Tag: Financials

On June 17, MediPharm Labs announced the results from its 2025 annual and special meeting of shareholders.

There were 146 Shareholders represented virtually or by proxy at the meeting, holding an aggregate of 210,726,733 common shares, representing 50.76% of MediPharm’s total issued and outstanding common shares as at the record date for the meeting. As the meeting was held virtually, the company states that all resolutions were passed by way of a ballot.

Shareholders approved the resolution to fix the number of directors at seven, approved the resolution appointing MNP LLP as auditors, elected all seven management director nominees, and approved the resolution relating to unallocated awards under the Company’s equity incentive plan. Complete voting results for each of the matters presented at the Meeting are provided below.

In a press release, the company welcomed two new directors, Emily Jameson and John Medland, to its board. Each of the company’s nominees was elected as a director of MediPharm for the ensuing year or until their successors are elected or appointed.

Despite this, Apollo Technology Capital Corporation, which had previously issued a presentation to set forth its plan to take over MediPharm, issued a press release on June 16, claiming that it considered the results of the MediPharm meeting to be a “clear victory” for Apollo.

Apollo states it had been advised by its legal counsel that MediPharm’s solicitation of proxies in connection with the Annual Meeting was illegal. 

In response, MediPharm issued a press release urging shareholders to wait for the final results.

MediPharm responded to a dissident proxy circular filed on May 7, 2025, by Apollo Technology Capital Corporation, outlining Apollo’s intention to nominate six individuals for election to MediPharm’s board of directors at MediPharm’s annual and special meeting of shareholders, scheduled for June 16, 2025.

Earlier in June, the Ontario Superior Court of Justice dismissed an application by dissident shareholder Apollo Technology Capital Corporation against MediPharm Labs.

Apollo had been seeking an order from the Court to appoint a third-party independent chair to preside over the Annual and Special Meeting of Shareholders of the Company on June 16, 2025. 

They had argued that MediPharm had a “design or plan to invalidate proxies” and that the company had acted improperly, warranting the appointment of a third-party independent chair.

The court rejected these arguments, saying a third-party independent chair was not required in the circumstances as there was no evidence or indication that MediPharm’s proposed meeting chair would act unfairly.

Apollo had argued that MediPharm desired to “run a corrupt election process to ensure their victory so that they can continue to siphon the remainder of MediPharm’s cash reserves into their own pockets until the company runs out of money in November.”

Founded in 2015, the Ontario-based MediPharm Labs reported net revenue of $10.8 million, gross profit of nearly $4.2 million, and a net loss of $387,000 in the three months ending March 31, 2025 (Q1 2025).

On June 5, MediPharm announced the completion of the sale of a cannabis facility in BC to cannabis producer Rubicon Organics for $4.5 million in cash.

Tilray Brands, Inc. says that the vote to implement a reverse stock split of the company’s common stock passed at a special meeting of stockholders. 

The vote was for an amendment of Tilray’s Fifth Amended and Restated Certificate of Incorporation, to implement a reverse stock split of the Company’s common stock at a ratio ranging from 1-to-10 to 1-to-20, a reverse stock split.

The company also announced a pause on the implementation of the newly authorized reverse stock split while further exploring all options related to the timing of the reverse split as it evaluates timing and stock price.

If implemented, Tilray expects the reverse stock split will achieve several objectives and believes it would be well-positioned for strategic opportunities and acquisitions. Those objectives include:

• Ensuring compliance with the Nasdaq Global Select Market’s continued listing requirements
• Aligning the Company’s number of shares outstanding with companies of its size and scope
• Making Tilray more attractive to institutional shareholders
• Reducing expenditures associated with Tilray’s Annual Meeting of Stockholders, resulting in up to $1 million in cost savings on an annual run rate basis

Tilray Brands announced the proposed reverse stock split and corresponding special meeting of stockholders in April.

In a reverse stock split, shares of corporate stock are combined to reduce the number of outstanding shares, resulting in a smaller number of proportionally more valuable shares.

On March 25, 2025, Tilray Brands, Inc. received written notice from the Nasdaq Listing Qualifications Department notifying the company that it is not in compliance with the minimum bid price requirement of $1.00 per share for continued listing on the Nasdaq Global Select Market.

The company had 180 calendar days from the day of the notice to regain compliance with the minimum bid price requirement. To regain compliance, the closing bid price of the Company’s common stock must be at least $1.00 per share for a minimum of ten consecutive business days before September 21, 2025.

