Accounts payable and accrued liabilities

1,335,917

^[1]

1,349,242

Current liabilities

56,747

56,275

Current lease liabilities

35,462

34,256

Derivative warrants

0

26

Current liabilities

92,209

90,557

Non-current liabilities

Lease liabilities

134,471

118,017

Other liabilities

8,041

7,312

Total liabilities

234,721

215,886

Shareholders’ equity

Share capital

2,310,398

2,346,728

Warrants

306

667

Contributed surplus

54,038

57,156

Accumulated deficit

(1,302,441)

(1,323,965)

Accumulated other comprehensive income

38,895

52,770

Total shareholders’ equity

1,101,196

1,133,356

Total liabilities and shareholders’ equity

$ 1,335,917

$ 1,349,242

[1]	As at December 31, 2025, cash and cash equivalents have been allocated to Corporate from Investments.

Consolidated Statements of Loss and Comprehensive Loss - CAD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Statement of comprehensive income [abstract]

$ 946,401

^[1]

$ 920,448

^[2]

Cost of sales

687,753

680,117

Share of loss of equity-accounted investees

258,648

240,331

Investment income

7,814

15,551

(3,605)

(65,459)

General and administrative

182,162

187,243

Sales and marketing

14,565

12,004

Research and development

489

346

Depreciation and amortization

51,948

54,250

Loss on disposition of assets

13,905

20,037

Restructuring costs

3,337

2,667

Asset impairment, net

2,618

17,317

182

370

Operating loss

(6,349)

(103,811)

Other expenses, net

(9,425)

(1,798)

Loss before income tax

(15,774)

(105,609)

Income tax recovery

0

9,405

Net loss

(15,774)

(96,204)

Equity-accounted investees - share of other comprehensive (loss) income

(19,233)

31,489

Investments at fair value through other comprehensive income ("FVOCI") - change in fair value

5,358

1,864

Comprehensive loss

(29,649)

(62,851)

Net income (loss) attributable to:

Owners of the company

(15,774)

(94,796)

Non-controlling interest

(0)

(1,408)

Net loss

(15,774)

(96,204)

Comprehensive income (loss) attributable to:

Owners of the company

(29,649)

(61,443)

Non-controlling interest

(0)

(1,408)

Comprehensive loss

$ (29,649)

$ (62,851)

Net loss per common share attributable to owners of the company

Basic net loss per common share attributable to owners of the Company

$ (0.06)

$ (0.36)

Diluted net loss per common share attributable to owners of the Company

$ (0.06)

$ (0.36)

[1]	The Company has eliminated $68.1 million for the year ended December 31, 2025 of cannabis operations revenue and equal cost of sales associated with sales to provincial boards that are expected to be subsequently repurchased by the Company’s licensed retail subsidiaries for resale, at which point the full retail sales revenue will be recognized.
[2]	The Company has eliminated $56.0 million for the year ended December 31, 2024 of cannabis operations revenue and equal cost of sales associated with sales to provincial boards that are expected to be subsequently repurchased by the Company’s licensed retail subsidiaries for resale, at which point the full retail sales revenue will be recognized.

Consolidated Statements of Changes in Shareholders' Equity - CAD ($) $ in Thousands	Total	Share Capital	Warrants	Contributed Surplus	Contingent Consideration	Accumulated Deficit	Accumulated Other Comprehensive Income - Equity-accounted Investees	Accumulated Other Comprehensive Income - Investments at FVOCI	Non-controlling interests [member]
Beginning balance at Dec. 31, 2023	$ 1,229,340	$ 2,375,950	$ 2,260	$ 73,014	$ 2,279	$ (1,260,851)	$ 19,417		$ 17,271
Net loss for the period	(96,204)					(94,796)			(1,408)
Other comprehensive income (loss)	33,353						31,489	$ 1,864
Share issuances	105	105
Share repurchases	(13,483)	(45,165)				31,682
Share issuances by subsidiaries	128			52					76
Acquisition		4,137
Acquisitions	3,693	3,693
Acquisition of non-controlling interest	(37,914)	444		(22,402)					(15,956)
Write-off of contingent consideration				2,279	(2,279)
Warrants expired	(840)		(1,593)	753
Share-based compensation	15,161			15,161
Employee awards exercised		11,701		(11,701)
Distribution declared by subsidiaries	17								17
Ending balance at Dec. 31, 2024	1,133,356	2,346,728	667	57,156		(1,323,965)	50,906	1,864
Net loss for the period	(15,774)					(15,774)
Other comprehensive income (loss)	(13,875)						(19,233)	5,358
Share repurchases	(15,390)	(52,688)				37,298
Acquisition		0
Warrants expired			(361)	361
Share-based compensation	12,879			12,879
Employee awards exercised		16,358		(16,358)
Ending balance at Dec. 31, 2025	$ 1,101,196	$ 2,310,398	$ 306	$ 54,038	$ 0	$ (1,302,441)	$ 31,673	$ 7,222	$ 0

Consolidated Statements of Cash Flows - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Operating activities
Net loss for the period	$ (15,774)	$ (96,204)
Adjustments for:
Income tax recovery	0	(9,405)
Interest and fee income	(7,436)	(15,637)
Change in fair value of biological assets	(2,322)	675
Change in fair value of inventory sold	1,252	(1,567)
Share-based compensation	13,905	20,037
Depreciation and amortization	56,271	56,711
Loss on disposition of assets	182	370
Inventory impairment and obsolescence	2,671	3,707
Finance costs, net	6,693	7,161
Change in estimate of fair value of derivative warrants	(26)	(4,374)
Unrealized foreign exchange loss	614	108
Transaction costs	0	164
Bargain purchase gain	0	(5,456)
Asset impairment, net	2,618	17,317
Share of loss of equity-accounted investees	3,605	65,459
Unrealized (gain) loss on marketable securities	(378)	86
Additions to marketable securities	433	0
Income distributions from equity-accounted investees	68	10,715
Interest received	7,109	12,494
Change in non-cash working capital	1,432	(7,447)
Net cash provided by operating activities	70,917	54,914
Investing activities
Additions to property, plant and equipment	(12,811)	(8,615)
Additions to intangible assets	0	(2,404)
Additions to investments	(16,414)	(36,155)
Principal payments from investments	27,488	13,538
Proceeds from disposal of investments	18,090	0
Capital refunds from equity-accounted investees	0	168
Capital distributions from equity-accounted investees	4,684	89,758
Proceeds from disposal of property, plant and equipment	813	734
Acquisitions, net of cash acquired	(3,000)	(39,644)
Change in non-cash working capital	(1,396)	383
Net cash provided by investing activities	17,454	17,763
Financing activities
Change in restricted cash	(267)	76
Payments on lease liabilities, net	(39,245)	(36,952)
Repurchase of common shares	(15,348)	(13,219)
Proceeds from issuance of shares, net of costs	0	(59)
Issuance of common shares by subsidiaries	0	174
Change in non-cash working capital	373	621
Net cash used in financing activities	(54,487)	(49,359)
Change in cash and cash equivalents	33,884	23,318
Cash and cash equivalents, beginning of period	218,359	195,041
Cash and cash equivalents, end of period	$ 252,243	$ 218,359

Description of Business

12 Months Ended

Dec. 31, 2025

Description Of Business [Abstract]

Description of Business

1.

Description Of Business

SNDL Inc. (“SNDL” or the “Company”) was incorporated under the Business Corporations Act (Alberta) on August 19, 2006.

The Company’s head office is located at 101, 17220 Stony Plain Road NW, Edmonton, Alberta, Canada, T5S 1K6.

The principal activities of the Company are the retailing of wines, beers and spirits, the operation and support of corporate-owned, controlled and franchised retail cannabis stores in certain Canadian jurisdictions where the private sale of adult-use cannabis is permitted, the manufacturing of cannabis products providing proprietary cannabis processing services, the production, distribution and sale of cannabis in Canada and for export pursuant to the Cannabis Act (Canada) (the “Cannabis Act”), and the deployment of capital to investment opportunities. The Cannabis Act regulates the production, distribution, and possession of cannabis for both medical and adult-use access in Canada. On October 21, 2024, the Company acquired all of the remaining issued and outstanding common shares of Nova Cannabis Inc. (“Nova”), which represented approximately 35% of Nova’s common shares (note 35). On December 31, 2024, SNDL amalgamated with Nova pursuant to the provisions of the Business Corporations Act (Alberta).

SNDL and its subsidiaries operate solely in Canada. Through its joint venture, SunStream Bancorp Inc. (“SunStream”) (note 17), the Company provides growth capital that pursues indirect investment and financial services opportunities in the cannabis sector, as well as other investment opportunities. The Company also makes strategic portfolio investments in debt and equity securities.

The Company’s liquor retail operations are seasonal in nature. Accordingly, sales will vary by quarter based on consumer spending behaviour. The Company is able to adjust certain variable costs in response to seasonal revenue patterns; however, costs such as occupancy are fixed, causing the Company to report a higher level of earnings in the third and fourth quarters. This business seasonality results in quarterly performance that is not necessarily indicative of the year’s performance. The cannabis industry is a growing industry and the Company has not observed significant seasonality as of yet.

The Company’s common shares trade on the Nasdaq Capital Market under the ticker symbol “SNDL” and on the Canadian Securities Exchange under the symbol “SNDL”.

U.S. TARIFFS

In early 2025, the U.S. administration imposed certain tariffs on imports from certain countries, including Canada, and in response, the Canadian administration imposed their own tariffs on certain imports from the United States. Canada and the United States continue ongoing negotiations on a new trade and security relationship, though the scope and terms of such negotiations and the agreements they may produce, if any, are unknown. These tariff announcements and the risk of further potential retaliatory tariffs have created uncertainty, which has permeated the economic and investment outlook, impacting current economic conditions, including such issues as the inflation rate and the global supply chain. Aside from the impact on the global economy, these tariffs may continue to impact SNDL.

SNDL is continuing to monitor the evolving situation and the impacts and potential consequences on its financial position. The Company did not experience a significant impact to its financial performance during the year ended December 31, 2025.

Basis of Presentation

12 Months Ended

Dec. 31, 2025

Disclosure Of Basis Of Presentation [Abstract]

Basis of Presentation

2.

Basis of presentation

A)

Statement of compliance

These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards, as issued by the International Accounting Standards Board (“IFRS Accounting Standards”) and interpretations of the International Financial Reporting Interpretations Committee in effect as of December 31, 2025.

Certain prior period amounts have been reclassified to conform to current year presentation. Specifically, changes to investments have been separated into additions to investments and principal payments from investments on the consolidated statement of cash flows. Change in fair value of biological assets have been separated into change in fair value of biological assets and change in fair value of inventory sold on the consolidated statement of cash flows.

These consolidated financial statements were approved and authorized for issue by the board of directors of the Company (the “Board”) on March 11, 2026.

B)

Basis of measurement

These consolidated financial statements have been prepared on a historical cost basis, except for biological assets, deferred share units (“DSUs”) and certain financial instruments (note 32(a)) which are measured at fair value with changes in fair value recorded in profit or loss or other comprehensive income.

C)

Functional and presentation currency

These consolidated financial statements are presented in Canadian dollars, which is the functional currency of the Company and its Canadian-based subsidiaries. The Company’s equity-accounted joint venture uses the United States dollar as its functional currency. Transactions in currencies other than the functional currency are translated at the rate prevailing at the date of transaction. Monetary assets and liabilities that are denominated in foreign currencies are translated at the rate prevailing at each reporting date. Income and expense amounts are translated at the dates of the transactions.

In preparing the Company’s consolidated financial statements, the financial statements of foreign subsidiaries and the foreign equity-accounted joint venture are translated into Canadian dollars, the presentation currency of the Company. The assets and liabilities of foreign operations that do not have a functional currency of Canadian dollars, are translated into Canadian dollars using exchange rates at the reporting date. Revenues and expenses of foreign operations are translated into Canadian dollars using foreign exchange rates that approximate those on the date of the underlying transactions. Foreign exchange differences from the translation of foreign subsidiaries and the foreign equity-accounted joint venture into Canadian dollars are recognized in other comprehensive income (“OCI”). The Company’s consolidated financial statements include its share of the Canadian dollar profit or loss and OCI of the equity-accounted joint venture.

D)

Basis of consolidation

Subsidiaries are entities controlled by the Company. Control exists when the Company has the power, directly and indirectly, to govern the financial and operating policies of an entity and be exposed to the variable returns from its activities. The financial statements of subsidiaries are included in these consolidated financial statements from the date that control commences until the date that control ceases. All intercompany balances, income and expenses and unrealized gains and losses resulting from intercompany transactions are eliminated upon consolidation.


Subsidiaries	Jurisdiction of Formation	Equity Ownership
Sundial Deutschland GmbH	Germany		100	%
Sundial Insurance (Bermuda) Ltd.	Bermuda		100	%
Spirit Leaf Inc.	Alberta, Canada		100	%
Spirit Leaf Corporate Inc.	Alberta, Canada		100	%
Spirit Leaf Ontario Inc. (1)	Ontario, Canada		0	%
Superette Ontario Inc. (1)	Ontario, Canada		0	%
Zenabis Ltd.	Canada		100	%
Liquor Stores GP Inc.	Alberta, Canada		100	%
Liquor Stores Limited Partnership	Alberta, Canada		99	%
Nova Cannabis Stores GP Inc.	Alberta, Canada		100	%
Nova Cannabis Stores Limited Partnership	Alberta, Canada		99	%
Nova Cannabis Analytics GP Inc.	Alberta, Canada		100	%
Nova Cannabis Analytics Limited Partnership	Alberta, Canada		99	%
Valens Agritech Ltd. (2)	Canada		100	%
Southern Cliff Brands Inc. (2)	Ontario, Canada		100	%
LYF Food Technologies Inc. (2)	British Columbia, Canada		100	%
Valens Australia Pty Ltd.	Australia		100	%
Indiva Inc.	Ontario, Canada		100	%
Vieva Canada Limited (2)	Ontario, Canada		100	%

(1)

These entities may be considered to be “controlled” by the Company solely for the purposes of IFRS, but these entities are not controlled by the Company within the meaning of applicable corporate law. For the purposes of IFRS, control of these entities is determined by the Company being exposed to the variable returns and having the ability to affect those returns through its power over the entities.

(2)

On January 1, 2026, Valens Agritech Ltd., LYF Food Technologies Inc., Southern Cliff Brands Inc. and Vieva Canada Limited amalgamated and continued as “Valens Agritech Ltd.”.

Significant Accounting Policies	12 Months Ended
Significant Accounting Policies	Dec. 31, 2025
Disclosure Of Significant Accounting Policies [Abstract]
Significant Accounting Policies	3. Significant accounting policies The accounting policies set out below have been applied consistently to all periods presented in these consolidated financial statements. CASH AND CASH EQUIVALENTS Cash and cash equivalents include cash on hand, deposits held with banks and other short-term liquid investments with maturities of less than 90 days. RESTRICTED CASH Restricted cash is recorded as current assets representing minimum funding requirements for two separate captive insurance structures. BIOLOGICAL ASSETS The Company’s biological assets consist of cannabis plants. The Company capitalizes all direct and indirect costs related to the biological transformation of the biological assets between the point of initial recognition and the point of harvest, including labour-related costs, consumables, materials, utilities, facilities costs, depreciation and quality and testing costs. Biological assets are then recorded at fair value and consist of cannabis plants in various stages of vegetation, including cannabis clones which have not been harvested. Net unrealized changes in fair value of biological assets less costs to sell during the period are included in the results of operations for the related period. Biological assets are valued in accordance with International Accounting Standard 41 – Agriculture (“IAS 41”) and are presented at their fair values less costs to sell up to the point of harvest. The fair values are determined using a model which estimates the expected harvest yield in grams for plants currently being cultivated, and then adjusts the amount for the expected selling price less costs to produce and sell per gram. The fair value measurements for biological assets have been categorized as Level 3 fair values based on the inputs to the valuation technique used. The Company’s method of accounting for biological assets attributes value accretion on a straight-line basis throughout the life of the biological asset from initial cloning to the point of harvest. The estimated expected harvest yield is based on assumptions of the estimated yield per plant and the weighted average number of growing weeks completed as a percentage of total expected growing weeks as at year end. These estimates are subject to volatility in market prices, market conditions, yields and costs, which could significantly affect the fair value of biological assets in future periods. Differences from the anticipated yield will be reflected in the net change in fair value of biological assets in future periods. INVENTORY Procured and manufactured cannabis Inventory is valued at the lower of cost and net realizable value. Inventory is expensed when sold and is determined using actual costs incurred. Cost of cannabis and biomass is comprised of initial third-party acquisition costs, plus analytical testing costs. Costs of extracted cannabis, hemp oil and finished goods inventory are comprised of initial acquisition cost of the biomass and all direct and indirect processing costs including labour-related costs, consumables, materials, packaging supplies, utilities, facility costs, analytical testing costs and production-related depreciation. Net realizable value is determined as the estimated selling price in the ordinary course of business less the estimated cost of completion and the estimated costs necessary to make the sale. Packaging and supplies are initially valued at cost and subsequently at the lower of cost and net realizable value. Harvested cannabis Inventories of harvested cannabis are valued at the lower of cost and net realizable value. Inventories of harvested cannabis are transferred from biological assets at their fair value less costs to sell up to the point of harvest, which becomes the initial deemed cost. All subsequent direct and indirect post-harvest costs are capitalized to inventory as incurred, including labour-related costs, consumables, materials, packaging supplies, utilities, facilities costs, as well as quality and testing costs. Net realizable value is determined as the estimated selling price in the ordinary course of business less the estimated costs of completion and the estimated costs necessary to make the sale. Cannabis supplies and consumables are initially valued at cost and subsequently at the lower of cost and net realizable value. The valuation of biological assets at the point of harvest is used as the measurement basis for all cannabis-based inventory and, thus, any critical estimates and judgements related to the valuation of biological assets are also applicable to inventory. The valuation of work-in-progress and finished goods also requires the estimate of conversion costs incurred, which become part of the carrying amount of the inventory. Retail inventory Retail inventory at Company controlled stores is valued at the lower of cost and net realizable value. Net realizable value is the estimated selling price in the ordinary course of business, less estimated costs of selling the final product. Cost is determined using the weighted average method and comprises direct purchase costs. Inventory is written down to its net realizable value when the cost of inventory is estimated to be unrecoverable due to obsolescence, damage or declining selling prices. The Company makes estimates related to obsolescence, future selling prices, seasonality, customer behavior and fluctuations in inventory levels. PROPERTY, PLANT, AND EQUIPMENT Property, plant and equipment (“PP&E”) are carried at cost less accumulated depreciation, less any recognized impairment losses. The cost of additions, betterments, renewals, and interest during construction is capitalized. Each part of a component of PP&E with a cost that is significant in relation to the total cost of the component is depreciated separately. When the cost of replacing a portion of a component of PP&E is capitalized, the carrying amount of the replaced component is derecognized. Depreciation of construction in progress assets commences at the later of the assets being ready for their intended use or when a Health Canada producer’s license is granted. The assets’ residual values and useful lives are reviewed, and adjusted as appropriate, at the end of each reporting period. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset are accounted for by adjusting the depreciation period or method, as appropriate, and are treated as changes in accounting estimates. Any gain or loss arising on the disposal or retirement of a component of PP&E is determined as the difference between the sale proceeds and the carrying amount of the asset and is recognized in profit and loss. PP&E are depreciated as they become available for use. Buildings are not depreciated until a producer’s license is obtained, if required for operation. For assets available for use, depreciation is computed either using the straight-line method or the declining balance method over the estimated useful lives of the assets, as described below: • Production facilities — 20 to 50 years • Equipment — 1 to 10 years straight-line and 1 to 5 years declining balance • Right of use assets and leasehold improvements — Shorter of estimated useful life or lease term LEASES A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. As a lessee The Company recognizes a right of use asset and a lease liability at the lease commencement date. The right of use asset is initially measured at cost and any direct costs of obtaining the lease, and subsequently at cost less any accumulated depreciation and impairment losses and adjusted for certain remeasurements of the lease liability. Depreciation is recognized on the lease asset over the shorter of the estimated useful life of the asset or the lease term. The lease liability is initially measured at the present value of the lease payments that have not been paid at the commencement date, discounted at the rate implicit in the lease or, if that rate cannot be readily determined, the Company’s incremental borrowing rate. The lease liability is subsequently increased by the interest cost on the lease liability and decreased by lease payments made. Lease payments are allocated between the liability and accretion expense. Accretion expense is recognized on the lease liability using the effective interest rate method and payments are applied against the lease liability. The carrying amounts of the right of use assets, lease liability, and the resulting interest and depreciation expense are based on the implicit interest rate within the lease arrangement or, if this information is unavailable, the incremental borrowing rate. Incremental borrowing rates are based on judgements including economic environment, term, and the underlying risk inherent to the asset. As a lessor When the Company acts as a lessor, it determines at lease inception whether each lease is a finance lease or an operating lease. To classify each lease, the Company makes an overall assessment of whether the lease transfers substantially all of the risks and rewards incidental to ownership of the underlying asset. If this is the case, then the lease is a finance lease; if not, then it is an operating lease. Under a finance lease, the Company recognizes a receivable at an amount equal to the net investment in the lease which is the present value of the aggregate of lease payments receivable by the lessor. Under an operating lease, the Company recognizes lease payments received as income on a straight-line basis over the lease term. When the Company is an intermediate lessor, it accounts for its interests in the head lease and the sub-lease separately. It assesses the lease classification of a sub-lease with reference to the right of use asset arising from the head lease, not with reference to the underlying asset. INTANGIBLE ASSETS Intangible assets are recorded at cost less accumulated amortization and impairment losses, if any. Intangible assets acquired in a business combination are measured at fair value at the acquisition date. Amortization of definite life intangibles is provided on a straight-line basis over their estimated useful lives, once the intangible asset is available for use. Intangible assets not yet available for use or with indefinite lives are tested for impairment on an annual basis in accordance with International Accounting Standard 38 – Intangible Assets (“IAS 38”). Joint arrangements Joint arrangements represent activities where the Company has joint control established by a contractual agreement. Joint control requires unanimous consent for the relevant financial and operational decisions. A joint arrangement is either a joint operation, whereby the parties have rights to the assets and obligations for the liabilities, or a joint venture, whereby the parties have rights to the net assets. For a joint operation, the parties consolidate their proportionate share of the assets, liabilities, revenues, expenses and cash flows of the arrangement with items of a similar nature on a line-by-line basis, from the date that joint control commences until the date that joint control ceases. Joint ventures are accounted for using the equity method of accounting and are initially recognized at cost, or fair value if acquired as part of a business combination. Joint ventures are adjusted thereafter for the post-acquisition change in the Company's share of the equity accounted investment's net assets. The Company’s consolidated financial statements include its share of the equity accounted investment's profit or loss and other comprehensive income, until the date that joint control ceases. When the Company’s share of losses exceeds its interest in an equity accounted investee, the carrying amount of that interest, including any long-term investments, is reduced to nil, and the recognition of further losses is discontinued except to the extent that the Company has an obligation or has made payments on behalf of the investee. Distributions from and contributions to investments in equity accounted investees are recognized when received or paid. Interests in equity-accounted investees The Company’s interest in equity-accounted investees comprise interests in an associate and a joint venture. Associates are those entities in which the Company has significant influence, but not control or joint control, over the financial and operating policies. A joint venture is an arrangement in which the Company has joint control, whereby the Company has rights to the net assets of the arrangement, rather than rights to assets and obligations for its liabilities. Interests in associates and joint ventures are accounted for using the equity method. They are initially recognized at cost, which includes transaction costs. Subsequent to initial recognition, the consolidated financial statements include the Company’s share of the profit or loss and OCI of equity-accounted investees, until the date on which significant influence or joint control ceases. FINANCIAL INSTRUMENTS The Company classifies the fair value of financial instruments according to the following hierarchy based on the amount of observable inputs used to value the instruments: Level 1 – unadjusted quoted prices in active markets for identical assets or liabilities. An active market for an asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2 – quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 – unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Financial assets and liabilities are recognized when the Company becomes a party to the contractual provisions of the instrument. A financial asset or liability is measured initially at fair value plus, for an item not measured at fair value through profit and loss (“FVTPL”), transaction costs that are directly attributable to its acquisition or issuance. (i) Financial assets At initial recognition, a financial asset is classified and measured at: amortized cost, FVTPL or fair value through other comprehensive income (“FVOCI”) depending on the business model and contractual cash flows of the instrument. The Company may make an irrevocable election to designate an equity instrument at FVOCI on a case by case basis when eligible. Financial assets at amortized cost are subsequently measured at amortized cost using the effective interest rate method. The amortized cost is reduced by impairment losses. Interest income, foreign exchange gains and losses and impairment are recognized in profit or loss. Financial assets at FVTPL are subsequently measured at fair value. Net gains and losses, including any interest or dividend income, are recognized in profit or loss. Financial assets at FVOCI are subsequently measured at fair value. Net gains and losses are recognized in other comprehensive income. Dividend income is recognized in profit or loss. Financial assets are derecognized when the rights to receive cash flows from the assets have expired or have been transferred and the Company has transferred substantially all risks and rewards of ownership. A substantial modification to the terms of an existing financial asset results in the derecognition of the financial asset and the recognition of a new financial asset at fair value. In the event that the modification to the terms of an existing financial asset do not result in a substantial difference in the contractual cash flows the gross carrying amount of the financial asset is recalculated and the difference resulting from the adjustment in the gross carrying amount is recognized in profit or loss. The Company’s cash and cash equivalents, restricted cash and accounts receivable, are measured at amortized cost. The Company’s marketable securities are measured at FVTPL. The Company’s investments are measured at amortized cost and FVOCI. (ii) Financial liabilities Financial liabilities are initially measured at amortized cost or FVTPL. Accounts payable and accrued liabilities are initially recognized at the amount required to be paid less any required discount to reduce the payables to fair value. Financial liabilities at FVTPL are measured at fair value and net gains and losses, including any interest expense and foreign exchange gains and losses, are recognized in profit or loss. Financial liabilities are derecognized when the liability is extinguished. A substantial modification of the terms of an existing financial liability is recorded as an extinguishment of the original financial liability and the recognition of a new financial liability. The difference between the carrying amount of a financial liability extinguished and the consideration paid is recognized in profit or loss. Where a financial liability is modified in a way that does not constitute an extinguishment, the modified cash flows are discounted at the liability’s original effective interest rate. Transaction costs paid to third parties in a modification are amortized over the remaining term of the modified debt. The Company’s accounts payable and accrued liabilities and financial guarantee liability (included in other liabilities) are measured at amortized cost. The Company’s derivative warrant liabilities were designated as FVTPL upon initial recognition. IMPAIRMENT OF ASSETS Management assesses and continually monitors internal and external indicators of impairment relating to the Company’s assets. (i) Financial assets The Company applies an expected credit loss (“ECL”) model to all financial assets not held at FVTPL or FVOCI where credit losses that are expected to transpire in future years are provided for, irrespective of whether a loss event has occurred or not as at the statement of financial position date. For trade receivables, the Company has applied the simplified approach under International Financial Reporting Standard 9 – Financial Instruments (“IFRS 9”) and have calculated ECLs based on lifetime expected credit losses, taking into consideration historical credit loss experience and financial factors specific to the debtors and general economic conditions. ECLs are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of the difference between the cash flows due in accordance with the contract and the cash flow the Company expects to receive. ECLs are discounted at the effective interest rate of the financial asset. For financial assets measured at amortized cost, the Company has applied the general approach under IFRS 9 and has calculated ECLs based on lifetime expected credit losses, taking into consideration whether the credit risk of a financial asset has increased significantly since initial recognition. When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating ECLs, the Company considers quantitative and qualitative information and analysis, based on the Company’s historical experience and informed credit assessment, that includes forward-looking information. (ii) Non-financial assets The carrying amounts of the Company’s PP&E, right of use assets and intangible assets are assessed for impairment indicators and impairment reversal indicators at each reporting period end to determine whether there is an indication that such assets have experienced impairment or impairment reversal. If such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss or impairment reversal, if any. An impairment loss is recognized for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s or group of asset’s estimated fair value less costs of disposal and its value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable independent cash inflows (a cash generating unit (“CGU”)). Where an impairment loss is subsequently determined to have reversed, the carrying amount of the asset or CGU is adjusted to the revised estimate of its recoverable amount but limited to the carrying amount that would have been determined had no impairment loss been recognized previously. A reversal of an impairment loss, net of any depreciation that would have been recorded, is recognized immediately in the statements of loss and comprehensive loss. Goodwill is assessed for impairment annually or when facts and circumstances indicate that it might be impaired. Goodwill is tested for impairment at a CGU level or group of CGUs by comparing the carrying amount to the recoverable amount, which is determined as the greater of fair value less costs of disposal and value in use. Any excess of the carrying amount over the recoverable amount is the impaired amount. The recoverable amount estimates are categorized as Level 3 according to the fair value hierarchy. Impairment charges are recognized in profit and loss. Goodwill is reported at cost less any accumulated impairment. Goodwill impairments are not reversed. Provisions A provision is recognized when the Company has a present legal or constructive obligation as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation, and the amount of the obligation can be reliably estimated. The amount of a provision is the best estimate of the consideration at the end of the reporting period. Provisions measured using estimated cash flows required to settle the obligation are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and, where appropriate, the risks specific to the liability. A provision for onerous contracts is recognized when the expected benefits to be derived by the Company from a contract are lower than the unavoidable cost of meeting its obligations under the contract. The Company has no onerous contracts during the years ended and as at December 31, 2025 and 2024. NON-MONETARY TRANSACTIONS All non-monetary transactions are measured at the fair value of the asset surrendered or the asset received, whichever is more reliable, unless the transaction lacks commercial substance, or the fair value cannot be reliably established. The lack of commercial substance requirement is met when the future cash flows are expected to change significantly as a result of the transaction. When the fair value of a non-monetary transaction cannot be reliably measured, it is recorded at the carrying amount (after reduction, when appropriate, for impairment) of the asset given up, adjusted by the fair value of any monetary consideration received or given. When the asset received or the consideration given consists of shares in an actively traded market, the value of those shares will be considered fair value. COMPOUND FINANCIAL INSTRUMENTS The liability component of a compound financial instrument is recognized initially at the fair value of a similar liability which does not have an equity conversion option. The equity component is recognized initially as the difference between the fair value of the compound financial instrument taken as a whole and the fair value of the liability component. Any directly attributable transaction costs are allocated to the liability and equity components in proportion to their initial carrying amounts. Subsequent to initial recognition, the liability component of a compound financial instrument is measured at amortized cost using the effective interest method. The equity component of a compound financial instrument is not re-measured subsequent to initial recognition. Interest and losses and gains relating to the financial liability are recognized in profit and loss. On conversion, the financial liability is reclassified to equity; no gain or loss is recognized on conversion. REVENUE Under International Financial Reporting Standard 15 – Revenue from Contracts with Customers (“IFRS 15”), to determine the amount and timing of revenue to be recognized, the Company follows a five-step model: 1. Identifying the contract with a customer 2. Identifying the performance obligations 3. Determining the transaction price 4. Allocating the transaction price to the performance obligations 5. Recognizing revenue when/as performance obligations are satisfied Cannabis revenue Gross revenue from the direct sale of cannabis for a fixed price is recognized when the Company transfers control of the goods to the customer. Revenue from the performance of manufacturing services for a fixed fee is recognized when the Company transfers control of the manufactured goods to the customer. The transfer of control is specific to each contract and can range from the point of delivery to a specified length of time for the customer to accept the goods. The Company eliminates cannabis revenue and related cost of sales from sales to provincial boards when it is expected to be subsequently repurchased by its licensed retailer subsidiaries for resale, at which point the full retail sales revenue will be recognized. For contracts that permit the customer to return goods, revenue is recognized to the extent that it is highly probable that a significant reversal in the amount of cumulative revenue recognized will not occur. Therefore, the amount of revenue recognized is adjusted for expected returns, which are estimated based on historical data and management’s expectation of future returns. In these circumstances, a refund liability and a right to recover returned goods asset are recognized. The right to recover returned goods asset is measured at the former carrying amount of the inventory less any expected costs to recover goods. The refund liability is included in accounts payable and accrued liabilities and the right to recover returned goods is included in inventory. The Company reviews its estimate of expected returns at each reporting date and updates the amounts of the asset and liability accordingly. Gross revenue earned in Canada includes excise taxes, which the Company pays as principal, but excludes duties and taxes collected on behalf of third parties. Net revenue is gross revenue less excise taxes. Gross revenue is recognized to the extent that it is highly probable that a significant reversal will not occur. Therefore, gross revenue is stated net of expected price discounts, allowances for customer returns and similar items. Generally, payment of the transaction price is due within credit terms that are consistent with industry practices, with no element of financing. Retail revenue Retail revenue consists of sales through corporate stores and e-commerce operations. Revenue at corporate stores is recognized at the point of sale when the customer takes control of the goods or service and is measured at the amount of consideration to which the Company expects to be entitled to, net of estimated returns, and sales incentives. The Company considers its performance obligations to be satisfied at the point of sale. The Company’s goods and services are generally capable of being distinct and are accounted for as a separate performance obligation. Sales through e-commerce operations are recognized when the customer takes control of the goods or services upon delivery and is measured at the amount of consideration to which the Company expects to be entitled, net of estimated returns, and sales incentives. It is the Company’s policy to sell merchandise with a limited right to return. Limited returns are provided through exchanges or refunds. Other revenue Proprietary licensing revenue is generated from proprietary data and analytics services provided to customers. Revenue is recognized when the services are delivered to the customer at a point in time as outlined by the contract. The Company does not operate or manage these services separately from its primary retail sales or operations, and there are no significant costs of sale related to proprietary licensing revenue. Franchise fees are recognized at a point in time when the Company satisfies its performance obligations which is determined to be when the franchise begins operations. Performance obligations include site selection, lease assistance and training. Initial franchise fees are allocated to the performance obligations based on the estimated standalone selling prices. Funds received in advance of a franchise starting operations are recorded as franchise fee deposits. Ongoing royalty and advertisement fees, which are determined on a formula basis in accordance with the terms of the relevant franchise agreement, based on monthly revenues or margins of the franchisees, are recognized as revenue when the contractual performance obligations have been achieved or other service-related performance obligations have been completed. The performance obligations relate to providing support to the franchise partners and stewarding the Spiritleaf brand. While the franchisees are operating under the name Spiritleaf, they utilize the Spiritleaf trademark, thereby, the Company has performed its obligations to recognize the revenue, as per the franchise agreements. Millwork revenue is defined as the proceeds and receivables related to the sale of millwork, which includes store fixtures. Millwork revenue is recognized at a point in time when a contractual exchange agreement has been entered into, and the performance obligation is considered to have been met when the millwork has been delivered to the franchise partner. SHARE-BASED COMPENSATION The Company’s share-based compensation plans include equity-settled awards and cash-settled awards. The fair value of share-based compensation expenses is estimated using the Black-Scholes pricing model and relies on a number of estimates, such as the expected life of the award, the volatility of the underlying share price, the risk-free rate of return and the estimated rate of forfeiture of awards granted. Equity-settled Simple and performance warrants, stock options and restricted share units (“RSUs”) are granted from time to time to employees, directors, and others at the discretion of the Board. The grant date fair value of simple warrants, performance warrants, stock options and RSUs is recognized as share-based compensation expense, with a corresponding increase in contributed surplus, over the vesting period of the awards. On exercise of simple warrants, performance warrants and stock options, the cash consideration received is credited to share capital and the associated amount in contributed surplus is reclassified to share capital. On exercise of RSUs, the associated amount in contributed surplus is reclassified to share capital. Cash-settled DSUs are granted to directors and represent a right for the holder to receive a cash payment equal to the fair value of the Company’s common shares calculated at the date of such payment. Nova DSUs were granted to Nova directors and represented a right for the holder to receive a cash payment equal to the fair value of Nova’s common shares calculated at the date of such payment, or Nova common shares, at the discretion of Nova. All Nova DSUs were settled by October 21, 2024 in connection with the Nova Transaction (as defined in Note 35). DSUs are accounted for as a liability instrument and measured at fair value based on the market value of the Company’s common shares at each period end. The fair value is recognized as share-based compensation over the vesting period. Fluctuations in the fair value are recognized within share-based compensation in the period in which they occur. INCOME TAXES Income taxes are recognized in profit and loss, except to the extent that they relate to items recognized directly in equity, in which case the tax is recognized in equity. Current taxes are generally the expected income tax payable on taxable income for the reporting period, calculated using rates enacted or substantively enacted at the consolidated statements of financial position dates, and include any adjustment to income tax payable or recoverable in respect of previous periods. Uncertain income tax positions are accounted for using the standards applicable to current income tax assets and liabilities. Liabilities and assets are recorded to the extent they are deemed to be probable. Deferred tax is recognized using the asset and liability method, based on temporary differences between financial statement carrying amounts of assets and liabilities and their respective income tax bases. Deferred tax is determined using tax rates that have been enacted or substantively enacted at the consolidated statements of financial position date and are expected to apply when the related deferred tax asset is realized, or the deferred tax liability is settled. Deferred tax is not accounted for where it arises from initial recognition of an asset or liability in a transaction other than a business combination which, at the time of the transaction, affects neither accounting nor taxable income (loss). The amount of deferred tax recognized is based on the expected manner and timing of realization or settlement of the carrying amount of assets and liabilities. Deferred tax assets are recognized only to the extent that it is probable that future taxable income will be available for which the temporary differences can be utilized. Deferred tax assets are reviewed at each reporting date and adjusted to the extent that it is no longer probable that the related tax benefit will be realized. Tax assets and liabilities are offset when the Company has a legally enforceable right to offset the recognized amounts and intends either to settle on a net basis or to realize the asset and settle the liability simultaneously. Deferred tax assets, including those arising from tax loss carry-forwards, require management to assess the likelihood that the Company will generate sufficient taxable income in future periods in order to utilize recognized deferred tax assets. Assumptions about the generation of future taxable profits depend on management’s estimates of future cash flows. In addition, future changes in tax laws could limit the ability of the Company to obtain tax deductions in future periods. To the extent that future cash flows and taxable income differ significantly from estimates, the ability of the Company to realize the net deferred tax assets recorded at the reporting date could be affected. BUSINESS COMBINATIONS and goodwill The fair value of assets acquired and liabilities assumed in a business combination, including contingent consideration and goodwill, is estimated based on information available at the date of acquisition. Various valuation techniques are applied for measuring fair value including market comparables and discounted cash flows which rely on assumptions such as future selling prices, expected sales volumes, discount rates and future development and operating costs. Changes in these variables could significantly impact the carrying value of the net assets. Specific judgement is required in the identification of intangible assets. Business combinations are accounted for using the acquisition method of accounting when the acquired assets meet the definition of a business. The acquired identifiable assets and liabilities and contingent liabilities assumed in a business combination are measured at their fair values at the acquisition date. The cost of an acquisition is measured as the fair value of consideration transferred to the sellers, including cash paid and the fair value of assets given, equity instruments issued, and liabilities of the seller assumed at the acquisition date. Any excess of the fair value of the consideration paid over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recorded as goodwill. If the cost of the acquisition is less than the fair value of the net assets acquired, the difference is recognized immediately in profit or loss as a bargain purchase gain. Transaction costs associated with business combinations are expensed as incurred. After initial recognition, goodwill is measured at cost less any accumulated impairment losses. Goodwill is not amortized. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each CGU or group of CGUs that is expected to benefit from the synergies of the combination, if any, irrespective of whether other assets or liabilities of the acquiree are assigned to those units. Each CGU or group of CGUs represents the lowest level at which management monitors the goodwill. NON-CONTROLLING INTERESTS The Company recognizes non-controlling interests in an acquired entity either at fair value or at the non-controlling interest’s proportionate share of the acquired entity’s net identifiable assets, determined on an acquisition-by-acquisition basis. Captive Insurance The Company has secured insurance coverage for its directors and officers through two separate captive insurance structures. The first structure is a captive cell program entered into with a registered insurer for the purpose of holding and managing the Company’s coverage funds through a separate cell account (“Cell Captive”). The Company applies International Financial Reporting Standard 10 – Consolidated Financial Statements (“IFRS 10”) in its assessment of control as it relates to the Cell Captive. The Company’s accounting policy is to consolidate the Cell Captive. The Cell Captive funds are held as cash and may be invested according to the Company’s treasury policy. The funds are classified as restricted cash based on the Cell Captive’s required statutory funding. The Company will recognize any gains or losses from fair market value adjustments, interest and/or foreign exchange in the statements of profit (loss) and comprehensive income (loss). The second structure is a wholly owned subsidiary, Sundial Insurance (Bermuda) Ltd. (“SIBL”), incorporated to provide separate and additional coverage. The Company applies IFRS 10 in its assessment of control as it relates to SIBL. The Company’s accounting policy is to consolidate SIBL. The funds are classified as restricted cash for the funds that are required for initial capitalization of the entity and for which there is a requirement to maintain minimum capital and surplus in accordance with industry regulations. Net earnings (loss) per share Basic earnings (loss) per share is calculated by dividing the net earnings (loss) for the period attributable to common shareholders of the Company by the weighted average number of common shares outstanding during the period. Diluted earnings (loss) per share is calculated by adjusting the weighted average number of common shares outstanding for dilutive instruments. The number of shares included with respect to simple warrants, performance warrants, stock options, RSUs, equity classified warrants and liability classified warrants is computed using the treasury share method. NEW ACCOUNTING STANDARDS The following accounting standards were effective for annual periods beginning on or after January 1, 2025 and did not have a material impact on the Company’s consolidated financial statements: • Lack of Exchangeability — Amendments to IAS 21 There are new accounting standards, amendments to accounting standards and interpretations that are effective for annual periods beginning on or after January 1, 2026, that have not been applied in preparing the consolidated financial statements for the year ended December 31, 2025. Classification and Measurement of Financial Instruments — Amendments to IFRS 9 and IFRS 7 The amendments to IFRS 9 and IFRS 7 are effective for annual reporting periods beginning on or after January 1, 2026. The amendments include the following: • Clarification on the date of recognition and derecognition of some financial assets and liabilities, with a new exception for some financial liabilities settled through an electronic payment system. • Clarification and further guidance for assessing whether a financial asset meets the solely payments of principal and interest criterion. • New disclosures for certain instruments without contractual terms that can change cash flows. • Update the disclosures for equity instruments designated at FVOCI. The Company has completed its assessment of these amendments and has estimated the impact to be approximately $12.1 million net reduction in cash and cash equivalents with an equivalent increase in accounts receivable, had the amendments been in effect for the annual period ending December 31, 2025. IFRS 18 Presentation and Disclosure in Financial Statements IFRS 18 will replace IAS 1 Presentation of Financial Statements and applies for annual reporting periods beginning on or after January 1, 2027. The new accounting standard introduces the following key new requirements: • Entities are required to classify all income and expenses into five categories in the statement of profit or loss, namely the operating, investing, financing, discontinued operations and income tax categories. Entities are also required to present a newly-defined operating profit subtotal. Entities’ net profit will not change. • Management-defined performance measures are disclosed in a single note in the financial statements. • Enhanced guidance is provided on how to group information in the financial statements. In addition, all entities are required to use the operating profit subtotal as the starting point for the statement of cash flows when presenting operating cash flows under the indirect method. The Company is still in the process of assessing the impact of the new accounting standard, particularly with respect to the structure of the Company’s statement of profit or loss, the statement of cash flows and the additional disclosures required for management-defined performance measures. Other accounting standards The following new and amended accounting standards are not expected to have a material impact on the Company’s consolidated financial statements: • IFRS 19 Subsidiaries without Public Accountability: Disclosures

