Reported Earnings • Mar 02
Third quarter 2026 earnings released: EPS: CA$0.006 (vs CA$0.01 loss in 3Q 2025) Third quarter 2026 results: EPS: CA$0.006 (up from CA$0.01 loss in 3Q 2025). Revenue: CA$17.2m (down 14% from 3Q 2025). Net income: CA$672.9k (up CA$1.89m from 3Q 2025). Profit margin: 3.9% (up from net loss in 3Q 2025). The move to profitability was driven by lower expenses. Buy Or Sell Opportunity • Dec 15
Now 80% overvalued after recent price rise Over the last 90 days, the stock has risen 22% to CA$0.77. The fair value is estimated to be CA$0.43, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 41% over the last 3 years. Meanwhile, the company became loss making. Announcement • Dec 15
Canopy Growth Corporation (TSX:WEED) entered into an arrangement agreement to acquire MTL Cannabis Corp. (CNSX:MTLC) for approximately CAD 120 million. Canopy Growth Corporation (TSX:WEED) entered into an arrangement agreement to acquire MTL Cannabis Corp. (CNSX:MTLC) for approximately CAD 120 million on December 14, 2025. Canopy Growth to acquire all of the issued and outstanding common shares in the capital of MTL on the basis of 0.32 of a common share of Canopy Growth (each whole share, a “Canopy Growth Share”) and CAD 0.144 in cash for each MTL Share, or approximately 38 million Canopy Growth Shares and CAD 17 million in cash in the aggregate. Pursuant to the Arrangement, each MC Shareholder will irrevocably, finally and fully release MTL, Canopy Growth and their respective affiliates from any and all obligations owing to such MC Shareholder pursuant to the Share Exchange Agreement, including for greater certainty, each MC Shareholder’s entitlement to anti-dilution rights pursuant to the Share Exchange Agreement (the “Release”) in exchange for such MC Shareholder’s pro rata entitlement to up to 2,956,391 (subject to reduction in certain circumstances) Canopy Growth Shares to be issued to the MC Shareholders pursuant to the Arrangement. The. Arrangement Agreement provides that a termination fee of CAD 4 million (the “Termination Fee”) will be payable by MTL upon termination of the Arrangement Agreement. Haywood Securities Inc. provided the MTL Cannabis Special Committee with an opinion that, as of December 14, 2025 and based upon and subject to the various assumptions, limitations, qualifications and other matters set forth in such opinion, the consideration to be received by the MTL Shareholders pursuant to the Transaction is fair, from a financial point of view, to MTL Shareholders.
The Transaction was unanimously approved by the Board of Directors of Canopy Growth, as well as the Board of Directors of MTL Cannabis (with conflicted directors abstaining), following the unanimous recommendation of a special committee of the MTL Board of Directors (the “MTL Special Committee”). The MTL Special Committee and the Board of Directors unanimously recommended that MTL Shareholders vote in favour of the Transaction after determining the Transaction is fair to the MTL Shareholders and is in the best interests of MTL Cannabis. The Arrangement is subject to the conditions set forth in the Arrangement Agreement, including, among others: (i) approval by the Supreme Court of British Columbia (the “Court”) at a hearing upon the procedural and substantive fairness of the terms and conditions of the Arrangement; (ii) any approvals required under the Competition Act (Canada); and (iii) approval by the shareholders of MTL as required by applicable corporate and securities laws. The shareholders of MTL will be asked to vote on a resolution (the “Arrangement Resolution”) to, among other things, approve the Arrangement at a shareholder meeting to be called for such purpose, certain regulatory approvals, conditional approval of the Toronto Stock Exchange will have been obtained, including in respect of the listing and posting for trading of the Canopy Growth Shares issued as consideration for MTL Shares pursuant to the Arrangement and the MC Shareholder Consideration. Special meeting of MTL shareholders is expected to occur in February 2026, Expected closing by the end of February 2026.