As of the most recent quarter ended February 28, 2025, Tilray’s balance sheet had a cash and marketable securities balance of over $248 million, which the company says provides it with financial strength and flexibility to pursue strategic opportunities and accretive acquisitions.

Tilray Brands, Inc. reported net revenue of $185.8 million in the three months ended February 28, 2025 (Q3 2025) and gross profit of $52 million, but a comprehensive loss of $799 million (all figures in US dollars).

Also on April 17, the company announced it was launching its cannabis edibles into the Australian medical cannabis market. The Good Supply Pastilles are Tilray Medical’s first medical cannabis edible offering in the country, providing patients with a sugar-free and vegan-friendly treatment option.

Tilray Brands, Inc. recently transitioned the cultivation of its flagship brand and strain, Good Supply Jean Guy, to its production facility in Masson-Angers, Québec. The facility employs over 100 residents of Québec and produces more than 12 tonnes of cannabis annually.

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The back-and-forth between a cannabis company and an investment firm continues to intensify in advance of an upcoming shareholder meeting.

Apollo Technology Capital Corporation has been raising concerns with management decisions made by MediPharm Lab Corp’s board of directors, first filing a dissident proxy circular in May, outlining a goal to nominate six individuals for election to MediPharm’s board of directors at MediPharm’s upcoming annual and special meeting of shareholders, scheduled for June 16, 2025.

Apollo Capital is one of the largest shareholders in MediPharm Labs, with about 3% of the company’s common stock. MediPharm, which owns VIVO Cannabis Inc. and ABcann, has urged its shareholders to take no action at this time. 

In a letter to shareholders in May, Apollo alleged that its aggressive move to replace the board is needed to hold MediPharm’s leadership accountable “for overseeing years of underperformance, failed operational strategies, outrageous compensation packages, and a lack of transparency, among many other failures.”

In response, MediPharm Labs Corp. alerted its shareholders to publicly available information about Regan McGee, the controlling shareholder, director, Chairman and CEO of Apollo Technology Capital Corporation.

Apollo filed an amended and restated dissident proxy circular on May 20, 2025, seeking to elect McGee and five other directors to the MediPharm board of directors at the company’s Annual and Special Meeting of Shareholders scheduled for June 16, 2025.

Then, on May 23, Apollo also said that MediPharm Labs’ Board of Directors did not respond to Apollo Capital’s “With Prejudice” offer to the Board.

In a press release dated June 2, MediPharm Labs announced that Institutional Shareholder Services published a report on May 30, 2025, arguing that MediPharm shareholders should not vote on the dissident proxy card, as it alleges that Apollo did not provide a compelling case for change. 

Apollo also appears to have run ads to promote their efforts, directing people to a website called Cure MediPharm Now.

Then, in a press release on June 3, Apollo’s leadership alleged that MediPharm CEO David Pidduck is looking to sell the company to cash out his shares. 

On June 5, MediPharm announced the completion of the sale of a cannabis facility in BC to cannabis producer Rubicon Organics for $4.5 million in cash. 

MediPharm has sold products into 10 international markets and has significant business in Australia, Germany, and Brazil. The company also recently launched Canadian-produced GMP Beacon Medical Brand cannabis oil and inhalation cartridges in the Australian medical market.

The cannabis producer reported net revenue of $10.8 million, gross profit of nearly $4.2 million, and a net loss of $387,000 in the three months ending March 31, 2025 (Q1 2025). 

The Ontario-based company’s net revenue increased 10.6% from the same reporting period in the previous year (Q1 2024), while gross profits increased 57.8% and net losses decreased by 744.7% from a $3.7 million loss in Q1 2024.

The company incurred $723,000 in excise taxes from $11.5 million in revenue in the first three months of 2025. The company also reports 87% year-over-year growth in international medical cannabis sales revenue.

MediPharm says it has reduced operating expenses by over $40 million on an annualized basis in the past several years, compared to the combined MediPharm and VIVO Cannabis operations in the first quarter of 2022.

The company also states that it will expand its cultivation capacity by approximately 30% at its EU GMP-certified Napanee facility to enhance its ability to meet the growing international demand for pharmaceutical cannabinoid products, particularly in Europe and Australia.

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Simply Solventless Concentrates Ltd (SSC) reported $20.5 million in gross revenue in 2024, $13.7 million in net revenue, $1.2 million in gross profit, but a $5.2 million loss.

While the company’s gross revenue increased 194% from the previous year, and net revenue increased 121%, gross profit decreased 66%, and losses increased 627% from a $1 million profit in 2023. 

