Latest news with #cannabisindustry
The Independent
22-07-2025
- Politics
- The Independent
There are many illegal marijuana farms, but federal agents targeted California's biggest legal one
There are thousands of illegal marijuana farms around the country. But when the federal government decided to stage one of its largest raids since President Donald Trump took office in January, it picked the biggest legal grower in California. Nearly two weeks later, the reason for the federal raid at two Glass House farm sites northwest of Los Angeles remains unclear and has prompted speculation. Some say the raid was intended to send a chilling message to immigrants in the U.S. illegally — but also to rattle the state's legal cannabis industry. Meanwhile, the Republican Trump administration has been feuding with heavily Democratic California over funding for everything from high-speed rail construction to wildfire relief, so it's also possible Glass House was pulled into a broader conflict between the White House and Sacramento. 'There are plenty of other places they can go to find illegal workers,' said political consultant Adam Spiker, who advises cannabis companies. 'A lot of people believe there is a hint of politics in this. It's federal enforcement coming into California to go after cannabis.' What happened during the raids? On July 10, U.S. Immigration and Customs Enforcement and Border Patrol agents executed a search warrant for Glass House's farms in Carpinteria and Camarillo, court filings show. At the Camarillo site, armored vehicles blocked the road, which is lined with fields and greenhouses, as masked agents deployed onto the property. One farmworker who fell from a greenhouse roof while running to hide later died from his injuries. Outside the farm, officers faced off with demonstrators and fired tear gas to disperse them, a federal agent wrote in court filings. One demonstrator threw a gas canister back at Border Patrol officers, according to the agent. Another demonstrator, who is sought by the FBI, appeared to fire a gun. More than 360 people were arrested, most suspected of being in the country without legal status. Those arrested included four U.S. citizens, including U.S. Army veteran George Retes, 25, who works as a security guard and was held for three days. The operation came more than a month into an extended crackdown across Southern California that was originally centered in Los Angeles, where local officials say the federal actions are spreading fear in immigrant communities. Why Glass House? No cannabis was seized and the criminal search warrants used to enter the farm sites are under court seal. Authorities refused to share them with The Associated Press. The government said the business was being investigated for potential child labor, human trafficking and other abuses. Agents found 14 children at one site. No information has been released about the minors. The company has not been charged. Federal and state laws allow children as young as 12 to work in agriculture under certain conditions, though no one under age 21 is allowed to work in the cannabis industry. Company officials did not respond to calls or emails. In a brief statement on the social platform X, Glass House said it complied with immigration and naturalization warrants and 'has never knowingly violated applicable hiring practices and does not and has never employed minors.' Some believe the raid was aimed at the legal marijuana market After the raid, United Farm Workers — the country's biggest farm worker union — posted an urgent message to its social media accounts warning that because marijuana is illegal under federal law, workers who are not U.S. citizens should avoid jobs in the cannabis industry, including state-licensed facilities. 'We know this is unfair,' it said, 'but we encourage you to protect yourself and your family.' Industry experts point to unwelcome publicity the company received after rival Catalyst Cannabis Co. filed a 2023 lawsuit alleging that Glass House 'has become one of the largest, if not the largest, black marketers of cannabis in the state of California.' The lawsuit, formally filed by Catalyst parent 562 Discount Med Inc., was dismissed last year but the headlines might have drawn the interest of federal investigators. Who runs the Glass House farm sites? The company was co-founded by Kyle Kazan, a former Southern California police officer and special education teacher turned cannabis investor, and Graham Farrar, a Santa Barbara tech entrepreneur. Glass House started growing cannabis in a greenhouse in Carpinteria in Santa Barbara County when once-thriving cut flower operations were being reduced. It later bought property in Camarillo in neighboring Ventura County for $93 million that had six greenhouses and was being used to grow tomatoes and cucumbers. To date, two of the greenhouses have been converted to grow cannabis. Workers' relatives said tomatoes are still being grown in other greenhouses at the location. How did Glass House do it? The raids have put the spotlight on a company that is alternately admired and reviled because of its meteoric rise in the nation's largest legal market. Glass House is the state's biggest legal cultivator, dwarfing its nearest rivals. Glass House Farms is part of the broader company Glass House Brands, which has other businesses that make cannabis products. 'There is no farmer in California that can compete with them at scale,' Sacramento-based cannabis consultant Sam Rodriguez said. Many legal operators have struggled despite the passage of Proposition 64 in 2016 — which was seen as a watershed moment in the push to legitimize and tax California's multibillion-dollar marijuana industry. In 2018, when retail outlets could open, California became the world's largest legal marketplace. But operators faced heavy taxes, seven-figure start-up costs and for many consumers, the tax-free illegal market remained a better deal. But as other companies folded, Glass House took off, fueling envy and suspicion by rivals over its boom at a time when much of the state's legal market was in crisis, in large part because of competition from the robust underground market. In a recent call with investors, Kazan said company revenue in the first quarter hit $45 million — up 49% over the same period last year. He said he remained hopeful for a federal shift that would end marijuana's classification as a Schedule I drug, alongside heroin and LSD. But 'we are a company that does not require federal legalization for survival,' Kazan said. Glass House's sales grew as many others around the state declined. 'I remain steadfast in the belief that it is not if but when the cannabis industry becomes America's next massive normalized industry, and I'm excited to participate along with investors in the corresponding reward that that change will bring,' he said.