Significant Accounting Estimates, Assumptions and Judgements

12 Months Ended

Dec. 31, 2025

Disclosure of initial application of standards or interpretations [abstract]

Significant accounting estimates, assumptions and judgements

4.

Significant accounting estimates, assumptions and judgements

Within the context of these consolidated financial statements, a judgement is a decision made by management in respect of the application of an accounting policy, a recognized or unrecognized financial statement amount and/or note disclosure, following an analysis of relevant information that may include estimates and assumptions. Estimates and assumptions are used mainly in determining the measurement of balances recognized or disclosed in the consolidated financial statements and are based on a set of underlying data that may include management’s historical experience, knowledge of current events and conditions and other factors that are believed to be reasonable under the circumstances. Management continually evaluates the estimates and judgements it uses.

Judgements, assumptions and estimation uncertainties that have a significant risk of resulting in a material adjustment include the following:

IMPAIRMENTS

The Company uses judgement in determining CGUs for the purpose of testing fixed assets, right-of-use assets and intangible assets for impairment. Judgement is also used to determine the goodwill CGUs for the purpose of testing goodwill for impairment. The Company has determined that each retail location is a separate CGU. Intangible assets are allocated to the CGUs (or groups of CGUs) to which they relate. Goodwill is allocated to CGUs (or groups of CGUs) based on the level at which management monitors goodwill, which cannot be higher than an operating segment. The allocation of goodwill is made to CGUs (or groups of CGUs) that are expected to benefit from the synergies and future growth of the business combination from which they arose. In addition, judgement is used to determine whether a triggering event has occurred requiring an impairment test to be completed. In applying this judgement management considers profitability of the CGU and other qualitative factors.

The recoverable amounts of CGU groups and individual assets have been determined as the higher of the CGU groups or the asset’s fair value less costs of disposal and its value in use. These calculations require the use of estimates and assumptions and are subject to changes as new information becomes available including information on the likelihood of obtaining future licenses from Health Canada, total addressable market, market share escalation factor, gross profit escalation factor, terminal multiple and discount rates. Changes in assumptions used in determining the recoverable amount could affect the carrying value of the related assets and CGU groups.

INVENTORY

The valuation of work-in-progress and finished goods requires the estimate of conversion costs incurred, which become part of the carrying amount of the inventory. The Company must also determine if the carrying value of any inventory exceeds its net realizable value, such as cases where prices have decreased, or inventory has spoiled or has otherwise been damaged.

ACQUISITIONS

The Company assesses whether an acquisition should be accounted for as an asset acquisition or a business combination under International Financial Reporting Standard 3 – Business Combinations (“IFRS 3”). This assessment requires management to make judgements on whether the assets acquired and liabilities assumed constitute a

business as defined in IFRS 3 and if the integrated set of activities, including inputs and processes acquired, is capable of being conducted and managed as a business and the Company obtains control of the business inputs and processes.

equity-accounted investees

The Company’s interest in a joint venture is accounted for using the equity-method. The current investment portfolio of the joint venture is comprised of secured debt and hybrid instruments which include options and warrants. These investments are recorded at fair value each reporting period with any changes in fair value recorded through profit or loss.

The determination of the fair value of the underlying investments is based on a discounted cash flow methodology and requires judgement from management. The discounted cash flows are based on various assumptions, including an estimation of market prices, volatility and discount rates. The Company has independent valuations done every quarter.

Business Acquisitions

12 Months Ended

Dec. 31, 2025

Disclosure of detailed information about business combination [abstract]

Business Acquisitions

5.

Business acquisitions

A)

LIGHTBOX

On March 28, 2023, the Company announced that it had entered into an agreement with Lightbox Enterprises Ltd. (“Lightbox”) pursuant to which, in connection with Lightbox’s proceedings under the Companies’ Creditors Arrangement Act (Canada) (the “CCAA”), the Company (or its designee) would acquire the assets comprising four cannabis retail stores operating under the Dutch Love cannabis retail banner (the “Lightbox Transaction”). The Lightbox Transaction consideration was comprised of (i) approximately $2.0 million in cash, (ii) the cancellation of $3.0 million in debt owing by Lightbox to the Company, and (iii) the issuance of 1.1 million SNDL common shares valued at approximately $3.7 million.

On April 1, 2024, the Company announced that it had agreed to assign its rights to own or operate the four cannabis retail stores to Nova. On May 8, 2024, the Company completed the Lightbox Transaction and the assignment of its rights to own or operate the four cannabis retail stores to Nova.

The Company engaged independent valuation experts to assist in determining the fair value of certain assets acquired and liabilities assumed and related deferred income tax impacts, if any.

The fair value of consideration paid was as follows:


	Provisional		Adjustments		Final
Cash		1,654		324		1,978
Issuance of common shares		3,693		—		3,693
Extinguishment of convertible debenture		3,000		—		3,000
		8,347		324		8,671

The fair value of the assets and liabilities acquired was as follows:


	Provisional			Adjustments			Final
Inventory		154			—			154
Prepaid expenses and deposits		—			120			120
Right of use assets		2,828			(111	)		2,717
Property, plant and equipment		964			73			1,037
Intangible assets		1,959			546			2,505
Lease liabilities		(2,828	)		—			(2,828	)
Total identifiable net assets acquired		3,077			628			3,705
Goodwill		5,270			(304	)		4,966
		8,347			324			8,671

Goodwill is mainly attributable to the expansion of the store network and the Value Buds brand growth in British Columbia.

The consolidated financial statements incorporate the operations of Lightbox commencing May 9, 2024. During the period May 9, 2024 to December 31, 2024 the Company recorded revenues of $6.8 million and net earnings of $0.1 million from the Lightbox operations. Had the Lightbox Transaction closed on January 1, 2024, management estimates that for the period January 1, 2024, to May 8, 2024, revenue would have increased by $3.1 million and net earnings would have increased by $0.2 million. In determining these amounts, management assumes the fair values on the date of acquisition would have been the same as if the acquisition had occurred on January 1, 2024.

The Company incurred costs related to the Lightbox Transaction of $0.7 million which have been included in transaction costs.

B)

INDIVA

On July 5, 2024, the Company announced that it had entered into a purchase agreement (the “Bid Agreement”) with Indiva Limited (“Indiva”) and its direct and indirect subsidiaries (collectively with Indiva, the “Indiva Group”), pursuant to which the Company offered to purchase all of the issued and outstanding shares of Indiva and the business and assets of the Indiva Group (collectively, the “Indiva Assets”) (the “Indiva Transaction”) for consideration comprising of a credit bid of all of the indebtedness of the Indiva Group owing to the Company, the retention of certain liabilities of the Indiva Group, and cash payments sufficient to repay certain priority indebtedness of the Indiva Group and costs associated with the Indiva Group’s proceedings under the “CCAA”.

On November 4, 2024, the Company announced that it had successfully closed the Indiva Transaction for consideration of approximately $21.1 million, comprised of the extinguishment of $20.7 million in total debt owing by Indiva to the Company and a cash payment of approximately $0.4 million.

The Company engaged independent valuation experts to assist in determining the fair value of certain assets acquired and liabilities assumed and related deferred income tax impacts, if any. No adjustments have been made to the fair value of consideration paid or the fair value of the assets and liabilities acquired between the provisional and final amounts.

The fair value of consideration paid was as follows:


	Final
Extinguishment of term loan		18,923
Extinguishment of debtor-in-possession loan		1,750
Cash		385
		21,058

The fair value of the assets and liabilities acquired was as follows:


	Final
Cash		3
Accounts receivable		4,057
Inventory		4,860
Prepaid expenses and deposits		205
Right of use assets		562
Property, plant and equipment		21,213
Accounts payable and accrued liabilities		(4,100	)
Lease liabilities		(286	)
Total identifiable net assets acquired		26,514
Bargain purchase gain		(5,456	)
		21,058

The excess of the aggregate fair value of the identifiable net assets acquired over the fair value of the consideration was $5.46 million, which was recorded as a bargain purchase gain included in other expenses, net (note 29), in the consolidated statements of loss and comprehensive loss for the year ended December 31, 2024. The bargain purchase gain was primarily due to the fair value adjustments on the identifiable property, plant and equipment and net working capital acquired.

The consolidated financial statements incorporate the operations of Indiva commencing November 4, 2024. During the period November 4, 2024 to December 31, 2024 the Company recorded revenues of $8.5 million and net earnings of $1.7 million from the Indiva operations. Had the Indiva Transaction closed on January 1, 2024, management estimates that for the period January 1, 2024, to November 3, 2024, revenue would have increased by $35.1 million and net earnings would have decreased by $2.2 million. In determining these amounts, management assumes the fair values on the date of acquisition would have been the same as if the acquisition had occurred on January 1, 2024.

The Company incurred costs related to the Indiva Transaction of $0.3 million which have been included in transaction costs.

Segment Information

12 Months Ended

Dec. 31, 2025

Disclosure of operating segments [abstract]

Segment Information

6.

Segment information

The Company’s reportable segments are organized by business line and are comprised of four reportable segments: liquor retail, cannabis retail, cannabis operations, and investments.

Liquor retail includes the sale of wines, beers and spirits through owned liquor stores. Cannabis retail includes the private sale of adult-use cannabis products and accessories through corporate-owned, controlled and franchised retail cannabis stores. Cannabis operations include the cultivation, distribution and sale of cannabis for the adult-use and medical markets domestically and for export, and providing proprietary cannabis processing services, in addition to product development, manufacturing, and commercialization of cannabis consumer packaged goods. Investments include the deployment of capital to investment opportunities. Certain overhead expenses not directly attributable to any operating segment are reported as “Corporate”.


	Cannabis Retail		Cannabis Operations			Intersegment Eliminations			Cannabis Total		Liquor Retail		Investments		Corporate			Total
As at December 31, 2025
Total assets (1)		219,462		211,625			—			431,087		324,447		397,537		182,846			1,335,917
Year ended December 31, 2025
Net revenue (2)		330,242		144,656			(68,129	)		406,769		539,632		—		—			946,401
Gross profit		86,053		32,944			—			118,997		139,651		—		—			258,648
Operating income (loss)		30,332		(1,754	)		—			28,578		36,516		4,209		(75,652	)		(6,349	)
Earnings (loss) before income tax		27,663		(1,793	)		—			25,870		32,420		4,209		(78,273	)		(15,774	)

(1)

As at December 31, 2025, cash and cash equivalents have been allocated to Corporate from Investments.

(2)

The Company has eliminated $68.1 million for the year ended December 31, 2025 of cannabis operations revenue and equal cost of sales associated with sales to provincial boards that are expected to be subsequently repurchased by the Company’s licensed retail subsidiaries for resale, at which point the full retail sales revenue will be recognized.


	Cannabis Retail			Cannabis Operations		Intersegment Eliminations			Cannabis Total			Liquor Retail		Investments(1)			Corporate			Total
As at December 31, 2024
Total assets		195,823			230,021		—			425,844			326,061		577,522			19,815			1,349,242
Year ended December 31, 2024
Net revenue (2)		311,689			109,470		(55,970	)		365,189			555,259		—			—			920,448
Gross profit		78,827			21,798		—			100,625			139,706		—			—			240,331
Operating income (loss)		(1,742	)		2,663		—			921			34,781		(50,013	)		(89,500	)		(103,811	)
Earnings (loss) before income tax		(5,250	)		2,105		—			(3,145	)		30,665		(50,588	)		(82,541	)		(105,609	)

(1)

Total assets include cash and cash equivalents.

(2)

The Company has eliminated $56.0 million for the year ended December 31, 2024 of cannabis operations revenue and equal cost of sales associated with sales to provincial boards that are expected to be subsequently repurchased by the Company’s licensed retail subsidiaries for resale, at which point the full retail sales revenue will be recognized.

Geographical disclosure

As at December 31, 2025, the Company had non-current assets related to credit investments in the United States of $385.5 million (December 31, 2024 — $413.1 million). For the year ended December 31, 2025, share of profit of equity-accounted investees related to operations in the United States was a loss of $3.6 million (year ended December 31, 2024 — loss of $65.5 million). All other non-current assets relate to operations in Canada and revenues from external customers relate to operations in Canada.

Restricted Cash

12 Months Ended

Dec. 31, 2025

Cash [abstract]

Restricted Cash

7.

Restricted cash


As at	December 31, 2025		December 31, 2024
Captive insurance		20,081		19,815

The Company has secured insurance coverage for its directors and officers through two separate captive insurance structures (note 3).

Accounts Receivable

12 Months Ended

Dec. 31, 2025

Subclassifications of assets, liabilities and equities [abstract]

Accounts Receivable

8.

Accounts receivable


As at	December 31, 2025		December 31, 2024
Trade receivables		24,096		24,548
Other receivables		3,547		3,570
		27,643		28,118

The Company has calculated ECLs based on lifetime expected credit losses, taking into consideration historical credit loss experience and financial factors specific to the debtors and general economic conditions. Refer to note 32 for credit risk disclosures.

Biological Assets

12 Months Ended

Dec. 31, 2025

Disclosure of reconciliation of changes in biological assets [abstract]

Biological Assets

9.

Biological assets

The Company’s biological assets consist of cannabis plants in various stages of vegetation, including plants which have not been harvested. The change in carrying value of biological assets is as follows:


As at	December 31, 2025			December 31, 2024
Balance, beginning of year		1,187			429
Increase in biological assets due to capitalized costs		16,082			7,026
Net change in fair value of biological assets		2,322			(675	)
Transferred to inventory upon harvest		(16,471	)		(5,593	)
Balance, end of year		3,120			1,187

Biological assets are valued in accordance with International Accounting Standard 41 – Agriculture and are presented at their fair value less costs to sell up to the point of harvest. This is determined using a model which estimates the expected harvest yield in grams for plants currently being cultivated, and then adjusts that amount for the expected selling price less costs to produce and sell per gram.

The fair value measurements for biological assets have been categorized as Level 3 fair values based on the inputs to the valuation technique used. The Company’s method of accounting for biological assets attributes value accretion on a straight-line basis throughout the life of the biological asset from initial cloning to the point of harvest.

The Company estimates the harvest yields for cannabis at various stages of growth. As at December 31, 2025, it is estimated that the Company’s biological assets will yield approximately 12,189 kilograms (December 31, 2024 — 4,500 kilograms) of dry cannabis when harvested. During the year ended December 31, 2025, the Company harvested 29,693 kilograms of dry cannabis (year ended December 31, 2024 — 10,464 kilograms).

Inventory

12 Months Ended

Dec. 31, 2025

Classes of current inventories [abstract]

Inventory

10.

Inventory


As at	December 31, 2025		December 31, 2024
Retail liquor		75,145		73,538
Retail cannabis		16,348		21,783
Harvested cannabis
Work-in-progress		2,203		1,417
Finished goods		4,342		1,205
Manufactured cannabis
Dried cannabis & biomass		2,270		2,359
Work in progress		12,577		14,915
Finished goods		5,600		4,938
Packaging supplies and consumables		8,392		7,764
		126,877		127,919

During the year ended December 31, 2025, inventories of $686.2 million were recognized in cost of sales as an expense (year ended December 31, 2024 — $677.5 million).

During the year ended December 31, 2025, the Company recognized inventory write downs of $2.7 million (year ended December 31, 2024 — $3.7 million).

Assets Held for Sale

12 Months Ended

Dec. 31, 2025

Assets Held For Sale [Abstract]

Assets Held for Sale

11.

Assets held for sale

Assets held for sale are measured at their fair value less costs to sell and comprised of the following:


As at	December 31, 2025		December 31, 2024
Olds facility		—		18,800
Extraction equipment		746		251
		746		19,051

The Olds facility, located in Olds, Alberta, had a primary purpose to cultivate cannabis for the adult-use market. Upon closing the Olds facility, management committed to a plan to sell the Olds facility and classified the asset as available for sale. During the year ended December 31, 2025, management concluded that the Olds facility no longer met certain criteria for assets held for sale due to secondary commercial real estate market conditions in Alberta and therefore reclassified it back to property, plant and equipment.

During the year ended December 31, 2024, the Company concluded that the Stellarton facility no longer met certain criteria for assets held for sale due to secondary commercial real estate market conditions in Nova Scotia. The facility was reclassified to property, plant and equipment and a $1.3 million impairment loss was recognized in the cannabis operations reporting segment.

Right Of Use Assets

12 Months Ended

Dec. 31, 2025

Disclosure of quantitative information about right-of-use assets [abstract]

Right Of Use Assets

12.

right of use assets


Cost
Balance at December 31, 2023	199,032
Acquisitions (note 5(a), note 5(b))	3,279
Additions	1,499
Renewals, remeasurements and dispositions	13,441
Balance at December 31, 2024	217,251
Additions	9,634
Renewals, remeasurements and dispositions	43,706
Balance at December 31, 2025	270,591

Accumulated depreciation and impairment
Balance at December 31, 2023	69,353
Depreciation	31,375
Impairment	1,088
Balance at December 31, 2024	101,816
Depreciation	32,013
Impairment reversal	(1,591	)
Balance at December 31, 2025	132,238

Net book value
Balance at December 31, 2024	115,435
Balance at December 31, 2025	138,353

For the year ended December 31, 2025, renewals, remeasurements and dispositions of $43.7 million mainly related to lease renewals for which the Company reassessed likely terms.

For the year ended December 31, 2025, the Company recorded the following net impairment losses (reversals) on right of use assets:


	Reporting Segment
Three months ended	Liquor retail		Cannabis retail			Total
March 31, 2025		—		(468	)		(468	)
June 30, 2025		—		(586	)		(586	)
September 30, 2025		—		(461	)		(461	)
December 31, 2025		—		(76	)		(76	)
		—		(1,591	)		(1,591	)

Refer to note 13 for the significant assumptions applied in the impairment test.

For the year ended December 31, 2024, the Company recorded the following net impairment losses (reversals) on right of use assets:


	Reporting Segment
Three months ended	Liquor retail			Cannabis retail			Total
March 31, 2024		(159	)		1,756			1,597
June 30, 2024		(132	)		(283	)		(415	)
September 30, 2024		(192	)		98			(94	)
December 31, 2024		—			—			—
		(483	)		1,571			1,088

Property, Plant and Equipment

12 Months Ended

Dec. 31, 2025

Property, plant and equipment [abstract]

Property, Plant and Equipment

13.

Property, plant and equipment


	Land			Production facilities			Leasehold improvements			Equipment			Construction in progress			Total
Cost
Balance at December 31, 2023		20,953			179,156			76,899			99,164			8,674			384,846
Acquisitions (note 5(a), note 5(b))		335			15,635			1,110			5,170			—			22,250
Additions		—			—			800			6,831			983			8,614
Transfers from CIP		—			—			—			983			(983	)		—
Transfer to assets held for sale		(11,834	)		(143,540	)		—			(411	)		(6,013	)		(161,798	)
Dispositions		—			—			(559	)		(2,834	)		(90	)		(3,483	)
Balance at December 31, 2024		9,454			51,251			78,250			108,903			2,571			250,429
Additions		—			—			3,765			6,019			5,153			14,937
Transfers from CIP		—			—			2,571			—			(2,571	)		—
Transfer from (to) assets held for sale		—			18,800			—			(507	)		—			18,293
Dispositions		—			(532	)		(6	)		(2,743	)		—			(3,281	)
Balance at December 31, 2025		9,454			69,519			84,580			111,672			5,153			280,378

Accumulated depreciation and impairment
Balance at December 31, 2023		—			145,420			28,448			52,241			5,821			231,930
Depreciation		—			1,351			10,222			11,174			—			22,747
Impairment (recovery)		—			—			15			(111	)		—			(96	)
Transfer to assets held for sale		—			(141,811	)		—			(165	)		(5,821	)		(147,797	)
Dispositions		—			—			(559	)		(1,606	)		—			(2,165	)
Balance at December 31, 2024		—			4,960			38,126			61,533			—			104,619
Depreciation		—			1,664			8,938			10,851			—			21,453
Impairment (recovery)		689			4,943			(1,044	)		(379	)		—			4,209
Dispositions		—			—			(113	)		(1,690	)		—			(1,803	)
Balance at December 31, 2025		689			11,567			45,907			70,315			—			128,478

Net book value
Balance at December 31, 2024		9,454			46,291			40,124			47,370			2,571			145,810
Balance at December 31, 2025		8,765			57,952			38,673			41,357			5,153			151,900

During the year ended December 31, 2025, depreciation expense of $4.3 million was capitalized to biological assets and inventory (year ended December 31, 2024 – $2.5 million).

During the year ended December 31, 2025, the Company determined that indicators of impairment existed relating to certain land, production facilities and machinery and equipment, due to the consolidation of the Company’s edible facilities as part of its integration strategy. The estimated recoverable amount of the assets was determined to be their fair value less costs of disposal and an impairment of $3.1 million was recorded to write down the assets to their recoverable amount of $3.5 million. The fair value measurement is categorized within Level 3 of the fair value hierarchy. The impairment was recognized in the Company’s cannabis operations reporting segment.