Jonathan Sherman of Cassels Brock& Blackwell LLP acted as legal advisor to Canopy Growth Corporation, Daniel Everall?of Farris LLP acted as legal advisor to MTL, Canaccord Genuity Corp. is acting as exclusive financial advisor to Canopy Growth. Paul Hastings LLP are acting as legal counsel to the Company, Haywood Securities Inc. is acting as exclusive financial advisor to the MTL Special Committee and provided a fairness opinion to the MTL Special Committee. New Risk • Dec 13
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 15% 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 Interest payments are not well covered by earnings (1.3x net interest cover). Minor Risks Share price has been volatile over the past 3 months (15% average weekly change). Market cap is less than US$100m (CA$49.3m market cap, or US$35.8m). Reported Earnings • Nov 30
Second quarter 2026 earnings released: CA$0.071 loss per share (vs CA$0.011 profit in 2Q 2025) Second quarter 2026 results: CA$0.071 loss per share (down from CA$0.011 profit in 2Q 2025). Revenue: CA$20.6m (down 1.2% from 2Q 2025). Net loss: CA$8.32m (down CA$9.57m from profit in 2Q 2025). Board Change • Oct 29
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent Director Tarek Ahmed was the last independent director to join the board, commencing their role in 2023. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Buy Or Sell Opportunity • Oct 03
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 85% to CA$0.63. The fair value is estimated to be CA$0.52, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 15% over the last year. Meanwhile, the company has become profitable. Buy Or Sell Opportunity • Sep 18
Now 25% overvalued after recent price rise Over the last 90 days, the stock has risen 86% to CA$0.67. The fair value is estimated to be CA$0.53, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 15% over the last year. Meanwhile, the company has become profitable. Announcement • Sep 10
MTL Cannabis Corp., Annual General Meeting, Nov 18, 2025 MTL Cannabis Corp., Annual General Meeting, Nov 18, 2025. Reported Earnings • Aug 31
First quarter 2026 earnings released: EPS: CA$0 (vs CA$0.019 in 1Q 2025) First quarter 2026 results: EPS: CA$0 (down from CA$0.019 in 1Q 2025). Revenue: CA$20.7m (flat on 1Q 2025). Net loss: CA$44.4k (down 102% from profit in 1Q 2025). Announcement • Aug 19
MTL Cannabis Corp. announced that it expects to receive CAD 4 million in funding MTL Cannabis Corp. announced that it has entered into an agreement with Centurion One Capital Corp. (the “Lead Agent” or “C1C”) as lead agent and sole bookrunner, in connection with a brokered private placement of units on a commercially reasonable efforts basis to issue 6,153,846 units at an issue price of CAD 0.65 for gross proceeds of CAD3,999,999.9 on August 19, 2025. The Lead Agent will have the option to sell up to an additional CAD 1,750,000 in Units (the “Agents’ Option”), exercisable at any time up to 48 hours prior to the closing date. Each Unit will consist of one common share of the Company and one-half of one common share purchase warrant. Each Warrant will entitle the holder to acquire one Common Share at an exercise price equal to a price of CAD 0.98 for a period of three years following the date of issuance. It is anticipated that certain insiders of the Company, the Lead Agent and certain affiliates may acquire Units in the Offering in amounts up to approximately 25% of the Offering. The securities issued under the LIFE Exemption will not be subject to a statutory hold period pursuant to applicable Canadian securities laws. The Offering is expected to close on or about August 22, 2025, or such other date as the Company and the Lead Agent may agree, and may close in one or more tranches. Closing is subject to customary conditions, including the receipt of all necessary regulatory approvals, including the approval of the Canadian Securities Exchange (the “CSE”). The Units will be offered for sale in the provinces of British Columbia, Alberta, and Ontario, and such other jurisdictions outside of Canada and in the United States as may be agreed to by the Lead Agent and the Company. In the United States, the Units will be offered on a private placement basis pursuant to an exemption from the registration requirements of the United States Securities Act of 1933, as amended, and only to “accredited investors” as defined in Regulation D thereunder. The Offering will be conducted under the listed issuer financing exemption (the “LIFE Exemption”) pursuant to Part 5A of National Instrument 45-106 – Prospectus Exemptions and Canadian Securities Administrators Coordinated Blanket Order 45-953 – Exemptions from Certain Conditions of the Listed Issuer Financing Exemption. Reported Earnings • Jul 22