Al Arabiya
22-07-2025
- Politics
- Al Arabiya
There are many illegal marijuana farms, but federal agents targeted California's biggest legal one
There are thousands of illegal marijuana farms around the country. But when the federal government decided to stage one of its largest raids since President Donald Trump took office in January, it picked the biggest legal grower in California. Nearly two weeks later, the reason for the federal raid at two Glass House farm sites northwest of Los Angeles remains unclear and has prompted speculation. Some say the raid was intended to send a chilling message to immigrants in the US illegally—but also to rattle the states legal cannabis industry. Meanwhile, the Republican Trump administration has been feuding with heavily Democratic California over funding for everything from high-speed rail construction to wildfire relief, so it's also possible Glass House was pulled into a broader conflict between the White House and Sacramento. 'There are plenty of other places they can go to find illegal workers,' said political consultant Adam Spiker, who advises cannabis companies. 'A lot of people believe there is a hint of politics in this. It's federal enforcement coming into California to go after cannabis.' What happened during the raids? On July 10, US Immigration and Customs Enforcement and Border Patrol agents executed a search warrant for Glass Houses farms in Carpinteria and Camarillo, court filings show. At the Camarillo site, armored vehicles blocked the road, which is lined with fields and greenhouses, as masked agents deployed onto the property. One farmworker who fell from a greenhouse roof while running to hide later died from his injuries. Outside the farm, officers faced off with demonstrators and fired tear gas to disperse them, a federal agent wrote in court filings. One demonstrator threw a gas canister back at Border Patrol officers, according to the agent. Another demonstrator who is sought by the FBI appeared to fire a gun. More than 360 people were arrested, most suspected of being in the country without legal status. Those arrested included four US citizens, including US Army veteran George Retes, 25, who works as a security guard and was held for three days. The operation came more than a month into an extended crackdown across Southern California that was originally centered in Los Angeles, where local officials say the federal actions are spreading fear in immigrant communities. Why Glass House? No cannabis was seized, and the criminal search warrants used to enter the farm sites are under court seal. Authorities refused to share them with The Associated Press. The government said the business was being investigated for potential child labor, human trafficking, and other abuses. Agents found 14 children at one site. No information has been released about the minors. The company has not been charged. Federal and state laws allow children as young as 12 to work in agriculture under certain conditions, though no one under age 21 is allowed to work in the cannabis industry. Company officials did not respond to calls or emails. In a brief statement on the social platform X, Glass House said it complied with immigration and naturalization warrants and has never knowingly violated applicable hiring practices and does not and has never employed minors. Some believe the raid was aimed at the legal marijuana market. After the raid, United Farm Workers–the country's biggest farm worker union–posted an urgent message to its social media accounts warning that because marijuana is illegal under federal law, workers who are not US citizens should avoid jobs in the cannabis industry, including state-licensed facilities. 'We know this is unfair,' it said, 'but we encourage you to protect yourself and your family.' Industry experts point to unwelcome publicity the company received after rival Catalyst Cannabis Co. filed a 2023 lawsuit alleging that Glass House has become 'one of the largest if not the largest black marketers of cannabis in the state of California.' The lawsuit, formally filed by Catalyst parent 562 Discount Med Inc., was dismissed last year, but the headlines might have drawn the interest of federal investigators. Who runs the Glass House farm sites? The company was co-founded by Kyle Kazan, a former Southern California police officer and special education teacher turned cannabis investor, and Graham Farrar, a Santa Barbara tech entrepreneur. Glass House started growing cannabis in a greenhouse in Carpinteria in Santa Barbara County when once-thriving cut flower operations were being reduced. It later bought property in Camarillo in neighboring Ventura County for $93 million that had six greenhouses and was being used to grow tomatoes and cucumbers. To date, two of the greenhouses have been converted to grow cannabis. Workers' relatives said tomatoes are still being grown in other greenhouses at the location. How did Glass House do it? The raids have put the spotlight on a company that is alternately admired and reviled because of its meteoric rise in the nations largest legal market. Glass House is the states biggest legal cultivator, dwarfing its nearest rivals. Glass House Farms is part of the broader company Glass House Brands, which has other businesses that make cannabis products. 'There is no farmer in California that can compete with them at scale,' Sacramento-based cannabis consultant Sam Rodriguez said. Many legal operators have struggled despite the passage of Proposition 64 in 2016—which was seen as a watershed moment in the push to legitimize and tax California's multibillion-dollar marijuana industry. In 2018, when retail outlets could open, California became the world's largest legal marketplace. But operators faced heavy taxes, seven-figure start-up costs, and, for many consumers, the tax-free illegal market remained a better deal. But as other companies folded, Glass House took off, fueling envy and suspicion by rivals over its boom at a time when much of the states legal market was in crisis, in large part because of competition from the robust underground market. In a recent call with investors, Kazan said company revenue in the first quarter hit $45 million—up 49 percent over the same period last year. He said he remained hopeful for a federal shift that would end marijuana's classification as a Schedule I drug alongside heroin and LSD. 'But we are a company that does not require federal legalization for survival,' Kazan said. Glass Houses sales grew as many others around the state declined. 'I remain steadfast in the belief that it is not if but when the cannabis industry becomes Americas next massive normalized industry, and I'm excited to participate along with investors in the corresponding reward that that change will bring,' he said.
Yahoo
07-07-2025
- Business
- Yahoo
Premium and Gourmet Cannabis Edibles Strengthen Market Position for High-End Products
The Cannabis Edibles market presents opportunities driven by legalization, consumer interest in health-focused edibles, precise dosing tech, and a shift towards discreet consumption. Innovations in product variety and fast-acting formulas drive growth, yet challenges include regulatory hurdles and dosing consistency. Cannabis Edibles Market Dublin, July 01, 2025 (GLOBE NEWSWIRE) -- The "Cannabis Edibles - Global Strategic Business Report" report has been added to global market for Cannabis Edibles was estimated at US$14.8 Billion in 2024 and is projected to reach US$48.7 Billion by 2030, growing at a CAGR of 22.0% from 2024 to 2030. This comprehensive report provides an in-depth analysis of market trends, drivers, and forecasts, helping you make informed business decisions. The report includes the most recent global tariff developments and how they impact the Cannabis Edibles market. Cannabis edibles have emerged as one of the most popular product segments within the rapidly growing cannabis industry, offering an alternative to traditional methods of consumption such as smoking or vaping. Edibles, which include a wide range of products like gummies, chocolates, beverages, and baked goods infused with cannabinoids like THC (tetrahydrocannabinol) or