# EDGAR Filing Document

**Accession Number:** 0001620737
**File Stem:** 0001628280-25-057233
**Filing Date:** 2025-12
**Character Count:** 1001907
**Document Hash:** 84c39fdf70bdb2cf0f67783f3f2b0d5b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001628280-25-057233.hdr.sgml**: 20251216

**ACCESSION NUMBER**: 0001628280-25-057233

**CONFORMED SUBMISSION TYPE**: 40-F

**PUBLIC DOCUMENT COUNT**: 339

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251216

**DATE AS OF CHANGE**: 20251216

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ORGANIGRAM GLOBAL INC.
- **CENTRAL INDEX KEY:** 0001620737
- **STANDARD INDUSTRIAL CLASSIFICATION:** PHARMACEUTICAL PREPARATIONS [2834]
- **ORGANIZATION NAME:** 03 Life Sciences
- **EIN:** 000000000
- **STATE OF INCORPORATION:** Z4
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** 40-F
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-38885
- **FILM NUMBER:** 251573384

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 1400-145 KING ST. WEST
- **CITY:** TORONTO
- **PROVINCE COUNTRY:** A6
- **ZIP:** M5H 1J8
- **BUSINESS PHONE:** 506-232-4400

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 1400-145 KING ST. WEST
- **CITY:** TORONTO
- **PROVINCE COUNTRY:** A6
- **ZIP:** M5H 1J8

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ORGANIGRAM HOLDINGS INC.
- **DATE OF NAME CHANGE:** 20160831

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ORGANIGRAM HOLDINGS INC
- **DATE OF NAME CHANGE:** 20140926

?xml version='1.0' encoding='ASCII'? ogi-20250930

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM 40-F**

☐ **REGISTRATION STATEMENT PURSUANT TO SECTION 12 OF THE SECURITIES EXCHANGE ACT OF 1934**

OR

☒ **ANNUAL REPORT PURSUANT TO SECTION 13(a) OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

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| | |
|:---|:---|
| For the fiscal year ended September 30, 2025 | Commission File Number **<u>001-38885</u>** |

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**<u>ORGANIGRAM GLOBAL INC.</u>**

*(Exact name of Registrant as specified in its charter)*

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| | | |
|:---|:---|:---|
| **Canada** | **2833** | **N/A** |
| *(Province or Other Jurisdiction of Incorporation or Organization)* | *(Primary Standard Industrial Classification Code)* | *(I.R.S. Employer*<br>*Identification No.)* |

---

**1400-145 King Street West**

**Toronto, Ontario**

**Canada M5H 1J8**

**Tel: 1-844-644-4726**

*(Address and telephone number of Registrant's principal executive offices)*

**CORPORATION SERVICE COMPANY**

**251 Little Falls Drive**

**County of New Castle**

**Wilmington, Delaware 19808**

**Tel: 1-800-927-9800**

*(Name, address (including zip code) and telephone number (including area code)*

*of agent for service in the United States)*

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Securities registered or to be registered pursuant to Section 12(b) of the Securities Exchange Act of 1934 (the "Exchange Act"):

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| | | |
|:---|:---|:---|
| Title of each class | Trading Symbol | Name of each exchange on which registered |
| **Common Shares** | **OGI** | **NASDAQ Global Select Market** |

---

Securities registered or to be registered pursuant to Section 12(g) of the Exchange Act: **None**

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Exchange Act: **None**

For annual reports, indicate by check mark the information filed with this Form:

☑ Annual Information Form&nbsp;&nbsp;&nbsp;&nbsp;☑ Audited Annual Financial Statements

Indicate the number of outstanding shares of the Registrant's classes of capital or common stock as of the close of the period covered by the annual report: 134,461,029

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.

☑ Yes&nbsp;&nbsp;&nbsp;&nbsp;☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit and post such files).

☑ Yes&nbsp;&nbsp;&nbsp;&nbsp;☐ No

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 12b-2 of the Exchange Act.

Emerging growth company ☐

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for

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complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. &nbsp;&nbsp;&nbsp;&nbsp;☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.&nbsp;&nbsp;&nbsp;&nbsp;☑

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.&nbsp;&nbsp;&nbsp;&nbsp;☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b).&nbsp;&nbsp;&nbsp;&nbsp;☐

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**INTRODUCTORY INFORMATION**

Organigram Global Inc. (the "**Company**" or "**Organigram**") is a "foreign private issuer" as defined in Rule 3b-4 under the Exchange Act, and is a Canadian issuer eligible to file its annual report ("**Annual Report**") pursuant to Section 13 of the Exchange Act on Form 40-F pursuant to the multi-jurisdictional disclosure system (the "**MJDS**") adopted by the United States Securities and Exchange Commission (the "**SEC**"). The Company's common shares are listed on the Toronto Stock Exchange (the "**TSX**") and the Nasdaq Global Select Market ("**NASDAQ**") under the trading symbol "OGI".

In this annual report, references to "we", "our", "us", the "Company" or "Organigram", mean Organigram Global Inc. and our wholly-owned subsidiaries, unless the context suggests otherwise.

Unless otherwise indicated, all amounts in this annual report are in Canadian dollars and all references to "$" or "Cdn.$" mean Canadian dollar and references to "U.S. dollars" or "US$" are to United States dollars.

**PRINCIPAL DOCUMENTS**

The following principal documents are filed as exhibits to, and incorporated by reference into this Annual Report:

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| | |
|:---|:---|
| **Document** | **Exhibit No.** |
| Audited consolidated financial statements of the Company and notes thereto as at and for the year ended September 30, 2025, together with the reports thereon of the independent registered public accounting firm | <u>[99.4](ogi-20250930_d2.htm)</u> |
| Management's Discussion and Analysis of the Company for the year ended September 30, 2025 (the "**MD&A**") | <u>[99.5](organigramholdingsinc-mdax.htm)</u> |
| Annual Information Form of the Company for the year ended September 30, 2025 (the "**AIF**") | <u>[99.6](annualinformationform202.htm)</u> |

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**FORWARD-LOOKING STATEMENTS**

This Annual Report (including the documents incorporated by reference herein) includes or incorporates by reference certain statements that constitute "forward-looking statements" within the meaning of the United States *Private Securities Litigation Reform Act of 1995*. These statements appear in a number of places in this Annual Report and include statements regarding our intent, belief or current

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expectation and that of our officers and directors. Such statements can be identified by the use of forward-looking terminology such as "outlook", "objective", "may", "will," "could", "would", "might", "expect", "intend", "estimate", "anticipate", "believe", "plan", "continue", "budget", "schedule" or "forecast" or similar expressions suggesting future outcomes or events. They include, but are not limited to, statements with respect to expectations, forecasts or other characterizations of future events or circumstances, and the Company's objectives, goals, strategies, beliefs, intentions, plans, estimates, projections and outlook, including statements relating to the Company's plans and objectives, or estimates or predictions of actions of customers, suppliers, partners, distributors, competitors or regulatory authorities; and, statements regarding the Company's future economic performance. These statements are not historical facts but instead represent management beliefs regarding future events, many of which by their nature are inherently uncertain and beyond management control. Forward-looking information has been based on the Company's current expectations about future events.

Forward-looking statements in this Annual Report include, but are not limited to, statements with respect to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Expectations regarding production capacity, facility size, THC (as defined in the AIF) content, costs and yields;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Expectations regarding the prospects of the Company's collaboration and ongoing investment from BT DE Investments Inc., a wholly-owned subsidiary of British American Tobacco p.l.c. (referred to in the AIF and MD&A as "BAT");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Expectations regarding the prospects for the Company's principal operating subsidiary Organigram Inc. (formerly, Organigram, EIC and LAU (as defined in the AIF));

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Expectations around demand for cannabis and related products, future opportunities and sales including the relative mix of medical versus adult-use recreational products, the relative mix of products within the adult-use recreational category including wholesale, the Company's financial position, future liquidity and other financial results;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Changes in legislation related to permitted cannabis types, forms and potency and legislation of additional cannabis types and forms for adult-use recreational cannabis in Canada, including regulation relating thereto, the timing and the implementation thereof, and our future product forms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Expectations around branded products and derivative-based products with respect to timing, launch, product attributes, composition and consumer demand;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Expectation to create sustainable competitive advantage through relevant and differentiated consumer products and medical trade engagement materials;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Expectation to renew the Company's licenses prior to their expiry dates;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Expectations around the Company's ability to develop current and future vapour hardware, and the Company's ability to expand its share of the vapour market;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Strategic investments and capital expenditures, and expected related benefits;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The expectation that the technical arrangement between Organigram and Phylos Bioscience Inc. will permit Organigram to continue to transition a portion of its garden to seed-based cultivation over time, and the anticipated benefits of seed-based production;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The expectations regarding the Company's investments in Green Tank Technologies Corp., Steady State LLC doing business as Open Book Extracts, and Sanity Group GmbH;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The expectations regarding the Company's acquisition and integration of Motif Labs Ltd. and Collective Project Limited;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Expectations regarding the resolution of litigation and other legal proceedings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The general continuance of current, or where applicable, assumed industry conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Changes in laws, regulations and guidelines, including those relating to the recreational market, the medical cannabis markets domestically and internationally, and in particular, with respect to changes in hemp and marijuana in the U.S.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Changes in laws, regulations, guidelines and policies, including those related to minor cannabinoids;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The impact of the Company's cash flow and financial performance on third parties, including its supply partners;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fluctuations in the price of the Common Shares and the market for the Common Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The treatment of the Company's business under international regulatory regimes and impacts on changes thereto to the Company's international sales;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company's growth strategy, targets for future growth and forecasts of the results of such growth;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Expectations concerning access to capital and liquidity, and the Company's ability to access the public markets to fund operational activities and growth;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company's ability to remain listed on the TSX and NASDAQ, and the impact of any actions it may be required to take to remain listed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The ability of the Company to generate cash flow from operations and from financing activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The competitive conditions of the industry, including the Company's ability to maintain or grow its market share; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Expectations concerning Fiscal 2026 performance.

Certain of the forward-looking statements and other information contained herein are based on estimates prepared by the Company using data from publicly available governmental sources as well as from market research and industry analysis, and on assumptions based on data and knowledge of the

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medical cannabis industry, industrial hemp industry and the adult-use recreational cannabis industry which the Company believes to be reasonable. However, although generally indicative of relative market positions, market shares and performance characteristics, such data is inherently imprecise. While the Company is not aware of any misstatement regarding any industry or government data presented herein, the medical cannabis industry, industrial hemp industry, and the adult-use recreational cannabis industry involve risks and uncertainties that are subject to change based on various factors.

Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct. The Company's forward-looking statements are expressly qualified in their entirety by this cautionary statement. A number of factors could cause actual events, performance or results to differ materially from what is projected in the forward-looking statements. These factors include, but are not limited to, risks related to competition, changes in the Canadian cannabis industry and market, governmental regulation, changes in laws, regulations and guidelines, reliance primarily on a single cultivation facility, reliance on key inputs and volatility in the wholesale and retail prices of cannabis, the Company's success in developing new products and finding a market for the sale of new products, licence renewal risks, risk inherent in the agricultural business, rising energy costs, negative cash flows from operations, dividends, competition from illicit markets, acquisition and integration risk, volatility in the market for the Company's securities, history of losses, product liability, sufficiency of insurance, management of growth, financing risks, risks relating to developing and maintaining effective internal controls for reliable financial reporting and for fraud prevention, reliance on key personnel, risks relating to the resurgence of pandemic and catastrophic events, product recalls, risks relating to litigation and securities class actions, difficulties with forecasts, uninsured and uninsurable events risks, risks relating to inflation, unknown health impacts of the use of cannabis and cannabis-derivatives, reliance on third-party transportation, ability to meet target production capacity, scale of operations, supply chain and distribution disruptions, facility and technological risks, packaging and shipping logistics, changes to government laws, regulations or policy, including the amendment of the definition of hemp in the 2018 Farm Bill (U.S.) to effectively eliminate hemp-derived THC products, potential time frame for the implementation of legislation to legalize cannabis internationally, risks relating to the ability of the Company to obtain and/or maintain their status as a licensed producer, the potential size of the regulated adult-use recreational cannabis market, demand for and changes to products, the development of the vapour market, political conditions, market opportunities, timing of final implementation of the Company's enterprise resource planning system, contracts or other arrangements with provincial governments are not guaranteed, TSX and NASDAQ listing requirements and the ability to continue to meet listing standards for the TSX and the NASDAQ, risks relating to the Company's designation as a "large accelerated filer", differing shareholder protections across jurisdictions, increased volatility for dual-listed shares, market liquidity risks, investment risk, risks

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relating to the Company's status as a foreign private issuer in the U.S., risks relating to expansion into new markets, foreign investment risk, risk of corruption and fraud in emerging markets and relating to ownership of real property; risks relating to the Company's IP, credit risk, liquidity risk, concentration risk, risks associated with significant shareholders, dividends, publicity or consumer perception, cyber security and privacy, product security, environmental and employee health and safety regulations, regulatory proceedings, investigations and audits, fraudulent or illegal activity by employees, restrictions on foreign investors, regulatory and operational risks associated with expansion into foreign jurisdictions, reliance on international advisers and consultants, anti-money laundering laws and regulation risks, anti-corruption and anti-bribery laws, global economic risks, future acquisitions, general business risks and liabilities, dilution, constraints on marketing products, provincial legislative controls, suppliers and skilled labour, conflicts of interest, risks associated with the Company's status as a holding company and the other risks described in AIF. Material factors and assumptions used in establishing forward-looking information include that construction and production activities will proceed as planned and regulatory conditions will advance in the manner expected by management. The purpose of forward-looking statements is only to provide the reader with a description of management's expectations relating to future periods, and, as such, forward-looking statements are not appropriate for any other purpose. You should not place undue reliance on forward-looking statements contained in this Annual Report.

All forward-looking information is provided as of the date of this Annual Report. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as and to the extent required by applicable law, including applicable United States federal securities laws.

See also "Risk Factors" in the MD&A and the AIF.

**NOTE TO UNITED STATES READERS REGARDING DIFFERENCES**

**BETWEEN UNITED STATES AND CANADIAN REPORTING PRACTICES**

The Company is permitted to prepare this Annual Report in accordance with Canadian disclosure requirements, which are different from those of the United States. The Company prepares its consolidated financial statements in accordance with International Financial Reporting Standards ("**IFRS**"), as issued by the International Accounting Standards Board (the "**IASB**"), which differ in certain respects from United States generally accepted accounting principles ("**US GAAP**") and from certain practices prescribed by the SEC. Therefore, the Company's financial statements incorporated by reference in this Annual Report may not be comparable to financial statements prepared in accordance with US GAAP.

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**CURRENCY**

Unless otherwise indicated, all dollar amounts in this Annual Report are in Canadian dollars. The exchange rate of Canadian dollars into United States dollars, on October 1, 2025, based upon the daily exchange rate as quoted by the Bank of Canada was U.S.$1.00 = Cdn. $1.394.

**TAX MATTERS**

Purchasing, holding, or disposing of the Company's securities may have tax consequences under the laws of the United States and Canada that are not described in this Annual Report.

**DISCLOSURE CONTROLS AND PROCEDURES**

Disclosure controls and procedures are defined in Rule 13a-15(e) and 15d-15(e) under the Exchange Act to mean controls and other procedures of an issuer that are designed to ensure that information required to be disclosed by the issuer in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the SEC's rules and forms and includes, without limitation, controls and procedures designed to ensure that such information is accumulated and communicated to the issuer's management, including its principal executive and principal financial officers, or persons performing similar functions, as appropriate, to allow timely decisions regarding required disclosure.

As of the end of the period covered by this report, our management carried out an evaluation, with the participation of Beena Goldenberg, our Chief Executive Officer until November 30, 2025, and Peter Amirault, our Executive Chair acting in the capacity of interim Chief Executive Officer effective December 1, 2025 ("**CEO**"), and our Chief Financial Officer ("**CFO**"), of the effectiveness of our disclosure controls and procedures. Based upon that evaluation, our CEO and CFO concluded that, as of the end of the period covered by this report, our disclosure controls and procedures, as defined in Rule 13a-15(e), were not effective because of the material weaknesses in our internal control over financial reporting noted below and described in the MD&A.

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**INTERNAL CONTROL OVER FINANCIAL REPORTING**

**Internal Control over Financial Reporting**

Internal control over financial reporting, as defined by Rule 13a-15(f) and 15d-15(f) of the Exchange Act ("**ICFR**"), is a process designed by, or under the supervision of, the Company's principal executive and principal financial officers or persons performing similar functions and effected by the Board of Directors, management and other personnel, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with IFRS as issued by the IASB. ICFR includes policies and procedures that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with IFRS, and that receipts and expenditures of the Company are being made only in accordance with authorizations of management and directors of the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the Company's assets that could have a material effect on the financial statements.

In connection with the Company's reporting obligations in Canada and its obligations under Rule 13a-15(c) under the Exchange Act, management, under the supervision and with the participation of its CEO and CFO, conducted an evaluation of the effectiveness of the Company's ICFR as of September 30, 2025, using the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) Internal Control - Integrated Framework (2013). Based on this evaluation management concluded that a material weakness existed as of September 30, 2025, as described at page 21 of the MD&A under the heading "Management's Evaluation of Internal Control over Financial Reporting", filed as Exhibit 99.5 to this Annual Report.

 **Attestation Report of the Independent Registered Public Accounting Firm**

PKF O'Connor Davies, LLP, an Independent Registered Public Accounting Firm, has audited the Company's consolidated annual financial statements for the year ended September 30, 2025, and has

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issued an adverse report on the effectiveness of ICFR which is addressed to the Board of Directors of the Company and is included in the Company's audited consolidated annual financial statements filed as Exhibit 99.4 to this Annual Report.

**Changes in Internal Control over Financial Reporting**

There has been a change to the Company's ICFR during the three months ended September 30, 2025 ("**Q4 Fiscal 2025**") that has materially affected, or is likely to materially affect, the Company's ICFR.

During Q4 Fiscal 2025, staff turnover among personnel responsible for preparing and reviewing complex spreadsheets related to biological assets and inventory impacted management's ability to maintain effective operation of applicable controls.

*Security and Administration and Monitoring of Service Organizations*

With respect to the material weakness related to the information process during Fiscal 2025, the following remedial activities were completed and the material weakness assessed was remediated in Q4 Fiscal 2025:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Engaged internal control specialists that assisted management in evaluating internal controls and in designing remediation plans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Hired a VP, Information Technology, to oversee and enhance the IT department and support the remediation of deficiencies in general IT controls;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Hired and trained a dedicated resource to review the third-party service organization control reports and assess their impact in relation to the Company's control environment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Remediated certain IT general controls.

**CORPORATE GOVERNANCE**

The Board of Directors is responsible for the Company's corporate governance and has the following separately designated standing committees: the Governance, Nominating and Sustainability Committee, the Compensation Committee, the Investment Committee, and the Audit Committee. The respective charters of the Governance, Nominating and Sustainability Committee, the Compensation Committee, the Investment Committee, and the Audit Committee can be viewed on the Company's corporate website at <u>www.organigram.ca</u>. In addition, the Company's Audit Committee Charter is attached as Appendix "A" to the AIF, which is filed as Exhibit 99.6 to this Annual Report.

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**Governance, Nominating and Sustainability Committee and Compensation Committee**

The Governance, Nominating and Sustainability Committee is responsible for reviewing, overseeing and evaluating the governance, nominating and sustainability policies of the Company, and the Compensation Committee is responsible for reviewing, overseeing and evaluating the compensation policies of the Company.

The mandate of the Governance, Nominating and Sustainability Committee includes: (a) assessing the effectiveness of the Board of Directors, each of its committees and individual directors; (b) overseeing the recruitment and selection of candidates to be nominated for election as directors; (c) organizing an orientation and education program for new directors; (d) considering and approving proposals by the directors to engage outside advisors on behalf of the Board of Directors as a whole or on behalf of the independent directors; (e) reviewing and making recommendations to the Board of Directors concerning the size, composition and structure of the Board of Directors and its committees; and (f) overseeing management succession.

The Compensation Committee is responsible for: (a) administering any securities-based compensation plans of the Company; (b) assessing the performance of the Company's management; (c) reviewing and approving the compensation paid by the Company, if any, to the Company's officers; and (d) reviewing and making recommendations to the Board of Directors concerning the level and nature of the compensation payable to Company's directors and officers. The Compensation Committee is also responsible for administering the Company's Policy for the Recovery of Erroneously Awarded Incentive-Based Compensation (the "**Recovery Policy**"), which has been adopted by the Board of Directors pursuant to Rule 5608 of the NASDAQ Marketplace Rules. A copy of the Recovery Policy is filed as Exhibit 97.1 to this Annual Report, and is also available on the Company's corporate website at www.organigram.ca.

The Compensation Committee also reviews and makes recommendations to the Board of Directors at least annually with respect to the compensation of the Chief Executive Officer and other senior executive officers of the Company, including incentive compensation plans, equity-based plans, the terms of any employment agreements, severance arrangements, and change of control arrangements or provisions, and any special or supplemental benefits. In considering compensation matters, the Compensation Committee is required under its Charter to be guided by the following principles: (a) offering competitive compensation to attract, retain and motivate the very best qualified individuals in order for the Company to meet its goals; and (b) acting in the interests of the Company by being fiscally responsible.

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The Company's Governance, Nominating and Sustainability Committee and the Company's Compensation Committee are required under their respective Charters to meet at least semi-annually and more frequently as circumstances require.

The Governance, Nominating and Sustainability Committee is comprised of Geoffrey Machum (Chair), Sherry Porter, Dexter John and Craig Harris. The Compensation Committee is comprised of Sherry Porter (Chair), Geoffrey Machum and Karina Gehring. The Board of Directors has determined that all members of each of the Governance, Nominating and Sustainability Committee and the Compensation Committee are independent, based on the criteria for independence prescribed by Rule 5605(a)(2) of the NASDAQ Marketplace Rules.

**Investment Committee**

The Investment Committee's mandate is to assist the Board of Directors in discharging the Board of Directors' oversight responsibilities relating to proposed acquisitions, dispositions, major capital investments and financing arrangements. The Investment Committee is responsible for: (a) reviewing at least quarterly with management the Company's strategic business objectives, including potential acquisitions, dispositions, transaction opportunities and financing arrangements; (b) convening with management as needed to discuss and assess such opportunities, and reviewing and evaluating such opportunities with management on a regular basis; (c) monitoring the performance of the Company's completed transactions and investments by conducting periodic reviews for the purposes of evaluating the degree of success achieved, assessing the accuracy of projections and other assumptions relied upon in approving transactions, identifying the factors that differentiate more successful transactions from less successful ones, and evaluating the strategic contributions resulting from transactions; (d) considering, in conjunction with the Audit Committee as appropriate, the accounting treatment and impact of proposed investments; (e) when appropriate, making recommendations to the Board of Directors in respect of a proposed acquisition, disposition, financing or other arrangement (provided, however, that management may approve, without the requirement for further Committee or Board of Directors action, corporate development, business development, acquisitions and divestiture transactions in the normal course of business involving consideration up to $5,000,000); and (f) considering conformance with applicable law and compliance elements of proposed investments.

The Investment Committee is comprised of Dexter John (Chair), Stephen Smith, Marni Wieshofer, Simon Ashton and Craig Harris. The Board of Directors has determined that all five members of the Investment Committee are independent, based on the criteria for independence prescribed by Rule 5605(a)(2) of the NASDAQ Marketplace Rules.

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**AUDIT COMMITTEE**

Our Board of Directors has established the Audit Committee in accordance with section 3(a)(58)(A) of the Exchange Act and Rule 5605(c) of the NASDAQ Marketplace Rules for the purpose of overseeing our accounting and financial reporting processes and the audits of our annual financial statements and effectiveness of internal control over financial reporting.

The Audit Committee is comprised of Stephen Smith (Chair), Marni Wieshofer, Dexter John and Simon Ashton. Our Board of Directors has determined that the Audit Committee meets the composition requirements set forth by Section 5605(c)(2) of the NASDAQ Marketplace Rules, and that each of the members of the Audit Committee is independent as determined under Rule 10A-3 of the Exchange Act and Rule 5605(a)(2) of the NASDAQ Marketplace Rules. All four members of the Audit Committee are financially literate, meaning they are able to read and understand the Company's financial statements and to understand the breadth and level of complexity of the issues that can reasonably be expected to be raised by the Company's financial statements.

Our Board of Directors has determined that Stephen Smith:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• qualifies as an "audit committee financial expert" (as defined in paragraph (8)(b) of General Instruction B to Form 40-F),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• has past employment experience in finance or accounting, requisite professional certification in accounting, or any other comparable experience or background which results in his financial sophistication (pursuant to Rule 5605(c)(2)(A) of the NASDAQ Marketplace Rules), and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• is independent (as determined under Exchange Act Rule 10A-3 and Rule 5605(a)(2) of the NASDAQ Marketplace Rules).

**PRE-APPROVAL OF AUDIT AND NON-AUDIT SERVICES PROVIDED BY**

**INDEPENDENT AUDITOR**

The Audit Committee Charter sets out responsibilities regarding the provision of non-audit services by the Company's external auditors and requires the Audit Committee to pre-approve all permitted non-audit services to be provided by the Company's external auditors, in accordance with applicable law.

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**PRINCIPAL ACCOUNTING FEES AND SERVICES**

As of June 28, 2024, our independent registered public accounting firm is PKF O'Connor Davies, LLP, New York, NY, Auditor Firm ID: 127. Prior to June 28, 2024, our independent registered public accounting firm was KPMG LLP, Vaughan, ON, Canada, Auditor Firm ID: 85. Tabular disclosure of the amounts billed to us by our independent auditors for each of our last fiscal years ended September 30, 2024 ("**Fiscal 2024**") and September 30, 2025 ("**Fiscal 2025**") as Audit Fees, Audit-Related Fees, Tax Fees and All Other Fees, is made on page 78 of the AIF, filed as Exhibit 99.6 to this Annual Report.

**Audit Fees**

Audit Fees include fees necessary to perform the annual audit including the audit of internal controls over financial reporting and quarterly reviews of the Company's financial statements. Audit Fees include fees for review of tax provisions and for accounting consultations on matters reflected in the financial statements. Audit Fees also include audit or other attest services required by legislation or regulation, such as comfort letters, consents, reviews of securities filings and statutory audits. For Fiscal 2024 audit fees were comprised of quarterly reviews and the annual audit (including the audit of internal controls over financial reporting) . For Fiscal 2025 audit fees were comprised of quarterly reviews and the annual audit (including the audit of internal controls over financial reporting).

**Audit-related Fees**

Audit-related Fees include fees related to Public Company Accounting Oversight Board and Canadian Public Accountability in Fiscal 2025.

**Tax Fees**

Tax Fees include fees for all tax services other than those included in "Audit Fees" and "Audit-Related Fees". This category includes fees for tax compliance and advisory in Fiscal 2024. Tax advice includes advice related to mergers and acquisitions and a captive insurance structure.

**Audit Committee Pre-Approval Policies**

From time to time, management of the Company recommends to and requests approval from the Audit Committee for audit and non-audit services to be provided by the Company's external auditor.

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The Audit Committee may delegate to one or more of its members the authority to pre-approve non-audit services to be provided to the Company or its subsidiaries by the Company's external auditor. The pre-approval of non-audit services must be presented to the Audit Committee at its first scheduled meeting following such pre-approval.

The Audit Committee may satisfy its duty to pre-approve non-audit services by adopting specific policies and procedures for the engagement of the non-audit services, provided the policies and procedures are detailed as to the particular service, the Audit Committee is informed of each non-audit service and the procedures do not include delegation of the Audit Committee's responsibilities to management.

**OFF-BALANCE SHEET ARRANGEMENTS**

There were no off-balance sheet arrangements during Q4 Fiscal 2025 and Fiscal 2025.

**CONTRACTUAL OBLIGATIONS**

Disclosure of contractual obligations can be found under "Risk Factors - (ii) Liquidity Risk" beginning on page 23 of our MD&A, filed as Exhibit 99.5 to this Annual Report, which section is incorporated by reference.

**CODE OF ETHICS**

We have adopted a Code of Business Conduct and Ethics (the "**Code**") that applies to our officers (including without limitation, the CEO and CFO), employees and directors of the Company and its subsidiaries and promotes, among other things, honest and ethical conduct. The Code meets the requirements for a "code of ethics" within the meaning of that term in Form 40-F.

The Code was reviewed and approved by the Board of Directors on September 26, 2025. The Code is available on the Company's corporate website at <u>www.organigram.ca</u> and under the Company's SEDAR+ profile on <u>www.sedarplus.ca</u> and is filed as Exhibit 99.7 to this Annual Report.

During Fiscal 2025, no material amendment was made to the Code which would be required to be disclosed pursuant to Paragraph 9 of General Instruction B, and no waivers of the Code were granted to any principal officer of the Company or any person performing similar functions.

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**NOTICES PURSUANT TO REGULATION BTR**

There were no notices required by Rule 104 of Regulation BTR that the Company sent during Fiscal 2025, concerning any equity security subject to a blackout period under Rule 101 of Regulation BTR.

**NASDAQ CORPORATE GOVERNANCE**

The Company complies with corporate governance requirements of the TSX. As a foreign private issuer, the Company is required to comply with some, but not all, of the corporate governance requirements of NASDAQ. Notwithstanding certain accommodations available to foreign private issuers under NASDAQ's corporate governance standards, the Company adopts best practices consistent with domestic NASDAQ listed companies when appropriate to its circumstances.

The Company has reviewed the NASDAQ corporate governance requirements and confirms that the Company is in compliance with the NASDAQ corporate governance standards that apply to the Company (taking into account the accommodations available for foreign private issuers) in all significant respects:

*Executive Sessions:* Under Rule 5605(b)(2) of the NASDAQ Marketplace Rules, a listed company must have regularly scheduled meetings at which only independent directors are present ("**executive sessions**"). The rule contemplates that executive sessions will occur at least twice a year, and perhaps more frequently, in conjunction with regularly scheduled board meetings. Under applicable Canadian rules, customs and practice, the Company's independent directors are not required to hold executive sessions. However, the Company is subject to certain disclosure requirements prescribed in Canadian Form 58-101F1 - *Corporate Governance Disclosure* ("**Form 58-101F1**"). In particular, the Company must disclose whether the independent directors hold executive sessions and, if such executive sessions are held, how many of these meetings have been held since the beginning of the Company's most recently completed financial year. If the Company does not hold executive sessions, the Company must describe what the Board of Directors does to facilitate open and candid discussion among its independent directors.

*Contents of Audit Committee Charter:* Under Rule 5605(c)(1) of the NASDAQ Marketplace Rules, a listed company must adopt a formal written charter that specifies the scope of its responsibilities and the means by which it carries out those responsibilities; the external auditor's accountability to the audit committee; and the audit committee's responsibility to ensure the independence of the outside auditor. In accordance with section 2.3(1) of Canadian National Instrument 52-110 - *Audit Committees*, the Company has adopted an Audit Committee Charter that sets out its mandate and responsibilities, and

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substantially complies with Rule 5605(c)(1) of the NASDAQ Marketplace Rules. However, the Audit Committee Charter does not strictly comply with the requirement under Rule 5605(c)(1)(B) that an audit committee charter must specify the committee's responsibility for ensuring its receipt from the outside auditors of a formal written statement delineating all relationships between the auditor and the company, with the view to confirming the objectivity and independence of the external auditor. Instead, consistent with the laws, customs and practices in Canada, the Company's Audit Committee Charter provides that: (a) the Committee shall satisfy itself, on behalf of the Board of Directors, that the external auditor is independent of management; and (b) in assessing such independence, the Committee shall discuss with the external auditor, and may require a letter from the external auditor outlining, any relationships between the external auditor and the Company or its affiliates.

*Composition of Compensation Committee:* Under Rule 5605(d)(1) of the NASDAQ Marketplace Rules, a listed company must adopt a formal written compensation committee charter that specifies the scope of its responsibilities and the means by which it carries out those responsibilities, including structure, processes and membership requirements. Rule 5605(d)(2)(A) requires that, subject to a limited exception, the compensation committee must be composed of at least two members, each of whom must be an independent director as defined in Rule 5605(a)(2). Under applicable Canadian rules, the Company's compensation committee is not required to include a prescribed number of independent directors. However, pursuant to Form 58-101F1, the Company must disclose what steps its board of directors takes to ensure an objective process for determining the compensation of the directors and officers of the Company, if its compensation committee is not comprised entirely of independent directors.

*Independent Director Oversight of Director Nominations:* Rule 5605(e)(1) of the NASDAQ Marketplace Rules prescribes that, subject to a limited exception, director nominees must either be selected, or recommended for the Board of Directors' selection, either by: (a) independent directors (as defined in Rule 5605(a)(2)) constituting a majority of the Board of Directors' independent directors in a vote in which only independent directors participate, or (b) a nominations committee comprised solely of independent directors. Rule 5605(e)(2) requires a listed company to adopt a formal written charter or board resolution, as applicable, addressing the nominations process and such related matters as may be required under United States federal securities laws. Under applicable Canadian rules, the Company's nominating committee is not required to include a prescribed number of independent directors. However, pursuant to Form 58-101F1, the Company must disclose what steps its board of directors takes to ensure an objective process for encouraging an objective nomination process for new directors of the Company, if its nominating committee is not comprised entirely of independent directors.

