Pay vs Performance Disclosure - USD ($)
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2024
Mar. 31, 2023
Mar. 31, 2022
Pay Versus Performance Table
The following table sets forth information concerning: (i) the compensation of our current CEO (Mr. Mongeau), our former CEO (Mr. Klein), and the average compensation for our other NEOs, both as reported in the Summary Compensation Table and with certain adjustments to reflect the “compensation actually paid” (“CAP”) to such individuals, as defined under SEC rules, for each of the fiscal year ended March 31, 2022 (“Fiscal 2022”), Fiscal 2023, Fiscal 2024 Fiscal 2025; and Fiscal 2026 and (ii) our cumulative total shareholder return, (“TSR”), the cumulative TSR of our peer group (“Peer Group TSR”), net income and Adjusted EBITDA (as defined below) over such years in accordance with SEC rules for each such fiscal year:
| | | | | Mr. Mongeau(1)(2) | | | Mr. Klein(1)(2) | | | Non-CEO NEOs(1)(2) | | | Value of Initial Fixed $100 Investment Based on: | | | | | | | | ||||||||||||
| | Fiscal Year | | | Summary Compensation Table Total for PEO 1 | | | Compensation Actually Paid to PEO 1 | | | Summary Compensation Table Total for PEO 2 | | | Compensation Actually Paid to PEO 2 | | | Average Summary Compensation Table Total for Non-CEO NEOs(1)(2) | | | Average Compensation Actually Paid to Non-CEO NEOs | | | Total Shareholder Return | | | Horizons Marijuana Life Sciences Index(3) | | | Net Income (millions) | | | Adjusted EBITDA (millions)(4) | |
| | 2026 | | | $3,615,799 | | | $2,420,299 | | | | | | | | | $1,880,766 | | | $1,353,394 | | | $0.34 | | | $18.26 | | | ($189) | | | ($14) | |
| | 2025 | | | $968,925 | | | $561,392 | | | $5,008,368 | | | ($5,604,577) | | | $1,883,454 | | | $29,307 | | | $0.33 | | | $17.37 | | | ($354)(5) | | | ($16) | |
| | 2024 | | | N/A | | | N/A | | | 7,605,091 | | | $11,213,347.01 | | | 1,998,334 | | | $2,866,607 | | | $2.89 | | | $25.07 | | | ($526)(5) | | | ($44) | |
| | 2023 | | | N/A | | | N/A | | | $6,459,521 | | | $534,348 | | | $2,339,473 | | | $1,027,156 | | | $5.87 | | | $23.06 | | | ($2,423) | | | ($264) | |
| | 2022 | | | N/A | | | N/A | | | $4,541,890 | | | ($27,899,503) | | | $1,977,580 | | | ($1,451,048) | | | $23.49 | | | $47.48 | | | ($248) | | | ($331) | |
Notes:
(1)
The following individuals are our other NEOs for each fiscal year:
| | | Fiscal Year | | | | CEO(s) | | | | Non-CEO NEOs | | |
| | | 2026 | | | | Luc Mongeau | | | | Thomas Stewart(1) Judy Hong(2) and Christelle Gedeon | | |
| | | 2025 | | | | Luc Mongeau(3) and David Klein(4) | | | | Judy Hong(2) and Christelle Gedeon | | |
| | | 2024 | | | | David Klein | | | | Judy Hong and Christelle Gedeon | | |
| | | 2023 | | | | David Klein | | | | Judy Hong, Christelle Gedeon, and Julious Grant(5) | | |
| | | 2022 | | | | David Klein | | | | Judy Hong, Julious Grant(5), Michael Lee(6), Rade Kovacevic(7), and Phillip Shaer(8) | | |
(1)
Thomas Stewart assumed the role of Chief Financial Officer effective September 17, 2025
(2)
Ms. Hong’s employment with the Company was terminated effective July 9, 2025.
(3)
Mr. Mongeau assumed the role of Chief Executive Officer effective January 6, 2025.
(4)
Mr. Klein served as CEO through January 6, 2025, at which time Mr. Klein transitioned into the title of Special Advisor to the Board.
(5)
Julious Grant’s engagement with the Company was terminated effective December 16, 2022.
(6)
Michael Lee stepped down from his role as an executive officer of the Company effective November 18, 2021.
(7)
Rade Kovacevic stepped down from his role as an executive officer of the Company effective November 18, 2021.
(8)
Phillip Shaer resigned effective October 1, 2021.