CBD (cannabidiol), appeal to a broad demographic of consumers seeking a discreet and smoke-free option. One of the primary reasons for the rise in the popularity of edibles is their ease of use and the ability to control dosage more precisely. Unlike smoking, where the effects are felt almost instantly, edibles are metabolized more slowly, providing a longer-lasting experience. This makes edibles particularly attractive to medical cannabis patients seeking extended relief from conditions like chronic pain, anxiety, and insomnia. Additionally, as cannabis becomes more mainstream and socially accepted, edibles are perceived as a more approachable and socially acceptable way to consume cannabis, contributing to their growing popularity in both the recreational and medicinal markets. What Factors Are Fueling the Expansion of the Cannabis Edibles Market?The growth in the cannabis edibles market is driven by several factors, including the increasing legalization of cannabis, evolving consumer preferences, and technological advancements in product development. One of the most significant drivers is the expanding legalization of cannabis for both recreational and medical use across various regions. As more markets open up, edibles are becoming a favored choice for consumers who prefer a discreet, smoke-free, and long-lasting method of consumption. Additionally, the convenience and variety of edibles appeal to a wide range of users, from experienced consumers to newcomers who may be hesitant to try more traditional forms of cannabis. Consumer behavior is also a crucial factor, with a growing number of people seeking wellness products that integrate cannabis for relaxation, pain relief, or sleep support. The rise of health-conscious consumers has led to a demand for more natural, organic, and low-calorie edibles, further expanding the market. Technological advancements in the manufacturing process, such as the development of fast-acting edibles and more precise dosing mechanisms, have enhanced product reliability and user experience, making edibles a more appealing option. Moreover, the increasing presence of edibles in mainstream retail and online platforms, combined with sophisticated branding and packaging, has helped to normalize cannabis products and attract new demographics, fueling further market expansion. As legalization continues to spread and consumer preferences evolve, the cannabis edibles market is expected to maintain its strong growth Are Innovations Shaping the Cannabis Edibles Market?The cannabis edibles market has undergone significant transformation in recent years, driven by innovations in product formulation, manufacturing processes, and packaging. Advances in food technology have allowed manufacturers to develop more consistent and reliable dosing in edible products, addressing a common consumer concern about variability in potency. Micro-dosing, where edibles contain very low amounts of THC or CBD per serving, has become a popular trend, especially among new users or those seeking a mild experience. In addition to gummies and chocolates, which have long dominated the market, there has been a surge in new edible formats such as infused beverages, dissolvable powders, and savory snacks, which offer more variety and appeal to a broader consumer base. These innovations have also improved the taste and texture of edibles, making them more enjoyable and masking the often bitter flavor of cannabis extracts. Furthermore, advancements in nanotechnology have enabled faster onset times for edibles, providing a more predictable and immediate effect compared to traditional edibles, which can take up to two hours to kick in. These innovations are making edibles more user-friendly, safer, and accessible to a wider audience, fueling their rapid growth within the cannabis Are the Emerging Opportunities and Obstacles in the Cannabis Edibles Market?Several key trends are currently shaping the cannabis edibles market, reflecting shifts in consumer preferences and the evolving regulatory landscape. One major trend is the growing demand for health-conscious and functional edibles. Consumers are increasingly seeking products that not only provide the psychoactive or therapeutic effects of cannabis but also offer additional health benefits, such as edibles infused with vitamins, adaptogens, or other natural supplements. This has led to a rise in wellness-focused edibles, including CBD-infused snacks and beverages that promote relaxation, recovery, or sleep. Another significant trend is the demand for low-sugar or sugar-free options, as health-conscious consumers look for cleaner ingredient profiles in their cannabis products. However, the market is not without its challenges. One of the primary issues facing the edibles sector is the delayed onset of effects, which can lead to overconsumption if users do not feel the effects quickly and consume more than the recommended dosage. Additionally, ensuring consistent and accurate dosing across products remains a technical challenge for manufacturers. Regulatory hurdles also pose significant challenges, as each market has its own strict guidelines on dosage limits, packaging, labeling, and marketing restrictions. Navigating these complex regulations while ensuring product safety and compliance requires constant adaptation from edibles producers, but the opportunities in this rapidly growing segment continue to drive innovation and investment. Report Features: Comprehensive Market Data: Independent analysis of annual sales and market forecasts in US$ Million from 2024 to 2030. In-Depth Regional Analysis: Detailed insights into key markets, including the U.S., China, Japan, Canada, Europe, Asia-Pacific, Latin America, Middle East, and Africa. Company Profiles: Coverage of players such as AnnaBis LLC, AskGrowers, Buddha Barn Inc., CannaSaver, Canopy Growth Corporation and more. Complimentary Updates: Receive free report updates for one year to keep you informed of the latest market developments. Key Insights: Market Growth: Understand the significant growth trajectory of the Solid Edibles segment, which is expected to reach US$38.2 Billion by 2030 with a CAGR of a 22.2%. The Liquid Edibles segment is also set to grow at 20.9% CAGR over the analysis period. Regional Analysis: Gain insights into the U.S. market, valued at $4.3 Billion in 2024, and China, forecasted to grow at an impressive 21.2% CAGR to reach $7.4 Billion by 2030. Discover growth trends in other key regions, including Japan, Canada, Germany, and the Asia-Pacific. Market Scope: Segments: Type (Solid Edibles, Liquid Edibles, Topical Edibles, Inhalation) Geographic Regions/Countries: World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; and Rest of Europe); Asia-Pacific; Rest of World. This edition integrates the latest global trade and economic shifts as of June 2025 into comprehensive market analysis. Key updates include: Tariff and Trade Impact: Insights into global tariff negotiations across 180+ countries, with analysis of supply chain turbulence, sourcing disruptions, and geographic realignment. Special focus on 2025 as a pivotal year for trade tensions, including updated perspectives on the Trump-era tariffs. Adjusted Forecasts and Analytics: Revised global and regional market forecasts through 2030, incorporating tariff effects, economic uncertainty, and structural changes in globalization. Includes segmentation by product, technology, type, material, distribution channel, application, and end-use, with historical analysis since 2015. Strategic Market Dynamics: Evaluation of revised market prospects, regional outlooks, and key economic indicators such as population and urbanization trends. Innovation & Technology Trends: Latest developments in product and process innovation, emerging technologies, and key industry drivers shaping the competitive landscape. Competitive Intelligence: Updated global market share estimates for 2025, competitive positioning of major players (Strong/Active/Niche/Trivial), and refined focus on leading global brands and core players. Expert Insight & Commentary: Strategic analysis from economists, trade experts, and domain specialists to