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Red or black: A roundup of cannabis financial news

Published on December 12, 2025 by Pat Bulmer

Photo: Contributed

Cannabis financial news: Best year ever for Cannara; weed price up, production cost down; Quebec cuts products; Ayurcann cracks top 3; ninety-one new Simply Solventless SKUs; MTL’s internal shakeup; nicotine first, pot second at Delota Corp.

New revenues to come from vaping

A Quebec cannabis company that has increased its market share anticipates further revenue growth with the legalization of vaping in its home province.

Cannara Biotech said it had its best financial year ever as it released quarter- and year-end financial results.

“Fiscal 2025 represents the strongest annual performance in Cannara Biotech’s history,” said Zohar Krivorot, president and CEO.

Quebec is now allowing vaping products on provincial store shelves. “In the near term, our focus is on a successful execution of the November vape category launch in Quebec,” Krivorot said.

To begin fiscal 2026, which started Sept. 1, Cannara enters Quebec’s vape market with five approved products, including three resin and two rosin vapes, representing 20% of the 25 in-store products authorized by the government-owned retailer.

Other companies were also rolling out vaping products. Tilray introduced two Good Supply cartridges. Rose LifeScience, a Village Farms subsidiary, launched its Promenade brand’s Matin vape, Mercanto launched three one‑gram vape cartridges — two in-store and one online.

In 2025, Cannara activated two additional grow zones at its Valleyfield facility — one of two large complexes it operates in Quebec — reaching 12 in total, adding 50,000 square feet of growing space and increasing annual production capacity to 39,500 kilograms.

“Over time, we plan to operationalize the remaining 12 grow rooms at our flagship Valleyfield facility, which would increase our total cultivation capacity by approximately 100% over the next four years,” said Krivorot.

Cannara also launched a number of pre-rolls in the past year.

“During the year, we set new annual records for revenue, adjusted EBITDA, net income, operating cash flow and free cash flow, delivering substantial year-over-year growth across almost all key financial metrics,” the boss said.

“We also delivered strong share gains across our markets, increasing our national market share by almost 32% year-over-year to 3.81%. In our home province of Quebec, we continued to capture and maintain consumer loyalty, increasing our provincial market share by over 53% year-over-year to 12.72%.”

Other highlights from the annual report:

— Gross cannabis revenue before excise taxes increased 35% to $148.6 million from $110.2 million in 2024, driven by deeper penetration in existing provinces, new market entries ,and new genetics and products, the company said,

— Total revenue increased 31% to $107.3 million, from $82.2 million in 2024

— Net income increased 103% to $13.1 million

— Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) increased 86% to $28.1 million

— Operating cash flow increased to $20 million, almost double the 2024 total

— Earnings per share increased to 14 cents from seven cents in 2024.

Cannabis prices on the rise

The price of cannabis is going up and production costs are going down for Greenway Greenhouse Cannabis Corp.

“Average net sales price per gram increased to $1.96, a 60% increase per gram (compared to a year ago) and cash cost per gram sold decreased to $0.72, a 28% decrease. This marks the widest margin between sales price and cash cost the company has recorded to date,” the Kingsville, Ont.-based company said in three- and six-month financial statements.

“Achieving the largest spread between sales price and cash cost in our history reflects the success of our cultivation methods and disciplined cost management,” said company president Carl Mastronardi. “Our ongoing refinements to growing practices are delivering measurable improvements in both yield and efficiency, and the enhancements made to our back-end processing now give us greater ability to support increased production and future sales growth.”

Net cannabis revenue for the quarter was just over $2 million, a 15% increase over the same quarter a year ago.

“Gross profit improved to $827,178 (from $88,955 year ago) in the quarter. For the first half of fiscal 2026, gross profit totaled $1,641,405, representing more than a 500% increase compared to the prior year,” the report said.

Adjusted EBITDA was $835,278, up from $253,010 a year ago.

Net loss narrowed to $114,436, an improvement of $929,188.

“Finished goods inventory totaled 2,193,723 grams valued at $2,626,052, supporting expected customer demand requirements,” the reports said.

“The company ended the quarter with a cash balance of $1,772,884.”

In July, Greenhouse signed an export agreement with 4C Labs, a medical cannabis company in the U.K.

Cannabis companies deal with Quebec’s cuts

Quebec cannabis companies were forced to take a hard look at their product lines this year as the province’s government retailer revamped its own lineup.

“While these changes reduced the number of Mercanto products available on shelves, the company believes the new structure provides a more stable and predictable operating environment going forward,” Montreal-based Mercanto Holdings said as it released year-end financial results. In Mercanto’s case, the fiscal year ended on July 31.

“During fiscal 2025, the Quebec cannabis retailer completed a comprehensive review and reduction of its entire product portfolio. As part of this process: certain Mercanto SKUs (products) were delisted,” the financial report said.

However, the company said new listing rules by the SQDC (Société québécoise du cannabis) will provide more stability and predictability.

The Quebec retailer is also now selling a limited amount of vaping products. Mercanto was one of the companies to get products on the shelf.

“Mercanto remains amongst the more diversified suppliers in the province participating across several categories,” the report said.

The reduced product line also affected some financial categories.

Revenue was down to $3.5 million from $4.6 million in 2024.

Net revenue was $3 million, down from $3.9 million.

Net loss was $412,000, up from $40,000.