During the year ended December 31, 2025, the Company determined that indicators of impairment existed relating to the Stellarton facility due to slow moving market conditions. The estimated recoverable amount of the facility was determined to be its fair value less costs of disposal and an impairment of $2.7 million was recorded to write down the facility to its recoverable amount of $2.4 million. The fair value measurement is categorized within Level 3 of the fair value hierarchy. The impairment was recognized in the Company’s cannabis operations reporting segment.

During the year ended December 31, 2025, the Company determined that indicators of impairment existed relating to one cannabis retail store due to underperforming store level operating results, as well as indicators of impairment reversal relating to eight previously impaired cannabis retail stores showing improved store level operating results.

For impairment testing of retail property, plant and equipment and right of use assets, the Company determined that a CGU was defined as each individual retail store. The Company completed impairment tests for each CGU determined to have an indicator of potential impairment or impairment reversal using a discounted cash flow model. The recoverable amounts for each CGU were based on the higher of its estimated value in use and fair value less costs of disposal using Level 3 inputs. The significant assumptions applied in the impairment test are described below:

•

Cash flows: Projected future sales and earnings for cash flows are based on actual operating results and operating forecasts. Management determined forecasted growth rates of sales based on past performance, expectations of future performance for each location and industry averages. Expenditures were based upon a combination of historical percentages of revenue, sales growth rates, forecasted inflation rates and contractual lease payments. The duration of the cash flow projections for individual CGUs is 5 years or based on the remaining lease term of the CGU.

•

Discount rate: A pre-tax discount rate range of 11% – 15.5% was estimated and is based on market assessments of the time value of money and CGU specific risks to determine the weighted average cost of capital for the given CGU.

For the year ended December 31, 2025, the Company recorded the following net impairment losses (reversals) on retail property, plant and equipment:


	Reporting Segment
Three months ended	Liquor retail		Cannabis retail			Total
March 31, 2025		—		(263	)		(263	)
June 30, 2025		—		(487	)		(487	)
September 30, 2025		—		(567	)		(567	)
December 31, 2025		—		(277	)		(277	)
		—		(1,594	)		(1,594	)

The Company also recorded impairment losses and impairment reversals of right of use assets (note 12).

For the year ended December 31, 2024, the Company recorded the following net impairment losses (reversals) on retail property, plant and equipment:


	Reporting Segment
Three months ended	Liquor retail			Cannabis retail			Total
March 31, 2024		(766	)		772			6
June 30, 2024		224			(215	)		9
September 30, 2024		(1,050	)		886			(164	)
December 31, 2024		—			—			—
		(1,592	)		1,443			(149	)

Net Investment In Subleases

12 Months Ended

Dec. 31, 2025

Disclosure Of Net Investment In Subleases [Abstract]

Disclosure of Net Investment in Subleases Explanatory

14.

Net investment in subleases


	December 31, 2025			December 31, 2024
Balance, beginning of year		18,186			21,366
Additions		—			716
Finance income		612			763
Rents recovered (payments made directly to landlords)		(3,342	)		(3,558	)
Dispositions and remeasurements		(1,038	)		(1,101	)
Balance, end of year		14,418			18,186

Current portion		2,775			2,832
Long-term		11,643			15,354

Net investment in subleases represent leased retail stores that have been subleased to certain franchise partners. These subleases are classified as a finance lease as the sublease terms are for the remaining term of the head lease.

Intangible assets

12 Months Ended

Dec. 31, 2025

Disclosure of detailed information about intangible assets [abstract]

Intangible Assets

15.

Intangible assets


	Brands and trademarks		Franchise agreements		Software		Retail licenses		Total
Cost
Balance at December 31, 2023		81,900		10,000		5,556		750		98,206
Acquisition (note 5(a))		—		—		—		2,505		2,505
Additions		—		—		33		3,227		3,260
Balance at December 31, 2024		81,900		10,000		5,589		6,482		103,971
Balance at December 31, 2025		81,900		10,000		5,589		6,482		103,971

Accumulated amortization and impairment
Balance at December 31, 2023		20,447		3,061		1,549		—		25,057
Amortization		172		1,253		919		245		2,589
Impairment		15,000		—		—		—		15,000
Balance at December 31, 2024		35,619		4,314		2,468		245		42,646
Amortization		173		1,250		897		485		2,805
Balance at December 31, 2025		35,792		5,564		3,365		730		45,451

Net book value
Balance at December 31, 2024		46,281		5,686		3,121		6,237		61,325
Balance at December 31, 2025		46,108		4,436		2,224		5,752		58,520

Brands and trademarks are related to intellectual property purchased from Sun 8 Holdings Inc. (“Sun 8”) with a useful life of 15 years, intellectual property acquired through the acquisition of Inner Spirit Holdings Ltd. (“Inner Spirit”) consisting of proprietary rights to brands and trademarks with an indefinite useful life, intellectual property acquired through the acquisition of Alcanna Inc. (“Alcanna”) and The Valens Company Inc. (“Valens”) with indefinite useful lives. The brands and trademarks acquired from Inner Spirit, Alcanna and Valens were determined to have an indefinite useful life due to the fact that there is no foreseeable limit to the period over which the asset is expected to generate net cash inflows.

Franchise agreements consist of intellectual property acquired through the acquisition of Inner Spirit consisting of franchise relationships with a useful life of 8 years.

Software is comprised of licenses with useful lives ranging from 4 to 9 years acquired through the acquisition of Alcanna and are amortized using the straight-line method over the life of the license.

Liquor retail licenses acquired through the acquisition of Alcanna have an indefinite life and are therefore not amortized. The liquor retail licenses do not expire, but rather are subject to an administrative extension process each year indefinitely.

During the year ended December 31, 2024, the Company finalized the addition of two Saskatchewan liquor licenses with indefinite lives for $3.2 million. Cannabis retail licenses acquired through the acquisition of Lightbox are amortized using the straight-line method over the life of the lease term of the stores.

During the year ended December 31, 2024, the Company determined that indicators of impairment existed regarding the intellectual property and rights pertaining to the Inner Spirit acquisition due to adverse market conditions and planned corporate Spiritleaf store rebranding. The estimated recoverable amount was determined to be $4.5 million based on a discounted cash flow model using a relief from royalty model and an impairment of $15.0 million was recorded in the cannabis retail reporting segment.

Investments

12 Months Ended

Dec. 31, 2025

Disclosure Of Investments [Abstract]

Investments

16.

Investments


As at	December 31, 2025		December 31, 2024
Investments at amortized cost		822		27,934
Investments at FVOCI		11,236		8,053
		12,058		35,987

Current portion		484		27,560
Long-term		11,574		8,427

Investments at amortized cost

Indiva

The Company had a loan outstanding to Indiva with a principal balance of $17.8 million and a maturity date of February 24, 2026. The Company closed the Indiva Transaction on November 4, 2024. The term loan was extinguished as part of the business combination and forms part of the consideration transferred (note 5(b)).

Delta 9

On July 5, 2024, the Company announced that it had completed the acquisition of the principal indebtedness of Delta-9 Cannabis Inc. (“Delta 9”) for a purchase price of $28.1 million. The investment consisted of a 5 year commercial mortgage bearing interest at an annual interest rate of 4.55% with an amortization period of 12 years and a revolving overdraft bearing interest at an annual interest rate of prime rate plus 2.45%.

In March 2025, the Company received payment for the entire balance including fees.

Other

The Company has loans outstanding to franchise partners with a total balance of $0.8 million, maturity dates ranging from June 2026 to June 2030, and annual interest rates ranging from 7.5% – 14%.

Investments at fAIR vALUE tHROUGH OTHER COMPREHENSIVE INCOME

During the year ended December 31, 2025, the Company acquired an additional $15.9 million of investments in listed common shares that are not held for trading, for which the Company irrevocably elected at initial recognition to designate at fair value through other comprehensive income. During the year ended December 31, 2025, the Company disposed of $11.8 million of investments in listed common shares for proceeds of $18.1 million, recognizing a gain of $6.3 million in other comprehensive income. The remaining shares were marked to market to $11.2 million as a Level 1 investment and the corresponding $1.0 million loss was recognized in other comprehensive income.

During the year ended December 31, 2024, the Company acquired $6.2 million of investments in listed common shares that are not held for trading, for which the Company irrevocably elected at initial recognition to designate at fair value through other comprehensive income. The shares were marked to market to $8.1 million as a level 1 investment and the corresponding $1.9 million gain was recognized in other comprehensive income.

Equity-Accounted Investees

12 Months Ended

Dec. 31, 2025

Disclosure Of Interests In Other Entities [Abstract]

Equity-Accounted Investees

17.

Equity-accounted investees


As at	December 31, 2025		December 31, 2024
Interest in joint venture		385,534		413,124

SunStream is a joint venture in which the Company has a 50% ownership interest. SunStream is a private company, incorporated under the Business Corporations Act (Alberta), which provides growth capital that pursues indirect investment and financial services opportunities in the cannabis sector, as well as other investment opportunities.

SunStream is structured separately from the Company, and the Company has a residual interest in the net assets of SunStream. Accordingly, the Company has classified its interest in SunStream as a joint venture, which is accounted for using the equity-method.

The current investment portfolio of SunStream is comprised of secured debt, hybrid debt and derivative instruments with United States based cannabis businesses. These investments are recorded at fair value each reporting period with any changes in fair value recorded through profit or loss. SunStream actively monitors these investments for changes in credit risk, market risk and other risks specific to each investment.

The following table summarizes the carrying amount of the Company’s interest in the joint venture:


	Carrying amount
Balance at December 31, 2023		538,331
Capital refunds		(168	)
Share of net loss		(65,459	)
Share of other comprehensive income (taxes at 23%)		40,893
Distributions		(100,473	)
Balance at December 31, 2024		413,124
Share of net loss		(3,605	)
Share of other comprehensive loss		(19,233	)
Distributions		(4,752	)
Balance at December 31, 2025		385,534

SunStream is a related party due to it being classified as a joint venture of the Company. Capital contributions to the joint venture and distributions received from the joint venture are classified as related party transactions.

The following table summarizes the financial information of SunStream:


As at	December 31, 2025			December 31, 2024
Current assets (including cash and cash equivalents - 2025: $0.7 million, 2024: $0.9 million)		5,021			1,943
Non-current assets		377,137			408,233
Current liabilities		(1,047	)		(762	)
Net assets (liabilities) (100%)		381,111			409,414

Year ended December 31	2025			2024
(Loss) revenue		(1,056	)		(61,916	)
(Loss) profit from operations		(3,034	)		(64,669	)
Other comprehensive (loss) income		(19,233	)		40,893
Total comprehensive loss		(22,080	)		(23,747	)

Goodwill

12 Months Ended

Dec. 31, 2025

Goodwill [Abstact]

Goodwill

18.

Goodwill


Net book value
Balance at December 31, 2023			119,282
Acquisitions through business combinations (note 5(a))			4,966
Balance at December 31, 2024			124,248
Balance at December 31, 2025			124,248

impairment test

The Company considers its groups of CGUs for impairment testing based on the interdependence of cash flows between different segments of the business, lowest level of cash flows within each segment and how management monitors operations. As such, the groups of CGUs are defined as Liquor retail, Cannabis retail, Cannabis operations – manufacturing and Cannabis operations - growing.

For the purpose of impairment testing, goodwill has been allocated as follows:


	December 31, 2025		December 31, 2024
Liquor retail		24,338		24,338
Cannabis retail		47,888		47,888
Cannabis operations - manufacturing		52,022		52,022
		124,248		124,248

On December 31, 2025 and December 31, 2024, the Company performed its annual goodwill impairment test in accordance with its policy described in note 3.

For the purpose of impairment testing at December 31, 2025, intangible assets with indefinite lives were allocated to the Company’s CGU groups as follows: (i) $6.0 million to the cannabis retail CGU group, (ii) $41.5 million to the liquor retail CGU group and (iii) $1.5 million to the cannabis operations – manufacturing CGU group.

The impairment test for the Company’s cannabis operations – manufacturing CGU groups used a fair value less costs of disposal model. The key assumptions used to calculate the fair value less cost of disposal are market revenue and EBITDA multiples (where applicable) which are considered Level 2 fair value assumptions. The impairment test for the Company’s liquor retail and cannabis retail CGU groups used a value in use approach based on internal cash flow estimates at December 31, 2025, and a discount rate of 12.25% and 14% respectively. The discount rate was estimated based on the Company’s weighted average cost of capital, adjusted for risks specific to the CGU group. The estimated cash flows were based on a 5-year model taking into account the overall forecasted Canadian liquor, spirits and adult-use cannabis industry market growth projections. A terminal value thereafter was applied.

The Company concluded that the recoverable amounts of the CGU groups exceeded their carrying amounts and, therefore, goodwill was not impaired.

For the purpose of impairment testing at December 31, 2024, intangible assets with indefinite lives were allocated to the Company’s CGU groups as follows: (i) $6.0 million to the cannabis retail CGU group, (ii) $41.5 million to the liquor retail CGU group and (iii) $1.5 million to the cannabis operations – manufacturing CGU group.

The impairment test for the Company’s cannabis operations – manufacturing CGU groups used a fair value less costs of disposal model. The key assumptions used to calculate the fair value less cost of disposal are market revenue and EBITDA multiples (where applicable) which are considered Level 2 fair value assumptions. The impairment test for the Company’s liquor retail and cannabis retail CGU groups used a value in use approach based on internal cash flow estimates at December 31, 2024, and a discount rate of 11.5% and 13.5% respectively. The discount rate was estimated based on the Company’s weighted average cost of capital, adjusted for risks specific to the CGU group. The

estimated cash flows were based on a 5-year model taking into account the overall forecasted Canadian liquor, spirits and adult-use cannabis industry market growth projections. A terminal value thereafter was applied.

The Company concluded that the recoverable amounts of the CGU groups exceeded their carrying amounts and, therefore, goodwill was not impaired.

Accounts Payable and Accrued Liabilities

12 Months Ended

Dec. 31, 2025

Subclassifications of assets, liabilities and equities [abstract]

Accounts Payable and Accrued Liabilities

19.

Accounts payable and accrued liabilities

Derivative Warrants

12 Months Ended

Dec. 31, 2025

Derivative Warrant Liabilities [Abstract]

Derivative Warrants

20.

Derivative warrants


	December 31, 2025			December 31, 2024
Balance, beginning of year		26			4,400
Change in fair value recognized in profit or loss		(26	)		(4,374	)
Balance, end of year		—			26

On August 18, 2025, the 50,000 remaining 2020 series A warrants expired. These warrants were issued in 2020 as part of a registered equity offering. As at December 31, 2025, there were no derivative warrants outstanding.

On September 18, 2024, an additional 9.8 million warrants expired. These warrants were issued in 2021 as part of a series of registered equity offerings.

On January 20, 2024, the 50,000 remaining unsecured convertible note warrants expired. The unsecured convertible notes warrants were issued in 2020 as part of the Company’s debt restructuring transactions. A total of 1.45 million derivative warrants were issued in such transactions, of which 1.4 million were exercised during the year ended December 31, 2020.

Lease Liabilities

12 Months Ended

Dec. 31, 2025

Lease liabilities [abstract]

Lease Liabilities

21.

Lease LIABILITIES


	December 31, 2025			December 31, 2024
Balance, beginning of year		152,273			167,029
Acquisitions		—			3,114
Additions		9,634			2,212
Lease payments		(42,587	)		(40,510	)
Renewals, remeasurements and dispositions		42,790			12,038
Tenant inducement allowances received		303			693
Accretion expense		7,520			7,697
Balance, end of year		169,933			152,273

Current portion		35,462			34,256
Long-term		134,471			118,017

During the year ended December 31, 2025, renewals, remeasurements and dispositions of $42.8 million mainly related to lease renewals for which the Company reassessed likely terms.

The following table presents the contractual undiscounted cash flows, excluding periods covered by lessee lease extension options that have been included in the determination of the lease term, related to the Company’s lease liabilities as at December 31, 2025:


	December 31, 2025
Less than one year		42,427
One to three years		72,134
Three to five years		38,752
Thereafter		22,343
Minimum lease payments		175,656

The Company has short-term leases with lease terms of 12 months or less as well as low-value leases. As these costs are incurred, they are recognized as general and administrative expense. These costs were immaterial in 2025 and 2024.

Other Liabilities

12 Months Ended

Dec. 31, 2025

Disclosure Of Other Liabilities [Abstract]

Other Liabilities

22.

Other liabilities


	December 31, 2025		December 31, 2024
Financial guarantee liability (A)		147		219
Deferred share units liability (B)		7,624		7,093
Loyalty liability		270		—
		8,041		7,312

A)

Financial guarantee liability

For franchise operated locations where the Company provided an indemnity for its franchisees, lease payments are made directly to the landlord by the franchisee, and the obligation to make lease payments would only revert to the Company if a franchisee defaulted on their obligations under the terms of the sub-lease or lease. The Company has made an estimate of ECLs in the event of default by the franchisees in making lease payments. This amount is recognized as a financial guarantee liability in the consolidated statement of financial position, and changes in the estimated liability are recognized as a financial guarantee liability expense within other (expenses) income (note 29) in the consolidated statement of loss and comprehensive loss.

B)

DSU liability

DSUs are granted to directors and generally vest in equal instalments over one year. DSUs are settled by making a cash payment to the holder, equal to the fair value of the Company’s common shares calculated at the date of such payment. DSUs are accounted for as a liability instrument and measured at fair value based on the market value of the Company’s common shares at each period end. Changes in the fair value are recognized within share-based compensation expense (note 25(d)).

Income Taxes

12 Months Ended

Dec. 31, 2025

Major components of tax expense (income) [abstract]

Income Taxes

23.

Income taxes

The following table reconciles the expected income tax expense (recovery) at the Canadian federal and provincial statutory income tax rates to the amounts recognized in profit and loss for the years ended December 31, 2025 and December 31, 2024:


	December 31, 2025			December 31, 2024
Loss before taxes		(15,774	)		(105,609	)
Statutory income tax rates		23.0	%		23.0	%
Expected income tax recovery		(3,628	)		(24,290	)
Non-deductible costs		20,222			3,059
Non-deductible portion of capital losses		46			67
Deferred adjustments		—			18,404
Deferred tax benefits not recognized		(16,640	)		(6,645	)
Income tax (recovery) expense		—			(9,405	)

Details of the deferred tax assets (liabilities) are as follows:


	December 31, 2025			December 31, 2024
Deferred tax assets (liabilities):
Property, plant and equipment		(5,829	)		—
Net investment in subleases		(3,316	)		(4,183	)
Intangible assets		(13,208	)		(14,099	)
Lease liabilities		22,395			18,324
Other		(42	)		(42	)
Net deferred tax asset (liability)		—			—

Deferred tax assets have not been recognized for the following deductible temporary differences:


	December 31, 2025		December 31, 2024
Unrecognized deductible temporary differences:
Property, plant and equipment		183		39,179
Share issue costs		10,139		21,470
Investments		4,387		4,196
Lease liabilities		72,496		75,217
Financial obligations and other		7,626		3,917
Inventory and biological assets		3,613		37,400
Non-capital losses & scientific research and experimental development		923,426		912,200
Capital losses and equity-accounted investees		141,748		119,078
Unrecognized deductible temporary differences		1,163,618		1,212,657

The movement in deferred income tax liability is as follows:


	December 31, 2025		December 31, 2024
Balance, beginning of year		—		—
Recognized in profit and loss		—		(9,405	)
Recognized in other comprehensive income		—		9,405
Balance, end of year		—		—

The Company has $922.8 million (December 31, 2024 — $912.0 million) of non-capital losses available for future periods that will expire prior to 2035-2044.

Share Capital and Warrants

12 Months Ended

Dec. 31, 2025

Share Capital And Warrants [Abstract]

Share Capital and Warrants

24.

Share capital and warrants

A)

Authorized

The authorized capital of the Company consists of an unlimited number of voting common shares and preferred shares with no par value.

B)

Issued and outstanding


		December 31, 2025						December 31, 2024
	Note	Number of Shares			Carrying Amount			Number of Shares			Carrying Amount
Balance, beginning of year			263,021,847			2,346,728			262,775,853			2,375,950
Share issuances			—			—			96,399			164
Share issuance costs			—			—			—			(59	)
Share repurchases			(5,899,897	)		(52,688	)		(5,002,372	)		(45,165	)
Acquisitions			—			—			1,259,536			4,137
Employee awards exercised			6,237,173			16,358			3,892,431			11,701
Balance, end of year			263,359,123			2,310,398			263,021,847			2,346,728

During the year ended December 31, 2025, the Company purchased and cancelled 5.9 million common shares at a weighted average price, excluding commissions, of $2.57 (US$1.79) per common share for a total cost of $15.3 million including commissions. Accumulated deficit was reduced by $37.3 million, representing the excess of the average carrying value of the common shares over their purchase price.

Subsequent to December 31, 2025, the Company purchased and cancelled 4.2 million common shares at a weighted average price, excluding commissions, of $2.13 (US$1.56) per common share for a total cost of $8.9 million including commissions.

During the year ended December 31, 2024, the Company issued 1.1 million common shares as part of the consideration for the Lightbox Transaction (note 5(a)) and 0.1 million common shares for acquiring the rights of a franchise store.

During the year ended December 31, 2024, the Company purchased and cancelled 5.0 million common shares at a weighted average price, excluding commissions, of $2.61 (US$1.84) per common share for a total cost of $13.2 million including commissions. Accumulated deficit was reduced by $31.7 million, representing the excess of the average carrying value of the common shares over their purchase price.

(C)

Common share purchase warrants


	Number of Warrants			Carrying Amount
Balance at December 31, 2023		308,612			2,260
Warrants expired		(190,212	)		(1,593	)
Balance at December 31, 2024		118,400			667
Warrants expired		(64,000	)		(361	)
Balance at December 31, 2025		54,400			306

During the year ended December 31, 2025, the warrants issued in 2020 for the acquisition of intellectual property expired.

During the year ended December 31, 2024, the remaining Inner Spirit warrants that comprised the contingent consideration from the acquisition expired.

The following table summarizes outstanding warrants as at December 31, 2025:


	Warrants outstanding and exercisable
Issued in relation to	Weighted average exercise price		Number of warrants		Weighted average contractual remaining life (years)
Financial services	$	45.98		54,400		3.5

Share-based Compensation

12 Months Ended

Dec. 31, 2025

Disclosure of terms and conditions of share-based payment arrangement [abstract]

Share-based Compensation

25.

Share-based compensation

The Company has a number of share-based compensation plans which include simple and performance warrants, stock options, RSUs and DSUs. During 2019 the Company established the stock option, RSU and DSU plans to replace the granting of simple warrants and performance warrants.

The components of share-based compensation expense are as follows:


	Year ended December 31
	2025		2024
Equity-settled expense
Stock options (B)		—		1
Restricted share units (1) (C)		12,879		15,160
Cash-settled (recovery) expense
Deferred share units (1)(2) (D)		1,026		4,876
		13,905		20,037

(1)

For the year ended December 31, 2024, the Company recognized share-based compensation expense under Nova’s RSU plan of $6 and share-based compensation expense under Nova’s DSU plan of $1,700.

(2)

Cash-settled DSUs are accounted for as a liability and are measured at fair value based on the market value of the Company’s common shares at each period end. Fluctuations in the fair value are recognized during the period in which they occur.

Equity-settled plans

A)

Simple and performance warrants

The Company issued simple warrants and performance warrants to employees, directors and others at the discretion of the Board. Simple and performance warrants granted generally vest annually over a three-year period, simple warrants expire five years after the grant date and performance warrants expire five years after vesting criteria are met.

The following table summarizes changes in the simple and performance warrants during the year ended December 31, 2025 and the year ended December 31, 2024:


	Simple warrants outstanding			Weighted average exercise price		Performance warrants outstanding			Weighted average exercise price
Balance at December 31, 2023		66,700		$	39.77		54,400		$	38.62
Forfeited		(7,520	)		40.04		(4,000	)		39.06
Expired		(20,300	)		6.25		(25,600	)		18.75
Balance at December 31, 2024		38,880		$	57.22		24,800		$	59.07
Forfeited		(5,120	)		171.88		(4,000	)		156.23
Expired		(17,440	)		16.91		—			0.00
Balance at December 31, 2025		16,320		$	64.32		20,800		$	40.38

The following table summarizes outstanding simple and performance warrants as at December 31, 2025:


	Warrants outstanding						Warrants exercisable
Range of exercise prices	Number of warrants		Weighted average exercise price		Weighted average contractual life (years)		Number of warrants		Weighted average exercise price		Weighted average contractual life (years)
Simple warrants
$62.50 - $93.75		16,000		62.50		1.03		16,000		62.50		1.03
$125.00 - $312.50		320		155.19		0.96		320		155.19		0.96
		16,320	$	64.32		1.03		16,320	$	64.32		1.03
Performance warrants
$6.25 - $9.38		6,400		6.25	n/a			6,400		6.25		0.16
$29.69 - $45.31		6,400		31.25	n/a			6,400		31.25		0.16
$62.50 - $93.75		8,000		75.00	n/a			—		—	n/a
		20,800	$	40.38	n/a			12,800	$	18.75		0.16

B)

Stock options

The Company issues stock options to employees and others at the discretion of the Board. Stock options granted generally vest annually over a three-year period and generally expire ten years after the grant date.

The following table summarizes changes in stock options during the year ended December 31, 2025 and the year ended December 31, 2024:


	Stock options outstanding			Weighted average exercise price
Balance at December 31, 2023		853,705		$	17.92
Forfeited		(114,982	)		15.79
Expired		(166,965	)		38.16
Balance at December 31, 2024		571,758		$	12.44
Forfeited		(168,034	)		11.97
Expired		(82,773	)		15.63
Balance at December 31, 2025		320,951		$	11.86

The following table summarizes outstanding stock options as at December 31, 2025:


	Stock options outstanding				Stock options exercisable
Exercise prices	Number of options		Weighted average contractual life (years)		Number of options		Weighted average contractual life (years)
$11.50		10,000		4.41		10,000		4.41
$11.79		301,591		1.05		301,591		1.05
$11.90		8,160		4.49		8,160		4.49
$31.50		1,200		1.98		1,200		1.98
		320,951		1.24		320,951		1.24

C)

Restricted share units

RSUs are granted to employees and the vesting requirements and maximum term are at the discretion of the Board. RSUs are exchangeable for an equal number of common shares.

The following table summarizes changes in RSUs during the year ended December 31, 2025 and the year ended December 31, 2024:


	RSUs outstanding
Balance at December 31, 2023		8,629,716
Granted		5,555,322
Forfeited		(921,922	)
Exercised		(3,892,431	)
Balance at December 31, 2024		9,370,685
Granted		4,082,665
Forfeited		(361,154	)
Exercised		(6,237,173	)
Balance at December 31, 2025		6,855,023

At December 31, 2025, no RSUs were vested or exercisable. During the year ended December 31, 2025, 0.8 million RSUs were granted that included a non-market vesting condition based on the Company’s successful completion of reorganization targets.

Cash-settled plans

D)

Deferred share units

DSUs are granted to directors and generally vest in equal instalments over one year. DSUs are settled by making a cash payment to the holder equal to the fair value of the Company’s common shares calculated at the date of such payment.

The DSU plan was amended for grants made in 2025 and onward, allowing directors who have met the Company’s share ownership guidelines to select a redemption date based on specific criteria. All DSUs granted prior to December 31, 2024 can only be exercised once a director ceases to be on the Board. The fair value of DSUs that will be redeemed within the next year are classified as a current liability within accounts payable.

As at December 31, 2025, the Company recognized a liability of $8.1 million relating to the fair value of cash-settled DSUs (December 31, 2024 – $7.1 million) with $7.6 million included as a non-current liability within other liabilities (note 22) and $0.5 million included as a current liability within accounts payable.

The following table summarizes changes in DSUs during the year ended December 31, 2025 and the year ended December 31, 2024:


	DSUs outstanding
Balance at December 31, 2023		2,398,333
Granted		644,737
Balance at December 31, 2024		3,043,070
Granted		525,433
Balance at December 31, 2025		3,568,503

At December 31, 2025, 3.57 million DSUs were vested and 0.3 million were exercisable (December 31, 2024 – 2.14 million). Subsequent to December 31, 2025, 0.2 million DSUs were exercised based on the redemption dates chosen by the directors.

Net Revenue

12 Months Ended

Dec. 31, 2025

Revenue [abstract]

Net Revenue

26.

NET revenue

Liquor retail revenue is derived from the sale of wines, beers and spirits to customers and proprietary licensing. Cannabis retail revenue is derived from retail cannabis sales to customers, proprietary licensing, franchise revenue consisting of royalty and franchise fee revenue, and other revenue consisting of millwork, supply and accessories revenue. Cannabis operations revenue is derived from contracts with customers and is comprised of sales to provincial boards that sell cannabis through their respective distribution models, sales to licensed producers for further processing, provision of proprietary cannabis processing services, product development, manufacturing and commercialization of cannabis consumer products and sales to medical customers.


	Year ended December 31
	2025			2024
Liquor retail revenue
Retail		537,957			553,847
Proprietary licensing		1,675			1,412
Liquor retail revenue		539,632			555,259
Cannabis retail revenue
Retail		308,690			290,446
Proprietary licensing		16,719			15,410
Franchise		4,833			5,833
Cannabis retail revenue		330,242			311,689
Cannabis operations revenue
Provincial boards		158,636			129,043
Wholesale		41,967			34,535
Analytical testing and other		588			863
Intersegment eliminations		(68,129	)		(55,970	)
Cannabis operations revenue		133,062			108,471
Gross revenue		1,002,936			975,419
Excise taxes (1)		56,535			54,971
Net revenue		946,401			920,448

(1)

Excise tax is only applicable to cannabis operations provincial board revenue.

The Company has recognized the following receivables from contracts with customers:


	December 31, 2025		December 31, 2024
Receivables, included in 'trade receivables' (note 8)		24,096		24,548

Receivables from contracts with customers are typically settled within 30 to 60 days. As at December 31, 2025, an impairment reversal of $5.5 million (December 31, 2024 – $4.9 million) has been recognized on receivables from contracts with customers (note 32).

Investment Income (Loss)

12 Months Ended

Dec. 31, 2025

Investment Income (Loss) [Abstract]

Investment Income (Loss)

27.

Investment INCOME (Loss)


	Year ended December 31
	2025		2024
Interest income from investments at amortized cost		1,432		3,644
Interest and fee income from investments at fair value through profit and loss ("FVTPL")		—		3,859
Interest income from cash		6,004		8,134
Gain (loss) on marketable securities		378		(86	)
		7,814		15,551

Other Operating Expenses

12 Months Ended

Dec. 31, 2025

Other Operating Expenses

28.

Other operating expenses

A)

General and administrative


	Year ended December 31
	2025		2024
Salaries and wages		114,097		121,100
Consulting fees		5,614		4,315
Office and general		48,432		46,706
Professional fees		4,282		6,781
Merchant processing fees		7,081		6,793
Director fees		942		685
Other		1,714		863
		182,162		187,243

B)

Sales and marketing


	Year ended December 31
	2025		2024
Marketing		14,454		10,944
Events		1		28
Media		110		1,032
		14,565		12,004

C)

Restructuring costs

Restructuring costs of $3.3 million for the year ended December 31, 2025 relate to facility rationalization costs, severance costs from workforce reductions, legal costs that relate directly to the restructuring, and salaries and wages of personnel focused on restructuring projects. Restructuring costs of $2.7 million for the year ended December 31, 2024 relate to severance costs from workforce reductions, legal costs that relate directly to the restructuring, and salaries and wages of personnel focused on restructuring projects.

Other (Expenses) Income, Net

12 Months Ended

Dec. 31, 2025

Other (Expenses) Income, Net

29.

OTHER (EXPENSES) Income, net


	Year ended December 31
	2025			2024
Finance (costs) income
Accretion on lease liabilities		(7,520	)		(7,697	)
Change in fair value of investments at FVTPL		—			(575	)
Financial guarantee liability recovery		72			48
Other finance (costs) recoveries		143			300
Interest income		612			763
Total finance costs		(6,693	)		(7,161	)
Change in fair value of derivative warrants		26			4,374
Bargain purchase gain (note 5(b))		—			5,456
Transaction costs		(1,649	)		(3,884	)
Foreign exchange loss		(1,109	)		(583	)
		(9,425	)		(1,798	)

Supplemental Cash Flow Disclosures

12 Months Ended

Dec. 31, 2025

Supplemental Cash Flow Disclosure [Abstract]

Supplemental Cash Flow Disclosures

30.