contextualize market shifts and identify emerging opportunities. Complimentary Update: Buyers receive a free July 2025 update with finalized tariff impacts, new trade agreement effects, revised projections, and expanded country-level coverage. Key Attributes: Report Attribute Details No. of Pages 201 Forecast Period 2024 - 2030 Estimated Market Value (USD) in 2024 $14.8 Billion Forecasted Market Value (USD) by 2030 $48.7 Billion Compound Annual Growth Rate 22.0% Regions Covered Global MARKET OVERVIEW Influencer Market Insights Tariff Impact on Global Supply Chain Patterns Cannabis Edibles - Global Key Competitors Percentage Market Share in 2024 (E) Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2024 (E) MARKET TRENDS & DRIVERS Rising Popularity of Edibles as a Smoke-Free Consumption Method Throws the Spotlight on Cannabis Edibles Technological Innovations in Edibles Formulation Drive Adoption of New Product Formats Rising Demand for Health-Conscious Edibles Strengthens Business Case for Low-Sugar and Organic Options Here's the Story: Faster-Acting Edibles Formulations Generate New Opportunities for Manufacturers Expanding Legalization of Recreational Cannabis Expands Addressable Market Opportunity for Edibles Increased Focus on Dosage Control and Consistency Drives Growth in Precision-Formulated Edibles Here's How the Rise of Cannabis-Infused Beverages Propels Growth in the Edibles Market Growing Interest in Functional and Wellness-Driven Edibles Sustains Market Growth Emerging Demand for Plant-Based and Vegan Edibles Expands Opportunities in the Edibles Sector Complex Regulatory Requirements Create Challenges for Cannabis Edibles Producers Premium and Gourmet Cannabis Edibles Strengthen Market Position for High-End Products FOCUS ON SELECT PLAYERS:Some of the 56 companies featured in this Cannabis Edibles report AnnaBis LLC AskGrowers Buddha Barn Inc. CannaSaver Canopy Growth Corporation Connecticut Pharmaceutical Solutions Element 7, Inc. Elevate Holistics FarmaceuticalRx Granny-B Goods, Inc. For more information about this report visit About is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends. Attachment Cannabis Edibles Market CONTACT: CONTACT: Laura Wood,Senior Press Manager press@ For E.S.T Office Hours Call 1-917-300-0470 For U.S./ CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Associated Press
26-06-2025
- Business
- Associated Press
Trulieve to Open Medical Cannabis Dispensary in Oakland Park, Florida
New Broward County location will host grand opening celebration Saturday, June 28th TALLAHASSEE, Fla., June 26, 2025 /CNW/ -- Trulieve Cannabis Corp. (CSE: TRUL ) (OTCQX: TCNNF ) ('Trulieve' or 'the Company'), a leading and top-performing cannabis company in the U.S., today announced the opening of a new medical cannabis dispensary in Oakland Park, Florida. A grand opening celebration will be held Saturday, June 28, beginning at 9 a.m., featuring specials, discounts, and opportunities to register for upcoming patient education sessions. 'We are proud to expand access to medical cannabis in Broward County,' said Trulieve's Chief Executive Officer Kim Rivers. 'We look forward to serving Oakland Park patients and caregivers with our affordable, high-quality products and elevated customer experience.' Trulieve Oakland Park, located at 301 West Oakland Park Boulevard, will be open 9 a.m. – 8:30 p.m. Monday through Saturday and 11 a.m. – 8 p.m. on Sundays, offering walk-in and express pickup service. The new dispensary will carry a wide variety of popular products including Trulieve's portfolio of in-house brands such as Alchemy, Co2lors, Cultivar Collection, Modern Flower, Momenta, Muse, Roll One, and Sweet Talk. Customers will also have access to beloved partner brands such as Alien Labs, Bellamy Brothers, Binske, Black Tuna, Blue River, Connected Cannabis, DeLisioso, Khalifa Kush, Love's Oven, Miami Mango, Seed Junky, and Sunshine Cannabis, all available exclusively at Trulieve in Florida. Across Florida, Trulieve offers home delivery, convenient online ordering, and in-store pickup. Veterans receive 20% off every order when they show their military ID, and all first-time guests are eligible for a 60% new customer discount at any Florida Trulieve location. For more information, or to learn how to become a registered patient, please visit and connect on Instagram or Facebook. About Trulieve Trulieve is an industry leading, vertically integrated cannabis company and multi-state operator in the U.S., with leading market positions in Arizona, Florida, and Pennsylvania. Trulieve is poised for accelerated growth and expansion, building scale in retail and distribution in new and existing markets through its hub strategy. By providing innovative, high-quality products across its brand portfolio, Trulieve delivers optimal customer experiences and increases access to cannabis, helping patients and customers to live without limits. Trulieve is listed on the CSE under the symbol TRUL and trades on the OTCQX market under the symbol TCNNF. For more information, please visit Facebook: @Trulieve Instagram: @Trulieve X: @Trulieve Investor Contact Christine Hersey, Vice President of Investor Relations +1 (424) 202-0210 [email protected] Media Contact Phil Buck, APR, Corporate Communications Manager +1 (406) 370-6226 [email protected] View original content to download multimedia: SOURCE Trulieve Cannabis Corp.
National Post
30-05-2025
- Business
- National Post
Canopy Growth Reports Fourth Quarter and Fiscal Year 2025 Financial Results
Article content Article content Refined strategy, focus and organizational structure expected to accelerate growth in global medical cannabis and improve commercial execution in Canada adult-use cannabis Article content Additional cost reduction initiatives identified and initiated in Q4 FY2025 are expected to deliver at least $20 million in annualized savings over the next 12-18 months Article content SMITHS FALLS, Ontario — Canopy Growth Corporation ('Canopy Growth' or the 'Company') (TSX:WEED) (Nasdaq: CGC) today announced its financial results for the fourth quarter ended March 31, 2025 ('Q4 FY2025') and the fiscal year ended March 31, 2025 ('FY2025') and the filing of the Company's Annual Report on Form 10-K for FY2025 (the 'Form 10-K'), including the audited consolidated financial statements for FY2025 and the unqualified report thereon of the Company's independent registered public accounting firm. All financial information in this press release is reported in Canadian dollars, unless otherwise indicated. Article content 'Since taking over as CEO in January, we took decisive actions to accelerate growth and profitability by unifying our medical cannabis businesses globally, aligning operations with commercial focus, increasing rigor on core fundamentals and streamlining our product portfolio. With renewed focus and our resources dedicated to the most promising opportunities, I'm confident that our leading brands and product innovation pipeline can deliver meaningful growth and long-term value for both consumers and shareholders.' Article content 'We demonstrated marked year-over-year improvement in Adjusted EBITDA and cash flow in FY2025, while fortifying our balance sheet. We are committed to achieving positive Adjusted EBITDA in the near-term and positive Free Cash Flow over time as we accelerate growth across our global medical cannabis businesses, improve margins in Canada adult-use cannabis and further reduce costs in all areas of our businesses.' Article content Fiscal Year 2025 Financial Summary Article content ____________________ 1 Adjusted gross margin and adjusted gross margin percentage are non-GAAP measures, and for Q4 FY2025 exclude $2.0 million of restructuring costs recorded in cost of goods sold ('COGS') (Q4 FY2024 – excludes $(0.3) million of restructuring cost reversals recorded in COGS). See 'Non-GAAP Measures' and Schedule 4 for a reconciliation of net revenue to adjusted gross margin. 2 Adjusted EBITDA is a non-GAAP measure. See 'Non-GAAP Measures' and Schedule 5 for a reconciliation of net loss from continuing operations to adjusted EBITDA. 