The company incurred $6.8 million in excise taxes from its $20.5 million in gross revenue.

Simply Solventless says the increase in its gross revenue was due to an expanded array of product and service offerings, including the introduction of branded products from Astrolab, Frootyhooty and Lamplighter, CannMart’s Roilty and Zest brands (acquired in September 2024), and the acquisition of ANC’s Status brand and their business-to-business pre-rolling services.

All of SSC’s gross revenue in 2024 came from cannabis sales. Product tolling services, which the company reported as bringing in $2.3 million in 2023, did not generate any revenue in 2024. 

This is because during 2023 and for the nine months ending September 30, 2024, the company recognized revenue from tolling services with various arms-length counterparties where payment for the tolling services was paid in-kind with an equivalent value of the processed end product recorded into inventory. 

SSC states that in the fourth quarter of 2024, it reviewed the assessment of non-monetary tolling services and reassessed the relationships in the agreements for tolling services with paid-in-kind payment terms were representative of supplier relationships. 

Because of this, SSC recorded an adjustment to derecognize $4,295,364 of tolling revenue in 2024 with a corresponding reduction in cost of goods sold of $682,975 to reflect the change in cost base of the related inventory. 

Paid-in-kind tolling services are now accounted for as purchases of raw materials with inventory and cost of goods sold reflecting the value of the raw materials purchased. 

“All things being equal, it is SSC’s view that the non-cash changes to accounting treatment will positively impact future revenue, profitability, and cash flow,” said Jeff Swainson, SSC’s President and CEO. 

“Gross margins remain strong, and the size and capability of our asset base improved significantly during 2024. We look forward to filing our Q1 2025 financial statements as soon as possible, and as we proceed through 2025, we are focused intently on maximizing cash flow from operations and on strengthening our balance sheet. We believe that SSC’s positioning today is stronger than ever before, and that the continued execution of our highly impactful business plan is capable of delivering strong value to shareholders.”

Simply Solventless also provided updates on the timing of the filing of its Q1 2025 financials, which have been delayed several times this year. 

As announced on April 30, 2025, and further discussed in news releases dated May 14, 2025, and May 20, 2025, a Management Cease Trade Order (MCTO) was issued by the company’s principal regulator, the ASC, on May 5, 2025 to accommodate additional time required to file the company’s Annual Financials. 

The ASC approved a further extension of the MCTO to June 20, 2025, to provide SSC with enough time to prepare the Q1, 2025 financial results due to the delays incurred in filing the Annual Financials.

On February 28, 2025, SSC acquired all the issued and outstanding shares of Delta 9 Bio-Tech for cash consideration of $3 million.

On March 12, 2025, the company announced that it had entered into an arrangement agreement dated March 11, 2025, pursuant to which SSC will acquire all of the issued and outstanding common shares of CanadaBis Capital Inc.

On April 28, 2025, CanadaBis announced that it was terminating the transaction effectively immediately. On April 29, 2025, SSC issued a demand payment from CanadaBis for the break fee in the amount of $1.2 million, due by no later than April 30, 2025. SSC states that no response or payment has been received from CanadaBis.

On June 2, 2025, SSC negotiated an amendment to the ANC Promissory Note in connection with the outstanding secured ANC Promissory Note in the amount of $3.65 million due on May 31, 2025. 

Pursuant to the terms of the Amending Agreement, the Company agreed to a payment of $3.01 million in connection with the contingent consideration pursuant to the earn-out provisions of the acquisition agreement between the Company and ANC, thereby increasing the ANC Promissory Note to $6.7 million. 

Some $3.4 million of the Revised Promissory Note Balance has been settled by the issuance of 6.89 million Common Shares at a value of $0.50 per share (subject to approval from the TSX Venture Exchange), leaving a remaining Revised ANC Promissory Note Balance of $3.22 million. $1.0 million of the remaining Revised ANC Promissory Note will be due and payable in cash on the first anniversary of the Amending Agreement with no accruing interest charges, and $2.2 million of the remaining Revised Promissory Note Balance will be paid with weekly installments of $25,000 for the first 78 weeks, and thereafter $10,480 for the remaining 26 weeks until the remaining Revised ANC Promissory Note Balance is repaid in full.

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MediPharm Labs Corp. has responded to a dissident proxy circular filed on May 7, 2025, by Apollo Technology Capital Corporation, outlining Apollo’s intention to nominate six individuals for election to MediPharm’s board of directors at MediPharm’s upcoming annual and special meeting of shareholders, scheduled for June 16, 2025.