Gross margin was $622,000, from $1.2 million in 2024.

The company has $394,974 in cash and working capital of $225,910.

Ayurcann moves into the top 3

Ayurcann has risen to become a top-three vape producer in Ontario with a 5% share of the national vape market and 7% share in Ontario, the company stated in its latest quarterly financial report.

Ayurcann has emerged as one of Canada’s most efficient and reliable cannabis manufacturers, consistently delivering strong output, quality, and on-time execution,” the company proclaimed. “Over the past six months alone, the company has rolled out 30 new stock keeping units (products) across leading consumer categories – vapes, pre-rolls, and concentrates.”

The company says its success in vapes “creates a powerful foundation for growth as we scale aggressively into high-demand pre-rolls and concentrates.”

As for the financial numbers, “Ayurcann generated $14,638,697 in gross revenue, with gross profit of $2,235,343 and a  healthy gross margin of 26% in Q1 2026, reflecting continued robust demand … and successful national distribution efforts,” the company said.

Ayurcann brands include Fuego, Xplor and Happy & Stoned.

New products bring growth for SSC

Ninety-one new product listings in four provinces will increase revenues for a Calgary-based cannabis company.

Simply Solventless said the new listings — some directly and some with partners such as US-based Sluggers — include 44 in two new provincial markets, B.C. and Newfoundland, along with its existing markets of Alberta and Ontario.

“Many of these listings are expected to launch imminently and through Q1 2026 with cash flows associated with these listings to begin shortly thereafter,” the company said as it released three- and nine-month financial statements.

The new listings are for pre-rolls, vapes, concentrates and edibles under the Frootyhooty, Backcountry Organics, Status, Astrolab, Roilty, Lamplighter, Sluggers and Zest brands.

“During the nine months ended September 30, 2025, SSC generated $34.5 million in gross revenue (2024 – $11.5 million), an increase of 199%,” the reports said. “The increase in gross revenue was due primarily to the completion of the Lamplighter, CannMart, ANC and Humble acquisitions, in addition to the growth of SSC’s Status brand.”

Some other brand sales were neutral or down.

Adjusted EBITDA to Sept. 30 this year was $7.5 million, compared to minus $2.9 million in 2024.

Meanwhile, a cannabis company that called off a merger with SSC in April, also released a financial report.

The year-end report for Canadabis Capital (aka Stigma Grow) was brief. Most categories were little changed from 2024.

Gross revenue was $30 million and adjusted EBITDA $900,000. The company has $24 million in assets.

“Although fiscal 2025 presented meaningful challenges across the industry and for our company, we are entering fiscal 2026 with renewed focus and strong strategic momentum,” said Travis McIntyre, president and CEO. “As we expand our national presence and deepen relationships with leading retailers, we expect to translate these advantages into meaningful sales growth and stronger margins in the year ahead.”

MTL realigns operations

MTL Cannabis has completed the move of medical fulfilment operations from Pickering, Ont., to Montreal, the company announced in its latest financial statement.

“We continue to make progress with the realignment of our internal supply chain to enhance profitability and internal capacity,” said CEO Michael Perron in the report, “notably the successful transition of our medical fulfillment operations from Pickering to Montreal.”

The company’s three- and six-month reports for the period ending Sept. 30, showed revenues similar to the same quarter a year ago ($20 million net revenue) and a positive quarterly EBITDA of more than $2 million.

MTL hasn’t abandoned Pickering. It operates Abba Medix Corp., a licensed producer, there. Abba Medix is a medical cannabis marketplace leader, said the report, which was also issued from Pickering.

Abba Medix focuses on medical cannabis for veterans. Related company Canada House Clinics operates clinics across Canada.

“It is MTL’s goal for Abba Medix Corp. to become the leading distributor of medical cannabis in Canada and for Canada House Clinics to be the leading Canadian provider of medical cannabis clinic services,” the report said.

MTL is also the parent company of Montreal Medical Cannabis Inc., a licensed producer with a 57,000 square-foot indoor growing facility in Pointe Claire, Que., and IsoCanMed Inc., a licensed producer with 64,000 square feet in Louiseville, Que.

“We have been able to successfully streamline our capital structure, reducing legacy obligations and positioning the company for sustainable long-term growth,” said Perron.

“MTL Cannabis uses proprietary hydroponic growing methodologies supported by handcrafted techniques,” the company boasted.

Cannabis is No. 2 at Delota

A company whose main business is tobacco vaping products is also earning money in cannabis.

Delota Corp. describes itself as “a leading Canadian omni-channel retailer of nicotine vape and alternative tobacco products.” The company is based in Vaughan, Ont.

In a financial report, the company announced it has achieved a total revenue of $18.7 million for the six-month period ending Sept. 30 and $8.7 million for the last three months.

Two million dollars of that six-month revenue was generated by cannabis, the report said. Delota operates Offside Cannabis, which has three dispensaries in Ontario and an online store.

Cannabis revenue was up by more than $200,000 from the same six months in 2024, the financial report said.

“As anticipated, our second quarter results reflect the short-term impact of the operational restructuring initiatives we have implemented during the last six months, resulting in an adjusted EBITDA loss and lower consolidated revenues in comparison to prior periods,” said company CEO Cameron Wickham.

On the tobacco side, Delota operates the 180 Smoke Vape Store, which has 30 stores in Ontario plus an online presence. The company also has franchise and licencing agreements.