(2)
Compensation actually paid to our NEOs represents the “Total” compensation reported in the Summary Compensation Table for the applicable fiscal year, adjusted as follows
| | | | | | | 2022 | | | | 2023 | | | | 2024 | | | | 2025 | | | | 2026 | | | ||||||||||||||||||||||||
| | | Adjustments(1) | | | | Mr. Klein | | | | Average non-CEO NEOs | | | | Mr. Klein | | | | Average non-CEO NEOs | | | | Mr. Klein | | | | Average non-CEO NEOs | | | | Mr. Mongeau | | | | Mr. Klein | | | | Average non-CEO NEOs | | | | PEO (Mongeau) | | | | Average non-CEO NEOs | | |
| | | Deduction for Amounts Reported under the “Stock Awards” and “Option Awards” Columns in the Summary Compensation Table for Applicable Fiscal Year (“FY”) | | | | ($3,467,190) | | | | ($1,083,663) | | | | ($4,702,260) | | | | ($1,510,820) | | | | ($4,606,640) | | | | ($1,125,326) | | | | ($543,989) | | | | ($3,341,776) | | | | ($980,065) | | | | (2,119,478) | | | | ($881,217) | | |
| | | Increase based on ASC 718 Fair Value of Awards Granted during Applicable FY that Remain Unvested as of Applicable FY End, determined as of Applicable FY End | | | | $578,926 | | | | $96,030 | | | | $1,787,971 | | | | $387,207 | | | | $9,410,250 | | | | $2,312,397 | | | | $136,456 | | | | $285,462 | | | | $48,729 | | | | $931,964 | | | | $397,529 | | |
| | | Increase/deduction for Awards Granted during any Prior FY that were Outstanding and Unvested as of Applicable FY End, determined based on change in ASC 718 Fair Value from Prior FY End to Applicable FY End | | | | ($27,451,477) | | | | ($357,364) | | | | ($2,355,067) | | | | ($45,368) | | | | ($842,525) | | | | ($219,638) | | | | $0 | | | | ($6,357,299) | | | | ($779,520) | | | | ($14,470) | | | | ($11,349) | | |
| | | Increase/deduction for Awards Granted during any Prior FY that Vested During Applicable FY, determined based on change in ASC 718 Fair Value from Prior FY End to Vesting Date | | | | ($2,101,652) | | | | ($807,142) | | | | ($655,817) | | | | $5,999 | | | | ($273,748) | | | | ($80,324) | | | | $0 | | | | ($1,169,585) | | | | ($140,589) | | | | $6,484 | | | | $34,026 | | |
| | | Deduction of ASC 718 Fair Value of Awards Granted during any Prior FY that were Forfeited during Applicable FY, determined as of Prior FY End | | | | $0 | | | | ($1,276,489) | | | | $0 | | | | ($149,335) | | | | ($79,081) | | | | ($18,837) | | | | $0 | | | | ($29,746) | | | | ($2,702) | | | | $0 | | | | (66,361) | | |
| | | TOTAL ADJUSTMENTS | | | | ($32,441,393) | | | | ($3,428,628) | | | | ($5,925,173) | | | | ($1,312,318) | | | | $3,608,256 | | | | $868,273 | | | | ($407,533) | | | | ($10,612,945) | | | | ($1,854,147) | | | | ($1,195,500) | | | | ($527,371) | | |
(1)
All adjustments and valuations are based on US$ - equivalent values from C$ at date of valuation throughout Compensation Actually Paid calculations using the applicable conversion rate published by Bloomberg.
(3)
TSR is cumulative for the measurement periods beginning on March 31, 2021 and ending on March 31 of each of 2026, 2025, 2024, 2023 and 2022 respectively, calculated in accordance with Item 201(e) of Regulation S-K. Table has been updated to reflect Horizons Marijuana Life Sciences Index, which is the same index used in our performance graph in the Company’s Annual Reports on Form 10-K for the year ended March 31, 2026.
(4)
Adjusted EBITDA is a non-GAAP financial measure. Adjusted EBITDA is calculated as the reported net loss, adjusted to exclude income tax recovery (expense); other income (expense), net; loss on equity method investments; share-based compensation expense; depreciation and amortization expense; asset impairment and restructuring costs; and charges related to the flow-through of inventory step-up on business combinations, and further adjusted to remove acquisition-related costs.
(5)
Net income values for Fiscal 2025 and Fiscal 2024 updated in accordance with the Restatement (as defined below).
(1)
The following individuals are our other NEOs for each fiscal year:
| | | Fiscal Year | | | | CEO(s) | | | | Non-CEO NEOs | | |
| | | 2026 | | | | Luc Mongeau | | | | Thomas Stewart(1) Judy Hong(2) and Christelle Gedeon | | |
| | | 2025 | | | | Luc Mongeau(3) and David Klein(4) | | | | Judy Hong(2) and Christelle Gedeon | | |
| | | 2024 | | | | David Klein | | | | Judy Hong and Christelle Gedeon | | |
| | | 2023 | | | | David Klein | | | | Judy Hong, Christelle Gedeon, and Julious Grant(5) | | |
| | | 2022 | | | | David Klein | | | | Judy Hong, Julious Grant(5), Michael Lee(6), Rade Kovacevic(7), and Phillip Shaer(8) | | |
(1)
Thomas Stewart assumed the role of Chief Financial Officer effective September 17, 2025
(2)
Ms. Hong’s employment with the Company was terminated effective July 9, 2025.
