v3.26.1
SEGMENT REPORTING
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
SEGMENT REPORTING

 

26. SEGMENT REPORTING

 

The reportable segments are those operations whose operating results are reviewed by the chief operating decision maker (“CODM”) to make decisions about resources to be allocated. The Company’s CODM is the CEO and is responsible for the management of the Company. Operating results are reviewed with respect to resource allocation and for which discrete financial information is available. Inter-segment transactions are recorded at amounts that reflect normal third-party terms and conditions, with inter-segment profits eliminated from the cost base of the segment incurring the charge. The Company has identified three operating segments:

 

● Oregon segment represents cannabis production and sales activities in Oregon;

 

● Michigan segment represents cannabis production and sales activities in Michigan; and

 

● New Jersey segment represents cannabis production and sales activities in New Jersey.

 

The Company’s general corporate administration expenses are included within “Corporate” to reconcile the reportable segments to the consolidated financial statements. The Company’s CODM reviews the results of the Company’s operating segments based on the total revenues, gross profit and net income (loss) in his evaluation of the performance of the operating segments to make decisions regarding resource allocations within the Company.

 

Segmented operational activity for the year ended December 31, 2025 and 2024 is as follows:

 

                                       
Segments   Oregon     Michigan     New Jersey     Corporate     Total  
    $     $     $     $     $  
Year ended December 31, 2025:                                        
Total revenue     11,059,993       10,032,271       11,335,672       -       32,427,936  
Gross profit     3,155,508       4,927,354       6,063,820       -       14,146,682  
Net income (loss)     480,531       2,418,707       4,510,506       (4,179,787 )     3,229,957  
                                         
Year ended December 31, 2024:                                        
Total revenue     12,093,606       12,936,028       334,559       1,258,131       26,622,324  
Gross profit     4,913,965       7,228,158       49,393       1,051,462       13,242,978  
Net income (loss)     2,067,908       4,072,961       (1,393,572 )     (20,726,648 )     (15,979,351 )

 

Entity-wide disclosures

 

All revenue for the year ended December 31, 2025 and 2024 was earned in the United States. For the years ended December 31, 2025 and 2024 no customer represented more than 10% of the Company’s net revenue. As at December 31, 2025 and 2024, no customer represented more than 10% of the Company’s receivables.

 

A summary of the Company’s long-lived tangible assets disaggregation by geographic area is as follows:

 

                                       
Segments   Oregon     Michigan     Other     Corporate     Total  
    $     $     $     $     $  
Non-current assets other than financial instruments:                                        
As at December 31, 2025     5,712,897       3,853,192       13,949,466       11,638,995       35,154,550  
As at December 31, 2024     6,170,295       4,933,394       14,506,946       1,855,922       27,446,557