Supplemental cash flow disclosures


	Year ended December 31
	2025			2024
Cash provided by (used in):
Accounts receivable		1,148			1,761
Biological assets		389			134
Inventory		(2,881	)		2,448
Prepaid expenses and deposits		3,159			6,290
Investments		—			256
Right of use assets		(8,647	)		(1,494	)
Property, plant and equipment		(1,396	)		156
Accounts payable and accrued liabilities		(382	)		(18,344	)
Lease liabilities		9,019			2,350
		409			(6,443	)

Changes in non-cash working capital relating to:
Operating		1,432			(7,447	)
Investing		(1,396	)		383
Financing		373			621
		409			(6,443	)

Loss Per Share

12 Months Ended

Dec. 31, 2025

Earnings per share [abstract]

Loss Per Share

31.

Loss per share


	Year ended December 31
	2025			2024
Weighted average shares outstanding (000s)
Basic and diluted (1)		258,054			264,196
Net earnings (loss) attributable to owners of the Company		(15,774	)		(94,796	)
Per share - basic and diluted	$	(0.06	)	$	(0.36	)

(1)

For the year ended December 31, 2025, there were 54.4 thousand equity classified warrants, 16.3 thousand simple warrants, 20.8 thousand performance warrants, 0.3 million stock options and 6.9 million RSUs that were excluded from the calculation as the impact was anti-dilutive (year ended December 31, 2024 – 118.4 thousand equity classified warrants, 50.0 thousand derivative warrants, 38.9 thousand simple warrants, 24.8 thousand performance warrants, 0.6 million stock options and 9.4 million RSUs).

Financial Instruments

12 Months Ended

Dec. 31, 2025

Disclosure of detailed information about financial instruments [abstract]

Financial Instruments

32.

Financial instruments

The financial instruments recognized on the consolidated statement of financial position are comprised of cash and cash equivalents, restricted cash, marketable securities, accounts receivable, investments at amortized cost, investments at FVOCI, accounts payable and accrued liabilities and derivative warrants.

A)

Fair value

The carrying value of cash and cash equivalents, restricted cash, accounts receivable and accounts payable and accrued liabilities approximate their fair value due to the short-term nature of the instruments. The carrying value of investments at amortized cost approximate their fair value as the fixed interest rates approximate market rates for comparable transactions.

Fair value measurements of marketable securities, investments at FVOCI and derivative warrants are as follows:


			Fair value measurements using
December 31, 2025	Carrying amount		Level 1		Level 2		Level 3
Recurring measurements:
Financial assets
Marketable securities		84		84		—		—
Investments at FVOCI		11,236		11,236		—		—

			Fair value measurements using
December 31, 2024	Carrying amount		Level 1		Level 2		Level 3
Recurring measurements:
Financial assets
Marketable securities		139		139		—		—
Investments at FVOCI		8,053		8,053		—		—
Financial liabilities
Derivative warrants (1)		26		—		—		26

(1)

The carrying amount is an estimate of the fair value of the derivative warrants and is presented as a current liability. The Company has no cash obligation with respect to the derivative warrants, rather it will deliver common shares if and when warrants are exercised.

Level 1 – unadjusted quoted prices in active markets for identical assets or liabilities. An active market for an asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis.

Marketable securities are designated as FVTPL. The fair value of marketable securities is re-measured each reporting period with changes in fair value recognized in profit and loss. The fair value of marketable securities is estimated by using current quoted prices in active markets for identical assets.

Investments at FVOCI are designated as fair value through other comprehensive income. The fair value of investments is re-measured each reporting period with changes in fair value recognized in comprehensive income. The fair value of investments is estimated by using current quoted prices in active markets for identical assets.

Level 2 – quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

As at December 31, 2025, the Company did not have any financial instruments measured at Level 2 fair value.

Level 3 – unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

Derivative warrants are designated as FVTPL. The fair value of derivative warrants is re-measured each reporting period with changes in fair value recognized in profit and loss within finance costs. The fair value of derivative warrants is estimated by using a valuation model. Assumptions used in these calculations include volatility, discount rate and various probability factors.

There were no transfers between Levels 1, 2 and 3 inputs during the year.

B)

Credit risk management

Credit risk is the risk of financial loss if the counterparty to a financial transaction fails to meet its obligations. The Company manages risk over its accounts receivable by issuing credit only to credit worthy counterparties. The Company limits its exposure to credit risk over its investments by ensuring the agreements governing the investments are secured in the event of counterparty default. The Company considers financial instruments to have low credit risk when its credit risk rating is equivalent to investment grade. The Company assumes that the credit risk on a financial asset has increased significantly if it is outstanding past the contractual payment terms. The Company considers a financial asset to be in default when the debtor is unlikely to pay its credit obligations to the Company.

The Company applies the simplified approach under IFRS 9 to accounts receivable and has calculated ECLs based on lifetime expected credit losses, taking into consideration historical credit loss experience and financial factors specific to the debtors and general economic conditions.

Impairment losses on accounts receivable recognized in profit or loss were as follows:


As at	December 31, 2025			December 31, 2024
Net impairment reversal on trade receivables		(563	)		(4,865	)
Impairment reversal on other receivables		—			(584	)
		(563	)		(5,449	)

The movement in the allowance for impairment in respect of accounts receivable during the year ended December 31, 2025 was as follows:


	December 31, 2025			December 31, 2024
Balance, beginning of year		7,351			12,800
Amounts written off		(4,920	)		—
Net remeasurement of impairment loss allowance		(563	)		(5,449	)
Balance, end of year		1,868			7,351

The following table sets forth details of the aging profile of trade accounts receivable and the allowance for expected credit loss:


As at	December 31, 2025			December 31, 2024
Current (less than 30 days)		16,637			21,033
31 - 60 days		4,848			2,093
61 - 90 days		504			1,573
Greater than 90 days		3,975			7,200
Less allowance		(1,868	)		(7,351	)
		24,096			24,548

The Company applies the simplified approach under IFRS 9 for trade receivables by grouping receivables based on shared credit risk characteristics and the days past due. The expected loss rates are based on historical credit losses experienced over a period of 12 months.

The Company applies the general approach under IFRS 9 to other receivables and other investments, which is an assessment of whether the credit risk of a financial instrument has increased significantly since initial recognition. The Company has evaluated the credit risk of its other receivables and investments, taking into consideration the risk of default, historical credit loss experience, financial factors specific to the debtors and general economic conditions and recorded an expected credit loss of $nil during the year ended December 31, 2025.

The maximum amount of the Company’s credit risk exposure is the carrying amounts of cash and cash equivalents, accounts receivable and investments. The Company attempts to mitigate such exposure to its cash by investing only in financial institutions with investment grade credit ratings or secured investments.

C)

Market risk management

Market risk is the risk that changes in market prices will affect the Company’s income or value of its holdings of financial instruments. The Company is exposed to market risk in that changes in market prices will cause fluctuations in the fair value of its marketable securities. The fair value of marketable securities and investments at FVOCI are based on quoted market prices as the Company’s marketable securities and investments at FVOCI are shares held of publicly traded entities.

At December 31, 2025, a 10% change in the market prices would change the fair value of investments at FVOCI by approximately $1.1 million.

D)

Liquidity risk management

Liquidity risk is the risk that the Company cannot meet its financial obligations when due. The Company manages liquidity risk by monitoring operating and growth requirements. Management believes its current capital resources and its ability to manage cash flow and working capital levels will be sufficient to satisfy cash requirements associated with funding the Company’s operating expenses to maintain capacity and fund future development activities for at least the next 12 months. However, no assurance can be given that this will be the case or that future sources of capital will not be necessary.

The timing of expected cash outflows relating to financial liabilities at December 31, 2025 is as follows:


	Less than one year		One to three years		Three to five years		Thereafter		Total
Accounts payable and accrued liabilities		56,747		—		—		—		56,747
Financial guarantee liability		—		147		—		—		147
Loyalty liability		—		270		—		—		270
Balance, end of year		56,747		417		—		—		57,164

Related Party Transactions

12 Months Ended

Dec. 31, 2025

Related Party Transactions

33.

Related party transactions

The Company entered into the following related party transactions during the periods noted, in addition to those disclosed in note 17 relating to the Company’s joint venture.

A former member of key management personnel (retired from SNDL on September 10, 2024) jointly controls a company that owns property leased to SNDL for one of its retail liquor stores. The lease term is from November 1, 2017 to October 31, 2027 and includes extension terms from November 1, 2027 to October 31, 2032 and November 1, 2032 to October 31, 2037. Monthly rent for the location includes base rent, common area costs and sign rent. The rent amounts are subject to increases in accordance with the executed lease agreement. For the period January 1, 2024 to September 10, 2024, the Company paid $125.2 thousand in total rent with respect to this lease.

Compensation of key management personnel

The Company considers the directors and officers of the Company as key management personnel.

Capital Management	12 Months Ended
Capital Management	Dec. 31, 2025
Disclosure of objectives, policies and processes for managing capital [abstract]
Capital Management	34. Capital management The Company defines capital as shareholders’ equity and debt. Except as otherwise disclosed in these consolidated financial statements, there are no restrictions on the Company’s capital. The Company’s objectives with respect to the management of capital are to: • Maintain financial flexibility in order to preserve the ability to meet financial obligations; • Deploy capital to provide an appropriate investment return to shareholders; and • Maintain a capital structure that allows various financing alternatives.

Non-Controlling Interests

12 Months Ended

Dec. 31, 2025

Disclosure of Non Controlling Interests [Abstract]

Non-Controlling Interests

35.

Non-controlling interests

On October 21, 2024, the Company announced that it had completed the acquisition of all of the issued and outstanding common shares of Nova (“Nova Shares”) not already owned by the Company, representing approximately 35% of Nova Shares, by way of a statutory plan of arrangement under the Business Corporations Act (Alberta) for aggregate consideration of approximately $40 million (the “Nova Transaction”).

Pursuant to the Nova Transaction, each holder of Nova Shares (other than SNDL and its affiliates that hold Nova Shares) (“Nova Shareholders”) was entitled to receive $1.75 in cash for each Nova Share held (the “Cash Consideration”), provided that Nova Shareholders could elect to receive, in lieu of the Cash Consideration, 0.58 of a common share of SNDL (“SNDL Shares”) for each Nova Share held (the “Share Consideration” and, collectively with the Cash Consideration, the “Consideration”), subject to proration and a maximum of 50% of the aggregate Consideration being payable in SNDL Shares. Upon the closing of the Nova Transaction, an aggregate of 159,792 SNDL Shares were issued as Share Consideration to Nova Shareholders and an aggregate of $37.3 million was paid as Cash Consideration to validly electing Nova Shareholders.

The following tables provide summarized financial information for the Company’s subsidiary, Nova, that had a material non-controlling interest effective the date of closing of the Alcanna Transaction until October 21, 2024, before inter-company eliminations.

A)

Nova summarized statement of financial position

At December 31, 2025 and 2024, current assets, current liabilities, non-current assets and non-current liabilities were all $nil due to the completion of the Nova Transaction on October 21, 2024.

B)

Nova summarized statement of loss and comprehensive loss

C)

Nova summarized statement of cash flows


	2025		2024
Net cash provided by operating activities		—		17,129
Net cash used in investing activities		—		(16,211	)
Net cash used in financing activities		—		(7,971	)
(Decrease) increase in cash		—		(7,053	)

On October 21, 2024, the Company’s equity interest increased from 65% to 100%. Accordingly, the information relating to Nova’s statement of loss and comprehensive loss and statement of cash flows is only for the period January 1, 2024 to October 21, 2024, prior to the acquisition of non-controlling interest.

Commitments and Contingencies

12 Months Ended

Dec. 31, 2025

Disclosure Of Commitments And Contingencies [Abstract]

Commitments and contingencies

36.

Commitments and contingencies

A)

Commitments

The Company has entered into certain supply agreements to provide dried cannabis and cannabis products to third parties. The contracts require the provision of various amounts of dried cannabis on or before certain dates. Should the Company not deliver the product in the agreed timeframe, financial penalties apply which may be paid either in product in-kind or cash. The Company has settled the existing $2.5 million financial penalty previously accrued and amended its pre-existing data arrangement with the customer.

B)

Contingencies

From time to time, the Company and its subsidiaries are or may become involved in various legal claims and actions which arise in the ordinary course of their business and operations. While the outcome of any such claim or action is inherently uncertain, after consulting with counsel, the Company believes that the losses that may result, if any, will not be material to the consolidated financial statements.

Subsequent Events

12 Months Ended

Dec. 31, 2025

Disclosure of non-adjusting events after reporting period [abstract]

Subsequent events

37.

Subsequent events

acquisition of cost cannabis and t cannabis locations from 1cm

On April 9, 2025, the Company announced that it had entered into an arrangement agreement (the “1CM Agreement”) with 1CM Inc. (“1CM”) pursuant to which it would acquire 32 cannabis retail stores (the “1CM Transaction”) operating under the Cost Cannabis and T Cannabis banners in Ontario, Alberta and Saskatchewan (the “1CM Stores”).

Under the terms of the 1CM Agreement, the Company would acquire, with the option to assign, the 1CM Stores for total consideration of $32.2 million cash, subject to certain adjustments at the closing of the 1CM Transaction. The 1CM Stores are comprised of 2 stores in Alberta, 3 stores in Saskatchewan and 27 stores located in Ontario.

The 1CM Transaction is to be completed by way of an arrangement under the Business Corporations Act (Ontario). On June 16, 2025, 1CM announced the approval of the 1CM Transaction by 1CM shareholders. On June 18, 2025, 1CM

announced that the Ontario Superior Court of Justice (Commercial List) approved the plan of arrangement involving SNDL.

On December 15, 2025, the Company announced that it had entered into an amended and restated arrangement agreement (the “1CM A&R Agreement”). Under the 1CM A&R Agreement, the parties have agreed to, among other things, complete the 1CM Transaction in two stages to align with the status of required provincial regulatory approvals. The aggregate purchase price for the 1CM Transaction has not been amended.

The first closing (“First Closing”) involved the sale of 5 cannabis retail stores located in Alberta and Saskatchewan, where the expected regulatory approvals were expected to be forthcoming at closing. The purchase price for the First Closing was $5.0 million cash, subject to certain adjustments at the time of the applicable closing. Pursuant to the 1CM A&R Agreement, the Company paid a $2.0 million non-refundable cash deposit towards the purchase price in respect of the First Closing.

On January 7, 2026, the Company announced the acquisition of the 5 cannabis retail stores located in Alberta and Saskatchewan from 1CM. The transaction represents the completion of the First Closing.

The second closing (“Second Closing”) involved the sale of the remaining 27 cannabis retail stores, each of which are located in Ontario. The purchase price for the Second Closing will be $27.2 million cash, subject to certain adjustments at the time of the applicable closing. In addition, the outside date for completion of the 1CM Transaction has been extended from December 31, 2025 to May 31, 2026. The previously paid $1.0 million cash deposit from April 2025 will be applied towards the purchase price in respect of the Second Closing. It is anticipated that the Second Closing will occur sometime in the first half of 2026, subject to the satisfaction of certain customary closing conditions and obtaining the required regulatory approvals.

Due to the inherent complexity associated with valuations and the timing of the acquisition, the amounts below are provisional and subject to adjustment.

The fair value of consideration paid was as follows:


	Provisional
Cash		5,000

The preliminary fair value of the assets and liabilities acquired was as follows:


	Provisional
Inventory		385
Prepaid expenses and deposits		10
Right of use assets		554
Property, plant and equipment		1,172
Lease liabilities		(435	)
Total identifiable net assets acquired		1,686
Goodwill		3,314
		5,000

Significant Accounting Policies (Policies)	12 Months Ended
Significant Accounting Policies (Policies)	Dec. 31, 2025
Disclosure Of Significant Accounting Policies [Abstract]
Cash and cash equivalents	CASH AND CASH EQUIVALENTS Cash and cash equivalents include cash on hand, deposits held with banks and other short-term liquid investments with maturities of less than 90 days.
Restricted cash	RESTRICTED CASH Restricted cash is recorded as current assets representing minimum funding requirements for two separate captive insurance structures.
Biological assets	BIOLOGICAL ASSETS The Company’s biological assets consist of cannabis plants. The Company capitalizes all direct and indirect costs related to the biological transformation of the biological assets between the point of initial recognition and the point of harvest, including labour-related costs, consumables, materials, utilities, facilities costs, depreciation and quality and testing costs. Biological assets are then recorded at fair value and consist of cannabis plants in various stages of vegetation, including cannabis clones which have not been harvested. Net unrealized changes in fair value of biological assets less costs to sell during the period are included in the results of operations for the related period. Biological assets are valued in accordance with International Accounting Standard 41 – Agriculture (“IAS 41”) and are presented at their fair values less costs to sell up to the point of harvest. The fair values are determined using a model which estimates the expected harvest yield in grams for plants currently being cultivated, and then adjusts the amount for the expected selling price less costs to produce and sell per gram. The fair value measurements for biological assets have been categorized as Level 3 fair values based on the inputs to the valuation technique used. The Company’s method of accounting for biological assets attributes value accretion on a straight-line basis throughout the life of the biological asset from initial cloning to the point of harvest. The estimated expected harvest yield is based on assumptions of the estimated yield per plant and the weighted average number of growing weeks completed as a percentage of total expected growing weeks as at year end. These estimates are subject to volatility in market prices, market conditions, yields and costs, which could significantly affect the fair value of biological assets in future periods. Differences from the anticipated yield will be reflected in the net change in fair value of biological assets in future periods.
Inventory	INVENTORY Procured and manufactured cannabis Inventory is valued at the lower of cost and net realizable value. Inventory is expensed when sold and is determined using actual costs incurred. Cost of cannabis and biomass is comprised of initial third-party acquisition costs, plus analytical testing costs. Costs of extracted cannabis, hemp oil and finished goods inventory are comprised of initial acquisition cost of the biomass and all direct and indirect processing costs including labour-related costs, consumables, materials, packaging supplies, utilities, facility costs, analytical testing costs and production-related depreciation. Net realizable value is determined as the estimated selling price in the ordinary course of business less the estimated cost of completion and the estimated costs necessary to make the sale. Packaging and supplies are initially valued at cost and subsequently at the lower of cost and net realizable value. Harvested cannabis Inventories of harvested cannabis are valued at the lower of cost and net realizable value. Inventories of harvested cannabis are transferred from biological assets at their fair value less costs to sell up to the point of harvest, which becomes the initial deemed cost. All subsequent direct and indirect post-harvest costs are capitalized to inventory as incurred, including labour-related costs, consumables, materials, packaging supplies, utilities, facilities costs, as well as quality and testing costs. Net realizable value is determined as the estimated selling price in the ordinary course of business less the estimated costs of completion and the estimated costs necessary to make the sale. Cannabis supplies and consumables are initially valued at cost and subsequently at the lower of cost and net realizable value. The valuation of biological assets at the point of harvest is used as the measurement basis for all cannabis-based inventory and, thus, any critical estimates and judgements related to the valuation of biological assets are also applicable to inventory. The valuation of work-in-progress and finished goods also requires the estimate of conversion costs incurred, which become part of the carrying amount of the inventory. Retail inventory Retail inventory at Company controlled stores is valued at the lower of cost and net realizable value. Net realizable value is the estimated selling price in the ordinary course of business, less estimated costs of selling the final product. Cost is determined using the weighted average method and comprises direct purchase costs. Inventory is written down to its net realizable value when the cost of inventory is estimated to be unrecoverable due to obsolescence, damage or declining selling prices. The Company makes estimates related to obsolescence, future selling prices, seasonality, customer behavior and fluctuations in inventory levels.
Property, plant, and equipment	PROPERTY, PLANT, AND EQUIPMENT Property, plant and equipment (“PP&E”) are carried at cost less accumulated depreciation, less any recognized impairment losses. The cost of additions, betterments, renewals, and interest during construction is capitalized. Each part of a component of PP&E with a cost that is significant in relation to the total cost of the component is depreciated separately. When the cost of replacing a portion of a component of PP&E is capitalized, the carrying amount of the replaced component is derecognized. Depreciation of construction in progress assets commences at the later of the assets being ready for their intended use or when a Health Canada producer’s license is granted. The assets’ residual values and useful lives are reviewed, and adjusted as appropriate, at the end of each reporting period. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset are accounted for by adjusting the depreciation period or method, as appropriate, and are treated as changes in accounting estimates. Any gain or loss arising on the disposal or retirement of a component of PP&E is determined as the difference between the sale proceeds and the carrying amount of the asset and is recognized in profit and loss. PP&E are depreciated as they become available for use. Buildings are not depreciated until a producer’s license is obtained, if required for operation. For assets available for use, depreciation is computed either using the straight-line method or the declining balance method over the estimated useful lives of the assets, as described below: • Production facilities — 20 to 50 years • Equipment — 1 to 10 years straight-line and 1 to 5 years declining balance • Right of use assets and leasehold improvements — Shorter of estimated useful life or lease term
Leases	LEASES A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. As a lessee The Company recognizes a right of use asset and a lease liability at the lease commencement date. The right of use asset is initially measured at cost and any direct costs of obtaining the lease, and subsequently at cost less any accumulated depreciation and impairment losses and adjusted for certain remeasurements of the lease liability. Depreciation is recognized on the lease asset over the shorter of the estimated useful life of the asset or the lease term. The lease liability is initially measured at the present value of the lease payments that have not been paid at the commencement date, discounted at the rate implicit in the lease or, if that rate cannot be readily determined, the Company’s incremental borrowing rate. The lease liability is subsequently increased by the interest cost on the lease liability and decreased by lease payments made. Lease payments are allocated between the liability and accretion expense. Accretion expense is recognized on the lease liability using the effective interest rate method and payments are applied against the lease liability. The carrying amounts of the right of use assets, lease liability, and the resulting interest and depreciation expense are based on the implicit interest rate within the lease arrangement or, if this information is unavailable, the incremental borrowing rate. Incremental borrowing rates are based on judgements including economic environment, term, and the underlying risk inherent to the asset. As a lessor When the Company acts as a lessor, it determines at lease inception whether each lease is a finance lease or an operating lease. To classify each lease, the Company makes an overall assessment of whether the lease transfers substantially all of the risks and rewards incidental to ownership of the underlying asset. If this is the case, then the lease is a finance lease; if not, then it is an operating lease. Under a finance lease, the Company recognizes a receivable at an amount equal to the net investment in the lease which is the present value of the aggregate of lease payments receivable by the lessor. Under an operating lease, the Company recognizes lease payments received as income on a straight-line basis over the lease term. When the Company is an intermediate lessor, it accounts for its interests in the head lease and the sub-lease separately. It assesses the lease classification of a sub-lease with reference to the right of use asset arising from the head lease, not with reference to the underlying asset.
Intangible assets	INTANGIBLE ASSETS Intangible assets are recorded at cost less accumulated amortization and impairment losses, if any. Intangible assets acquired in a business combination are measured at fair value at the acquisition date. Amortization of definite life intangibles is provided on a straight-line basis over their estimated useful lives, once the intangible asset is available for use. Intangible assets not yet available for use or with indefinite lives are tested for impairment on an annual basis in accordance with International Accounting Standard 38 – Intangible Assets (“IAS 38”).
Joint arrangements	Joint arrangements Joint arrangements represent activities where the Company has joint control established by a contractual agreement. Joint control requires unanimous consent for the relevant financial and operational decisions. A joint arrangement is either a joint operation, whereby the parties have rights to the assets and obligations for the liabilities, or a joint venture, whereby the parties have rights to the net assets. For a joint operation, the parties consolidate their proportionate share of the assets, liabilities, revenues, expenses and cash flows of the arrangement with items of a similar nature on a line-by-line basis, from the date that joint control commences until the date that joint control ceases. Joint ventures are accounted for using the equity method of accounting and are initially recognized at cost, or fair value if acquired as part of a business combination. Joint ventures are adjusted thereafter for the post-acquisition change in the Company's share of the equity accounted investment's net assets. The Company’s consolidated financial statements include its share of the equity accounted investment's profit or loss and other comprehensive income, until the date that joint control ceases. When the Company’s share of losses exceeds its interest in an equity accounted investee, the carrying amount of that interest, including any long-term investments, is reduced to nil, and the recognition of further losses is discontinued except to the extent that the Company has an obligation or has made payments on behalf of the investee. Distributions from and contributions to investments in equity accounted investees are recognized when received or paid.
Interests in equity-accounted investees	Interests in equity-accounted investees The Company’s interest in equity-accounted investees comprise interests in an associate and a joint venture. Associates are those entities in which the Company has significant influence, but not control or joint control, over the financial and operating policies. A joint venture is an arrangement in which the Company has joint control, whereby the Company has rights to the net assets of the arrangement, rather than rights to assets and obligations for its liabilities. Interests in associates and joint ventures are accounted for using the equity method. They are initially recognized at cost, which includes transaction costs. Subsequent to initial recognition, the consolidated financial statements include the Company’s share of the profit or loss and OCI of equity-accounted investees, until the date on which significant influence or joint control ceases.
Financial instruments	FINANCIAL INSTRUMENTS The Company classifies the fair value of financial instruments according to the following hierarchy based on the amount of observable inputs used to value the instruments: Level 1 – unadjusted quoted prices in active markets for identical assets or liabilities. An active market for an asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2 – quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 – unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Financial assets and liabilities are recognized when the Company becomes a party to the contractual provisions of the instrument. A financial asset or liability is measured initially at fair value plus, for an item not measured at fair value through profit and loss (“FVTPL”), transaction costs that are directly attributable to its acquisition or issuance. (i) Financial assets At initial recognition, a financial asset is classified and measured at: amortized cost, FVTPL or fair value through other comprehensive income (“FVOCI”) depending on the business model and contractual cash flows of the instrument. The Company may make an irrevocable election to designate an equity instrument at FVOCI on a case by case basis when eligible. Financial assets at amortized cost are subsequently measured at amortized cost using the effective interest rate method. The amortized cost is reduced by impairment losses. Interest income, foreign exchange gains and losses and impairment are recognized in profit or loss. Financial assets at FVTPL are subsequently measured at fair value. Net gains and losses, including any interest or dividend income, are recognized in profit or loss. Financial assets at FVOCI are subsequently measured at fair value. Net gains and losses are recognized in other comprehensive income. Dividend income is recognized in profit or loss. Financial assets are derecognized when the rights to receive cash flows from the assets have expired or have been transferred and the Company has transferred substantially all risks and rewards of ownership. A substantial modification to the terms of an existing financial asset results in the derecognition of the financial asset and the recognition of a new financial asset at fair value. In the event that the modification to the terms of an existing financial asset do not result in a substantial difference in the contractual cash flows the gross carrying amount of the financial asset is recalculated and the difference resulting from the adjustment in the gross carrying amount is recognized in profit or loss. The Company’s cash and cash equivalents, restricted cash and accounts receivable, are measured at amortized cost. The Company’s marketable securities are measured at FVTPL. The Company’s investments are measured at amortized cost and FVOCI. (ii) Financial liabilities Financial liabilities are initially measured at amortized cost or FVTPL. Accounts payable and accrued liabilities are initially recognized at the amount required to be paid less any required discount to reduce the payables to fair value. Financial liabilities at FVTPL are measured at fair value and net gains and losses, including any interest expense and foreign exchange gains and losses, are recognized in profit or loss. Financial liabilities are derecognized when the liability is extinguished. A substantial modification of the terms of an existing financial liability is recorded as an extinguishment of the original financial liability and the recognition of a new financial liability. The difference between the carrying amount of a financial liability extinguished and the consideration paid is recognized in profit or loss. Where a financial liability is modified in a way that does not constitute an extinguishment, the modified cash flows are discounted at the liability’s original effective interest rate. Transaction costs paid to third parties in a modification are amortized over the remaining term of the modified debt. The Company’s accounts payable and accrued liabilities and financial guarantee liability (included in other liabilities) are measured at amortized cost. The Company’s derivative warrant liabilities were designated as FVTPL upon initial recognition.
Impairment of assets	IMPAIRMENT OF ASSETS Management assesses and continually monitors internal and external indicators of impairment relating to the Company’s assets. (i) Financial assets The Company applies an expected credit loss (“ECL”) model to all financial assets not held at FVTPL or FVOCI where credit losses that are expected to transpire in future years are provided for, irrespective of whether a loss event has occurred or not as at the statement of financial position date. For trade receivables, the Company has applied the simplified approach under International Financial Reporting Standard 9 – Financial Instruments (“IFRS 9”) and have calculated ECLs based on lifetime expected credit losses, taking into consideration historical credit loss experience and financial factors specific to the debtors and general economic conditions. ECLs are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of the difference between the cash flows due in accordance with the contract and the cash flow the Company expects to receive. ECLs are discounted at the effective interest rate of the financial asset. For financial assets measured at amortized cost, the Company has applied the general approach under IFRS 9 and has calculated ECLs based on lifetime expected credit losses, taking into consideration whether the credit risk of a financial asset has increased significantly since initial recognition. When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating ECLs, the Company considers quantitative and qualitative information and analysis, based on the Company’s historical experience and informed credit assessment, that includes forward-looking information. (ii) Non-financial assets The carrying amounts of the Company’s PP&E, right of use assets and intangible assets are assessed for impairment indicators and impairment reversal indicators at each reporting period end to determine whether there is an indication that such assets have experienced impairment or impairment reversal. If such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss or impairment reversal, if any. An impairment loss is recognized for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s or group of asset’s estimated fair value less costs of disposal and its value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable independent cash inflows (a cash generating unit (“CGU”)). Where an impairment loss is subsequently determined to have reversed, the carrying amount of the asset or CGU is adjusted to the revised estimate of its recoverable amount but limited to the carrying amount that would have been determined had no impairment loss been recognized previously. A reversal of an impairment loss, net of any depreciation that would have been recorded, is recognized immediately in the statements of loss and comprehensive loss. Goodwill is assessed for impairment annually or when facts and circumstances indicate that it might be impaired. Goodwill is tested for impairment at a CGU level or group of CGUs by comparing the carrying amount to the recoverable amount, which is determined as the greater of fair value less costs of disposal and value in use. Any excess of the carrying amount over the recoverable amount is the impaired amount. The recoverable amount estimates are categorized as Level 3 according to the fair value hierarchy. Impairment charges are recognized in profit and loss. Goodwill is reported at cost less any accumulated impairment. Goodwill impairments are not reversed.
Provisions	Provisions A provision is recognized when the Company has a present legal or constructive obligation as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation, and the amount of the obligation can be reliably estimated. The amount of a provision is the best estimate of the consideration at the end of the reporting period. Provisions measured using estimated cash flows required to settle the obligation are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and, where appropriate, the risks specific to the liability. A provision for onerous contracts is recognized when the expected benefits to be derived by the Company from a contract are lower than the unavoidable cost of meeting its obligations under the contract. The Company has no onerous contracts during the years ended and as at December 31, 2025 and 2024.
Non-monetary transactions	NON-MONETARY TRANSACTIONS All non-monetary transactions are measured at the fair value of the asset surrendered or the asset received, whichever is more reliable, unless the transaction lacks commercial substance, or the fair value cannot be reliably established. The lack of commercial substance requirement is met when the future cash flows are expected to change significantly as a result of the transaction. When the fair value of a non-monetary transaction cannot be reliably measured, it is recorded at the carrying amount (after reduction, when appropriate, for impairment) of the asset given up, adjusted by the fair value of any monetary consideration received or given. When the asset received or the consideration given consists of shares in an actively traded market, the value of those shares will be considered fair value.
Compound financial instruments	COMPOUND FINANCIAL INSTRUMENTS The liability component of a compound financial instrument is recognized initially at the fair value of a similar liability which does not have an equity conversion option. The equity component is recognized initially as the difference between the fair value of the compound financial instrument taken as a whole and the fair value of the liability component. Any directly attributable transaction costs are allocated to the liability and equity components in proportion to their initial carrying amounts. Subsequent to initial recognition, the liability component of a compound financial instrument is measured at amortized cost using the effective interest method. The equity component of a compound financial instrument is not re-measured subsequent to initial recognition. Interest and losses and gains relating to the financial liability are recognized in profit and loss. On conversion, the financial liability is reclassified to equity; no gain or loss is recognized on conversion.
Revenue	REVENUE Under International Financial Reporting Standard 15 – Revenue from Contracts with Customers (“IFRS 15”), to determine the amount and timing of revenue to be recognized, the Company follows a five-step model: 1. Identifying the contract with a customer 2. Identifying the performance obligations 3. Determining the transaction price 4. Allocating the transaction price to the performance obligations 5. Recognizing revenue when/as performance obligations are satisfied Cannabis revenue Gross revenue from the direct sale of cannabis for a fixed price is recognized when the Company transfers control of the goods to the customer. Revenue from the performance of manufacturing services for a fixed fee is recognized when the Company transfers control of the manufactured goods to the customer. The transfer of control is specific to each contract and can range from the point of delivery to a specified length of time for the customer to accept the goods. The Company eliminates cannabis revenue and related cost of sales from sales to provincial boards when it is expected to be subsequently repurchased by its licensed retailer subsidiaries for resale, at which point the full retail sales revenue will be recognized. For contracts that permit the customer to return goods, revenue is recognized to the extent that it is highly probable that a significant reversal in the amount of cumulative revenue recognized will not occur. Therefore, the amount of revenue recognized is adjusted for expected returns, which are estimated based on historical data and management’s expectation of future returns. In these circumstances, a refund liability and a right to recover returned goods asset are recognized. The right to recover returned goods asset is measured at the former carrying amount of the inventory less any expected costs to recover goods. The refund liability is included in accounts payable and accrued liabilities and the right to recover returned goods is included in inventory. The Company reviews its estimate of expected returns at each reporting date and updates the amounts of the asset and liability accordingly. Gross revenue earned in Canada includes excise taxes, which the Company pays as principal, but excludes duties and taxes collected on behalf of third parties. Net revenue is gross revenue less excise taxes. Gross revenue is recognized to the extent that it is highly probable that a significant reversal will not occur. Therefore, gross revenue is stated net of expected price discounts, allowances for customer returns and similar items. Generally, payment of the transaction price is due within credit terms that are consistent with industry practices, with no element of financing. Retail revenue Retail revenue consists of sales through corporate stores and e-commerce operations. Revenue at corporate stores is recognized at the point of sale when the customer takes control of the goods or service and is measured at the amount of consideration to which the Company expects to be entitled to, net of estimated returns, and sales incentives. The Company considers its performance obligations to be satisfied at the point of sale. The Company’s goods and services are generally capable of being distinct and are accounted for as a separate performance obligation. Sales through e-commerce operations are recognized when the customer takes control of the goods or services upon delivery and is measured at the amount of consideration to which the Company expects to be entitled, net of estimated returns, and sales incentives. It is the Company’s policy to sell merchandise with a limited right to return. Limited returns are provided through exchanges or refunds. Other revenue Proprietary licensing revenue is generated from proprietary data and analytics services provided to customers. Revenue is recognized when the services are delivered to the customer at a point in time as outlined by the contract. The Company does not operate or manage these services separately from its primary retail sales or operations, and there are no significant costs of sale related to proprietary licensing revenue. Franchise fees are recognized at a point in time when the Company satisfies its performance obligations which is determined to be when the franchise begins operations. Performance obligations include site selection, lease assistance and training. Initial franchise fees are allocated to the performance obligations based on the estimated standalone selling prices. Funds received in advance of a franchise starting operations are recorded as franchise fee deposits. Ongoing royalty and advertisement fees, which are determined on a formula basis in accordance with the terms of the relevant franchise agreement, based on monthly revenues or margins of the franchisees, are recognized as revenue when the contractual performance obligations have been achieved or other service-related performance obligations have been completed. The performance obligations relate to providing support to the franchise partners and stewarding the Spiritleaf brand. While the franchisees are operating under the name Spiritleaf, they utilize the Spiritleaf trademark, thereby, the Company has performed its obligations to recognize the revenue, as per the franchise agreements. Millwork revenue is defined as the proceeds and receivables related to the sale of millwork, which includes store fixtures. Millwork revenue is recognized at a point in time when a contractual exchange agreement has been entered into, and the performance obligation is considered to have been met when the millwork has been delivered to the franchise partner.
Share-based compensation	SHARE-BASED COMPENSATION The Company’s share-based compensation plans include equity-settled awards and cash-settled awards. The fair value of share-based compensation expenses is estimated using the Black-Scholes pricing model and relies on a number of estimates, such as the expected life of the award, the volatility of the underlying share price, the risk-free rate of return and the estimated rate of forfeiture of awards granted. Equity-settled Simple and performance warrants, stock options and restricted share units (“RSUs”) are granted from time to time to employees, directors, and others at the discretion of the Board. The grant date fair value of simple warrants, performance warrants, stock options and RSUs is recognized as share-based compensation expense, with a corresponding increase in contributed surplus, over the vesting period of the awards. On exercise of simple warrants, performance warrants and stock options, the cash consideration received is credited to share capital and the associated amount in contributed surplus is reclassified to share capital. On exercise of RSUs, the associated amount in contributed surplus is reclassified to share capital. Cash-settled DSUs are granted to directors and represent a right for the holder to receive a cash payment equal to the fair value of the Company’s common shares calculated at the date of such payment. Nova DSUs were granted to Nova directors and represented a right for the holder to receive a cash payment equal to the fair value of Nova’s common shares calculated at the date of such payment, or Nova common shares, at the discretion of Nova. All Nova DSUs were settled by October 21, 2024 in connection with the Nova Transaction (as defined in Note 35). DSUs are accounted for as a liability instrument and measured at fair value based on the market value of the Company’s common shares at each period end. The fair value is recognized as share-based compensation over the vesting period. Fluctuations in the fair value are recognized within share-based compensation in the period in which they occur.
Income taxes	INCOME TAXES Income taxes are recognized in profit and loss, except to the extent that they relate to items recognized directly in equity, in which case the tax is recognized in equity. Current taxes are generally the expected income tax payable on taxable income for the reporting period, calculated using rates enacted or substantively enacted at the consolidated statements of financial position dates, and include any adjustment to income tax payable or recoverable in respect of previous periods. Uncertain income tax positions are accounted for using the standards applicable to current income tax assets and liabilities. Liabilities and assets are recorded to the extent they are deemed to be probable. Deferred tax is recognized using the asset and liability method, based on temporary differences between financial statement carrying amounts of assets and liabilities and their respective income tax bases. Deferred tax is determined using tax rates that have been enacted or substantively enacted at the consolidated statements of financial position date and are expected to apply when the related deferred tax asset is realized, or the deferred tax liability is settled. Deferred tax is not accounted for where it arises from initial recognition of an asset or liability in a transaction other than a business combination which, at the time of the transaction, affects neither accounting nor taxable income (loss). The amount of deferred tax recognized is based on the expected manner and timing of realization or settlement of the carrying amount of assets and liabilities. Deferred tax assets are recognized only to the extent that it is probable that future taxable income will be available for which the temporary differences can be utilized. Deferred tax assets are reviewed at each reporting date and adjusted to the extent that it is no longer probable that the related tax benefit will be realized. Tax assets and liabilities are offset when the Company has a legally enforceable right to offset the recognized amounts and intends either to settle on a net basis or to realize the asset and settle the liability simultaneously. Deferred tax assets, including those arising from tax loss carry-forwards, require management to assess the likelihood that the Company will generate sufficient taxable income in future periods in order to utilize recognized deferred tax assets. Assumptions about the generation of future taxable profits depend on management’s estimates of future cash flows. In addition, future changes in tax laws could limit the ability of the Company to obtain tax deductions in future periods. To the extent that future cash flows and taxable income differ significantly from estimates, the ability of the Company to realize the net deferred tax assets recorded at the reporting date could be affected.
Business Combinations and goodwill	BUSINESS COMBINATIONS and goodwill The fair value of assets acquired and liabilities assumed in a business combination, including contingent consideration and goodwill, is estimated based on information available at the date of acquisition. Various valuation techniques are applied for measuring fair value including market comparables and discounted cash flows which rely on assumptions such as future selling prices, expected sales volumes, discount rates and future development and operating costs. Changes in these variables could significantly impact the carrying value of the net assets. Specific judgement is required in the identification of intangible assets. Business combinations are accounted for using the acquisition method of accounting when the acquired assets meet the definition of a business. The acquired identifiable assets and liabilities and contingent liabilities assumed in a business combination are measured at their fair values at the acquisition date. The cost of an acquisition is measured as the fair value of consideration transferred to the sellers, including cash paid and the fair value of assets given, equity instruments issued, and liabilities of the seller assumed at the acquisition date. Any excess of the fair value of the consideration paid over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recorded as goodwill. If the cost of the acquisition is less than the fair value of the net assets acquired, the difference is recognized immediately in profit or loss as a bargain purchase gain. Transaction costs associated with business combinations are expensed as incurred. After initial recognition, goodwill is measured at cost less any accumulated impairment losses. Goodwill is not amortized. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each CGU or group of CGUs that is expected to benefit from the synergies of the combination, if any, irrespective of whether other assets or liabilities of the acquiree are assigned to those units. Each CGU or group of CGUs represents the lowest level at which management monitors the goodwill.
Non-controlling Interests	NON-CONTROLLING INTERESTS The Company recognizes non-controlling interests in an acquired entity either at fair value or at the non-controlling interest’s proportionate share of the acquired entity’s net identifiable assets, determined on an acquisition-by-acquisition basis.
Captive insurance	Captive Insurance The Company has secured insurance coverage for its directors and officers through two separate captive insurance structures. The first structure is a captive cell program entered into with a registered insurer for the purpose of holding and managing the Company’s coverage funds through a separate cell account (“Cell Captive”). The Company applies International Financial Reporting Standard 10 – Consolidated Financial Statements (“IFRS 10”) in its assessment of control as it relates to the Cell Captive. The Company’s accounting policy is to consolidate the Cell Captive. The Cell Captive funds are held as cash and may be invested according to the Company’s treasury policy. The funds are classified as restricted cash based on the Cell Captive’s required statutory funding. The Company will recognize any gains or losses from fair market value adjustments, interest and/or foreign exchange in the statements of profit (loss) and comprehensive income (loss). The second structure is a wholly owned subsidiary, Sundial Insurance (Bermuda) Ltd. (“SIBL”), incorporated to provide separate and additional coverage. The Company applies IFRS 10 in its assessment of control as it relates to SIBL. The Company’s accounting policy is to consolidate SIBL. The funds are classified as restricted cash for the funds that are required for initial capitalization of the entity and for which there is a requirement to maintain minimum capital and surplus in accordance with industry regulations.
Net earnings (loss) per share	Net earnings (loss) per share Basic earnings (loss) per share is calculated by dividing the net earnings (loss) for the period attributable to common shareholders of the Company by the weighted average number of common shares outstanding during the period. Diluted earnings (loss) per share is calculated by adjusting the weighted average number of common shares outstanding for dilutive instruments. The number of shares included with respect to simple warrants, performance warrants, stock options, RSUs, equity classified warrants and liability classified warrants is computed using the treasury share method.
New accounting standards	NEW ACCOUNTING STANDARDS The following accounting standards were effective for annual periods beginning on or after January 1, 2025 and did not have a material impact on the Company’s consolidated financial statements: • Lack of Exchangeability — Amendments to IAS 21 There are new accounting standards, amendments to accounting standards and interpretations that are effective for annual periods beginning on or after January 1, 2026, that have not been applied in preparing the consolidated financial statements for the year ended December 31, 2025. Classification and Measurement of Financial Instruments — Amendments to IFRS 9 and IFRS 7 The amendments to IFRS 9 and IFRS 7 are effective for annual reporting periods beginning on or after January 1, 2026. The amendments include the following: • Clarification on the date of recognition and derecognition of some financial assets and liabilities, with a new exception for some financial liabilities settled through an electronic payment system. • Clarification and further guidance for assessing whether a financial asset meets the solely payments of principal and interest criterion. • New disclosures for certain instruments without contractual terms that can change cash flows. • Update the disclosures for equity instruments designated at FVOCI. The Company has completed its assessment of these amendments and has estimated the impact to be approximately $12.1 million net reduction in cash and cash equivalents with an equivalent increase in accounts receivable, had the amendments been in effect for the annual period ending December 31, 2025. IFRS 18 Presentation and Disclosure in Financial Statements IFRS 18 will replace IAS 1 Presentation of Financial Statements and applies for annual reporting periods beginning on or after January 1, 2027. The new accounting standard introduces the following key new requirements: • Entities are required to classify all income and expenses into five categories in the statement of profit or loss, namely the operating, investing, financing, discontinued operations and income tax categories. Entities are also required to present a newly-defined operating profit subtotal. Entities’ net profit will not change. • Management-defined performance measures are disclosed in a single note in the financial statements. • Enhanced guidance is provided on how to group information in the financial statements. In addition, all entities are required to use the operating profit subtotal as the starting point for the statement of cash flows when presenting operating cash flows under the indirect method. The Company is still in the process of assessing the impact of the new accounting standard, particularly with respect to the structure of the Company’s statement of profit or loss, the statement of cash flows and the additional disclosures required for management-defined performance measures. Other accounting standards The following new and amended accounting standards are not expected to have a material impact on the Company’s consolidated financial statements: • IFRS 19 Subsidiaries without Public Accountability: Disclosures

