OrganiGram Holdings Inc. (OGI): Business Model Canvas [Dec-2025 Updated]

You're trying to figure out what's really driving OrganiGram Holdings Inc.'s momentum right now, and honestly, the numbers from Q3 2025 are compelling. This isn't just talk; they posted record net revenue of C$70.8 million and flipped to a positive C$5.0 million in free cash flow, all while international revenue exploded 208% to C$7.4 million. As a seasoned analyst, I can tell you this canvas lays out the blueprint for how they are managing their Canadian dominance, realizing those Motif acquisition synergies, and funding a global push with a solid C$85.9 million in the bank. You'll want to see the full breakdown below to map out their next moves, defintely.

OrganiGram Holdings Inc. (OGI) - Canvas Business Model: Key Partnerships

You're looking at the core alliances that fuel OrganiGram Holdings Inc.'s (OGI) strategy as of late 2025. These aren't just handshake deals; they represent significant capital deployment and market access agreements.

British American Tobacco (BAT) strategic investor and R&D partner.

The relationship with BT DE Investments Inc., a subsidiary of British American Tobacco plc (BAT), is foundational, solidifying OrganiGram Holdings Inc.'s balance sheet and global ambitions. The final tranche of the follow-on strategic equity investment closed on February 28, 2025, bringing the total investment to C$124,559,674.36. This funding round resulted in BAT's subsidiary holding an overall equity interest of 45% in OrganiGram Holdings Inc.. A key component of this partnership is the Product Development Collaboration (PDC), which focuses on developing the next generation of non-combustible cannabis products. Furthermore, the investment funded the 'Jupiter' strategic investment pool, which had approximately C$57.8 million available as of March 2025, after deploying C$21 million into Sanity Group GmbH and C$2.7 million into Open Book Extracts.

The financial commitment from BAT directly supports OrganiGram Holdings Inc.'s growth, evidenced by the company reporting Net Revenue of $70.8 million in Q3 Fiscal 2025.

Sanity Group GmbH for expanded supply into the German medical market.

OrganiGram Holdings Inc. solidified its European foothold through a strategic investment in Sanity Group GmbH, a leading German cannabis company. This investment totaled $21 million (or €14 million). Sanity Group currently commands a robust 10% share of the German medical cannabis market. The German market itself is projected to reach approximately USD$3.7 billion in sales by 2027. The partnership is supported by an expanded supply agreement, which promises higher annual volumes of dried flower from OrganiGram Holdings Inc. to Sanity Group, contingent upon OrganiGram Holdings Inc.'s Moncton facility receiving EU-GMP certification.

Provincial cannabis boards (e.g., OCS) for wholesale distribution in Canada.

Domestic wholesale distribution through provincial boards, such as the Ontario Cannabis Store (OCS), underpins the core Canadian revenue base. OrganiGram Holdings Inc. maintained its position as Canada's #1 cannabis company by market share in Q2 Fiscal 2025, leading in categories like vapes, pre-rolls, and milled flower. The company's Net Revenue for Q3 Fiscal 2025 reached $70.8 million, a 72% increase year-over-year, driven by domestic recreational sales and acquisitions. The acquisition of Collective Project also expanded beverage distribution across six Canadian provinces.

Phylos Bioscience Inc. for exclusive access to proprietary seed-based genetics.

The collaboration with Phylos Bioscience Inc. is key to modernizing cultivation and product differentiation. OrganiGram Holdings Inc. has advanced an aggregate of US$7 million to Phylos via a convertible loan, with a final US$1 million contingent on a milestone completion by March 31, 2026. This grants OrganiGram Holdings Inc. exclusive rights in Canada to commercialize THCV derived from Phylos' cultivars until May 2028. The investment supported the delivery schedule for new seed varietals, including 21 unique auto-flower seeds due by September 30, 2024, and another 21 by January 31, 2025.

International wholesale partners in Australia and the U.K. for export sales.

International sales are a growing component of the business, with Q3 Fiscal 2025 international revenue hitting $7.4 million, a 208% increase year-over-year. OrganiGram Holdings Inc. has established supply agreements in the U.K. and Australia. Specifically, a three-year agreement with Avida Medical in the U.K. involves supplying 1,700 kilograms of indoor-grown dried cannabis flower, with 500 kilograms planned for the first year.

Here's a snapshot of the financial scale of these key international and R&D partnerships:

The company's total cash position, which supports these ongoing commitments, stood at $85.9 million as of June 30, 2025.