3 Free cash flow is a non-GAAP measure. See 'Non-GAAP Measures' and Schedule 6 for a reconciliation of net cash used in operating activities – continuing operations to free cash flow – continuing operations. 4 Adjusted gross margin and adjusted gross margin percentage are non-GAAP measures, and for FY2025 exclude $2.0 million of restructuring costs recorded in COGS (FY2024 – excludes $(1.0) million of restructuring cost reversals recorded in COGS). See 'Non-GAAP Measures' and Schedule 4 for a reconciliation of net revenue to adjusted gross margin. Article content Fourth Quarter and FY2025 Financial Highlights Article content Net revenue in Q4 FY2025 decreased 11% compared to the fourth quarter ended March 31, 2024 ('Q4 FY2024') primarily due to decreased international markets cannabis and Storz & Bickel net revenue, offset by higher Canadian cannabis net revenue. Net revenue in FY2025 decreased 9% compared to the fiscal year ended March 31,2024 ('FY2024'). Excluding net revenue from businesses divested in FY2024, net revenue in FY2025 decreased 1% compared to FY2024 primarily due to lower Canada cannabis sales offset by growth in Storz & Bickel and international markets cannabis net revenue. Consolidated Gross Margin decreased by 500 basis points ('bps') to 16% in Q4 FY2025 compared to Q4 FY2024. Adjusted Gross Margin, which excludes restructuring costs recorded in COGS, decreased by 200 basis points year-over-year to 19% in Q4 FY2025. Gross Margin increased by 300 bps to 30% in FY2025 compared to FY2024 primarily driven by ongoing cost reduction actions and shift mix to higher margin medical cannabis sales in Canada. Operating loss from continuing operations was $18MM in Q4 FY2025, representing an improvement of 83% compared to Q4 FY2024. The improvement in Q4 FY2025 was driven primarily by a reduction in operating expenses. Operating loss from continuing operations was $117MM in FY2025 compared to $229MM in FY2024 with the change due primarily to a reduction in operating expenses. Adjusted EBITDA loss of $9MM in Q4 FY2025, representing a 39% improvement year-over-year, driven primarily by the realized benefit of the Company's cost savings program. Adjusted EBITDA loss of $24MM in FY2025, representing a 60% improvement year-over-year, driven primarily by the realized benefit of the Company's cost savings program. Free Cash Flow was an outflow of $36MM in Q4 FY2025, an increase of 60% in outflow compared to Q4 FY2024, primarily driven by an increase in working capital outflow, partially offset by lower cash interest expenses. Free cash flow was an outflow of $177MM in FY2025, a 24% improvement compared to FY2024, primarily driven by lower interest payments. Total debt decreased to $304MM at March 31, 2025 compared to $597MM on March 31, 2024 primarily due to reduction in Company's senior secured term loan following a series of pre-payments. Article content Canada Cannabis Highlights Article content Canada cannabis net revenue was $40MM in Q4 FY2025, representing an increase of 4% compared to Q4 FY2024 driven by an increase in Canada medical cannabis net revenue partially offset by a decline in Canada adult-use cannabis net revenue. Canada medical cannabis net revenue in Q4 FY2025 increased 13% compared to Q4 FY2024 driven primarily by an increase in the average size of medical cannabis orders placed by our Canadian customers. Canada adult-use cannabis net revenue in Q4 FY2025 declined 3% compared to Q4 FY2024 driven primarily by lower flower and pre-roll sales partially offset by growth in sales of infused pre-rolls. Claybourne infused pre-roll joints, launched in the quarter ended December 31, 2024, have ascended to #2 market share in the infused pre-roll category in Alberta, #3 in Ontario and #3 nationally 5. Article content International Markets Cannabis Highlights Article content International markets cannabis net revenue was $8MM in Q4 FY2025, representing a decrease of 35% over Q4 FY2024, primarily due to declines in Poland medical cannabis sales caused by regulatory changes that negatively impacted the overall medical cannabis market in Poland, declines in Australia medical cannabis sales and a transition of our U.S. CBD business to Canopy USA (as defined below), which was deconsolidated on April 30, 2024. Performance in the German medical cannabis market in Q4 FY2025 benefited from expansion of the product portfolio available to patients. International markets cannabis net revenue was $40MM in FY2025, representing a decrease of 4% over FY2024, with growth in medical cannabis net revenue in Germany and Poland offset by declines in Australia medical cannabis sales. Article content ____________________ 5 Calculated using the Company's internal proprietary market analysis tool that applies sales data supplied by third-party providers and government agencies, last 13 weeks ended April 27, 2025. Article content Storz & Bickel Highlights Article content Storz & Bickel delivered net revenue in Q4 FY2025 of $17MM, representing a 23% decrease compared to Q4 FY2024, driven by softer consumer demand for all devices and strong revenue generated in the first full quarter of Venty sales that occurred in Q4 FY2024. Storz & Bickel net revenue was $73MM in FY2025, representing an increase of 4% over FY2024, with growth driven by full year of Venty sales. Subsequent to the fiscal quarter end, Storz & Bickel introduced the VOLCANO CLASSIC 25 Years Edition to commemorate the 25 th anniversary of the VOLCANO CLASSIC. Article content Canopy Growth has implemented a number of initiatives aligned with its long-term strategy to improve profitability, sharpen commercial execution, and strengthen operational performance. Article content Global Medical Platform Positioned for Sustainable Growth: To scale Canopy Growth's leadership in high-growth medical cannabis markets, medical cannabis operations across Canada, Germany, Poland, and Australia have been integrated under a single global medical cannabis business unit. This structure is expected to support more consistent product availability, improved patient access, and better responsiveness to local market needs – with a continued focus on scaling European Union Good Manufacturing Practice ('EU-GMP') certified supply and maximizing distribution through established medical channels. Canada Adult-Use Tightened Focus to Improve Execution and Profitability: Canopy Growth is focused on achieving profitable scale in the Canada adult-use cannabis market by refocusing on the geographies and product formats with the greatest opportunity, including pre-rolls, vapes, and high-THC flower, in alignment with consumer preferences and profitable category growth. The enhanced focus is expected to further strengthen the Company's competitive position in these priority segments with a reliable supply of high-potency products while streamlining the product portfolio. Global Operations Function Designed to Support Commercial Priorities: Canopy Growth has established a dedicated global operations function for cannabis, expanding its scope beyond Canada to serve its cannabis operations globally. This change is designed to enable smarter resource allocation, improved supply chain coordination, and tighter alignment between demand and product across key geographies. Storz & Bickel Focused on Margin Improvement and Innovation: Storz & Bickel remains a key component of our business. In the fiscal year ending March 31, 2026 ('FY2026'), Storz & Bickel expects to focus on efficiently navigating a challenging global macroeconomic backdrop, enhancing margins through production and procurement efficiencies, alongside an expected launch of a new device later this calendar year to broaden consumer access. Additional Cost Reduction Initiatives to Improve Profitability: A review of selling, general and administrative ('SG&A') expenses and COGS identified opportunities to further reduce expenses, with cost actions underway and expected annualized savings of at least $20 million over the next 12 to 18 months. The reductions in headcount, sales and marketing spending, professional fees and information technology expenses are expected to contribute to improvement in gross margin and adjusted EBITDA performance in FY2026. Article content In FY2026, Canopy