New Risk • May 15
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Canadian stocks, typically moving 16% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Market cap is less than US$10m (CA$5.68m market cap, or US$4.13m). Minor Risks Share price has been volatile over the past 3 months (16% average weekly change). Revenue is less than US$5m (CA$4.2m revenue, or US$3.0m). Reported Earnings • Mar 26
Second quarter 2026 earnings released: EPS: CA$0.003 (vs CA$0.002 loss in 2Q 2025) Second quarter 2026 results: EPS: CA$0.003 (up from CA$0.002 loss in 2Q 2025). Revenue: CA$1.94m (up 130% from 2Q 2025). Net income: CA$177.8k (up CA$287.0k from 2Q 2025). Profit margin: 9.2% (up from net loss in 2Q 2025). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 49% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Announcement • Feb 25
Mercanto Holdings Inc. Provides Earnings Guidance for the Second Quarter Ended January 31, 2026 Mercanto Holdings Inc. provided earnings guidance for the second quarter ended January 31, 2026. The company expects revenue: $2.05 million - $2.2 million, representing over 110% growth compared to $1,003,116 in second quarter 2025 and
Net Profit (Loss): $150,000 - $190,000, compared to a net loss of $109,215 in second quarter of 2025. Announcement • Jan 01
Mercanto Holdings Inc. Provides Earnings Guidance for the Full Year of Fiscal 2026 Mercanto Holdings Inc. provided earnings guidance for the full year of fiscal 2026. The company expects improved revenue diversification and operational momentum in Calendar 2026. Reported Earnings • Dec 31
First quarter 2026 earnings released: CA$0.003 loss per share (vs CA$0.001 loss in 1Q 2025) First quarter 2026 results: CA$0.003 loss per share (further deteriorated from CA$0.001 loss in 1Q 2025). Revenue: CA$784.5k (up 14% from 1Q 2025). Net loss: CA$146.2k (loss widened 165% from 1Q 2025). Over the last 3 years on average, earnings per share has increased by 64% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 30
Full year 2025 earnings released: CA$0.008 loss per share (vs CA$0.001 profit in FY 2024) Full year 2025 results: CA$0.008 loss per share (down from CA$0.001 profit in FY 2024). Revenue: CA$3.00m (down 23% from FY 2024). Net loss: CA$412.3k (down CA$452.9k from profit in FY 2024). Over the last 3 years on average, earnings per share has increased by 82% per year but the company’s share price has only increased by 73% per year, which means it is significantly lagging earnings growth. Announcement • Nov 27
Mercanto Holdings Inc. Launches Vape Cartridges in Quebec Mercanto Holdings Inc. announced the official launch of its vape cartridge line in Quebec's newly opened vape category. Mercanto has officially launched three 1-gram vape cartridges, now available to Quebec residents of legal age both in-store and online: Afghan Gold; Cherry Blossom; Peach Sumo - online-exclusive (available only through the SQDC online platform). Mercanto products represent approximately 8% of all vape cartridge shelf space in the province, where 24 SKUs are currently listed in stores and 29 SKUs available across in-store and online channels combined. This provides a meaningful initial market position as the category opens. Mercanto's two in-store offerings, Afghan Gold and Cherry Blossom, serve complementary market segments, allowing the Company to capture demand across multiple consumer profiles without internal overlap. Although Quebec's total vape market size remains untested, similar categories in British Columbia, Alberta, and Ontario account for roughly 15% of total cannabis sales, with hundreds of competing SKUs. Should Quebec follow comparable adoption, this represents a significant market opportunity. Mercanto enters on equal footing with other approved suppliers, competing alongside established national brands. Each 1-gram cartridge can last a consumer from one week to two months, depending on consumption habits, so sales patterns will take time to stabilize. Mercanto expects a clearer view of sales velocity and market share by end of First Quarter 2026 Calendar Year. The Company is also introducing its M3B Plus battery by world-renowned manufacturer CCELL. Only two battery models will be available province-wide to support the entire vape category. Announcement • Nov 18
Mercanto Holdings Inc., Annual General Meeting, Jan 28, 2026 Mercanto Holdings Inc., Annual General Meeting, Jan 28, 2026. Buy Or Sell Opportunity • Nov 03
Now 42% overvalued after recent price rise Over the last 90 days, the stock has risen 47% to CA$0.11. The fair value is estimated to be CA$0.078, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 28% over the last 3 years. Earnings per share has grown by 83%. Buy Or Sell Opportunity • Jul 07