These strategic relationships are designed to de-risk growth and provide access to specialized markets and technology:

• Leverage BAT's global capabilities and scientific expertise.
• Secure strain exclusivity for high-value cannabinoids like THCV.
• Establish a pathway to commercialize brands in the German medical market.
• Transition to more economical, scalable seed-based production.
• Expand into the U.S. beverage market via the Collective Project acquisition.

Finance: draft 13-week cash view by Friday.

OrganiGram Holdings Inc. (OGI) - Canvas Business Model: Key Activities

High-quality, indoor-grown cannabis cultivation and manufacturing.

OrganiGram Holdings Inc. operates five state-of-the-art facilities across Canada, including Moncton, New Brunswick, and a dedicated manufacturing facility in Winnipeg, Manitoba, plus facilities in Lac-Supérieur, Québec, Aylmer, Ontario, and London, Ontario. The Moncton facility has the capacity to produce approximately 85,000 kg of flower annually. Further capacity expansion initiatives, involving LED lighting upgrades and new pre-vegetation rooms, are expected to unlock an additional 13,000 kilograms of annual capacity. Seed-based cultivation accounted for 21% of Q1 harvests. The Winnipeg facility is designed for both smaller-batch artisanal manufacturing and large-scale nutraceutical-grade high-efficiency manufacturing. The Aylmer facility handles CO2 and Hydrocarbon extraction, formulation refinement, and pre-roll production.

Product innovation, including proprietary FAST™ nanoemulsion technology.

The company commercializes its patent-pending FAST™ (Fast Acting Soluble Technology) nanoemulsion delivery system, developed via the Product Development Collaboration (PDC) with British American Tobacco (BAT). This technology is clinically validated to deliver up to approximately 50% faster onset and 2x higher bioavailability compared to traditional gummies, based on preliminary pharmacokinetic study results. In beverages, onset was approximately 5 times faster. FAST™ gummies are available across Canada under the EDISON brand. As of October 2025, OrganiGram launched happly, its third U.S. hemp-derived delta-9 brand, incorporating FAST™ technology. The PDC funding provided over $345 million between 2021 and 2025.

Operational efficiency and cost synergy realization from the Motif Labs acquisition (targeting C$15 million).

The acquisition of Motif Labs Ltd. closed on December 6, 2024. The anticipated annual cost synergies from the Motif integration now stand at approximately $15 million, exceeding the original estimate of $10 million. As of Q3 2025, $4.2 million in cost savings had already been delivered from the integration. Full synergy realization is targeted over approximately 24 months. Motif contributed a $23.5 million boost to recreational cannabis sales in Q3 2025. At the time of acquisition, Motif generated approximately $86 million in Last Twelve Months net revenue.

Global market expansion, focusing on EU-GMP certification for Moncton facility.

The company is focused on obtaining EU-GMP certification for its Moncton Campus, which is expected 'in the coming months' as of May 2025. International revenue reached $6.1 million in Q2 Fiscal 2025. By Q3 Fiscal 2025, international revenue surged to $7.4 million, representing a 208% year-over-year increase. Supply agreements are in place with partners in Germany, the U.K., and Australia. This includes a $21 million investment in German cannabis leader Sanity Group in June 2024. The Collective Project acquisition enabled entry into the U.S. hemp-derived THC beverage market, with distribution in 10 states and six Canadian provinces. The U.S. direct-to-consumer platform serves 25 US states as of Q3 2025.

Brand portfolio management (e.g., Edison, SHRED, Holy Mountain) and marketing.

OrganiGram maintained the number one market share position in Canada across several categories. Recreational cannabis sales accounted for 85% of Q3 2025 net revenue, totaling $59.9 million. Flagship brands SHRED and BOXHOT approached $100 million in combined retail sales for Q1 2025.

Market Share Position in Canada (as of Q2/Q3 Fiscal 2025):

The portfolio includes Edison, SHRED, Holy Mountain, Big Bag O' Buds, SHRED'ems, Monjour, Tremblant Cannabis, Trailblazer, BOXHOT, DEBUNK, and Collective Project.

OrganiGram Holdings Inc. (OGI) - Canvas Business Model: Key Resources

You're looking at the core assets that OrganiGram Holdings Inc. uses to drive its operations and strategy as of late 2025. These aren't just things they own; they are the engines behind their revenue generation and market positioning.