Growth plans to continue to focus on accelerating growth in global medical cannabis, improving commercial execution and profitability in Canada's adult-use cannabis market, maintaining global vaporizer leadership through Storz & Bickel, and advancing towards achieving positive Adjusted EBITDA – all within a disciplined, asset-right operating model and against a backdrop of continued macroeconomic uncertainty. Article content Fourth Quarter and Fiscal 2025 Revenue Review 6 Article content (in millions of Canadian dollars, unaudited) Q4 FY2025 Q4 FY2024 Vs. Q4 FY2024 FY2025 FY2024 Vs. FY2024 Canada cannabis Canadian adult-use cannabis 7, 9 $20.4 $21.0 (3%) $78.8 $92.8 (15%) Canadian medical cannabis 8, 10 $20.0 $17.7 13% $77.0 $66.4 16% $40.4 $38.7 4% $155.8 $159.2 (2%) International markets cannabis 11 $7.5 $11.6 (35%) $39.7 $41.3 (4%) Storz & Bickel $17.1 $22.2 (23%) $73.4 $70.7 4% This Works $- $- 0% $- $21.2 (100%) Other 7, 8 $- $0.3 (100%) $- $4.7 (100%) Net revenue $65.0 $72.8 (11%) $268.9 $297.1 (9%) The Q4 FY2025, Q4 FY2024, FY2025 and FY2024 financial results presented in this press release have been prepared in accordance with U.S. GAAP. Article content Canopy USA Update Article content From June 30, 2024 to March 31, 2025, the fair value of Canopy Growth's equity method investments in Canopy USA and certain entities over which Canopy USA exercises control, as well as the value of our investment in Acreage (as defined below) has declined significantly. This decline is primarily attributable to the underperformance of Acreage relative to projections. Article content As indicated in Acreage's last publicly available financial statements as of and for the three and nine months ended September 30, 2024 filed with the Securities and Exchange Commission ('SEC') on November 14, 2024, Acreage's net revenue and gross profit for the nine months ended September 30, 2024 declined 27% and 57% year-over-year, respectively. Article content Acreage is currently in default under its credit agreement dated as of September 13, 2024. The lenders have agreed to forbear exercising any remedies with respect to such default until June 1, 2025 while the parties discuss potential solutions, including a potential debt extension. Article content ____________________ 6 In Q4 FY2025, we are reporting our financial results for the following four reportable segments: (i) Canada cannabis; (ii) international markets cannabis; (iii) Storz & Bickel; and (iv) This Works. On December 18, 2023, the Company completed the sale of This Works and as of such date, the results of This Works are no longer included in the Company's financial results. 7 A reclassification of $0.2M and $0.4M of ancillary cannabis revenues from Other to Canadian adult-use cannabis occurred for Q4 FY2024 and FY2024, respectively. 8 A reclassification of $1.4M and $5.0M of ancillary cannabis revenues from Other to Canadian medical cannabis occurred for Q4 FY2024 and FY2024, respectively. 9 For Q4 FY2025, amount is net of excise taxes of $10.7MM and other revenue adjustments of $0.7MM (Q4 FY2024 – $8.5MM and $1.0MM, respectively). For FY2025, amount is net of excise taxes of $36.4MM and other revenue adjustments of $4.2MM (FY2024 – $40.1MM and $3.5MM, respectively). 10 For Q4 FY2025, amount is net of excise taxes of $2.3MM (Q4 FY2024 – $1.8MM). For FY2025, amount is net of excise taxes of $8.5MM (FY2024 – $6.7MM) 11 For Q4 FY2025, amount reflects other revenue adjustments of $nil (Q4 FY2024 – $0.2MM). For FY2025, amount reflects other revenue adjustments of $0.1MM (FY2024 – $0.6MM). Article content The Company will host a conference call and audio webcast with Luc Mongeau, CEO and Judy Hong, CFO at 10:00 AM Eastern Time on May 30, 2025. Article content Webcast Information A live audio webcast will be available at: Article content Replay Information A replay will be accessible by webcast until 11:59 PM ET on August 28, 2025 at: Article content Adjusted EBITDA is a non-GAAP measure used by management that is not defined by U.S. GAAP and may not be comparable to similar measures presented by other companies. Management believes Adjusted EBITDA is a useful measure for investors because it provides meaningful and useful financial information, as this measure demonstrates the operating performance of businesses. Adjusted EBITDA is calculated as the reported net income (loss), adjusted to exclude income tax recovery (expense); other income (expense), net; loss on equity method investments; share-based compensation expense; depreciation and amortization expense; asset impairment and restructuring costs; restructuring costs recorded in cost of goods sold; and charges related to the flow-through of inventory step-up on business combinations, and further adjusted to remove acquisition, divestiture, and other costs. Asset impairments related to periodic changes to the Company's supply chain processes are not excluded from Adjusted EBITDA given their occurrence through the normal course of core operational activities. Accordingly, management believes that Adjusted EBITDA provides meaningful and useful financial information as this measure demonstrates the operating performance of businesses. The Adjusted EBITDA reconciliation is presented within this news release and explained in the Form 10-K filed with the SEC. Article content Free Cash Flow is a non-GAAP measure used by management that is not defined by U.S. GAAP and may not be comparable to similar measures presented by other companies. Management believes that Free Cash Flow presents meaningful information regarding the amount of cash flow required to maintain and organically expand our business, and that the Free Cash Flow measure provides meaningful information regarding the Company's liquidity requirements. This measure is calculated as net cash provided by (used in) operating activities less purchases of and deposits on property, plant and equipment. The Free Cash Flow reconciliation is presented within this news release and explained in the Form 10-K filed with the SEC. Article content Adjusted Gross Margin and Adjusted Gross Margin Percentage are non-GAAP measures used by management that are not defined by U.S. GAAP and may not be comparable to similar measures presented by other companies. Management believes that Adjusted Gross Margin and Adjusted Gross Margin Percentage present meaningful and useful financial information as these measures provide insights into the gross margin performance of the business. Adjusted Gross Margin is calculated as gross margin excluding restructuring and other charges recorded in cost of goods sold, and charges related to the flow-through of inventory step-up on business combinations. Adjusted Gross Margin Percentage is calculated as Adjusted Gross Margin divided by net revenue. The adjusted gross margin and Adjusted Gross Margin Percentage reconciliation is presented within this news release and explained in the Form 10-K filed with the SEC. Article content Canopy Growth is a world-leading cannabis company dedicated to unleashing the power of cannabis to improve lives. Article content Through an unwavering commitment to consumers, Canopy Growth delivers innovative products from owned and licensed brands including Tweed, 7ACRES, DOJA, Deep Space, and Claybourne, as well as category defining vaporization devices by Storz & Bickel. In addition, Canopy Growth serves medical cannabis patients globally with principal operations in Canada, Europe and Australia. Article content Canopy Growth has also established a comprehensive ecosystem to realize the opportunities presented by the U.S. THC market through an unconsolidated, non-controlling interest in Canopy USA. Canopy USA's portfolio includes ownership of Acreage, a vertically integrated multi‑state cannabis operator with operations throughout the U.S. Northeast and Midwest, as well as ownership of Wana (as defined below), a leading North American edibles brand, and majority ownership of Jetty (as defined below), a California-based producer of high-quality cannabis extracts and clean vape technology. Article content At Canopy Growth, we're shaping a future where cannabis is embraced for its potential to enhance