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*The Company's Governance, Nominating and Sustainability Committee and Compensation Committee:* The Company has adopted a Governance, Nominating and Sustainability Committee Charter and a Compensation Committee Charter (the "**Charters**") that substantially comply with Rules 5605(d)(1) and Rule 5605(e)(2) of the NASDAQ Marketplace Rules. However, in contrast to the requirements of Rules 5605(d)(2)(A) and 5605(e)(1), the Charters prescribe that only a majority of the Committee (which should be comprised of a minimum of three directors) must be independent as defined in Canadian National Instrument 58 101 - *Disclosure of Corporate Governance Practices*, and free from any relationship that, in the view of the Board of Directors, could be reasonably expected to interfere with the exercise of his or her independent judgment as a member of the Committee. This is consistent with the laws, customs and practices in Canada. As disclosed elsewhere in this Annual Report, the Company's Governance, Nominating and Sustainability Committee is currently comprised of Geoff Machum (Chair), Sherry Porter, Dexter John and Craig Harris, and the Compensation Committee is currently comprised of Sherry Porter (Chair), Geoff Machum and Karina Gehring, each of whom has been determined by the Board of Directors to be independent based on the criteria for independence prescribed by Rule 5605(a)(2) of the NASDAQ Marketplace Rules. In the event that the Governance, Nominating and Sustainability Committee or the Compensation Committee ceases to comprised of only independent directors, the Company will disclose the steps its Board of Directors takes to ensure an objective process for the nomination of new directors of the Company or the determination of the compensation of the Company's directors and officers, as the case may be.

*Shareholder Meeting Quorum Requirement:* Under Rule 5620(c) of the NASDAQ Marketplace Rules, a listed company that is not a limited partnership must provide in its by-laws for a quorum of not less than 33 1/3% of the outstanding shares of the company's common voting stock in respect of all meetings of the holders of its common stock. The Company's Bylaws provide that a quorum for a meeting of shareholders of the Company is present if two persons who are, or who represent by proxy, one or more shareholders who, in the aggregate, hold at least five percent of the issued shares. This quorum requirement is consistent with the laws, customs and practices in Canada.

*Proxy Delivery Requirement:* Under Rule 5620(b) of the NASDAQ Marketplace Rules, a listed company that is not a limited partnership must solicit proxies and provide proxy statements for all meetings of shareholders, and also provide copies of such proxy solicitation materials to NASDAQ. The Company is a "foreign private issuer" as defined in Rule 3b-4 under the Exchange Act, and the equity securities of the Company are accordingly exempt from the proxy rules set forth in Sections 14(a), 14(b), 14(c) and 14(f) of the Exchange Act. The Company solicits proxies in accordance with applicable rules and regulations in Canada.

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*Distribution of Annual Reports:* NASDAQ Marketplace Rule 5250(d) requires a NASDAQ-listed Company to make available to shareholders an annual report containing audited financial statements of the Company and its subsidiaries (which, for example, may be on 40-F under the Exchange Act) within a reasonable period of time following the filing of the annual report with the SEC. The Company may comply with this requirement either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• by mailing the report to shareholders (as opposed to electronic or notice-and-access delivery);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• by satisfying the requirements for furnishing an annual report contained in Rule 14a-16 under the Exchange Act; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• by posting the annual report to shareholders on or through the Company's website, along with a prominent undertaking in the English language to provide shareholders, upon request, a hard copy of the annual report free of charge. A Company that chooses to satisfy this requirement pursuant in this manner must, simultaneous with this posting, issue a press release stating that its annual report has been filed with the Commission. The press release must also state that: (a) the annual report is available on the Company's website and include the website address, and (b) shareholders may receive a hard copy free of charge upon request.

As indicated above, the Company is exempt from the proxy rules set forth in Sections 14(a), 14(b), 14(c) and 14(f) of the Exchange Act (as well as Rule 14a-16 promulgated under the Exchange Act), and solicits proxies in accordance with applicable rules and regulations in Canada.

Section 437 of the TSX Company Manual requires that: (a) every TSX-listed company must forward annually to each shareholder who has requested them its annual financial statements and its related management's discussion and analysis in accordance with Canadian National Instrument 51-102 - Continuous Disclosure Obligations ("**NI 51-102**"); and (b) if a listed company produces an annual report, it must be filed publicly through SEDAR+, available at <u>www.sedarplus.ca</u>.

Pursuant to NI 51-102, the Company is required to send annually a request form to the registered holders and beneficial owners of its securities, other than debt instruments, that registered holders and beneficial owners may use to request a copy of the Company's annual financial statements and related management's discussion and analysis, the interim financial statements and related management's discussion and analysis, or both. If a registered holder or beneficial owner of securities, other than debt instruments, of the Company requests the Company's annual or interim financial statements, the Company must send a copy of the requested financial statements to the person or company that made

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the request, without charge, by the later of: (a) 10 days after the filing deadline for the financial statements, or (b) 10 calendar days after the Company receives the request. If the Company sends financial statements it must also send, at the same time, the annual or interim management's discussion and analysis relating to the financial statements.

*Shareholder Approval Requirements:* Section 5635 of the NASDAQ Marketplace Rules requires shareholder approval for issuances of common shares, or any securities convertible or exercisable into common shares:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)in connection with the acquisition of the stock or assets of another company

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)where, due to the present or potential issuance of common shares (including shares issued pursuant to an earn-out or similar type of provision, or securities convertible into or exercisable for common shares) other than a public offering for cash:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)the common shares constitute or will upon issuance constitute at least 20% of the voting power outstanding before the issuance of the common shares (or, if applicable before the issuance of the securities convertible into or exercisable for common shares); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)the common shares constitute or will upon issuance constitute at least 20% of the number of common shares outstanding before the issuance; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)if any director, officer or Substantial Shareholder (as defined by Rule 5635(e)(3) of the NASDAQ Marketplace Rules) of the listed company has a 5% or greater interest (or such persons collectively have a 10% or greater interest), directly or indirectly, in the target company or assets to be acquired, or in the consideration to be paid in the transaction or series of related transactions, and the present or potential issuance of common shares, or securities convertible into or exercisable for common shares, could result in an increase of 5% or more in the outstanding common shares or voting power of the listed company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)where the common shares sold (or the number of common shares into which the securities sold are convertible or exercisable), either alone or together with sales by officers, directors or Substantial Shareholders of the listed company, constitute at least

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)20% of the outstanding common shares before the issuance, or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)20% of the voting power of the outstanding common shares before the issuance,

in either case except for (A) public offerings of common shares for cash, and (B) transactions involving the sale, issuance or potential issuance of common shares at a price, or securities convertible or exercisable into common shares with a conversion or exercise price, that is greater than or equal to the lesser of (1) the last closing price immediately preceding the signing of a binding agreement, and (2) the average closing price of the common shares on NASDAQ for the five trading days immediately preceding the signing of the binding agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)where the issuance would result in a change of control of the listed company.

The Company intends to follow TSX rules for shareholder approval of new issuances of its common shares. Following TSX rules, shareholder approval is required for certain issuances of shares that: (i) materially affect control of the listed issuer; or (ii) provide consideration to insiders in aggregate of 10% or greater of the market capitalization of the listed issuer, during any six-month period, and has not been negotiated at arm's length. Shareholder approval is also required, pursuant to TSX rules, in the case of private placements: (a) for an aggregate number of listed securities issuable greater than 25% of the number of securities of the listed issuer which are outstanding, on a non-diluted basis, prior to the date of closing of the transaction if the price per security is less than the market price; or (b) that during any six month period are to insiders for listed securities or options, rights or other entitlements to listed securities greater than 10% of the number of securities of the listed issuer which are outstanding, on a non-diluted basis, prior to the date of the closing of the first private placement to an insider during the six month period. The rules of the TSX also require shareholder approval in connection with an acquisition by a listed issuer where the number of securities issued or issuable in payment of the purchase price for the acquisition exceeds 25% of the number of securities of the listed issuer that are outstanding, on a non-diluted basis.

*Equity Compensation Plans:* Section 5635(c) of the NASDAQ Marketplace Rules also requires shareholder approval of all stock option or purchase plans or other arrangements that provide for equity securities as compensation to officers, directors, employees or consultants, and any material amendments to such plans or arrangements, except for certain plans and arrangements, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)stock purchase plans available on equal terms to all security holders of the listed company (such as a typical dividend reinvestment plan);

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)tax qualified, non-discriminatory employee benefit plans (e.g., plans that meet the requirements of section 401(a) or 423 of the Internal Revenue Code) or parallel nonqualified plans, provided that such plans are approved by the listed company's independent compensation committee or a majority of the company's independent directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)those plans or arrangements allowing employees, directors or service providers to buy such securities on the open market or from the listed company for current fair market value;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)grants of options or other equity-based compensation as a material inducement to the grantee's entering into employment with the listed company, provided that such grants are approved by the listed company's independent compensation committee or a majority of the company's independent directors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)conversions, replacements or adjustments of outstanding options or other equity compensation awards to reflect a merger or acquisition.

The Company intends to follow TSX rules in respect of its security-based compensation arrangements. The TSX requires shareholder approval of all security-based compensation arrangements, and any material amendments to such arrangements, except for arrangements used as an inducement to persons or companies not previously employed by and not previously an insider of the listed issuer, provided that: (i) such persons or companies enter into a contract of full time employment as an officer of the listed issuer; and (ii) the number of securities made issuable to such persons or companies during any twelve month period does not exceed in aggregate 2% of the number of securities of the listed issuer which are outstanding, on a non-diluted basis, prior to the date the exemption is first used during such twelve month period. Such shareholder approval is required when the security-based arrangement is instituted and every three years thereafter if the arrangement does not have a fixed maximum aggregate of securities issuable. The TSX considers a security-based compensation arrangement to be any compensation or incentive mechanism involving the issuance from treasury or potential issuance from treasury of securities of a listed issuer.

Insiders of a listed issuer that are entitled to receive a benefit under a security-based compensation arrangement are not eligible to vote their securities in respect of the shareholder approval required by the TSX unless such security based compensation arrangement contains an "insider participation limit". An "insider participation limit" is a provision typically found in security-based compensation arrangements which limits the number of a listed issuer's securities: (i) issued to insiders of the listed issuer, within any one year period; and (ii) issuable to insiders of the listed issuer at any time, to 10% of the listed issuer's

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total issued and outstanding securities. For the purposes of security-based compensation arrangements, the definition of "insider" would include the CEO, CFO, all directors of the listed issuer and its major subsidiaries, any person responsible for a principal business unit, division or function, and any shareholder that has beneficial ownership or control or direction over, more than 10% of the issued and outstanding common shares of the listed issuer. The Company obtains shareholder approval of its equity compensation plans in accordance with applicable rules and regulations of the TSX.

The foregoing are consistent with the laws, customs and practices in Canada.

**MINE SAFETY DISCLOSURE**

Not applicable.

**DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS**

Not applicable.

**RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION**

Not applicable.

**UNDERTAKING AND CONSENT TO SERVICE OF PROCESS**

**Undertaking**

The Company undertakes to make available, in person or by telephone, representatives to respond to inquiries made by the Commission staff, and to furnish promptly, when requested to do so by the Commission staff, information relating to: the securities registered pursuant to Form 40-F; the securities in relation to which the obligation to file an annual report on Form 40-F arises; or transactions in said securities.

**Consent to Service of Process**

The Company has previously filed with the SEC a written consent to service of process on Form F-X. Any change to the name or address of the Company's agent for service shall be communicated promptly to the SEC by amendment to the Form F-X referencing the file number of the Company.

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**SIGNATURES**

Pursuant to the requirements of the Exchange Act, the Company certifies that it meets all of the requirements for filing on Form 40-F and has duly caused this annual report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: December 16, 2025&nbsp;&nbsp;&nbsp;&nbsp;**Organigram Global Inc.**

By:&nbsp;&nbsp;&nbsp;&nbsp;/s/ Greg Guyatt

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;* 

&nbsp;&nbsp;&nbsp;&nbsp;Greg Guyatt

**&nbsp;&nbsp;&nbsp;&nbsp;Chief Financial Officer**

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**Exhibit Index**

---

| | |
|:---|:---|
| **Exhibit Number** | **Exhibit Description** |
| <u>[97.1](exhibit971-policyforther.htm)</u> | Policy for the Recovery of Erroneously Awarded Incentive-Based Compensation |
| <u>[99.1](exhibit991toxceocertificat.htm)</u> | Certification of Principal Executive Officer pursuant to Rule 13a-14(a) of the Exchange Act, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |
| <u>[99.2](exhibit992toxcfocertificat.htm)</u> | Certification of Chief Financial Officer pursuant to Rule 13a-14(a) of the Exchange Act, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |
| <u>[99.3](exhibit993to906soxcertific.htm)</u> | Certification of Principal Executive Officer and Chief Financial Officer pursuant to Rule 13a-14(b) of the Exchange Act and 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
| <u>[99.4](ogi-20250930_d2.htm)</u> | Audited consolidated financial statements of the Company and notes thereto as of September 30, 2025 and 2024, and for the year ended September 30, 2025, and September 30, 2024, together with the reports of the Independent Registered Public Accounting Firms thereon |
| <u>[99.5](organigramholdingsinc-mdax.htm)</u> | Management's Discussion and Analysis for the year ended September 30, 2025 |
| <u>[99.6](annualinformationform202.htm)</u> | Annual Information Form of the Company for the year ended September 30, 2025 |
| <u>[99.7](exhibit997-thecompanysco.htm)</u> | The Company's Code of Business Conduct and Ethics as approved on September 26, 2025 |
| <u>[99.8](a2025pkfconsentexhibit99.htm)</u> | Consent of PKF O'Connor Davies LLP, Independent Registered Public Accounting Firm |
| <u>[99.](organigramholdingsinc-prx2.htm)[9](organigramholdingsinc-prx2.htm)</u> | News Release dated December 16, 2025 |
| <u>[99.](annualreport-2025.htm)[10](annualreport-2025.htm)</u> | Glossy Annual Report |
| 101.INS | XBRL Instance Document |
| 101.SCH | Inline XBRL Taxonomy Extension Schema |
| 101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase |
| 101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase |
| 101.LAB | Inline XBRL Taxonomy Extension Label Linkbase |
| 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase |
| 104 | Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101) |

---

## Exhibit 97.1

![](exhibit971-policyforther001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ORGANIGRAM GLOBAL INC. (the "Corporation" or "Organigram") POLICY FOR THE RECOVERY OF ERRONEOUSLY AWARDED INCENTIVE-BASED COMPENSATION This Policy for the Recovery of Erroneously Awarded Inventive-Based Compensation (the "Policy") was adopted by the board of directors (the "Board") of the Corporation on November 30, 2023 and last reviewed and revised on September 26, 2025 (the "Effective Date"). Purpose This Policy has been adopted by the Board in accordance with certain listing standards of the Nasdaq Stock Market LLC ("Nasdaq") mandated by Rule 10D-1 (as hereinafter defined), to facilitate reasonably prompt recovery by the Corporation of the amount of any Incentive-Based Compensation that is deemed to have been erroneously awarded in the event that the Corporation is required to restate its financial statements due to material non-compliance with any financial reporting requirement under relevant Securities Laws (as hereinafter defined). 1. Definitions 1.1 In this Policy, the following terms will have the following meanings: a) "Accounting Restatement" means an accounting restatement due to material noncompliance of the Corporation with any financial reporting requirement under the Securities Laws, including any required accounting restatement to correct an error in previously issued financial statements that is material to the previously issued financial statements, or that would result in a material misstatement if the error were corrected in the current period or left uncorrected in the current period; b) "Canadian Securities Laws" means all applicable securities laws of each of the provinces and territories of Canada in which the Corporation is a "reporting issuer", and the respective rules and regulations made and forms prescribed under such laws, together with all applicable published instruments, policy statements, blanket orders, rulings and notices adopted by the securities regulatory authorities in such provinces and territories; c) "Compensation Committee" means the Compensation Committee of the Board; d) "Erroneously Awarded Incentive-Based Compensation" means that portion of any Incentive-Based Compensation that has been paid to an Executive Officer and is recoverable under Section 4.1 of this Policy, as such Erroneously Awarded Incentive- Based Compensation is determined under this Policy; e) "Exchange Act" means the United States Securities Exchange Act of 1934, as amended; f) "Executive Officer" means any individual deemed to be an "executive officer" of the Corporation under Rule 10D-1, and shall include the Corporation's president, principal financial officer, principal accounting officer (or if there is no such accounting officer, the

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![](exhibit971-policyforther002.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;controller), any vice-president of the Corporation in charge of a principal business unit, division, or function (such as sales, administration, or finance), any other officer who performs a policy-making function, or any other person (including an executive officer of a subsidiary of the Corporation) who performs similar policymaking functions for the Corporation; g) "Financial Reporting Measures" means any measures that are determined and presented in accordance with the accounting principles used in preparing the Corporation's financial statements, and any measures derived wholly or in part from such measures whether or not the measure is presented within the financial statements or included in a filing with the SEC; h) "Incentive-Based Compensation" means any compensation that is granted, earned or vested based wholly or in part upon the attainment of a Financial Reporting Measure; i) "MJDS" means the United States/Canada multi-jurisdictional disclosure system; j) "Received" means, in the context of Incentive-Based Compensation, the actual or deemed receipt in the Corporation's fiscal period during which the Financial Reporting Measure specified in the Incentive-Based Compensation is attained, even if the payment or grant of the Incentive-Based Compensation occurs after the end of that period; k) "Recovery Period" has the meaning set forth in Section 4.3; l) "Rule 10D-1" means Rule 10D-1 adopted by the SEC under the Exchange Act; m) "SEC" means the United States Securities and Exchange Commission; n) "Securities Laws" means the Exchange Act and the United States Securities Act of 1933, as amended, and, to the extent that the Corporation has filed any of its financial statements with the SEC under the Exchange Act in reliance on the MJDS, Canadian Securities Laws; and o) "TSR" means total shareholder return. 2. Administration 2.1. This Policy will be administered by the Compensation Committee which will be empowered to, with consideration of applicable Securities Laws: a) interpret and administer this Policy; b) make determinations as to whether any Incentive-Based Compensation that has been Received by the current and former Executive Officers of the Corporation constitutes Erroneously Awarded Incentive-Based Compensation in the event of an Accounting Restatement; c) take action to enforce on behalf of the Corporation any recovery of any Erroneously Awarded Incentive-Based Compensation; d) make any other determinations that the Compensation Committee deems necessary or desirable to give effect to the objectives of this Policy; and

------

![](exhibit971-policyforther003.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) periodically review legislative developments that may have an impact on this Policy, and report to the Board any recommendations. 2.2 In addition to any authority provided under its charter, the Compensation Committee will have the authority to engage and retain independent legal counsel, independent accounting advisors and any outside professional advisor that it determines necessary to carry out its duties, at the expense of the Corporation, without the Board's approval and at any time, and has the authority to determine any such advisor's fees and other retention terms Interpretations 2.3 This Policy is intended to be a "Recovery Policy" for the purposes of Nasdaq Listing Rule 5608 and will be interpreted by the Compensation Committee consistent with Rule 10D-1. This Policy is in addition to the requirements of Section 304 of the Sarbanes-Oxley Act of 2002 that are applicable to the Corporation's chief executive officer and chief financial officer. Compliance 2.4 The Compensation Committee may require that any employment agreement, offer letter, compensation plan, equity award agreement, or any other agreement entered into on or after the Effective Date require an Executive Officer to agree to abide by the terms of this Policy. Further, the Compensation Committee may require each Executive Officer to acknowledge this Policy through execution of the form of acknowledgement attached hereto as Appendix A (or such other form as approved from time-to-time by the Compensation Committee). 3. Scope and Interpretation of this Policy Scope of Accounting Restatements Subject to Policy 3.1 The Accounting Restatements that will trigger the obligation to recover Erroneously Awarded Incentive-Based Compensation will include any restatement of any of the financial statements of the Corporation filed with the SEC under the Exchange Act to correct an error in previously issued financial statements that is material to the previously issued financial statements, or that would result in a material misstatement if the error were corrected in the current period or left uncorrected in the current period. For clarity, Accounting Restatements include for the purposes of this Policy both: a) big "R" restatements, being restatements to correct an error material to previously issued financial statements; and b) little "r" restatements, being restatements to correct errors that were not material to those previously issued financial statements but would result in a material misstatement if (i) the errors were left uncorrected in the current report or (ii) the error correction was recognized in the current period. Determination of When Incentive-Based Compensation is Received 3.2 Incentive-Based Compensation will be deemed Received in the fiscal period during which the Financial Reporting Measure specified in the Incentive-Based Compensation award was attained, even if the payment or grant occurs after the end of that period.

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![](exhibit971-policyforther004.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Recovery of Erroneously Awarded Incentive-Based Compensation 4.1 In the event that the Corporation is required to prepare an Accounting Restatement, the Corporation will reasonably promptly take action to recover the amount of any Erroneously Awarded Incentive-Based Compensation that has been Received by each applicable Executive Officer: a) after beginning services as an Executive Officer; b) who served as Executive Officer at any time during the performance period for that Incentive-Based Compensation; c) while the Corporation has a class of securities listed on Nasdaq (or another national securities exchange in the United States); and d) during the three completed fiscal years immediately preceding the date on which the Corporation was required to prepare the Accounting Statement, as this three-year period is determined under Section 4.3 below. 4.2 Recovery will be required on a "no fault" basis, without regard to whether an Executive Officer engaged in any misconduct or whether the Executive Officer was responsible for the erroneous financial statements that led to the Accounting Restatement. Determination of Recovery Period 4.3 The recovery period for the determination of Erroneously Awarded Incentive-Based Compensation (the "Recovery Period") will determined as the three completed fiscal years immediately preceding the date that the Corporation is required to prepare an Accounting Restatement, as that date is determined under Section 4.3. In the event of a change in the financial year of the Corporation, the Recovery Period will also include any transition period that results from a change in the Corporation's fiscal year within or immediately following those three completed fiscal years, provided that a transition period between the last day of the Corporation's previous fiscal year end and the first day of its new fiscal year that comprises a period of nine to 12 months would be deemed a completed fiscal year. Scope of Incentive-Based Compensation Subject to Recovery 4.5 The amount of any Erroneously Awarded Incentive-Based Compensation to be recovered under Section 4.1 will be determined as follows for each applicable Executive Officer: a) the amount of Incentive-Based Compensation that has been Received by the Executive Officer during the Recovery Period to which this Policy applies, less b) the amount of the Incentive-Based Compensation that would have been received in respect of the Recovery Period had the Incentive-Based Compensation been determined based on the restated amount. 4.6 Erroneously Awarded Incentive-Based Compensation will include any Incentive-Based Compensation that was based on stock price or TSR to the extent that the Incentive-Based Compensation was inaccurate as a result of the Accounting Restatement. For Incentive-Based

------

![](exhibit971-policyforther005.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Compensation based on stock price or TSR, where the amount of Erroneously Awarded Incentive- Based Compensation is not subject to mathematical recalculation directly from the information in the Accounting Restatement: a) the amount must be based on a reasonable estimate of the effect of the Accounting Restatement on the stock price or TSR upon which the Incentive-Based Compensation was received, and b) the amount of the Incentive-Based Compensation that would have been received in respect of the Recovery Period had the Incentive-Based Compensation been determined based on the restated amount. 4.7 The Compensation Committee shall promptly notify each Executive Officer with a written notice containing the amount of any Erroneously Awarded Compensation and a demand for repayment or return of such compensation. 4.8 The amount of any Erroneously Awarded Incentive-Based Compensation will be computed without regard to any taxes paid by the Executive Officer. 4.9 To the extent that the Executive Officer has already reimbursed the Corporation for any Erroneously Awarded Compensation Received under any duplicative recovery obligations established by the Corporation or applicable law, it shall be appropriate for any such reimbursed amount to be credited to the amount of Erroneously Awarded Compensation that is subject to recovery under this Policy. 4.10 Notwithstanding anything in this Policy, in no event will the Corporation be required to award any Executive Officer an additional payment or other compensation if the Accounting Restatement would have resulted in the grant, payment or vesting of Incentive-Based Compensation that is greater than the Incentive-Based Compensation actually received by the affected Executive Officer. The recovery of Erroneously Awarded Incentive-Based Compensation is not dependent on if or when the restatement is filed. 5. Reporting Reporting of Erroneously Award Compensation 5.1 In the event of an Accounting Restatement pursuant to which the Compensation Committee has considered whether recovery of any Erroneously Awarded Incentive-Based Compensation is required, the Compensation Committee will prepare a report to management of the Corporation detailing the information required to be reported by the Corporation with respect to such Accounting Restatement on the Form 40-F or other form of annual report to be filed by the Corporation under the Exchange Act for the fiscal year in which the Accounting Restatement occurred and in any other filing required to be made by the Corporation under Securities Laws. Documentation 5.2 The Compensation Committee will maintain documentation as to the determination of the amount of any Erroneously Awarded Incentive-Based Compensation, including any reasonable estimates made during the calculation process, and any efforts undertaken to recover Erroneously

------

![](exhibit971-policyforther006.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Awarded Incentive-Based Compensation. The Corporation will provide this information to Nasdaq upon its request. 6. Enforcement of Recovery 6.1 Upon a determination by the Compensation Committee that the Corporation is obligated to recover Erroneously Awarded Incentive-Based Compensation under Section 4.1, the Corporation will take steps to recover such Erroneously Awarded Incentive-Based Compensation other than in circumstances where each of (a) and (b) below apply: a) one of the following circumstances exists: i. the direct expense paid to a third party to assist in enforcing this Policy would exceed the amount to be recovered, provided that before concluding that it would be impracticable to recover any amount of Erroneously Awarded Incentive-Based Compensation based on expense of enforcement, the Corporation has made a reasonable attempt to recover such Erroneously Awarded Incentive-Based Compensation and documented such reasonable attempt(s) to recover (which documentation will be provided to Nasdaq at the request of Nasdaq); ii. recovery would violate any applicable Canadian federal or provincial law where that law was adopted prior to November 28, 2022, provided that the Corporation has obtained an opinion of its Canadian counsel, in a form acceptable to Nasdaq, that recovery would result in such a violation, and such opinion is provided to Nasdaq; or iii. recovery would likely cause an otherwise tax-qualified retirement plan, under which benefits are broadly available to employees of the registrant, to fail to meet the requirements of 26 U.S.C. 401(a)(13) or 26 U.S.C. 411(a) and regulations thereunder; and b) the Compensation Committee, or a majority of the independent directors of the Board, has made a determination that recovery would be impracticable. Deferred Payment Plans 6.2 The Compensation Committee may consider the establishment of a deferred payment where recovery is required from an Executive Officer and where the deferred payment plan allows the Executive Officer to repay the Erroneously Awarded Incentive-Based Compensation as soon as possible without unreasonable economic hardship to the Executive Officer, depending on the facts and circumstances; provided that any such deferred payment plan shall be narrowly tailored to the Erroneously Awarded Incentive-Based Compensation being recovered so as not to constitute a personal loan to the Executive Officer that is prohibited by Section 13(k) of the Exchange Act. Recovery of Costs 6.3 If an Executive Officer fails to repay all Erroneously Awarded Incentive-Based Compensation when due, the Corporation will take all actions reasonable and appropriate to recover the Erroneously Awarded Incentive-Based Compensation from the Executive Officer, and in that case the Executive Officer will be required to reimburse the Corporation for all reasonable

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![](exhibit971-policyforther007.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;expenses incurred in recovering the Erroneously Awarded Incentive-Based Compensation from the Executive Officer. Other Legal Remedies 6.4 Any right of recovery under this Policy is in addition to, and not in lieu of, any other remedies or rights of recovery that may be available to the Corporation under applicable law, regulation or rule, or under the terms of any similar policy or agreement in any employment agreement, offer letter, compensation plan, equity award agreement, or similar agreement and any other legal remedies available to the Corporation. 7. Prohibition on Indemnification Prohibition on Indemnification 7.1 The Corporation shall not be permitted to indemnify or insure any Executive Officer against (i) the loss of any Erroneously Awarded Compensation that is repaid, returned or recovered pursuant to the terms of this Policy, or (ii) any claims relating to the Corporation's enforcement of its rights under this Policy. Further, the Corporation shall not enter into any agreement that exempts any Incentive-based Compensation that is granted, paid or awarded to an Executive Officer from the application of this Policy or that waives the Corporation's right to recovery of any Erroneously Awarded Compensation, and this Policy shall supersede any such agreement (whether entered into before, on or after the Effective Date of this Policy). Insurance 7.2 The Corporation will not purchase or pay or reimburse any Executive Officer for any insurance policy to cover losses incurred by any Executive Officer under this Policy. Other Recovery Rights 7.3 This Policy shall be binding and enforceable against all Executive Officers and, to the extent required by applicable law or guidance from the SEC or Nasdaq, their beneficiaries, heirs, executors, administrators or other legal representatives. The Compensation Committee intends that this Policy will be applied to the fullest extent required by applicable law. Any employment agreement, equity award agreement, compensatory plan or any other agreement or arrangement with an Executive Officer shall be deemed to include, as a condition to the grant of any benefit thereunder, an agreement by the Executive Officer to abide by the terms of this Policy. Any right of recovery under this Policy is in addition to, and not in lieu of, any other remedies or rights of recovery that may be available to the Corporation under applicable law, regulation or rule or pursuant to the terms of any policy of the Corporation or any provision in any employment agreement, equity award agreement, compensatory plan, agreement or other arrangement.

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![](exhibit971-policyforther008.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;APPENDIX A ATTESTATION AND ACKNOWLEDGEMENT OF POLICY FOR THE RECOVERY OF ERRONEOUSLY AWARDED INCENTIVE-BASED COMPENSATION By my signature below, I hereby acknowledge and agree that: • I have received and read the attached Policy for the Recovery of Erroneously Awarded Incentive-Based Compensation, as adopted by resolution of the Board of Directors of Organigram Global Inc.. • I hereby agree to abide by all of the terms of this Policy both during and after my employment with the Corporation, including, without limitation, by promptly repaying or returning any Erroneously Awarded Incentive-Based Compensation to the Corporation as determined in accordance with this Policy DATED this day of , 20 . Signature Name (Please Print) Position (Please Print)

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## Exhibit 99.1

**Exhibit 99.1**

**CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER**

**PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, Peter Amirault, certify that:

1. I have reviewed this annual report on Form 40-F of Organigram Global Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the issuer as of, and for, the periods presented in this report;

4. The issuer's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the issuer and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the issuer, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the issuer's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the issuer's internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the issuer's internal control over financial reporting; and

5. The issuer's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the issuer's auditors and the audit committee of the issuer's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the issuer's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the issuer's internal control over financial reporting.

------

**Exhibit 99.1**

Date: December 16, 2025

<u>/s/ Peter Amirault</u> 

Peter Amirault

Executive Chair

(Principal Executive Officer)

## Exhibit 99.2

**Exhibit 99.2**

**CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER**

**PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, Greg Guyatt, certify that:

1. I have reviewed this annual report on Form 40-F of Organigram Global Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the issuer as of, and for, the periods presented in this report;

4. The issuer's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the issuer and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the issuer, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the issuer's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the issuer's internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the issuer's internal control over financial reporting; and

5. The issuer's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the issuer's auditors and the audit committee of the issuer's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the issuer's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the issuer's internal control over financial reporting.

------

**Exhibit 99.2**

Date: December 16, 2025

<u>/s/ Greg Guyatt</u> 

Greg Guyatt

Chief Financial Officer

(Principal Financial Officer)

## Exhibit 99.3

CERTIFICATION PURSUANT TO

18 U.S.C. s.1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Annual Report of Organigram Global Inc. (the "Company") on Form 40-F for the period ended September 30, 2025 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Peter Amirault, Executive Chair of the Company, certify, pursuant to 18 U.S.C. §1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)The information contained in this Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

December 16, 2025

&nbsp;&nbsp;&nbsp;&nbsp;

By:

/s/ Peter Amirault

Peter Amirault

Executive Chair

(Principal Executive Officer)

A signed original of this written statement required by Section 906 has been provided to Organigram Global Inc. and will be retained by Organigram Global Inc. and furnished to the Securities and Exchange Commission or its staff upon request.

------

CERTIFICATION PURSUANT TO

18 U.S.C. s.1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Annual Report of Organigram Global Inc. (the "Company") on Form 40-F for the period ended September 30, 2025 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Greg Guyatt, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. §1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)The information contained in this Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

December 16, 2025

&nbsp;&nbsp;&nbsp;&nbsp;

By:

/s/ Greg Guyatt

Greg Guyatt

Chief Financial Officer

(Principal Financial Officer)

A signed original of this written statement required by Section 906 has been provided to Organigram Global Inc. and will be retained by Organigram Global Inc. and furnished to the Securities and Exchange Commission or its staff upon request.

## Exhibit 99.4

?xml version='1.0' encoding='ASCII'? ogi-20250930_d2

![Financial_Covers_Q4_2025 1 copy.jpg](ogi-20250930_g1.jpg)

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---

| | | |
|:---|:---|:---|
| **TABLE OF CONTENTS** | | |
| Management's Responsibility for the Financial Statements |  | [1](#i5281acc9042f4f76b162df7d93e6764f_10) |
| Independent Auditor's Reports | 2 | 8 |
| Consolidated Statements of Financial Position |  | 9 |
| Consolidated Statements of Operations and Comprehensive Loss |  | [10](#i5281acc9042f4f76b162df7d93e6764f_25) |
| Consolidated Statements of Changes in Equity |  | [11](#i5281acc9042f4f76b162df7d93e6764f_28) |
| Consolidated Statements of Cash Flows |  | [12](#i5281acc9042f4f76b162df7d93e6764f_31) |
| Notes to the Consolidated Financial Statements  | [13](#i5281acc9042f4f76b162df7d93e6764f_34) | [44](#i5281acc9042f4f76b162df7d93e6764f_355) |

---

![Blue Leafs.gif](ogi-20250930_g2.gif)

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![LogoSquareRGB.gif](ogi-20250930_g3.gif)

December 11, 2025

Management's Responsibility for the Financial Statements

The accompanying consolidated financial statements of Organigram Global Inc. (the "Company") have been prepared by the Company's management in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board and contain estimates based on management's judgment. Internal control systems are maintained by management to provide reasonable assurance that assets are safe-guarded and financial information is reliable.