In a letter to shareholders, Apollo alleges that the move is needed to hold MediPharm‘s Board accountable “for overseeing years of underperformance, failed operational strategies, outrageous compensation packages, and a lack of transparency, among many other failures.”

The letter introduces six proposed director nominees—John Fowler, Alan D. Lewis, David Lontini, Demetrios Mallios, Regan McGee, and Scott Walters.

While Apollo argues that MediPharm’s team has been burning through cash while the stock value has plummeted, MediPharm argues that Apollo has no concrete strategy to create sustainable value for shareholders, “only broad criticisms without substance or actionable solutions.”

While Apollo says MediPharm’s “do-nothing Board and management team” is driving the company “further into the abyss,” MediPharm says it rejects the allegations, saying the claims of breach of fiduciary duty by directors of the Company are “void of detail and without merit.”

MediPharm urges shareholders to take no action at this time, while Apollo asks that company shareholders submit a proxy as the company has yet to issue a formal notice of the Annual Meeting and its management information circular.

MediPharm owns VIVO Cannabis Inc., ABcann, and Canna Farms, the latter in the process of being sold to BC-based Rubicon Organics, which it expects to be completed in Q2 2025. 

MediPharm’s reach includes medical patients in Canada through the Canna Farms medical ecommerce platform, and in Australia and Germany through Beacon Medical PTY and Beacon Medical GMBH. 

MediPharm has sold products into 10 international markets and has significant business in Australia, Germany, and Brazil. The company also recently launched Canadian-produced GMP Beacon Medical Brand cannabis oil and inhalation cartridges in the Australian medical market.

The company reported net revenue of $12 million for the three months ended December 31, 2024 (Q4 2024), gross profit of $3.6 million, and a net loss of $1.7 million, the most recent reporting period. MediPharm recently announced it plans to release its Q2 2025 results before markets open on Wednesday, May 14, 2025.

Decibel Cannabis Company Inc. reported gross revenue of $37.3 million, net revenue of $25.3 million, and net income of $13.3 million for the three months that ended December 31, 2024 (Q4 2024).

Gross revenue was down 17% year over year from Q4 2023, net revenue stayed level (0.4% increase), while net income was up from a $1.2 million loss in the last three months of 2023. 

The company states that its net revenue growth in the most recent quarter was primarily due to a partial quarter of contributions from AgMedica, which Decibel acquired on October 28, 2024.

Total sales contributed from the AgMedica Facility were $3.4 million, of which $2.1 million were international sales and the remainder was sold domestically. The decrease in net Canadian recreational sales is primarily attributed to increased competition in vapes and infused pre-roll products.

The company’s gross revenue for 2024 was $140.5 million, down from $177.7 million in 2023. Net revenue for 2024 was $140.5 million, down from $177.7 million in 2023. However, the company reported a net income of $9.5 million in 2024, compared to a net loss of $1.8 million in 2023.

From the company’s $140.5 million in gross revenue in 2024, Decibel incurred $48 million in excise taxes, a rate of 35.2%.   

Net Canadian recreational sales for the three and twelve months ended December 31, 2024, were $21.9 million and $88.4 million, respectively, a decrease of 8% and 14% over the comparative periods. 

“We ended 2024 with strong momentum and renewed confidence in our global growth strategy,” said  Benjamin Sze, Decibel’s Chief Executive Officer. “The removal of our going concern note is a direct reflection of the operational discipline and financial resilience we’ve built—including improved free cash flow, strategic reductions to payables, and our integration of AgMedica. While we anticipate a softer Q1 due to timing of international shipments, we expect a meaningful ramp-up in Q2 as export volumes accelerate. With these building blocks in place, we remain focused on profitable growth, both in Canada and abroad.”

Decibel’s international cannabis sales for the three and twelve months ended December 31, 2024, were $3.4 million and $4.1 million, respectively, an increase of 141% and 12% over the comparative periods. The increase in international sales was attributed to a partial quarter of contributions from AgMedica, acquired on October 28, 2024. International sales contributed from the AgMedica Facility were $2.1 million. 

In February 2025, Decibel entered into a new supply agreement in Israel, although the country is exploring adding tariffs to Canadian cannabis products. 

The increase in Decibel’s gross revenue over the last three quarters is primarily attributable to increased volumes of vape, infused products, concentrate products, and dried cannabis sold.

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On April 17, Tilray Brands, Inc. announced a special meeting of stockholders for June 10, 2025, where they will be asked to vote to support a reverse stock split of the company’s common stock.