Now 26% overvalued after recent price rise Over the last 90 days, the stock has risen 73% to CA$0.095. The fair value is estimated to be CA$0.075, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 28% over the last 3 years. Earnings per share has grown by 83%. Announcement • Jul 07
Mercanto Holdings Inc. Secures Key Listings in Quebec's New Vape Category Mercanto Holdings Inc. announced that it has received preliminary acceptance from the Quebec cannabis authority for three vape cartridge products under its Velada and Nordique Royale brands. This marks a significant milestone as Quebec prepares to launch its vape category -- the last major provincial market in Canada to do so. Mercanto's approved products include: Cherry Blossom: A high-CBD and moderate-THC vape cartridge available in all retail stores across Quebec. Afghan Gold: A potent formulation featuring high THC and moderate CBD mirroring the Company's popular hash and hash-infused pre-roll. This SKU will also be available in all stores. While this does not necessarily equate to 8-10% of sales, as product velocity will ultimately determine market share, it is a strong starting point that underscores the trust Mercanto has built as a supplier in Quebec over the past three years. While this acceptance is preliminary and conditional upon final reviews of packaging and the cartridges themselves by the Quebec cannabis authority, Mercanto does not anticipate any hurdles that would prevent these products from proceeding to full launch. The Quebec cannabis authority projects that vape products will account for 11% of total cannabis sales within the first year of launch, approximately $68 million annually, with roughly 50% of this volume expected to be incremental to the market. In comparison, vape cartridges comprise about 15% of total sales in Alberta, Ontario, and British Columbia. Mercanto's vape cartridges are expected to launch across all 105 retail stores and online in November 2025 (Q2 fiscal 2026), alongside the two authorized batteries for the category, one of which the Company will supply. This synchronized rollout means Mercanto enters Quebec's vape segment with a holistic strategy: providing not only cartridges but also the essential hardware to support the entire category. "For the first time, we're entering a new category where no player holds an advantage. This levels the field and lets quality and execution speak. While our products won't be the cheapest on the shelf, and we expect to be mid-tier in pricing, they are crafted with a focus on quality, balanced formulations, and consumer experience. We're confident that's where the long-term value lies," added Ronsse. Elimination of Nursery Program Supports Scale: In addition, the Quebec cannabis authority will eliminate its nursery program this October. Previously, new products were tested in roughly 25% of stores for six months before either expanding to full distribution or being delisted. Going forward, approved SKUs will be placed directly into all stores, which benefits established, trusted suppliers like Mercanto. One factor that remains unknown, however, is how frequently products will be reviewed for potential delisting and how long they will typically remain on shelves before such reviews occur. The Company currently has four products in the nursery phase and expects clarity on their status in the coming months. Outlook: Mercanto believes this launch marks the beginning of a new growth chapter. With a resilient, cash-focused model and a reputation built over years of consistent supply to the Quebec cannabis authority, the Company sees the vape rollout as a catalyst that could materially impact future revenues. Reported Earnings • Jun 29
Third quarter 2025 earnings released: EPS: CA$0.002 (vs CA$0.001 in 3Q 2024) Third quarter 2025 results: EPS: CA$0.002 (up from CA$0.001 in 3Q 2024). Revenue: CA$756.6k (down 23% from 3Q 2024). Net income: CA$88.4k (up 187% from 3Q 2024). Profit margin: 12% (up from 3.1% in 3Q 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 83% per year but the company’s share price has fallen by 15% per year, which means it is significantly lagging earnings. Announcement • Apr 01