Financial Strength and Liquidity

The balance sheet provides a solid foundation for continued investment and operational stability. As of the third quarter of fiscal 2025, ending June 30, 2025, OrganiGram Holdings Inc. reported total cash of $85.9 million. This figure includes $35.9 million in unrestricted cash. Critically, the company maintains negligible debt. This liquidity is essential for funding ongoing capital projects and strategic maneuvers.

Strategic Investment Capital

A significant resource is the capital earmarked for external growth, primarily through the Jupiter strategic investment pool. This pool was established following a $124.6 million follow-on investment from British American Tobacco (BAT). As of June 30, 2025, $59 million of the Jupiter fund remained available for deployment to target international M&A and emerging opportunities in the U.S. and overseas markets. Prior deployments from this pool included a $21 million investment in German cannabis leader Sanity Group and a $2.7 million investment in Open Book Extracts.

Physical Assets and Production Scale

OrganiGram Holdings Inc. relies on a network of purpose-built, state-of-the-art facilities across Canada to support its domestic leadership and growing international exports. The scale of these operations is a key differentiator.

The Moncton facility, one of the largest indoor cultivation sites in the world, is targeting production over 100 million grams in the year following Q3 2025 due to recent upgrades.

Intellectual Property and Innovation

Proprietary technology is a core asset, especially the patent-pending FAST™ (Fast Acting Soluble Technology) nanoemulsion technology. This delivery system is clinically validated to offer substantial performance improvements over traditional ingestibles.

• Deliver up to ~50% faster onset of effects.
• Achieve nearly double the cannabinoid delivery at peak effect.
• The technology is a key output of the Product Development Collaboration (PDC) with BAT.
• It is being commercialized across brands, including the happly U.S. hemp-derived THC beverage line.

Brand Portfolio

OrganiGram Holdings Inc. possesses an extensive portfolio of legal adult-use recreational cannabis brands developed and acquired through organic growth and M&A activity, such as the Motif Labs and Collective Project acquisitions.

• Brands include Edison, Holy Mountain, Big Bag O' Buds, SHRED, SHRED'ems, Monjour, Tremblant Cannabis, Trailblazer, BOXHOT, and DEBUNK.
• The company also leverages the Collective Arts brand ethos through its U.S. beverage entry.
• The target audience for the relaunched Trailblazer brand alone represented approximately $1.2B in total cannabis retail sales as of 2023 research.

These brands, combined with market leadership in key Canadian categories-holding the #1 position in vapes, pre-rolls, milled flower, and concentrates as of Q3 2025-form a crucial part of the value proposition.

OrganiGram Holdings Inc. (OGI) - Canvas Business Model: Value Propositions

You're looking at what OrganiGram Holdings Inc. offers to its customers, the core reasons someone chooses OGI over the competition as of late 2025. It's about market position, product quality, and technological advantage.

OrganiGram Holdings Inc. maintains a strong foothold in the Canadian recreational space. As of the third quarter of Fiscal 2025, the company reported being #1 in vapes, #1 in pre-rolls, #1 in milled flower, and #1 in concentrates in Canada. The national recreational market saw expansion of 6.6% in Q3 2025.

The commitment to high-quality, indoor-grown cannabis is evident in production metrics. The harvest from the Moncton facility in Q3 Fiscal 2025 averaged over 29% THC potency. This focus on quality supports their diverse product formats, which include flower sales volume increasing 24% in Q3 2025 compared to the prior year period.

Innovation centers on speed of effect for ingestibles. The proprietary FAST™ nanoemulsion technology is clinically validated to provide significant performance improvements over traditional edibles. Here's a quick look at the performance claims:

The Edison brand launched the first product featuring this technology, Edison Sonics gummies, which contained 5mg THC + 5mg CBD per gummy. The new U.S. brand, happly, also incorporates this technology.

OrganiGram Holdings Inc. supports its market presence with a portfolio spanning different consumer price points. The company has developed and acquired several brands for the adult recreational market:

• Value-focused brands like SHRED and Big Bag O' Buds.
• Premium/Innovation brands such as Edison Cannabis Co. and Holy Mountain.
• Other brands include SHRED'ems, Monjour, Trailblazer, Tremblant Cannabis, BOXHOT, and DEBUNK.