The Board of Directors of the Company is responsible for ensuring that management fulfills its responsibilities for financial reporting and is ultimately responsible for reviewing and approving the financial statements and the accompanying management discussion and analysis. The Board of Directors carries out this responsibility principally through its Audit Committee.

The Audit Committee is appointed by the Board of Directors. It meets with the Company's management and auditors, and reviews internal controls and financial reporting matters to ensure that management is properly discharging its responsibilities before submitting the financial statements to the Board of Directors for approval.

---

| | |
|:---|:---|
| (signed) 'Peter Amirault' | (signed) 'Greg Guyatt' |
| Executive Chair | Chief Financial Officer |
| Toronto, Ontario | Toronto, Ontario |

---

&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;

CONSOLIDATED FINANCIAL STATEMENTS \| FOR THE YEAR ENDED SEPTEMBER 30, 2025 AND 2024&nbsp;&nbsp;&nbsp;&nbsp;1

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![2025 OGI Intergrated FS Opinion_1.jpg](ogi-20250930_g4.jpg)

CONSOLIDATED FINANCIAL STATEMENTS \| FOR THE YEAR ENDED SEPTEMBER 30, 2025 AND 2024&nbsp;&nbsp;&nbsp;&nbsp;2

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![2025 OGI Intergrated FS Opinion_2.jpg](ogi-20250930_g5.jpg)

CONSOLIDATED FINANCIAL STATEMENTS \| FOR THE YEAR ENDED SEPTEMBER 30, 2025 AND 2024&nbsp;&nbsp;&nbsp;&nbsp;3

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![2025 OGI Intergrated FS Opinion_3.jpg](ogi-20250930_g6.jpg)

CONSOLIDATED FINANCIAL STATEMENTS \| FOR THE YEAR ENDED SEPTEMBER 30, 2025 AND 2024&nbsp;&nbsp;&nbsp;&nbsp;4

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![2025 OGI Intergrated FS Opinion_4.jpg](ogi-20250930_g7.jpg)

CONSOLIDATED FINANCIAL STATEMENTS \| FOR THE YEAR ENDED SEPTEMBER 30, 2025 AND 2024&nbsp;&nbsp;&nbsp;&nbsp;5

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![2025 OGI Intergrated FS Opinion_5.jpg](ogi-20250930_g8.jpg)

CONSOLIDATED FINANCIAL STATEMENTS \| FOR THE YEAR ENDED SEPTEMBER 30, 2025 AND 2024&nbsp;&nbsp;&nbsp;&nbsp;6

------

![2025 OGI ICFR Opinion_1.jpg](ogi-20250930_g9.jpg)

CONSOLIDATED FINANCIAL STATEMENTS \| FOR THE YEAR ENDED SEPTEMBER 30, 2025 AND 2024&nbsp;&nbsp;&nbsp;&nbsp;7

------

![2025 OGI ICFR Opinion_2.jpg](ogi-20250930_g10.jpg)

CONSOLIDATED FINANCIAL STATEMENTS \| FOR THE YEAR ENDED SEPTEMBER 30, 2025 AND 2024&nbsp;&nbsp;&nbsp;&nbsp;8

------

ORGANIGRAM GLOBAL INC.

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

*As at September 30, 2025 and September 30, 2024*

(Expressed in CDN $000's except share and per share amounts)

---

| | | |
|:---|:---|:---|
| | SEPTEMBER 30, 2025 | SEPTEMBER 30,<br>2024 |
| ASSETS |  |  |
| Current assets |  |  |
| &nbsp;&nbsp;Cash | $28200 | $106745 |
| &nbsp;&nbsp;Restricted cash (Note 4) | 55394 | 25860 |
| &nbsp;&nbsp;Short-term investments | 826 | 821 |
| &nbsp;&nbsp;Accounts and other receivables (Note 5) | 64859 | 37153 |
| &nbsp;&nbsp;Biological assets (Note 6) | 17931 | 15173 |
| &nbsp;&nbsp;Inventories (Note 7) | 106023 | 67351 |
| &nbsp;&nbsp;Prepaid expenses and deposits | 11664 | 9116 |
|  | 284897 | 262219 |
| Property, plant and equipment (Note 8) | 122977 | 96231 |
| Intangible assets (Note 9) | 48511 | 8092 |
| Goodwill (Note 10) | 52524 |  |
| Deferred charges and deposits | 3754 | 591 |
| Other financial assets (Note 11) | 49548 | 40727 |
|  | $562211 | $407860 |
| LIABILITIES |  |  |
| Current liabilities |  |  |
| &nbsp;&nbsp;Accounts payable and accrued liabilities | $89247 | $47097 |
| &nbsp;&nbsp;Other liabilities (Note 15) | 8080 | 1086 |
| &nbsp;&nbsp;Derivative liabilities (Note 12) | 28832 | 5139 |
|  | 126159 | 53322 |
| Derivative liabilities (Note 12) | 5506 | 14110 |
| Preferred shares (Note 13 and 14) | 68653 | 31070 |
| Other long-term liabilities (Note 15) | 12763 | 3369 |
|  | 213081 | 101871 |
| SHAREHOLDERS' EQUITY |  |  |
| Share capital (Note 14) | 919908 | 852891 |
| Equity reserves (Note 14) | 37346 | 37129 |
| Accumulated other comprehensive income (loss) (Note 11) | 603 | (63) |
| Accumulated deficit | (608727) | (583968) |
|  | 349130 | 305989 |
|  | $562211 | $407860 |

---

On behalf of the Board:

/s/Peter Amirault, Director

/s/Stephen Smith, Director

The accompanying notes are an integral part of these Consolidated Financial Statements.

CONSOLIDATED FINANCIAL STATEMENTS \| FOR THE YEAR ENDED SEPTEMBER 30, 2025 AND 2024&nbsp;&nbsp;&nbsp;&nbsp;9

------

ORGANIGRAM GLOBAL INC.

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

*For the year ended September 30, 2025 and 2024*

(Expressed in CDN $000's except share and per share amounts)

---

| | | |
|:---|:---|:---|
| | **YEAR ENDED** | **YEAR ENDED** |
| | SEPTEMBER 30, 2025 | SEPTEMBER 30,<br>2024 |
| REVENUE |  |  |
| Gross revenue (Note 20) | $403024 | $247177 |
| Excise taxes | (143841) | (87336) |
| Net revenue | 259183 | 159841 |
| Cost of sales (Note 7 and 21) | 174850 | 111390 |
| Gross margin before fair value adjustments | 84333 | 48451 |
| Realized fair value on inventories sold and other inventory charges (Note 7) | (67125) | (52078) |
| Unrealized gain on changes in fair value of biological assets (Note 6) | 73008 | 51151 |
| Gross margin | 90216 | 47524 |
| OPERATING EXPENSES |  |  |
| General and administrative (Note 23) | 59499 | 44955 |
| Sales and marketing | 31097 | 19851 |
| Research and development | 10945 | 11200 |
| Share-based compensation (Note 14 (iv)) | 3975 | 6274 |
| Total operating expenses | 105516 | 82280 |
| LOSS FROM OPERATIONS | (15300) | (34756) |
| Investment income, net of financing costs | (1150) | (3311) |
| Acquisition and transaction costs | 6580 | 915 |
| Share of loss from investments in associates |  | 5284 |
| Loss (gain) on disposal of property, plant and equipment and intangible assets | 9 | (633) |
| Change in fair value of contingent consideration (Note 26) | (9743) | (50) |
| Change in fair value of derivative liabilities, preferred shares and other financial assets (Note 11, 12 and 13) | 27505 | 7718 |
| Share issuance costs allocated to derivative liabilities and preferred shares (Note 14) | 170 | 937 |
| Other non-operating income | (142) | (176) |
| Loss before tax | (38529) | (45440) |
| Income tax recovery (Note 24) |  |  |
| &nbsp;&nbsp;Deferred, net | (13770) |  |
| NET LOSS | $(24759) | $(45440) |
| OTHER COMPREHENSIVE INCOME |  |  |
| Change in fair value of investments at fair value through other comprehensive income (Note 11) | 666 | 96 |
| COMPREHENSIVE LOSS | $(24093) | $(45344) |
| Net loss per common share, basic and diluted (Note 14 (v)) | $(0.194) | $(0.477) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The accompanying notes are an integral part of these Consolidated Financial Statements.

CONSOLIDATED FINANCIAL STATEMENTS \| FOR THE YEAR ENDED SEPTEMBER 30, 2025 AND 2024&nbsp;&nbsp;&nbsp;&nbsp;10

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ORGANIGRAM GLOBAL INC.

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

*For the year ended September 30, 2025 and 2024*

(Expressed in CDN $000's except share and per share amounts)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **NUMBER OF SHARES** | **SHARE CAPITAL** | **EQUITY RESERVES** | **ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME** | **ACCUMULATED DEFICIT** | **SHAREHOLDERS' EQUITY** |
| | | | | | | $— |
| Balance - October 1, 2023 | 81161630 | $776906 | $33404 | $(159) | $(538528) | $271623 |
| Unit financing, net of issuance costs (Note 14 (iii)) | 8901000 | 19157 |  |  |  | 19157 |
| Private placement (Note 14 (iii)) | 17322915 | 53365 |  |  |  | 53365 |
| Share-based compensation (Note 14 (iv)) |  |  | 7182 |  |  | 7182 |
| Exercise of stock options (Note 14 (iii)) | 3942 | 11 | (5) |  |  | 6 |
| Exercise of restricted share units (Note 14 (iii)) | 1193789 | 3430 | (3430) |  |  |  |
| Exercise of performance share units (Note 14 (iii)) | 2216 | 22 | (22) |  |  |  |
| Net loss |  |  |  |  | (45440) | (45440) |
| Other comprehensive loss |  |  |  | 96 |  | 96 |
| Balance - September 30, 2024 | 108585492 | $852891 | $37129 | $(63) | $(583968) | $305989 |
| Balance - October 1, 2024 | 108585492 | $852891 | $37129 | $(63) | $(583968) | $305989 |
| Shares issued related to business combination, net of issue costs of $71 (Note 14 (iii) and Note 26) | 17233950 | 39050 |  |  |  | 39050 |
| Private placement (Note 14 (iii)) | 7562447 | 23963 |  |  |  | 23963 |
| Share-based compensation (Note 14 (iv)) |  |  | 4217 |  |  | 4217 |
| Exercise of stock options (Note 14 (iii)) | 2500 | 11 | (7) |  |  | 4 |
| Exercise of restricted share units (Note 14 (iii)) | 1063473 | 3841 | (3841) |  |  |  |
| Exercise of performance share units (Note 14 (iii)) | 13167 | 152 | (152) |  |  |  |
| Net loss |  |  |  |  | (24759) | (24759) |
| Other comprehensive loss |  |  |  | 666 |  | 666 |
| Balance - September 30, 2025 | 134461029 | $919908 | $37346 | $603 | $(608727) | $349130 |

---

The accompanying notes are an integral part of these Consolidated Financial Statements.

CONSOLIDATED FINANCIAL STATEMENTS \| FOR THE YEAR ENDED SEPTEMBER 30, 2025 AND 2024&nbsp;&nbsp;&nbsp;&nbsp;11

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ORGANIGRAM GLOBAL INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

*For the year ended September 30, 2025 and 2024*

(Expressed in CDN $000's except share and per share amounts)

---

| | | |
|:---|:---|:---|
| | **YEAR ENDED** | **YEAR ENDED** |
| | SEPTEMBER 30, 2025 | SEPTEMBER 30,<br>2024  |
| **CASH PROVIDED BY (USED IN)** |  |  |
| OPERATING ACTIVITIES |  |  |
| Net loss | $(24759) | $(45440) |
| Items not affecting operating cash: |  |  |
| &nbsp;&nbsp;Share-based compensation (Note 14 (iv)) | 4217 | 7182 |
| &nbsp;&nbsp;Depreciation and amortization (Note 8 and 9) | 17975 | 12079 |
| &nbsp;&nbsp;Loss (gain) on disposal of property, plant and equipment and intangible assets | 9 | (633) |
| &nbsp;&nbsp;Realized fair value on inventories sold and other inventory charges (Note 7) | 67125 | 52078 |
| &nbsp;&nbsp;Unrealized gain on changes in fair value of biological assets (Note 6) | (73008) | (51151) |
| &nbsp;&nbsp;Investment income, net of financing costs | (1150) | (3311) |
| &nbsp;&nbsp;Share of loss from investments in associates (Note 16) |  | 5284 |
| &nbsp;&nbsp;Change in fair value of contingent consideration (Note 26) | (9743) | (50) |
| &nbsp;&nbsp;Bad debts and provision for expected credit losses (Note 5) | 274 | 4222 |
| &nbsp;&nbsp;Change in fair value of derivative liabilities, preferred shares and other financial assets (Note 11, 12 and 13) | 27505 | 7718 |
| &nbsp;&nbsp;Share issuance costs allocated to derivative liabilities and preferred shares (Note 14) | 170 | 937 |
| &nbsp;&nbsp;Unrealized foreign exchange gain | (313) |  |
| &nbsp;&nbsp;Income tax recovery (Note 24) | (13770) |  |
| Cash used in operating activities before working capital changes | (5468) | (11085) |
| Changes in non-cash working capital: |  |  |
| &nbsp;&nbsp;Net change in accounts and other receivables, biological assets, inventories, prepaid expenses and deposits | (15287) | (12059) |
| &nbsp;&nbsp;Net change in accounts payable and accrued liabilities, provisions and other liabilities | 13164 | 27016 |
| Net cash (used in) provided by operating activities | (7591) | 3872 |
| FINANCING ACTIVITIES |  |  |
| Proceeds from unit financing, net of issuance costs (Note 14 (iii)) |  | 26018 |
| Private placement, net of share issuance costs (Note 14 (iii)) | 41181 | 82541 |
| Payment of lease liabilities, net of sublease receipts (Note 15) | (1792) | (710) |
| Payment of long-term debt | (60) | (76) |
| Stock options exercised (Note 14 (iii)) | 4 | 6 |
| Net cash provided by financing activities | 39333 | 107779 |
| INVESTING ACTIVITIES |  |  |
| Purchase of short-term investments | (800) | (800) |
| Proceeds from short-term investments | 897 |  |
| Investment income | 1601 | 3518 |
| Acquisition of subsidiary (Note 26) | (65620) |  |
| Other financial assets (Note 11) | (207) | (28440) |
| Proceeds on sale of property, plant and equipment | 112 | 257 |
| Purchase of property, plant and equipment (Note 8) | (17022) | (4731) |
| Purchase of intangible assets (Note 9) | (27) | (607) |
| Net cash used in investing activities | (81066) | (30803) |
| Effect of foreign exchange on cash | $313 | $— |
| (DECREASE) INCREASE IN CASH | $(49011) | $80848 |
| CASH AND RESTRICTED CASH |  |  |
| &nbsp;&nbsp;Beginning of period | $132605 | $51757 |
| &nbsp;&nbsp;End of period | $83594 | $132605 |
| Less: restricted cash | (55394) | (25860) |
| Cash as presented on the statement of financial position | $28200 | $106745 |

---

The accompanying notes are an integral part of these Consolidated Financial Statements.

CONSOLIDATED FINANCIAL STATEMENTS \| FOR THE YEAR ENDED SEPTEMBER 30, 2025 AND 2024&nbsp;&nbsp;&nbsp;&nbsp;12

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ORGANIGRAM GLOBAL INC.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

*For the year ended September 30, 2025 and 2024*

(Expressed in CDN $000's except share and per share amounts and unless otherwise specified)

**1.&nbsp;&nbsp;&nbsp;&nbsp;NATURE OF OPERATIONS**

Organigram Global Inc. (formerly known as "Organigram Holdings Inc.") (the "Company") is a publicly listed corporation with its common shares (the "Common Shares") trading on the Toronto Stock Exchange ("TSX") and on the Nasdaq Global Select Market ("NASDAQ") under the symbol "OGI". The head office of the Company is 1400-145 King Street West, Toronto, Ontario, Canada, M5H 1J8 and the registered office is 35 English Drive, Moncton, New Brunswick, Canada, E1E 3X3.

On March 24, 2025, the shareholders of the Company at the annual and special meeting of shareholders approved an amendment to the articles of the Company to change the name of the Company to "Organigram Global Inc". On March 31, 2025, the Company obtained all regulatory approvals for the change of name of the Company.

The Company's wholly-owned subsidiaries are: (i) Organigram Inc., a licensed producer ("LP" or "Licensed Producer") of cannabis and cannabis-derived products in Canada regulated by Health Canada under the Cannabis Act (Canada) and the Cannabis Regulations (Canada); (ii) 10870277 Canada Inc., a special purpose holding company for the Company; and (iii) Organigram USA Inc. (formerly known as Collective Project USA Limited) ("OGI USA"), a wholly-owned subsidiary of Organigram Inc. The Company was incorporated under the Business Corporations Act (British Columbia) on July 5, 2010, and continued under the Canada Business Corporations Act ("CBCA") on April 6, 2016. Organigram Inc. was incorporated under the Business Corporations Act (New Brunswick) on March 1, 2013. 10870277 Canada Inc. was incorporated under the CBCA on July 4, 2018. OGI USA was incorporated under the General Corporate Law of the State of Delaware on April 12, 2019.

On October 1, 2023, Organigram Inc. amalgamated with the Company's then wholly-owned subsidiaries, The Edibles and Infusions Corporation ("EIC") and Laurentian Organic Inc. ("Laurentian") and continued as a single corporation under the name "Organigram Inc.", a 100% owned subsidiary of the Company. EIC was incorporated under the Business Corporations Act (Ontario) on September 20, 2018. Laurentian was incorporated under the CBCA on March 18, 2019.

On April 1, 2025, Organigram Inc. amalgamated with the Company's then wholly-owned subsidiary, Motif Labs Ltd. ("Motif") and continued as a single corporation under the name "Organigram Inc.", a 100% owned subsidiary of the Company. Motif was incorporated under the Business Corporations Act (Ontario) on December 18, 2017.

On October 1, 2025, Organigram Inc. amalgamated with the Company's then wholly-owned subsidiary, Collective Project Limited ("CPL") and continued as a single corporation under the name "Organigram Inc.", a 100% owned subsidiary of the Company. CPL was incorporated under the CBCA on October 23, 2013.

**2. &nbsp;&nbsp;&nbsp;&nbsp;BASIS OF PREPARATION**

**i.Statement of compliance**

These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB") and interpretations of the IFRS Interpretations Committee ("IFRIC").

These consolidated financial statements were approved and authorized for issue by the Board of Directors of the Company (the "Board of Directors") on December 11, 2025.

**ii.Basis of measurement** 

These consolidated financial statements have been prepared on a historical cost basis except for biological assets, share-based compensation, contingent consideration, short-term investments, other financial assets and derivative liabilities, which are measured at fair value.

Historical cost is the fair value of the consideration given in exchange for goods and services, which is generally based upon the fair value of the consideration given in exchange for assets at the time of the transaction.

**iii.Basis of consolidation**

These consolidated financial statements include the accounts of the Company and its subsidiaries on a consolidated basis after elimination of intercompany transactions and balances. Subsidiaries are entities the Company controls when it is exposed, or has rights, to variable returns from its involvement and has the ability to affect those returns through its power to direct the relevant activities of the subsidiaries. The results of subsidiaries acquired during the year are consolidated from the date of acquisition.

Associates are all entities over which the Company has significant influence but not control or joint control. Investments in associates are accounted for using the equity method after initial recognition at cost. Joint operations are arrangements in

CONSOLIDATED FINANCIAL STATEMENTS \| FOR THE YEAR ENDED SEPTEMBER 30, 2025 AND 2024&nbsp;&nbsp;&nbsp;&nbsp;13

------

which the Company has joint control. The Company includes its proportionate share of the assets acquired and expenses incurred of the joint operation.

**iv.Foreign currency translation**

**Functional and presentation currency**

These consolidated financial statements are presented in Canadian dollars, which is the Company's and its subsidiaries' functional currency, except for the Company's subsidiary, OGI USA, for which the functional currency has been determined to be United States dollars.

**Transactions and balances**

Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of foreign currency transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in currencies other than an operation's functional currency are recognized in the consolidated statements of operations and comprehensive loss.

**Foreign operations**

The assets and liabilities of foreign operations, including goodwill and fair value adjustments arising on acquisition, are translated to Canadian dollars at exchange rates at the reporting date. The income and expenses of foreign operations are translated to Canadian dollars using average exchange rates for the month during which the transactions occurred. Foreign currency differences are recognized in the consolidated statements of operations and comprehensive loss within other comprehensive (loss) income and are accumulated in accumulated other comprehensive (loss) income.

When the Company disposes of its entire interest in a foreign operation, or loses control over a foreign operation, the foreign currency gains or losses accumulated in other comprehensive (loss) income related to the foreign operation are recognized in the consolidated statements of operations and comprehensive loss. If the Company disposes of part of an interest in a foreign operation that remains a subsidiary, a proportionate amount of foreign currency gains or losses accumulated in other comprehensive (loss) income related to the subsidiary is reallocated between controlling and non-controlling interests.

**3. &nbsp;&nbsp;&nbsp;&nbsp;MATERIAL ACCOUNTING POLICY INFORMATION**

**i.Cash** 

Cash is a financial asset that is measured at amortized cost, which approximates fair value and includes cash-on-hand and deposits held with financing institutions.

**ii.Short-term investments** 

The Company considers short-term investments in the form of guaranteed investment certificates to be an investing activity. These investments are measured at amortized cost.

**iii.Financial assets** 

Accounts and other receivables are initially recognized when they are originated. All other financial assets are initially recognized when the Company becomes a party to the contractual provisions of the instrument. On initial recognition, financial assets are classified as measured at: amortized cost, fair value through profit or loss ("FVTPL") or fair value through other comprehensive income ("FVTOCI"). Financial assets are not reclassified subsequent to their initial recognition unless the Company changes its business model for managing financial assets, in which case all affected financial assets are reclassified on the first day of the first reporting period following the change in the business model.

A financial asset is measured at amortized cost if it meets both of the following conditions and is not designated as at FVTPL:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• it is held within a business model whose objective is to hold assets to collect contractual cash flows; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

On initial recognition of an equity investment that is not held for trading, the Company may irrevocably elect to present subsequent changes in the investment's fair value in other comprehensive income ("OCI"). This election is made on an investment-by-investment basis.

Financial assets not classified as being measured at amortized cost or FVTOCI as described above are measured at FVTPL. This includes all derivative financial assets. On initial recognition, the Company may irrevocably designate a financial asset

CONSOLIDATED FINANCIAL STATEMENTS \| FOR THE YEAR ENDED SEPTEMBER 30, 2025 AND 2024&nbsp;&nbsp;&nbsp;&nbsp;14

------

that otherwise meets the requirements to be measured at amortized cost or at FVTOCI as at FVTPL if doing so eliminates or significantly reduces an accounting mismatch that would otherwise arise.

The Company initially measures a financial asset at its fair value plus, in the case of a financial asset not at FVTPL, transaction costs. Subsequent to initial measurement, financial assets are measured as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Financial assets at FVTPL: These assets are subsequently measured at fair value. Net gains and losses, including any interest or dividend income, are recognized in the consolidated statements of operations and comprehensive loss.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Financial assets at amortized cost: These assets are subsequently measured at amortized cost using the effective interest method. The amortized cost is reduced by impairment losses, if any. Interest income, foreign exchange gains and losses and impairment are recognized in the consolidated statements of operations. Any gain or loss on derecognition is recognized in the consolidated statements of operations and comprehensive loss.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Debt investments at FVOCI: These assets are subsequently measured at fair value. Interest income calculated using the effective interest method, foreign exchange gains and losses and impairment are recognized in the consolidated statement of operations. Other net gains and losses are recognized in other comprehensive income (loss). On derecognition, gains and losses accumulated in OCI are reclassified to the consolidated statements of operations and comprehensive loss.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Equity instruments at FVOCI: These assets are subsequently measured at fair value. Dividends are recognized in income in the consolidated statements of operations and comprehensive loss unless the dividend clearly represents a recovery of part of the cost of the investment. Other net gains and losses are recognized in OCI and are never reclassified to the consolidated statements of operations and comprehensive loss.

**iv.Biological assets** 

While the Company's biological assets are within the scope of IAS 41 *Agriculture*, the direct and indirect costs of biological assets are determined using an approach similar to the capitalization criteria outlined in IAS 2 *Inventories*. This includes the direct cost of labour, seeds and growing materials, as well as other indirect costs such as utilities and supplies used in the growing process. Indirect labour cost for individuals involved in the growing and quality control process is also included, as well as depreciation of manufacturing assets. All direct and indirect costs of biological assets are capitalized as they are incurred. Biological assets are measured at their fair value less costs to sell on the consolidated statements of financial position and unrealized fair value gains/losses on growth of biological assets are recorded on the consolidated statements of operations and comprehensive loss.

**v.Inventories** 

Inventories of finished goods and packaging and supplies are initially valued at cost, and subsequently at the lower of cost and net realizable value on the consolidated statements of financial position. Net realizable value is the estimated selling price in the ordinary course of business, less the estimated costs to sell. The Company reviews inventories for obsolete, redundant and slow-moving goods and any such inventories identified are written down to net realizable value. The direct and indirect costs of finished goods inventory initially include the fair value of the biological asset at the time of harvest. They also include subsequent costs such as materials, labour and depreciation expense on equipment involved in packaging, labeling and inspection. All direct and indirect costs related to inventory are capitalized as they are incurred, and they are subsequently recorded within cost of sales on the consolidated statements of operations and comprehensive loss at the time the inventory is sold.

**vi.Property, plant and equipment** 

Property, plant and equipment are initially recognized at acquisition cost or manufacturing cost, including any costs directly attributable to bringing the assets to the location and condition necessary for the asset to be capable of operating in the manner intended by the Company's management. Property, plant and equipment are subsequently measured at cost, less accumulated depreciation and impairment losses, if any.

Depreciation is recognized on a straight-line basis to reduce the cost, less estimated residual value, of depreciable fixed assets. The following useful lives are applied:

---

| | |
|:---|:---|
| Buildings | 5-25 years |
| Growing and processing equipment | 2-10 years |
| Computer equipment | 3-5 years |
| Vehicles | 5 years |
| Furniture and fixtures | 10 years |
| Leasehold improvements | 5-20 years |
| Right-of-use assets | term of lease |

---

&nbsp;&nbsp;&nbsp;&nbsp;

Gains or losses arising on the disposal of property, plant and equipment are determined as the difference between the disposal proceeds and the carrying amount of the assets, and are recognized as profit or loss within the consolidated statements of operations and comprehensive loss.

CONSOLIDATED FINANCIAL STATEMENTS \| FOR THE YEAR ENDED SEPTEMBER 30, 2025 AND 2024&nbsp;&nbsp;&nbsp;&nbsp;15

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Construction in process is transferred to the appropriate asset class when available for use and depreciation of these assets commences at that point.

An asset's residual value, useful life and depreciation method are reviewed each year and adjusted if appropriate. When parts of an item of equipment have different useful lives, they are accounted for as separate items (major components) and depreciated accordingly.

**vii.Goodwill** 

Goodwill represents the future economic benefits arising from a business combination that are not individually identified and separately recognized. Goodwill is carried at cost less accumulated impairment losses, if any. The Company monitors goodwill at the group of cash-generating unit ("CGU") level and accordingly for the purpose of impairment testing, goodwill has been allocated to the group of CGUs.

Goodwill is tested annually for impairment at year end, or more frequently when there is an indication that goodwill may be impaired. If the recoverable amount, representing the higher of its fair value less cost to sell and its value in use, of the group of CGUs is less than its carrying amount, any resulting impairment loss is first allocated to goodwill and subsequently to other assets on a pro rata basis, but not below the fair value of the assets, for each CGU. Any goodwill impairment loss is recorded in the consolidated statements of operations and comprehensive loss in the period of impairment. Previously recognized impairment losses for goodwill are not reversed in subsequent periods.

During the year ended September 30, 2025, the Company reassessed the identification of its CGUs in accordance with IAS 36. In the prior year, the Company had identified three CGUs: Moncton Campus, Lac-Supérieur, and Winnipeg Campus.

As a result of operational changes implemented in the current year, including the integration of production facilities and supply chain functions, centralization of budgeting and performance monitoring, and the acquisition of Motif and CPL, management determined that cash inflows can no longer be attributed to the three individual CGUs previously identified. The Company now monitors cash inflows at two CGUs: Canadian CGU representing all cannabis-related activities in Canada; and CPL CGU, representing the newly acquired CPL business.

The change in CGU structure did not result in an impairment test on previously recognized goodwill, as all goodwill had been fully impaired in the prior year. Comparative information has not been restated, as impairment testing for the prior year was performed using the CGU structure applicable at that time.

**viii.Impairment of non-financial assets** 

Goodwill and indefinite life intangible assets are tested annually for impairment, or more frequently when there is an indication that goodwill and indefinite life intangible assets may be impaired. Property, plant and equipment and definite life intangible assets are reviewed each reporting period for indicators of impairment. For the purpose of impairment testing, assets that cannot be tested individually are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or groups of assets. The Company monitors goodwill at the group of CGUs level and accordingly for the purpose of impairment testing, goodwill has been allocated to the group of CGUs. There may be an indication of an impairment of an individual CGU within a group of CGUs containing the goodwill. In such circumstances, the Company tests the individual CGU for impairment first, and recognizes any impairment loss for that CGU, before testing for impairment of the group of CGUs to which the goodwill is allocated. If the recoverable amount of the individual CGU is less than its carrying amount, any resulting impairment loss is allocated to the assets within the individual CGU on a pro rata basis using the carrying amount of each asset within the individual CGU. If the recoverable amount of the group of CGUs is less than its carrying amount, any resulting impairment loss is first allocated to goodwill and subsequently to other assets on a pro rata basis for each individual CGU. In allocating an impairment loss, the Company does not reduce the carrying amount of an asset or lower level CGUs below its recoverable amount determined based on the higher of fair value less costs of disposal and value in use.

Except for goodwill, where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the lesser of the revised estimate of recoverable amount, and the carrying amount that would have been recorded had no impairment loss been recognized previously.

**ix.Share-based payments** 

The Company measures equity settled share-based payments based on their fair value at the grant date and recognizes compensation cost over the vesting period based on the Company's estimate of equity instruments that will eventually vest. Fair value for options is determined using the Black-Scholes option pricing model and fair value for restricted share units ("RSUs") and performance share units ("PSUs") is determined using the Company's share price at the grant date.

Expected forfeitures are estimated at the date of the grant and subsequently adjusted if further information indicates actual forfeitures may vary from the original estimate. The impact of the revision of the original estimate is recognized in profit or loss such that the cumulative cost recognized is reflected in the period the estimate is revised. Cancellations of unvested equity settled share-based payments are accounted for as an acceleration of vesting and any remaining unamortized costs are recognized immediately in profit or loss.

CONSOLIDATED FINANCIAL STATEMENTS \| FOR THE YEAR ENDED SEPTEMBER 30, 2025 AND 2024&nbsp;&nbsp;&nbsp;&nbsp;16

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For stock options granted to non-employees, the cost is measured at the fair value of the goods and services received except when the fair value cannot be estimated, in which case it is measured at the fair value of the equity instrument granted.

Consideration paid by employees or non-employees on the exercise of options is recorded as an increase to share capital and the related share-based payment cost is transferred from equity reserves to share capital.

**x.Investments in associates and joint operations**

Associates are companies over which the Company has significant influence. Significant influence is presumed when the Company has an ownership interest greater than 20%, unless certain qualitative factors overcome this assumption. Conversely, where the Company has an ownership interest of less than 20%, it is presumed that the Company does not have significant influence, unless certain qualitative factors overcome this assumption. In assessing significant influence and the ownership interest, potential voting rights that are currently exercisable are taken into consideration.

Investments in associates are accounted for using the equity method and are initially recognized at cost, inclusive of transaction costs. The consolidated financial statements include the Company's share of the income or loss and equity movement of equity accounted associates. In accordance with IFRS, the associate's most recent available financial statements are used in the application of the equity method. Where the associate's reporting period differs from the Company's, the associate prepares financial information as of the same period end as the Company, unless it is impracticable to do so. Otherwise, the Company will adjust for its share of income and expenses and equity movement based on the associate's most recently completed financial statements, adjusted for the effects of significant transactions. The Company does not recognize losses exceeding the carrying value of its interest in the associate.

The Company recognizes its share of the assets, liabilities, revenue and expenses of joint operations in accordance with the related agreements (Note 25).

Investments in associates are considered impaired and impairment losses are recognized if, and only if, there is objective evidence of impairment as a result of one or more events that occurred after the initial recognition of the net investment (a 'loss event') and that loss event (or events) has an impact on the estimated future cash flows from the net investment that can be reliably estimated. In such cases, the carrying value of the associate is written down to its recoverable amount which is the higher of value in use and fair value less costs of disposal.

**xi.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 intangible assets is recorded on a straight-line basis over their estimated useful lives, which do not exceed the contractual period, if any. Other intangible assets with a definite useful life are amortized over the estimated useful lives which are as follows:

---

| | |
|:---|:---|
| License agreements | 1-5 years |
| Brands | 5-15 years |
| Non-compete agreements | 5 years |
| Customer relationship | 5 years |

---

The estimated useful lives, residual values, and amortization methods are reviewed at each year end, and any changes in estimates are accounted for prospectively. Intangible assets with an indefinite life or not yet available for use are not subject to amortization, but are tested for impairment annually. The Company does not have intangible assets not yet in use or indefinite life intangible assets.

Research costs are expensed as incurred. Development expenditures are capitalized only if development costs can be measured reliably, the product or process is technically and commercially feasible, future economic benefits are probable, and the Company intends to and has sufficient resources to complete development to use or sell the asset. Research costs and other related expenditures that are not eligible to be capitalized are recognized as an expense in the consolidated statements of operations and comprehensive loss as incurred.