well-being and improve lives. With high-quality products, a commitment to responsible use, and a focus on enhancing the communities where we live and work, we're paving the way for a better understanding of all that cannabis can offer. Article content This press release contains 'forward-looking statements' within the meaning of applicable securities laws, which involve certain known and unknown risks and uncertainties. To the extent any forward-looking statements in this news release constitutes 'financial outlooks' within the meaning of applicable Canadian securities laws, the reader is cautioned that this information may not be appropriate for any other purpose and the reader should not place undue reliance on such financial outlooks. Forward-looking statements predict or describe our future operations, business plans, business and investment strategies and the performance of our investments. These forward-looking statements are generally identified by their use of such terms and phrases as 'intend,' 'goal,' 'strategy,' 'estimate,' 'expect,' 'project,' 'projections,' 'forecasts,' 'plans,' 'seeks,' 'anticipates,' 'potential,' 'proposed,' 'will,' 'should,' 'could,' 'would,' 'may,' 'likely,' 'designed to,' 'foreseeable future,' 'believe,' 'scheduled' and other similar expressions. Our actual results or outcomes may differ materially from those anticipated. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statement was made. Article content Forward-looking statements include, but are not limited to, statements with respect to: Article content laws and regulations and any amendments thereto applicable to our business and the impact thereof, including uncertainty regarding the application of U.S. state and federal law to cannabis and hemp (including CBD) products and the scope of any regulations by the U.S. Food and Drug Administration, the U.S. Drug Enforcement Administration, the U.S. Federal Trade Commission, the U.S. Patent and Trademark Office, the U.S. Department of Agriculture and any state equivalent regulatory agencies over cannabis and hemp (including CBD) products; expectations regarding the amount or frequency of impairment losses, including as a result of the write-down of intangible assets, including goodwill; our ability to refinance debt as and when required on terms favorable to us and comply with covenants contained in our debt facilities and debt instruments; the impacts of the Company's strategy to accelerate entry into the U.S. cannabis market through the creation of Canopy USA, LLC ('Canopy USA'); expectations for Canopy USA to capitalize on the opportunity for growth in the United States cannabis sector and the anticipated benefits of such strategy; the timing and occurrence of the final tranche closing in connection with the acquisition of Lemurian, Inc. ('Jetty') pursuant to the exercise of the option to acquire Jetty; the issuance of additional common shares of the Company (each whole share, a 'Canopy Share' or a 'Share') to satisfy any deferred and/or option exercise payments to the shareholders of Wana Wellness, LLC, The Cima Group, LLC, and Mountain High Products, LLC (collectively, 'Wana') and Jetty and the issuance of additional non-voting and non-participating shares in the capital of Canopy USA issuable to Canopy Growth from Canopy USA in consideration thereof; the acquisition of additional Class A shares of Canopy USA in connection with the investment in Canopy USA by the Huneeus 2017 Irrevocable Trust (the 'Trust') in the aggregate amount of up to US$20 million, including any warrants of Canopy USA issued to the Trust in accordance with the share purchase agreement entered into by the Trust and Canopy USA; expectations regarding the potential success of, and the costs and benefits associated with, our acquisitions, equity investments and dispositions; the grant, renewal and impact of any license or supplemental license to conduct activities with cannabis or any amendments thereof; our international activities, including required regulatory approvals and licensing, anticipated costs and timing, and expected impact; our ability to successfully create and launch brands and further create, launch and scale products in jurisdictions where such products are legal and that we currently operate in; the benefits, viability, safety, efficacy, dosing and social acceptance of cannabis, including CBD and other cannabinoids; our ability to continue as a going concern; our ability to maintain effective internal control over financial reporting; expectations regarding the use of proceeds of equity financings; the legalization of the use of cannabis for medical or adult-use in jurisdictions outside of Canada, the related timing and impact thereof and our intentions to participate in such markets, if and when such use is legalized; our ability to execute on our strategy and the anticipated benefits of such strategy; the ongoing impact of the legalization of additional cannabis product types and forms for adult-use in Canada, including federal, provincial, territorial and municipal regulations pertaining thereto, the related timing and impact thereof and our intentions to participate in such markets; the ongoing impact of developing provincial, state, territorial and municipal regulations pertaining to the sale and distribution of cannabis, the related timing and impact thereof, as well as the restrictions on federally regulated cannabis producers participating in certain retail markets and our intentions to participate in such markets to the extent permissible; the timing and nature of legislative changes in the U.S. regarding the regulation of cannabis including tetrahydrocannabinol ('THC'); the future performance of our business and operations; our competitive advantages and business strategies; the competitive conditions of the industry; the expected growth in the number of customers using our products; expectations regarding revenues, expenses and anticipated cash needs; expectations regarding cash flow, liquidity and sources of funding; expectations regarding capital expenditures; the expansion of our production and manufacturing, the costs and timing associated therewith and the receipt of applicable production and sale licenses; expectations with respect to our growing, production and supply chain capacities; expectations regarding the resolution of litigation and other legal and regulatory proceedings, reviews and investigations; expectations with respect to future production costs; expectations with respect to future sales and distribution channels and networks; the expected methods to be used to distribute and sell our products; our future product offerings; the anticipated future gross margins of our operations; accounting standards and estimates; expectations regarding our distribution network; expectations regarding the costs and benefits associated with our contracts and agreements with third parties, including under our third-party supply and manufacturing agreements; our ability to comply with the listing requirements of the Nasdaq Stock Market LLC and the Toronto Stock Exchange; and expectations on price changes for products in cannabis markets. Article content Certain of the forward-looking statements contained herein concerning the industries in which we conduct our business are based on estimates prepared by us using data from publicly available governmental sources, market research, industry analysis and on assumptions based on data and knowledge of these industries, which we believe to be reasonable. However, although generally indicative of relative market positions, market shares and performance characteristics, such data is inherently imprecise. The industries in which we conduct our business involve risks and uncertainties that are subject to change based on various factors, which are described further below. Article content The forward-looking statements contained herein are based upon certain material assumptions , including: (i) management's perceptions of historical trends, current conditions and expected future developments; (ii) our ability to generate cash flow from operations; (iii) general economic, financial market, regulatory