The success of the value segment is significant; the SHRED brand surpassed $200 million in yearly retail sales as of April 2024. Furthermore, in Q1 2025, SHRED and BOXHOT approached $100 million in combined retail sales for the quarter.

A key strategic value proposition is immediate access to the growing U.S. hemp-derived THC beverage sector via the acquisition of Collective Project Limited (CPL). The upfront consideration for CPL was C$6.2 million, with potential earnouts bringing the total value up to C$24 million. This move fast-tracked entry into the U.S. market, where the hemp-derived THC beverage category already generated over $1 billion in retail sales and is projected to reach $4 billion by 2028. Collective Project already captured 5.6% of the Canadian cannabis beverage category. At the time of the acquisition announcement, CPL was available in 10 U.S. states, and by July 2025, OrganiGram Holdings Inc. expanded U.S. consumer access across 25 states via e-commerce.

OrganiGram Holdings Inc. (OGI) - Canvas Business Model: Customer Relationships

You're looking at how OrganiGram Holdings Inc. (OGI) connects with its buyers across different channels as of late 2025. It's a multi-pronged approach, balancing direct digital sales with established wholesale relationships and global medical contracts. Honestly, the numbers show where the current focus is.

Automated, Direct-to-Consumer (DTC) E-commerce Platform for U.S. Hemp-Derived Beverages

OrganiGram Holdings Inc. is actively engaging U.S. consumers through its Collective Project e-commerce platform, which sells hemp-derived THC beverages. This platform now expands consumer access across 25 states. This move targets a segment that has already generated over $1 billion in U.S. retail sales, with projections aiming for $4 billion by 2028. The momentum in this area is clear from the international revenue figures, which surged 208% year-over-year to $7.4 million in Q3 2025. To be fair, international sales, which include these U.S. beverage exports, were $6.1 million in Q2 2025. The company is clearly leaning into this high-growth, direct-to-consumer adjacent channel.

Dedicated Sales and Key Account Management for Provincial Wholesale Boards

In the core Canadian recreational market, OrganiGram Holdings Inc. maintains its top position through strong relationships with provincial wholesale boards. As of Q3 2025, the company held the #1 national recreational cannabis market share at 11.6%. This relationship management is category-specific, where they dominate several key areas:

• Vapes market share: 20.4%
• Pre-rolls market share: 8.3%
• Flower market share: Reclaimed to 12% by July

The Q2 Fiscal 2025 data further illustrates this breadth, showing the company was #1 in vapes, pre-rolls, milled flower, hash, and pure CBD gummies, while ranking #3 in edibles and dried flower. These figures reflect the success of dedicated account management in securing and maintaining shelf space across the provincial distribution networks.

Brand-Specific Community Engagement and Loyalty Programs for Recreational Consumers

While specific metrics on loyalty program enrollment or engagement spend aren't public, the customer relationship strategy is evident through brand dominance in the recreational space. OrganiGram Holdings Inc. manages a portfolio of brands including SHRED, Holy Mountain, Big Bag O' Buds, and Collective Project. The focus on product innovation, such as launching 'happly' THC gummies for specific mood states, shows a direct attempt to segment and cater to different consumer preferences. The company's overall market share leadership is the ultimate indicator of successful consumer connection in the recreational segment.

Long-Term Supply Agreements with International Medical Cannabis Partners

International medical partnerships are a significant growth driver, contributing to the Q3 2025 international revenue of $7.4 million. This international segment is supported by existing supply agreements, notably with German cannabis leader Sanity Group. The Q1 Fiscal 2025 international sales figure was $3.3 million, showing sequential growth leading into Q3. The relationship with Sanity Group is specifically tied to the expected EU-GMP certification of the Moncton facility, which unlocks access to the stringent European medical market. The company is also active in supplying Australia and the U.K.

Here's a quick look at the international revenue progression:

Finance: draft 13-week cash view by Friday.

OrganiGram Holdings Inc. (OGI) - Canvas Business Model: Channels

You're looking at how OrganiGram Holdings Inc. (OGI) gets its products into the hands of customers as of late 2025. It's a multi-pronged approach, leaning heavily on established wholesale networks while aggressively building out new direct-to-consumer (DTC) avenues, especially in the U.S.

The core of the Canadian operation still flows through the wholesale system. For instance, in the first quarter of Fiscal 2025, OrganiGram Holdings Inc. generated $62.6 million in sales through recreational wholesale channels in Canada, which primarily targets provincial boards or large retailers. This contrasts with the total net revenue reported for that same quarter, which was $42.7 million. To give you a sense of scale, Q3 Fiscal 2025 net revenue hit $70.8 million.

