| Segmented Information |
| 24. |
Segmented Information |
The Company has four reportable
segments: Infrastructure, Cultivation, Distribution and Corporate. Infrastructure activities is a new segment of the Company pursuant
to the acquisition of First Towers in August 2025 which relates to the leasing and/or rental of fiber optic networks and telecommunication
towers at First Towers in Mexico. Cultivating activities which comprise the “cultivation” segment is made up of the medical
cannabis cultivation operations at RPK/Holigen in Portugal up until the sale completion in March 2024 (refer to note 5). Distributing
activities relate to the distribution of medical cannabis by Canmart in the United Kingdom up until the winding up in May 2025 (refer
to note 6). Corporate activities entail head office costs and other general corporate expenses related to the administration of the broader
group. The accounting policies of the operating segments are the same as those described in the summary of material accounting policies.
The reportable segments have been determined by management on the basis that these are strategic business units that offer different
products and services. The business units in Portugal (up until the sale of subsidiary described in note 5) which fall under the cultivation
segment were focused on the cultivation of medical cannabis and medical cannabis biomass respectively, while the business unit in the
United Kingdom (up until the winding up described in note 6), which falls under the distribution segment, undertakes the sale and distribution
of medical cannabis products. The corporate segment undertakes management and treasury services within the group and for the benefit
of all group companies. They are managed separately as each business unit requires different strategies, risk management and technologies.
Set out below is information about
the assets and liabilities as at December 31, 2025 and 2024 and profit or loss from each segment for the years ended December 31, 2025
and 2024:
| | |
As at December 31, 2025 | |
| Financial statement line item: | |
Infrastructure | | |
Cultivation | | |
Distribution | | |
Corporate | | |
Total | |
| Reportable segment assets | |
$ | 3,831,917 | | |
$ | 335,689 | | |
$ | — | | |
$ | 2,027,949 | | |
$ | 6,195,555 | |
| Reportable segment liabilities | |
| 2,111,874 | | |
| 150,358 | | |
| — | | |
| 15,923,760 | | |
| 18,185,992 | |
| | |
As at December 31, 2024 | |
| Financial statement line item: | |
Infrastructure | | |
Cultivation | | |
Distribution | | |
Corporate | | |
Total | |
| Reportable segment assets | |
$ | — | | |
$ | 2,232,785 | | |
$ | 1,052,080 | | |
$ | 4,629,218 | | |
$ | 7,914,083 | |
| Reportable segment liabilities | |
| — | | |
| 133,163 | | |
| 1,026,211 | | |
| 2,478,171 | | |
| 3,637,545 | |
| | |
For the year ended December 31, 2025 | |
| Financial statement line item: | |
Infrastructure | | |
Cultivation | | |
Distribution | | |
Corporate | | |
Total | |
| Revenues from external customers | |
$ | 258,075 | | |
$ | — | | |
$ | — | | |
$ | — | | |
$ | 258,075 | |
| Intersegment revenues | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | |
| Other income (expense) | |
| (42,501,110 | ) | |
| (2,158,885 | ) | |
| — | | |
| 3,201,579 | | |
| (41,458,416 | |
| Finance income | |
| (92,457 | ) | |
| — | | |
| — | | |
| 92,457 | | |
| — | |
| Finance expense | |
| (28,742 | ) | |
| — | | |
| — | | |
| (896,350 | ) | |
| (925,092 | ) |
| Depreciation & amortization | |
| 264,532 | | |
| — | | |
| — | | |
| 169,161 | | |
| 433,693 | |
| Discontinued operations | |
| — | | |
| — | | |
| 10,911,606 | | |
| (10,404,002 | ) | |
| 507,604 | |
| Reportable segment loss | |
| (43,269,642 | ) | |
| (2,170,333 | ) | |
| — | | |
| (1,419,336 | ) | |
| (46,859,311 | ) |
| | |
For the year ended December 31,
2024 | |
| Financial statement line item: | |
Infrastructure | | |
Cultivation | | |
Distribution | | |
Corporate | | |
Total | |
| Revenues from external customers | |
$ | — | | |
$ | — | | |
$ | — | | |
$ | — | | |
$ | — | |
| Intersegment revenues | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | |
| Other income (expense) | |
| — | | |
| (879,154 | ) | |
| — | | |
| 1,675,644 | | |
| 796,490 | |
| Finance income | |
| — | | |
| — | | |
| — | | |
| 2,953 | | |
| 2,953 | |
| Finance expense | |
| — | | |
| — | | |
| — | | |
| (81,083 | ) | |
| (81,083 | ) |
| Depreciation & amortization | |
| — | | |
| — | | |
| — | | |
| 137,271 | | |
| 137,271 | |
| Discontinued operations | |