Mercanto Holdings Inc. Wins Strategic Battery Slot in Quebec's Lucrative Vape Market Launch Mercanto Holdings Inc. announced that it has secured one of only two approved battery listings by Quebec's cannabis board for the launch of the province's upcoming vape category. This approval marks a strategic milestone as Mercanto prepares to enter one of the most promising and high-growth verticals in Canadian cannabis. The approved battery -- the M3B+ -- is manufactured by globally renowned hardware maker CCELL and will be sold in all 104 authorized cannabis retail stores across Quebec. Sales are expected to commence in November 2025. Unlike most product categories that undergo bi-annual review, battery listings in Quebec's vape program are assessed on a case-by-case basis, making this a secure, indefinite listing for the Company. The introduction of the vape category represents a major evolution in Quebec's cannabis offerings. Key highlights include: Vape products account for a significant share of cannabis sales in other provinces: 16% in Alberta; 13.4% in British Columbia; 15.1% in Ontario; The Canadian cannabis vape market is projected to grow at a CAGR of 14.2%, reaching an estimated CAD 950 million by 2030; Quebec's cannabis authority projects vape products will make up 11% of provincial cannabis sales by the end of the first year -- equating to approximately $68 million in annual revenue; Approximately half of that volume is expected to be incremental; the other half will shift from dried flower -- a segment that represents only a small portion of Mercanto's portfolio; While other provinces offer dozens of battery options, Quebec will permit only two to begin-- and Mercanto holds one of them; The province has confirmed it will approve approximately 25 vape cartridges, with listing decisions expected in the coming months; Mercanto will also be taking part in the submission process for vape cartridges. Reported Earnings • Mar 31
Second quarter 2025 earnings released: CA$0.002 loss per share (vs CA$0.001 profit in 2Q 2024) Second quarter 2025 results: CA$0.002 loss per share (down from CA$0.001 profit in 2Q 2024). Revenue: CA$839.9k (down 9.5% from 2Q 2024). Net loss: CA$109.2k (down 295% from profit in 2Q 2024). Over the last 3 years on average, earnings per share has increased by 101% per year but the company’s share price has fallen by 16% per year, which means it is significantly lagging earnings. New Risk • Mar 26
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Canadian stocks, typically moving 14% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-CA$218k free cash flow). Market cap is less than US$10m (CA$2.79m market cap, or US$1.96m). Minor Risks Share price has been volatile over the past 3 months (14% average weekly change). Revenue is less than US$5m (CA$3.3m revenue, or US$2.3m). Announcement • Nov 28
The Good Shroom Co Inc., Annual General Meeting, Jan 29, 2025 The Good Shroom Co Inc., Annual General Meeting, Jan 29, 2025. Reported Earnings • Nov 27
Full year 2024 earnings released: EPS: CA$0.001 (vs CA$0.009 loss in FY 2023) Full year 2024 results: EPS: CA$0.001 (up from CA$0.009 loss in FY 2023). Revenue: CA$3.89m (up 23% from FY 2023). Net income: CA$40.6k (up CA$492.7k from FY 2023). Profit margin: 1.0% (up from net loss in FY 2023). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 101% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Reported Earnings • Jun 27
Third quarter 2024 earnings released: EPS: CA$0.001 (vs CA$0 in 3Q 2023) Third quarter 2024 results: EPS: CA$0.001 (up from CA$0 in 3Q 2023). Revenue: CA$982.8k (down 4.1% from 3Q 2023). Net income: CA$30.8k (up 126% from 3Q 2023). Profit margin: 3.1% (up from 1.3% in 3Q 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 97% per year but the company’s share price has fallen by 18% per year, which means it is significantly lagging earnings. New Risk • Jun 06
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Canadian stocks, typically moving 13% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Market cap is less than US$10m (CA$6.85m market cap, or US$5.01m). Minor Risks Share price has been volatile over the past 3 months (13% average weekly change). Shareholders have been diluted in the past year (4.1% increase in shares outstanding). Revenue is less than US$5m (CA$4.1m revenue, or US$3.0m). Reported Earnings • Mar 28
Second quarter 2024 earnings released: EPS: CA$0.001 (vs CA$0.002 loss in 2Q 2023) Second quarter 2024 results: EPS: CA$0.001 (up from CA$0.002 loss in 2Q 2023). Revenue: CA$927.7k (up 38% from 2Q 2023). Net income: CA$56.0k (up CA$151.1k from 2Q 2023). Profit margin: 6.0% (up from net loss in 2Q 2023). The move to profitability was driven by higher revenue. Buy Or Sell Opportunity • Mar 08
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 20% to CA$0.18. The fair value is estimated to be CA$0.15, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 91% over the last 3 years. Earnings per share has grown by 64%. Announcement • Dec 07
The Good Shroom Co Inc., Annual General Meeting, Jan 31, 2024 The Good Shroom Co Inc., Annual General Meeting, Jan 31, 2024. Agenda: Annual General Meeting. New Risk • Dec 01