Distribution into licensed private and government-run cannabis retail stores across Canada is facilitated by this wholesale structure. OrganiGram Holdings Inc. maintained its position as the leading licensed producer in Canada's recreational market through Q3 Fiscal 2025, holding the #1 market share in categories like vapes, pre-rolls, milled flower, hash, and pure CBD gummies.

International wholesale exports are a significant growth driver. The company has supply agreements in place with partners in Germany, the U.K., and Australia. The financial contribution from this segment has been climbing:

• Q1 Fiscal 2025 International sales reached $3.3 million.
• Q2 Fiscal 2025 International sales were $6.1 million.
• Q3 Fiscal 2025 International revenue reached $7.4 million.

The expansion into the U.S. market is focused on hemp-derived THC beverages via a DTC e-commerce platform. This platform, operating under the Collective Project brand (acquired in April 2025 for an initial C$6.2 million), now expands consumer access across 25 states. This move taps into a U.S. hemp-derived THC beverage market that has already surpassed $1 billion in retail sales. Furthermore, OrganiGram Holdings Inc. launched its third U.S. hemp-derived brand, happly, which targets the 'mindful recreation' segment representing approximately 21% of cannabinoid consumers.

The U.S. DTC channel is supported by retail listings in select states, including Total Wine & More and Top Ten Liquors. The product portfolio includes Sparkling Juices and Sparkling Lemonades, with Fetch sodas and happly gummies also available.

Canadian direct-to-patient medical cannabis sales remain a smaller, more stable revenue stream. For Q1 Fiscal 2025, this channel, including medical wholesale, reported revenue of just $496,000, up slightly from $446,000 in Q1 Fiscal 2024.

Here's a quick look at the revenue contribution from the international segment across the first three quarters of Fiscal 2025:

Finance: draft 13-week cash view by Friday.

OrganiGram Holdings Inc. (OGI) - Canvas Business Model: Customer Segments

You're looking at the core groups OrganiGram Holdings Inc. (OGI) targets with its diverse product portfolio as of late 2025. The company structures its customer focus around geography, use case, and price point, which is reflected in its recent financial performance.

The largest segment remains the Canadian adult-use recreational consumer base. This is evident in the Q3 Fiscal 2025 net revenue breakdown, where recreational cannabis sales accounted for 85% of the total, equating to $59.9 million out of $70.8 million net revenue for that quarter. OrganiGram Holdings Inc. maintains its position as Canada's #1 cannabis company by market share, driving volume through popular brands and product formats. For instance, the volume of flower sales in grams increased 24% to 23,290 kg in Q3 2025 compared to Q3 2024.

International medical cannabis patients in regulated markets represent a high-growth, albeit smaller, segment. International revenue for Q3 Fiscal 2025 reached $7.4 million, which was a surge of 208% year-over-year, making up 10% of the quarter's net revenue. The company has established supply agreements with partners in key regulated markets including Germany, the U.K., and Australia. A strategic move to bolster this segment was the $21 million investment in Sanity Group GmbH in Germany.

The U.S. consumer base is being targeted through hemp-derived THC beverages, a newer avenue for OrganiGram Holdings Inc. following the acquisition of Collective Project Ltd. This platform currently has distribution across 25 states via its direct-to-consumer (DTC) platform, with the Collective Project brand having existing distribution in 10 states.

OrganiGram Holdings Inc. segments its recreational consumers further by price sensitivity, using distinct brands to capture both ends of the spectrum. The value-conscious consumer is heavily targeted by the SHRED brand, which has achieved significant scale. The premium-focused consumer is addressed through brands like Edison Cannabis Co.

Here's a look at the scale of the key Canadian recreational brands as of the latest reported milestones:

OrganiGram Holdings Inc.'s market share leadership in Canada spans several product categories, indicating broad appeal across the recreational segment:

• Canada market share position: #1
• Market share in vapes: #1
• Market share in pre-rolls: #1
• Market share in milled flower: #1
• Market share in hash: #1
• Market share in pure CBD gummies: #1
• Market share in edibles: #3
• Market share in dried flower: #3

Finance: calculate the projected Q4 2025 international revenue based on the H2 2025 expectation by end of week.