Basis of Presentation (Tables)

12 Months Ended

Dec. 31, 2025

Disclosure Of Basis Of Presentation [Abstract]

Summary of Subsidiaries


Subsidiaries	Jurisdiction of Formation	Equity Ownership
Sundial Deutschland GmbH	Germany		100	%
Sundial Insurance (Bermuda) Ltd.	Bermuda		100	%
Spirit Leaf Inc.	Alberta, Canada		100	%
Spirit Leaf Corporate Inc.	Alberta, Canada		100	%
Spirit Leaf Ontario Inc. (1)	Ontario, Canada		0	%
Superette Ontario Inc. (1)	Ontario, Canada		0	%
Zenabis Ltd.	Canada		100	%
Liquor Stores GP Inc.	Alberta, Canada		100	%
Liquor Stores Limited Partnership	Alberta, Canada		99	%
Nova Cannabis Stores GP Inc.	Alberta, Canada		100	%
Nova Cannabis Stores Limited Partnership	Alberta, Canada		99	%
Nova Cannabis Analytics GP Inc.	Alberta, Canada		100	%
Nova Cannabis Analytics Limited Partnership	Alberta, Canada		99	%
Valens Agritech Ltd. (2)	Canada		100	%
Southern Cliff Brands Inc. (2)	Ontario, Canada		100	%
LYF Food Technologies Inc. (2)	British Columbia, Canada		100	%
Valens Australia Pty Ltd.	Australia		100	%
Indiva Inc.	Ontario, Canada		100	%
Vieva Canada Limited (2)	Ontario, Canada		100	%

(1)

These entities may be considered to be “controlled” by the Company solely for the purposes of IFRS, but these entities are not controlled by the Company within the meaning of applicable corporate law. For the purposes of IFRS, control of these entities is determined by the Company being exposed to the variable returns and having the ability to affect those returns through its power over the entities.

(2)

On January 1, 2026, Valens Agritech Ltd., LYF Food Technologies Inc., Southern Cliff Brands Inc. and Vieva Canada Limited amalgamated and continued as “Valens Agritech Ltd.”.

Significant Accounting Policies (Tables)	12 Months Ended
Significant Accounting Policies (Tables)	Dec. 31, 2025
Disclosure Of Significant Accounting Policies [Abstract]
Estimated Use Full Life Of Asset Explanatory	For assets available for use, depreciation is computed either using the straight-line method or the declining balance method over the estimated useful lives of the assets, as described below: • Production facilities — 20 to 50 years • Equipment — 1 to 10 years straight-line and 1 to 5 years declining balance • Right of use assets and leasehold improvements — Shorter of estimated useful life or lease term

Business Acquisitions (Tables)

12 Months Ended

Dec. 31, 2025

Lightbox

Disclosure of detailed information about business combination [line items]

Summary of Purchase Price Allocated

The fair value of consideration paid was as follows:


	Provisional		Adjustments		Final
Cash		1,654		324		1,978
Issuance of common shares		3,693		—		3,693
Extinguishment of convertible debenture		3,000		—		3,000
		8,347		324		8,671

Summary of Fair Value of Assets and Liabilities Acquired

The fair value of the assets and liabilities acquired was as follows:


	Provisional			Adjustments			Final
Inventory		154			—			154
Prepaid expenses and deposits		—			120			120
Right of use assets		2,828			(111	)		2,717
Property, plant and equipment		964			73			1,037
Intangible assets		1,959			546			2,505
Lease liabilities		(2,828	)		—			(2,828	)
Total identifiable net assets acquired		3,077			628			3,705
Goodwill		5,270			(304	)		4,966
		8,347			324			8,671

Indiva

Disclosure of detailed information about business combination [line items]

Summary of Purchase Price Allocated

The fair value of consideration paid was as follows:


	Final
Extinguishment of term loan		18,923
Extinguishment of debtor-in-possession loan		1,750
Cash		385
		21,058

Summary of Fair Value of Assets and Liabilities Acquired

The fair value of the assets and liabilities acquired was as follows:


	Final
Cash		3
Accounts receivable		4,057
Inventory		4,860
Prepaid expenses and deposits		205
Right of use assets		562
Property, plant and equipment		21,213
Accounts payable and accrued liabilities		(4,100	)
Lease liabilities		(286	)
Total identifiable net assets acquired		26,514
Bargain purchase gain		(5,456	)
		21,058

Segment Information (Tables)

12 Months Ended

Dec. 31, 2025

Disclosure of operating segments [abstract]

Disclosure of Reportable Segments Explanatory


	Cannabis Retail		Cannabis Operations			Intersegment Eliminations			Cannabis Total		Liquor Retail		Investments		Corporate			Total
As at December 31, 2025
Total assets (1)		219,462		211,625			—			431,087		324,447		397,537		182,846			1,335,917
Year ended December 31, 2025
Net revenue (2)		330,242		144,656			(68,129	)		406,769		539,632		—		—			946,401
Gross profit		86,053		32,944			—			118,997		139,651		—		—			258,648
Operating income (loss)		30,332		(1,754	)		—			28,578		36,516		4,209		(75,652	)		(6,349	)
Earnings (loss) before income tax		27,663		(1,793	)		—			25,870		32,420		4,209		(78,273	)		(15,774	)

(1)

As at December 31, 2025, cash and cash equivalents have been allocated to Corporate from Investments.

(2)

The Company has eliminated $68.1 million for the year ended December 31, 2025 of cannabis operations revenue and equal cost of sales associated with sales to provincial boards that are expected to be subsequently repurchased by the Company’s licensed retail subsidiaries for resale, at which point the full retail sales revenue will be recognized.


	Cannabis Retail			Cannabis Operations		Intersegment Eliminations			Cannabis Total			Liquor Retail		Investments(1)			Corporate			Total
As at December 31, 2024
Total assets		195,823			230,021		—			425,844			326,061		577,522			19,815			1,349,242
Year ended December 31, 2024
Net revenue (2)		311,689			109,470		(55,970	)		365,189			555,259		—			—			920,448
Gross profit		78,827			21,798		—			100,625			139,706		—			—			240,331
Operating income (loss)		(1,742	)		2,663		—			921			34,781		(50,013	)		(89,500	)		(103,811	)
Earnings (loss) before income tax		(5,250	)		2,105		—			(3,145	)		30,665		(50,588	)		(82,541	)		(105,609	)

(1)

Total assets include cash and cash equivalents.

(2)

The Company has eliminated $56.0 million for the year ended December 31, 2024 of cannabis operations revenue and equal cost of sales associated with sales to provincial boards that are expected to be subsequently repurchased by the Company’s licensed retail subsidiaries for resale, at which point the full retail sales revenue will be recognized.

Restricted Cash (Tables)

12 Months Ended

Dec. 31, 2025

Cash [abstract]

Disclosure of Restricted Cash


As at	December 31, 2025		December 31, 2024
Captive insurance		20,081		19,815

Accounts Receivable (Tables)

12 Months Ended

Dec. 31, 2025

Subclassifications of assets, liabilities and equities [abstract]

Summary of Accounts Receivable


As at	December 31, 2025		December 31, 2024
Trade receivables		24,096		24,548
Other receivables		3,547		3,570
		27,643		28,118

Biological Assets (Tables)

12 Months Ended

Dec. 31, 2025

Changes in biological assets [abstract]

Summary of Change in Carrying Value of Biological Assets

The Company’s biological assets consist of cannabis plants in various stages of vegetation, including plants which have not been harvested. The change in carrying value of biological assets is as follows:


As at	December 31, 2025			December 31, 2024
Balance, beginning of year		1,187			429
Increase in biological assets due to capitalized costs		16,082			7,026
Net change in fair value of biological assets		2,322			(675	)
Transferred to inventory upon harvest		(16,471	)		(5,593	)
Balance, end of year		3,120			1,187

Inventory (Tables)

12 Months Ended

Dec. 31, 2025

Classes of current inventories [abstract]

Summary of Inventories


As at	December 31, 2025		December 31, 2024
Retail liquor		75,145		73,538
Retail cannabis		16,348		21,783
Harvested cannabis
Work-in-progress		2,203		1,417
Finished goods		4,342		1,205
Manufactured cannabis
Dried cannabis & biomass		2,270		2,359
Work in progress		12,577		14,915
Finished goods		5,600		4,938
Packaging supplies and consumables		8,392		7,764
		126,877		127,919

Assets Held for Sale (Tables)

12 Months Ended

Dec. 31, 2025

Assets Held For Sale [Abstract]

Summary of Assets Held for Sale Measured at Fair Value

Assets held for sale are measured at their fair value less costs to sell and comprised of the following:


As at	December 31, 2025		December 31, 2024
Olds facility		—		18,800
Extraction equipment		746		251
		746		19,051

Right Of Use Assets (Tables)

12 Months Ended

Dec. 31, 2025

Disclosure of quantitative information about right-of-use assets [abstract]

Schedule of Right Of Use Assets


Cost
Balance at December 31, 2023	199,032
Acquisitions (note 5(a), note 5(b))	3,279
Additions	1,499
Renewals, remeasurements and dispositions	13,441
Balance at December 31, 2024	217,251
Additions	9,634
Renewals, remeasurements and dispositions	43,706
Balance at December 31, 2025	270,591

Accumulated depreciation and impairment
Balance at December 31, 2023	69,353
Depreciation	31,375
Impairment	1,088
Balance at December 31, 2024	101,816
Depreciation	32,013
Impairment reversal	(1,591	)
Balance at December 31, 2025	132,238

Net book value
Balance at December 31, 2024	115,435
Balance at December 31, 2025	138,353

Schedule of Net Impairment Losses Reversals of Right of Use Assets

For the year ended December 31, 2025, the Company recorded the following net impairment losses (reversals) on right of use assets:


	Reporting Segment
Three months ended	Liquor retail		Cannabis retail			Total
March 31, 2025		—		(468	)		(468	)
June 30, 2025		—		(586	)		(586	)
September 30, 2025		—		(461	)		(461	)
December 31, 2025		—		(76	)		(76	)
		—		(1,591	)		(1,591	)

For the year ended December 31, 2024, the Company recorded the following net impairment losses (reversals) on right of use assets:


	Reporting Segment
Three months ended	Liquor retail			Cannabis retail			Total
March 31, 2024		(159	)		1,756			1,597
June 30, 2024		(132	)		(283	)		(415	)
September 30, 2024		(192	)		98			(94	)
December 31, 2024		—			—			—
		(483	)		1,571			1,088

Property, Plant and Equipment (Tables)

12 Months Ended

Dec. 31, 2025

Property, plant and equipment [abstract]

Schedule of Property Plant and Equipment


	Land			Production facilities			Leasehold improvements			Equipment			Construction in progress			Total
Cost
Balance at December 31, 2023		20,953			179,156			76,899			99,164			8,674			384,846
Acquisitions (note 5(a), note 5(b))		335			15,635			1,110			5,170			—			22,250
Additions		—			—			800			6,831			983			8,614
Transfers from CIP		—			—			—			983			(983	)		—
Transfer to assets held for sale		(11,834	)		(143,540	)		—			(411	)		(6,013	)		(161,798	)
Dispositions		—			—			(559	)		(2,834	)		(90	)		(3,483	)
Balance at December 31, 2024		9,454			51,251			78,250			108,903			2,571			250,429
Additions		—			—			3,765			6,019			5,153			14,937
Transfers from CIP		—			—			2,571			—			(2,571	)		—
Transfer from (to) assets held for sale		—			18,800			—			(507	)		—			18,293
Dispositions		—			(532	)		(6	)		(2,743	)		—			(3,281	)
Balance at December 31, 2025		9,454			69,519			84,580			111,672			5,153			280,378

Accumulated depreciation and impairment
Balance at December 31, 2023		—			145,420			28,448			52,241			5,821			231,930
Depreciation		—			1,351			10,222			11,174			—			22,747
Impairment (recovery)		—			—			15			(111	)		—			(96	)
Transfer to assets held for sale		—			(141,811	)		—			(165	)		(5,821	)		(147,797	)
Dispositions		—			—			(559	)		(1,606	)		—			(2,165	)
Balance at December 31, 2024		—			4,960			38,126			61,533			—			104,619
Depreciation		—			1,664			8,938			10,851			—			21,453
Impairment (recovery)		689			4,943			(1,044	)		(379	)		—			4,209
Dispositions		—			—			(113	)		(1,690	)		—			(1,803	)
Balance at December 31, 2025		689			11,567			45,907			70,315			—			128,478

Net book value
Balance at December 31, 2024		9,454			46,291			40,124			47,370			2,571			145,810
Balance at December 31, 2025		8,765			57,952			38,673			41,357			5,153			151,900

Schedule of net impairment losses reversals of proprty ,plant and equipment

For the year ended December 31, 2025, the Company recorded the following net impairment losses (reversals) on retail property, plant and equipment:


	Reporting Segment
Three months ended	Liquor retail		Cannabis retail			Total
March 31, 2025		—		(263	)		(263	)
June 30, 2025		—		(487	)		(487	)
September 30, 2025		—		(567	)		(567	)
December 31, 2025		—		(277	)		(277	)
		—		(1,594	)		(1,594	)

For the year ended December 31, 2024, the Company recorded the following net impairment losses (reversals) on retail property, plant and equipment:


	Reporting Segment
Three months ended	Liquor retail			Cannabis retail			Total
March 31, 2024		(766	)		772			6
June 30, 2024		224			(215	)		9
September 30, 2024		(1,050	)		886			(164	)
December 31, 2024		—			—			—
		(1,592	)		1,443			(149	)

Net Investment In Subleases (Tables)

12 Months Ended

Dec. 31, 2025

Disclosure Of Net Investment In Subleases [Abstract]

Disclosure of Detailed Information Net Investment in Subleases Explanatory


	December 31, 2025			December 31, 2024
Balance, beginning of year		18,186			21,366
Additions		—			716
Finance income		612			763
Rents recovered (payments made directly to landlords)		(3,342	)		(3,558	)
Dispositions and remeasurements		(1,038	)		(1,101	)
Balance, end of year		14,418			18,186

Current portion		2,775			2,832
Long-term		11,643			15,354

Intangible assets (Tables)

12 Months Ended

Dec. 31, 2025

Disclosure of detailed information about intangible assets [abstract]

Summary of Reconciliation of Changes in Intangible Assets and Goodwill


	Brands and trademarks		Franchise agreements		Software		Retail licenses		Total
Cost
Balance at December 31, 2023		81,900		10,000		5,556		750		98,206
Acquisition (note 5(a))		—		—		—		2,505		2,505
Additions		—		—		33		3,227		3,260
Balance at December 31, 2024		81,900		10,000		5,589		6,482		103,971
Balance at December 31, 2025		81,900		10,000		5,589		6,482		103,971

Accumulated amortization and impairment
Balance at December 31, 2023		20,447		3,061		1,549		—		25,057
Amortization		172		1,253		919		245		2,589
Impairment		15,000		—		—		—		15,000
Balance at December 31, 2024		35,619		4,314		2,468		245		42,646
Amortization		173		1,250		897		485		2,805
Balance at December 31, 2025		35,792		5,564		3,365		730		45,451

Net book value
Balance at December 31, 2024		46,281		5,686		3,121		6,237		61,325
Balance at December 31, 2025		46,108		4,436		2,224		5,752		58,520

Investments (Tables)

12 Months Ended

Dec. 31, 2025

Disclosure Of Investments [Abstract]

Investments Other Than Investments Accounted for Using Equity Method


As at	December 31, 2025		December 31, 2024
Investments at amortized cost		822		27,934
Investments at FVOCI		11,236		8,053
		12,058		35,987

Current portion		484		27,560
Long-term		11,574		8,427

Equity-Accounted Investees (Tables)

12 Months Ended

Dec. 31, 2025

Disclosure Of Interests In Other Entities [Abstract]

Schedule of Equity Method Investments Table


As at	December 31, 2025		December 31, 2024
Interest in joint venture		385,534		413,124

Disclosure of joint ventures

The following table summarizes the carrying amount of the Company’s interest in the joint venture:


	Carrying amount
Balance at December 31, 2023		538,331
Capital refunds		(168	)
Share of net loss		(65,459	)
Share of other comprehensive income (taxes at 23%)		40,893
Distributions		(100,473	)
Balance at December 31, 2024		413,124
Share of net loss		(3,605	)
Share of other comprehensive loss		(19,233	)
Distributions		(4,752	)
Balance at December 31, 2025		385,534

Summary of Financial Information of SunStream

The following table summarizes the financial information of SunStream:


As at	December 31, 2025			December 31, 2024
Current assets (including cash and cash equivalents - 2025: $0.7 million, 2024: $0.9 million)		5,021			1,943
Non-current assets		377,137			408,233
Current liabilities		(1,047	)		(762	)
Net assets (liabilities) (100%)		381,111			409,414

Year ended December 31	2025			2024
(Loss) revenue		(1,056	)		(61,916	)
(Loss) profit from operations		(3,034	)		(64,669	)
Other comprehensive (loss) income		(19,233	)		40,893
Total comprehensive loss		(22,080	)		(23,747	)

Goodwill (Tables)

12 Months Ended

Dec. 31, 2025

Goodwill [Abstact]

Schedule of Changes in Goodwill


Net book value
Balance at December 31, 2023			119,282
Acquisitions through business combinations (note 5(a))			4,966
Balance at December 31, 2024			124,248
Balance at December 31, 2025			124,248

Schedule of Impairment Testing Goodwill

For the purpose of impairment testing, goodwill has been allocated as follows:


	December 31, 2025		December 31, 2024
Liquor retail		24,338		24,338
Cannabis retail		47,888		47,888
Cannabis operations - manufacturing		52,022		52,022
		124,248		124,248

Accounts Payable and Accrued Liabilities (Tables)

12 Months Ended

Dec. 31, 2025

Subclassifications of assets, liabilities and equities [abstract]

Summary of Accounts Payable and Accrued Liabilities

Derivative Warrants (Tables)

12 Months Ended

Dec. 31, 2025

Derivative Warrant Liabilities [Abstract]

Summary of Derivative Warrants


	December 31, 2025			December 31, 2024
Balance, beginning of year		26			4,400
Change in fair value recognized in profit or loss		(26	)		(4,374	)
Balance, end of year		—			26

Lease Liabilities (Tables)

12 Months Ended

Dec. 31, 2025

Lease liabilities [abstract]

Summary of Lease Liabilities


	December 31, 2025			December 31, 2024
Balance, beginning of year		152,273			167,029
Acquisitions		—			3,114
Additions		9,634			2,212
Lease payments		(42,587	)		(40,510	)
Renewals, remeasurements and dispositions		42,790			12,038
Tenant inducement allowances received		303			693
Accretion expense		7,520			7,697
Balance, end of year		169,933			152,273

Current portion		35,462			34,256
Long-term		134,471			118,017

Summary of Minimum Lease Payments

The following table presents the contractual undiscounted cash flows, excluding periods covered by lessee lease extension options that have been included in the determination of the lease term, related to the Company’s lease liabilities as at December 31, 2025:


	December 31, 2025
Less than one year		42,427
One to three years		72,134
Three to five years		38,752
Thereafter		22,343
Minimum lease payments		175,656

Other Liabilities (Tables)

12 Months Ended

Dec. 31, 2025

Disclosure Of Other Liabilities [Abstract]

Schedule Of Other Liabilities


	December 31, 2025		December 31, 2024
Financial guarantee liability (A)		147		219
Deferred share units liability (B)		7,624		7,093
Loyalty liability		270		—
		8,041		7,312

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Major components of tax expense (income) [abstract]

Summary of Income Tax Expense (Recovery)

The following table reconciles the expected income tax expense (recovery) at the Canadian federal and provincial statutory income tax rates to the amounts recognized in profit and loss for the years ended December 31, 2025 and December 31, 2024:


	December 31, 2025			December 31, 2024
Loss before taxes		(15,774	)		(105,609	)
Statutory income tax rates		23.0	%		23.0	%
Expected income tax recovery		(3,628	)		(24,290	)
Non-deductible costs		20,222			3,059
Non-deductible portion of capital losses		46			67
Deferred adjustments		—			18,404
Deferred tax benefits not recognized		(16,640	)		(6,645	)
Income tax (recovery) expense		—			(9,405	)

Summary of Deferred Tax Assets (Liabilities)

Details of the deferred tax assets (liabilities) are as follows:


	December 31, 2025			December 31, 2024
Deferred tax assets (liabilities):
Property, plant and equipment		(5,829	)		—
Net investment in subleases		(3,316	)		(4,183	)
Intangible assets		(13,208	)		(14,099	)
Lease liabilities		22,395			18,324
Other		(42	)		(42	)
Net deferred tax asset (liability)		—			—

Summary of Unrecognized Deductible Temporary Differences

Deferred tax assets have not been recognized for the following deductible temporary differences:


	December 31, 2025		December 31, 2024
Unrecognized deductible temporary differences:
Property, plant and equipment		183		39,179
Share issue costs		10,139		21,470
Investments		4,387		4,196
Lease liabilities		72,496		75,217
Financial obligations and other		7,626		3,917
Inventory and biological assets		3,613		37,400
Non-capital losses & scientific research and experimental development		923,426		912,200
Capital losses and equity-accounted investees		141,748		119,078
Unrecognized deductible temporary differences		1,163,618		1,212,657

Summary of Movement in Deferred Income Tax Liability

The movement in deferred income tax liability is as follows:


	December 31, 2025		December 31, 2024
Balance, beginning of year		—		—
Recognized in profit and loss		—		(9,405	)
Recognized in other comprehensive income		—		9,405
Balance, end of year		—		—

Share Capital and Warrants (Tables)

12 Months Ended

Dec. 31, 2025

Share Capital And Warrants [Abstract]

Summary of Issued and Outstanding

B)

Issued and outstanding


		December 31, 2025						December 31, 2024
	Note	Number of Shares			Carrying Amount			Number of Shares			Carrying Amount
Balance, beginning of year			263,021,847			2,346,728			262,775,853			2,375,950
Share issuances			—			—			96,399			164
Share issuance costs			—			—			—			(59	)
Share repurchases			(5,899,897	)		(52,688	)		(5,002,372	)		(45,165	)
Acquisitions			—			—			1,259,536			4,137
Employee awards exercised			6,237,173			16,358			3,892,431			11,701
Balance, end of year			263,359,123			2,310,398			263,021,847			2,346,728

Summary of Common Share Purchase Warrants

(C)

Common share purchase warrants


	Number of Warrants			Carrying Amount
Balance at December 31, 2023		308,612			2,260
Warrants expired		(190,212	)		(1,593	)
Balance at December 31, 2024		118,400			667
Warrants expired		(64,000	)		(361	)
Balance at December 31, 2025		54,400			306

Summary of Outstanding Warrants

The following table summarizes outstanding warrants as at December 31, 2025:


	Warrants outstanding and exercisable
Issued in relation to	Weighted average exercise price		Number of warrants		Weighted average contractual remaining life (years)
Financial services	$	45.98		54,400		3.5

Share-based Compensation (Tables)

12 Months Ended

Dec. 31, 2025

Disclosure of terms and conditions of share-based payment arrangement [abstract]

Components of Share-based Compensation Expense

The components of share-based compensation expense are as follows:


	Year ended December 31
	2025		2024
Equity-settled expense
Stock options (B)		—		1
Restricted share units (1) (C)		12,879		15,160
Cash-settled (recovery) expense
Deferred share units (1)(2) (D)		1,026		4,876
		13,905		20,037

(1)

For the year ended December 31, 2024, the Company recognized share-based compensation expense under Nova’s RSU plan of $6 and share-based compensation expense under Nova’s DSU plan of $1,700.