At the special meeting, Tilray stockholders will be asked to vote for an amendment of the Company’s Fifth Amended and Restated Certificate of Incorporation in order to implement a reverse stock split of the Company’s common stock at a ratio ranging from 1-to-10 to 1-to-20. The exact ratio within this range will be determined by the Board of Directors without reducing the authorized number of shares of our common stock.

In a reverse stock split, shares of corporate stock are combined to reduce the number of outstanding shares, resulting in a smaller number of proportionally more valuable shares.

On March 25, 2025, Tilray Brands, Inc. received written notice from the Nasdaq Listing Qualifications Department notifying the company that it is not in compliance with the minimum bid price requirement of $1.00 per share for continued listing on the Nasdaq Global Select Market.

The company had 180 calendar days from the day of the notice to regain compliance with the minimum bid price requirement. To regain compliance, the closing bid price of the Company’s common stock must be at least $1.00 per share for a minimum of ten consecutive business days before September 21, 2025.

The June 10 special meeting will be held via live audio webcast, accessible on the investor page at Tilray.com. Stockholders will find important information and detailed instructions about how to participate in the Special Meeting in the Company’s definitive proxy statement, which is available on Tilray.com.

Tilray’s CEO issued a statement to ease stockholder concerns. 

“The Reverse Stock Split will better align Tilray’s number of shares outstanding with companies of our size and scope,” said Irwin D. Simon, chairman and CEO of Tilray Brands. “A higher price per share would ensure compliance with Nasdaq’s continued listing requirements and place Tilray in a position to continue executing on our strategic plans. 

“Looking ahead, we expect this decision to aid in the company’s efforts to stabilize trading levels, attract and retain institutional shareholders, and decrease our cost structure by over $1 million on an annual run rate basis. The fundamentals of our company remain intact, and we are confident that we have the right strategy and team to deliver long-term value for our shareholder base.”

The company also expects to achieve cost savings from the reverse stock split, which would reduce its expenditures associated with its annual meeting of stockholders.

Tilray notes that it has reduced its total debt outstanding by approximately $76 million to date in fiscal year 2025. As a result, net debt to trailing twelve-month adjusted EBITDA is less than 1.0x. 

As of the most recent quarter ended February 28, 2025, Tilray’s balance sheet had a cash and marketable securities balance of over $248 million, which the company says provides it with financial strength and flexibility to pursue strategic opportunities and accretive acquisitions.

Tilray Brands, Inc. reported net revenue of $185.8 million in the three months ended February 28, 2025 (Q3 2025) and gross profit of $52 million, but a comprehensive loss of $799 million (all figures in US dollars).

Also on April 17, the company announced it was launching its cannabis edibles into the Australian medical cannabis market. The Good Supply Pastilles are Tilray Medical’s first medical cannabis edible offering in the country, providing patients with a sugar-free and vegan-friendly treatment option.

The THC10, THC10 CBD10, and CBD20 pastilles (candies) are available in packs of 60 in three different flavours. 

Tilray Brands, Inc. recently transitioned the cultivation of its flagship brand and strain, Good Supply Jean Guy, to its production facility in Masson-Angers, Québec. The facility employs over 100 residents of Québec and produces more than 12 tonnes of cannabis annually.

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Tilray Brands, Inc. reported net revenue of $185.8 million in the three months ended February 28, 2025 (Q3 2025) and gross profit of $52 million, but a comprehensive loss of $799 million. (All figures in US dollars).

While net revenue was down 1% compared to Q3 2024, gross profits increased by 5%, and comprehensive loss increased by 628%.

Tilray’s cannabis business accounted for 29% of its net revenue ($54.3 million), while its beverage business accounted for 30%, its distribution business accounted for 33%, and its wellness business brought in 8%. 

Revenue from its cannabis business was down from $63.4 million in the same quarter in the previous year, which was 34% of that quarter’s net revenue. This is also down from $65.7 million from its cannabis business in the previous quarter (Q2 2025). 

Within its cannabis sales, Tilray’s revenue from Canadian medical cannabis was $5.8 million (11%), revenue from Canadian adult-use cannabis was $49.3 million (91%), revenue from wholesale cannabis sales was $3.9 million (7%), and revenue from international cannabis sales was $13.9 million (26%).

The company incurred $18.7 million in federal excise tax on Canadian cannabis sales, about 35% of total revenue. 

Tilray’s revenue from Canadian cannabis sales declined somewhat from Q3 2024, while international and wholesale sales increased.