OrganiGram Holdings Inc. (OGI) - Canvas Business Model: Cost Structure

You're looking at the core expenses that drive OrganiGram Holdings Inc.'s operations as of late 2025, based on their Q3 Fiscal 2025 results. Understanding these numbers is key to seeing where the money goes before revenue hits the bottom line.

The tax structure in Canada places a significant, non-operational cost burden on domestic sales. This is a fixed-rate drain on top-line revenue that you have to account for right away. Also, the cost to actually grow and process the product remains a major component of the overall spend.

Here's a quick look at the primary cost components from the third quarter ended June 30, 2025 (Q3 2025), with amounts in thousands of US dollars ($000s) unless otherwise noted:

The high excise tax burden, approximately 35.8% of gross revenue on domestic sales for Q3 2025, is a fixed cost that directly impacts the realized price per gram domestically. You see this clearly when comparing the $110.2 million in gross revenue to the $70.8 million in net revenue after that $39.4 million excise tax deduction.

The Cost of Goods Sold (COGS), reported as Cost of Sales, was $48,369 thousand in Q3 2025. This figure covers the direct costs for cultivation and manufacturing, and it represents a substantial 68.3% of the quarter's net revenue. Honestly, managing this cost is critical for margin improvement.

Selling, General, and Administrative (SG&A) expenses were $24.5 million in Q3 2025. As a proportion of net revenue, this totaled 35%, remaining flat compared to the prior year period. This SG&A spend includes investments in operational infrastructure.

You can see specific elements driving the SG&A increase:

• Incremental investment into the ERP system was $1.2 million higher than the prior year in Q3 2025.
• Higher amortization costs of $1.6 million related to the Motif and Collective Project acquisitions were also included in SG&A.

OrganiGram Holdings Inc. continues to make Capital Expenditures and strategic investments that fall outside of routine operating costs. For instance, the acquisition of Collective Project Limited (CPL) involved upfront consideration of approximately $6 million, plus potential milestone and earnout payments totaling up to $24 million.

The commitment to Research and Development (R&D) is largely channeled through the Product Development Collaboration (PDC) with British American Tobacco (BAT). This strategic funding mechanism has provided over $345 million in funding between 2021 and 2025, earmarked for onsite research focused on next-generation, non-combustible formats. This investment directly supports the development of new product formats, such as the FAST™ nanoemulsion technology for ingestibles.

Finance: draft 13-week cash view by Friday.

OrganiGram Holdings Inc. (OGI) - Canvas Business Model: Revenue Streams

You're looking at the specific ways OrganiGram Holdings Inc. (OGI) is bringing in money as of late 2025, based on their latest reported figures.

The primary engine for revenue remains the Canadian market, specifically the wholesale of recreational cannabis to provincial boards. This segment drove a record C$70.8 million in Q3 net revenue for Fiscal 2025. This figure represents a 72% year-over-year increase in net revenue for the quarter. The Canadian adult-use market accounted for 85% of that Q3 net revenue, equating to $59.9 million.

International wholesale revenue is a rapidly growing component of the stream. This segment surged 208% year-over-year to reach C$7.4 million in Q3 2025. This international portion represented about 10% of the total Q3 net revenue.

OrganiGram Holdings Inc. is also heavily focused on sales of high-margin, ready-to-consume products. They hold the #1 market share position in Canada for vapes and pre-rolls as of Q3 2025, indicating strong consumer pull in these value-added categories. Other revenues, which would include some of these premium products, accounted for $3.5 million, or 5% of Q3 net revenue.

A newer, yet strategically important, revenue source is from U.S. hemp-derived THC beverage sales, which began in Q3 2025 following the acquisition of Collective Project Ltd. The company launched its U.S. direct-to-consumer website, expanding availability to 25 states subsequent to the quarter end.

The operational performance supporting these revenue streams is reflected in the profitability metrics. Adjusted EBITDA reached C$5.7 million in Q3 2025, showing operating profitability for the core business. This was a 64% increase year-over-year.

Here is a breakdown of the Q3 Fiscal 2025 Net Revenue composition:

The key drivers contributing to the top-line performance include:

• Record Net Revenue of C$70.8 million in Q3 2025.
• International sales growth of 208% year-over-year.
• Positive Free Cash Flow generation of $5.0 million in Q3 2025.
• Market leadership in key categories like vapes and pre-rolls.
• Synergies from the Motif acquisition contributing to margin improvement.