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 3.5% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-CA$355k free cash flow). Earnings have declined by 4.2% per year over the past 5 years. Market cap is less than US$10m (CA$7.32m market cap, or US$5.39m). Minor Risks Shareholders have been diluted in the past year (3.5% increase in shares outstanding). Revenue is less than US$5m (CA$3.2m revenue, or US$2.3m). Reported Earnings • Nov 29
Full year 2023 earnings released: CA$0.009 loss per share (vs CA$0.034 loss in FY 2022) Full year 2023 results: CA$0.009 loss per share (improved from CA$0.034 loss in FY 2022). Revenue: CA$3.16m (up 160% from FY 2022). Net loss: CA$452.1k (loss narrowed 72% from FY 2022). Announcement • Oct 12
The Good Shroom Co Inc. Receives Health Canada Approval for Standard Processing Licence The Good Shroom Co Inc. (the "Company" or "The Good Shroom") announced that Health Canada has approved the transfer of its micro-processing licence to a standard processing licence on October 5, 2023. A micro-processing licence is typically issued to smaller companies as the initial and annual licensing fees are lower and the requirements are less stringent. However, the quantity of cannabis which can be possessed, handled and sold in any given year is limited to a maximum of 600kg of dried cannabis or its equivalent, while there are no restrictions or limits on sales volumes with a standard licence. To date, the Company has been operating under a micro-processing licence which enabled it to create and commercialize a variety of innovative cannabis products and build its brands. Given the popularity of several of its products, the Company has reached the prescribed limit and it expects, with the steadily increasing sales and upcoming product launches, it was necessary to transition to a standard processing licence. Reported Earnings • Jun 28
Third quarter 2023 earnings released: EPS: CA$0 (vs CA$0.005 loss in 3Q 2022) Third quarter 2023 results: EPS: CA$0 (improved from CA$0.005 loss in 3Q 2022). Revenue: CA$1.02m (up 144% from 3Q 2022). Net income: CA$13.7k (up CA$243.7k from 3Q 2022). Profit margin: 1.3% (up from net loss in 3Q 2022). The move to profitability was driven by higher revenue. Reported Earnings • Mar 29
Second quarter 2023 earnings released: CA$0.002 loss per share (vs CA$0.005 loss in 2Q 2022) Second quarter 2023 results: CA$0.002 loss per share (improved from CA$0.005 loss in 2Q 2022). Revenue: CA$670.3k (up 85% from 2Q 2022). Net loss: CA$95.1k (loss narrowed 61% from 2Q 2022). Reported Earnings • Dec 29
First quarter 2023 earnings released: CA$0.004 loss per share (vs CA$0.009 loss in 1Q 2022) First quarter 2023 results: CA$0.004 loss per share (improved from CA$0.009 loss in 1Q 2022). Revenue: CA$670.3k (up CA$621.7k from 1Q 2022). Net loss: CA$189.9k (loss narrowed 44% from 1Q 2022). Announcement • Dec 03
The Good Shroom Co Inc., Annual General Meeting, Jan 30, 2023 The Good Shroom Co Inc., Annual General Meeting, Jan 30, 2023. Reported Earnings • Nov 23
Full year 2022 earnings released: CA$0.034 loss per share (vs CA$0.098 loss in FY 2021) Full year 2022 results: CA$0.034 loss per share (improved from CA$0.098 loss in FY 2021). Revenue: CA$1.22m (up 402% from FY 2021). Net loss: CA$1.63m (loss narrowed 58% from FY 2021). Board Change • Nov 16
High number of new and inexperienced directors There are 4 new directors who have joined the board in the last 3 years. The company's board is composed of: 4 new directors. No experienced directors. No highly experienced directors. Independent Director Franck Aton is the most experienced director on the board, commencing their role in 2021. The company’s lack of experienced directors is considered a risk according to the Simply Wall St Risk Model. Announcement • Nov 05
Teonan Biomedical Inc. Breaks into A New Category with Hash Infused Pre-Rolls Teonan Biomedical Inc. announced it is breaking into a new category with hash infused pre-rolls. Following the success of Afghan Gold hash, which is consistently a top ten seller, MUSH announced it is launching Joints infusés d'Afghan Gold by Nordique Royale in all Quebec cannabis stores. The Company received its first PO for this product of $26,622 and is expected to receive replenishment PO's every 1 to 2 weeks in addition to its other hash and cannabis flower SKU's. The total PO value for this week, all products combined, was of $107,026.80. Joints infusés d'Afghan Gold is 3 pre-rolled joints made of a high THC cannabis flower, infused with Nordique Royale's popular hash Afghan Gold. The current pre-rolled joint market in Quebec is worth approximately $105M annually. The Company also expects to launch this product in Ontario in the coming months as well as another edible product in Quebec before the calendar year end. Announcement • Oct 22
