News

Red and black: A roundup of cannabis financial news

Published on November 14, 2025 by Pat Bulmer

Photo: Contributed

Cannabis financial news: Medical side key to Aurora; Ayurcann throws around big numbers; Cannabis better than liquor, says SNDL; Cannabis is booming in Israel

Medical cannabis big at Aurora

Revenue from medical cannabis is 10 times the revenue from the recreational side, the latest financial report from Aurora Cannabis shows.

The Edmonton-based company reported total net revenue was $90.4 million, compared to $81.1 million in the same quarter a year ago.

“The 11% increase from the prior year period was mainly due to 15% growth in our global medical cannabis business and 34% growth in our plant propagation business, slightly offset by lower quarterly revenue in our consumer cannabis business,” a news release accompanying the report said.

Net revenue was $70.5 million from medical cannabis, $6.9 million from recreational cannabis and $11.6 million at the Bevo Farms site in Langley, B.C.

“We achieved record net revenue for global medical cannabis representing a 15% year-over-year increase,” the report said.

“Aurora’s consumer cannabis net revenue was $6.9 million a 34% decrease compared to $10.4 million in the prior year period. The decrease was due to our continued decision to prioritize the supply of our … manufactured products to our high margin global medical cannabis business rather than the consumer business, which offers lower margins.

“Plant propagation net revenue was wholly comprised of the Bevo business, and contributed $11.6 million of net revenue, a 34% increase compared to $8.6 million in the prior year period. The increase was a result of organic growth and expanded product offerings, both arising from increased capacity.”

The $9.2-million increase in medical cannabis net revenue was primarily due to higher sales to Australia, Germany, Poland and the UK, as well as increased revenue in Canada, the report said.

Other numbers:

— Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) increased 52% to $15.4 million for the three months ending Sept. 30, compared to $10.1 million for the prior year quarter.

— Net operations loss for the quarter was $53.2 million compared to a net income of $1.4 million for the prior year period. Reasons cited in the report include the curiously explained: “…increase in other expenses of $31.3 million.”

”Looking ahead, we intend to deliver continued strong results for our shareholders supported by a sizeable cash balance and debt-free cannabis business,” said CEO Miguel Martin.

Numbers rising at Ayurcann

A Toronto cannabis company that specializes in Cannabis 2.0 (edibles, drinks, vapes) and 3.0 (pharmaceutical) products was throwing around some big numbers in its latest annual financial report.

“Ayurcann continues to cement its position as one of the country’s most resilient cannabis

companies,” a news release claimed, touting 100% growth for three straight years.

The company claimed a gross revenue of $55,446,352 for the fiscal year ending June 30, up $10 million from the previous year.

The closely watched EBITDA was $507,570 for the year, compared to minus $352,492 a year ago.

The company said it has achieved 80% retail penetration in Ontario with its products carried in more than 1,500 licensed stores.

“The company has over 35,500 product listings in Ontario, New Brunswick, Manitoba, Saskatchewan, Alberta, British Columbia, Newfoundland, and Yukon, the report said.

“Ayurcann’s products are now available in over 75% of licensed retail cannabis stores across Canada.”

“As the cannabis industry continues to mature in Canada, we are thrilled to see sustained growth and strong demand for our brands across multiple provinces,” said Igal Sudman, CEO. “Despite price compression and  competitive pressures, our focus on the business-to-consumer market has enabled Ayurcann to expand market share, diversify product offerings, and strengthen brand loyalty nationwide.”

Ayurcann brands include Fuego, Xplor and Happy & Stoned.

Cannabis outperforming liquor

Cannabis is up and liquor is down at Alberta-based SNDL Inc.

“The cannabis retail segment achieved three new quarterly records: net revenue, gross profit and operating income,” the company said in its latest quarterly financial report.

SNDL is both a retailer and grower/manufacturer.

“Cannabis operations continued to deliver significant revenue growth in the third quarter of 2025, reaching a new net revenue record for the segment,” the financial statement said. “Growth was driven by edibles, following Indiva’s acquisition in the fourth quarter of 2024, as well as accelerating international sales, which reached $4.2 million during the quarter.”

SNDL snatched London, Ont.-based edibles maker Indiva out of bankruptcy protection last year for an estimated $22.7 million.

On the retail side, SNDL operates 186 stores under the Value Buds and Spiritleaf banners. The stores reported a year-over-year sales increase of 3.6%. SNDL bought 32 stores from 1CM. That $32.2-million sale is still going through regulatory review in Ontario, the statement said.

The company also made money by selling some of its stake in rival High Tide, raking in $5.3 million for the quarter, and another $1 million after the quarter ended. SNDL now owns 3.6% of High Tide.

