusted gross margin of 62%, an increase of 100 basis points year over year, with adjusted gross profit rising 6% to CAD 55.6 million [1] - The company’s total net revenue reached CAD 94.2 million, with medical cannabis contributing 81% of this revenue, up from 77% the previous year [2] - CEO Miguel Martin highlighted a 7% year-over-year increase in net revenue, driven by a 12% rise in medical cannabis revenue to CAD 76.2 million, including a 17% growth in international markets [3][4] Financial Performance - For fiscal Q3 2026, net revenue increased 7% year over year to CAD 94.2 million, with adjusted EBITDA at CAD 18.5 million, down from CAD 19.4 million in the prior year [7] - The company generated positive free cash flow of CAD 15.5 million, a decrease from CAD 27.4 million in the previous year, ending the quarter with CAD 154 million in cash and no cannabis-related debt [8] - Adjusted net income was CAD 7.2 million compared to CAD 7.4 million a year earlier [7] Strategic Initiatives - Aurora is exiting select low-margin Canadian consumer markets and plans to divest its controlling stake in Bevo, a plant propagation business, to focus on higher-margin global medical cannabis [6][9] - The company filed a prospectus supplement for a new at-the-market (ATM) equity program to raise up to $100 million for strategic purposes, including increased cultivation capacity and potential M&A [14] - Management anticipates one-time costs in Q4 due to these strategic changes but expects improved adjusted SG&A and margins thereafter [10] Market Expansion - Aurora projects FY2026 global medical cannabis revenue between CAD 269 million and CAD 281 million, representing a growth of 10% to 15% [5][20] - The company is focusing on expanding its presence in Germany, which is described as Europe's largest medical cannabis market, and is doubling production at its German manufacturing site [15][16] - In Poland, Aurora gained market share and held the number one position in 2025, successfully navigating regulatory shifts [18] Future Outlook - Management expects annual consolidated adjusted EBITDA to rise to a range of CAD 52 million to CAD 57 million, indicating 5% to 10% annual growth [21] - The company aims to leverage its regulatory capabilities and manufacturing efficiencies to capitalize on the evolving global medical cannabis market [22]

Financial Data and Key Metrics Changes - Net revenue increased by 7% to CAD 94.2 million, driven by a record 12% growth in global medical cannabis revenue, including a 17% increase internationally [4][16] - Adjusted gross margin rose by 100 basis points to 62%, with adjusted gross profit reaching CAD 55.6 million, a 6% increase [16] - Adjusted EBITDA was CAD 18.5 million, and adjusted net income was CAD 7.2 million, with positive free cash flow of CAD 15.5 million [5][17] - The company ended the quarter with 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] - Consumer cannabis net revenue decreased by 48% to CAD 5.2 million, reflecting the strategic shift to focus on higher-margin global medical cannabis [18] - Bevo's plant propagation net revenue increased by 27% to CAD 11.3 million, but adjusted gross margin fell to 16% from 40% due to increased costs [19] Market Data and Key Metrics Changes - The German market, as the largest individual medical cannabis market in Europe, was a primary driver of double-digit growth in international revenue [8][9] - Australia is the largest international medical cannabis market for the company, with a potential AUD 1 billion opportunity, where the company holds the number two market share [11] - In Poland, the company maintained its number one position in market share, benefiting from increased annual import limits [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] - A divestiture of the lower-margin plant propagation operations is planned to allocate capital more effectively and improve profitability [7] - The company aims to enhance its leadership position in global medical cannabis by solidifying its market presence in Canada, Europe, Australia, and New Zealand, while exploring new markets [23] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's competitive position in the global medical cannabis market, projecting significant growth opportunities [4][23] - The company anticipates annual global medical cannabis net revenue to increase to between CAD 269 million and CAD 281 million, driven by 10%-15% growth in the segment [21][22] - Management acknowledged potential headwinds in some markets but remains optimistic about the overall growth trajectory [55] Other Important Information - The company filed a prospectus supplement to establish a new At-the-Market equity program, allowing it to issue and sell up to $100 million of common shares [8] - The company is committed to maintaining high-quality standards in its products, with 90% of annual manufacturing capacity produced in GMP-certified facilities [6] 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 and will allow for resource reallocation to international markets [25][27] 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 - Management emphasized the focus on global medical cannabis as the most profitable area and the rationale behind divesting the plant propagation business [37][39] Question: Contribution of plant propagation to EBITDA - Management noted that the financial results of the plant propagation business will be treated as discontinued operations going forward [40] Question: Navigating regulatory changes in Poland - Management highlighted the company's strong relationships with regulators and its ability to adapt to changes in the regulatory environment [42][43] Question: Clarity on global medical cannabis revenue guidance - Management clarified that the guidance reflects total revenue, including the impact of the divestiture of Bevo [48][49] Question: Reasons for higher wholesale gross margins compared to consumer cannabis - Management explained that the consumer cannabis market is tight, leading to lower margins, while wholesale products are less available globally due to regulatory requirements [56][57] Question: Potential assets for M&A - Management expressed interest in cultivation capacity and other aspects of global medical cannabis, remaining opportunistic with the funds raised [61][62] Question: Supply chain and cultivation capacity - Management confirmed that nearly all products sold are produced in-house, with a focus on maintaining high-quality GMP flower [75][78]