and political conditions in which we operate; (iv) the production and manufacturing capabilities and output from our facilities, strategic alliances and equity investments; (v) consumer interest in our products; (vi) competition; (vii) anticipated and unanticipated costs; (viii) government regulation of our activities and products including but not limited to the areas of taxation and environmental protection; (ix) the timely receipt of any required regulatory authorizations, approvals, consents, permits and/or licenses; (x) our ability to obtain qualified staff, equipment and services in a timely and cost-efficient manner; (xi) our ability to conduct operations in a safe, efficient and effective manner; (xii) our ability to realize anticipated benefits, synergies or generate revenue, profits or value from our recent acquisitions into our existing operations; and (xiii) other considerations that management believes to be appropriate in the circumstances. While our management considers these assumptions to be reasonable based on information currently available to management, there is no assurance that such expectations will prove to be correct. Financial outlooks, as with forward-looking statements generally, are, without limitation, based on the assumptions and subject to various risks as set out herein. Our actual financial position and results of operations may differ materially from management's current expectations. Article content By their nature, forward-looking statements are subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved. A variety of factors, including known and unknown risks, many of which are beyond our control, could cause actual results to differ materially from the forward-looking statements in this press release and other reports we file with, or furnish to, the SEC and other regulatory agencies and made by our directors, officers, other employees and other persons authorized to speak on our behalf. Such factors include, without limitation, our limited operating history; our ability to continue as a going concern; risks that we may be required to write down intangible assets, including goodwill, due to impairment; the adequacy of our capital resources and liquidity, including but not limited to, availability of sufficient cash flow to execute our business plan (either within the expected timeframe or at all); our ability to maintain an effective system of internal control; the diversion of management time on matters related to Canopy USA; the risks that the Trust's future ownership interest in Canopy USA is not quantifiable, and the Trust may have significant ownership and influence over Canopy USA; the risks related to the financial statements of Acreage Holdings, Inc. ('Acreage') expressing doubt about its ability to continue as a going concern; the risks in the event that Acreage cannot satisfy its debt obligations as they become due; risks related to finalization of the consideration payable by us for the acquisition by Canopy USA of the remaining interests in Jetty; volatility in and/or degradation of general economic, market, industry or business conditions; risks relating to the overall macroeconomic environment, which may impact customer spending, our costs and our margins, including tariffs (and related retaliatory measures), the levels of inflation, interest rates and trade policy; risks relating to the evolving regulatory landscape in the United States; risks relating to our current and future operations in emerging markets; compliance with applicable environmental, economic, health and safety, energy and other policies and regulations and in particular health concerns with respect to vaping and the use of cannabis products in vaping devices; risks and uncertainty regarding future product development; changes in regulatory requirements in relation to our business and products; our reliance on licenses issued by and contractual arrangements with various federal, state and provincial governmental authorities; inherent uncertainty associated with projections; future levels of revenues and the impact of increasing levels of competition; third-party manufacturing risks; third-party transportation risks; our exposure to risks related to an agricultural business, including wholesale price volatility and variable product quality; changes in laws, regulations and guidelines and our compliance with such laws, regulations and guidelines; risks relating to inventory write downs; risks relating to our ability to refinance debt as and when required on terms favorable to us and to comply with covenants contained in our debt facilities and debt instruments; risks associated with jointly owned investments; our ability to manage disruptions in credit markets or changes to our credit ratings; the success or timing of completion of ongoing or anticipated capital or maintenance projects; risks related to the integration of acquired businesses; the timing and manner of the legalization of cannabis in the United States; business strategies, growth opportunities and expected investment; counterparty risks and liquidity risks that may impact our ability to obtain loans and other credit facilities on favorable terms; the potential effects of judicial, regulatory or other proceedings, litigation or threatened litigation or proceedings, or reviews or investigations, on our business, financial condition, results of operations and cash flows; risks associated with divestment and restructuring; the anticipated effects of actions of third parties such as competitors, activist investors or federal, state, provincial, territorial or local regulatory authorities, self-regulatory organizations, plaintiffs in litigation or persons threatening litigation; consumer demand for cannabis and hemp products; the implementation and effectiveness of key personnel changes; risks related to stock exchange restrictions; risks related to the protection and enforcement of our intellectual property rights; the risks related to our exchangeable shares (the 'Exchangeable Shares') having different rights from our common shares and there may never be a trading market for the Exchangeable Shares; future levels of capital, environmental or maintenance expenditures, general and administrative and other expenses; and the factors discussed under the heading 'Risk Factors' in the Form 10-K filed with the SEC. Readers are cautioned to consider these and other factors, uncertainties and potential events carefully and not to put undue reliance on forward-looking statements. Article content Forward-looking statements are provided for the purposes of assisting the reader in understanding our financial performance, financial position and cash flows as of and for periods ended on certain dates and to present information about management's current expectations and plans relating to the future, and the reader is cautioned that the forward-looking statements may not be appropriate for any other purpose. While we believe that the assumptions and expectations reflected in the forward-looking statements are reasonable based on information currently available to management, there is no assurance that such assumptions and expectations will prove to have been correct. Forward-looking statements are made as of the date they are made and are based on the beliefs, estimates, expectations and opinions of management on that date. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, estimates or opinions, future events or results or otherwise or to explain any material difference between subsequent actual events and such forward-looking statements, except as required by law. The forward-looking statements contained in this press release and other reports we file with, or furnish to, the SEC and other regulatory agencies and made by our directors, officers, other employees and other persons authorized to speak on our behalf are expressly qualified in their entirety by these cautionary statements. Article content Schedule 5 Article content Article content Article content Article content Article content Contacts Article content Alex Thomas Director, Communications media@ Article content Article content Article content