In the booze business, SNDL owns Wine and Beyond, Liquor Depot and Ace Liquor stores. The liquor market has softened, but SNDL said cannabis gains more than made up for the liquor losses.

“Net revenue totaled $244.2 million, reflecting a growth rate of +3.1% compared to the same period in the previous year. This increase was primarily driven by strong growth of +13.5% in our combined cannabis business, partly offset by Liquor retail segment decline,” the report said.

And cash is flowing, the company reported.

“Reaching a new record for quarterly free cash flow and, for the first time in our history, achieving positive cumulative free cash flow for the first nine months of the year underscores the strength of our ongoing operational and profitability improvements,” said CEO Zach George.

“We are delivering these results while continuing to grow our cannabis business well ahead of market and industry peers.”

Cash flow was $32.4 million during the quarter, partly driven by $15.1 million in asset sales, and a $14.3 million reduction in capital spending.

Not all the numbers were positive: The company reported an operating loss of $11.1 million for the quarter

The company’s board of directors has approved renewal of a share repurchase program.

Israelis like their pot

Business is booming for a Canadian cannabis company in Israel.

Cronos Group reported its seventh consecutive quarter of record net revenue at Cronos Israel.

“Our Peace Naturals brand remains the market leader in Israel,” President, CEO and Chairman Mike Gorenstein said in the company’s latest quarterly financial report.

“Peace Naturals continues to be the country’s top-performing brand, achieving record net revenue and sales volume in Q3 2025,” the report said. “Cronos Israel’s exceptional performance reflects the strength of Cronos’ advanced genetic breeding program, industry-leading cultivation capabilities, and a highly motivated local team.”

International results outside of Israel were modest, the report said, primarily due to shipment timing that shifted revenue into the next quarter. The Peace Naturals brand was launched in Switzerland is now available in Canada, Israel, Germany, the United Kingdom, Australia, Switzerland and Malta.

“In Canada, despite temporary flower supply constraints, our long-term fundamentals remain strong, with the Spinach brand retaining its position as the No. 2 brand in the market,” Gorenstein said. Spinach has a 4.5% market share, the  report said.

“Spinach flower ranked as the fourth most popular flower brand with 4.9% market share, despite flower supply constraints.”

“In Q3 2025, Spinach maintained its No. 1 position in edibles with a 19.7% market share, driven by the outstanding performance of its Sourz by Spinach gummies.”

In the vape category, the Spinach brand achieved a 7% market share in Q3 2025, third highest in Canada, the company said.

“Lord Jones Chocolate Fusions ended Q3 2025 as the No. 3 chocolate cannabis edible brand in Canada with a 10.7% market share. Lord Jones products remain the category leader in hash and live resin-infused pre-rolls, with 17.5% market share,” the report said.

Cronos reported record levels of net revenue, gross profit and adjusted EBITDA — all at least partially due to the success in Israel.

Net revenue of $36.3 million increased by $2.1 million from the same quarter a year ago.

“The increase was primarily due to higher cannabis flower sales in Israel, which carry no excise taxes, and higher cannabis extract sales in the Canadian market, partially offset by a decrease in cannabis flower sales in the Canadian market.”

Gross profit of $18.3 million increased by $14.7 million from a year ago.

“Gross profit increased due to higher average sales prices driven primarily by a mix shift to Israel, higher sales volumes, production efficiencies and favorable inventory dynamics,” the report said.

Net income of $28.3 million increased by $21 million.

“The increase was primarily due to lower operating expenses and higher gross profit, partially offset by lower other income.”

Adjusted EBITDA of $5.7 million improved by $11.7 million from 2024.

“The improvement year-over-year was primarily driven by higher gross profit and lower operating expenses due to a decline in general and administrative costs.”

The company reported it has put additional money in to fund the growth of Cronos Growing Company Inc. and “obtained majority control of the board of directors of Cronos GrowCo.” The expansion is now complete and sales from the expansion began in the fall, the company said.

“With the completion of the expansion at Cronos GrowCo unlocking additional flower capacity, we are well-positioned for growth in 2026,” the report said. “As with any cultivation expansion, it typically takes time to fully optimize the new facility, and while we are on-schedule and making great progress, we expect improvement over time.”

In a butt-covering section of the report, Cronos identified some potential obstacles ahead. The long list included:

— Israel continues to threaten that it may impose an anti-dumping duty on Canadian cannabis companies.

— Israel’s conflicts with its neighbours could threaten the supply chain and product demand.

— The company shut down and hopes to sell the Cronos Fermentation Facility in Winnipeg. There may be costs associated with that.

— The company is dropping U.S. hemp-derived cannabinoid operations — at least for now.