Key F4Q25 takeaways include: 1) High Tide remains the largest cannabis retailer in Canada, with 218 Canna Cabana stores, representing a 12% market share (up from 11% a year ago), and management continues to target opening 20-30 new stores in C2026 2) Store Sales (SSS) were up 5.5% in F4Q25 and 4.1% for Fiscal 2025 3) HITI's Cabana Club loyalty program continues to flourish, with 2.5+ million members in Canada, up 45% over the last 12 months and 16% on a sequential quarter basis 4) paid ELITE membership subscriptions (generating recurring and high-margin revenues) surged by 100%+ year-over-year to 151,000 and 5) assuming the rescheduling of cannabis is enacted, seniro management remains focused on bringing the company's Canna Cabana brand, unique discount club model, and related IP/systems/technology to the U.S. likely via licensing agreements with scale-enabled MSOs.