The company says it recently decided on a “strategic decision” to pause its “presence in margin dilutive categories, such as vapes and infused pre-rolls,” which led to a revenue decrease of $4 million but “prevented a potential loss exceeding $3 million.” 

“Tilray Brands is shaping the future of consumer markets with a robust global infrastructure spanning the beverage, cannabis, and wellness industries,” said Irwin D. Simon, Chairman and Chief Executive Officer of Tilray Brands. “We are meeting the needs of today’s consumers while preparing for the demands of tomorrow. In the third quarter, we prioritized sales quality and revenue, protected margins, reduced debt, and improved our capital structure. With a strong balance sheet and a clear vision for the future, Tilray is well positioned to capitalize on emerging opportunities and ensure long-term success.”

“We see opportunities in the alcohol, cannabis, and wellness industries and believe these sectors are here to stay,” he added. “Tilray is relentlessly focused on building strong brands and developing innovative products to seize growth opportunities across all our businesses. At Tilray, we are laser-focused on building a sustainable global business platform by emphasizing profitable sales growth, improving profit margins and cash flow generation, and maintaining a solid balance sheet to navigate market challenges and capitalize on strategic opportunities. In Q3, we delivered our highest cannabis gross margins in almost two years, and as of today our net debt is now less than 1x EBITDA on a trailing twelve-month basis. We will not seek sales growth merely for the sake of sales if it does not add to the bottom line and benefit our shareholders.”

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SNDL Inc.’s net revenue for the fourth quarter of 2024 was $257.7 million, while gross profits were $68.8 million, with an operating loss of $76.1 million. 

The company’s Q4 2024 net revenue was up about 4% year-over-year, a new record for SNDL, driven by more than 16.5% growth in its various Canadian businesses. Growth profits were up 20% year-over-year, compared with Q4 2023, while the company’s losses declined by 11%. 

For all of 2024, net revenue was $920.4 million, a little more than 1% higher than the previous year’s $909 million, a 26.2% increase from 2023. Gross profit for 2024 was $240.3 million, a 26.2% annual increase, with a net loss of $96.2 million, and a comprehensive loss of $62.9 million, a 45.5% and 66.7% decrease in losses, respectively. 

The majority of SNDL’s annual net revenue came from its alcohol sales ($555.3 million), while retail cannabis accounted for another $311.7 million and its cannabis operations accounted for $109.5 million. 

Gross profit from these three sectors was $139.7 million, $78.8 million, and $21.8 million, respectively. Earnings or loss before income tax for those three sectors was $30.7 million, a $5.3 million loss, and $2.1 million, respectively.  

SNDL’s retail cannabis brands are the Value Buds, Superette, and Spiritleaf banners.

SNDL’s cannabis operations include a cultivation facility in Atholville, New Brunswick, and processing and manufacturing operations in British Columbia and Ontario. In 2022, in partnership with IM Cannabis Corp., SNDL began exporting dried cannabis flower to Israel.

The company’s owned and licensed cannabis brand portfolio includes Top Leaf, Contraband, Palmetto, Bon Jak, La Logue, Versus, Grasslands, Pearls by Grön, No Future and Bhang Chocolate.

“We are pleased with the continued progress reflected in our fourth-quarter and full-year 2024 results, as we set new records and exceeded our commitment to achieving break-even free cash flow for the year,” said Zach George, CEO of SNDL. “We have accomplished this while continuing to transform our business by investing in growth opportunities and strengthening our organizational capabilities. The SNDL team remains dedicated to raising the bar in 2025 and beyond.”

In 2024, SNDL announced a restructuring project aimed at reducing corporate overheads and improving the efficiency of its organizational structure. The Restructuring Project is expected to deliver over $20 million in annualized cost savings, which is said to be driven mainly by the optimization of corporate overhead spending, including the reduction of 106 full-time employees. The project will require a one-time investment of $11 million over the next 18 months.

As part of these operational adjustments, SNDL consolidated its cannabis segments into a single unit under the leadership of Tyler Robson. 

SNDL also became Delta 9’s senior secured creditor in 2024 after completing the acquisition of the principal indebtedness of Delta-9 Cannabis Inc. from Connect First and Servus CreditUnion Ltd. for a purchase price of $28.1 million pursuant to a purchase and sale of indebtedness agreement dated July 5, 2024.

SNDL also completed its acquisition of Nova Cannabis in 2024 and successfully closed the Indiva Transaction for consideration of approximately $21.1 million.