(2)

Cash-settled DSUs are accounted for as a liability and are measured at fair value based on the market value of the Company’s common shares at each period end. Fluctuations in the fair value are recognized during the period in which they occur.

Summary of Changes in Simple and Performance Warrants

The following table summarizes changes in the simple and performance warrants during the year ended December 31, 2025 and the year ended December 31, 2024:


	Simple warrants outstanding			Weighted average exercise price		Performance warrants outstanding			Weighted average exercise price
Balance at December 31, 2023		66,700		$	39.77		54,400		$	38.62
Forfeited		(7,520	)		40.04		(4,000	)		39.06
Expired		(20,300	)		6.25		(25,600	)		18.75
Balance at December 31, 2024		38,880		$	57.22		24,800		$	59.07
Forfeited		(5,120	)		171.88		(4,000	)		156.23
Expired		(17,440	)		16.91		—			0.00
Balance at December 31, 2025		16,320		$	64.32		20,800		$	40.38

Summarizes Outstanding Simple and Performance Warrants

The following table summarizes outstanding simple and performance warrants as at December 31, 2025:


	Warrants outstanding						Warrants exercisable
Range of exercise prices	Number of warrants		Weighted average exercise price		Weighted average contractual life (years)		Number of warrants		Weighted average exercise price		Weighted average contractual life (years)
Simple warrants
$62.50 - $93.75		16,000		62.50		1.03		16,000		62.50		1.03
$125.00 - $312.50		320		155.19		0.96		320		155.19		0.96
		16,320	$	64.32		1.03		16,320	$	64.32		1.03
Performance warrants
$6.25 - $9.38		6,400		6.25	n/a			6,400		6.25		0.16
$29.69 - $45.31		6,400		31.25	n/a			6,400		31.25		0.16
$62.50 - $93.75		8,000		75.00	n/a			—		—	n/a
		20,800	$	40.38	n/a			12,800	$	18.75		0.16

Summary of Changes in Stock Options

The following table summarizes changes in stock options during the year ended December 31, 2025 and the year ended December 31, 2024:


	Stock options outstanding			Weighted average exercise price
Balance at December 31, 2023		853,705		$	17.92
Forfeited		(114,982	)		15.79
Expired		(166,965	)		38.16
Balance at December 31, 2024		571,758		$	12.44
Forfeited		(168,034	)		11.97
Expired		(82,773	)		15.63
Balance at December 31, 2025		320,951		$	11.86

Summary of Outstanding Stock Options

The following table summarizes outstanding stock options as at December 31, 2025:


	Stock options outstanding				Stock options exercisable
Exercise prices	Number of options		Weighted average contractual life (years)		Number of options		Weighted average contractual life (years)
$11.50		10,000		4.41		10,000		4.41
$11.79		301,591		1.05		301,591		1.05
$11.90		8,160		4.49		8,160		4.49
$31.50		1,200		1.98		1,200		1.98
		320,951		1.24		320,951		1.24

Summary of Changes in Restricted Share Units

The following table summarizes changes in RSUs during the year ended December 31, 2025 and the year ended December 31, 2024:


	RSUs outstanding
Balance at December 31, 2023		8,629,716
Granted		5,555,322
Forfeited		(921,922	)
Exercised		(3,892,431	)
Balance at December 31, 2024		9,370,685
Granted		4,082,665
Forfeited		(361,154	)
Exercised		(6,237,173	)
Balance at December 31, 2025		6,855,023

Summary of Changes in Deferred Share Units

The following table summarizes changes in DSUs during the year ended December 31, 2025 and the year ended December 31, 2024:


	DSUs outstanding
Balance at December 31, 2023		2,398,333
Granted		644,737
Balance at December 31, 2024		3,043,070
Granted		525,433
Balance at December 31, 2025		3,568,503

Net Revenue (Tables)

12 Months Ended

Dec. 31, 2025

Revenue [abstract]

Disaggregation of Revenue from Contracts with Customers

Liquor retail revenue is derived from the sale of wines, beers and spirits to customers and proprietary licensing. Cannabis retail revenue is derived from retail cannabis sales to customers, proprietary licensing, franchise revenue consisting of royalty and franchise fee revenue, and other revenue consisting of millwork, supply and accessories revenue. Cannabis operations revenue is derived from contracts with customers and is comprised of sales to provincial boards that sell cannabis through their respective distribution models, sales to licensed producers for further processing, provision of proprietary cannabis processing services, product development, manufacturing and commercialization of cannabis consumer products and sales to medical customers.


	Year ended December 31
	2025			2024
Liquor retail revenue
Retail		537,957			553,847
Proprietary licensing		1,675			1,412
Liquor retail revenue		539,632			555,259
Cannabis retail revenue
Retail		308,690			290,446
Proprietary licensing		16,719			15,410
Franchise		4,833			5,833
Cannabis retail revenue		330,242			311,689
Cannabis operations revenue
Provincial boards		158,636			129,043
Wholesale		41,967			34,535
Analytical testing and other		588			863
Intersegment eliminations		(68,129	)		(55,970	)
Cannabis operations revenue		133,062			108,471
Gross revenue		1,002,936			975,419
Excise taxes (1)		56,535			54,971
Net revenue		946,401			920,448

(1)

Excise tax is only applicable to cannabis operations provincial board revenue.

Summary of Receivables from Contracts with Customers

The Company has recognized the following receivables from contracts with customers:


	December 31, 2025		December 31, 2024
Receivables, included in 'trade receivables' (note 8)		24,096		24,548

Investment Income (Loss) (Tables)

12 Months Ended

Dec. 31, 2025

Investment Income (Loss) [Abstract]

Summary of Interest and Fee Revenue


	Year ended December 31
	2025		2024
Interest income from investments at amortized cost		1,432		3,644
Interest and fee income from investments at fair value through profit and loss ("FVTPL")		—		3,859
Interest income from cash		6,004		8,134
Gain (loss) on marketable securities		378		(86	)
		7,814		15,551

Other Operating Expenses (Tables)

12 Months Ended

Dec. 31, 2025

Summary of General and Administrative Expense

A)

General and administrative


	Year ended December 31
	2025		2024
Salaries and wages		114,097		121,100
Consulting fees		5,614		4,315
Office and general		48,432		46,706
Professional fees		4,282		6,781
Merchant processing fees		7,081		6,793
Director fees		942		685
Other		1,714		863
		182,162		187,243

Summary of Sales and Marketing Expense

B)

Sales and marketing


	Year ended December 31
	2025		2024
Marketing		14,454		10,944
Events		1		28
Media		110		1,032
		14,565		12,004

Other (Expenses) Income, Net (Tables)

12 Months Ended

Dec. 31, 2025

Summary of Other (Expenses) Income, Net


	Year ended December 31
	2025			2024
Finance (costs) income
Accretion on lease liabilities		(7,520	)		(7,697	)
Change in fair value of investments at FVTPL		—			(575	)
Financial guarantee liability recovery		72			48
Other finance (costs) recoveries		143			300
Interest income		612			763
Total finance costs		(6,693	)		(7,161	)
Change in fair value of derivative warrants		26			4,374
Bargain purchase gain (note 5(b))		—			5,456
Transaction costs		(1,649	)		(3,884	)
Foreign exchange loss		(1,109	)		(583	)
		(9,425	)		(1,798	)

Supplemental Cash Flow Disclosures (Tables)

12 Months Ended

Dec. 31, 2025

Supplemental Cash Flow Disclosure [Abstract]

Summary of Changes in Non-cash Working Capital


	Year ended December 31
	2025			2024
Cash provided by (used in):
Accounts receivable		1,148			1,761
Biological assets		389			134
Inventory		(2,881	)		2,448
Prepaid expenses and deposits		3,159			6,290
Investments		—			256
Right of use assets		(8,647	)		(1,494	)
Property, plant and equipment		(1,396	)		156
Accounts payable and accrued liabilities		(382	)		(18,344	)
Lease liabilities		9,019			2,350
		409			(6,443	)

Changes in non-cash working capital relating to:
Operating		1,432			(7,447	)
Investing		(1,396	)		383
Financing		373			621
		409			(6,443	)

Loss Per Share (Tables)

12 Months Ended

Dec. 31, 2025

Earnings per share [abstract]

Summary of Loss Per Share


	Year ended December 31
	2025			2024
Weighted average shares outstanding (000s)
Basic and diluted (1)		258,054			264,196
Net earnings (loss) attributable to owners of the Company		(15,774	)		(94,796	)
Per share - basic and diluted	$	(0.06	)	$	(0.36	)

(1)

For the year ended December 31, 2025, there were 54.4 thousand equity classified warrants, 16.3 thousand simple warrants, 20.8 thousand performance warrants, 0.3 million stock options and 6.9 million RSUs that were excluded from the calculation as the impact was anti-dilutive (year ended December 31, 2024 – 118.4 thousand equity classified warrants, 50.0 thousand derivative warrants, 38.9 thousand simple warrants, 24.8 thousand performance warrants, 0.6 million stock options and 9.4 million RSUs).

Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2025

Disclosure of detailed information about financial instruments [abstract]

Fair value measurements of marketable securities, investments at FVOCI and derivative warrants

Fair value measurements of marketable securities, investments at FVOCI and derivative warrants are as follows:


			Fair value measurements using
December 31, 2025	Carrying amount		Level 1		Level 2		Level 3
Recurring measurements:
Financial assets
Marketable securities		84		84		—		—
Investments at FVOCI		11,236		11,236		—		—

			Fair value measurements using
December 31, 2024	Carrying amount		Level 1		Level 2		Level 3
Recurring measurements:
Financial assets
Marketable securities		139		139		—		—
Investments at FVOCI		8,053		8,053		—		—
Financial liabilities
Derivative warrants (1)		26		—		—		26

(1)

The carrying amount is an estimate of the fair value of the derivative warrants and is presented as a current liability. The Company has no cash obligation with respect to the derivative warrants, rather it will deliver common shares if and when warrants are exercised.

Summary of Impairment Losses on Accounts Receivable Recognized in Profit or Loss

Impairment losses on accounts receivable recognized in profit or loss were as follows:


As at	December 31, 2025			December 31, 2024
Net impairment reversal on trade receivables		(563	)		(4,865	)
Impairment reversal on other receivables		—			(584	)
		(563	)		(5,449	)

Summary of Movement in Allowance for Impairment in Respect of Accounts Receivable

The movement in the allowance for impairment in respect of accounts receivable during the year ended December 31, 2025 was as follows:


	December 31, 2025			December 31, 2024
Balance, beginning of year		7,351			12,800
Amounts written off		(4,920	)		—
Net remeasurement of impairment loss allowance		(563	)		(5,449	)
Balance, end of year		1,868			7,351

Schedule of Aging Profile of Accounts Receivable and Allowance for Expected Credit Loss

The following table sets forth details of the aging profile of trade accounts receivable and the allowance for expected credit loss:


As at	December 31, 2025			December 31, 2024
Current (less than 30 days)		16,637			21,033
31 - 60 days		4,848			2,093
61 - 90 days		504			1,573
Greater than 90 days		3,975			7,200
Less allowance		(1,868	)		(7,351	)
		24,096			24,548

Timing of Expected Cash Outflows Relating to Financial Liabilities

The timing of expected cash outflows relating to financial liabilities at December 31, 2025 is as follows:


	Less than one year		One to three years		Three to five years		Thereafter		Total
Accounts payable and accrued liabilities		56,747		—		—		—		56,747
Financial guarantee liability		—		147		—		—		147
Loyalty liability		—		270		—		—		270
Balance, end of year		56,747		417		—		—		57,164

Related Party Transactions (Tables)

12 Months Ended

Dec. 31, 2025

Compensation of Key Management Personnel

Compensation of key management personnel

The Company considers the directors and officers of the Company as key management personnel.

Non-Controlling Interests (Tables)

12 Months Ended

Dec. 31, 2025

Disclosure of Non Controlling Interests [Abstract]

Summary of detailed information about non material non-controlling interests

The following tables provide summarized financial information for the Company’s subsidiary, Nova, that had a material non-controlling interest effective the date of closing of the Alcanna Transaction until October 21, 2024, before inter-company eliminations.

A)

Nova summarized statement of financial position

At December 31, 2025 and 2024, current assets, current liabilities, non-current assets and non-current liabilities were all $nil due to the completion of the Nova Transaction on October 21, 2024.

B)

Nova summarized statement of loss and comprehensive loss

C)

Nova summarized statement of cash flows


	2025		2024
Net cash provided by operating activities		—		17,129
Net cash used in investing activities		—		(16,211	)
Net cash used in financing activities		—		(7,971	)
(Decrease) increase in cash		—		(7,053	)

Subsequent Events (Tables) - 1CM Agreement

12 Months Ended

Dec. 31, 2025

Disclosure of non-adjusting events after reporting period [line items]

Summary of Fair Value of Consideration Paid

The fair value of consideration paid was as follows:


	Provisional
Cash		5,000

Summary of Preliminary Fair Value of the Assets and Liabilities

The preliminary fair value of the assets and liabilities acquired was as follows:


	Provisional
Inventory		385
Prepaid expenses and deposits		10
Right of use assets		554
Property, plant and equipment		1,172
Lease liabilities		(435	)
Total identifiable net assets acquired		1,686
Goodwill		3,314
		5,000

Description Of Business - Additional Information (Details)	Oct. 21, 2024
Description Of Business [Abstract]
Common shares acquired, Percentage	35.00%

Basis of Presentation - Summary of Subsidiaries (Details)

12 Months Ended

Dec. 31, 2025

Sundial Deutschland GmbH

Sundial Deutschland GmbH

Germany

Sundial Insurance (Bermuda) Ltd.

100.00%

Sundial Insurance (Bermuda) Ltd.

Bermuda

100.00%

Spirit Leaf Inc.

Spirit Leaf Inc.

Alberta, Canada

Spirit Leaf Corporate Inc.

100.00%

Spirit Leaf Corporate Inc.

Alberta, Canada

100.00%

Spirit Leaf Ontario Inc.

Spirit Leaf Ontario Inc.

^[1]

Ontario, Canada

^[1]

0.00%

^[1]

Superette Ontario Inc.

Superette Ontario Inc.

^[1]

Ontario, Canada

^[1]

0.00%

^[1]

Zenabis Ltd.

Zenabis Ltd.

Canada

100.00%

Liquor Stores GP Inc.

Liquor Stores GP Inc.

Alberta, Canada

Liquor Stores Limited Partnership

100.00%

Liquor Stores Limited Partnership

Alberta, Canada

Nova Cannabis Stores GP Inc.

99.00%

Nova Cannabis Stores GP Inc.

Alberta, Canada

Nova Cannabis Stores Limited Partnership

100.00%

Nova Cannabis Stores Limited Partnership

Alberta, Canada

Nova Cannabis Analytics GP Inc.

99.00%

Nova Cannabis Analytics GP Inc.

Alberta, Canada

Nova Cannabis Analytics Limited Partnership

100.00%

Nova Cannabis Analytics Limited Partnership

Alberta, Canada

99.00%

Valens Agritech Ltd.

Valens Agritech Ltd.

^[2]

Canada

^[2]

Southern Cliff Brands Inc.

100.00%

^[2]

Southern Cliff Brands Inc.

^[2]

Ontario, Canada

^[2]

LYF Food Technologies Inc.

100.00%

^[2]

LYF Food Technologies Inc.

^[2]

British Columbia, Canada

^[2]

Valens Australia Pty Ltd.

100.00%

^[2]

Valens Australia Pty Ltd.

Australia

100.00%

Indiva Inc.

Indiva Inc.

Ontario, Canada

100.00%

Vieva Canada Limited

Vieva Canada Limited

^[2]

Ontario, Canada

^[2]

100.00%

^[2]

[1]

These entities may be considered to be “controlled” by the Company solely for the purposes of IFRS, but these entities are not controlled by the Company within the meaning of applicable corporate law. For the purposes of IFRS, control of these entities is determined by the Company being exposed to the variable returns and having the ability to affect those returns through its power over the entities.

[2]

On January 1, 2026, Valens Agritech Ltd., LYF Food Technologies Inc., Southern Cliff Brands Inc. and Vieva Canada Limited amalgamated and continued as “Valens Agritech Ltd.”.

Significant Accounting Policies - Additional Information (Details) - CAD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Disclosure Of Significant Accounting Policies [Line Items]
Depreciation method, property, plant and equipment	straight-line method or the declining balance method
Onerous contracts provision	$ 0	$ 0
Gain loss on conversion of financial liability reclassified to equity	0
Increase in accounts receivable	1,148,000	$ 1,761,000
IFRS 9 and IFRS 7
Disclosure Of Significant Accounting Policies [Line Items]
Net reduction in cash and cash equivalents	12,100,000
Increase in accounts receivable	$ 12,100,000
Top of Range
Disclosure Of Significant Accounting Policies [Line Items]
Cash and cash equivalents maturities period	90 days

Significant Accounting Policies - Schedule of Estimated Useful Lives (Details)	12 Months Ended
	Dec. 31, 2025
Disclosure Of Significant Accounting Policies [Line Items]
Estimated useful life of property plant and equipment	5 years
Production Facilities \| Bottom of Range
Disclosure Of Significant Accounting Policies [Line Items]
Estimated useful life of property plant and equipment	20 years
Production Facilities \| Top of Range
Disclosure Of Significant Accounting Policies [Line Items]
Estimated useful life of property plant and equipment	50 years
Equipment \| Bottom of Range \| Straight-Line Method
Disclosure Of Significant Accounting Policies [Line Items]
Estimated useful life of property plant and equipment	1 year
Equipment \| Bottom of Range \| Diminishing Balance Method
Disclosure Of Significant Accounting Policies [Line Items]
Estimated useful life of property plant and equipment	1 year
Equipment \| Top of Range \| Straight-Line Method
Disclosure Of Significant Accounting Policies [Line Items]
Estimated useful life of property plant and equipment	10 years
Equipment \| Top of Range \| Diminishing Balance Method
Disclosure Of Significant Accounting Policies [Line Items]
Estimated useful life of property plant and equipment	5 years
Right of Use Assets and Leasehold Improvements
Disclosure Of Significant Accounting Policies [Line Items]
Estimated useful life of property plant and equipment	Shorter of estimated useful life or lease term

Business Acquisitions - Additional Information (Details) $ in Thousands, shares in Millions			2 Months Ended	4 Months Ended	8 Months Ended	10 Months Ended	12 Months Ended		13 Months Ended
	Nov. 04, 2024 CAD ($)	May 08, 2024 CAD ($) shares	Dec. 31, 2024 CAD ($)	May 08, 2024 CAD ($) shares	Dec. 31, 2024 CAD ($)	Nov. 03, 2024 CAD ($)	Dec. 31, 2025 CAD ($)	Dec. 31, 2024 CAD ($)	May 08, 2024 CAD ($) shares Store
Disclosure Of Business Combinations [Line Items]
Bargain purchase gain							$ 0	$ 5,456
Lightbox
Disclosure Of Business Combinations [Line Items]
Cash consideration		$ 1,978		$ 1,978					$ 1,978
Cancellation of Debt		3,000		3,000					3,000
Transaction for consideration of approximately		$ 8,671		$ 8,671					$ 8,671
Issuance of common shares \| shares		1.1		1.1					1.1
Issuance of common shares, value		$ 3,693		$ 3,693					$ 3,693
Revenue					$ 6,800
Net earnings (loss)					$ 100
Revenue increased amount				3,100
Net income (loss)				$ 200
Acquisition-related costs for business transaction		$ 700
Number of retail stores \| Store									4
Indiva
Disclosure Of Business Combinations [Line Items]
Cash consideration	$ 385
Extinguishment of debt	20,700
Transaction for consideration of approximately	21,058
Revenue			$ 8,500
Net earnings (loss)			$ 1,700
Revenue increased amount						$ 35,100
Net income (loss)						$ 2,200
Acquisition-related costs for business transaction	$ 300
Bargain purchase gain								$ 5,460

Business Acquisitions - Summary of Purchase Price Allocated (Details) - CAD ($) $ in Thousands	Nov. 04, 2024	May 08, 2024
Lightbox
Disclosure of detailed information about business combination [line items]
Cash		$ 1,978
Issuance of common shares		3,693
Extinguishment of convertible debenture		3,000
Total Purchase Price		8,671
Indiva
Disclosure of detailed information about business combination [line items]
Extinguishment of term loan	$ 18,923
Extinguishment of debtor-in-possession loan	1,750
Cash	385
Total Purchase Price	$ 21,058
Previously Reported \| Lightbox
Disclosure of detailed information about business combination [line items]
Cash		1,654
Issuance of common shares		3,693
Extinguishment of convertible debenture		3,000
Total Purchase Price		8,347
Adjustments \| Lightbox
Disclosure of detailed information about business combination [line items]
Cash		324
Total Purchase Price		$ 324

Business Acquisitions - Summary of Fair Value of the Assets and Liabilities Acquired (Details) - CAD ($) $ in Thousands	Nov. 04, 2024	May 08, 2024
Lightbox
Disclosure Of Business Combinations [Line Items]
Inventory		$ 154
Prepaid expenses and deposits		120
Right of use assets		2,717
Property, plant and equipment		1,037
Intangible assets		2,505
Lease liabilities		(2,828)
Total identifiable net assets acquired		3,705
Goodwill		4,966
Total Purchase Price		8,671
Lightbox \| Previously Reported
Disclosure Of Business Combinations [Line Items]
Inventory		154
Right of use assets		2,828
Property, plant and equipment		964
Intangible assets		1,959
Lease liabilities		(2,828)
Total identifiable net assets acquired		3,077
Goodwill		5,270
Total Purchase Price		8,347
Lightbox \| Adjustments
Disclosure Of Business Combinations [Line Items]
Prepaid expenses and deposits		120
Right of use assets		(111)
Property, plant and equipment		73
Intangible assets		546
Total identifiable net assets acquired		628
Goodwill		(304)
Total Purchase Price		$ 324
Indiva
Disclosure Of Business Combinations [Line Items]
Cash	$ 3
Accounts receivable	4,057
Inventory	4,860
Prepaid expenses and deposits	205
Right of use assets	562
Property, plant and equipment	21,213
Accounts payable and accrued liabilities	(4,100)
Lease liabilities	(286)
Total identifiable net assets acquired	26,514
Bargain purchase gain	(5,456)
Total Purchase Price	$ 21,058

Segment Information - Additional Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2025 CAD ($) Segment	Dec. 31, 2024 CAD ($)
Disclosure Of Operating Segments [Line Items]
Number of reportable segments \| Segment	4
Equity-accounted investees	$ 385,534	$ 413,124
Share of loss of equity-accounted investees	$ (3,605)	$ (65,459)
Liquor Retail \| Operating segments [member]
Disclosure Of Operating Segments [Line Items]
Description of types of products and services from which each reportable segment derives its revenues	Liquor retail includes the sale of wines, beers and spirits through owned liquor stores.
Cannabis Retail \| Operating segments [member]
Disclosure Of Operating Segments [Line Items]
Description of types of products and services from which each reportable segment derives its revenues	Cannabis retail includes the private sale of adult-use cannabis products and accessories through corporate-owned, controlled and franchised retail cannabis stores.
Investments \| Operating segments [member]
Disclosure Of Operating Segments [Line Items]
Description of types of products and services from which each reportable segment derives its revenues	Investments include the deployment of capital to investment opportunities.
Cannabis Operations \| Operating segments [member]
Disclosure Of Operating Segments [Line Items]
Description of types of products and services from which each reportable segment derives its revenues	Cannabis operations include the cultivation, distribution and sale of cannabis for the adult-use and medical markets domestically and for export, and providing proprietary cannabis processing services, in addition to product development, manufacturing, and commercialization of cannabis consumer packaged goods.

Segment Information - Disclosure of Reportable Segments Explanatory (Details) - CAD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

$ 1,335,917

^[1]

$ 1,349,242

946,401

^[2]

920,448

^[3]

258,648

240,331

(6,349)

(103,811)

Operating segments [member] | Cannabis

(15,774)

(105,609)

431,087

^[1]

425,844

406,769

^[2]

365,189

^[3]

118,997

100,625

28,578

921

Operating segments [member] | Cannabis Retail

25,870

(3,145)

219,462

^[1]

195,823

330,242

^[2]

311,689

^[3]

86,053

78,827

30,332

(1,742)

Operating segments [member] | Cannabis Operations

27,663

(5,250)

211,625

^[1]

230,021

144,656

^[2]

109,470

^[3]

32,944

21,798

(1,754)

2,663

Operating segments [member] | Liquor Retail

(1,793)

2,105

324,447

^[1]

326,061

539,632

^[2]

555,259

^[3]

139,651

139,706

36,516

34,781

Operating segments [member] | Investments

32,420

30,665

397,537

^[1]

577,522

^[4]

4,209

(50,013)

^[4]

Intersegment Eliminations

4,209

(50,588)

^[4]

(68,129)

^[2]

(55,970)

^[3]

Corporate

182,846

^[1]

19,815

(75,652)

(89,500)

Disclosure of operating segments [line items]

$ (78,273)

$ (82,541)

[1]	As at December 31, 2025, cash and cash equivalents have been allocated to Corporate from Investments.
[2]	The Company has eliminated $68.1 million for the year ended December 31, 2025 of cannabis operations revenue and equal cost of sales associated with sales to provincial boards that are expected to be subsequently repurchased by the Company’s licensed retail subsidiaries for resale, at which point the full retail sales revenue will be recognized.
[3]	The Company has eliminated $56.0 million for the year ended December 31, 2024 of cannabis operations revenue and equal cost of sales associated with sales to provincial boards that are expected to be subsequently repurchased by the Company’s licensed retail subsidiaries for resale, at which point the full retail sales revenue will be recognized.
[4]	Total assets include cash and cash equivalents.

Segment information - Disclosure of Reportable Segments Explanatory (Parenthetical) (Details) - CAD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Cannabis Operations | Corporate | Provincial Boards

$ 946,401

^[1]

$ 920,448

^[2]

Disclosure of operating segments [line items]

$ 68,100

$ 56,000

[1]	The Company has eliminated $68.1 million for the year ended December 31, 2025 of cannabis operations revenue and equal cost of sales associated with sales to provincial boards that are expected to be subsequently repurchased by the Company’s licensed retail subsidiaries for resale, at which point the full retail sales revenue will be recognized.
[2]	The Company has eliminated $56.0 million for the year ended December 31, 2024 of cannabis operations revenue and equal cost of sales associated with sales to provincial boards that are expected to be subsequently repurchased by the Company’s licensed retail subsidiaries for resale, at which point the full retail sales revenue will be recognized.

