Key F3Q25 takeaways include: 1) ongoing retail outperformance can be tied to more potent economics, with Canna Cabana stores generated more than 2x the revenue per store average for peers, as well as best-in-class sales per square foot metrics 2) Cabana Club loyalty program memberships exceeded 2.15 million, up nearly 40% over the LTM, with 115,000+ recurring/high-margin revenue-generating ELITE members, up more 2x over the last year and 3) the company maintains ample liquidity and steady free cash flow to fund organic growth, with management guiding to the upper end of the prior 20-30 new store openings target for C2025 and reiterating the company's long-term goal of operating 300+ locations across Canada.
