v3.26.1
Segmented Information
 12 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Segmented Information 34. SEGMENTED INFORMATION

Reportable segments

Prior to the three months ended June 30, 2025, the Company had the following four reportable segments: (i) Canada cannabis, (ii) International markets cannabis, (iii) Storz & Bickel, and (iv) This Works (divested December 18, 2023). Following a change in the CODM (as defined below) and internal reorganizations initiated by the Company in the three months ended March 31, 2025, the Company has changed the structure of its internal management reporting. Accordingly, as of the three months ended June 30, 2025, the Company began reporting its financial results for the following two reportable segments:

•
Cannabis - includes the global production, distribution and sale of a diverse range of cannabis and cannabis-related products. Sales in Canada are pursuant to the Cannabis Act, while international sales are pursuant to applicable international legislation, regulations and permits; and
•
Storz & Bickel - includes the production, distribution and sale of vaporizers and accessories.

These segments reflect how the Company’s operations are managed, how the Company’s Chief Executive Officer, who is the Chief Operating Decision Maker (“CODM”), allocates resources and evaluates performance, and how the Company’s internal management financial reporting is structured. The Company’s CODM evaluates the performance of these segments, with a focus on (i) segment net revenue, and (ii) segment gross margin as the measure of segment profit or loss. Accordingly, information regarding segment net revenue and segment gross margin for the comparative periods has been restated to reflect the aforementioned change in reportable segments. The remainder of the Company’s operations include revenue derived from, and cost of sales associated with, the Company’s non-cannabis extraction activities and other ancillary activities; these are included within “other”.

The accounting policies of each segment are the same as those disclosed in the summary of significant accounting policies in Note 3.

 

 

Years ended

 

 

 

March 31,

 

 

March 31,

 

 

March 31,

 

 

 

2026

 

 

2025

 

 

2024

 

 

 

 

 

 

(As Restated)

 

 

(As Restated)

 

Segmented net revenue

 

 

 

 

 

 

 

 

 

Cannabis

 

$

213,944

 

 

$

186,726

 

 

$

191,683

 

Storz & Bickel

 

 

70,659

 

 

 

82,269

 

 

 

79,464

 

This Works

 

 

-

 

 

 

-

 

 

 

21,256

 

Other1

 

 

-

 

 

 

-

 

 

 

4,743

 

 

 

$

284,603

 

 

$

268,995

 

 

$

297,146

 

Segmented gross margin:

 

 

 

 

 

 

 

 

 

Cannabis

 

 

46,092

 

 

 

48,995

 

 

 

39,779

 

Storz & Bickel

 

 

23,578

 

 

 

30,516

 

 

 

32,671

 

This Works

 

 

-

 

 

 

-

 

 

 

10,534

 

Other2

 

 

-

 

 

 

-

 

 

 

(2,102

)

 

 

 

69,670

 

 

 

79,511

 

 

 

80,882

 

Selling, general and administrative expenses

 

 

159,984

 

 

 

169,626

 

 

 

229,429

 

Share-based compensation

 

 

4,266

 

 

 

(4,205

)

 

 

14,180

 

Loss on asset impairment and restructuring

 

 

67,079

 

 

 

31,233

 

 

 

65,987

 

Operating loss from continuing operations

 

 

(161,659

)

 

 

(117,143

)

 

 

(228,714

)

Other income (expense), net

 

 

(101,226

)

 

 

(390,617

)

 

 

(279,052

)

Loss from continuing operations before incomes taxes

 

$

(262,885

)

 

$

(507,760

)

 

$

(507,766

)

1 A reclassification of $5,449 of ancillary cannabis revenues from Other to Cannabis occurred for the year ended March 31, 2024.

2 A reclassification of $744 of ancillary cannabis gross margins from Other to Cannabis occurred for the year ended March 31, 2024.

Asset information by segment is not provided to, or reviewed by, the Company’s CODM as it is not used to make strategic decisions, allocate resources, or assess performance.

Entity-wide disclosures

Disaggregation of net revenue by geographic area:

 

 

Years ended

 

 

 

March 31,

 

 

March 31,

 

 

March 31,

 

 

 

2026

 

 

2025

 

 

2024

 

Canada

 

$

186,092

 

 

$

155,912

 

 

$

162,712

 

Germany

 

 

62,072

 

 

 

59,904

 

 

 

52,194

 

United States

 

 

28,270

 

 

 

35,990

 

 

 

40,988

 

Other

 

 

8,169

 

 

 

17,189

 

 

 

41,252

 

 

 

$

284,603

 

 

$

268,995

 

 

$

297,146

 

Disaggregation of long-lived tangible assets by geographic area:

 

 

March 31,

 

 

March 31,

 

 

 

2026

 

 

2025

 

Canada

 

$

265,362

 

 

$

239,382

 

Germany

 

 

50,406

 

 

 

53,079

 

Other

 

 

726

 

 

 

1,062

 

 

 

$

316,494

 

 

$

293,523

 

For the year ended March 31, 2026, no customer represented more than 10% of the Company’s net revenue (years ended March 31, 2025 and 2024, one and one, respectively).