Full year 2025 earnings released: EPS: CA$0.058 (vs CA$0.026 in FY 2024) Full year 2025 results: EPS: CA$0.058 (up from CA$0.026 in FY 2024). Revenue: CA$84.1m (up 29% from FY 2024). Net income: CA$6.83m (up 179% from FY 2024). Profit margin: 8.1% (up from 3.8% in FY 2024). The increase in margin was driven by higher revenue. New Risk • Jul 21
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Canadian stocks, typically moving 21% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.4x net interest cover). Share price has been highly volatile over the past 3 months (21% average weekly change). Minor Risks Profit margins are more than 30% lower than last year (1.3% net profit margin). Market cap is less than US$100m (CA$39.2m market cap, or US$28.6m). Announcement • Jul 17
MTL Cannabis Corp. to Report Q4, 2025 Results on Jul 21, 2025 MTL Cannabis Corp. announced that they will report Q4, 2025 results at 9:30 AM, US Eastern Standard Time on Jul 21, 2025 New Risk • May 12
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Canadian stocks, typically moving 18% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.4x net interest cover). Share price has been highly volatile over the past 3 months (18% average weekly change). Minor Risks Profit margins are more than 30% lower than last year (1.3% net profit margin). Market cap is less than US$100m (CA$37.4m market cap, or US$26.8m). Reported Earnings • Feb 28
Third quarter 2025 earnings released: CA$0.01 loss per share (vs CA$0.002 loss in 3Q 2024) Third quarter 2025 results: CA$0.01 loss per share (further deteriorated from CA$0.002 loss in 3Q 2024). Revenue: CA$20.0m (up 3.2% from 3Q 2024). Net loss: CA$1.22m (loss widened 392% from 3Q 2024). Recent Insider Transactions • Dec 23
COO & Director recently bought CA$68k worth of stock On the 18th of December, Michel Clément bought around 305k shares on-market at roughly CA$0.22 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Michel has been a buyer over the last 12 months, purchasing a net total of CA$91k worth in shares. Reported Earnings • Nov 29
Second quarter 2025 earnings released: EPS: CA$0.011 (vs CA$0.021 in 2Q 2024) Second quarter 2025 results: EPS: CA$0.011 (down from CA$0.021 in 2Q 2024). Revenue: CA$20.9m (up 9.8% from 2Q 2024). Net income: CA$1.25m (down 38% from 2Q 2024). Profit margin: 6.0% (down from 11% in 2Q 2024). The decrease in margin was driven by higher expenses. Announcement • Oct 15
MTL Cannabis Corp., Annual General Meeting, Dec 12, 2024 MTL Cannabis Corp., Annual General Meeting, Dec 12, 2024. Reported Earnings • Sep 01
First quarter 2025 earnings released First quarter 2025 results: EPS: CA$0.019. Revenue: CA$20.7m (up 62% from 1Q 2024). Net income: CA$2.21m (up CA$2.39m from 1Q 2024). Profit margin: 11% (up from net loss in 1Q 2024). The move to profitability was driven by higher revenue. New Risk • Jul 01
New major risk - Financial data availability The company has not reported any financial data. This is considered a major risk. With no or incomplete audited reported financial data, it is virtually impossible to assess the company's investment potential. Currently, the following risks have been identified for the company: Major Risks No financial data reported. Share price has been highly volatile over the past 3 months (28% average weekly change). Minor Risk Market cap is less than US$100m (CA$33.3m market cap, or US$24.4m). Reported Earnings • Mar 06
Third quarter 2023 earnings released Third quarter 2023 results: CA$0.038 loss per share. Revenue: CA$6.72m (up 30% from 3Q 2022). Net loss: CA$1.74m (loss narrowed 48% from 3Q 2022). Announcement • Oct 18
MTL Cannabis Corp. Announces CFO Changes MTL Cannabis Corp. appointed Jason Nalewany as Chief Financial Officer. Mr. Nalewany brings over 18 years of financial expertise, having held pivotal roles in capital market strategies, fundraising, M&A advisory, and go-public mandates. He has previously held the CFO role at Montreal Cannabis Medical Inc., in addition to previously holding senior finance roles at MediPharm Labs, where he helped support the initial development of the company and drive more than $129 million of sales and $29 million EBITDA in its first full year of operations, and Aurora Cannabis Inc., where he played a significant role in Aurora's $3.2 billion merger with MedReleaf Corp. His extensive experience also includes strategic roles at Methanex Corporation, FTI Consulting Inc., and MNP LLP. Mr. Nalewany began his career in the audit and assurance practice at PricewaterhouseCoopers LLP, Canada. He is a Canadian Chartered Professional Accountant (CPA, CA) and holds a Bachelor of Commerce degree from the University of Victoria. Mr. Nalewany will be replacing Peili Miao, who previously held the position at MTL Cannabis Corp. Board Change • Aug 22
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 4 non-independent directors. Director Tarek Ahmed was the last director to join the board, commencing their role in 2023. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model.