**xii.Provisions** 

Provisions are recognized when the Company has a present legal or constructive obligation based on past events, it is probable that an outflow of economic resources will be required to settle the obligation and the amount can be reasonably estimated. Provisions are measured at the present value of the estimated expenditures expected to settle the obligation, if the effect of the time value of money is material.

**xiii.Loss per share** 

Basic and diluted loss per share is calculated by dividing net loss attributable to common shareholders by the weighted average number of shares outstanding during the year. When there is net income, diluted loss per share is calculated in a similar manner, but with adjustments to give effect to all dilutive potential common shares outstanding during the year. The dilutive effect of warrants, options, Top-up Rights, RSUs and PSUs is calculated using the treasury stock method. Anti-dilutive effects of potential conversions of securities are ignored for this calculation.

CONSOLIDATED FINANCIAL STATEMENTS \| FOR THE YEAR ENDED SEPTEMBER 30, 2025 AND 2024&nbsp;&nbsp;&nbsp;&nbsp;17

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**xiv.Revenue recognition** 

Revenue from the direct sale of cannabis dried flower and cannabis derivative products for a fixed price is recognized when the Company transfers control of the goods to the customer. This transfer occurs either at the point of delivery or, in certain cases, when the product is shipped from the Company's facilities.

Gross revenue includes excise taxes, which the Company pays as principal, but excludes duties and taxes collected on behalf of third parties. Gross revenue also includes the net consideration to which the Company expects to be entitled. 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 certain promotional activities 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.

Net revenue is revenue less excise taxes. Excise taxes are effectively a production tax which becomes payable when the product is removed from the Company's premises and may or may not be directly related to the revenue depending on the province of sale. It is generally not included as a separate item on external invoices; increases in excise tax are not always passed on to the customer and where a customer fails to pay for product received, the Company cannot reclaim the excise tax. The Company therefore recognizes excise tax, unless it regards itself as an agent of the regulatory authorities, as a cost and reduction to revenue for the Company.

&nbsp;&nbsp;&nbsp;&nbsp;

**xv.Derivative liabilities**

Derivative liabilities are initially recognized at fair value at the date on which the derivative contract was entered into. Any attributable transaction costs are recognized in the consolidated statements of operations and comprehensive loss as incurred. Subsequent to initial recognition, derivative liabilities are measured at fair value at each reporting date until settlement, with the re-measurement gain or loss being recognized immediately in the consolidated statements of operations and comprehensive loss. The Company does not enter into or hold derivative financial instruments for trading or speculative purposes.

For more details on derivative liabilities consisting of warrants, Top-up Rights, commitment to issue Preferred Shares (as defined in Note 12) in the future and a secured convertible loan, see Note 12.

**xvi.Preferred shares**

The Preferred Shares contain embedded derivatives that normally require bifurcation. However, the Company has elected to account for the entire instrument as FVTPL after determining under IFRS 9 that the Preferred Shares qualify to be accounted for under such FVTPL method.

**xvii.Income taxes**

The measurement of income taxes payable and deferred income tax assets and liabilities requires management to make judgments in the interpretation and application of the relevant tax laws. The actual amount of income taxes only becomes final upon filing and acceptance of the tax return by the relevant authorities, which occurs subsequent to the issuance of the consolidated financial statements.

Income tax expense in the consolidated statements of operations and comprehensive loss is the sum of current and deferred tax as explained below.

Current tax is the expected income tax payable (recoverable) on the taxable income (loss) for the year, using tax rates enacted, or substantively enacted, as at the end of the reporting year. Current tax expense (recovery) included in the consolidated statements of operations and comprehensive loss reflects the current tax for the reporting year, plus adjustments to the current tax of prior years, less current tax recorded directly in other comprehensive income (loss) or equity.

Deferred taxes are accounted for under the liability method and are the taxes expected to be payable or recoverable on the temporary differences between the carrying amounts of assets and liabilities in the consolidated financial statements and the corresponding tax bases used in the computation of taxable income. Deferred tax liabilities are generally recognized for all taxable temporary differences and deferred tax assets are recognized to the extent that it is probable that taxable income will be available against which deductible temporary differences and unused tax losses and tax credits can be utilized. Deferred tax is calculated on a non-discounted basis, using enacted or substantively enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The carrying amounts of individual deferred tax assets are reviewed at the end of each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized; such reductions are reversed when the probability of future taxable profits improves. Unrecognized deferred tax assets are reassessed at each reporting date and recognized to the extent that it has become probable that future taxable profits will be available against which they can be used.

Deferred tax is not recognized for: i) temporary differences related to the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable profit or loss; ii) differences relating to investments in subsidiaries to the extent that it is probable that they will not reverse in the foreseeable future; and iii) differences arising on the initial recognition of goodwill.

CONSOLIDATED FINANCIAL STATEMENTS \| FOR THE YEAR ENDED SEPTEMBER 30, 2025 AND 2024&nbsp;&nbsp;&nbsp;&nbsp;18

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**xviii.Borrowing costs**

Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time that the assets are substantially ready for their intended use or sale. Other borrowing costs are expensed in the period in which they are incurred and reported in finance costs. No borrowing costs were capitalized during the years presented.

**xix.Business combinations**

The Company accounts for business combinations using the acquisition method when the acquired set of activities and assets meets the definition of a business and control is transferred to the Company. In determining whether a particular set of activities and assets is a business, the Company assesses whether the set of assets and activities acquired includes, at a minimum, an input and substantive process and whether the acquired set of assets and activities has the ability to produce outputs.

The Company has an option to apply a "concentration test" that permits a simplified assessment of whether an acquired set of activities and assets is not a business. The optional concentration test is met if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets.

The consideration transferred in the acquisition is generally measured at fair value, as are the identifiable assets acquired and liabilities assumed. Goodwill is the excess of consideration transferred over the fair value of the net tangible and intangible assets acquired, at the acquisition date, and is tested annually for impairment, or when indicators of impairment arise. Any gain on a bargain purchase is recognized in profit or loss immediately. Transaction costs are expensed as incurred, except if related to the issuance of debt or equity securities. The consideration transferred does not include amounts related to the settlement of any pre-existing relationships. Such amounts are generally recognized in profit or loss.

Any contingent consideration is measured at fair value at the date of acquisition. If an obligation to pay contingent consideration that meets the definition of a financial instrument is classified as equity, then it is not remeasured, and settlement is accounted for within equity. Otherwise, other contingent consideration is remeasured at fair value at each reporting date and subsequent changes in the fair value of the contingent consideration are recognized in profit or loss.

**xx.Critical accounting estimates and judgments**

The preparation of the consolidated financial statements in conformity with IFRS requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the year in which the estimates are revised and in any future years affected.

The following are the estimates and judgments made by management in applying the accounting policies of the Company that have the most significant effect on the consolidated financial statements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.Biological assets and inventories** 

Determination of the fair value of biological assets requires management to make a number of estimates, including estimating the average selling price per gram and expected average yield per plant. The Company records obsolete and unsalable inventories at the lower of cost and net realizable value. Adjustments to the carrying value of inventories are based on obsolescence trends, historical experience, forecast demand and average selling price for obsolete and unsalable inventories. Refer to Notes 6 and 7 for further information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.Useful lives and impairment of property, plant and equipment and finite-life intangible assets** 

Amortization of property, plant and equipment and finite life intangible assets requires estimates of useful lives, which are determined through the exercise of judgment. The assessment of any impairment of these assets is dependent upon estimates of recoverable amounts, taking into consideration factors such as economic and market conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.Share-based payments** 

In determining the fair value of options and related costs, management estimates the expected life of the option, the expected volatility of the Company's share price, the risk-free interest rate, and the rate of forfeitures. Refer to Note 14 for further information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.Provision for returns and price adjustments**

Government customers typically have the right to return products, and in some cases, the right to pricing adjustments for products that are subsequently discounted or sold for a lower price in another jurisdiction. The estimation of potential future returns and pricing adjustments includes the use of management estimates and assumptions that may not be certain given the evolving nature of the industry.

CONSOLIDATED FINANCIAL STATEMENTS \| FOR THE YEAR ENDED SEPTEMBER 30, 2025 AND 2024&nbsp;&nbsp;&nbsp;&nbsp;19

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.Impairment of non-financial assets** 

The recoverable amount of an individual CGU and group of CGUs is determined based on value in use which involves the use of a discounted cash flow model and significant assumptions which include forecasted cash flows, terminal growth rate and post-tax discount rates. In allocating any impairment loss, the Company determines the recoverable amounts of its property, plant and equipment. The recoverable amount of property and plant is determined based on fair value less costs of disposal and involves the use of capitalization rates, market rentals, market transactions and demolition costs. Refer to Note 8 for further information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6. &nbsp;&nbsp;&nbsp;&nbsp;Derivative liabilities**

Warrants issued pursuant to equity offerings that are potentially exercisable in cash or on a cashless basis resulting in a variable number of shares being issued are considered derivative liabilities and therefore measured at fair value through profit or loss. The Company uses the Black-Scholes option pricing model to estimate the fair value of such warrants at inception, on each exercise, and subsequently at the period end date. The key assumption used in the model is the expected future volatility in the price of the Company's Common Shares.

The potential issuance of Common Shares related to Top-up Rights is classified as a derivative liability and is therefore measured at fair value through profit or loss. The Company uses the Monte Carlo pricing model to estimate the fair value of such Top-up Rights at inception, upon each exercise, and at year-end. The key assumption used in the model is the expected future volatility of the price of the Company's Common Shares. The impact of changes in these key assumptions is described in Note 12.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.&nbsp;&nbsp;&nbsp;&nbsp;Recognition and measurement of preferred shares and derivative financial instrument**

In determining the initial and subsequent measurement of the Preferred Shares and relative derivative, management has applied significant judgment and estimation in regards to the fair valuation of the Preferred Shares and related derivative liability. Refer to Notes 12 and 19 for further information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.&nbsp;&nbsp;&nbsp;&nbsp;Recognition and measurement of other financial assets** 

In determining the initial and subsequent recognition and measurement of the other financial assets, management has applied significant judgment and estimates including but not limited to determining the appropriate valuation methodology and key inputs. Refer to Notes 11 and 19 for further information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.&nbsp;&nbsp;&nbsp;&nbsp;Business Combinations**

Management performs a valuation analysis to allocate the purchase price based on the acquisition date fair values of the identifiable assets acquired and liabilities assumed. Determining the fair value of identifiable assets acquired and liabilities assumed on the acquisition date and contingent consideration requires the use of judgment and estimates. With respect to the acquisitions, the significant assumptions related to estimating the fair value of the acquired brands and customer relationships, included: the royalty rate, forecasted revenues, and forecasted cash flows. Valuations are highly dependent on the inputs used and assumptions made by management regarding the future performance of these assets and any changes in the discount rate applied.

**New and amended accounting standards effective for the current year**

**Amendments to IAS 1: Classification of Liabilities as Current or Non-Current and Non-current Liabilities with Covenants**

In January 2020 and October 2022, the IASB issued amendments to IAS 1 to specify the requirements relating to determining whether a liability should be presented as current or non-current in the statement of financial position. Under the new requirements, the assessment of whether a liability is presented as current or non-current is based on the contractual arrangements in place as at the reporting date and does not impact the amount or timing of recognition. These amendments also clarify how conditions with which an entity must comply within twelve months after the reporting period affect the classification of a liability. The amendments apply retrospectively for annual reporting periods beginning on or after January 1, 2024. These amendments do not have a material impact on the Company's consolidated financial statements.

**Amendments to IFRS 16: Lease Liability in a Sale and Leaseback**

On September 22, 2022, the IASB issued amendments to IFRS 16 Leases, to specify the requirements that a seller-lessee uses in measuring the lease liability arising in a sale and leaseback transaction, to ensure the seller-lessee does not recognize any amount of the gain or loss that relates to the right of use it retains. The amendments are effective for annual reporting periods beginning on or after January 1, 2024 and must be applied retrospectively to sale and leaseback transactions entered into after the date of initial application of IFRS 16. Earlier application is permitted and that fact must be disclosed. The Company has not entered into any sale and leaseback transactions in the past and does not anticipate doing so in the future. Therefore, these amendments do not have an impact on the Company's consolidated financial statements.

**Amendments to IAS 7 and IFRS 7: Supplier Finance Arrangements**

In May 2023, the IASB issued amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures to clarify the characteristics of supplier finance arrangements and require additional disclosure of such arrangements. The disclosure requirements in the amendments are intended to assist users of financial statements in understanding the effects of

CONSOLIDATED FINANCIAL STATEMENTS \| FOR THE YEAR ENDED SEPTEMBER 30, 2025 AND 2024&nbsp;&nbsp;&nbsp;&nbsp;20

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supplier finance arrangements on an entity's liabilities, cash flows and exposure to liquidity risk. These amendments do not have an impact on the Company's consolidated financial statements.

**Accounting standards issued but not yet effective**

The new and amended standards and interpretations that are issued, but are not yet effective, up to the date of issuance of the Company's consolidated financial statements are disclosed below. The Company intends to adopt these new and amended standards and interpretations when they become effective.

**Amendment to the Classification and Measurement of Financial Instruments – Amendments to IFRS 9 and IFRS 7**

In May 2024, the IASB issued amendments to IFRS 9 and IFRS 7 to respond to recent questions arising in practice, and to include new requirements not only for financial institutions but also for corporate entities. These amendments:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• clarify the date of recognition and derecognition of some financial assets and liabilities, with a new exception for some financial liabilities settled through an electronic cash transfer system;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• clarify and add further guidance for assessing whether a financial asset meets the solely payments of principal and interest (SPPI) criterion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• add new disclosures for certain instruments with contractual terms that can change cash flows (such as some financial instruments with features linked to the achievement of environment, social and governance targets); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• update the disclosures for equity instruments designated at fair value through other comprehensive income (FVOCI).

These amendments are effective for annual reporting periods beginning on or after January 1, 2026, and must be applied retrospectively. Earlier application is permitted. The Company is currently evaluating the full potential impact of these amendments on the consolidated financial statements.

**IFRS 18 Presentation and Disclosure in Financial Statements**

In April 2024, the IASB issued IFRS 18, which replaces IAS 1 Presentation of financial statements. IFRS 18 introduces new requirements for presentation within the statement of profit or loss, including specified totals and subtotals. Furthermore, entities are required to classify all income and expenses within the statement of profit or loss into one of five categories: operating, investing, financing, income taxes and discontinued operations, whereof the first three are new.

It also requires disclosure of newly defined management-defined performance measures, subtotals of income and expenses, and includes new requirements for aggregation and disaggregation of financial information based on the identified "roles" of the primary financial statements (PFS) and the notes.

In addition, narrow-scope amendments have been made to IAS 7 Statement of Cash Flows. These include changing the starting point for determining cash flows from operations under the indirect method from "profit or loss" to "operating profit or loss" and removing the optionality around classification of cash flows from dividends and interest. In addition, there are consequential amendments to several other standards.

IFRS 18 and the amendments to the other standards, are effective for annual reporting periods beginning on or after January 1, 2027, but earlier application is permitted and must be disclosed. IFRS 18 will apply retrospectively. The Company is currently evaluating the potential impact of IFRS 18 on the Company's consolidated financial statements.

**IFRS 19 Subsidiaries without Public Accountability: Disclosures and amendment**

In May 2024, the IASB issued amendments to IFRS 19, which permits an eligible subsidiary (i.e., a subsidiary without public accountability, whose ultimate or intermediate parent prepares consolidated financial statements under IFRS) to apply reduced disclosure requirements while otherwise applying full IFRS recognition, measurement and presentation requirements.The standard is effective for annual periods beginning on or after January 1, 2027 and may be applied prospectively, with earlier application permitted.

As the Company is not a subsidiary and has public accountability (its shares are publicly traded), it is not eligible to apply IFRS 19 and therefore these amendments are not expected to have any impact on the Company's consolidated financial statements.

**Amendments to IAS 21 - Lack of Exchangeability**

In August 2023, the IASB amended IAS 21 to clarify when a currency is exchangeable into another currency and how a company estimates a spot rate when a currency lacks exchangeability. The amendments are effective for annual reporting periods beginning on or after January 1, 2025 and must be applied prospectively to foreign-currency items entered into after the date of initial application. These amendments are not expected to have a material impact on the Company's consolidated financial statements.

**4. &nbsp;&nbsp;&nbsp;&nbsp;RESTRICTED CASH**

As at September 30, 2025, the Company held restricted cash balances of $55,394 (September 30, 2024 - $25,860). These balances represent proceeds received under the product development collaboration agreement dated March 10, 2021 (the

CONSOLIDATED FINANCIAL STATEMENTS \| FOR THE YEAR ENDED SEPTEMBER 30, 2025 AND 2024&nbsp;&nbsp;&nbsp;&nbsp;21

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"PDC Agreement"), and the subscription agreement dated November 5, 2023, with BT DE Investments Inc., a wholly-owned subsidiary of British American Tobacco p.l.c (together with investments Inc., "BAT"), and are subject to contractual restrictions that limit their use for general corporate purposes. Accordingly, these amounts are presented separately in the consolidated statements of financial position and excluded from cash and cash equivalents in the consolidated statements of cash flows.

As of September 30, 2025, the Company had access to $10 million of previously restricted funds pursuant to a temporary waiver granted by BAT. The waiver permits use of these funds for general purposes through November 8, 2026, after which the original restrictions are reinstated. The Company has classified these funds as unrestricted cash based on the terms and substance of the arrangement.

**5.&nbsp;&nbsp;&nbsp;&nbsp;ACCOUNTS AND OTHER RECEIVABLES**

The Company's accounts receivable include the following balances as at September 30, 2025 and September 30, 2024:

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| | | |
|:---|:---|:---|
| | SEPTEMBER 30, 2025 | SEPTEMBER 30,<br>2024 |
| Gross trade receivables | $69288 | $37851 |
| Less: reserves for product returns and price adjustments | (734) | (501) |
| Less: expected credit losses | (4969) | (4695) |
| Trade receivables | 63585 | 32655 |
| Receivable from related party | 701 | 3169 |
| Sales taxes receivable | 403 | 14 |
| Current portion of net investment in subleases | 12 | 513 |
| Other receivables | 158 | 802 |
|  | $64859 | $37153 |

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During the year ended September 30, 2025, the Company recognized a provision for expected credit losses of $274 (September 30, 2024 - $4,222), included in general and administrative expenses in the consolidated statements of operations and comprehensive loss. The provision for expected credit losses on receivables is determined as described in Note 19.

**6. &nbsp;&nbsp;&nbsp;&nbsp;BIOLOGICAL ASSETS**

The Company measures biological assets, which consist of cannabis plants, at fair value less costs to sell up to the point of harvest, which then becomes the basis for the cost of finished goods inventories after harvest. Subsequent expenditures incurred on these finished goods inventories after harvest are capitalized based on IAS 2 *Inventories*.

The changes in the carrying value of biological assets as at September 30, 2025 and September 30, 2024 are as follows:

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| | | | |
|:---|:---|:---|:---|
| | **CAPITALIZED COST** | **BIOLOGICAL ASSET FAIR VALUE ADJUSTMENT** | **AMOUNT** |
| Balance, September 30, 2023 | $6945 | $10410 | $17355 |
| &nbsp;&nbsp;Unrealized gain on changes in fair value of biological assets |  | 51151 | 51151 |
| &nbsp;&nbsp;Production costs capitalized | 40229 |  | 40229 |
| &nbsp;&nbsp;Transfer to inventory upon harvest | (41226) | (52336) | (93562) |
| Balance, September 30, 2024 | $5948 | $9225 | $15173 |
| &nbsp;&nbsp;Unrealized gain on changes in fair value of biological assets |  | 73008 | 73008 |
| &nbsp;&nbsp;Production costs capitalized | 40450 |  | 40450 |
| &nbsp;&nbsp;Transfer to inventory upon harvest | (40366) | (70334) | (110700) |
| Balance, September 30, 2025 | $6032 | $11899 | $17931 |

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The fair value less costs to sell of biological assets is determined using a model which estimates the expected harvest yield in grams for plants currently being cultivated, then adjusts that amount for the average selling price per gram, and for any additional costs to be incurred, such as post-harvest costs. The following unobservable inputs, all of which are classified as level 3 within the fair value hierarchy (see Note 19), are used in determining the fair value of biological assets:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.average selling price per gram – calculated as the weighted average current selling price of cannabis sold by the Company, adjusted for expectations about future pricing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.expected average yield per plant – represents the number of grams of finished cannabis inventory which is expected to be obtained from each harvested cannabis plant currently under cultivation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii.wastage of plants based on their various stages of growth – represents the weighted average percentage of biological assets which are expected to fail to mature into cannabis plants that can be harvested;

CONSOLIDATED FINANCIAL STATEMENTS \| FOR THE YEAR ENDED SEPTEMBER 30, 2025 AND 2024&nbsp;&nbsp;&nbsp;&nbsp;22

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv.post-harvest costs – calculated as the cost per gram of harvested cannabis to complete the sale of cannabis plants post-harvest, consisting of the cost of direct and indirect materials and labour related to drying, labelling, and packaging; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v.stage of completion in the cultivation process – calculated by taking the average number of weeks in production over a total average grow cycle of approximately 14 weeks.

The Company estimates the harvest yields for the cannabis on plants at various stages of growth, based on expected yield of mature plants. As of September 30, 2025, it is expected that the Company's biological assets will yield 35,108 kg (September 30, 2024 – 28,889 kg) of cannabis when eventually harvested. The Company's estimates are, by their nature, subject to change, and differences from the expected yield will be reflected in the fair value adjustment to biological assets in future periods. The Company accretes fair value on a straight-line basis according to stage of growth. As a result, a cannabis plant that is 50% through its 14-week growing cycle would be ascribed approximately 50% of its harvest date expected fair value less costs to sell (subject to wastage adjustments).

Management believes the most significant unobservable inputs and their impact on fair value are as follows:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| SIGNIFICANT INPUTS & | **WEIGHTED AVERAGE INPUT** | **WEIGHTED AVERAGE INPUT** | **WEIGHTED AVERAGE INPUT** | **WEIGHTED AVERAGE INPUT** |  | **EFFECT ON FAIR VALUE** | **EFFECT ON FAIR VALUE** |
| ASSUMPTIONS | **September 30, 2025** | **September 30, 2025** | **September 30, 2024** | **September 30, 2024** | **SENSITIVITY** | **September 30, 2025** | **September 30, 2024** |
| Average selling price per gram (excluding trim) | $1.78 |  | $1.59 |  | Increase or decrease<br>by 10% per gram | $1756 | $1463 |
| Expected average yield per plant | 188 | grams | 187 | grams | Increase or decrease<br>by 10 grams | $946 | $781 |

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The expected average yield per plant at September 30, 2025 primarily reflects the average yield of the flower component of the plant.

**7. &nbsp;&nbsp;&nbsp;&nbsp;INVENTORIES**

The Company's inventories are comprised of the following balances as at September 30, 2025 and September 30, 2024:

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| | | | |
|:---|:---|:---|:---|
| | SEPTEMBER 30, 2025 | SEPTEMBER 30, 2025 | SEPTEMBER 30, 2025 |
| | CAPITALIZED COST | FAIR VALUE ADJUSTMENT | CARRYING VALUE |
| Plants in drying stage | $4794 | $2928 | $7722 |
| Dry cannabis |  |  |  |
| &nbsp;&nbsp;Available for packaging | 14266 | 17265 | 31531 |
| &nbsp;&nbsp;Packaged inventory | 4088 | 2884 | 6972 |
| Flower and trim available for extraction | 2336 | 1237 | 3573 |
| Concentrated extract | 4711 | 1499 | 6210 |
| Formulated extracts |  |  |  |
| &nbsp;&nbsp;Available for packaging | 20267 | 668 | 20935 |
| &nbsp;&nbsp;Packaged inventory | 11414 | 346 | 11760 |
| Packaging and supplies | 17320 |  | 17320 |
|  | $79196 | $26827 | $106023 |

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CONSOLIDATED FINANCIAL STATEMENTS \| FOR THE YEAR ENDED SEPTEMBER 30, 2025 AND 2024&nbsp;&nbsp;&nbsp;&nbsp;23

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| | | | |
|:---|:---|:---|:---|
| | SEPTEMBER 30, 2024 | SEPTEMBER 30, 2024 | SEPTEMBER 30, 2024 |
| | CAPITALIZED COST | FAIR VALUE ADJUSTMENT | CARRYING VALUE |
| Plants in drying stage | $1390 | $2225 | $3615 |
| Dry cannabis |  |  |  |
| &nbsp;&nbsp;Available for packaging | 12059 | 10570 | 22629 |
| &nbsp;&nbsp;Packaged inventory | 3297 | 2493 | 5790 |
| Flower and trim available for extraction | 1354 | 1950 | 3304 |
| Concentrated extract | 7283 | 3833 | 11116 |
| Formulated extracts |  |  |  |
| &nbsp;&nbsp;Available for packaging | 5958 | 2091 | 8049 |
| &nbsp;&nbsp;Packaged inventory | 3119 | 366 | 3485 |
| Packaging and supplies | 9363 |  | 9363 |
|  | $43823 | $23528 | $67351 |

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Flower and trim available for extraction are converted into concentrated extract, which can then be used for oil formulation (combining with a carrier oil) or other products such as edibles, hash and vaporizable products.

The amount of inventory expensed in cost of sales for the year ended September 30, 2025 was $128,821 (September 30, 2024 - $86,546). The amount of inventory provisions and processing and packaging waste for the year ended September 30, 2025 was $9,203 (September 30, 2024 - $11,216), which includes provisions for excess and unsalable inventories of $3,085 (September 30, 2024 - $4,657), adjustments to net realizable value of $1,133 (September 30, 2024 - $826) and processing and packaging waste of $4,985 (September 30, 2024 - $5,733), which is comprised of the production or purchase costs of these inventories. The remaining balance of cost of sales relates to freight and operational overheads.

The amount of realized fair value on inventories sold and other inventory charges for the year ended September 30, 2025 was $67,125 (September 30, 2024 - $52,078), including realized fair value on inventories sold of $61,954 (September 30, 2024 - $43,275). Inventory provisions to recognize the realized fair value on waste and to adjust to net realizable value during the year ended September 30, 2025 were $6,304 (September 30, 2024 - $9,629) consisting of $1,133 (September 30, 2024 - $826) recognized in cost of sales and $5,171 (September 30, 2024 - $8,803) recognized in fair value adjustments.

**8.&nbsp;&nbsp;&nbsp;&nbsp;PROPERTY, PLANT AND EQUIPMENT**

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **LAND** | **BUILDINGS** | **GROWING & PROCESSING<br>EQUIPMENT** | **LEASEHOLD IMPROVEMENTS** | **OTHER** | **RIGHT-OF-USE ASSETS** | **TOTAL** |
| **Cost** | | | | | | | |
| Balance, September 30, 2023 | $4705 | $160980 | $166940 | $555 | $14419 | $4600 | $352199 |
| &nbsp;&nbsp;Additions |  | 1811 | 2253 |  | 180 | 1384 | 5628 |
| &nbsp;&nbsp;Disposals |  |  | (241) |  | (1) | (2225) | (2467) |
| Balance, September 30, 2024 | $4705 | $162791 | $168952 | $555 | $14598 | $3759 | $355360 |
| &nbsp;&nbsp;Acquisitions through business combinations (Note 26) |  |  | 7596 | 10383 | 1885 | 5744 | 25608 |
| &nbsp;&nbsp;Additions |  | 1216 | 10441 | 214 | 1299 |  | 13170 |
| &nbsp;&nbsp;Disposals |  |  | (679) |  |  |  | (679) |
| Balance, September 30, 2025 | $4705 | $164007 | $186310 | $11152 | $17782 | $9503 | $393459 |
| **Accumulated depreciation and impairment** |  |  |  |  |  |  |  |
| Balance, September 30, 2023 | $(2721) | $(99897) | $(136571) | $(415) | $(11178) | $(2236) | $(253018) |
| &nbsp;&nbsp;Adjustment |  | (3420) | 4011 |  |  |  | 591 |
| &nbsp;&nbsp;Depreciation |  | (2882) | (5200) |  | (499) | (359) | (8940) |
| &nbsp;&nbsp;Disposals |  |  | 176 |  | 1 | 2061 | 2238 |
| Balance, September 30, 2024 | $(2721) | $(106199) | $(137584) | $(415) | $(11676) | $(534) | $(259129) |
| &nbsp;&nbsp;Depreciation |  | (3023) | (6324) | (912) | (592) | (1060) | (11911) |
| &nbsp;&nbsp;Disposals |  |  | 558 |  |  |  | 558 |
| Balance, September 30, 2025 | $(2721) | $(109222) | $(143350) | $(1327) | $(12268) | $(1594) | $(270482) |
| **Carrying amount** |  |  |  |  |  |  |  |
| September 30, 2024 | $1984 | $56592 | $31368 | $140 | $2922 | $3225 | $96231 |
| September 30, 2025 | $1984 | $54785 | $42960 | $9825 | $5514 | $7909 | $122977 |

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CONSOLIDATED FINANCIAL STATEMENTS \| FOR THE YEAR ENDED SEPTEMBER 30, 2025 AND 2024&nbsp;&nbsp;&nbsp;&nbsp;24

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Included in deferred charges and deposits is $3,540 (September 30, 2024 - $471) paid to secure the acquisition of growing and processing equipment. The amounts will be recorded within property, plant and equipment as the equipment is received.

**Reconciliation of property, plant, and equipment additions to the statements of cash flows**

The following table reconciles additions of property, plant, and equipment per the above table to the purchases of property, plant, and equipment per the statements of cash flows:

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| | | |
|:---|:---|:---|
| | SEPTEMBER 30, 2025 | SEPTEMBER 30,<br>2024 |
| Total additions (including right-of-use lease assets) | $38778 | $5763 |
| Additions related to business combinations | (25608) |  |
| Additions related to right-of-use lease assets |  | (1384) |
| Net change in deferred charges and deposits related to purchases of property, plant and equipment | 3798 | 258 |
| Net change in accounts payable and accrued liabilities related to purchases of property, plant and equipment | 54 | 94 |
| Purchase of property, plant and equipment | $17022 | $4731 |

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**9.&nbsp;&nbsp;&nbsp;&nbsp;INTANGIBLE ASSETS**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **LICENSE AGREEMENTS** | **BRANDS** | **COMPUTER SOFTWARE** | **NON-COMPETE AGREEMENT** | **CUSTOMER RELATIONSHIP** | **TOTAL** |
| **Cost** | | | | | | |
| Balance, September 30, 2023 | $12941 | $6258 | $848 | $585 | $— | $20632 |
| &nbsp;&nbsp;Additions | 607 |  |  |  |  | 607 |
| Balance, September 30, 2024 | $13548 | $6258 | $848 | $585 | $— | $21239 |
| &nbsp;&nbsp;Acquisitions through business combinations (Note 26) |  | 41126 | 130 |  | 5200 | 46456 |
| &nbsp;&nbsp;Additions | 27 |  |  |  |  | 27 |
| Balance, September 30, 2025 | $13575 | $47384 | $978 | $585 | $5200 | $67722 |
| **Accumulated amortization <br>and impairment** |  |  |  |  |  |  |
| Balance, September 30, 2023 | $(5527) | $(3340) | $(848) | $(293) | $— | $(10008) |
| &nbsp;&nbsp;Amortization | (2124) | (898) |  | (117) |  | (3139) |
| Balance, September 30, 2024 | $(7651) | $(4238) | $(848) | $(410) | $— | $(13147) |
| &nbsp;&nbsp;Amortization | (2124) | (2962) | (8) | (117) | (853) | (6064) |
| Balance, September 30, 2025 | $(9775) | $(7200) | $(856) | $(527) | $(853) | $(19211) |
| **Carrying amount** |  |  |  |  |  |  |
| September 30, 2024 | $5897 | $2020 | $— | $175 | $— | $8092 |
| September 30, 2025 | $3800 | $40184 | $122 | $58 | $4347 | $48511 |

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**10.&nbsp;&nbsp;&nbsp;&nbsp;GOODWILL**

i.**Goodwill** 

During the year ended September 30, 2025, the Company acquired 100% of the issued and outstanding shares of Motif and CPL. As a result of these acquisitions, the company recognized goodwill of $52,524. Further details regarding the recognition of the assets acquired and liabilities assumed in connection with these acquisitions are provided in Note 26.

The Company performed its annual goodwill impairment test as at September 30, 2025. The recoverable amount of the group of CGUs to which goodwill is allocated was determined based on a value in use calculation using cash flow projections derived from financial budgets approved by senior management covering a four-year period. Management concluded that the recoverable amount exceeded the carrying value by approximately $28,900 as at September 30, 2025. Accordingly, no impairment of goodwill was recognized during the year.

The significant assumptions applied in the determination of the recoverable amount are described below:

CONSOLIDATED FINANCIAL STATEMENTS \| FOR THE YEAR ENDED SEPTEMBER 30, 2025 AND 2024&nbsp;&nbsp;&nbsp;&nbsp;25

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Forecasted cash flows: Estimated cash flows were projected based on actual operating results and the growth plans for the future. Forecasted cash flows are based on the Company's expectation about market share assumptions. Although management expects the Company's market share to further increase, an overall decline of 8.0% in the forecasted cash flows would result in the carrying amount of the group of CGUs exceeding its recoverable amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Post-tax discount rate: The post-tax discount rate applied to forecasted cash flow was 16.8%, which was reflective of the group of CGUs weighted average cost of capital ("WACC"). An increase in the post-tax discount rate to 18.0% (i.e., 1.9% increase) would result in carrying amount of the group of CGUs exceeding its recoverable amount; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Terminal growth rate: The forecasted cash flows beyond the four-year period are extrapolated using a 3.0% growth rate based on projected consumer price inflation and industry growth. A decline by 1.6% in the terminal growth rate would result in the carrying amount of the group of CGUs exceeding its recoverable amount.