Core Insights - CC Pharma, the European pharmaceutical distribution business of Tilray Brands, has been recognized as a TOP 100 Innovator in Germany, highlighting its innovative strength and contributions to the pharmaceutical sector [1][3]. Company Overview - CC Pharma operates a nationwide distribution network serving over 13,000 pharmacies in Germany, providing access to a wide range of prescription and over-the-counter medicines [2]. - The company is also a key player in the distribution of medical cannabis in Germany, utilizing its established infrastructure and regulatory expertise to enhance patient access in a regulated market [2]. Recognition and Awards - The TOP 100 Innovator Award has been recognizing companies for over 25 years based on their innovative management, forward-looking strategies, and sustainable competitiveness [3]. - CC Pharma's selection as a TOP 100 Innovator reflects its disciplined innovation strategy and commitment to operational excellence in a highly regulated market [4]. Leadership Statements - Rajnish Ohri, President of International at Tilray Brands, emphasized that this recognition underscores CC Pharma's role as a reliable partner in Germany's pharmaceutical ecosystem, focusing on building resilient systems and delivering value [4]. - Mathias Bossen, Managing Director of CC Pharma, expressed pride in the award, highlighting the team's focus on continuous improvement and digitalization, positioning the company as a trusted partner in the pharmaceutical value chain [4]. Market Position - CC Pharma's recognition as a TOP 100 Innovator enhances its reputation as an attractive employer and a significant contributor to Germany's healthcare supply chain [4].

Core Viewpoint - Aurora Cannabis Inc. has announced the establishment of a new at-the-market offering program allowing the issuance and sale of up to U.S.$100 million of common shares to the public at the company's discretion [1]. Group 1: Offering Details - The net proceeds from the offering will be used for strategic and accretive purposes, including increased cultivation capacity and mergers and acquisitions (M&A) [2]. - Common shares will be sold through "at-the-market distributions" on the NASDAQ or other U.S. marketplaces at the prevailing market price, with no sales occurring in Canada [3]. - The sales will be conducted under a sales agreement with TD Securities (USA) LLC dated February 4, 2026 [4]. Group 2: Regulatory Filings - A prospectus supplement has been filed with securities commissions in Canada (excluding Quebec) and with the U.S. Securities and Exchange Commission (SEC) as part of the company's registration statement under the U.S./Canada Multijurisdictional Disclosure System [5]. Group 3: Company Overview - Aurora Cannabis is a global leader in medical cannabis, focusing on improving lives through scientific expertise and a commitment to patient care, serving both medical and consumer markets across multiple regions [7]. - The company has a portfolio of trusted brands and holds a controlling interest in Bevo Farms Ltd., a leading supplier of propagated agricultural plants [7].