| — | | |
| (827,620 | ) | |
| 43,414 | | |
| — | | |
| (784,206 | ) |
| Reportable segment income (loss) | |
| — | | |
| (206,397 | ) | |
| 43,414 | | |
| (3,933,046 | ) | |
| (4,096,029 | ) |
Set out below are reconciliations
of each reportable segment’s revenues, profit or loss for the years ended December 31, 2025 and 2024, and assets and liabilities
as at December 31, 2025 and 2024:
| | |
For the year ended December 31,
2025 | |
| Revenues | |
Infrastructure | | |
Cultivation | | |
Distribution | | |
Corporate | | |
Total | |
| Total revenues | |
$ | 258,075 | | |
$ | — | | |
$ | — | | |
$ | — | | |
$ | 258,075 | |
| Elimination of inter segment revenue | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | |
| Total revenue | |
$ | 258,075 | | |
$ | — | | |
$ | — | | |
$ | — | | |
$ | 258,075 | |
| | |
For the year ended December 31,
2024 | |
| Revenues | |
Infrastructure | | |
Cultivation | | |
Distribution | | |
Corporate | | |
Total | |
| Total revenues | |
$ | — | | |
$ | — | | |
$ | — | | |
$ | — | | |
$ | — | |
| Elimination of inter segment revenue | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | |
| Total revenue | |
$ | — | | |
$ | — | | |
$ | — | | |
$ | — | | |
$ | — | |
| | |
For the year ended December 31, 2025 | |
| Loss | |
Infrastructure | | |
Cultivation | | |
Distribution | | |
Corporate | | |
Total | |
| Total loss for reportable segments | |
$ | (43,269,642 | ) | |
$ | (2,170,333 | ) | |
$ | (10,911,606 | ) | |
$ | 8,984,666 | | |
$ | (47,366,915 | ) |
| Total loss on discontinued operations | |
| — | | |
| — | | |
| 10,911,606 | | |
| (10,404,002 | ) | |
| 507,604 | |
| Elimination of inter segment profit or loss | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | |
| Loss before income tax expense | |
$ | (43,269,642 | ) | |
$ | (2,170,333 | ) | |
$ | — | | |
$ | (1,419,336 | ) | |
$ | (46,859,311 | ) |
| | |
For the year ended December 31,
2024 | |
| Loss | |
Infrastructure | | |
Cultivation | | |
Distribution | | |
Corporate | | |
Total | |
| Total loss for reportable segments | |
$ | — | | |
$ | 621,223 | | |
$ | — | | |
$ | (3,933,046 | ) | |
$ | (3,311,823 | ) |
| Total loss on discontinued operations | |
| — | | |
| (827,620 | ) | |
| 43,414 | | |
| — | | |
| (784,206 | ) |
| Elimination of inter segment profit or loss | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | |
| Loss before income tax expense | |
$ | — | | |
$ | (206,397 | ) | |
$ | 43,414 | | |
$ | (3,933,046 | ) | |
$ | (4,096,029 | ) |
| | |
As at December 31, 2025 | |
| Assets | |
Infrastructure | | |
Cultivation | | |
Distribution | | |
Corporate | | |
Total | |
| Total assets for reportable segments | |
$ | 3,831,917 | | |
$ | 335,689 | | |
$ | — | | |
$ | 100,152,700 | | |
$ | 104,320,306 | |
| Elimination of inter segment assets | |
| — | | |
| — | | |
| — | | |
| (98,124,751 | ) | |
| (98,124,751 | ) |
| Segments’ assets | |
$ | 3,831,917 | | |
$ | 335,689 | | |
$ | — | | |
$ | 2,027,949 | | |
$ | 6,195,555 | |
| | |
As at December 31, 2024 | |
| Assets | |
Infrastructure | | |
Cultivation | | |
Distribution | | |
Corporate | | |
Total | |
| Total assets for reportable segments | |
$ | — | | |
$ | 2,232,785 | | |
$ | 1,052,080 | | |
$ | 50,488,643 | | |
$ | 53,773,508 | |
| Elimination of inter segment assets | |
| — | | |
| — | | |
| — | | |
| (45,859,425 | ) | |
| (45,859,425 | ) |
| Segments’ assets | |
$ | — | | |
$ | 2,232,785 | | |
$ | 1,052,080 | | |
$ | 4,629,218 | | |
$ | 7,914,083 | |
| | |
As at December 31, 2025 | |
| Liabilities | |
Infrastructure | | |
Cultivation | | |
Distribution | | |
Corporate | | |
Total | |
| Total liabilities for reportable segments | |
$ | 12,841,578 | | |
$ | 1,072,219 | | |
$ | — | | |
$ | 38,754,893 | | |
$ | 52,668,690 | |
| Elimination of inter segment liabilities | |
| (10,729,704 | ) | |
| (921,860 | ) | |
| — | | |
| (22,831,134 | ) | |
| (34,482,698 | ) |
| Entity’s liabilities | |
$ | 2,111,874 | | |
$ | 150,359 | | |
$ | — | | |
$ | 15,923,759 | | |
$ | 18,185,992 | |
| | |
As at December 31, 2024 | |
| Liabilities | |
Infrastructure | | |
Cultivation | | |
Distribution | | |
Corporate | | |
Total | |
| Total liabilities for reportable segments | |
$ | — | | |
$ | 883,397 | | |
$ | 11,169,051 | | |
$ | 25,958,535 | | |
$ | 38,010,983 | |
| Elimination of inter segment liabilities | |
| — | | |
| (750,234 | ) | |
| (10,142,840 | ) | |
| (23,480,364 | ) | |
| (34,373,438 | ) |
| Entity’s liabilities | |
$ | — | | |
$ | 133,163 | | |
$ | 1,026,211 | | |
$ | 2,478,171 | | |
$ | 3,637,545 | |
|