**ii.CGU Impairment**

In addition to performing its annual goodwill impairment test, the Company assesses at the end of each reporting period whether there are any indicators of impairment for any CGU. This assessment considers both external and internal factors, including overall financial performance, market conditions, changes in the business environment, and entity-specific developments that could indicate a potential impairment. As at September 30, 2025, management did not identify any events or changes in circumstances that would indicate that any CGU was impaired.

**11. OTHER FINANCIAL ASSETS**

The following table outlines changes in other financial assets. Note 19 provides additional details on the fair value calculation of each investment.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **ENTITY** | **ASSET TYPE** | **BALANCE, SEPTEMBER 30, 2024** | **FUNDED DURING THE YEAR** | **FAIR VALUE CHANGES** | **BALANCE, SEPTEMBER 30, 2025** |
| Weekend Holdings Corp. ("WHC") | Preferred shares | $5441 | $— | $666 | $6107 |
| Phylos Bioscience Inc. ("Phylos") | Secured convertible loan | $9285 | $— | $3174 | $12459 |
| Steady State LLC (d/b/a Open Book Extracts) ("OBX") | Convertible loan | $2881 | $207 | $374 | $3462 |
| Sanity Group GmbH ("Sanity Group") | Convertible loan | $19153 | $— | $4399 | $23552 |
| Sanity Group | Common shares | $3967 | $— | $1 | $3968 |
|  |  | $40727 | $207 | $8614 | $49548 |

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i.**Weekend Holdings Corp.**

On March 30, 2023, the Company entered into a product purchase agreement with Greentank Technologies Corp. ("Greentank"), a leading vaporization technology company, and a subscription agreement with Greentank's parent company, WHC. The product purchase agreement grants the Company an exclusivity period in Canada for the new technology used in 510 vape cartridges and other formats for cannabis, including the development of a proprietary custom all-in-one device. The period of exclusivity is 18 months following its commercialization. Under the terms of the subscription agreement, the Company subscribed for preferred shares of WHC for an aggregate subscription price of US$4.0 million ($5,504 including transaction costs of $73) representing an approximate 2.6% interest in WHC.

At initial recognition, the investment in WHC is classified as an equity investment and the Company irrevocably elected to measure this investment at fair value through other comprehensive income. As at September 30, 2025, the investment had a fair value of $6,107 (September 30, 2024 – $5,441). During the year ended September 30, 2025, the Company recognized an increase in fair value of $666 (September 30, 2024 – $96) in the consolidated statements of operations and comprehensive loss within other comprehensive income.

**ii.Phylos Bioscience Inc.**

On May 25, 2023, the Company entered into a secured convertible loan agreement (the "Secured Convertible Loan Agreement") with Phylos, a cannabis genetics company and provider of production ready seeds, based in Portland, Oregon. Under the terms of this agreement, the Company will advance up to US$8 million to Phylos in three tranches structured as a secured convertible loan. The Company advanced Phylos an initial US$3.25 million on the closing date of the first tranche of the secured convertible loan. The secured convertible loan accrues paid-in-kind interest ("PIK") at a rate of the U.S. Prime Rate + 3.5% (with an overall cap of 11%) subject to certain conditions. The maturity date of the secured convertible loan will be on the fifth anniversary of the initial closing date subject to one-year extensions at the Company's discretion and certain other conditions stipulated in the Secured Convertible Loan Agreement. The secured convertible loan (principal and PIK outstanding) is convertible into common share equity of Phylos under certain circumstances.

In November 2023 and May 2024, Phylos met the first and second milestones, respectively, under the Secured Convertible Loan Agreement and the Company funded the second tranche of US$2.75 million ($3,746) and partial third tranche of

CONSOLIDATED FINANCIAL STATEMENTS \| FOR THE YEAR ENDED SEPTEMBER 30, 2025 AND 2024&nbsp;&nbsp;&nbsp;&nbsp;26

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US$1 million ($1,357). The initial recognition of these tranches was adjusted against the value of the derivative liability that was already recognized as part of the overall transaction at the time of initial recognition of the first tranche of the secured convertible loan. Refer to Note 12 (iii) for further information.

As at September 30, 2025, the secured convertible loan had a total fair value of $12,459 (September 30, 2024 – $9,285). During the year ended September 30, 2025, the Company recognized an increase in fair value of $3,174 (September 30, 2024 – $3,227) in the consolidated statements of operations and comprehensive loss.

**iii.Steady State LLC (d/b/a Open Book Extracts)**

In March 2024, the Company made its first investment from the Jupiter Pool (as defined in Note 14) and invested US$2 million ($2,717) in OBX in the form of a convertible promissory note. U.S. based OBX specializes in legal cannabinoid ingredient production and serves as a one-stop formulation and finished goods manufacturer, simplifying its clients' supply chains. This convertible promissory note accrues simple interest at the Bank of England base rate plus 8%, capped to a maximum of 15%. All accrued interest is due and payable in full upon maturity, conversion, or prepayment of the convertible promissory note. Unless converted earlier, the principal amount and all accrued interest will be due and payable on October 16, 2026. Upon maturity of the convertible promissory note, the principal amount and unpaid accrued interest may be converted, at the Company's option, into shares of OBX. The Company incurred transaction costs of $286 this was recognized as an expense in the consolidated statements of operations and comprehensive loss.

In September 2025, the company advanced an additional loan ("Term Note") of US$0.15 million ($207) to OBX. This Term Note accrues simple interest at the annual rate of eighteen percent (18%), computed on a 365 days per year basis. The principal amount and all accrued interest will be due and payable on September 30, 2026.

As at September 30, 2025, the convertible promissory note had a total fair value of $3,462 (September 30, 2024 – $2,881). During the year ended September 30, 2025, the Company recognized an increase in fair value of $374 (September 30, 2024 – $164) in the consolidated statements of operations and comprehensive loss.

**iv.Sanity Group GmbH**

In June 2024, the Company entered into an arrangement with Sanity Group, a cannabis company based in Berlin, Germany. As per the arrangement, the Company agreed to acquire a minority stake in Sanity Group by purchasing equity interests from existing Sanity Group founders and shareholders for €2.5 million, and to advance €11.5 million to Sanity Group by way of an unsecured convertible note ("Convertible Note") for a total initial investment of €14 million ($21 million).

On June 27, 2024, the Company advanced a first tranche of the Convertible Note of €11.5 million ($16,900), with an option to advance a further €3 million in the future subject to the satisfaction of certain conditions. This Convertible Note accrues simple interest of 10% per annum and has a fixed term of 36 months from the closing date of first tranche of June 27, 2024, being the maturity date. On the maturity date, unless converted earlier due to certain events, the Company will have three options (i) repay the principal amount and all accrued interest; (ii) extend the maturity date by 12 months; or (iii) convert the note into the most senior class of shares. As at September 30, 2025, the Convertible Note had a total fair value of $23,552 (September 30, 2024 – $19,153). During the year ended September 30, 2025, the Company recognized an increase in fair value of $4,399 (September 30, 2024 – $2,253) in the consolidated statements of operations and comprehensive loss.

On July 4, 2024, the Company completed the purchase of equity interests for €2.5 million ($3,720). As at September 30, 2025, the Company revalued its equity interests in Sanity Group and recognized an increase in fair value of $1 (September 30, 2024 – $247) in the consolidated statements of operations and comprehensive loss. The Company incurred transaction costs of $Nil (September 30, 2024 – $243) and this was recognized as an expense in the consolidated statements of operations and comprehensive loss.

The Company made the aforementioned investments in Sanity Group from the Jupiter Pool.

**12.&nbsp;&nbsp;&nbsp;&nbsp;DERIVATIVE LIABILITIES**

The following table outlines changes in derivative liabilities, which are measured at fair value with changes recognized in the statements of operations and comprehensive loss.

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| | | | | |
|:---|:---|:---|:---|:---|
| | SEPTEMBER 30, 2025 | SEPTEMBER 30, 2025 | SEPTEMBER 30, 2024 | SEPTEMBER 30, 2024 |
| | CURRENT | LONG-TERM | CURRENT | LONG-TERM |
| Top-up Rights | $28821 | $— | $— | $6338 |
| Secured Convertible Loan Agreement | 11 |  | 368 |  |
| Non-voting Class A preferred shares |  |  | 4771 |  |
| Warrants |  | 5506 |  | 7772 |
|  | $28832 | $5506 | $5139 | $14110 |

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i.**Warrants**

CONSOLIDATED FINANCIAL STATEMENTS \| FOR THE YEAR ENDED SEPTEMBER 30, 2025 AND 2024&nbsp;&nbsp;&nbsp;&nbsp;27

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*Unit offering 2024*

On April 2, 2024, the Company closed the unit offering (the "Offering") for gross proceeds of $28.8 million. The Company sold 8,901,000 units (each a "Unit") at a price of $3.23 per Unit, which included 1,161,000 Units sold pursuant to the exercise in full of the underwriters' over-allotment option. Each Unit is comprised of one Common Share and one-half of one warrant (each, a "Warrant"). Each Warrant is exercisable to acquire one Common Share (each, a "Warrant Share") for a period of four years following the closing date of the Offering at an exercise price of $3.65 per Warrant Share, subject to adjustment in certain events. The holders of the Warrants issued pursuant to the Offering may elect, if the Company does not have an effective registration statement under the United States Securities Act of 1933, as amended, or the prospectus contained therein is not available for the offer and sale of the Common Shares to the Warrant holder, in lieu of exercising the Warrants for cash, a cashless exercise option to receive Warrant Shares equal to the fair value of the gain implied by the Warrants at the time of exercise. The fair value is determined by multiplying the number of Warrants to be exercised by the weighted average market price less the exercise price with the difference being divided by the weighted average market price. If a Warrant holder exercises this option, there will be variability in the number of shares issued per Warrant.

In accordance with IAS 32 *Financial Instruments: Presentation*, a contract to issue a variable number of shares fails to meet the definition of equity and must instead be classified as a derivative liability and measured at fair value with changes in fair value recognized in the statement of operations and comprehensive loss at each reporting period. The derivative warrant liabilities are expected to ultimately be converted into the Company's equity (Common Shares) when the Warrants are exercised or will be extinguished on the expiry of the outstanding Warrants and will not result in the outlay of any cash by the Company.

At initial recognition on April 2, 2024, the Company recorded derivative liabilities of $7,798 based on the estimated fair value of the Warrants at that date using the Black-Scholes option pricing model. Share issuance costs of $668 were recognized as costs allocated to derivative liabilities based on a pro-rata allocation of total issuance costs based on the relative fair value of the Warrants and the Common Shares issued as part of the Offering.

As at September 30, 2025, the Company revalued the remaining derivative liabilities to an estimated fair value of $5,506 (September 30, 2024 - $7,772). The Company recorded a decrease in the estimated fair value change of the derivative liabilities for the year ended September 30, 2025 of $2,266 (September 30, 2024 - $26).

The following inputs were used to estimate the fair value of the Warrants at September 30, 2025 and September 30, 2024:

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| | | |
|:---|:---|:---|
| | SEPTEMBER 30, 2025 | SEPTEMBER 30,<br>2024 |
| Risk free interest rate | 2.47% | 2.70% |
| Life of Warrants (years) | 2.51 | 3.51 |
| Market price of Common Shares | $2.82 | $2.45 |
| Expected future volatility of Common Shares | 83.00% | 123.00% |
| Fair value per Warrant | $1.24 | $1.75 |

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*Unit offering 2020*

No warrants were exercised during the year ended September 30, 2025 (September 30, 2024 - Nil warrants). The warrants expired on November 12, 2023 and as at September 30, 2025 there were no warrants outstanding.

**ii.&nbsp;&nbsp;&nbsp;&nbsp;Top-up Rights**

On March 10, 2021, through the strategic investment from BT DE Investments Inc., a wholly-owned subsidiary of BAT, the Company issued 14,584,098 Common Shares, resulting in BAT's beneficial ownership in the Company of approximately 19.9%.

Pursuant to the Investor Rights Agreement dated March 10, 2021, as amended and restated on January 23, 2024 (the "Amended IRA") between the Company and BAT, the Company granted BAT certain rights, including pre-emptive rights, to participate in distributions of Common Shares to maintain its proportionate ownership in certain circumstances, as well as other rights ("Top-up Rights") to subscribe for additional Common Shares in specified circumstances where the pre-emptive rights are not applicable (referred to in the Amended IRA as hereinafter defined, "Exempt Distributions") and in specified circumstances where pre-emptive rights were not exercised (referred to in the Amended IRA as "bought deal Distributions").

The price per Common Share to be paid by BAT pursuant to the exercise of its Top-up Rights will equal the price paid by other participants in the Exempt Distribution or bought deal Distribution, subject to certain restrictions (including, if such price is not permitted pursuant to applicable securities laws, at the lowest price permitted thereunder).

The Company has classified the Top-up Rights as a derivative liability, and pursuant to the exercise of stock options, restricted share units, performance share units and warrants that were outstanding at initial recognition on March 10, 2021 (the date of the IRA), the Company recorded a derivative liability of $2,740 based on the estimated fair value of the Top-up Rights at this date using a Monte Carlo pricing model.

CONSOLIDATED FINANCIAL STATEMENTS \| FOR THE YEAR ENDED SEPTEMBER 30, 2025 AND 2024&nbsp;&nbsp;&nbsp;&nbsp;28

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In connection with the closing of the first tranche of the Follow-on BAT Investment (as defined in Note 14), the Company and BAT entered into the Amended IRA that has superseded the earlier investor rights agreement dated March 10, 2021. Refer to Note 14 for further information.

As at September 30, 2025, the Company revalued the Top-up Rights of BAT pursuant to the Amended IRA to an estimated fair value of $28,821 (September 30, 2024 – $6,338). The Company recorded an increase in the estimated fair value of the Top-up Rights for the year ended September 30, 2025 of $22,483 (September 30, 2024 - $6,208).

The following inputs were used to estimate the fair value of the Top-up Rights as at September 30, 2025, and September 30, 2024:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | SEPTEMBER 30, 2025 | SEPTEMBER 30, 2025 | SEPTEMBER 30, 2025 | SEPTEMBER 30, 2025 | SEPTEMBER 30, 2025 |
| | STOCK OPTIONS | WARRANTS | PSUs | RSUs | TOP-UP OPTIONS |
| Average exercise price<sup>(1)</sup> | $1.20 - $45.08 | $2.50 | $— | $— | $1.20 - $2.23 |
| Risk free interest rate | 2.44% - 2.57% | 2.50% | 2.48% | 2.46% | 3.10% |
| Expected future volatility of Common Shares | 60.00% - 70.00% | 70.00% | 70.00% | 70.00% | 40.00% |
| Expected life<sup>(1)</sup> | 1.42 - 3.26 | 2.42 | 2.10 | 1.75 | 0.34 |
| Forfeiture rate | 10% | —% | 25% | 5% | —% |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | SEPTEMBER 30, 2024 | SEPTEMBER 30, 2024 | SEPTEMBER 30, 2024 | SEPTEMBER 30, 2024 | SEPTEMBER 30, 2024 |
| | STOCK OPTIONS | WARRANTS | PSUs | RSUs | TOP-UP OPTIONS |
| Average exercise price<sup>(1)</sup> | $1.20 - $45.08 | $2.50 | $— | $— | 1.20 - 2.23 |
| Risk free interest rate | 2.78% - 2.89% | 2.79% | 2.83% | 2.87% | 3.10% |
| Expected future volatility of Common Shares | 75.00% - 85.00% | 75.00% | 75.00% | 75.00% | 60.00% |
| Expected life<sup>(1)</sup> | 2.14 - 4.40 | 0.12 | 5.92 | 5.18 | 1.41 |
| Forfeiture rate | 10% | —% | 25% | 6% | —% |
| <sup>(1)</sup>Exercise price and expected life for stock options were determined using the range of exercise prices disclosed in Note 14(iv). | <sup>(1)</sup>Exercise price and expected life for stock options were determined using the range of exercise prices disclosed in Note 14(iv). | <sup>(1)</sup>Exercise price and expected life for stock options were determined using the range of exercise prices disclosed in Note 14(iv). | <sup>(1)</sup>Exercise price and expected life for stock options were determined using the range of exercise prices disclosed in Note 14(iv). | <sup>(1)</sup>Exercise price and expected life for stock options were determined using the range of exercise prices disclosed in Note 14(iv). |  |

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**iii.&nbsp;&nbsp;&nbsp;&nbsp;Secured Convertible Loan Agreement** 

On May 25, 2023, the Company entered into the Secured Convertible Loan Agreement with Phylos. Under the terms of this agreement, upon the completion of certain milestones the Company has a commitment to fund US $4.75 million over two tranches within 12 and 24 months from the initial closing date. This commitment meets the definition of a derivative and the value of such derivative was considered as part of the overall transaction price in the initial recognition of the secured convertible loan and intangible assets. At initial recognition, the Company recorded a derivative liability of $1,424 based on the estimated fair value of the secured convertible loan.

In November 2023, the Company funded the second tranche of US$2.75 million and a derivative liability of $1,385 was derecognized. Thereafter, in July 2024, the Company also funded US$1 million for the third tranche and a derivative liability of $752 was derecognized. As at September 30, 2025, the Company revalued the commitment to fund remaining third tranche at an estimated fair value of $11 (September 30, 2024 – $368) and recorded a change in fair value of $357 (September 30, 2024 – $762) for the year ended September 30, 2025. The derivative liability is included in the current derivative liabilities on the consolidated statements of financial position.

**iv.&nbsp;&nbsp;&nbsp;&nbsp;Non-voting Class A convertible preferred shares**

In relation to the Follow-on BAT Investment, the Company is required to issue non-voting Class A convertible preferred shares ("Preferred Shares"). The Preferred Shares to be issued as part of future tranches represent an obligation for the Company to deliver a variable number of its own Common Shares and hence meet the definition of an instrument classified as a derivative financial instrument as per IAS 32 *Financial Instruments: Presentation*. The Company measured the derivative at fair value on initial recognition. The derivative financial instrument is classified as a derivative asset or a derivative liability depending partly on whether the fair value of the Company's Preferred Shares is above or below the $3.2203 subscription price. At initial recognition, the derivative financial instrument was recognized as a derivative financial liability with a fair value of $1,921. Refer to Note 13 and 14 (iii) for further information regarding the Follow-on BAT Investment.

In August 2024, the Company closed the second tranche of the Follow-on BAT Investment and issued 8,463,435 Preferred Shares. The fair value of the derivative liability that was derecognized on closing of the second tranche was $4,339. Subsequently, in February 2025, the Company closed the third and final tranche and issued 5,330,728 Preferred Shares. At the time of closing of the final tranche, the Company derecognized the derivative of $2,165.

CONSOLIDATED FINANCIAL STATEMENTS \| FOR THE YEAR ENDED SEPTEMBER 30, 2025 AND 2024&nbsp;&nbsp;&nbsp;&nbsp;29

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As at September 30, 2025, the fair value of the derivative was $nil (September 30, 2024 – $4,771). During the year ended September 30, 2025, the Company recognized a fair value gain of $6,937 (September 30, 2024 – loss of $7,189) in the consolidated statements of operations and comprehensive loss.

**13. &nbsp;&nbsp;&nbsp;&nbsp;PREFERRED SHARES**

On August 30, 2024, in relation to the Follow-on BAT Investment, the Company issued 8,463,435 Preferred Shares of the Company. The Preferred Shares are eligible for conversion into Common Shares at BAT's option, provided that such conversion would not result in BAT's voting interest in the Company exceeding 30%. Each Preferred Share is economically equivalent to a Common Share and is convertible into Common Shares without payment of any additional consideration. The initial conversion ratio is one-for-one, and this ratio increases at a rate of 7.5% per annum, compounded annually, until such time as the Preferred Shares are converted into Common Shares or the aggregate equity interest of BAT in the Company (inclusive of both the Common Shares and Preferred Shares as if converted into Common Shares) reaches 49%. The Preferred Shares are not entitled to vote until they are converted into Common Shares. BAT is required to periodically convert Preferred Shares to the extent that its holding of the Common Shares falls below 30%. Refer to Note 14 (iii) for additional information on the Follow-on BAT Investment.

As the number of Common Shares to be issued upon conversion is not fixed, the Preferred Shares are classified as financial liabilities under IFRS 9 and are measured at FVTPL. Although the conversion feature represents an embedded derivative that would qualify for bifurcation, the Company has elected to measure the entire instrument at FVTPL as permitted by IFRS 9.

On initial recognition, these Preferred Shares were measured at a fair value of $31,594. At the time of closing of the first tranche Follow-on BAT Investment, the Company incurred transaction costs of $1,259 and $410 was recognized as prepaid expenses and deposits for the closing of second tranche. Out of total of $410, $269 was allocated to Preferred Shares and was recognized as an expense in the consolidated statements of operations and comprehensive loss. Refer to Note 14 (iii) for further details.

In February 2025, the Company closed the third and final tranche of the Follow-on BAT Investment and issued an additional 5,330,728 Preferred Shares of the Company. On initial recognition, these Preferred Shares were measured at a fair value of $15,053. The Company had previously incurred transaction costs of $1,259 at the time of the first tranche closing, of which $410 was recognized as prepaid expenses and deposits related to this final tranche. Of this amount, $170 was allocated to Preferred Shares and recognized as an expense in the consolidated statements of operations and comprehensive loss.

As at September 30, 2025, the Preferred Shares had an estimated fair value of $68,653 (September 30, 2024 - $31,070). For the year ended September 30, 2025, the Company recognized a fair value loss of $22,530 (September 30, 2024 - gain of $524) in the consolidated statements of operations and comprehensive loss.

**14.&nbsp;&nbsp;&nbsp;&nbsp;SHARE CAPITAL**

**i.&nbsp;&nbsp;&nbsp;&nbsp;Authorized share capital**

The authorized share capital of the Company is an unlimited number of Common Shares without par value and an unlimited number of preferred shares without par value.

**ii.&nbsp;&nbsp;&nbsp;&nbsp;Issued share capital**

As at September 30, 2025, the Company's issued and outstanding share capital consisted of 134,461,029 (September 30, 2024 – 108,585,492) Common Shares with a carrying value of $919,908 (September 30, 2024 - $852,891).

**iii.&nbsp;&nbsp;&nbsp;&nbsp;Issuances of share capital** 

**The Motif Labs Ltd. acquisition**

On December 6, 2024, the Company issued 17,233,950 Common Shares in connection with its acquisition of Motif as described in Note 26 (i). The fair value of the Common Shares on the date of issuance was $2.270 per share. Share issuance costs incurred were $71 related to listing fees and were allocated to the Common Shares recorded in share capital.

**Follow-on BAT Investment** 

In November 2023, the Company entered into a subscription agreement (the "Subscription Agreement") with BAT for a $124.6 million follow-on investment (the "Follow-on BAT Investment"), whereby BAT, acting through its wholly owned subsidiary BT DE Investments Inc., agreed to subscribe for a total of 38,679,525 shares at a price of $3.2203 per share through three tranches, subject to the receipt of shareholder approval, certain regulatory approvals and other conditions.

In January 2024, the Company obtained shareholder and other regulatory approvals and closed the first of three tranches of the Follow-on BAT Investment. Pursuant to the first tranche closing, BAT acquired 12,893,175 Common Shares of the Company at a price of $3.2203 per share for gross proceeds of $41,520. Considering at the time of closing of first tranche, it was estimated that the Company will be issuing the Preferred Shares as part of future tranches, which represented an obligation for the Company to deliver a variable number of its own Common Shares and hence met the definition of an instrument classified as a derivative financial instrument as per IAS 32 *Financial Instruments: Presentation.* IFRS 9 requires the value of such derivative to be recognized as part of closing of the first tranche and therefore, the carrying amount of the

CONSOLIDATED FINANCIAL STATEMENTS \| FOR THE YEAR ENDED SEPTEMBER 30, 2025 AND 2024&nbsp;&nbsp;&nbsp;&nbsp;30

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Common Shares issued in the first tranche on initial recognition was measured at the gross proceeds of $41,520 received from BAT for the first tranche minus transaction costs of $420 and the fair value of the derivative of $1,921. Refer to Note 12 (iv) for further details.

At the time of closing of the first tranche, the Company incurred total transaction costs of $1,259 in the form of listing fees, regulatory fees, and legal and professional fees. Out of this total cost, $420 was allocated to the Common Shares that were issued on closing of the first tranche of the Follow-on BAT Investment. Of the remaining costs, $19 were allocated to the derivative liability and recognized as an expense in the consolidated statements of operations and comprehensive loss and $820 was recognized as prepaid expenses and deposits related to a future issuance of shares through the second and third tranches.

On August 30, 2024, the Company closed the second of three tranches and issued 4,429,740 Common Shares and 8,463,435 Preferred Shares of the Company at a price of $3.2203 per share for gross proceeds of $41,582. On initial recognition, the Company recognized the total consideration for the second tranche, which consisted of the recognition of gross proceeds of $41,582 and derecognized the derivative financial liability of $4,339 for the second tranche. The carrying amount of the Common Shares issued in the second tranche was measured as the residual of the total consideration for the second tranche and the fair value of the Preferred Shares of $31,594. In addition, transaction costs of $141 in relation to the issuance of the Common Shares were deducted from the carrying amount of the Common Shares and the remaining second tranche transaction costs of $269 were allocated to Preferred Shares and were recognized as an expense in the consolidated statements of operations and comprehensive loss. Refer to Note 12 (iv) for further details.

In February 2025, the Company closed the third and final tranche of the Follow-on BAT Investment and issued 7,562,447 Common Shares and 5,330,728 Preferred Shares of the Company at a price of $3.2203 per share for gross proceeds of $41,520. On initial recognition, the Company recognized the total consideration for this tranche, which consisted of the recognition of gross proceeds of $41,520 and derecognition of the derivative assets of $2,165 for the final tranche. The carrying amount of the Common Shares issued in the final tranche was measured as the residual of the total consideration for the final tranche and the fair value of the Preferred Shares and derivative assets of $15,053 and $2,165, respectively.

At the time of closing of the first tranche Follow-on BAT Investment, the Company incurred transaction costs of $1,259 and $410 was recognized as prepaid expenses and deposits for the closing of this final tranche. Out of total of $410, $170 was allocated to Preferred Shares and was recognized as an expense in the consolidated statements of operations and comprehensive loss, while $240 was deducted from the carrying amount of the Common Shares.

In addition to the above transaction costs, the Company incurred $99 directly related to issuance of Common shares, which was also deducted from the carrying amount of the Common Shares.

Pursuant to the Subscription Agreement, one-half of each of the first tranche subscription proceeds and the second tranche subscription proceeds, and all of the third tranche subscription proceeds, are required to be segregated from the Company's regular cash in order to fund a strategic investment pool (the "Jupiter Pool") that is designed to expand the Company's geographic footprint and capitalize on emerging growth opportunities. In accordance with the requirement of the Subscription Agreement, one-half of the first and second tranche gross proceeds of $83,102 was segregated from the Company's regular cash and was classified as restricted cash on the consolidated statements of financial position.

In connection with the closing of the first tranche, the Company and BAT also entered the Amended IRA, pursuant to which BAT is eligible to appoint up to 30% of the Board of Directors. Furthermore, the Amended IRA extends the period within which BAT is eligible to exercise certain Top-Up Rights to 12 months after the closing date of the final tranche of the Follow-on BAT Investment.

**Unit offering**

On April 2, 2024, the Company closed the Offering for gross proceeds of $28.8 million. The Company sold 8,901,000 Units at a price of $3.23 per Unit, which included 1,161,000 Units sold pursuant to the exercise in full of the underwriters' over-allotment option. Each Unit is comprised of one Common Share of the Company and one-half of one Warrant. Each Warrant is exercisable to acquire one Warrant Share for a period of four years following the closing date of the Offering at an exercise price of $3.65 per Warrant Share, subject to adjustment in certain events. As described in Note 12, $7,798 of the gross proceeds was allocated to derivative liabilities with the residual, $20,953, which represents the value allocated to the Common Shares, being recorded in share capital. Share issuance costs were $2,464 which included a 4.7% cash commission of $1,366 paid to placement agents with the balance related to filing, legal, and other professional fees directly related to the Offering. Of the total, $668 of the share issuance costs were allocated to the derivative liabilities and expensed in the consolidated statements of operations and comprehensive loss and the balance of $1,796 was allocated to the Common Shares recorded in share capital.

**Exercise of stock options**

During the year ended September 30, 2025, 2,500 (September 30, 2024 – 3,942) share options were exercised at an average exercise price of $1.60 (September 30, 2024 - $1.49) for cash proceeds of $4 (September 30, 2024 - $39) and an increase of $11 (September 30, 2024 - $11) to share capital and a decrease to equity reserves of $7 (September 30, 2024 - $5).

CONSOLIDATED FINANCIAL STATEMENTS \| FOR THE YEAR ENDED SEPTEMBER 30, 2025 AND 2024&nbsp;&nbsp;&nbsp;&nbsp;31

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**Exercise of RSUs**

During the year ended September 30, 2025, 1,063,473 (September 30, 2024 – 1,193,789) RSUs were exercised for an increase of $3,841 (September 30, 2024 - $3,430) to share capital and a decrease to equity reserves of $3,841 (September 30, 2024 - $3,430).

**Exercise of PSUs**

During the year ended September 30, 2025, 13,167 (September 30, 2024 – 2,216) PSUs were exercised for an increase of $152 (September 30, 2024 - $22) to share capital and a decrease to equity reserves of $152 (September 30, 2024 - $22).

**Exercise of warrants**

During the year ended September 30, 2025, nil (September 30, 2024- nil) warrants were exercised.

**iv.&nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation**

During the year ended September 30, 2025, the Company recognized total share-based compensation charges, including those related to production employees that are charged to biological assets and inventory, of $4,217 (September 30, 2024 – $7,182).

**Stock options**

The following table summarizes changes in the Company's outstanding stock options for the year ended September 30, 2025:

---

| | | |
|:---|:---|:---|
| | **NUMBER** | **WEIGHTED AVERAGE EXERCISE PRICE** |
| Balance - September 30, 2024 | 2691336 | $9.89 |
| Exercised | (2500) | $1.60 |
| Expired | (387162) | $9.06 |
| Balance - September 30, 2025 | 2301674 | $10.03 |

---

The following is a summary of the outstanding stock options as at September 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **OPTIONS OUTSTANDING** | **OPTIONS OUTSTANDING** | **OPTIONS OUTSTANDING** | **OPTIONS EXERCISABLE** |
| **Range of Exercise<br>Prices** | **Quantity Outstanding** | **Weighted Average Remaining <br>Contractual Life (years)** | **Quantity Exercisable** |
| $1.20 - $3.00 | 61828 | 3.6 | 61828 |
| $3.01 - $5.00 | 212087 | 6.5 | 212087 |
| $5.01 - $10.00 | 1234667 | 6.5 | 1234667 |
| $10.01 - $20.00 | 598542 | 3.9 | 598542 |
| $20.01 - $30.00 | 90800 | 3.1 | 90800 |
| $30.01 - $45.08 | 103750 | 3.6 | 103750 |
|  | 2301674 | 5.5 | 2301674 |

---

Total share-based compensation expenses, including those related to production employees that are charged to biological assets and inventory for the year ended September 30, 2025 were $23 (September 30, 2024 – $974) related to the Company's stock option plan. The fair value of options granted during the year ended September 30, 2025 was $nil (September 30, 2024 - $123). These options are measured at fair value at the date of grant and are expensed over the option's vesting period, which is typically a three-year term with options vesting in annual tranches evenly over this time period. The Company used the Black-Scholes option pricing model to estimate the fair value of options granted.

**Equity Incentive Plan**

During the year ended September 30, 2025, the Company has granted both RSUs and PSUs under the 2020 New Equity Incentive Plan. The grant price of any RSU or PSU was determined based on the market price calculated in accordance with TSX rules at the time of grant and with respect to PSUs, adjusted for any non-market and market performance vesting conditions in accordance with IFRS 2 *Share-based Payment*.

The following table summarizes the movements in the Company's outstanding RSUs:

---

| | |
|:---|:---|
| | **NUMBER** |
| Balance - September 30, 2024 | 2973643 |
| Granted | 1327676 |
| Exercised | (1063473) |
| Cancelled / Forfeited | (241052) |
| Balance - September 30, 2025 | 2996794 |

---

CONSOLIDATED FINANCIAL STATEMENTS \| FOR THE YEAR ENDED SEPTEMBER 30, 2025 AND 2024&nbsp;&nbsp;&nbsp;&nbsp;32

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The estimated fair value of the equity settled RSUs granted during the year ended September 30, 2025 was $3,177 (September 30, 2024 - $6,869), which was based on the Company's share price at the grant date and will be recognized as an expense over the vesting period of the RSUs, which is over a period of three years for most grants. For the year ended September 30, 2025, $3,106 (September 30, 2024 - $5,676) has been recognized as share-based compensation expense.

The following table summarizes the movements in the Company's outstanding PSUs:

---

| | |
|:---|:---|
| | **NUMBER** |
| Balance - September 30, 2024 | 1117218 |
| Granted | 797461 |
| Exercised | (13167) |
| Cancelled / Forfeited | (223750) |
| Balance - September 30, 2025 | 1677762 |

---

The estimated fair value of the equity settled PSUs granted during the year ended September 30, 2025 was $1,947 (September 30, 2024 - $846), which was based on the Company's share price at the grant date, adjusted for an estimate of likelihood of forfeiture, and will be recognized as an expense over the vesting period of the PSUs, which is three years for most grants. For the year ended September 30, 2025, $1,088 (September 30, 2024 - $532) has been recognized as share-based compensation expense.

