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SEGMENT REPORTING
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
SEGMENT REPORTING

 

22. 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 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 three months ended March 31, 2026 and 2025 is as follows:

 

                                       
Segments   Oregon     Michigan     New Jersey     Corporate     Total  
    $     $     $     $     $  
March 31, 2026:                                        
Total revenue     2,996,764       2,743,527       3,415,367       -       9,155,658  
Gross profit     551,164       1,325,263       2,081,207       -       3,957,634  
Net income (loss)     64,417       349,578       1,044,791       (3,672,177 )     (2,213,391 )
                                         
March 31, 2025:                                        
Total revenue     2,873,347       2,505,116       1,771,720       -       7,150,183  
Gross profit     1,303,832       1,129,086       930,829       -       3,363,747  
Net income (loss)     682,024       508,656       709,263       (1,157,073 )     742,870  

 

Entity-wide disclosures

 

All revenue for the three months ended March 31, 2026 and 2025 was earned in the United States. For the three months ended March 31, 2026 and 2025 no customer represented more than 10% of the Company’s net revenue. As at March 31, 2026 and December 31, 2025, 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     New Jersey     Corporate     Total  
    $     $     $     $     $  
Non-current assets other than financial instruments:                                        
As at March 31, 2026     6,467,314       3,644,180       14,484,459       13,178,620       37,774,573  
As at December 31, 2025     5,712,897       3,853,192       13,949,466       11,638,995       35,154,550