In March 2025, SNDL also acquired just over 5% of High Tide, which operates the large Canna Cabana cannabis retail chain.

As of March 17, 2025, SNDL operates 185 retail cannabis locations: Value Buds (117), Spiritleaf (67, of which 8 are corporate stores and 59 are franchise stores), and Superette (1). Several Suprette stores recently converted to Value Buds.

MTL Cannabis Corp. reported $25.6 million in revenue for the three months ended December 31, 2024 (Q3 2025), net revenue of $20 million, and a $1.2 million loss. 

Revenue was up 8% compared to Q3 2024, while gross profit was down 4%. The company incurred $5.6 million in excise taxes in the most recent quarter, a 29% increase from the same quarter in the previous year. 

Net loss increased 369% from net income of $453,004 in Q3 2024. The company reported net income of $1.2 million in Q2 2024.

The company says the revenue increase is primarily due to the 2023 Canada House Cannabis Group acquisition. There are 12 Canada House clinics across Canada: one in each of the provinces of Alberta, Prince Edward Island, and Newfoundland, two in New Brunswick, two in Nova Scotia, and five in Ontario. 

MTL is the parent company of Montréal Medical Cannabis Inc., a licensed producer operating from a 57,000 sq ft licensed indoor grow facility in Pointe-Claire, Québec; Abba Medix Corp., a licensed producer in Pickering, Ontario that operates a leading medical cannabis marketplace; IsoCanMed Inc., a licensed producer in Louiseville, Québec, growing best-in-class indoor cannabis in its 64,000 sq. ft. production facility; and Canada House Clinics Inc., operating clinics across Canada that work directly with primary care teams to provide specialized cannabinoid therapy services to patients suffering from simple and complex medical conditions

ICM and Abba supplement Montréal Cannabis with additional cultivation capacity to meet ongoing demand and growth. MTL says it currently has more than 3,400 veterans registered with Abba. 

MTL has also established export channels in Germany, Australia, Poland, Portugal, and the UK.

As of December 31, 2024, MTL had an estimated total production capacity of 19,500 kg per annum after recently completed retrofits and expansions of both Abba and ICM, which added an estimated 2,500 kg and 8,000 kg, respectively.

“Our resilient strategy underpins the strong results we’ve delivered quarter-over-quarter, demonstrating that our high-quality products and leading industry performance are driving enhanced value for shareholders,” said Michael Perron, CEO of MTL. “With robust opportunities for continued growth, our company is well-positioned to deliver superior products for our expanding client base both domestically and internationally.”

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HYTN Innovations Inc. has entered into a partnership with A1 Cannabis Inc. in a move that will allow A1 to transition its complete cannabis product portfolio from Tilray Brands to HYTN.

A subsidiary of Iconic Brewing, A1 is the Toronto-based owner of Summit Cannabis Beverages. The “comprehensive collaboration” announced on February 17 involves both a manufacturing agreement and a consulting agreement with a three-year term. 

In addition to allowing A1 to transition its portfolio from Tilray, A1 will offer sales management services, while HYTN will provide the facilities, licenses, and qualifications required for ongoing product development within its licensed infrastructure. The agreements were signed on Feb 5th, 2025.

As part of the collaboration, Cole Miller, CEO of A1 Cannabis, will oversee HYTN’s domestic product sales forecasting, product development, and sales management for its 5 and 10 mg Sparkling Beverages and 100 mg Nano Shots. 

HYTN says it believes that this deal will allow the company to accelerate its consumer products under a cost-effective and scalable manufacturing framework. A1 reported Summit Beverage’s sales of over 600,000 units in 2022, with sales in over 300 retailers nationally.

In January, HYTN received a new set of import permits from the UK’s Home Office and corresponding export permits from Health Canada. These permits enable the fulfilment of international orders totalling over 400 kilograms of Good Manufacturing Practice (GMP) cannabis products, advancing HYTN’s global reach and operational capabilities. 

Also in January, HYTN announced receipt of an initial purchase order under manufacturing and pricing agreements with SNDL Inc. Under the executed agreements, HYTN will utilize EU Good Manufacturing Practice (EU GMP) to process both bulk and finished cannabis products for SNDL. 

For the year ended September 30, 2024, HYTN generated an operating loss of $2.7 million and a net loss and comprehensive loss of $6.6 million. 

For the same period, the company reported $851,494 in revenue from cannabis sales and agent fees. The majority of that ($639,311) was from cannabis beverage sales, while $199,599 was from cannabis edibles sales, and just $8,717 was from cannabis flower sales. 