**v.&nbsp;&nbsp;&nbsp;&nbsp;Loss per share**

Basic and diluted loss per share represents net loss attributable to common shareholders divided by the weighted average number of Common Shares outstanding during the year.

The weighted average number of Common Shares, used in the calculation of basic loss per share for the year ended September 30, 2025 was 127,674,167 (September 30, 2024 - 95,293,899).

The outstanding number and types of potential ordinary shares that could dilute basic EPS in the future, but were excluded from the calculation of diluted EPS because their effect was anti-dilutive, include stock options, warrants, RSUs, PSUs, and convertible Preferred Shares.

**15.&nbsp;&nbsp;&nbsp;&nbsp;OTHER CURRENT AND LONG-TERM LIABILITIES**

The carrying value of other current and long-term liabilities as at September 30, 2025 and September 30, 2024 consists of:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | SEPTEMBER 30, 2025 | SEPTEMBER 30, 2025 | SEPTEMBER 30, 2024 | SEPTEMBER 30, 2024 |
| | CURRENT | LONG-TERM | CURRENT | LONG-TERM |
| Lease liabilities | $979 | $7748 | $1026 | $3344 |
| Contingent consideration (Note 26) | 6719 | $5015 |  |  |
| Deferred consideration (Note 26) | 357 | $— |  |  |
| Long-term debt | 25 |  | 60 | 25 |
|  | $8080 | $12763 | $1086 | $3369 |

---

The Company records its leases in accordance with IFRS 16, and as a result recognizes the right-of-use ("ROU") assets and corresponding lease liabilities. ROU assets are recorded under property, plant, and equipment (Note 8) with current and long-term portion of lease liabilities recorded under other liabilities.

The changes in the carrying value of current and long-term lease liabilities are as follows:

---

| | |
|:---|:---|
| | SEPTEMBER 30, 2025 |
| Balance, September 30, 2024 | $4370 |
| Acquisitions through business combinations (Note 26) | 5681 |
| Lease payments | (1878) |
| Interest expense on lease liabilities | 554 |
| Balance, September 30, 2025 | 8727 |
| Current portion (included in other liabilities) | (979) |
| Long-term portion | $7748 |

---

CONSOLIDATED FINANCIAL STATEMENTS \| FOR THE YEAR ENDED SEPTEMBER 30, 2025 AND 2024&nbsp;&nbsp;&nbsp;&nbsp;33

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The undiscounted contractual payments relating to the current and future lease liabilities is:

---

| | | |
|:---|:---|:---|
| | SEPTEMBER 30, 2025 | SEPTEMBER 30, 2024 |
| Less than 1 year | $1584 | $1266 |
| 1 to 2 years | 1557 | 691 |
| 2 to 3 years | 1602 | 648 |
| 3 to 4 years | 1581 | 661 |
| 4 to 5 years | 1358 | 618 |
| Thereafter | 3616 | 1531 |
| Total | $11298 | $5415 |

---

**16.&nbsp;&nbsp;&nbsp;&nbsp;INVESTMENTS IN ASSOCIATES**

**a.Hyasynth Biologicals Inc.**

On September 12, 2018, the Company invested in Hyasynth Biologicals Inc. ("Hyasynth") by way of convertible secured debentures, to be purchased in three tranches and valued in the aggregate amount of $10,000. The first tranche ("Tranche 1") was issued on September 12, 2018, the second tranche ("Tranche 2") was issued on October 23, 2020 (as described below), and the third tranche ("Tranche 3") was issued on December 22, 2021 (as described below).

Hyasynth is a privately held biotechnology company based in Montreal, Quebec, specializing in cannabinoid science and biosynthesis. The Company's investment is in the form of convertible debentures, which provide a potential ownership interest of up to 49.9% based on the cumulative investment from Tranche 1, Tranche 2 and Tranche 3.

Concurrent with the Company's investment in Hyasynth, the parties entered into a cannabidol ("CBD") supply agreement, whereby the Company has the ability to purchase up to 100% of Hyasynth's annual cannabinoid or cannabinoid-related production at a 10% discount to the agreed upon wholesale market price for a period of 10 years from the date Hyasynth commences commercial production.

Tranche 1 of the convertible debentures has a face value of $5,000, bears interest at 8.0% per annum, is secured, and matures on the earlier of August 31, 2023 or the closing date of a qualified sale transaction, unless an automatic or optional conversion has occurred. Tranche 1 of the convertible debentures is convertible at the option of the holder at any time at a price of $40 per share, or into 125,000 common shares. Conversion of the debentures may be automatically triggered based on the completion of a qualified transaction or Hyasynth's facility reaching a pre-defined production capacity.

On October 23, 2020, the Company advanced an additional $2,500 to Hyasynth by way of convertible debentures as a result of Hyasynth's achievement of the contractual production-related milestone for Tranche 2 of the convertible debentures.

On December 22, 2021, the previously issued debenture agreement was amended to waive the milestone requirement for the Tranche 3 convertible debenture. Subsequently, the Company advanced an additional $2,500 (plus transaction costs of $124) to Hyasynth for the Tranche 3 convertible debentures bringing the Company's total investment in Hyasynth to $10,000, which provides the Company with a potential ownership interest of up to 49.9% on a fully diluted basis.

In addition to the ownership interest, the Company also considered various qualitative factors to conclude that significant influence exists, including representation on Hyasynth's board of directors. Based on this assessment, the Company concluded that the equity method of accounting is appropriate. The Company has appointed two directors to the board of Hyasynth.

Following the original maturity date of the debentures, the Company entered into two amendments which amended the maturity date initially to March 15, 2024 and then, subsequently to June 30, 2025. On the amended maturity date, the Company has the right to give Hyasynth 30 days prior written notice to convert the debentures to common equity or demand repayment of the outstanding balance of the debentures. As at September 30, 2024, the Company's potential ownership interest was reduced to 48.3% on a fully diluted basis.

As at September 30, 2024, the Company determined that there are indicators of impairment related to its investment in Hyasynth. The Company determined the recoverable amount to be approximately $nil. An impairment loss of $4,773 was recognized in the consolidated statement of operations and comprehensive loss for the year ended September 30, 2024. Following this, no further share of profit or loss has been recognized. As at September 30, 2025, the carrying amount of the investment is $nil.

**17.&nbsp;&nbsp;&nbsp;&nbsp;RELATED PARTY TRANSACTIONS**

Key management personnel are those persons having the authority and responsibility for planning, directing, and controlling activities of the Company, directly or indirectly. The key management personnel of the Company are the members of the Company's executive management team and Board of Directors.

CONSOLIDATED FINANCIAL STATEMENTS \| FOR THE YEAR ENDED SEPTEMBER 30, 2025 AND 2024&nbsp;&nbsp;&nbsp;&nbsp;34

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**Management and Board compensation**

For the year ended September 30, 2025 and the year ended September 30, 2024, the Company's expenses included the following management and Board of Directors compensation:

---

| | | |
|:---|:---|:---|
| | **YEAR ENDED** | **YEAR ENDED** |
| | SEPTEMBER 30, 2025 | SEPTEMBER 30,<br>2024 |
| Salaries, bonus and consulting fees | $5616 | $7155 |
| Share-based compensation | 2698 | 4620 |
| Total key management compensation | $8314 | $11775 |

---

During the year ended September 30, 2025, nil stock options (September 30, 2024 – 62,000) were granted to key management personnel with an aggregate fair value of $nil (September 30, 2024 – $123). In addition, during the year ended September 30, 2025, 404,905 RSUs (September 30, 2024 – 2,175,879), were granted to key management personnel with an aggregate fair value of $1,538 (September 30, 2024 – $4,373). For the year ended September 30, 2025, 404,905 PSUs, (September 30, 2024 – 678,717) were issued to key management personnel with an aggregate fair value of $457 (September 30, 2024 – $543).

**Significant Transactions with Associates and Joint Operations**

The Company has transactions with related parties, as defined in IAS 24 *Related Party Disclosures*, all of which are undertaken in the normal course of business.

For the year ended September 30, 2025, under the PDC Agreement between the Company and BAT, BAT incurred $2,965 (September 30, 2024 – $3,708) of direct expenses and the Company incurred $5,421 (September 30, 2024 – $9,623) of direct expenses and capital expenditures of $9 (September 30, 2024 – $96) related to the Center of Excellence ("CoE"). The Company recorded, in the year ended September 30, 2025, $4,193 (September 30, 2024 – $6,666) of these expenditures within research and development expense in the consolidated statement of operations and comprehensive loss. For the year ended September 30, 2025, the Company recorded $5 (September 30, 2024 – $49) of capital expenditures which are included in the consolidated statement of financial position.

During the year ended September 30, 2025, BAT exercised nil (September 30, 2024 – $nil) Top-up Rights. As at September 30, 2025, there is a balance receivable from BAT of $701 (September 30, 2024 – $3,169).

In November 2023, the Company entered into a subscription agreement with BAT in relation to the Follow-on BAT Investment. Refer to Note 14 (iii) for further information.

**18. &nbsp;&nbsp;&nbsp;&nbsp;CAPITAL MANAGEMENT**

The Company's capital consists of long-term debt (including current portion), derivative liabilities, preferred shares, share capital, equity reserves, accumulated other comprehensive income (loss), and accumulated deficit, which as at September 30, 2025 is $452,146 (September 30, 2024 - $356,333). Equity reserves is comprised of any amounts recorded with respect to the recognition of share-based compensation expense (options, RSUs, or PSUs) or the fair value of warrants issued. Accumulated other comprehensive loss is entirely comprised of fair value changes recorded on the Company's investment in WHC.

The Company manages its capital structure and adjusts it based on funds available to the Company, in order to fund its growth. The Board of Directors does not establish quantitative return on capital criteria for management, but rather relies on the expertise of the Company's management to sustain future development of the business.

Management reviews its capital management approach on an ongoing basis and believes that this approach, given the relative stage of the Company, is reasonable. There were no changes to the Company's approach to capital management during the year.

**19.&nbsp;&nbsp;&nbsp;&nbsp;FAIR VALUE OF FINANCIAL INSTRUMENTS AND FINANCIAL RISK FACTORS**

**i.Fair value of financial instruments**

Financial instruments recorded at fair value on the consolidated statements of financial position are classified using a fair value hierarchy that reflects the significance of the inputs used in making the measurements. The Company categorizes its fair value measurements according to a three-level hierarchy. The hierarchy prioritizes the inputs used by the Company's valuation techniques. A level is assigned to each fair value measurement based on the lowest-level input significant to the fair value measurement in its entirety.

The three levels of the fair value hierarchy are described as follows:

CONSOLIDATED FINANCIAL STATEMENTS \| FOR THE YEAR ENDED SEPTEMBER 30, 2025 AND 2024&nbsp;&nbsp;&nbsp;&nbsp;35

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 inputs are quoted prices in active markets for identical assets or liabilities that the entity can access at the measurement date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 inputs, other than quoted prices included within Level 1, that are observable for the asset or liability, either directly or indirectly; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 inputs are unobservable inputs for the asset or liability.

The fair values of cash, short-term investments, accounts and other receivables, accounts payable and accrued liabilities and restricted cash approximate their carrying amounts due to their short-term nature. The fair value of long-term debt approximates $25 (September 30, 2024 – $85), which is its carrying value.

The fair value of the investment in WHC is primarily based on Level 3 unobservable inputs and is determined using a market-based approach, based on revenue multiples for comparable companies.

In determining the impairment loss, the FVLCD of property, plant and equipment was determined based on a third-party appraisal using market and replacement cost approaches. Consideration is given to information from historical data and industry standards which constitute both observable and unobservable inputs (Level 2 and Level 3).

The fair value of the convertible promissory note issued to OBX was determined using the binomial lattice model. The key assumptions used in the model are OBX stock price, dividend yield, expected future volatility of OBX stock, credit risk-adjusted discounting rate, risk-free rate, and probability and timing of certain qualified events. The credit risk-adjusted discounting rate and the expected equity volatility are based on unobservable inputs and are categorized as Level 3 in the fair value hierarchy.

The fair value of the secured convertible loan advanced to Phylos was determined using the binomial lattice model and has been classified as level 3 in the fair value hierarchy. The fair value of the secured convertible loan was based on certain assumptions, including likelihood, and timing of the federal legalization or decriminalization of cannabis in the United States. Similarly, the fair value of the commitment to fund an additional US $1 million was based on certain assumptions, including the probability of Phylos meeting certain required milestones.

The fair value of the Laurentian contingent share consideration is primarily based on Level 3 unobservable inputs in a Monte Carlo pricing model. The determination of the fair value of this liability is primarily driven by the Company's expectations of Laurentian achieving its business objectives. The key assumptions used in the model are the expected future sales volumes and selling prices used in determining Laurentian's future adjusted earnings before interest, taxes, depreciation and amortization and WACC.

The fair value of the Convertible Note advanced to Sanity Group was determined using the binomial lattice model. The key assumptions used in the Model for are Sanity Group stock price, dividend yield, expected future volatility of Sanity Group stock, credit risk-adjusted discounting rate, risk-free rate, and probability and timing of certain qualified and non-qualified events. The credit risk-adjusted discounting rate and the expected equity volatility are based on unobservable inputs and are categorized as Level 3 in the fair value hierarchy.

The fair value of equity interest in the Sanity Group was determined using the option pricing model wherein the current value of the Sanity Group was allocated to the various types of shares based on their rights and preferences. The current value of the Sanity Group was determined using the backsolve approach which benchmarks the original issue price of the Sanity Group's latest funding transaction.

The fair value of derivative warrant liabilities is based on Level 1 and 2 inputs utilized in a Black-Scholes option pricing model to estimate the fair value of such Warrants. The key assumption used in the model is the expected future volatility in the price of the Company's Common Shares. If the expected future volatility in the Common Share price of the Company increased by 10%, the estimated fair value of the derivative warrant liability and net loss would increase by $456, or if it decreased by 10%, the estimated fair value of the derivative warrant liability and net loss would decrease by $508.

The fair value of the Top-up Rights is based on Level 3 inputs utilized in a Monte Carlo pricing model to estimate the fair value of such Top-up Rights. The key assumptions used in the model are the expected future price of the Company's Common Shares, the weighted average expected life of the instruments and the expected future volatility in the price of Common Shares. A sensitivity analysis for changes in key inputs was not presented as it was deemed that the impact of reasonable changes in key inputs would not be significant.

The fair value of the contractual commitment to issue Preferred Shares in the future is based on Level 1, Level 2 and Level 3 inputs and is determined based on estimated fair value of the Preferred Shares and the present value of the share price agreed with BAT. The fair value of the Preferred Shares was estimated using certain assumptions, including tenure of BAT's common shares and potential shareholding meeting 30% and 49% thresholds, respectively, market price and volatility of the Company's Common Shares, risk free rate and discount for lack of marketability.

CONSOLIDATED FINANCIAL STATEMENTS \| FOR THE YEAR ENDED SEPTEMBER 30, 2025 AND 2024&nbsp;&nbsp;&nbsp;&nbsp;36

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The fair value of Preferred Shares is based on Level 1, Level 2 and Level 3 inputs and is determined based on market price and volatility of the Company's Common Shares, risk free rate and discount for lack of marketability.

During the year, there were no transfers of amounts between Levels 1, 2 and 3.

For the year ended September 30, 2025 and September 30, 2024, the Company recorded the following fair value changes related to its financial instruments:

---

| | | |
|:---|:---|:---|
| | **YEAR ENDED** | **YEAR ENDED** |
| | SEPTEMBER 30, 2025 | SEPTEMBER 30,<br>2024 |
| Investment in Phylos | $(3174) | $(3227) |
| Investment in OBX | (374) | (164) |
| Investment in Sanity Group (convertible loan) | (4399) | (2253) |
| Investment in Sanity Group (common shares) | (1) | (247) |
| Top-up Rights | 22483 | 6208 |
| Commitment to fund third tranche of Phylos convertible loan | (357) | 762 |
| Commitment to issue Preferred Shares | (6937) | 7189 |
| Warrants | (2266) | (26) |
| Preferred shares | 22530 | (524) |
|  | $27505 | $7718 |

---

Additionally, for the year ended September 30, 2025, the Company also fair valued its investment in WHC and recognized an increase in fair value of $666 (September 30, 2024 – $96) in the consolidated statements of operations and comprehensive loss within other comprehensive income.

**ii.Financial risk factors**

The Company is exposed to various risks through its financial instruments, as follows:

**(a) Credit risk** arises from deposits with banks, short-term investments, outstanding trade and other receivables, restricted cash and other financial assets. For trade receivables, the Company does not hold any collateral as security but mitigates this risk by dealing only with what management believes to be financially sound counterparties and, accordingly, does not anticipate significant loss for non-performance, except potentially from outstanding receivable from one of our international customers. For certain trade and other receivables, management also obtains insurance, guarantees or general security agreements, where applicable. The maximum exposure to credit risk of cash, short-term investments, restricted cash, other financial assets and accounts and other receivables on the consolidated statements of financial position as at September 30, 2025 approximates $198,827 (September 30, 2024 - $211,306).

As of September 30, 2025 and September 30, 2024, the Company's aging of trade receivables was as follows:

---

| | | |
|:---|:---|:---|
| | SEPTEMBER 30, 2025 | SEPTEMBER 30, 2024 |
| 0-90 days | $56442 | $32349 |
| More than 90 days | 12846 | 5502 |
| Gross trade receivables | $69288 | $37851 |
| Less: Expected credit losses and reserve for product returns and price adjustments | (5703) | (5196) |
|  | $63585 | $32655 |

---

**(b) Liquidity risk** is the risk that the Company will not be able to meet its financial obligations as they become due. The Company manages its liquidity risk by reviewing on an ongoing basis its capital requirements. As at September 30, 2025, the Company had $28,200 (September 30, 2024 – $106,745) of cash and working capital of $158,738 (September 30, 2024 - $208,897). Further, the Company may access equity capital through the capital markets and may also obtain debt financing, if required.

CONSOLIDATED FINANCIAL STATEMENTS \| FOR THE YEAR ENDED SEPTEMBER 30, 2025 AND 2024&nbsp;&nbsp;&nbsp;&nbsp;37

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The Company is obligated to the following contractual maturities relating to their undiscounted cash flows as at September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Carrying Amount | Contractual Cash Flows | Less than <br>1 year | 1 to 3 years | 3 to 5 years | More than <br>5 years |
| Accounts payable and accrued liabilities | $89247 | $89247 | $89247 | $— | $— | $— |
| Long-term debt | 25 | 25 | 25 |  |  |  |
| Lease obligations | 8727 | 11298 | 1584 | 3159 | 2939 | 3616 |
|  | $97999 | $100570 | $90856 | $3159 | $2939 | $3616 |

---

The contractual maturities noted above are based on contractual due dates of the respective financial liabilities.

In connection with the Company's facilities, the Company is contractually committed to approximately $266 of capital expenditures.

**(c) Market risk** is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk for the Company is comprised of:

**Interest rate risk** is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Company's exposure to the risk of changes in market interest rates relates primarily to the Company's debt obligations with a floating interest rate. The Company has determined that a 1% change in rates would not have a material impact on the consolidated financial statements.

**20.&nbsp;&nbsp;&nbsp;&nbsp;REVENUE**

Net revenue for the Company is defined as gross revenue, which is net of any customer discounts, rebates, and sales returns and recoveries, less excise taxes.

Revenue for the year ended September 30, 2025 and September 30, 2024 is disaggregated as follows:

---

| | | |
|:---|:---|:---|
| | **YEAR ENDED** | **YEAR ENDED** |
| | SEPTEMBER 30, 2025 | SEPTEMBER 30,<br>2024 |
| Recreational revenue (Canadian) | $364790 | $230387 |
| Direct to patient medical and medical wholesale revenue (Canadian) | 2400 | 1732 |
| International wholesale | 26336 | 9651 |
| Wholesale to licensed producers (Canadian) | 9356 | 5310 |
| Other revenue | 142 | 97 |
| Gross revenue | $403024 | $247177 |
| &nbsp;&nbsp;Excise taxes | (143841) | (87336) |
| Net revenue | $259183 | $159841 |

---

Recreational revenue is primarily comprised of provincial government bodies and large retailers that sell cannabis through their respective distribution models, whereas international and domestic wholesale revenue is comprised of wholesale shipments to other cannabis companies, including licensed producers, for further processing and sales onto their end customers.

During the year ended September 30, 2025, the Company had four customers (September 30, 2024 – four customers), that individually represented more than 10% of the Company's net revenue.

**21.&nbsp;&nbsp;&nbsp;&nbsp;COST OF SALES**

Cost of sales is comprised of the cost of inventories sold during the year, shipping expenses, the production cost of late-stage biological assets that are disposed of, provisions for inventory that do not pass the Company's quality assurance standards and obsolete products and packaging, and other production overhead.

During the year ended September 30, 2025, the Company recorded provisions in relation to excess and unsalable inventories and biological assets as well as adjustments to net realizable value totaling $4,218 (September 30, 2024 - $5,483), which are detailed in Note 7.

**22.&nbsp;&nbsp;&nbsp;&nbsp;CONTINGENCIES**

The Company recognizes loss contingency provisions for probable losses when management can reasonably estimate the loss. When the estimated loss lies within a range, the Company records a loss contingency provision based on its best estimate of the probable loss. If no particular amount within that range is a better estimate than any other amount, the mid-point of the range is used. As information becomes known a loss contingency provision is recorded when a reasonable

CONSOLIDATED FINANCIAL STATEMENTS \| FOR THE YEAR ENDED SEPTEMBER 30, 2025 AND 2024&nbsp;&nbsp;&nbsp;&nbsp;38

------

estimate can be made. The estimates are reviewed at each reporting date and the estimates are changed when expectations are revised. An outcome that deviates from the Company's estimate may result in an additional expense or release in a future accounting period.

**23.&nbsp;&nbsp;&nbsp;&nbsp;GENERAL AND ADMINISTRATIVE EXPENSES BY NATURE**

---

| | | |
|:---|:---|:---|
| | **YEAR ENDED** | **YEAR ENDED** |
| | SEPTEMBER 30, 2025 | SEPTEMBER 30,<br>2024 |
| Office and general | $18196 | $18194 |
| Wages and benefits | 22912 | 15414 |
| Professional fees | 9208 | 6287 |
| Depreciation and amortization | 7695 | 3851 |
| Travel and accommodation | 668 | 628 |
| Utilities | 820 | 581 |
| Total general and administrative expenses | $59499 | $44955 |

---

During the year ended September 30, 2025, the Company recognized a provision for expected credit losses of $274 (September 30, 2024 - $4,222) included in the office and general category above.

**24.&nbsp;&nbsp;&nbsp;&nbsp;INCOME TAXES**

Components of income tax recovery are as follows:

---

| | | |
|:---|:---|:---|
| | **YEAR ENDED** | **YEAR ENDED** |
| | SEPTEMBER 30, 2025 | SEPTEMBER 30,<br>2024 |
| <u>Current tax</u> |  |  |
| Current expense | $— | $— |
|  | $— | $— |
| <u>Deferred tax</u> |  |  |
| Origination and reversal of temporary differences | $(9251) | (7564) |
| Change in tax rate and rate differences | 281 | 512 |
| Change in unrecognized temporary differences | (4800) | 4666 |
| Prior year adjustments |  | 2386 |
|  | $(13770) | $— |
| Total income tax recovery | $(13770) | $— |

---

A reconciliation of income tax recovery at the statutory rate to amounts recorded in the consolidated financial statements is provided below:

---

| | | |
|:---|:---|:---|
| | **YEAR ENDED** | **YEAR ENDED** |
| | SEPTEMBER 30, 2025 | SEPTEMBER 30,<br>2024 |
| Loss before income taxes | $(38529) | $(45440) |
| Statutory income tax rate | 29.0% | 29.0% |
| Tax calculated at statutory rate | (11173) | (13178) |
| Non-deductible (non-taxable) items | 1922 | 5614 |
| Change in unrecognized temporary differences | (4800) | 4666 |
| Tax rate differences and tax rate changes | 281 | 512 |
| Prior year tax adjustments |  | 2386 |
| Income tax recovery | $(13770) | $— |

---

CONSOLIDATED FINANCIAL STATEMENTS \| FOR THE YEAR ENDED SEPTEMBER 30, 2025 AND 2024&nbsp;&nbsp;&nbsp;&nbsp;39

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Recognized deferred tax assets and liabilities consist of the following:

---

| | | |
|:---|:---|:---|
| | SEPTEMBER 30, 2025 | SEPTEMBER 30,<br>2024 |
| Deferred tax assets are attributable to the following: |  |  |
| Non-capital losses | $24340 | $10485 |
| Lease liabilities | 2302 | 985 |
| Deferred tax assets | 26642 | 11470 |
| Set-off of tax | (26642) | (11470) |
| Net deferred tax asset | $— | $— |
| Deferred tax liabilities are attributable to the following: |  |  |
| Property, plant and equipment | $(30) | $(375) |
| Intangible assets | (9752) | (1773) |
| Biological assets | (3380) | (2499) |
| Inventories | (7450) | (5859) |
| Right-of-use assets | (2293) | (927) |
| Net investment in sublease |  | (13) |
| Other | (3737) | (24) |
| Deferred tax liabilities | (26642) | (11470) |
| Set-off of tax | 26642 | 11470 |
| Net deferred tax liability | $— | $— |

---

The changes in temporary differences during the year ended and year ended September 30, 2025 and September 30, 2024, respectively, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | NET BALANCE AT SEPTEMBER 30,<br>2024 | RECOGNIZED IN PROFIT OR LOSS | ACQUIRED IN A BUSINESS COMBINATION | NET BALANCE AT SEPTEMBER 30, 2025 |
| Non-capital losses | $10485 | $11058 | $2797 | $24340 |
| Property, plant and equipment | (1302) | 3418 | (4440) | (2324) |
| Intangible assets | (1773) | 4963 | (12942) | (9752) |
| Biological assets | (2499) | (882) |  | (3381) |
| Inventories | (5859) | (631) | (958) | (7448) |
| Lease liabilities | 985 | (188) | 1505 | 2302 |
| Net investment in sublease | (13) | 13 |  |  |
| Other | (24) | (3981) | 268 | (3737) |
| Net tax (liabilities) assets | $— | $13770 | $(13770) | $— |

---

---

| | | | |
|:---|:---|:---|:---|
| | NET BALANCE AT SEPTEMBER 30, 2023 | RECOGNIZED IN PROFIT OR LOSS | NET BALANCE AT SEPTEMBER 30,<br>2024 |
| Non-capital losses | $12136 | $(1651) | $10485 |
| Property, plant and equipment | (1557) | 255 | (1302) |
| Intangibles | (2117) | 344 | (1773) |
| Biological assets | (2832) | 333 | (2499) |
| Inventories | (6328) | 469 | (5859) |
| Lease liabilities | 1041 | (56) | 985 |
| Net investment in sublease | (316) | 303 | (13) |
| Other | (27) | 3 | (24) |
| Net tax liabilities | $— | $— | $— |

---

As at September 30, 2025, the Company has $445,728 (September 30, 2024 - $397,826) non-capital loss carryforwards available to offset future taxable income in Canada, which begin to expire in 2035.

The Company recognizes tax benefits on losses or other deductible amounts where the probable criteria for the recognition of deferred tax assets has been met. The Company's unrecognized deductible temporary differences and unused tax losses for which no deferred tax asset is recognized consist of the following amounts:

CONSOLIDATED FINANCIAL STATEMENTS \| FOR THE YEAR ENDED SEPTEMBER 30, 2025 AND 2024&nbsp;&nbsp;&nbsp;&nbsp;40

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---

| | | |
|:---|:---|:---|
| | SEPTEMBER 30, 2025 | SEPTEMBER 30,<br>2024 |
| Deductible temporary differences | $92055 | $93950 |
| Tax losses | 363803 | 362311 |
|  | $455858 | $456261 |

---

**25. &nbsp;&nbsp;&nbsp;&nbsp;PRODUCT DEVELOPMENT COLLABORATION**

Pursuant to the terms of the PDC Agreement, $31,109 of the investment proceeds were reserved as restricted cash in order to satisfy certain of the Company's future obligations under the PDC Agreement, including the Company's portion of its funding obligations under a mutually agreed initial budget for the CoE. Costs relating to the CoE are funded equally by the Company and BAT. Balances are transferred from restricted cash to the Company's general operating account as CoE related expenditures are periodically reconciled and approved. The balance in restricted cash as at September 30, 2025 is $6,445 (September 30, 2024 - $8,175).

The CoE is accounted for as a joint operation, with the Company and BAT each paying 50% of the costs incurred by the CoE. The Company recognized its share of the expenses incurred by the CoE in the consolidated statements of operations and comprehensive loss under Research and development. For the year ended September 30, 2025, $4,193 (September 30, 2024 - $6,666) of expenses have been recorded in the statements of operations and comprehensive loss.

**26.&nbsp;&nbsp;&nbsp;&nbsp;ACQUISITION OF SUBSIDIARIES**

**i.Acquisition of Motif**

On December 6, 2024, the Company acquired 100% of the issued and outstanding shares of Motif, a Canadian leader in the vape and infused pre-roll categories backed by a portfolio of strong owned brands, for upfront consideration of $90 million. This included $50 million in cash and $40 million of the Company's common shares priced based on the 30-day trading volume-weighted average price ("VWAP") of $2.3210. In addition, Motif's former shareholders are entitled to receive an additional contingent consideration of $10 million payable in the Company's common shares, conditional on the Company achieving a price per share exceeding $3.2203 per share, based on the rolling 30-trading day VWAP on the TSX, within 12 months of the date of the transaction.

The Company elected not to apply the optional concentration test and, as such, carried out a detailed analysis of inputs, outputs and substantive processes. Included in the identifiable assets acquired and liabilities assumed at the date of acquisition of Motif are inputs (production equipment, manufacturing facility and a sales license), production processes and an organized workforce. The Company has determined that together the acquired inputs and processes significantly contribute to the ability to create revenue. The Company has concluded that the acquired set is a business.

**Equity instruments issued**

The fair value of the 17,233,950 Common Shares issued was $39,121, based on the TSX-listed share price of $2.27 per share of the Company at the closing on December 5, 2024. The number of Common Shares issued was determined by dividing the total share consideration of $40 million, as per the share purchase agreement, by the 5-day volume-weighted average TSX-listed share price of $2.3210 preceding the closing date.

**Acquisition costs**

The Company incurred $3,849 in acquisition-related costs for legal fees and due diligence. Of this amount, $3,778 was recorded in the statement of operations and comprehensive loss, while $71 was capitalized as share issuance costs.

**Assets acquired and liabilities assumed**

The following table summarizes management's recognition of assets acquired and liabilities assumed at the date of acquisition:

---

| | |
|:---|:---|
| | **FAIR VALUE ON ACQUISITION** |
| **Assets** | |
| Accounts and other receivable | $21618 |

---

CONSOLIDATED FINANCIAL STATEMENTS \| FOR THE YEAR ENDED SEPTEMBER 30, 2025 AND 2024&nbsp;&nbsp;&nbsp;&nbsp;41

------

---

| | |
|:---|:---|
| Cash | 5055 |
| Inventories | 24474 |
| Property, plant and equipment | 19864 |
| Right-of-use assets | 5744 |
| Intangible assets | 34330 |
| Prepaid expenses and deposits | 1338 |
| **Total assets** | $112423 |
| **Liabilities** |  |
| Accounts payable and accrued liabilities | 27708 |
| Lease liability | 5681 |
| Other liabilities | 12056 |
| Loan payable | 236 |
| Deferred income taxes | 9837 |
| **Total liabilities** | $55518 |
| **Total identifiable net assets at fair value** | $56905 |
| **Consideration transferred** |  |
| Cash consideration | $52171 |
| Equity instruments (7,562,447 Common Shares) | 39121 |
| Contingent consideration | 4472 |
| Settlement of pre-acquisition relationship | (89) |
| Working capital adjustment | (541) |
|  | $95134 |
| **Goodwill arising on acquisition** | $38229 |

---

Goodwill arising from the acquisition represents the expected synergies, future income and growth and other intangibles that do not qualify for separate recognition. None of the goodwill recognized is expected to be deductible for tax purposes. The deferred tax liability mainly comprises the tax effect of the accelerated depreciation for tax purposes of tangible and intangible assets.

**Contingent Consideration**

As at September 30, 2025, the Company revalued the contingent consideration to an estimated fair value of $2,919. During the year ended September 30, 2025, a decrease in fair valuation of $1,553 was recognized in the consolidated statements of operations and comprehensive loss.

On April 1, 2025, Motif amalgamated with Organigram Inc. and continued as a single corporation under the name "Organigram Inc.". Prior to the amalgamation, Motif contributed $50,343 in gross revenue and $135 in net income to the consolidated results. If the acquisition had occurred on October 1, 2024, management estimates consolidated gross revenue for the twelve months ended September 30, 2025 would have been approximately $434,124, and consolidated net loss would have been approximately $38,275.

**ii.Acquisition of CPL**

On March 31, 2025, the Company acquired 100% of the issued and outstanding shares of CPL, a Canadian company operating in the THC and hemp-derived THC beverage categories, supported by a portfolio of strong owned brands, for upfront consideration of $6 million ("Original Consideration"). CPL's former shareholders (the "Seller") are also entitled to receive up to $24 million in contingent consideration, subject to achievement of certain milestone and earnout targets.

The Company elected not to apply the optional concentration test and, as such, carried out a detailed analysis of inputs, outputs and substantive processes. Included in the identifiable assets acquired and liabilities assumed at the date of acquisition of CPL are inputs (formulations), distributor relationships and an organized workforce. The Company has determined that the acquired inputs and processes collectively represent a substantive integrated set that is capable of generating revenue. As such, the Company has concluded that the acquired set meets the definition of a business under IFRS 3.