(3)
Mr. Mongeau assumed the role of Chief Executive Officer effective January 6, 2025.
(4)
Mr. Klein served as CEO through January 6, 2025, at which time Mr. Klein transitioned into the title of Special Advisor to the Board.
(5)
Julious Grant’s engagement with the Company was terminated effective December 16, 2022.
(6)
Michael Lee stepped down from his role as an executive officer of the Company effective November 18, 2021.
(7)
Rade Kovacevic stepped down from his role as an executive officer of the Company effective November 18, 2021.
(8)
Phillip Shaer resigned effective October 1, 2021.
(3)
TSR is cumulative for the measurement periods beginning on March 31, 2021 and ending on March 31 of each of 2026, 2025, 2024, 2023 and 2022 respectively, calculated in accordance with Item 201(e) of Regulation S-K. Table has been updated to reflect Horizons Marijuana Life Sciences Index, which is the same index used in our performance graph in the Company’s Annual Reports on Form 10-K for the year ended March 31, 2026.
(2)
Compensation actually paid to our NEOs represents the “Total” compensation reported in the Summary Compensation Table for the applicable fiscal year, adjusted as follows
| | | | | | | 2022 | | | | 2023 | | | | 2024 | | | | 2025 | | | | 2026 | | | ||||||||||||||||||||||||
| | | Adjustments(1) | | | | Mr. Klein | | | | Average non-CEO NEOs | | | | Mr. Klein | | | | Average non-CEO NEOs | | | | Mr. Klein | | | | Average non-CEO NEOs | | | | Mr. Mongeau | | | | Mr. Klein | | | | Average non-CEO NEOs | | | | PEO (Mongeau) | | | | Average non-CEO NEOs | | |
| | | Deduction for Amounts Reported under the “Stock Awards” and “Option Awards” Columns in the Summary Compensation Table for Applicable Fiscal Year (“FY”) | | | | ($3,467,190) | | | | ($1,083,663) | | | | ($4,702,260) | | | | ($1,510,820) | | | | ($4,606,640) | | | | ($1,125,326) | | | | ($543,989) | | | | ($3,341,776) | | | | ($980,065) | | | | (2,119,478) | | | | ($881,217) | | |
| | | Increase based on ASC 718 Fair Value of Awards Granted during Applicable FY that Remain Unvested as of Applicable FY End, determined as of Applicable FY End | | | | $578,926 | | | | $96,030 | | | | $1,787,971 | | | | $387,207 | | | | $9,410,250 | | | | $2,312,397 | | | | $136,456 | | | | $285,462 | | | | $48,729 | | | | $931,964 | | | | $397,529 | | |
| | | Increase/deduction for Awards Granted during any Prior FY that were Outstanding and Unvested as of Applicable FY End, determined based on change in ASC 718 Fair Value from Prior FY End to Applicable FY End | | | | ($27,451,477) | | | | ($357,364) | | | | ($2,355,067) | | | | ($45,368) | | | | ($842,525) | | | | ($219,638) | | | | $0 | | | | ($6,357,299) | | | | ($779,520) | | | | ($14,470) | | | | ($11,349) | | |
| | | Increase/deduction for Awards Granted during any Prior FY that Vested During Applicable FY, determined based on change in ASC 718 Fair Value from Prior FY End to Vesting Date | | | | ($2,101,652) | | | | ($807,142) | | | | ($655,817) | | | | $5,999 | | | | ($273,748) | | | | ($80,324) | | | | $0 | | | | ($1,169,585) | | | | ($140,589) | | | | $6,484 | | | | $34,026 | | |
| | | Deduction of ASC 718 Fair Value of Awards Granted during any Prior FY that were Forfeited during Applicable FY, determined as of Prior FY End | | | | $0 | | | | ($1,276,489) | | | | $0 | | | | ($149,335) | | | | ($79,081) | | | | ($18,837) | | | | $0 | | | | ($29,746) | | | | ($2,702) | | | | $0 | | | | (66,361) | | |
| | | TOTAL ADJUSTMENTS | | | | ($32,441,393) | | | | ($3,428,628) | | | | ($5,925,173) | | | | ($1,312,318) | | | | $3,608,256 | | | | $868,273 | | | | ($407,533) | | | | ($10,612,945) | | | | ($1,854,147) | | | | ($1,195,500) | | | | ($527,371) | | |
(1)
All adjustments and valuations are based on US$ - equivalent values from C$ at date of valuation throughout Compensation Actually Paid calculations using the applicable conversion rate published by Bloomberg.