- References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2025-01-01
-Paragraph 28
-Subparagraph a
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2025-en-r&anchor=para_28_a&doctype=Standard
-URIDate 2025-03-27

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2025-01-01
-Paragraph 23
-Subparagraph a
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2025-en-r&anchor=para_23_a&doctype=Standard
-URIDate 2025-03-27

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2025-01-01
-Paragraph 32
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2025-en-r&anchor=para_32&doctype=Standard
-URIDate 2025-03-27

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2025-01-01
-Paragraph 33
-Subparagraph a
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2025-en-r&anchor=para_33_a&doctype=Standard
-URIDate 2025-03-27

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2025-01-01
-Paragraph 34
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2025-en-r&anchor=para_34&doctype=Standard
-URIDate 2025-03-27

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 5
-IssueDate 2025-01-01
-Paragraph 33
-Subparagraph b
-Clause i
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=5&code=ifrs-tx-2025-en-r&anchor=para_33_b_i&doctype=Standard
-URIDate 2025-03-27

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 12
-IssueDate 2025-01-01
-Paragraph B12
-Subparagraph b
-Clause v
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=12&code=ifrs-tx-2025-en-r&anchor=para_B12_b_v&doctype=Appendix&subtype=B
-URIDate 2025-03-27

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Name IFRS
-Number 12
-IssueDate 2025-01-01
-Paragraph B10
-Subparagraph b
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=12&code=ifrs-tx-2025-en-r&anchor=para_B10_b&doctype=Appendix&subtype=B
-URIDate 2025-03-27

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Note Expiry date 2027-01-01
-Name IAS
-Number 1
-IssueDate 2025-01-01
-Paragraph 82
-Subparagraph a
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2025-en-b&anchor=para_82_a&doctype=Standard
-URIDate 2025-03-27

Reference 10: http://www.xbrl.org/2003/role/exampleRef
-Note Expiry date 2027-01-01
-Name IAS
-Number 1
-IssueDate 2025-01-01
-Paragraph 103
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2025-en-b&anchor=para_103&doctype=Standard
-URIDate 2025-03-27

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Note Expiry date 2027-01-01
-Name IAS
-Number 1
-IssueDate 2025-01-01
-Paragraph 102
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2025-en-b&anchor=para_102&doctype=Standard
-URIDate 2025-03-27

Restricted Cash - Summary of Disclosure of Restricted Cash (Details) - CAD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Cash [abstract]
Captive insurance	$ 20,081	$ 19,815
Restricted cash and cash equivalents	$ 20,081	$ 19,815

Accounts Receivable - Summary of Accounts Receivable (Details) - CAD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Subclassifications of assets, liabilities and equities [abstract]
Trade receivables	$ 24,096	$ 24,548
Other receivables	3,547	3,570
Accounts receivable	$ 27,643	$ 28,118

Biological Assets - Summary of Change in Carrying Value of Biological Assets (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Changes in biological assets [abstract]
Balance, beginning of year	$ 1,187	$ 429
Increase in biological assets due to capitalized costs	16,082	7,026
Net change in fair value of biological assets	2,322	(675)
Transferred to inventory upon harvest	(16,471)	(5,593)
Balance, end of year	$ 3,120	$ 1,187

Biological Assets - Additional Information (Details) - kg	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Changes in biological assets [abstract]
Estimated biological assets to be harvested	12,189	4,500
Harvested biological assets	29,693	10,464

Inventory - Summary of Inventories (Details) - CAD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Disclosure Of Inventories [Line Items]
Inventory	$ 126,877	$ 127,919
Packaging supplies and consumables	8,392	7,764
Retail Liquor
Disclosure Of Inventories [Line Items]
Inventory	75,145	73,538
Retail Cannabis
Disclosure Of Inventories [Line Items]
Inventory	16,348	21,783
Harvested Cannabis
Disclosure Of Inventories [Line Items]
Work-in-progress	2,203	1,417
Finished goods	4,342	1,205
Manufactured cannabis
Disclosure Of Inventories [Line Items]
Dried cannabis & biomass	2,270	2,359
Work-in-progress	12,577	14,915
Finished goods	$ 5,600	$ 4,938

Inventory - Additional Information (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Classes of current inventories [abstract]
Inventories recognized as expense	$ 686.2	$ 677.5
Inventory write downs	$ 2.7	$ 3.7

Assets Held for Sale - Summary of Assets Held For Sale Measured at Fair Value (Details) - CAD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Assets Held for Sale [Line Items]
Assets held for sale	$ 746	$ 19,051
Olds Facility
Assets Held for Sale [Line Items]
Assets held for sale	0	18,800
Extraction Equipment
Assets Held for Sale [Line Items]
Assets held for sale	$ 746	$ 251

Assets held for sale - Additional Information (Details) $ in Millions	12 Months Ended
	Dec. 31, 2024 CAD ($)
Stellarton Facility
Assets Held for Sale [Line Items]
Impairment losses of property plant and equipment	$ 1.3

Right Of Use Assets - Schedule of Right Of Use Assets (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Disclosure of quantitative information about right-of-use assets [line items]
Net book value	$ 145,810
Net book value	151,900	$ 145,810
Cost
Disclosure of quantitative information about right-of-use assets [line items]
Net book value	250,429	384,846
Acquisitions (note 5(a), note 5(b))		22,250
Additions	14,937	8,614
Net book value	280,378	250,429
Accumulated Depreciation and Impairment
Disclosure of quantitative information about right-of-use assets [line items]
Net book value	104,619	231,930
Depreciation	21,453	22,747
Net book value	128,478	104,619
Right of Use Assets
Disclosure of quantitative information about right-of-use assets [line items]
Net book value	115,435
Renewals, remeasurements and dispositions	43,700
Net book value	138,353	115,435
Right of Use Assets \| Cost
Disclosure of quantitative information about right-of-use assets [line items]
Net book value	217,251	199,032
Acquisitions (note 5(a), note 5(b))		3,279
Additions	9,634	1,499
Renewals, remeasurements and dispositions	43,706	13,441
Net book value	270,591	217,251
Right of Use Assets \| Accumulated Depreciation and Impairment
Disclosure of quantitative information about right-of-use assets [line items]
Net book value	101,816	69,353
Depreciation	32,013	31,375
Impairment		1,088
Impairment reversal	(1,591)
Net book value	$ 132,238	$ 101,816

Right Of Use Assets - Additional Information (Details) $ in Millions	12 Months Ended
	Dec. 31, 2025 CAD ($)
Right of Use Assets
Disclosure of quantitative information about right-of-use assets [line items]
Renewals, remeasurements and dispositions	$ 43.7

Right Of Use assets - Schedule of Net Impairment Losses Reversals of Right of Use Assets (Details) - CAD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2025	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2025	Dec. 31, 2024
Disclosure of quantitative information about right-of-use assets [line items]
Net impairment losses (reversals) on right of use assets	$ (76)	$ (461)	$ (586)	$ (468)	$ 0	$ (94)	$ (415)	$ 1,597	$ (1,591)	$ 1,088
Liquor Retail
Disclosure of quantitative information about right-of-use assets [line items]
Net impairment losses (reversals) on right of use assets	0	0	0	0	0	(192)	(132)	(159)	0	(483)
Cannabis Retail
Disclosure of quantitative information about right-of-use assets [line items]
Net impairment losses (reversals) on right of use assets	$ (76)	$ (461)	$ (586)	$ (468)	$ 0	$ 98	$ (283)	$ 1,756	$ (1,591)	$ 1,571

Property Plant and Equipment - Schedule of Property Plant and Equipment (Details) - CAD ($) $ in Thousands	3 Months Ended							12 Months Ended
	Dec. 31, 2025	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2025	Dec. 31, 2024
Disclosure Of Property Plant And Equipment [Line Items]
Net book value				$ 145,810				$ 145,810
Impairment (recovery)	$ (277)	$ (567)	$ (487)	(263)	$ (164)	$ 9	$ 6	(1,594)	$ (149)
Net book value	151,900							151,900	145,810
Cost
Disclosure Of Property Plant And Equipment [Line Items]
Net book value				250,429			384,846	250,429	384,846
Acquisitions (note 5(a), note 5(b))									22,250
Additions								14,937	8,614
Transfers from CIP								(0)	0
Transfer from (to) assets held for sale								18,293	(161,798)
Dispositions								(3,281)	(3,483)
Net book value	280,378							280,378	250,429
Accumulated Depreciation and Impairment
Disclosure Of Property Plant And Equipment [Line Items]
Net book value				104,619			231,930	104,619	231,930
Transfer from (to) assets held for sale									(147,797)
Depreciation								21,453	22,747
Impairment (recovery)								4,209	(96)
Dispositions								(1,803)	(2,165)
Net book value	128,478							128,478	104,619
Land
Disclosure Of Property Plant And Equipment [Line Items]
Net book value				9,454				9,454
Net book value	8,765							8,765	9,454
Land \| Cost
Disclosure Of Property Plant And Equipment [Line Items]
Net book value				9,454			20,953	9,454	20,953
Acquisitions (note 5(a), note 5(b))									335
Additions								0	0
Transfers from CIP								0	0
Transfer from (to) assets held for sale								0	(11,834)
Dispositions								0	0
Net book value	9,454							9,454	9,454
Land \| Accumulated Depreciation and Impairment
Disclosure Of Property Plant And Equipment [Line Items]
Net book value				0			0	0	0
Transfer from (to) assets held for sale									0
Depreciation								0	0
Impairment (recovery)								689	0
Dispositions								0	0
Net book value	689							689	0
Production Facilities
Disclosure Of Property Plant And Equipment [Line Items]
Net book value				46,291				46,291
Net book value	57,952							57,952	46,291
Production Facilities \| Cost
Disclosure Of Property Plant And Equipment [Line Items]
Net book value				51,251			179,156	51,251	179,156
Acquisitions (note 5(a), note 5(b))									15,635
Additions								0	0
Transfers from CIP								0	0
Transfer from (to) assets held for sale								18,800	(143,540)
Dispositions								(532)	0
Net book value	69,519							69,519	51,251
Production Facilities \| Accumulated Depreciation and Impairment
Disclosure Of Property Plant And Equipment [Line Items]
Net book value				4,960			145,420	4,960	145,420
Transfer from (to) assets held for sale									(141,811)
Depreciation								1,664	1,351
Impairment (recovery)								4,943	0
Dispositions								0	0
Net book value	11,567							11,567	4,960
Leasehold Improvements
Disclosure Of Property Plant And Equipment [Line Items]
Net book value				40,124				40,124
Net book value	38,673							38,673	40,124
Leasehold Improvements \| Cost
Disclosure Of Property Plant And Equipment [Line Items]
Net book value				78,250			76,899	78,250	76,899
Acquisitions (note 5(a), note 5(b))									1,110
Additions								3,765	800
Transfers from CIP								2,571	0
Transfer from (to) assets held for sale								0	0
Dispositions								(6)	(559)
Net book value	84,580							84,580	78,250
Leasehold Improvements \| Accumulated Depreciation and Impairment
Disclosure Of Property Plant And Equipment [Line Items]
Net book value				38,126			28,448	38,126	28,448
Transfer from (to) assets held for sale									0
Depreciation								8,938	10,222
Impairment (recovery)								(1,044)	15
Dispositions								(113)	(559)
Net book value	45,907							45,907	38,126
Equipment
Disclosure Of Property Plant And Equipment [Line Items]
Net book value				47,370				47,370
Net book value	41,357							41,357	47,370
Equipment \| Cost
Disclosure Of Property Plant And Equipment [Line Items]
Net book value				108,903			99,164	108,903	99,164
Acquisitions (note 5(a), note 5(b))									5,170
Additions								6,019	6,831
Transfers from CIP								0	983
Transfer from (to) assets held for sale								(507)	(411)
Dispositions								(2,743)	(2,834)
Net book value	111,672							111,672	108,903
Equipment \| Accumulated Depreciation and Impairment
Disclosure Of Property Plant And Equipment [Line Items]
Net book value				61,533			52,241	61,533	52,241
Transfer from (to) assets held for sale									(165)
Depreciation								10,851	11,174
Impairment (recovery)								(379)	(111)
Dispositions								(1,690)	(1,606)
Net book value	70,315							70,315	61,533
Construction in Progress
Disclosure Of Property Plant And Equipment [Line Items]
Net book value				2,571				2,571
Net book value	5,153							5,153	2,571
Construction in Progress \| Cost
Disclosure Of Property Plant And Equipment [Line Items]
Net book value				2,571			8,674	2,571	8,674
Acquisitions (note 5(a), note 5(b))									0
Additions								5,153	983
Transfers from CIP								(2,571)	(983)
Transfer from (to) assets held for sale								0	(6,013)
Dispositions								0	(90)
Net book value	5,153							5,153	2,571
Construction in Progress \| Accumulated Depreciation and Impairment
Disclosure Of Property Plant And Equipment [Line Items]
Net book value				$ 0			$ 5,821	0	5,821
Transfer from (to) assets held for sale									(5,821)
Depreciation								0	0
Impairment (recovery)								0	0
Dispositions								0	0
Net book value	$ 0							$ 0	$ 0

Property Plant and Equipment - Additional Information (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Disclosure of detailed information about property, plant and equipment [line items]
Depreciation, capitalized to biological assets and inventory	$ 4.3	$ 2.5
Estimated useful life of property plant and equipment	5 years
Weighted Average Cost of Capital \| Bottom of Range
Disclosure of detailed information about property, plant and equipment [line items]
Estimated pre-tax discount rate	11.00%
Weighted Average Cost of Capital \| Top of Range
Disclosure of detailed information about property, plant and equipment [line items]
Estimated pre-tax discount rate	15.50%
Land, production facilities and machinery and equipment
Disclosure of detailed information about property, plant and equipment [line items]
Impairment	$ 3.1
Estimated recoverable amount	3.5
Stellarton facility
Disclosure of detailed information about property, plant and equipment [line items]
Impairment	2.7
Estimated recoverable amount	$ 2.4

Property Plant and Equipment - Schedule of net impairment losses reversals of proprty ,plant and equipment (Details) - CAD ($) $ in Thousands	3 Months Ended							12 Months Ended
	Dec. 31, 2025	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2025	Dec. 31, 2024
Disclosure of detailed information about property, plant and equipment [line items]
Net impairment losses (reversals) of property, plant and equipment	$ (277)	$ (567)	$ (487)	$ (263)	$ (164)	$ 9	$ 6	$ (1,594)	$ (149)
Liquor Retail Segment [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Net impairment losses (reversals) of property, plant and equipment					(1,050)	224	(766)		(1,592)
Cannabis Retail Segment [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Net impairment losses (reversals) of property, plant and equipment	$ (277)	$ (567)	$ (487)	$ (263)	$ 886	$ (215)	$ 772	$ (1,594)	$ 1,443

Net Investment In Subleases - Summary of Net Investment in Subleases (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Disclosure Of Net Investment In Subleases [Abstract]
Balance, beginning of year	$ 18,186	$ 21,366
Additions	0	716
Finance income	612	763
Rents recovered (payments made directly to landlords)	(3,342)	(3,558)
Dispositions and remeasurements	(1,038)	(1,101)
Balance, end of year	14,418	18,186
Current portion	2,775	2,832
Long-term	$ 11,643	$ 15,354

Intangible Assets - Summary of Reconciliation of Changes in Intangible Assets and Goodwill (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Disclosure Of Intangible Assets [Line Items]
Beginning Balance	$ 61,325
Ending Balance	58,520	$ 61,325
Cost
Disclosure Of Intangible Assets [Line Items]
Beginning Balance	103,971	98,206
Acquisition		2,505
Additions		3,260
Ending Balance	103,971	103,971
Accumulated Amortization
Disclosure Of Intangible Assets [Line Items]
Beginning Balance	42,646	25,057
Amortization	2,805	2,589
Impairment		15,000
Ending Balance	45,451	42,646
Brands and Trademarks
Disclosure Of Intangible Assets [Line Items]
Beginning Balance	46,281
Ending Balance	46,108	46,281
Brands and Trademarks \| Cost
Disclosure Of Intangible Assets [Line Items]
Beginning Balance	81,900	81,900
Acquisition		0
Additions		0
Ending Balance	81,900	81,900
Brands and Trademarks \| Accumulated Amortization
Disclosure Of Intangible Assets [Line Items]
Beginning Balance	35,619	20,447
Amortization	173	172
Impairment		15,000
Ending Balance	35,792	35,619
Franchises Agreements
Disclosure Of Intangible Assets [Line Items]
Beginning Balance	5,686
Ending Balance	4,436	5,686
Franchises Agreements \| Cost
Disclosure Of Intangible Assets [Line Items]
Beginning Balance	10,000	10,000
Acquisition		0
Additions		0
Ending Balance	10,000	10,000
Franchises Agreements \| Accumulated Amortization
Disclosure Of Intangible Assets [Line Items]
Beginning Balance	4,314	3,061
Amortization	1,250	1,253
Impairment		0
Ending Balance	5,564	4,314
Software
Disclosure Of Intangible Assets [Line Items]
Beginning Balance	3,121
Ending Balance	2,224	3,121
Software \| Cost
Disclosure Of Intangible Assets [Line Items]
Beginning Balance	5,589	5,556
Acquisition		0
Additions		33
Ending Balance	5,589	5,589
Software \| Accumulated Amortization
Disclosure Of Intangible Assets [Line Items]
Beginning Balance	2,468	1,549
Amortization	897	919
Impairment		0
Ending Balance	3,365	2,468
Retail Licenses
Disclosure Of Intangible Assets [Line Items]
Beginning Balance	6,237
Ending Balance	5,752	6,237
Retail Licenses \| Cost
Disclosure Of Intangible Assets [Line Items]
Beginning Balance	6,482	750
Acquisition		2,505
Additions		3,227
Ending Balance	6,482	6,482
Retail Licenses \| Accumulated Amortization
Disclosure Of Intangible Assets [Line Items]
Beginning Balance	245	0
Amortization	485	245
Impairment		0
Ending Balance	$ 730	$ 245

Intangible Assets - Additional Information (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Disclosure Of Intangible Assets [Line Items]
Intangible assets with indefinite useful life		$ 3.2
Intellectual Property and Rights
Disclosure Of Intangible Assets [Line Items]
Estimated recoverable amount		4.5
Cannabis Retail
Disclosure Of Intangible Assets [Line Items]
Impairment		$ 15.0
Inner Spirit
Disclosure Of Intangible Assets [Line Items]
Estimated useful life of intangible assets	8 years
Alcanna \| Bottom of Range
Disclosure Of Intangible Assets [Line Items]
Estimated useful life of intangible assets	4 years
Alcanna \| Top of Range
Disclosure Of Intangible Assets [Line Items]
Estimated useful life of intangible assets	9 years
Sun 8 Holdings Inc
Disclosure Of Intangible Assets [Line Items]
Estimated useful life of intangible assets	15 years

Investments - Investments Other Than Investments Accounted for Using Equity Method (Details) - CAD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Disclosure Of Investments Other Than Investments Accounted For Using Equity Method [Line Items]
Investments other than investments accounted for using equity method	$ 12,058	$ 35,987
Investments	484	27,560
Long-term	11,574	8,427
Financial assets at amortized cost, category \| At cost
Disclosure Of Investments Other Than Investments Accounted For Using Equity Method [Line Items]
Investments other than investments accounted for using equity method	822	27,934
Financial assets at FVOCI, category \| At fair value
Disclosure Of Investments Other Than Investments Accounted For Using Equity Method [Line Items]
Investments other than investments accounted for using equity method	$ 11,236	$ 8,053

Investments - Additional Information (Details) - CAD ($) $ in Thousands		12 Months Ended
	Jul. 05, 2024	Dec. 31, 2025	Dec. 31, 2024
Disclosure Of Transactions Between Related Parties [Line Items]
Other comprehensive income (loss)		$ (13,875)	$ 33,353
Indiva
Disclosure Of Transactions Between Related Parties [Line Items]
Principal balance for investment in debt instrument		$ 17,800
Maturity date of investments		Feb. 24, 2026
Transaction date of investments		Nov. 04, 2024
Franchise Partners
Disclosure Of Transactions Between Related Parties [Line Items]
Principal balance for investment in debt instrument		$ 800
Franchise Partners \| Bottom Of Range [Member]
Disclosure Of Transactions Between Related Parties [Line Items]
Percentage of revolving overdraft annual prime rate		7.50%
Maturity period of investments		2026-06
Franchise Partners \| Top Of Range [Member]
Disclosure Of Transactions Between Related Parties [Line Items]
Percentage of revolving overdraft annual prime rate		14.00%
Maturity period of investments		2030-06
DELTA 9
Disclosure Of Transactions Between Related Parties [Line Items]
Purchase price	$ 28,100
Percentage of commercial mortage annual interest rate	4.55%
Percentage of revolving overdraft annual prime rate	2.45%
Period of commercial mortgage	5 years
Amortization period	12 years
Financial assets at fair value through other comprehensive income, category
Disclosure Of Transactions Between Related Parties [Line Items]
Other comprehensive income (loss)		$ 6,300	1,900
Investment acquired in common shares		15,900	6,200
Share market investment			$ 8,100
Proceeds of investments common shares		18,100
Disposal of investments		11,800
Financial assets at fair value through other comprehensive income, category \| Level 1
Disclosure Of Transactions Between Related Parties [Line Items]
Other comprehensive income (loss)		1,000
Share market investment		$ 11,200

Equity-Accounted Investees - Summary of Interest (Details) - CAD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Investments accounted for using equity method [abstract]
Interest in joint venture	$ 385,534	$ 413,124

Equity-Accounted Investees - Additional Information (Details)	12 Months Ended
	Dec. 31, 2025
Sun Stream Bancorp Inc. [Member]
Statements [Line Items]
Proportion of ownership interest in joint venture	50.00%

Equity-Accounted Investees - Summary of Interest in Joint Venture (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Disclosure of joint ventures [line items]
Beging Balance	$ 413,124
Distributions	4,684	$ 89,758
Ending Balance	385,534	413,124
Sun Stream Bancorp Inc. [Member]
Disclosure of joint ventures [line items]
Beging Balance	413,124	538,331
Capital contributions	(4,752)
Capital refunds		(168)
Share of net (loss) earnings	(3,605)	(65,459)
Share of other comprehensive income (loss) (taxes at 23%)	(19,233)	40,893
Distributions		(100,473)
Ending Balance	$ 385,534	$ 413,124

Equity-Accounted Investees - Summary of Interest in Joint Venture (Parenthetical) (Details)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Disclosure of joint ventures [line items]
Taxes rate	23.00%	23.00%
Sun Stream Bancorp Inc. [Member]
Disclosure of joint ventures [line items]
Taxes rate		23.00%

Equity-Accounted Investees - Summary of Financial Information of SunStream (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Disclosure of joint ventures [line items]
Current assets (including cash and cash equivalents - 2025: $0.7 million, 2024: $0.9 million)	$ 449,619	$ 461,840
Current liabilities	(92,209)	(90,557)
(Loss) profit from operations	(15,774)	(96,204)
Other comprehensive income (loss)	(13,875)	33,353
Sundial Growers Inc [Member]
Disclosure of joint ventures [line items]
Current assets (including cash and cash equivalents - 2025: $0.7 million, 2024: $0.9 million)	5,021	1,943
Non-current assets	377,137	408,233
Current liabilities	(1,047)	(762)
Net assets (liabilities) (100%)	381,111	409,414
(Loss) revenue	(1,056)	(61,916)
(Loss) profit from operations	(3,034)	(64,669)
Other comprehensive income (loss)	(19,233)	40,893
Total comprehensive loss	$ (22,080)	$ (23,747)

Equity-Accounted Investees - Summary of Financial Information of SunStream (Parenthetical) (Details) - CAD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Disclosure of joint ventures [line items]
Cash and cash equivalents	$ 252,243	$ 218,359	$ 195,041
Percentage of net assets liabilities	100.00%	100.00%
Sundial Growers Inc [Member]
Disclosure of joint ventures [line items]
Cash and cash equivalents	$ 700	$ 900

Goodwill - Schedule of Changes in Goodwill (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 CAD ($)
Goodwill [Abstact]
Goodwill at beginning of period	$ 119,282
Acquisitions through business combinations	4,966
Goodwill at end of period	$ 124,248

The amount of assets representing the future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognised. [Refer: Total for all business combinations [member]]

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
-Number 36
-IssueDate 2025-01-01
-Paragraph 134
-Subparagraph a
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=36&code=ifrs-tx-2025-en-r&anchor=para_134_a&doctype=Standard
-URIDate 2025-03-27

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
-Number 36
-IssueDate 2025-01-01
-Paragraph 135
-Subparagraph a
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=36&code=ifrs-tx-2025-en-r&anchor=para_135_a&doctype=Standard
-URIDate 2025-03-27

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 3
-IssueDate 2025-01-01
-Paragraph B67
-Subparagraph d
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=3&code=ifrs-tx-2025-en-r&anchor=para_B67_d&doctype=Appendix&subtype=B
-URIDate 2025-03-27

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Note Effective 2027-01-01
-Name IFRS
-Number 19
-IssueDate 2025-01-01
-Paragraph 254
-Subparagraph a
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=19&code=ifrs-tx-2025-en-r&anchor=para_254_a&doctype=Standard
-URIDate 2025-03-27

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Note Effective 2027-01-01
-Name IFRS
-Number 19
-IssueDate 2025-01-01
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-URIDate 2025-03-27

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Note Effective 2027-01-01
-Name IFRS
-Number 19
-IssueDate 2025-01-01
-Paragraph 254
-Subparagraph a
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-URIDate 2025-03-27

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Note Effective 2027-01-01
-Name IFRS
-Number 19
-IssueDate 2025-01-01
-Paragraph 255
-Subparagraph a
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=19&code=ifrs-tx-2025-en-r&anchor=para_255_a&doctype=Standard
-URIDate 2025-03-27

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Note Effective 2027-01-01
-Name IFRS
-Number 19
-IssueDate 2025-01-01
-Paragraph 37
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=19&code=ifrs-tx-2025-en-r&anchor=para_37&doctype=Standard
-URIDate 2025-03-27

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Note Effective 2027-01-01
-Name IFRS
-Number 19
-IssueDate 2025-01-01
-Paragraph 37
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=19&code=ifrs-tx-2025-en-r&anchor=para_37&doctype=Standard
-URIDate 2025-03-27

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Note Expiry date 2027-01-01
-Name IAS
-Number 1
-IssueDate 2025-01-01
-Paragraph 54
-Subparagraph c
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2025-en-b&anchor=para_54_c&doctype=Standard
-URIDate 2025-03-27

Goodwill - Schedule of Impairment Testing Goodwill (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Disclosure Of Business Combinations [Line Items]
Goodwill allocated for impairment testing	$ 124,248	$ 124,248
Liquor Retail
Disclosure Of Business Combinations [Line Items]
Goodwill allocated for impairment testing	24,338	24,338
Cannabis Retail
Disclosure Of Business Combinations [Line Items]
Goodwill allocated for impairment testing	47,888	47,888
Cannabis Operations - Manufacturing
Disclosure Of Business Combinations [Line Items]
Goodwill allocated for impairment testing	$ 52,022	$ 52,022

Goodwill - Additional Information (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Disclosure of detailed information about business combination [line items]
Intangible assets with indefinite useful life		$ 3.2
Estimated cash flow term	5 years	5 years
Cannabis Retail CGU
Disclosure of detailed information about business combination [line items]
Intangible assets with indefinite useful life	$ 6.0	$ 6.0
Discount rate	14.00%	13.50%
Liquor Retail CGU
Disclosure of detailed information about business combination [line items]
Intangible assets with indefinite useful life	$ 41.5	$ 41.5
Discount rate	12.25%	11.50%
Cannabis Operations Manufacturing CGU
Disclosure of detailed information about business combination [line items]
Intangible assets with indefinite useful life	$ 1.5	$ 1.5

The amount of intangible assets assessed as having an indefinite useful life. [Refer: Intangible assets other than goodwill]

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
-Number 36
-IssueDate 2025-01-01
-Paragraph 134
-Subparagraph b
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=36&code=ifrs-tx-2025-en-r&anchor=para_134_b&doctype=Standard
-URIDate 2025-03-27

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
-Number 36
-IssueDate 2025-01-01
-Paragraph 135
-Subparagraph b
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
-Number 38
-IssueDate 2025-01-01
-Paragraph 122
-Subparagraph a
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=38&code=ifrs-tx-2025-en-r&anchor=para_122_a&doctype=Standard
-URIDate 2025-03-27

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Note Effective 2027-01-01
-Name IFRS
-Number 19
-IssueDate 2025-01-01
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-Subparagraph b
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Note Effective 2027-01-01
-Name IFRS
-Number 19
-IssueDate 2025-01-01
-Paragraph 264
-Subparagraph a
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-URIDate 2025-03-27

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Note Effective 2027-01-01
-Name IFRS
-Number 19
-IssueDate 2025-01-01
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-Subparagraph b
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Note Effective 2027-01-01
-Name IFRS
-Number 19
-IssueDate 2025-01-01
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Note Effective 2027-01-01
-Name IFRS
-Number 19
-IssueDate 2025-01-01
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Note Effective 2027-01-01
-Name IFRS
-Number 19
-IssueDate 2025-01-01
-Paragraph 264
-Subparagraph a
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=19&code=ifrs-tx-2025-en-r&anchor=para_264_a&doctype=Standard
-URIDate 2025-03-27

Accounts Payable and Accrued Liabilities - Summary of Accounts Payable and Accrued Liabilities (Details) - CAD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Subclassifications of assets, liabilities and equities [abstract]
Trade payables	$ 28,006	$ 27,064
Accrued and other liabilities	28,741	29,211
Accounts payable and accrued liabilities	$ 56,747	$ 56,275

Derivative Warrants - Summary of Derivative Warrants (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Disclosure Of Detailed Information About Derivative Warrant Liability [Line Items]
Balance, beginning of year	$ 26	$ 4,400
Change in fair value recognized in profit or loss	(26)	(4,374)
Balance, end of year	$ 0	$ 26

Derivative Warrants - Additional Information (Details)		12 Months Ended
Derivative Warrants - Additional Information (Details)	Sep. 18, 2024 shares	Dec. 31, 2020 shares	Dec. 31, 2025 Warrant	Aug. 18, 2025 Warrant	Jan. 20, 2024 Warrant
Disclosure Of Detailed Information About Derivative Warrant Liability [Line Items]
Derivative warrant liabilities issued		1,450,000
Warrants exercised		1,400,000
Warrants expired	9,800,000
2020 Series A Warrants
Disclosure Of Detailed Information About Derivative Warrant Liability [Line Items]
Warrants outstanding \| Warrant			0	50,000
Unsecured Convertible Notes Warrants
Disclosure Of Detailed Information About Derivative Warrant Liability [Line Items]
Warrants outstanding \| Warrant					50,000

Lease Liabilities - Summary of Lease Liabilities (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Disclosure Of Lease Obligations [Line Items]
Lease payments	$ (39,245)	$ (36,952)
Current portion	35,462	34,256
Long-term	134,471	118,017
IFRS 16
Disclosure Of Lease Obligations [Line Items]
Balance, beginning of year	152,273	167,029
Acquisitions (note 5)	0	3,114
Additions	9,634	2,212
Lease payments	(42,587)	(40,510)
Renewals, remeasurements and dispositions	42,790	12,038
Tenant inducement allowances received	303	693
Accretion expense	7,520	7,697
Balance, end of year	169,933	152,273
Current portion	35,462	34,256
Long-term	$ 134,471	$ 118,017

Lease Liabilities - Additional Information (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
IFRS 16
Disclosure Of Lease Obligations [Line Items]
Renewals, remeasurements and dispositions	$ 42,790	$ 12,038

Lease Liabilities - Summary of Minimum Lease Payments (Details) $ in Thousands	Dec. 31, 2025 CAD ($)
Disclosure Of Maturity Analysis Of Finance Lease Payments Receivable [Line Items]
Minimum lease payments	$ 175,656
Less Than One Year
Disclosure Of Maturity Analysis Of Finance Lease Payments Receivable [Line Items]
Minimum lease payments	42,427
One to Three Years
Disclosure Of Maturity Analysis Of Finance Lease Payments Receivable [Line Items]
Minimum lease payments	72,134
Three to Five Years
Disclosure Of Maturity Analysis Of Finance Lease Payments Receivable [Line Items]
Minimum lease payments	38,752
Thereafter
Disclosure Of Maturity Analysis Of Finance Lease Payments Receivable [Line Items]
Minimum lease payments	$ 22,343

Other Liabilities - Schedule Of Other Liabilities (Detail) - CAD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Disclosure Of Other Liabilities [Abstract]
Financial guarantee liability	$ 147	$ 219
Deferred share units liability	7,624	7,093
Loyalty liability	270	0
Total	$ 8,041	$ 7,312

Income Taxes - Summary of Income Tax Expense (Recovery) (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Major components of tax expense (income) [abstract]
Loss before income tax	$ (15,774)	$ (105,609)
Statutory income tax rates	23.00%	23.00%
Expected income tax recovery	$ (3,628)	$ (24,290)
Non-deductible costs	20,222	3,059
Non-deductible portion of capital losses	46	67
Deferred adjustments	0	18,404
Deferred tax benefits not recognized	(16,640)	(6,645)
Income tax (recovery) expense	$ 0	$ (9,405)

Income Taxes - Summary of Deferred Tax Assets (Liabilities) (Details) - CAD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Deferred Tax Assets And Liabilities [Line Items]
Net deferred tax asset (liability)	$ 0	$ 0	$ 0
Property, Plant and Equipment
Deferred Tax Assets And Liabilities [Line Items]
Net deferred tax asset (liability)	(5,829)	(0)
Net Investment in Subleases
Deferred Tax Assets And Liabilities [Line Items]
Net deferred tax asset (liability)	(3,316)	(4,183)
Intangible Assets
Deferred Tax Assets And Liabilities [Line Items]
Net deferred tax asset (liability)	(13,208)	(14,099)
Lease liabilities
Deferred Tax Assets And Liabilities [Line Items]
Net deferred tax asset (liability)	22,395	18,324
Other
Deferred Tax Assets And Liabilities [Line Items]
Net deferred tax asset (liability)	$ (42)	$ (42)