The Good Shroom Co Expands Its Hash Portfolio with Another SKU The Good Shroom Co Inc. through its subsidiary Teonan Biomedical Inc., operates Nordique Royale announced that it has begun selling another hash product and another cannabis flower in Quebec. OG Hawaïenne by Nordique Royale and Cherry Blossom by Velada both launched on october 20, 2022. The Company received its first PO for these 2 products for $26,680.80 and is expected to receive replenishment PO's every 1 to 3 weeks in addition to its other products. This launch is occurring in approximately 30% of all stores for the first 6 months and is expected to move into all stores thereafter. The size of its PO's are also expected to increase concurrently at that time. The Company also has 6 other hash and cannabis flower products presently sold in Quebec and expects to launch another product in the infused pre-roll segment in the coming month. The Company derived OG Hawaïenne from the success of its Afghan Gold sku which is consistently in the top 10 selling hash's of Quebec. Both products are dark and malleable with maximum THC content and a similar price point but OG Hawaïenne is made of a Pineapple Express base to obtain a most fruity and smooth smoke typically desired by consumers. Cherry Blossom is a unique cannabis strain that is CBD dominant and therefore typically destined either for medical users or due to its smooth and pleasant flavour, add a level of flavour and smoothness to a joint. The Company's Cherry Blossom is presently the only Cherry Blossom strain sold in Quebec and as a CBD dominant strain with less than 0.3% THC it is not subject to excise taxes from the Canada Revenue Agency which permits the Company to price this product very competitively at $19.30 per 3.5 gram unit which is expected to also help drive its popularity. Announcement • Oct 08
The Good Shroom Co Inc. Announces to Increase its Market Share with Another SKU Launching October 06, 2022 The Good Shroom Co Inc. through its subsidiary Teonan Biomedical Inc., operates Nordique Royale and announced that it has begun selling Sky Cuddler cannabis flower in Quebec. Sky Cuddler Kush Bio by Nordique Royale launches today. The Company received its first PO for this product for approximately $25,000 and is expected to receive replenishment PO's every 1 to 2 weeks for this product in addition to its other products. This launch is occurring in approximately 30% of all stores for the first 6 months and is expected to move into all stores thereafter. The size of its PO's are also expected to increase concurrently at that time. The Company also has 4 other hash products presently sold in Quebec and is launching more SKU's in the infused pre-roll, cannabis flower and hash segments in the coming months. Announcement • Jul 23
Stephanus Rossouw Resigns as Member of Its Board of Directors The Good Shroom Co Inc. announced that Mr. Stephanus Rossouw has resigned as a member of its board of directors effective immediately in order to pursue other opportunities. Reported Earnings • Jun 30
Third quarter 2022 earnings released: CA$0.005 loss per share (vs CA$0.087 loss in 3Q 2021) Third quarter 2022 results: CA$0.005 loss per share (up from CA$0.087 loss in 3Q 2021). Revenue: CA$419.4k (up CA$353.9k from 3Q 2021). Net loss: CA$230.0k (loss narrowed 91% from 3Q 2021). Board Change • Apr 27
High number of new and inexperienced directors There are 5 new directors who have joined the board in the last 3 years. The company's board is composed of: 5 new directors. No experienced directors. No highly experienced directors. Independent Director Franck Aton is the most experienced director on the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Reported Earnings • Apr 02
Second quarter 2022 earnings released Second quarter 2022 results: CA$0.005 loss per share. Revenue: CA$363.2k (up CA$320.4k from 2Q 2021). Net loss: CA$244.4k (loss narrowed 44% from 2Q 2021). Reported Earnings • Jan 02
First quarter 2022 earnings: Revenues and EPS in line with analyst expectations First quarter 2022 results: CA$0.008 loss per share (up from CA$0.015 loss in 1Q 2021). Revenue: CA$48.6k (down 13% from 1Q 2021). Net loss: CA$374.4k (flat on 1Q 2021). Revenue was in line with analyst estimates. Reported Earnings • Dec 04
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: CA$0.098 loss per share (down from CA$0.017 loss in FY 2020). Revenue: CA$242.1k (up 23% from FY 2020). Net loss: CA$3.85m (loss widened CA$3.43m from FY 2020). Revenue was in line with analyst estimates.