Delivered record fiscal 2025 performance driven by a 'crawl-walk-run' strategy, transitioning from a legacy produce focus to a high-margin global cannabis operator.

Achieved a $49 million year-over-year improvement in net income from continuing operations, attributed to disciplined capital allocation and the privatization of legacy produce assets.

International cannabis export sales increased more than sixfold, leveraging a four-year tenure as an EU GMP-certified operator to meet tightening global regulatory standards.

Canadian cannabis performance remained a core driver, maintaining the #1 market share position in dry flower despite temporary labor-related supply chain disruptions in British Columbia.

Successfully commercialized the Netherlands pilot program, achieving positive net income after only three quarters of revenue through a prudent five-year licensing and development timeline.

Shifted Canadian product mix toward higher-margin SKUs, resulting in gross margins of 43%, consistently exceeding the long-term target range of 30% to 40%.

Delta 2 facility expansion in Canada is on track to contribute 15 incremental metric tons during the remainder of 2025, with a goal of 40 additional metric tons of annual production by mid-2027.

Netherlands Phase 2 facility in Groningen is nearing completion, with planting expected in late March and full capacity of 10 metric tons anticipated to ramp up throughout the remainder of 2025.

Management expects a return to sequential growth in international exports in Q1 2026, supported by expansion into multiple new jurisdictions over the coming months.

Anticipates 2026 cash flow will be impacted by approximately $16 million in Canadian income tax payments as prior carryover tax losses have been fully utilized.

Strategic focus for 2026 remains on balancing domestic Canadian demand with high-margin international opportunities while maintaining a growth-oriented M&A mindset.

A labor strike in British Columbia during Q4 2025 resulted in an estimated $2.5 million reduction in potential sales due to restricted product flow.

Q4 2025 results were impacted by the delay of international oil shipments to Germany, which shifted from late Q4 into Q1 2026.

Executed a $3 million share repurchase program in Q4 2025, with an additional $3.7 million repurchased in early 2026, reflecting confidence in current valuation.

Amended the Canadian credit facility to include a $15 million delayed draw term loan at approximately 5% interest to fund EU GMP capability enhancements.

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Management emphasized a balanced approach, stating that strong cash generation allows for both shareholder returns and internal growth funding.

The $10 million authorized buyback is not expected to limit the company's ability to pursue accretive organic or M&A opportunities.

The 4% decline in German market imports was attributed to temporary regulatory uncertainty that caused distributors to lower inventory levels.

Management expects a Q1 recovery, noting that their EU GMP standards provide a competitive advantage as regulators tighten quality restrictions.

Management clarified that Canada remains the primary market and they are not prioritizing international sales over domestic commitments.

Current capacity expansions are designed to resolve existing biomass constraints and allow the company to serve both markets simultaneously.

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