Income Taxes - Summary of Unrecognized Deductible Temporary Differences (Details) - CAD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Disclosure of temporary difference, unused tax losses and unused tax credits [abstract]
Property, plant and equipment	$ 183	$ 39,179
Share issue costs	10,139	21,470
Investments	4,387	4,196
Lease liabilities	72,496	75,217
Financial obligations and other	7,626	3,917
Inventory and biological assets	3,613	37,400
Non-capital losses & scientific research and experimental development	923,426	912,200
Capital losses and equity-accounted investees	141,748	119,078
Unrecognized deductible temporary differences	$ 1,163,618	$ 1,212,657

Income Taxes - Summary of Movement in Deferred Income Tax Liability (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Deferred Tax Assets And Liabilities [Line Items]
Balance, beginning of year	$ 0	$ 0
Recognized in profit and loss	0	(9,405)
Recognized in other comprehensive income	0	9,405
Balance, end of year	$ 0	$ 0

Income Taxes - Additional Information (Details) - CAD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Major components of tax expense (income) [abstract]
Non-capital losses available for future periods	$ 922.8	$ 912.0

Share Capital and Warrants - Summary of Issued and Outstanding (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Disclosure Of Classes Of Share Capital [Line Items]
Share repurchases, shares	5,900,000	5,000,000
Beginning balance	$ 1,133,356	$ 1,229,340
Share repurchases	(15,390)	(13,483)
Ending balance	$ 1,101,196	$ 1,133,356
Share Capital
Disclosure Of Classes Of Share Capital [Line Items]
Balance, beginning of year, shares	263,021,847	262,775,853
Share issuances, shares	0	96,399
Share issuance costs, shares	0	0
Share repurchases, shares	(5,899,897)	(5,002,372)
Business acquisitions, shares	0	1,259,536
Employee awards exercised, shares	6,237,173	3,892,431
Balance, end of year, shares	263,359,123	263,021,847
Beginning balance	$ 2,346,728	$ 2,375,950
Share issuances, carrying amount	0	164
Share issuance costs	0	(59)
Share repurchases	(52,688)	(45,165)
Business acquisitions	0	4,137
Employee awards exercised	16,358	11,701
Ending balance	$ 2,310,398	$ 2,346,728

Share Capital and Warrants - Additional Information (Details) $ / shares in Units, shares in Millions, $ in Millions	2 Months Ended		12 Months Ended
	Mar. 10, 2026 $ / shares	Mar. 10, 2026 CAD ($) $ / shares shares	Dec. 31, 2025 $ / shares	Dec. 31, 2025 CAD ($) $ / shares shares	Dec. 31, 2024 $ / shares	Dec. 31, 2024 CAD ($) $ / shares shares
Share Capital And Warrants [Line Items]
Share repurchases \| $				$ 15.3		$ 13.2
Share repurchases, shares				5.9		5.0
Shares repurchased weighted average price per common share \| (per share)			$ 1.79	$ 2.57	$ 1.84	$ 2.61
Decrease in accumulated deficit \| $				$ (37.3)		$ (31.7)
Subsequent events
Share Capital And Warrants [Line Items]
Share repurchases \| $		$ 8.9
Share repurchases, shares		4.2
Shares repurchased weighted average price per common share \| (per share)	$ 1.56	$ 2.13
Lightbox
Share Capital And Warrants [Line Items]
Number of shares issued						1.1
Acquiring rights of franchise store
Share Capital And Warrants [Line Items]
Number of shares issued						0.1

Share Capital and Warrants - Summary of Common Share Purchase Warrants (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Disclosure Of Common Share Purchase Warrants [Line Items]
Beginning balance	$ 1,133,356	$ 1,229,340
Ending balance	$ 1,101,196	$ 1,133,356
Warrants
Disclosure Of Common Share Purchase Warrants [Line Items]
Beginning balance, Number of Warrants	118,400	308,612
Warrants expired, Number of Warrants	(64,000)	(190,212)
Ending balance, Number of Warrants	54,400	118,400
Beginning balance	$ 667	$ 2,260
Warrants expired, Carrying Amount	(361)	(1,593)
Ending balance	$ 306	$ 667

The amount of residual interest in the assets of the entity after deducting all its liabilities.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Note Effective 2027-01-01
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Note Effective 2027-01-01
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Note Effective 2027-01-01
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Note Expiry date 2027-01-01
-Name IAS
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-Paragraph 55
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2025-en-b&anchor=para_55&doctype=Standard
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Note Expiry date 2027-01-01
-Name IAS
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-Subparagraph e
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Share Capital And Warrants - Summary of Outstanding Warrants (Details) - Warrants - Financial Services	12 Months Ended
	Dec. 31, 2025 Warrant $ / shares
Disclosure Of Exercise Price Number And Weighted Average Contractual Life Of Outstanding Share Options [Line Items]
Warrants outstanding and exercisable, Weighted average exercise price \| $ / shares	$ 45.98
Warrants outstanding and exercisable, Number of warrants \| Warrant	54,400
Warrants outstanding and exercisable, Weighted average contractual life (years)	3 years 6 months

The number of share options outstanding in a share-based payment arrangement.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 2
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-Paragraph 45
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 2
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Note Effective 2027-01-01
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-Number 19
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Note Effective 2027-01-01
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Note Effective 2027-01-01
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Note Effective 2027-01-01
-Name IFRS
-Number 19
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-Subparagraph b
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Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]

Share-based Compensation - Components of Share-based Compensation Expense (Details) - CAD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Stock Options | Equity Settled Expense

$ 13,905

$ 20,037

Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]

Restricted Share Units | Equity Settled Expense

0

1

Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]

Deferred Share Units | Cash-settled (Recovery) Expense

^[1]

12,879

15,160

Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]

^[1],[2]

$ 1,026

$ 4,876

[1]	For the year ended December 31, 2024, the Company recognized share-based compensation expense under Nova’s RSU plan of $6 and share-based compensation expense under Nova’s DSU plan of $1,700.
[2]	Cash-settled DSUs are accounted for as a liability and are measured at fair value based on the market value of the Company’s common shares at each period end. Fluctuations in the fair value are recognized during the period in which they occur.

Share-based Compensation - Components of Share-based Compensation Expense (Parenthetical) (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Share-based compensation	$ 13,905	$ 20,037
NOVA RSU PLAN \| Equity Settled Expense
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Share-based compensation recovery		6
NOVA DSU PLAN \| Cash Settled Expense
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Share-based compensation recovery		$ 1,700

Share-based Compensation - Additional Information (Details) $ in Millions	2 Months Ended	12 Months Ended
	Mar. 10, 2026 shares	Dec. 31, 2025 CAD ($) shares	Dec. 31, 2024 CAD ($) shares
Cash Settled Plan
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Fair value of cash settled deferred share units \| $		$ 8.1	$ 7.1
Fair value of cash-settled deferred share units included as current liability within accounts payable \| $		0.5
Fair value of cash-settled deferred share units included as non-current liability within other liabilities \| $		$ 7.6
Simple and Performance Warrants
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Vesting period		3 years
Simple Warrants
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Maturity period		5 years
Performance Warrants
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Maturity period		5 years
Stock Options \| Equity Settled Plan
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Vesting period		3 years
Maturity period		10 years
Deferred Share Units \| Cash Settled Plan
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Granted		525,433	644,737
Exercised		3,570,000	2,140,000
Vesting term		DSUs are granted to directors and generally vest in equal instalments over one year
Vesting period		1 year
Exercisable		300,000
Deferred Share Units \| Cash Settled Plan \| Major Ordinary Share Transactions
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Exercised	200,000
Restricted Share Units \| Equity Settled Plan
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Granted		4,082,665	5,555,322
Exercised		6,237,173	3,892,431
Exercisable		0
Non-market Vesting Condition \| Equity Settled Plan
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Granted		800,000

Share-based Compensation - Summary of Changes in Simple and Performance Warrants (Details)	12 Months Ended
	Dec. 31, 2025 shares $ / shares	Dec. 31, 2024 shares $ / shares
Simple Warrants
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Beginning balance \| shares	38,880	66,700
Forfeited \| shares	(5,120)	(7,520)
Expired \| shares	(17,440)	(20,300)
Ending balance \| shares	16,320	38,880
Weighted average exercise price, beginning balance \| $ / shares	$ 57.22	$ 39.77
Weighted average exercise price, Forfeited \| $ / shares	171.88	40.04
Weighted average exercise price, Expired \| $ / shares	16.91	6.25
Weighted average exercise price, ending balance \| $ / shares	$ 64.32	$ 57.22
Performance Warrants
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Beginning balance \| shares	24,800	54,400
Forfeited \| shares	(4,000)	(4,000)
Expired \| shares	0	(25,600)
Ending balance \| shares	20,800	24,800
Weighted average exercise price, beginning balance \| $ / shares	$ 59.07	$ 38.62
Weighted average exercise price, Forfeited \| $ / shares	156.23	39.06
Weighted average exercise price, Expired \| $ / shares	0	18.75
Weighted average exercise price, ending balance \| $ / shares	$ 40.38	$ 59.07

Share-based Compensation - Summarizes Outstanding Simple and Performance Warrants (Details)	12 Months Ended
	Dec. 31, 2025 shares $ / shares	Dec. 31, 2024 shares $ / shares	Dec. 31, 2023 shares $ / shares
Simple Warrants
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Number of warrants, Warrants outstanding \| shares	16,320	38,880	66,700
Weighted average exercise price, Warrants outstanding \| $ / shares	$ 64.32	$ 57.22	$ 39.77
Weighted average contractual life, Warrants outstanding (years)	1 year 10 days
Number of warrants, Warrants exercisable \| shares	16,320
Weighted average exercise price, Warrants exercisable \| $ / shares	$ 64.32
Weighted average contractual life, Warrants exercisable (years)	1 year 10 days
Performance Warrants
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Number of warrants, Warrants outstanding \| shares	20,800	24,800	54,400
Weighted average exercise price, Warrants outstanding \| $ / shares	$ 40.38	$ 59.07	$ 38.62
Number of warrants, Warrants exercisable \| shares	12,800
Weighted average exercise price, Warrants exercisable \| $ / shares	$ 18.75
Weighted average contractual life, Warrants exercisable (years)	1 month 28 days
$6.25 - $9.38 \| Performance Warrants
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Number of warrants, Warrants outstanding \| shares	6,400
Weighted average exercise price, Warrants outstanding \| $ / shares	$ 6.25
Number of warrants, Warrants exercisable \| shares	6,400
Weighted average exercise price, Warrants exercisable \| $ / shares	$ 6.25
Weighted average contractual life, Warrants exercisable (years)	1 month 28 days
$29.69 - $45.31 \| Performance Warrants
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Number of warrants, Warrants outstanding \| shares	6,400
Weighted average exercise price, Warrants outstanding \| $ / shares	$ 31.25
Number of warrants, Warrants exercisable \| shares	6,400
Weighted average exercise price, Warrants exercisable \| $ / shares	$ 31.25
Weighted average contractual life, Warrants exercisable (years)	1 month 28 days
$62.50 - $93.75 \| Simple Warrants
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Number of warrants, Warrants outstanding \| shares	16,000
Weighted average exercise price, Warrants outstanding \| $ / shares	$ 62.5
Weighted average contractual life, Warrants outstanding (years)	1 year 10 days
Number of warrants, Warrants exercisable \| shares	16,000
Weighted average exercise price, Warrants exercisable \| $ / shares	$ 62.5
Weighted average contractual life, Warrants exercisable (years)	1 year 10 days
$62.50 - $93.75 \| Performance Warrants
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Number of warrants, Warrants outstanding \| shares	8,000
Weighted average exercise price, Warrants outstanding \| $ / shares	$ 75
$125.00 - $312.50 \| Simple Warrants
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Number of warrants, Warrants outstanding \| shares	320
Weighted average exercise price, Warrants outstanding \| $ / shares	$ 155.19
Weighted average contractual life, Warrants outstanding (years)	11 months 15 days
Number of warrants, Warrants exercisable \| shares	320
Weighted average exercise price, Warrants exercisable \| $ / shares	$ 155.19
Weighted average contractual life, Warrants exercisable (years)	11 months 15 days

Share-based Compensation - Summary of Changes in Stock Options (Details) - Equity Settled Plan - Stock Options	12 Months Ended
	Dec. 31, 2025 shares $ / shares	Dec. 31, 2024 shares $ / shares
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Beginning Balance \| shares	571,758	853,705
Forfeited \| shares	(168,034)	(114,982)
Expired \| shares	(82,773)	(166,965)
Ending Balance \| shares	320,951	571,758
Weighted average exercise price, beginning balance \| $ / shares	$ 12.44	$ 17.92
Weighted average exercise price, Forfeited \| $ / shares	11.97	15.79
Weighted average exercise price, Expired \| $ / shares	15.63	38.16
Weighted average exercise price, ending balance \| $ / shares	$ 11.86	$ 12.44

The number of share options outstanding in a share-based payment arrangement.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 2
-IssueDate 2025-01-01
-Paragraph 45
-Subparagraph d
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=2&code=ifrs-tx-2025-en-r&anchor=para_45_d&doctype=Standard
-URIDate 2025-03-27

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 2
-IssueDate 2025-01-01
-Paragraph 45
-Subparagraph b
-Clause i
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=2&code=ifrs-tx-2025-en-r&anchor=para_45_b_i&doctype=Standard
-URIDate 2025-03-27

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 2
-IssueDate 2025-01-01
-Paragraph 45
-Subparagraph b
-Clause vi
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=2&code=ifrs-tx-2025-en-r&anchor=para_45_b_vi&doctype=Standard
-URIDate 2025-03-27

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Note Effective 2027-01-01
-Name IFRS
-Number 19
-IssueDate 2025-01-01
-Paragraph 31
-Subparagraph b
-Clause i
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=19&code=ifrs-tx-2025-en-r&anchor=para_31_b_i&doctype=Standard
-URIDate 2025-03-27

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Note Effective 2027-01-01
-Name IFRS
-Number 19
-IssueDate 2025-01-01
-Paragraph 31
-Subparagraph b
-Clause vi
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=19&code=ifrs-tx-2025-en-r&anchor=para_31_b_vi&doctype=Standard
-URIDate 2025-03-27

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Note Effective 2027-01-01
-Name IFRS
-Number 19
-IssueDate 2025-01-01
-Paragraph 31
-Subparagraph b
-Clause vi
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=19&code=ifrs-tx-2025-en-r&anchor=para_31_b_vi&doctype=Standard
-URIDate 2025-03-27

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Note Effective 2027-01-01
-Name IFRS
-Number 19
-IssueDate 2025-01-01
-Paragraph 31
-Subparagraph b
-Clause i
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=19&code=ifrs-tx-2025-en-r&anchor=para_31_b_i&doctype=Standard
-URIDate 2025-03-27

Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items]

The weighted average exercise price of share options outstanding in a share-based payment arrangement. [Refer: Weighted average [member]]

+ References + Details

Share-based Compensation - Summary of Outstanding Stock Options (Details) - Equity Settled Plan - Stock Options - shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Warrants outstanding and exercisable, Number of warrants	320,951	571,758	853,705
Warrants outstanding and exercisable, Weighted average contractual life (years)	1 year 2 months 26 days
Number of options, Stock options exercisable	320,951
Weighted average contractual life, Stock options exercisable (years)	1 year 2 months 26 days
$11.50
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Warrants outstanding and exercisable, Number of warrants	10,000
Warrants outstanding and exercisable, Weighted average contractual life (years)	4 years 4 months 28 days
Number of options, Stock options exercisable	10,000
Weighted average contractual life, Stock options exercisable (years)	4 years 4 months 28 days
$11.79
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Warrants outstanding and exercisable, Number of warrants	301,591
Warrants outstanding and exercisable, Weighted average contractual life (years)	1 year 18 days
Number of options, Stock options exercisable	301,591
Weighted average contractual life, Stock options exercisable (years)	1 year 18 days
$11.90
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Warrants outstanding and exercisable, Number of warrants	8,160
Warrants outstanding and exercisable, Weighted average contractual life (years)	4 years 5 months 26 days
Number of options, Stock options exercisable	8,160
Weighted average contractual life, Stock options exercisable (years)	4 years 5 months 26 days
$31.50
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Warrants outstanding and exercisable, Number of warrants	1,200
Warrants outstanding and exercisable, Weighted average contractual life (years)	1 year 11 months 23 days
Number of options, Stock options exercisable	1,200
Weighted average contractual life, Stock options exercisable (years)	1 year 11 months 23 days

Share-based Compensation - Summary of Changes in Restricted Share Units (Details) - Equity Settled Plan - Restricted Share Units - shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Beginning balance	9,370,685	8,629,716
Granted	4,082,665	5,555,322
Forfeited	(361,154)	(921,922)
Exercised	(6,237,173)	(3,892,431)
Ending balance	6,855,023	9,370,685

Share-based Compensation - Summary of Changes in Deferred Share Units (Details) - Cash Settled Plan - Deferred Share Units - shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Beginning balance	3,043,070	2,398,333
Granted	525,433	644,737
Ending balance	3,568,503	3,043,070

Net Revenue - Disaggregation of Revenue from Contracts with Customers (Details) - CAD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

$ 1,002,936

$ 975,419

Intersegment Eliminations

946,401

^[1]

920,448

^[2]

Excise taxes

^[3]

56,535

54,971

Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items]

Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items]

(68,129)

^[1]

(55,970)

^[2]

Liquor retail revenue

Liquor retail revenue | Retail

539,632

555,259

Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items]

Liquor retail revenue | Proprietary licensing

537,957

553,847

Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items]

Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items]

1,675

1,412

Cannabis retail revenue

Cannabis retail revenue | Retail

330,242

311,689

Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items]

Cannabis retail revenue | Proprietary licensing

308,690

290,446

Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items]

Cannabis retail revenue | Franchise

16,719

15,410

Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items]

Cannabis operations revenue

4,833

5,833

Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items]

Cannabis operations revenue | Provincial Boards

133,062

108,471

Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items]

Cannabis operations revenue | Wholesale

158,636

129,043

Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items]

Cannabis operations revenue | Analytical testing and other

41,967

34,535

Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items]

Cannabis operations revenue | Intersegment Eliminations

588

863

Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items]

Weighted average shares outstanding (000s)

$ (68,129)

$ (55,970)

[1]	The Company has eliminated $68.1 million for the year ended December 31, 2025 of cannabis operations revenue and equal cost of sales associated with sales to provincial boards that are expected to be subsequently repurchased by the Company’s licensed retail subsidiaries for resale, at which point the full retail sales revenue will be recognized.
[2]	The Company has eliminated $56.0 million for the year ended December 31, 2024 of cannabis operations revenue and equal cost of sales associated with sales to provincial boards that are expected to be subsequently repurchased by the Company’s licensed retail subsidiaries for resale, at which point the full retail sales revenue will be recognized.
[3]	Excise tax is only applicable to cannabis operations provincial board revenue.

Net Revenue - Summary of Receivables from Contracts with Customers (Details) - CAD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Revenue [abstract]
Receivables, included in 'trade receivables' (note 8)	$ 24,096	$ 24,548

Net Revenue - Additional Information (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Revenue [abstract]
Maximum period to settle receivables from contracts with customers	60 days
Minimum Period To Settle Receivables From Contracts With Customers	30 days
Impairment loss (reversal) on receivables from contracts with customers	$ 5.5	$ 4.9

Investment Income (Loss)- Summary of Interest and Fee Revenue (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Investment Income (Loss) [Abstract]
Interest income from investments at amortized cost	$ 1,432	$ 3,644
Interest and fee income from investments at fair value through profit and loss ("FVTPL")	0	3,859
Interest income from cash	6,004	8,134
Gain (loss) on marketable securities	378	(86)
Interest and fee revenue	$ 7,814	$ 15,551

Other Operating Expenses - Summary of General and Administrative Expense (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Expenses by nature [abstract]
Salaries and wages	$ 114,097	$ 121,100
Consulting fees	5,614	4,315
Office and general	48,432	46,706
Professional fees	4,282	6,781
Merchant Processing Fees	7,081	6,793
Director fees	942	685
Other	1,714	863
General and administrative expense	$ 182,162	$ 187,243

Other Operating Expenses - Summary of Sales and Marketing Expense (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Expenses by nature [abstract]
Marketing	$ 14,454	$ 10,944
Events	1	28
Media	110	1,032
Sales and marketing expense	$ 14,565	$ 12,004

Other Operating Expenses - Additional Information (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Expenses by nature [abstract]
Restructuring costs	$ 3.3	$ 2.7

Other (Expenses) Income Net - Summary of Other Expenses, Net (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Finance (costs) income
Accretion on lease liabilities	$ (7,520)	$ (7,697)
Change in fair value of investment at FVTPL	0	(575)
Financial guarantee liability recovery	72	48
Other finance (costs) recoveries	143	300
Interest income	612	763
Total finance costs	(6,693)	(7,161)
Change in fair value of derivative warrants	26	4,374
Bargain purchase gain	0	5,456
Transaction costs	(1,649)	(3,884)
Foreign exchange loss	(1,109)	(583)
Other Expenses, Net	$ (9,425)	$ (1,798)

Supplemental Cash Flow Disclosures - Summary of Changes in Non-cash Working Capital (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Cash provided by (used in):
Accounts receivable	$ 1,148	$ 1,761
Biological assets	389	134
Inventory	(2,881)	2,448
Prepaid expenses and deposits	3,159	6,290
Investments	0	256
Right of use assets	(8,647)	(1,494)
Property, plant and equipment	(1,396)	156
Accounts payable and accrued liabilities	(382)	(18,344)
Lease liabilities	9,019	2,350
Changes in non cash working capital	409	(6,443)
Changes in non-cash working capital relating to:
Operating	1,432	(7,447)
Investing	(1,396)	383
Financing	373	621
Changes in non cash working capital	$ 409	$ (6,443)

Loss Per Share - Summary of Loss Per Share (Details) - CAD ($)
$ / shares in Units, $ in Thousands

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Basic and diluted

^[1]

258,054

264,196

Net earnings (loss) attributable to owners of the Company

$ (15,774)

$ (94,796)

Per share - basic

$ (0.06)

$ (0.36)

Per share - diluted

$ (0.06)

$ (0.36)

[1]

For the year ended December 31, 2025, there were 54.4 thousand equity classified warrants, 16.3 thousand simple warrants, 20.8 thousand performance warrants, 0.3 million stock options and 6.9 million RSUs that were excluded from the calculation as the impact was anti-dilutive (year ended December 31, 2024 – 118.4 thousand equity classified warrants, 50.0 thousand derivative warrants, 38.9 thousand simple warrants, 24.8 thousand performance warrants, 0.6 million stock options and 9.4 million RSUs).

Loss Per Share - Summary of Loss Per Share (Parenthetical) (Details) - shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Earnings per share [abstract]
Equity Classified warrants	54,400	118,400
Derivative warrants		50,000
Simple warrants	16,300	38,900
Performance warrants	20,800	24,800
Stock options	300,000	600,000
RSUs Exercisable	6,900,000	9,400,000

Financial Instruments - Summary of Fair Value Measurements of Long-term Debt, Derivative Warrant Liabilities and Contingent Consideration (Details) - Recurring fair value measurement [member] - CAD ($)
$ in Thousands

Dec. 31, 2025

Dec. 31, 2024

Marketable Securities

Disclosure Of Fair Value Measurement Of Assets [Line Items]

Disclosure Of Fair Value Measurement Of Assets [Line Items]

$ 84

$ 139

Investments at FVOCI

Disclosure Of Fair Value Measurement Of Assets [Line Items]

11,236

8,053

Derivative Warrants

Level 1 | Marketable Securities

^[1]

26

Disclosure Of Fair Value Measurement Of Assets [Line Items]

Level 1 | Investments at FVOCI

84

139

Disclosure Of Fair Value Measurement Of Assets [Line Items]

Level 1 | Derivative Warrants

11,236

8,053

Disclosure Of Fair Value Measurement Of Assets [Line Items]

Level 2 | Marketable Securities

^[1]

0

Disclosure Of Fair Value Measurement Of Assets [Line Items]

Level 2 | Investments at FVOCI

0

Disclosure Of Fair Value Measurement Of Assets [Line Items]

Level 2 | Derivative Warrants

0

Disclosure Of Fair Value Measurement Of Assets [Line Items]

Level 3 | Marketable Securities

^[1]

0

Disclosure Of Fair Value Measurement Of Assets [Line Items]

Level 3 | Investments at FVOCI

0

Disclosure Of Fair Value Measurement Of Assets [Line Items]

Level 3 | Derivative Warrants

$ 0

0

Disclosure Of Fair Value Measurement Of Assets [Line Items]

^[1]

$ 26

[1]	The carrying amount is an estimate of the fair value of the derivative warrants and is presented as a current liability. The Company has no cash obligation with respect to the derivative warrants, rather it will deliver common shares if and when warrants are exercised.

Financial Instruments - Summary of Impairment Losses on Accounts Receivable Recognized in Profit or Loss (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Disclosure of detailed information about financial instruments [abstract]
Net impairment reversal on trade receivables	$ (563)	$ (4,865)
Impairment reversal on other receivables	(0)	(584)
Impairment loss (reversal) on accounts receivable	$ (563)	$ (5,449)

Financial Instruments - Summary of Movement in Allowance for Impairment in Respect of Accounts Receivable (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Disclosure of detailed information about financial instruments [abstract]
Balance, beginning of year	$ 7,351	$ 12,800
Amounts written off	(4,920)	(0)
Net remeasurement of impairment loss allowance	(563)	(5,449)
Balance, end of year	$ 1,868	$ 7,351

Financial Instruments - Schedule of Aging Profile of Accounts Receivable and Allowance for Expected Credit Loss (Details) - CAD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Disclosure of financial assets that are either past due or impaired [line items]
Less allowance	$ (1,868)	$ (7,351)	$ (12,800)
Accounts Receivable \| Credit Risk
Disclosure of financial assets that are either past due or impaired [line items]
Less allowance	(1,868)	(7,351)
Total	24,096	24,548
Accounts Receivable \| Current (less than 30 days) \| Credit Risk
Disclosure of financial assets that are either past due or impaired [line items]
Financial assets	16,637	21,033
Accounts Receivable \| 31 - 60 days \| Credit Risk
Disclosure of financial assets that are either past due or impaired [line items]
Financial assets	4,848	2,093
Accounts Receivable \| 61 - 90 days \| Credit Risk
Disclosure of financial assets that are either past due or impaired [line items]
Financial assets	504	1,573
Accounts Receivable \| Greater than 90 days \| Credit Risk
Disclosure of financial assets that are either past due or impaired [line items]
Financial assets	$ 3,975	$ 7,200

Financial Instruments - Additional Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2025 CAD ($)
Disclosure of detailed information about financial instruments [abstract]
Financial instruments expected credit loss	$ 0
Percentage change in market price would change the fair value at FVOCI	10.00%
Investments at FVOCI - change in fair value	$ 1,100

Financial Instruments - Timing of Expected Cash Outflows Relating to Financial Liabilities (Details) - CAD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Disclosure Of Financial Instruments [Line Items]
Accounts payable and accrued liabilities	$ 56,747	$ 56,275
Liquidity Risk Management
Disclosure Of Financial Instruments [Line Items]
Accounts payable and accrued liabilities	56,747
Financial guarantee liability	147
Loyalty liability	270
Balance, end of year	57,164
Liquidity Risk Management \| Less Than One Year
Disclosure Of Financial Instruments [Line Items]
Accounts payable and accrued liabilities	56,747
Financial guarantee liability	0
Loyalty liability	0
Balance, end of year	56,747
Liquidity Risk Management \| One to Three Years
Disclosure Of Financial Instruments [Line Items]
Accounts payable and accrued liabilities	0
Financial guarantee liability	147
Loyalty liability	270
Balance, end of year	417
Liquidity Risk Management \| Three to Five Years
Disclosure Of Financial Instruments [Line Items]
Accounts payable and accrued liabilities	0
Financial guarantee liability	0
Loyalty liability	0
Balance, end of year	0
Liquidity Risk Management \| Thereafter
Disclosure Of Financial Instruments [Line Items]
Accounts payable and accrued liabilities	0
Financial guarantee liability	0
Loyalty liability	0
Balance, end of year	$ 0

Related Party Transactions - Additional Information (Details) - CAD ($)	8 Months Ended	12 Months Ended
	Sep. 10, 2024	Dec. 31, 2025
Related party transactions [abstract]
Related party transaction, terms		The lease term is from November 1, 2017 to October 31, 2027 and includes extension terms from November 1, 2027 to October 31, 2032 and November 1, 2032 to October 31, 2037.
Total rent	$ 125,200

Related Party Transactions - Compensation of Key Management Personnel (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Disclosure of transactions between related parties [abstract]
Salaries and short-term benefits	$ 7,321	$ 10,788
Share-based compensation	12,058	13,741
Key management personnel compensation	$ 19,379	$ 24,529

Non-Controlling Interests - Additional Information (Details)	Oct. 21, 2024 CAD ($) shares	Dec. 31, 2025 CAD ($)	Dec. 31, 2024 CAD ($)
Disclosure of subsidiaries [line items]
Common shares acquired, Percentage	35.00%
Current assets		$ 449,619,000	$ 461,840,000
Current liabilities		92,209,000	90,557,000
Nova [Member]
Disclosure of subsidiaries [line items]
Transaction for consideration of approximately	$ 40,000,000
Common shares acquired, Percentage	35.00%
Cash transferred for each ordinary shares of acquire	$ 1.75
Cash consideration paid	$ 37,300,000
Shares issued as share consideration \| shares	159,792
Aaggregate consideration being payable, Percentage	50.00%
Number of instruments or interests issued or issuable for each ordinary shares of acquire \| shares	0.58
Current assets		0	0
Non-current assets		0	0
Non-current liabilities		0	0
Current liabilities		$ 0	$ 0
Nova [Member] \| Top Of Range [Member]
Disclosure of subsidiaries [line items]
Percentage of equity interest	65.00%
Nova [Member] \| Bottom Of Range [Member]
Disclosure of subsidiaries [line items]
Percentage of equity interest	100.00%

Non-Controlling Interests - Summarized Statement of Financial Position (Details) - CAD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Disclosure of subsidiaries [line items]
Current assets	$ 449,619	$ 461,840
Current liabilities	92,209	90,557
Nova [Member]
Disclosure of subsidiaries [line items]
Current assets	0	0
Current liabilities	0	0
Non-current assets	0	0
Non-current liabilities	$ 0	$ 0

Non-Controlling Interests - Summarized Statement of Loss and Comprehensive Loss (Details) - CAD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

$ 946,401

^[1]

$ 920,448

^[2]

Nova [Member]

Earnings (loss) and comprehensive income (loss)

0

237,539

$ 0

$ 577

[1]	The Company has eliminated $68.1 million for the year ended December 31, 2025 of cannabis operations revenue and equal cost of sales associated with sales to provincial boards that are expected to be subsequently repurchased by the Company’s licensed retail subsidiaries for resale, at which point the full retail sales revenue will be recognized.
[2]	The Company has eliminated $56.0 million for the year ended December 31, 2024 of cannabis operations revenue and equal cost of sales associated with sales to provincial boards that are expected to be subsequently repurchased by the Company’s licensed retail subsidiaries for resale, at which point the full retail sales revenue will be recognized.

- References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2025-01-01
-Paragraph 28
-Subparagraph a
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2025-en-r&anchor=para_28_a&doctype=Standard
-URIDate 2025-03-27

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2025-01-01
-Paragraph 23
-Subparagraph a
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2025-en-r&anchor=para_23_a&doctype=Standard
-URIDate 2025-03-27

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2025-01-01
-Paragraph 32
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2025-en-r&anchor=para_32&doctype=Standard
-URIDate 2025-03-27

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
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-Paragraph 33
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-URIDate 2025-03-27

Reference 8: http://www.xbrl.org/2003/role/exampleRef
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-URIDate 2025-03-27

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Note Expiry date 2027-01-01
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Reference 10: http://www.xbrl.org/2003/role/exampleRef
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-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2025-en-b&anchor=para_103&doctype=Standard
-URIDate 2025-03-27

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Note Expiry date 2027-01-01
-Name IAS
-Number 1
-IssueDate 2025-01-01
-Paragraph 102
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2025-en-b&anchor=para_102&doctype=Standard
-URIDate 2025-03-27