(2)
Compensation actually paid to our NEOs represents the “Total” compensation reported in the Summary Compensation Table for the applicable fiscal year, adjusted as follows
| | | | | | | 2022 | | | | 2023 | | | | 2024 | | | | 2025 | | | | 2026 | | | ||||||||||||||||||||||||
| | | Adjustments(1) | | | | Mr. Klein | | | | Average non-CEO NEOs | | | | Mr. Klein | | | | Average non-CEO NEOs | | | | Mr. Klein | | | | Average non-CEO NEOs | | | | Mr. Mongeau | | | | Mr. Klein | | | | Average non-CEO NEOs | | | | PEO (Mongeau) | | | | Average non-CEO NEOs | | |
| | | Deduction for Amounts Reported under the “Stock Awards” and “Option Awards” Columns in the Summary Compensation Table for Applicable Fiscal Year (“FY”) | | | | ($3,467,190) | | | | ($1,083,663) | | | | ($4,702,260) | | | | ($1,510,820) | | | | ($4,606,640) | | | | ($1,125,326) | | | | ($543,989) | | | | ($3,341,776) | | | | ($980,065) | | | | (2,119,478) | | | | ($881,217) | | |
| | | Increase based on ASC 718 Fair Value of Awards Granted during Applicable FY that Remain Unvested as of Applicable FY End, determined as of Applicable FY End | | | | $578,926 | | | | $96,030 | | | | $1,787,971 | | | | $387,207 | | | | $9,410,250 | | | | $2,312,397 | | | | $136,456 | | | | $285,462 | | | | $48,729 | | | | $931,964 | | | | $397,529 | | |
| | | Increase/deduction for Awards Granted during any Prior FY that were Outstanding and Unvested as of Applicable FY End, determined based on change in ASC 718 Fair Value from Prior FY End to Applicable FY End | | | | ($27,451,477) | | | | ($357,364) | | | | ($2,355,067) | | | | ($45,368) | | | | ($842,525) | | | | ($219,638) | | | | $0 | | | | ($6,357,299) | | | | ($779,520) | | | | ($14,470) | | | | ($11,349) | | |
| | | Increase/deduction for Awards Granted during any Prior FY that Vested During Applicable FY, determined based on change in ASC 718 Fair Value from Prior FY End to Vesting Date | | | | ($2,101,652) | | | | ($807,142) | | | | ($655,817) | | | | $5,999 | | | | ($273,748) | | | | ($80,324) | | | | $0 | | | | ($1,169,585) | | | | ($140,589) | | | | $6,484 | | | | $34,026 | | |
| | | Deduction of ASC 718 Fair Value of Awards Granted during any Prior FY that were Forfeited during Applicable FY, determined as of Prior FY End | | | | $0 | | | | ($1,276,489) | | | | $0 | | | | ($149,335) | | | | ($79,081) | | | | ($18,837) | | | | $0 | | | | ($29,746) | | | | ($2,702) | | | | $0 | | | | (66,361) | | |
| | | TOTAL ADJUSTMENTS | | | | ($32,441,393) | | | | ($3,428,628) | | | | ($5,925,173) | | | | ($1,312,318) | | | | $3,608,256 | | | | $868,273 | | | | ($407,533) | | | | ($10,612,945) | | | | ($1,854,147) | | | | ($1,195,500) | | | | ($527,371) | | |
(1)
All adjustments and valuations are based on US$ - equivalent values from C$ at date of valuation throughout Compensation Actually Paid calculations using the applicable conversion rate published by Bloomberg.
![[MISSING IMAGE: bc_tsr-4c.jpg]](bc_tsr-4c.jpg)
![[MISSING IMAGE: bc_netincome-4c.jpg]](bc_netincome-4c.jpg)
![[MISSING IMAGE: bc_ebitda-4c.jpg]](bc_ebitda-4c.jpg)
Pay Versus Performance Tabular List
The following performance measures represent the most important financial performance measures used by us to link compensation actually paid to our NEOs to performance for Fiscal 2026:
•
Adjusted EBITDA; Net revenue; and Individual objectives.
(4)
Adjusted EBITDA is a non-GAAP financial measure. Adjusted EBITDA is calculated as the reported net loss, adjusted to exclude income tax recovery (expense); other income (expense), net; loss on equity method investments; share-based compensation expense; depreciation and amortization expense; asset impairment and restructuring costs; and charges related to the flow-through of inventory step-up on business combinations, and further adjusted to remove acquisition-related costs.