On March 21, 2024, HYTN announced that it had been awarded Good Manufacturing Practice (GMP) certification by Australia’s Therapeutic Goods Administration for its Kelowna production facility. This certification allows HYTN to manufacture cannabis dried flower into bulk and finished GMP medical products.

HYTN has begun registering A1’s product portfolio and expects to secure initial purchase orders for Summit-branded products by Q2 2025.

The company notes that this agreement does not constitute a joint venture. Instead, HYTN will register, manufacture, collect revenues from, and sell A1 products under its own licenses and approvals, while A1 retains rights to the A1 and Summit brands, its product formulations, and all related intellectual property.

“Integrating A1 into HYTN is an important advancement in scaling our domestic business,” said Elliot McKerr, CEO of HYTN. “By combining the Summit brand and A1’s product lineup into our operations, we are aiming to enhance operational efficiency, unlock revenue opportunities, and leverage industry expertise to strengthen our product development and sales strategy.”

“This collaboration is expected to allow A1 to streamline its operations while benefiting from HYTN’s manufacturing capabilities,” added Cole Miller, CEO of A1 Cannabis. “I am looking forward to contributing my experience in sales and product strategy to HYTN’s innovative beverage and Nano Shot offerings, helping to broaden their footprint in the market while also growing the existing A1 and Summit portfolio that we’ve built over the years.”

Featured image via HYTN

Nextleaf Solutions Ltd. reported gross profit of $3.7 million from gross revenue of nearly $16.6 million for the twelve months ended September 30, 2024, but a $1.4 million loss.

While revenue was up considerably from the previous fiscal year’s nearly $10 million, and gross profit was up year-over-year from $2.3 million at the end of fiscal 2023, the companies’ losses were up significantly, on a year-over-year basis from income of $223,334 at the end of fiscal 2023.

Operating costs were also up significantly from the previous fiscal year, from nearly $2.3 million at the end of September 2023 to almost $5.3 million at the end of September 2024, due to what the company says was increased marketing and distribution costs associated with ongoing market expansion.

The company also reported gross revenue of $3.8 million in Q4 2024, a 16% year-over-year increase but a 5% decline from Q3 2024, which it says is consistent with “typical seasonal fluctuations observed in the industry during late summer.”

The BC-cased company’s $16.6 million in revenue in fiscal 2024 came from sales of its bulk distillate, branded extract products, and private label products. Sales of bulk distillate were nearly $1.5 million, down from nearly $2 million at the end of fiscal 2023. Wholesale revenue from its branded extract products was $13.4 million, up from $6.1 million in the previous year. Private label revenue was $1.6 million, down from $1.8 million in 2023. 

The majority of the company’s sales ($9.4 million) were in BC, while $7.1 million were in the rest of Canada. Nextleaf reached 44 new listings across BC, AB, and ON in fiscal 2024. 

The company sells its branded cannabinoid vapes, oils, and softgels in BC, Ontario, Nova Scotia, Manitoba, and Saskatchewan. It is also expanding its distribution in the prairie provinces by integrating additional partners to service Saskatchewan-based retailers. Lineage Distribution, currently servicing Nextleaf in Manitoba and “the northern Provinces” will also expand its existing distribution network in Saskatchewan.

Of the last eight fiscal quarters, Nextleaf has reported three profitable quarters for a total of $940,336 and five losses, for a combined amount of $2.2 million, or a total loss of $1.2 million from December 31, 2022, through September 30, 2024.

“This was a year of executing on the fundamentals,” said Emma Andrews, CEO. “We’ve been rapidly scaling up our manufacturing operations and inventory to support advancement of our commercial strategy and keep up with consumer demand. Despite the economic environment, we invested in our team and delivered increased sales. We’ve delivered continual innovation to maintain relevance in the market. We deepened relationships with retail partners and commercial partners alike, powering the industry with competitively priced products and ingredients, and delivering uncompromising quality.” 

In Q4 2024, Nextleaf reported $3.8 million in revenue, a gross profit of $946,000, and a loss of $240,000. For the previous quarter, which ended June 30, 2024, the company reported over $4 million in revenue, a gross profit of $884,344, and a loss of $317,264.

In a recent interview, Andrews said she is preparing for a three to five-year delay following the upcoming election before the industry can expect to see changes to the big-ticket items it has focused on over the years. These include excise tax reforms or changing the THC potency limits, such as the 10mg THC limit for edibles.

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