Note 17 - Related Party Transactions and Balances |
12 Months Ended | |
|---|---|---|
Dec. 31, 2025 | ||
| Notes to Financial Statements | ||
| Related Party Transactions Disclosure [Text Block] |
Related party transactions are summarized as follows:
(a) Building Lease
As part of the VidaCann acquisition on May 9, 2024, the Company entered into a long-term lease agreement with Loop's Nursery for a property in St John's Florida that is used as the Company's primary cultivation facility in Florida. Loop's Nursery is primarily owned by David Loop, one of the Company's board members. Payments for rent and associated costs related to the use of this property for the year ended December 31, 2025 equaled $3,421,058 (2024 - $1,208,531).
(b) Other
As part of the VidaCann acquisition on May 9, 2024, the Company acquired related party notes payable due to David Loop, one of the Company's board members and Mark Ascik, Former Co-President Florida Operations in the amounts of $750,000 each (see Note 9). Payments for interest on the related party notes for the year ended December 31, 2025 totaled $112,500 combined (2024 - $75,206).
Effective March 1, 2025, the Company entered into a 30 month lease agreement with PRMN Investments Ltd for a Florida apartment unit used primarily for executive travel in Florida for oversight of Florida operations. PRMN Investments Ltd is primarily owned by Robert Groesbeck, the Company's Co-CEO. The lease agreement was subsequently terminated in November 2025 upon mutual agreement. Payments for rent and associated costs related to the use of this property for the year ended December 31, 2025 equaled $51,958 (2024 - ).
Effective September 19, 2025, the Company entered into a three month consulting agreement with Off the House, LLC, an entity owned and operated by the stepson of Robert Groesbeck, the Company's Co-CEO. After the initial three month period, the contract continues on a month to month basis. Total contract payments for the year ended December 31, 2025 equaled $44,650 (2024 - ).
On December 31, 2025, $5,935 was due to Off the House, LLC, no other amounts were due to related parties (2024 - ). |