**Acquisition costs**

CONSOLIDATED FINANCIAL STATEMENTS \| FOR THE YEAR ENDED SEPTEMBER 30, 2025 AND 2024&nbsp;&nbsp;&nbsp;&nbsp;42

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The Company incurred $172 in acquisition-related costs for legal fees and due diligence. This amount was recorded in the consolidated statements of operations and comprehensive loss.

**Assets acquired and liabilities assumed**

Because the transaction was closed on the last day of the reporting period, the Company has not yet finalized the purchase accounting including determination of any final working capital adjustment. The following table summarizes management's provisional recognition of assets acquired and liabilities assumed at the date of acquisition:

---

| | |
|:---|:---|
| | **FAIR VALUE ON ACQUISITION** |
| **Assets** | |
| Accounts and other receivable | $1258 |
| Cash | 118 |
| Inventories | 1134 |
| Intangible assets | 12126 |
| Prepaid expenses and deposits | 13 |
| **Total assets** | $14649 |
| **Liabilities** |  |
| Accounts payable and accrued liabilities | $1097 |
| Deferred income taxes | 3933 |
| **Total liabilities** | $5030 |
| **Total identifiable net assets at fair value** | $9619 |
| **Consideration transferred** |  |
| Cash consideration | $4893 |
| Contingent consideration | 17090 |
| Deferred consideration | 1307 |
| Working capital adjustment | 624 |
|  | $23914 |
| **Goodwill arising on acquisition** | $14295 |

---

Goodwill arising from the acquisition represents the expected synergies, future income and growth and other intangibles that do not qualify for separate recognition. None of the goodwill recognized is expected to be deductible for tax purposes. The deferred tax liability mainly comprises the tax effect of the accelerated depreciation for tax purposes of tangible and intangible assets.

**Contingent Consideration**

The acquisition of CPL includes the following milestone and earnout payments (collectively called "Contingent Consideration"):

*Milestone Payments*

&nbsp;&nbsp;&nbsp;&nbsp;a.If, on or before June 30, 2025, CPL achieves cumulative sales of at least US$0.5 million from its U.S. hemp-derived beverage business, the Company shall, within 30 days of the delivery of the achievement of such milestone, pay the Seller a milestone payment ("First Milestone") in the amount of $2 million by wire transfer of immediately available funds to an account designated by the Seller. CPL did not achieve the specified cumulative sales target by the required date, and therefore no milestone payment was incurred; and

&nbsp;&nbsp;&nbsp;&nbsp;b.If, on or before September 30, 2025, CPL achieves cumulative sales of at least US$1 million from its U.S. hemp-derived beverage business, the Company shall, within 30 days of the delivery of the achievement of such milestone, pay the Seller a milestone payment ("Second Milestone") in the amount of $2 million by wire transfer of immediately available funds to an account designated by the Seller. CPL did not achieve the specified cumulative sales target by the required date, and therefore no milestone payment was incurred.

*Earnout Payments*

&nbsp;&nbsp;&nbsp;&nbsp;a.The first eligible earnout payment ("First Earnout"), if applicable, shall be paid by the end of calendar year 2025 based on 2.5 times the trailing twelve months' net revenue to September 30, 2025, of CPL, less any consideration paid to

CONSOLIDATED FINANCIAL STATEMENTS \| FOR THE YEAR ENDED SEPTEMBER 30, 2025 AND 2024&nbsp;&nbsp;&nbsp;&nbsp;43

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date, including the Original Consideration, First Milestone and Second Milestone. The First Earnout, if applicable, is to be paid 50% in cash and 50% in the Company's Common Shares priced at the five-day TSX VWAP the day prior to settlement. As at September 30, 2025, the Company expects to pay approximately $3.8 million for the First Earnout and this amount is included in the other current liabilities; and

&nbsp;&nbsp;&nbsp;&nbsp;b.The second eligible earnout payment ("Second Earnout"), if applicable, shall be paid by the end of calendar 2026 based on 2.5 times the trailing twelve months' net revenue to September 30, 2026, of CPL, less any consideration paid to date, including the Original Consideration, First Milestone, Second Milestone and the First Earnout. The Second Earnout, if applicable, is to be paid 50% in cash and 50% in the Company's Common Shares priced at the five-day TSX VWAP the day prior to settlement.

As at the acquisition date, the fair value of the Contingent Consideration was estimated to be $17,090. As at September 30, 2025, the Contingent Consideration was adjusted to $8,815. During the year ended September 30, 2025, the Company recognized a decrease in fair valuation of $8,190 in the consolidated statements of operations and comprehensive loss. Of the total contingent consideration, $6,925 is included in the other current liabilities and the remaining amount is included in other long term liabilities.

**27. &nbsp;&nbsp;&nbsp;&nbsp;OPERATING SEGMENTS**

An operating segment is a component of the Company for which discrete financial information is available and whose operating results are regularly reviewed by the Company's chief operating decision maker, to make decisions about resources to be allocated to the segment and assess its performance, and that engages in business activities from which it may earn revenue and incur expenses. The Company only has one operating segment.

**28. COMPARATIVE FIGURES**

Certain reclassifications have been made to the prior periods comparative figures to enhance comparability with the current period financial statements, none of the reclassifications result in a change to net loss or shareholders' equity.

CONSOLIDATED FINANCIAL STATEMENTS \| FOR THE YEAR ENDED SEPTEMBER 30, 2025 AND 2024&nbsp;&nbsp;&nbsp;&nbsp;44

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![Financial_Covers_Back_1.jpg](ogi-20250930_g11.jpg)

## Exhibit 99.5

![financial_coversxq4x20252ca.jpg](financial_coversxq4x20252ca.jpg)

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INTRODUCTION

This Management's Discussion and Analysis dated December 16, 2025 (this "MD&A"), should be read in conjunction with the audited annual consolidated financial statements (the "Financial Statements") of Organigram Global Inc. (together with its subsidiaries, the "Company", "Organigram", "we", "us", or "our") for the years ended September 30, 2025 ("Fiscal 2025") and September 30, 2024 ("Fiscal 2024"), including the accompanying notes thereto. References to "Q4 Fiscal 2025" are to the three-month period beginning July 1, 2025, and ending September 30, 2025. References to "Q4 Fiscal 2024" are to the three-month period beginning July 1, 2024, and ending September 30, 2024.

Financial data in this MD&A is based on the Financial Statements of the Company, and has been prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB"), unless otherwise stated. All financial information in this MD&A is expressed in thousands of Canadian dollars ("$"), except for share and per share calculations, references to $ millions and $ billions, per gram ("g") or kilogram ("kg") of dried flower and per milliliter ("mL") or liter ("L") of cannabis extracts calculations.

Refer to the cautionary statements regarding forward-looking information and non-IFRS measures found at the end of this MD&A.

BUSINESS OVERVIEW

NATURE OF THE COMPANY'S BUSINESS

Organigram is a licensed cannabis cultivator and producer of consumer packaged goods containing cannabis. The Company manufactures and distributes cannabis products to wholesale and retail channels in Canada, exports to international jurisdictions, and distributes hemp-derived tetrahydrocannabinol ("THC") beverages and edibles in the U.S.

Organigram operates five facilities across Canada:

**Moncton Campus (Indoor Cultivation and Manufacturing)**

The Moncton Campus is home to our 500,000+ square foot state-of-the-art flagship facility, which features three-tiered, strain-specific grow rooms with the ability to control critical environmental factors specific to the needs of each strain. The facility's capabilities include extraction, cannabinoid testing, and automated production and packaging lines. We have invested in cost-effective seed-based production, which contributes to efficiency through faster room turns, lower plant care, and higher yields.

**Winnipeg Facility (Ingestible Products Manufacturing)**

The Winnipeg Facility is a purpose-built, highly automated 51,000 square-foot ingestibles manufacturing facility capable of producing up to 48 million gummies annually. The Company's newly commissioned beverage manufacturing line is capable of producing up to 2.6 million beverage cans annually, but is not yet operational. The facility also contains specialized manufacturing equipment for the Company's FAST<sup>TM</sup> (Fast Acting Soluble Technology) nanoemulsion technology ("FAST<sup>TM</sup>") used in some of its ingestible products.

**Lac-Supérieur Facility (Hash/Concentrates and Premium Flower)**

The Lac-Supérieur Facility is a greenhouse facility which provides a strategic footprint in Quebec, spans 33,000 square feet of space, and is equipped to produce 2,400 kg of premium flower and over 2 million packaged units of hash annually.

**Aylmer Facility (Extraction and Manufacturing)**

The Aylmer Facility houses advanced extraction and manufacturing capabilities, including hydrocarbon and CO2 extraction refinement, formulation, post-processing of minor cannabinoids, and infused and regular pre-roll production.

**London Facility (Warehousing and Distribution)**

The London Facility is a centralized warehouse distribution hub in Ontario, Canada's most populous province. The facility supports growing demand for Organigram's products, optimizes fulfillment, and reduces the cost and complexity of shipping products from the Moncton Campus to Central and Western Canada.

As of the end of Fiscal 2025, Organigram held the #1 market share position in the Canadian recreational cannabis market<sup>1</sup>.

STRATEGY

Our corporate strategy is to leverage our strengths in innovation, consumer focus, efficiency, and market expansion to profitably drive global growth and shareholder value.

**1. Innovation**

We are committed to maintaining a culture of innovation and have a track record of launching differentiated products that quickly capture market share.

<sup>1</sup> Multiple Sources (Hifyre, Weedcrawler, provincial boards, internal modelling) as of September 30, 2025.

MANAGEMENT'S DISCUSSION AND ANALYSIS \| FOR THE YEAR ENDED SEPTEMBER 30, 2025 AND 2024&nbsp;&nbsp;&nbsp;&nbsp;1

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Organigram maintains a Product Development Collaboration ("PDC") with a wholly-owned subsidiary of British American Tobacco p.l.c. ("BAT"), its largest institutional shareholder and a leading multi-category consumer goods company, to develop next-generation cannabis products. Through the PDC we established a Centre of Excellence ("CoE") at the Moncton Campus where we are licensed to conduct research on cannabis. Under Organigram's PDC agreement with BAT dated March 10, 2021 (the "PDC Agreement"), Organigram holds a worldwide, royalty-free, sub-licensable, perpetual license to all intellectual property developed through the PDC, exclusive in Canada and non-exclusive internationally. Both companies contribute scientists, researchers, and product developers to the CoE, which is jointly governed by a steering committee composed of equal representation from Organigram and BAT.

**2. Consumer Focus**

We maintain a diversified brand and product portfolio with competitive pricing that is aligned with evolving consumer preferences which we monitor through consumer and market research and social engagement.

**3. Efficiency**

We continue to reduce costs and improve scalability and margins through ongoing investments in facility automation, cultivation practices (including seed-based cultivation), and logistics efficiency, particularly at our London Facility.

**4. Market Expansion**

Organigram is committed to expanding its market presence through both organic growth and strategic diversification. Our key initiatives have included:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Domestic expansion:** acquisitions of cannabis cultivation and production facilities across Ontario, Québec, and Manitoba, enabling participation in all major Canadian product categories.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **International exports:** shipments of bulk cannabis to Germany, Australia, and the United Kingdom (UK), strengthening Organigram's position as a reliable global supplier.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Strategic partnership with BAT:** completion of a $124.6 million follow-on equity investment by BAT (the "Follow-on BAT Investment"), and creation of the Jupiter Pool to fund international growth opportunities, with initial investments in Steady State LLC (d/b/a Open Book Extracts ("OBX") (U.S.) and Sanity Group GmbH ("Sanity Group") (Germany).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **U.S. market entry:** expansion into evolving hemp-derived THC beverages and edibles through the acquisition of Collective Project Limited ("CPL") and launch of "happly", a lifestyle edibles brand focused on consumer mood states and functional ingredients.<sup>2</sup> OUTLOOK

Market Size & Industry Trends

The Company maintains a positive outlook on the cannabis industry, both in Canada and internationally. Recreational cannabis sales in Canada are expected to total $6.4 billion in calendar 2028<sup>3</sup>.

The Canadian market is stabilizing after years of oversupply and pricing pressure. Stabilization has been driven by consolidation, reduced capacity, and the absorption of supply by increased international demand. To address continued increases in international demand, several licensed producers ("LPs") have announced capacity expansion projects. Consumer preferences continue to evolve with sustained demand for high-THC, value-format flower, and rapid growth in the infused pre-roll category.

Regulatory scrutiny has intensified, particularly around inflated THC potency labeling, prompting initiatives by the Ontario Cannabis Store, Health Canada, and the Cannabis Standards Alliance of Canada to establish consistent testing and enforcement.

In November 2025, the U.S. enacted the Continuing Appropriations and Extensions Act of 2026 (H.R. 5371), which includes a provision (section 781) to amend the definition of hemp in the 2018 Farm Bill to effectively eliminate hemp-derived THC products, although the change does not become effective for 365 days from the date of enactment. Organigram's U.S. offerings would be directly impacted by this change in law; additionally, Organigram has investments in hemp seed and hemp ingredient manufacturers in the U.S. that may be impacted by this legislation. Efforts are underway to repeal, replace, or delay this amendment, but whether any change will occur is uncertain. If current federal legislation is not amended or reversed, Organigram may have to sell, wind-down or otherwise restructure its hemp THC product related activities in the U.S. by November 2026.

LPs are increasingly seeking growth in international markets to increase their revenues and margins, and to solidify Canada's strong reputation abroad for producing high quality cannabis products.

Certain international markets comprise the majority of demand for Canada's cannabis exports. Of the 37,223 kilograms of dried cannabis flower imported into Germany in the first three months of calendar 2025, about half, 16,057 kg, were from Canada and

<sup>2</sup> See amendments to definition of hemp in the 2018 Farm Bill as described in greater detail in the "Outlook" section of this MD&A.

<sup>3</sup> October, 2025 data from BDS Analytics, Inc. (BDSA).

MANAGEMENT'S DISCUSSION AND ANALYSIS \| FOR THE YEAR ENDED SEPTEMBER 30, 2025 AND 2024&nbsp;&nbsp;&nbsp;&nbsp;2

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from October 2018 to September 2024 (most recently available data), there were 295,933 kg of cannabis and 52,662 L of cannabis oil exported from Canada to markets like Australia, Israel, Germany, and the UK.<sup>4</sup> Business Outlook

We expect to continue our revenue expansion through a combination of organic growth and M&A. Organic growth is anticipated to be supported by a strong innovation pipeline, improving cannabis quality, higher potency, and the commercialization of our FAST<sup>TM</sup> nanoemulsion technology in ingestible formats. M&A is expected to focus primarily on international opportunities that allow Organigram to build upon its growing international sales and support branded product sales in international markets. We also regularly evaluate opportunities in Canada that may strengthen our competitiveness.

In Fiscal 2025, Organigram achieved significantly higher international sales compared to Fiscal 2024, as well as efficiencies in production, manufacturing, and logistics, driving adjusted gross margin<sup>5</sup> growth, and adjusted gross margin of 38% in Q4 Fiscal 2025. Assuming the Company continues to have a strong innovation pipeline, increasing international sales, high cannabis quality and higher potency, commercialization of FAST nanoemulsion technology in ingestible formats, and receipt of the EU-GMP certification, the Company anticipates net revenue to exceed $300 million in Fiscal 2026, and expects adjusted gross margin<sup>5</sup> to outpace the rate achieved in Fiscal 2025. The Company also anticipates adjusted EBITDA<sup>5</sup> to surpass Fiscal 2025 levels and to generate positive free cash flow in Fiscal 2026<sup>5</sup>, with capital expenditures expected to be less than $10 million.

The Company previously estimated Free Cash Flow<sup>5</sup> (as defined below) to be positive for Q4 Fiscal 2025. The Company had Free Cash Flow<sup>5</sup> of $(688) in Q4 Fiscal 2025, which was slightly lower than projected primarily due to higher investment in working capital than previously planned. The Company previously estimated full-year Fiscal 2025 cash flow from operations to be positive, and at or near breakeven before working capital changes. In Q4 Fiscal 2025 cash flow from operations was $(1,452), and $3,113 before working capital changes. In Fiscal 2025 cash flow from operations was $(7,591), and $(5,468) before working capital changes, primarily driven by investments in working capital, expenditures associated with the Company's ERP project, and acquisition related expenses.

Consistent with industry trends, our fourth fiscal quarter is typically one of the strongest of the year, reflecting heightened consumer activity and retailer replenishment ahead of the holiday period. This is usually followed by a seasonal slowdown in the first quarter before the market resumes its normal growth trajectory.

Our business outlook is subject to a number of assumptions and risk factors as further outlined in the Cautionary Statement Regarding Forward-Looking Information section of this MD&A.

International Market

The Company's international sales have increased since the first quarter of Fiscal 2024. As a result of initiatives aimed toward diversifying its international customer base, initiating branded sales outside of Canada, and establishing a foothold in the growing German cannabis market through a $21 million investment in Sanity Group. Organigram anticipates continued expansion of its international revenue, supported in part by the expected European Union Good Manufacturing Practice ("EU-GMP") certification of its Moncton Facility. The Company completed its EU-GMP audit in November 2024, has provided additional information to the regulator in October 2025, and is awaiting confirmation of certification or any required next steps.

Organigram serves a diverse international medical cannabis customer base in Australia, Germany, and the UK. The Company has also completed strategic investments in two U.S.-based companies, OBX and Phylos Bioscience Inc. ("Phylos"). Further, through its acquisition of CPL and launch of happly, Organigram currently participates in the hemp-derived beverages and edibles segments in the U.S. and is continuing to monitor and prepare to respond to the regulatory developments in this space<sup>6</sup>.

We continue to monitor and evaluate opportunities in regulated recreational and medical markets outside of Canada, with a focus on the U.S., Europe, and Australia.

Future international shipments are subject to the timing and receipt of regulatory approval and an export permit from Health Canada, as well as timing and receipt of regulatory approval and an import permit from the purchasers' regulatory authority.

Jupiter Investment Pool

International expansion initiatives are expected to be supported by the $124.6 million Follow-on BAT Investment, with $83 million of the Follow-on BAT Investment earmarked for the Jupiter Pool. To date, approximately $23 million has been deployed from the Jupiter Pool to fund investments by Organigram in OBX and Sanity Group (see "*Jupiter Strategic Investments*" below). As of

<sup>4</sup>Source:https://stratcann.com/other/canadian-cannabis-continues-to-dominate-german-medical-market/#:~:text=Canada%20was%20again%20the%20largest,16%2C057%20kg%2C%20were%20from%20Canada.

<sup>5</sup>Adjusted gross margin, adjusted EBITDA and Free Cash Flow are Non-IFRS Measures. See "Cautionary Statement Regarding Certain Non-IFRS Measures", "Financial Results and Review of Operations", and "Balance Sheet, Liquidity and Capital Resources" in this MD&A.

<sup>6</sup>See amendments to definition of hemp in the 2018 Farm Bill as described in greater detail in the "Outlook" section of this MD&A

MANAGEMENT'S DISCUSSION AND ANALYSIS \| FOR THE YEAR ENDED SEPTEMBER 30, 2025 AND 2024&nbsp;&nbsp;&nbsp;&nbsp;3

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September 30, 2025, $59 million (being the remaining portion of the Jupiter Pool funds) is available to support continued expansion into the U.S. and other international markets in compliance with applicable laws.

As of September 30, 2025, the Company has access to $10 million of previously restricted funds pursuant to a temporary waiver granted by BAT. The waiver permits use of these funds for general purposes through November 8, 2026, after which the original restrictions are reinstated. The Company has classified these funds as unrestricted cash based on the terms and substance of the arrangement.

Jupiter Strategic Investments

**On March 26, 2024,** the Company completed its inaugural Jupiter Pool investment with a US $2 million investment into U.S.-based OBX.

**On June 25, 2024,** the Company completed its first European strategic investment, with an approximate $21 million investment into the German medical company, Sanity Group.

KEY QUARTERLY FINANCIAL AND OPERATING RESULTS

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Q4-2025** | **Q4-2024** | **CHANGE** | **% CHANGE** |
| Financial Results |  |  |  |  |
| Net revenue | $80061 | $44698 | $35363 | 79% |
| Cost of sales | $52053 | $30907 | $21146 | 68% |
| Gross margin before fair value adjustments | $28008 | $13791 | $14217 | 103% |
| Gross margin % before fair value adjustments<sup>(1)</sup> | 35% | 31% |  | 4% |
| Operating expenses | $30649 | $16859 | $13790 | 82% |
| Other expense (income) | $42914 | $5760 | $37154 | 645% |
| Adjusted EBITDA<sup>(2)</sup> | $9843 | $5860 | $3983 | 68% |
| Net loss | $(37964) | $(5433) | $32531 | 599% |
| Net cash provided by operating activities before working capital changes  | $3113 | $1191 | $1922 | 161% |
| Net cash (used in) provided by operating activities | $(1452) | $8893 | $(10345) | nm |
| Adjusted Gross Margin on total net revenue<sup>(2)</sup> | $30578 | $16543 | $14035 | 85% |
| Adjusted Gross Margin % on total net revenue<sup>(2)</sup> | 38% | 37% |  | 1% |

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Note (1):&nbsp;&nbsp;&nbsp;&nbsp;Equals gross margin before fair value adjustments (as reflected in the Financial Statements) divided by net revenue.

Note (2):&nbsp;&nbsp;&nbsp;&nbsp;Adjusted EBITDA, adjusted gross margin and adjusted gross margin % are non-IFRS measures. See "Cautionary Statement Regarding Certain Non-IFRS Measures" and "Financial Results and Review of Operations" in this MD&A.

REVENUE

Net revenue is defined as gross revenue, net of customer fees, discounts, rebates, and sales returns and recoveries, less excise taxes. Revenue consists primarily of dried flower and cannabis derivative products sold to the recreational cannabis, medical cannabis, wholesale, and international cannabis markets.

For Q4 Fiscal 2025, the Company reported $80,061 in net revenue. Of this amount $66,415 (83%) was attributable to sales to the recreational cannabis market, $9,520 (12%) to the international market, and $4,126 (5%) to other revenues. Q4 Fiscal 2025 net revenue increased 126%, or $44,705, from Q4 Fiscal 2024 net revenue of $44,698. The increase was primarily driven by higher recreational and international sales, as well as the contribution from the acquisition of Motif Labs Ltd. ("Motif").

COST OF SALES

Cost of sales for Q4 Fiscal 2025 increased to $52,053 compared to $30,907 in Q4 Fiscal 2024, primarily due to an increase in net revenue of 126% in Q4 Fiscal 2025 compared to Q4 Fiscal 2024. Included in Q4 Fiscal 2025 cost of sales are $2,570 of inventory provisions for unsalable inventories. In Q4 Fiscal 2024 the Company had inventory provision adjustments of $2,752.

GROSS MARGIN BEFORE FAIR VALUE ADJUSTMENTS AND ADJUSTED GROSS MARGIN

The Company realized gross margin before fair value adjustments for Q4 Fiscal 2025 of $28,008, or 35% as a percentage of net revenue, compared to $13,791 or 31% as a percentage of net revenue, in Q4 Fiscal 2024. The increase in gross margin before fair value adjustments, as a percentage of net revenue, is primarily driven by a higher proportion of international sales with stronger margins, lower cost of sales per unit achieved through greater scale and operating efficiencies (including but not limited to an improvement in yields), and reduced inventory provisions and net realizable value adjustments.

MANAGEMENT'S DISCUSSION AND ANALYSIS \| FOR THE YEAR ENDED SEPTEMBER 30, 2025 AND 2024&nbsp;&nbsp;&nbsp;&nbsp;4

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Adjusted gross margin<sup>7</sup> for Q4 Fiscal 2025 was $30,578, or 38% as a percentage of net revenue, compared to $16,543 or 37%, in Q4 Fiscal 2024, an increase of $14,813.

OPERATING EXPENSES

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Q4-2025** | **Q4-2024** | **CHANGE** | **% CHANGE** |
| General and administrative | $17619 | $9470 | $8149 | 86% |
| Sales and marketing | 8946 | 4756 | 4190 | 88% |
| Research & development | 3151 | 1667 | 1484 | 89% |
| Share-based compensation | 933 | 966 | (33) | (3)% |
| Total operating expenses | $30649 | $16859 | $13790 | 82% |

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**GENERAL AND ADMINISTRATIVE** 

General and administrative expenses of $17,619 increased from the Q4 Fiscal 2024 expenses of $9,470 primarily due to higher depreciation and amortization resulting from the acquisitions of Motif and CPL, as well as increased implementation expenses related to the Company's enterprise resource planning ("ERP") system. General and administrative expenses represented 22% of net revenue in Q4 Fiscal 2025 compared to 21% in Q4 Fiscal 2024.

**SALES AND MARKETING**

Sales and marketing expenses of $8,946 increased from Q4 Fiscal 2024 expenses of $4,756. The increase primarily reflects the addition of Motif and CPL-related expenses, which were not present in Q4 Fiscal 2024. Higher investments in advertising, promotions, and trade marketing also contributed to the year-over-year increase. Sales and marketing expenses as a percentage of net revenue remained flat at 11% in both Q4 Fiscal 2025 and Q4 Fiscal 2024.

**RESEARCH AND DEVELOPMENT**

Research and development costs of $3,151 increased from the Q4 Fiscal 2024 costs of $1,667 primarily due to lower scientific research and experimental development (SR&ED) credits and increased activity.

**SHARE-BASED COMPENSATION**

Share-based compensation expense of $933 remained flat compared to Q4 Fiscal 2024..

OTHER (INCOME) / EXPENSES

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Q4-2025** | **Q4-2024** | **CHANGE** | **% CHANGE** |
| Investment income, net of financing costs | (73) | (960) | 887 | 92% |
| Acquisition and transaction costs | 448 | 74 | 374 | 505% |
| Share of loss (including impairment) from investments in associates |  | 4895 | (4895) | (100)% |
| Loss on disposal of property, plant and equipment | 9 | 24 | (15) | (63)% |
| Change in fair value of contingent consideration | (6453) |  | (6453) | nm |
| Share issue costs allocated to derivative liabilities and preferred shares |  | 269 | (269) | 100% |
| Change in fair value of derivative liabilities, preferred shares and other financial assets | 49370 | 1642 | 47728 | 2907% |
| Other non-operating income | (387) | (184) | (203) | 110% |
| **Total other income** | $42914 | $5760 | $37154 | 645% |

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**INVESTMENT INCOME, NET OF FINANCING COSTS**

Investment income (net of financing costs) of $73 decreased from Q4 Fiscal 2024 of $960, primarily due to a lower cash balance in the current period.

**ACQUISITION AND TRANSACTION COSTS**

Acquisition and transaction costs of $448 increased from Q4 Fiscal 2024 of $74, primarily driven by higher costs associated with the Company's acquisitions and integration activities related to Motif and CPL.

<sup>7</sup> Adjusted gross margin is a non-IFRS financial measure. See "Cautionary Statement Regarding Certain Non-IFRS Measures" and "Financial Results and Review of Operations" in this MD&A.

MANAGEMENT'S DISCUSSION AND ANALYSIS \| FOR THE YEAR ENDED SEPTEMBER 30, 2025 AND 2024&nbsp;&nbsp;&nbsp;&nbsp;5

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**SHARE OF LOSS FROM INVESTMENTS IN ASSOCIATES**

In Q4 Fiscal 2024, the Company recognized an impairment loss of $4,773 related to its investment in Hyasynth Biologicals Inc. ("Hyasynth"), This was due to indicators of impairment identified at the time, and the recoverable amount of the investment was determined to be approximately nil. The impairment was recorded in the consolidated statement of operations and comprehensive loss.

**CHANGE IN FAIR VALUE OF CONTINGENT CONSIDERATION**

Change in fair value of contingent consideration was a gain of $6,453 during Q4 Fiscal 2025 compared to $nil in Q4 Fiscal 2024. The gain in Q4 Fiscal 2025 was due to the revaluation of the contingent liability payable to the former vendors of Motif and CPL.

**SHARE ISSUE COSTS**

In Q4 Fiscal 2024, the Company closed the second tranche of the Follow-on BAT Investment and issued 4,429,740 common shares (the "Common Shares") and 8,463,435 Class A preferred shares ("Preferred Shares"). The transaction costs of $269 incurred in relation to the issuance of Preferred Shares were recognized as an expense in the consolidated statement of operations and comprehensive loss.

**CHANGE IN FAIR VALUE OF DERIVATIVE LIABILITIES, PREFERRED SHARES AND OTHER FINANCIAL ASSETS**

Change in fair value of derivative liabilities, preferred shares and other financial assets was a loss of $49,370 during Q4 Fiscal 2025 compared to a loss of $1,642 in Q4 Fiscal 2024. The following are the fair value changes that were recognized in Q4 Fiscal 2025 and Q4 Fiscal 2024:

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| | | | |
|:---|:---|:---|:---|
| | 0 | Q4 Fiscal 2025 | Q4 Fiscal 2024 |
| Investment in Phylos | $— | $2132 | $(3661) |
| Investment in OBX |  | (111) | (175) |
| Investment in Sanity Group (convertible loan) |  | 719 | (2253) |
| Investment in Sanity Group (common shares) |  | 485 | (247) |
| Top-up Rights |  | 19190 | 3070 |
| Commitment to fund third tranche of Phylos convertible loan |  | (1) | 168 |
| Commitment to issue Preferred Shares |  |  | 2744 |
| Warrants |  | 3107 | 2520 |
| Preferred Shares |  | 23849 | (524) |
|  | $— | $49370 | $1642 |

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ADJUSTED EBITDA

Adjusted EBITDA<sup>8</sup> was $9,843 in Q4 Fiscal 2025 compared to adjusted EBITDA of $5,860 in Q4 Fiscal 2024. The $3,983 increase in adjusted EBITDA from the comparative period is primarily attributable to higher recreational and international net revenue and the increase in adjusted gross margin<sup>9</sup>. Please refer to the "Financial Results and Review of Operations" section of this MD&A for a reconciliation of adjusted EBITDA to net loss.

NET LOSS

The net loss was $37,964 in Q4 Fiscal 2025 compared to a net loss of $5,433 in Q4 Fiscal 2024. The increase in net loss of $32,531 year-over-year was primarily due to a higher loss on the change in fair value of derivative liabilities, preferred shares and other financial assets, which increased by $47,728 compared to the comparative period. This increase in loss was partially offset by improved gross margins in Q4 Fiscal 2025, reflecting operational efficiencies, product mix optimization, and ongoing cost-management initiatives.

KEY DEVELOPMENTS DURING THE QUARTER AND SUBSEQUENT TO SEPTEMBER 30, 2025

**In July 2025**, in response to consumer demand for accessible, high-quality THC beverages, the Company's launched its e-commerce platform expanding U.S. consumer access to Collective Project beverages across 25 states. The launch represented a milestone in Organigram's multi-phase U.S. expansion strategy.

**In September 2025** the Company released "High Impact, Green Growth: The Economic Footprint of Canada's Cannabis Industry," a national report done in partnership with the Business Data Lab at the Canadian Chamber of Commerce. The report

<sup>8</sup> Adjusted EBITDA is a non-IFRS Measure. See "Cautionary Statement Regarding Certain Non-IFRS Measures" and "Financial Results and Review of Operations" in this MD&A.

<sup>9</sup> Adjusted gross margin is a non-IFRS Measure. See "Cautionary Statement Regarding Certain Non-IFRS Measures" in this MD&A.

MANAGEMENT'S DISCUSSION AND ANALYSIS \| FOR THE YEAR ENDED SEPTEMBER 30, 2025 AND 2024&nbsp;&nbsp;&nbsp;&nbsp;6

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shows that in 2024 Canada's legal cannabis industry contributed more than $16 billion to national GDP, generating nearly $29 billion in total economic output. To put its economic weight in perspective, cannabis's direct GDP contribution of $8.4 billion in 2024 exceeds that of forestry and logging ($3.4 billion), breweries ($2.6 billion), and wineries and distilleries ($975 million). The sector also supported over 227,000 jobs across the country, including 168,000 direct jobs in cultivation and retail, alongside 59,000 in supply, logistics and professional services. These contributions extend coast-to-coast, demonstrating cannabis's place as one of Canada's most significant homegrown industries.

**In October 2025** the Company announced the launch of happly, its third U.S. hemp-derived delta-9 brand, created specifically for the growing segment of consumers seeking 'mindful recreation' with THC products. The launch of happly follows the Company's entry into the U.S. hemp-derived THC market with its lineup of Collective Project sparkling juices and Fetch sodas earlier this year.<sup>10</sup>

**In October 2025** the Company announced that Ms. Beena Goldenberg extended her tenure as Chief Executive Officer until November 30, 2025 to support the completion of the Company's CEO search process.

**In November 2025** the Company announced that James Yamanaka, formerly Global Head of Strategy for BAT, has been appointed as the Company's new Chief Executive Officer. Mr. Yamanaka is expected to assume the role effective on or about January 15, 2026. Peter Amirault, Chairman of the board of directors of the Company (the "**Board**"), was appointed by the Board to serve as Executive Chair on an interim basis effective December 1, 2025, to oversee day-to-day management of the Company until Mr. Yamanaka assumes the CEO role. During this period, Geoff Machum, chair of the Board's Governance, Nominating and Sustainability Committee, will serve as the independent lead director.

<sup>10</sup>See amendments to definition of hemp in the 2018 Farm Bill as described in greater detail in the "Outlook" section of this MD&A.

MANAGEMENT'S DISCUSSION AND ANALYSIS \| FOR THE YEAR ENDED SEPTEMBER 30, 2025 AND 2024&nbsp;&nbsp;&nbsp;&nbsp;7

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FINANCIAL RESULTS AND REVIEW OF OPERATIONS

FINANCIAL HIGHLIGHTS

Below is the period-over-period analysis of the changes that occurred between Fiscal 2025 and Fiscal 2024. Commentary is provided on the pages that follow.

