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SEGMENT REPORTING
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
SEGMENT REPORTING

 

21. SEGMENT REPORTING

 

The reportable segments are those operations whose operating results are reviewed by the chief operating decision maker (“CODM”) to make decisions about resources to be allocated. The Company’s CODM is the CEO and is responsible for the management of the Company. Operating results are reviewed with respect to resource allocation and for which discrete financial information is available. Inter-segment transactions are recorded at amounts that reflect normal third-party terms and conditions, with inter-segment profits eliminated from the cost base of the segment incurring the charge. The Company has identified three operating segments:

 

  ● Oregon segment represents cannabis production and sales activities in Oregon;

 

  ● Michigan segment represents cannabis production and sales activities in Michigan; and

 

  ● New Jersey segment represents cannabis production and sales activities in New Jersey.

 

The Company’s general corporate administration expenses are included within “Corporate” to reconcile the reportable segments to the financial statements. The Company’s CODM reviews the results of the Company’s operating segments based on the total revenues, gross profit and net income (loss) in his evaluation of the performance of the operating segments to make decisions regarding resource allocations within the Company.

 

Segmented operational activity for the three months ended June 30, 2026 is as follows:

 

                                       
Segments   Oregon     Michigan     New Jersey     Corporate     Total  
    $     $     $     $     $  
Total revenue     3,511,544       3,392,595       4,369,698       -       11,273,837  
Gross profit     1,209,207       1,586,755       2,574,015       -       5,369,977  
Net income (loss)     459,258       439,146       1,559,291       (3,938,719 )     (1,481,024 )

 

Segmented operational activity for the six months ended June 30, 2026 is as follows:

 

Segments   Oregon     Michigan     New Jersey     Corporate     Total  
    $     $     $     $     $  
Total revenue     6,508,307       6,136,122       7,785,066       -       20,429,495  
Gross profit     1,760,370       2,912,018       4,655,223       -       9,327,611  
Net income (loss)     538,327       788,724       2,604,114       (7,625,580 )     (3,694,415 )

 

Entity-wide disclosures

 

All revenue for three and the six months ended June 30, 2026 was earned in the United States. For the three and six months ended June 30, 2026 no customer represented more than 10% of the Company’s net revenue. As at June 30, 2026, no customer represented more than 10% of the Company’s receivables.

 

A summary of the Company’s long-lived assets disaggregated by geographic area is as follows:

 

                                       
Segments   Oregon     Michigan     New Jersey     Corporate     Total  
    $     $     $     $     $  
Non-current assets other than financial instruments:                                        
As at June 30, 2026     6,181,719       3,421,487       11,513,197       10,543,038       31,659,441