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| | | | | |
|:---|:---|:---|:---|:---|
| | 2025 | 2024 | $ CHANGE | % CHANGE |
| Financial Results |  |  |  |  |
| Gross revenue | $403024 | $247177 | $155847 | 63% |
| Net revenue | $259183 | $159841 | $99342 | 62% |
| Cost of sales | $174850 | $111390 | $63460 | 57% |
| Gross margin before fair value adjustments | $84333 | $48451 | $35882 | 74% |
| Gross margin % before fair value adjustments | 33% | 30% |  | 3% |
| Realized fair value on inventories sold and other inventory charges | $(67125) | $(52078) | $(15047) | (29)% |
| Unrealized gain on changes in fair value of biological assets | $73008 | $51151 | $21857 | 43% |
| Gross margin | $90216 | $47524 | $42692 | 90% |
| Operating expenses | $105516 | $82280 | $23236 | 28% |
| Loss from operations | $(15300) | $(34756) | $19456 | 57% |
| Other expenses | $23229 | $10684 | $12545 | 117% |
| Net loss | $(24759) | $(45440) | $20681 | (46)% |
| Net loss per common share, basic | $(0.194) | $(0.477) | $0.283 | 59% |
| Net loss per common share, diluted | $(0.194) | $(0.477) | $0.283 | 59% |
| Net cash used in by operating activities before working capital changes  | $(5468) | $(11085) | $5617 | 51% |
| Net cash provided by (used in) operating activities | $(7591) | $3872 | $(11463) | nm |
| Adjusted gross margin<sup>(1)</sup> | $91004 | $53934 | $37070 | 69% |
| Adjusted gross margin %<sup>(1)</sup> | 35% | 34% |  | 1% |
| Adjusted EBITDA<sup>(1)</sup> | $21855 | $8416 | $13439 | 160% |
| Financial Position |  |  |  |  |
| Working capital | $158738 | $208897 | $(50159) | (24)% |
| Inventory and biological assets | $123954 | $82524 | $41430 | 50% |
| Total assets | $562211 | $407860 | $154351 | 38% |
| Non-current financial liabilities<sup>(2)</sup> | $76401 | $34439 | $41962 | 122% |

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Note (1):&nbsp;&nbsp;&nbsp;&nbsp;Non-IFRS measures that have been defined and reconciled within their respective subsections in this section of the MD&A.

Note (2):&nbsp;&nbsp;&nbsp;&nbsp;Non-current financial liabilities exclude non-monetary balances related to contingent consideration, derivative liabilities and deferred income taxes.

NET REVENUE

For Fiscal 2025, the Company recorded net revenue of $259,183 compared to net revenue of $159,841 for Fiscal 2024. Net revenue increased on a period-over-period basis primarily as a result of an increase in recreational revenue and international revenue, as well as the contributions from Motif's sales following the acquisition of Motif, for the period from December 6, 2024 to September 30, 2025.

REVENUE COMPOSITION

The Company's net revenue composition by product category was as follows for Fiscal 2025 and Fiscal 2024:

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| | | | | |
|:---|:---|:---|:---|:---|
| | 2025 | 2024 | $ CHANGE | % CHANGE |
| Recreational, net of excise duty | 221551 | 143051 | 78500 | 55% |
| International | 26336 | 9651 | 16685 | 173% |
| Wholesale, medical and other | 11296 | 7139 | 4157 | 58% |
| Total Net Revenue | $259183 | $159841 | $99342 | 62% |

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MANAGEMENT'S DISCUSSION AND ANALYSIS \| FOR THE YEAR ENDED SEPTEMBER 30, 2025 AND 2024&nbsp;&nbsp;&nbsp;&nbsp;8

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COST OF SALES AND GROSS MARGIN

The gross margin for Fiscal 2025 was $90,216 or 35% as a percentage of net revenue, compared to $47,524 or 30% as a percentage of net revenue, for Fiscal 2024. The changes and significant items impacting gross margin in Fiscal 2025 were: (i) higher recreational cannabis revenue; (ii) higher international sales; (iii) lower cultivation and post-harvest costs; and (iv) higher unrealized gains on changes in the fair value of biological assets.

Included in gross margin are the changes in the fair value of biological assets related to IFRS standard IAS 41 – Agriculture. Unrealized gain on changes in the fair value of biological assets for Fiscal 2025 was $73,008 as compared to $51,151 in Fiscal 2024.

Cost of sales primarily consists of the following:

• Costs of sales of cannabis (dried flower, pre-rolls, and wholesale/international bulk flower), cannabis extracts, vapes, chocolates, and other wholesale formats such as extract) include the direct costs of materials and packaging, labour, including any associated share-based compensation, and depreciation of manufacturing building and equipment. This includes cultivation costs (growing, harvesting, drying, and processing costs), extraction, vape filling, quality assurance and quality control, as well as packaging and labelling;

• Costs related to other products, such as vaporizers and other accessories;

• Shipping expenses to deliver product to the customer; and

• The production costs of late-stage biological assets that are disposed of, plants destroyed that do not meet the Company's quality assurance standards, provisions for excess and unsalable inventories, provisions related to adjustments to net realizable value that reduce the carrying value of inventory below the original production or purchase cost, and other production overhead.

ADJUSTED GROSS MARGIN

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted gross margin is calculated by subtracting cost of sales, before the effects of: (i) unrealized gain on changes in fair value of biological assets; (ii) realized fair value on inventories sold and other inventory charges; (iii) realized fair value on inventories sold from acquisitions; (iv) provisions and impairment of inventories and biological assets; and (v) provisions to net realizable value. The Company believes that this measure provides useful information to assess the profitability of the Company's operations as it represents the normalized gross margin generated from operations and excludes the effects of non-cash fair value adjustments on inventories and biological assets, which are required by IFRS. See "Cautionary Statement Regarding Certain Non-IFRS Measures". The most directly comparable measure to adjusted gross margin calculated in accordance with IFRS is gross margin before fair value adjustments.

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Q1-F24** | **Q2-F24** | **Q3-F24** | **Q4-2024** | **Q1-F25** | **Q2-F25** | **Q3-F25** | **Q4-F25** | **2025** |
| Net revenue | $36455 | $37628 | $41060 | $44698 | $42730 | $65600 | $70792 | 80061 | 259183 |
| Cost of sales before adjustments | 25259 | 26019 | 26474 | 28155 | 28451 | 43679 | 46566 | 49483 | 168179 |
| Adjusted gross margin | 11196 | 11609 | 14586 | 16543 | 14279 | 21921 | 24226 | 30578 | 91004 |
| Adjusted gross margin % | 31% | 31% | 36% | 37% | 33% | 33% | 34% | 38% | 35% |
| Less: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provisions of inventories and biological assets | 1672 | 314 | 628 | 2043 | 13 | 548 | 921 | 1603 | 3085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provisions to net realizable value | 13 | 33 | 71 | 709 | 151 |  | 15 | 967 | 1133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realized fair value on inventories sold from acquisitions |  |  |  |  |  | 1586 | 867 |  | 2453 |
| Gross margin before fair value adjustments | $9511 | $11262 | $13887 | $13791 | $14115 | $19787 | $22423 | $28008 | $84333 |
| Gross margin % (before fair value adjustments) | 26% | 30% | 34% | 31% | 33% | 30% | 32% | 35% | 33% |
| Add: <br>Realized fair value on inventories sold and other inventory charges | $(11923) | $(11062) | $(13728) | $(15365) | $(13066) | $(14192) | $(14461) | $(25406) | $(67125) |
| Unrealized gain on changes in fair value of biological assets | $9112 | $9400 | $13849 | $18790 | $12765 | $12823 | $18184 | $29236 | $73008 |
| Gross margin<sup>(1)</sup> | $6700 | $9600 | $14008 | $17216 | $13814 | $18418 | $26146 | $31838 | $90216 |
| Gross margin %<sup>(1)</sup> | 18% | 26% | 34% | 39% | 32% | 28% | 37% | 40% | 35% |

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Note (1):&nbsp;&nbsp;&nbsp;&nbsp;Gross margin reflects the IFRS measure per the Company's Financial Statements.

Both adjusted gross margin and gross margin before fair value adjustments have generally improved throughout Fiscal 2024. This improvement is attributed to several factors, including lower cultivation and post-harvest costs, reduced inventory provisions, lower depreciation resulting from impairment charges recorded in fiscal year 2023 and higher recreational cannabis revenue. In Q1 Fiscal 2025, gross margin declined primarily due to lower unrealized gain on changes in fair value of biological assets and lower international sales. In Q2 Fiscal 2025, gross margin declined primarily due to the fair value adjustment on inventories acquired through the Motif acquisition and subsequently sold, as required under IFRS. In Q3 Fiscal 2025, gross margin has

MANAGEMENT'S DISCUSSION AND ANALYSIS \| FOR THE YEAR ENDED SEPTEMBER 30, 2025 AND 2024&nbsp;&nbsp;&nbsp;&nbsp;9

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increased primarily due to higher international sales and higher unrealized gain on changes in fair value of biological assets. In Q4 Fiscal 2025, the gross margin increase was driven by a higher proportion of international sales with stronger margins, lower cost of sales per unit achieved through greater scale and operating efficiencies (including but not limited to an improvement in yields), and higher unrealized gain on changes in fair value of biological assets, partially offset by lower margins on domestic white label and B2B sales.

OPERATING EXPENSES

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| | | | | |
|:---|:---|:---|:---|:---|
| | **2025** | **2024** | **CHANGE** | **% CHANGE** |
| General and administrative | $59499 | $44955 | $14544 | 32% |
| Sales and marketing | 31097 | 19851 | 11246 | 57% |
| Research and development | 10945 | 11200 | (255) | (2)% |
| Share-based compensation | 3975 | 6274 | (2299) | (37)% |
| Total operating expenses | $105516 | $82280 | $23236 | 28% |

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**GENERAL AND ADMINISTRATIVE** 

For Fiscal 2025, the Company incurred general and administrative expenses of $59,499 compared to $44,955 for Fiscal 2024. The increased expenses mainly relates to higher depreciation and amortization resulting from the acquisitions of Motif and CPL, as well as increased ERP implementation expenses. These expenses as a percentage of net revenue decreased to 23% from 28% in the comparative period.

**SALES AND MARKETING**

For Fiscal 2025, the Company incurred sales and marketing expenses of $31,097 or 12% of net revenues as compared to $19,851 or 12% of net revenues for Fiscal 2024. The increase in the current period is on account of higher trade investments consistent with the addition of Motif and CPL portfolios and a more competitive retail landscape. As a percentage of net revenue, sales and marketing expenses remained consistent with the prior year at 12%.

**RESEARCH AND DEVELOPMENT**

Research and development costs of $10,945 for Fiscal 2025 increased from $11,200 in Fiscal 2024. The decrease in expenses mainly relates to reduced activity under the PDC Agreement relative to Fiscal 2024.

**SHARE-BASED COMPENSATION**

For Fiscal 2025, the Company recognized $3,975, in share-based compensation expense in relation to selling, marketing, general and administrative, and research and development employees, compared to $6,274 for Fiscal 2024.

Total share-based compensation charges, including those related to production employees that are charged to biological assets and inventory, and amounts expensed, for Fiscal 2025, were $4,217 compared to $7,182 for Fiscal 2024. The decrease in expense is primarily due to immediately vesting equity awards granted in the comparative period to retain talent; no such awards were granted in the current period.

Share-based compensation represents a non-cash expense and was valued using the Black-Scholes valuation model for stock options and using the fair value of the shares on the date of the grant for restricted share units ("RSUs"). The fair value of performance share units ("PSUs") was based on the Company's share price at the grant date, adjusted for an estimate of likelihood of achievement of the defined performance criteria.

MANAGEMENT'S DISCUSSION AND ANALYSIS \| FOR THE YEAR ENDED SEPTEMBER 30, 2025 AND 2024&nbsp;&nbsp;&nbsp;&nbsp;10

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OTHER EXPENSES

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| | | | | |
|:---|:---|:---|:---|:---|
| | Fiscal 2025 | Fiscal 2024 | CHANGE | % CHANGE |
| Investment income, net of financing costs | (1150) | (3311) | (2161) | (65)% |
| Acquisition and transaction costs | 6580 | 915 | 5665 | 619% |
| Share of loss (including impairment) from investments in associates |  | 5284 | (5284) | (100)% |
| Change in fair value of contingent consideration | (9743) | (50) | 9693 | 19386% |
| Loss (Gain) on disposal of property, plant and equipment | 9 | (633) | 642 | nm |
| Share issue costs allocated to derivative liabilities | 170 | 937 | (767) | (82)% |
| Change in fair value of derivative liabilities, preferred shares and other financial assets | 27505 | 7718 | 19787 | 256% |
| Other non-operating expense (income) | (142) | (176) | (34) | (19)% |
| Total other expenses | $23229 | $10684 | $12545 | 117% |

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**INVESTMENT INCOME, NET OF FINANCING COSTS**

Investment income (net of financing costs) for Fiscal 2025 of $1,150 decreased from the Fiscal 2024 of $3,311, primarily due to a lower cash balance in the current period.

**ACQUISITION AND TRANSACTION COSTS**

Acquisition and transaction costs for Fiscal 2025 of $6,580 increased from the Fiscal 2024 of $915, primarily driven by higher costs associated with the Company's acquisitions and integration activities related to Motif and CPL. Included in these costs are legal and professional advisory fees and employee restructuring costs.

**SHARE OF LOSS FROM INVESTMENTS IN ASSOCIATES**

During Fiscal 2024, the Company recognized an impairment loss of $4,773 related to its investment in Hyasynth. This was due to indicators of impairment identified at the time, and the recoverable amount of the investment was determined to be approximately nil. The impairment was recorded in the consolidated statement of operations and comprehensive loss.

**LOSS (GAIN) ON DISPOSAL OF PROPERTY, PLANT AND EQUIPMENT**

During Fiscal 2025, the Company recognized a loss on disposal of property, plant and equipment of $9 compared to gain of $633 in Fiscal 2024. The change in loss (gain) on disposal of property, plant and equipment was primarily as a result of an early termination of one lease agreement in Fiscal 2024, which resulted in a gain of $416.

**CHANGE IN FAIR VALUE OF DERIVATIVE LIABILITIES, PREFERRED SHARES AND OTHER FINANCIAL ASSETS**

Change in fair value of derivative liabilities, preferred shares and other financial assets was a loss of $27,505 for Fiscal 2025, compared to a loss of $7,718 for Fiscal 2024. The following are the fair value changes that were recognized in Fiscal 2025 and Fiscal 2024.

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| | | |
|:---|:---|:---|
| | **YEAR ENDED** | **YEAR ENDED** |
| | SEPTEMBER 30, 2025 | SEPTEMBER 30,<br>2024 |
| Investment in Phylos | $(3174) | $(3227) |
| Investment in OBX | (374) | (164) |
| Investment in Sanity Group (convertible loan) | (4399) | (2253) |
| Investment in Sanity Group (common shares) | (1) | (247) |
| Top-up Rights | 22483 | 6208 |
| Commitment to fund third tranche of Phylos convertible loan | (357) | 762 |
| Commitment to issue Preferred Shares | (6937) | 7189 |
| Warrants | (2266) | (26) |
| Preferred shares | 22530 | (524) |
|  | $27505 | $7718 |

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NET LOSS

Net loss for Fiscal 2025 was $24,759 or $0.194 per Common Share (basic and diluted), compared to $45,440 or $0.477 per Common Share (basic and diluted) for Fiscal 2024. The decrease in net loss from Fiscal 2024 is primarily due to higher gross margins and a deferred tax recovery that was recorded in Fiscal 2025.

MANAGEMENT'S DISCUSSION AND ANALYSIS \| FOR THE YEAR ENDED SEPTEMBER 30, 2025 AND 2024&nbsp;&nbsp;&nbsp;&nbsp;11

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SUMMARY OF QUARTERLY RESULTS

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Q1-F24** | **Q2-F24** | **Q3-F24** | **Q4-2024** | **Q1-F25** | **Q2-F25** | **Q3-F25** | **Q4-F25** |
| Financial Results |  |  |  |  |  |  |  |  |
| Adult-use recreational cannabis revenue (net of excise) | $34425 | $33118 | $36467 | $38839 | $38558 | $56658 | $59918 | $66415 |
| Medical international, wholesale and other revenue | $2030 | $4510 | $4593 | $5859 | $4172 | $8942 | $10874 | $13646 |
| Net revenue | $36455 | $37628 | $41060 | $44698 | $42730 | $65600 | $70792 | $80061 |
| Net income (loss) | $(15750) | $(27075) | $2818 | $(5433) | $(22957) | $42456 | $(6294) | $(37964) |
| Net income (loss) per common share, basic | $(0.194) | $(0.297) | $0.027 | $(0.050) | $(0.202) | $0.329 | $(0.047) | $(0.283) |
| Net income (loss) per common share, diluted | $(0.194) | $(0.297) | $0.026 | $(0.050) | $(0.202) | $0.318 | $(0.047) | $(0.283) |
| Operational Results |  |  |  |  |  |  |  |  |
| Employee headcount (#) | 984 | 987 | 914 | 875 | 1241 | 1150 | 1178 | 1139 |

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The Company saw a decrease in net revenues in the first quarter of Fiscal 2024. This was followed by a sequential increase in the remaining quarters of Fiscal 2024. In the first quarter of Fiscal 2025, net revenue marginally decreased primarily as a result of lower international sales. In the second quarter of Fiscal 2025, the Company's international sales increased. Additionally, recreational net revenue also increased during this period. In Q3 Fiscal 2025, the Company achieved record net revenue and sequentially higher international sales. In Q4 Fiscal 2025, net revenue was the highest that the Company has reported in the preceding eight quarters.

In the Q1 and Q2 Fiscal 2024, the Company recorded a higher net loss primarily due to lower gross margin, higher operating expenses and lower gain on the change in fair value of derivative liabilities. In Q3 Fiscal 2024, both net revenue and gross margin increased, resulting in net income. In Q4 Fiscal 2024, the Company recorded a net loss primarily due to an impairment loss of $4,773 for investments in associates and change in fair value of derivative liabilities and other financial assets (investments which are measured at fair value through profit and loss) of $1,642. In Q1 Fiscal 2025, the Company's net loss increased, primarily due to increases in fair value losses on derivative liabilities and higher acquisition and transaction costs related to the acquisition of Motif. In Q2 Fiscal 2025, the Company recorded net income of $42,456. This increase compared to the prior quarter is primarily due to higher gross margins and higher gains from changes in the fair value of derivative liabilities, preferred shares, contingent consideration, and other financial assets. In Q3 Fiscal 2025, the Company recorded net loss of $6,294 primarily due to an increase in fair value losses on derivative liabilities and preferred shares. In Q4 Fiscal 2025, the Company's net loss increased, primarily due to increases in fair value losses on derivative liabilities and preferred shares.

Adjusted EBITDA

Adjusted EBITDA is a non-IFRS Measure and the Company calculates adjusted EBITDA as net income (loss) excluding: financing costs, net of investment income; income tax expense (recovery); depreciation, amortization, impairment, normalization of depreciation add-back due to changes in depreciable assets resulting from impairment charges, (gain) loss on disposal of property, plant and equipment (per the consolidated statement of cash flows); share-based compensation (per the consolidated statement of cash flows); share of loss (gain) from investments in associates and impairment loss from loans receivable; change in fair value of contingent consideration; change in fair value of derivative liabilities, preferred shares and other financial assets; expenditures incurred in connection with research and development activities (net of depreciation); unrealized (gain) loss on changes in fair value of biological assets; realized fair value on inventories sold and other inventory charges; provisions and net realizable value adjustments related to inventory and biological assets; government subsidies, insurance recoveries and other non-operating expenses (income); legal provisions (recoveries); incremental fair value component of inventories sold from acquisitions; ERP implementation costs; transaction costs; share issuance costs; and provision for Canndoc expected credit losses. Management believes that adjusted EBITDA is intended to provide a proxy for the Company's operating cash flow and derives expectations of future financial performance for the Company, and excludes adjustments that are not reflective of current operating results. See "Cautionary Statement Regarding Certain Non-IFRS Measures". The most directly comparable measure to adjusted EBITDA calculated in accordance with IFRS is net income (loss).

During the second quarter of Fiscal 2024, management changed the calculation of Adjusted EBITDA to include provisions for expected credit losses and has conformed prior quarters accordingly.

MANAGEMENT'S DISCUSSION AND ANALYSIS \| FOR THE YEAR ENDED SEPTEMBER 30, 2025 AND 2024&nbsp;&nbsp;&nbsp;&nbsp;12

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Adjusted EBITDA (Non-IFRS Measure)** | | | | | | | | | |
| Adjusted EBITDA Reconciliation | **Q1-F24** | **Q2-F24** | **Q3-F24** | **Q4-2024** | **Q1-F25** | **Q2-F25** | **Q3-F25** | **Q4-F25** | **Fiscal 2025** |
| Net (loss) income as reported | $(15750) | $(27075) | $2818 | $(5433) | $(22957) | $42456 | $(6294) | $(37964) | $(24759) |
| Add/(deduct):  |  |  |  |  |  |  |  |  |  |
| Investment income, net of financing costs | (522) | (650) | (1179) | (960) | (825) | (179) | (73) | (73) | (1150) |
| Income tax (recovery) expense |  | (30) |  | 30 |  | (106) | (9903) | (3761) | (13770) |
| Depreciation, amortization, and (gain) loss on disposal of property, plant and equipment (per statement of cash flows) | 3594 | 3130 | 3039 | 3073 | 3387 | 4839 | 4789 | 4960 | 17975 |
| Normalization of depreciation add-back due to changes in depreciable assets resulting from impairment charges | 757 |  |  |  |  |  |  |  |  |
| Share-based compensation (per statement of cash flows) | 2007 | 1995 | 2087 | 1093 | 1325 | 938 | 1007 | 947 | 4217 |
| Other (income) expenses | 343 | 12778 | (6687) | 6646 | 12477 | (50728) | 13511 | 42539 | 17799 |
| Incremental fair value component on inventories sold from acquisitions |  |  |  |  |  | 1586 | 897 |  | 2483 |
| ERP implementation costs | 991 | 173 | 7 | 465 | 744 | 628 | 1217 | 951 | 3540 |
| Acquisition and other transaction costs | 590 | (170) | 421 | 74 | 4504 | 974 | 654 | 448 | 6580 |
| Provisions and net realizable value adjustments related to inventory and biological assets | 4496 | 2009 | 578 | (673) | 465 | 1917 | (2787) | (1260) | (1665) |
| Adjusted EBITDA as Previously Reported |  |  |  |  |  |  |  |  |  |
| Research and development expenditures, net of depreciation | 4387 | 2556 | 2381 | 1545 | 2290 | 2583 | 2676 | 3056 | 10605 |
| Adjusted EBITDA as previously reported | $893 | $(5284) | $3465 | $5860 | $1410 | $4908 | $5694 | 9843 | 21855 |
| Add: Provision for expected credit losses |  | 4239 |  |  |  |  |  |  |  |
| Adjusted EBITDA (revised) | $893 | $(1045) | $3465 | $5860 | $1410 | $4908 | $5694 | 9843 | 21855 |
| Divided by: net revenue | 36455 | 37628 | 41060 | 44698 | 42730 | 65600 | 70792 | 80061 | 259183 |
| Adjusted EBITDA margin % (revised) (non-IFRS measure) | 2% | (3)% | 8% | 13% | 3% | 7% | 8% | 12% | 8% |

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MANAGEMENT'S DISCUSSION AND ANALYSIS \| FOR THE YEAR ENDED SEPTEMBER 30, 2025 AND 2024&nbsp;&nbsp;&nbsp;&nbsp;13

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In Q1 Fiscal 2024, the Company's adjusted EBITDA was $893. In Q2 Fiscal 2024, the Company's Adjusted EBITDA position was a loss of $1,045 and the decrease in adjusted EBITDA from Q1 Fiscal 2024 was primarily due to increased sales and marketing expenses. In Q3 Fiscal 2024, as a result of higher recreational cannabis revenue and a higher adjusted gross margin resulting from lower cultivation and post-harvest costs, adjusted EBITDA increased to $3,465. In Q4 Fiscal 2024, the Company achieved adjusted EBITDA of $5,860. During Q1 Fiscal 2025, the adjusted EBITDA decreased to $1,410 due to lower international sales. In Q2 Fiscal 2025, the Company's international sales increased and the adjusted EBITDA increased to $4,908. During Q3 Fiscal 2025, the Company's recreational and international sales increased, resulting in an increase in adjusted EBITDA to $5,694. In Q4 Fiscal 2025, continued growth in net revenues and lower costs of production (on a per unit basis), resulted in adjusted EBITDA of $9,843 which was the highest adjusted EBITDA the Company had ever reported in any quarter.

BALANCE SHEET, LIQUIDITY AND CAPITAL RESOURCES

The following represents selected balance sheet highlights of the Company at the end Fiscal 2025 and Fiscal 2024:

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| | | | |
|:---|:---|:---|:---|
| | SEPTEMBER 30, 2025 | SEPTEMBER 30,<br>2024 | % CHANGE |
| Cash, restricted cash & short-term investments | $84420 | $133426 | (37)% |
| Inventories | $106023 | $67351 | 57% |
| Working capital | $158738 | $208897 | (24)% |
| Total assets | $562211 | $407860 | 38% |
| Total current and long-term debt | $— | $— | —% |
| Non-current financial liabilities<sup>(1)</sup> | $76401 | $34414 | 122% |
| Total shareholders' equity | $349130 | $305989 | 14% |

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Note 1: Non-current financial liabilities excludes non-monetary balances related to contingent consideration, derivative liabilities and deferred income taxes.

On September 30, 2025, the Company had total cash and short term investments of $84,420 compared to $133,426 at September 30, 2024. The decrease is primarily due to cash (net) payments of $65,620 for the acquisitions of Motif and CPL. The funds used to finance these acquisitions were not drawn from the Jupiter Pool.

Management believes its capital position, including access to the $10 million of previously restricted funds pursuant to a temporary waiver granted by BAT, provides sufficient liquidity to fund operations in the near to medium term. The Company's cash balances fluctuate significantly on a quarterly basis due to the timing of excise duty obligations. Management assesses additional financing alternatives regularly, including for strategic growth initiatives. Furthermore, the Company may be able to, if necessary and subject to prevailing market conditions, obtain equity or debt financing through capital markets. Additionally, subject to the restrictions in the amended and restated investor rights agreement dated January 23, 2024 between the Company and BAT, the Company may be able to use its shares as a currency for additional acquisitions. The Common Shares are listed for trading on both the Nasdaq Global Select Market ("NASDAQ") and the Toronto Stock Exchange (the "TSX"), and there is analyst coverage among sell-side brokerages. However, there can be no assurance that capital will be available on terms acceptable to the Company or at all.

In April 2024, the Company successfully closed an offering of units of the Company for gross proceeds of $28.8 million pursuant to a base shelf prospectus and the corresponding Form F-10 registration statement.

The following highlights the Company's cash flows during Q4 Fiscal 2025 and Q4 Fiscal 2024:

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| | | | | |
|:---|:---|:---|:---|:---|
| | Q4-F25 | Q4-F24 | Fiscal 2025 | Fiscal 2024 |
| Cash provided by (used in): |  |  |  |  |
| Operating activities | $(1452) | $8893 | $(7591) | $3872 |
| Financing activities | (565) | 41011 | 39333 | 107779 |
| Investing activities | 214 | $(5995) | (81066) | $(30803) |
| Cash provided by (used in) | $(1803) | $43909 | $(49324) | $80848 |
| Cash position |  |  |  |  |
| Beginning of period | 85031 | 105116 | 132605 | 51757 |
| End of period | $83228 | $149025 | $83281 | $132605 |
| Short-term investments | 826 | 821 | 826 | 821 |
| Cash and short-term investments | $84054 | $149846 | $84107 | $133426 |

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MANAGEMENT'S DISCUSSION AND ANALYSIS \| FOR THE YEAR ENDED SEPTEMBER 30, 2025 AND 2024&nbsp;&nbsp;&nbsp;&nbsp;14

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Cash used in by operating activities for Q4 Fiscal 2025 and Fiscal 2025 was $1,452 and $7,591, respectively, compared to cash generated in the Q4 Fiscal 2024 and Fiscal 2024 of $8,893 and $3,872, respectively. The increase in cash used in operating activities is primarily due to higher working capital requirements resulting from increased sales in the current period.

Cash (used in) provided by financing activities for Q4 Fiscal 2025 and Fiscal 2025 was $(565) and $39,333, respectively. In comparison, for Q4 Fiscal 2024 and Fiscal 2024 cash provided by financing activities was $41,011 and $107,779, respectively. For Fiscal 2025 and Fiscal 2024, proceeds from the Follow-on BAT Investment were the primary source of cash provided by financing activities.

Cash (used in) provided by investing activities for Q4 Fiscal 2025 and Fiscal 2025 was $214 and $(81,066), respectively, compared to cash (used in) provided by investing activities of $(5,995) and $(30,803) in Q4 Fiscal 2024 and Fiscal 2024, respectively. The increase in cash used by investing activities for Q4 Fiscal 2025 and Fiscal 2025 is primarily due to the acquisition of subsidiaries, for which the Company paid cash consideration of $65,620.

Free Cash Flow

Free Cash Flow is a Non-IFRS Measure and is calculated by the Company as net cash provided by or used in operating activities less the purchase of property, plant and equipment. Management believes that Free Cash Flow is a useful indicator of the Company's capacity to fund operations from internally generated cash flows, without the need for additional borrowings or use of existing cash reserves under normal operating conditions. See "Cautionary Statement Regarding Certain Non-IFRS Measures". The most directly comparable measure to Free Cash Flow in accordance with IFRS is net cash and restricted cash provided by (used in) operating activities.

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| | | | | |
|:---|:---|:---|:---|:---|
| | Q4-F25 | Q4-F24 | Fiscal 2025 | Fiscal 2024 |
| Net cash and restricted cash provided by (used in) operating activities | $(1452) | $8893 | $(7591) | $3872 |
| Deduct: Change in property, plant and equipment | 764 | (1810) | (17022) | (4731) |
| Free Cash Flow | $(688) | $7083 | $(24613) | $(859) |

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OFF BALANCE SHEET ARRANGEMENTS

There were no off-balance sheet arrangements during Q4 Fiscal 2025 and Fiscal 2025.

RELATED PARTY TRANSACTIONS

MANAGEMENT AND BOARD COMPENSATION

Key management personnel are those persons having the authority and responsibility for planning, directing, and controlling activities of the Company, directly or indirectly. The key management personnel are the members of the Company's executive management team and Board of Directors. The transactions are conducted at arm's length and in the normal course of operations.

For Q4 Fiscal 2025 and Fiscal 2025 and for Q4 Fiscal 2024 and Fiscal 2024, the Company's expenses included the following:

Management and Board compensation:

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| | | | | |
|:---|:---|:---|:---|:---|
| | Q4-F25 | Q4-F24 | Fiscal 2025 | Fiscal 2024 |
| Salaries, bonus and consulting fees | $1620 | $1743 | $5616 | $7155 |
| Share-based compensation | 606 | 806 | 2698 | 4620 |
| Total key management compensation | $2226 | $2549 | $8314 | $11775 |

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During Q4 Fiscal 2025 and Fiscal 2025, nil and nil stock options (Fiscal 2024 – nil and 62,000) were granted to key management personnel with an aggregate fair value of $nil and $nil, respectively (September 30, 2024 – $nil and $123). In addition, during the Q4 Fiscal 2025 and Fiscal 2025, nil and 404,905 RSUs, (September 30, 2024 – 29,762 and 2,175,879), were granted to key management personnel with an aggregate fair value of nil and 1,538,000, respectively (September 30, 2024 – $nil and $4,373). For Q4 Fiscal 2025 and Fiscal 2025, nil and 404,905 PSUs, (September 30, 2024 – nil and 678,717) were issued to key management personnel with an aggregate fair value of $nil and $457, respectively (September 30, 2024 – $nil and $543).

MANAGEMENT'S DISCUSSION AND ANALYSIS \| FOR THE YEAR ENDED SEPTEMBER 30, 2025 AND 2024&nbsp;&nbsp;&nbsp;&nbsp;15

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SIGNIFICANT TRANSACTIONS WITH ASSOCIATES AND JOINT OPERATIONS

The Company has transactions with related parties, as defined in IAS 24 *Related Party Disclosures*, all of which are undertaken in the normal course of business.

For Q4 Fiscal 2025 and Fiscal 2025, under the PDC Agreement, BAT incurred $968 and $2,965 (Fiscal 2024 - $504 and $3,708) for direct expenses and the Company incurred $1,289 and $5,421 (Fiscal 2024 - $1,266 and $9,623) of direct expenses and capital expenditures of $nil and $9 (Fiscal 2024 - $nil and $96) related to the CoE, respectively. The Company recorded $1,105 and $4,193 (Fiscal 2024 - $885 and $6,666) of these expenditures in the consolidated statements of operations and comprehensive loss. For Q4 Fiscal 2025 and Fiscal 2025, the Company recorded $nil and $5 (Fiscal 2024 - $nil and $49) of capital expenditures in the consolidated statements of financial position.

During Q4 Fiscal 2025 and Fiscal 2025, BAT did not exercise any Top-up Rights. As at September 30, 2025, there is a receivable balance of $701 (September 30, 2024 - $3,169) from BAT.

FAIR VALUE MEASUREMENTS

(i) Financial Instruments

Financial instruments recorded at fair value on the consolidated statements of financial position are classified using a fair value hierarchy that reflects the significance of the inputs used in making the measurements. The Company categorizes its fair value measurements according to a three-level hierarchy. The hierarchy prioritizes the inputs used by the Company's valuation techniques. A level is assigned to each fair value measurement based on the lowest-level input significant to the fair value measurement in its entirety.

The three levels of the fair value hierarchy are described as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 inputs are quoted prices in active markets for identical assets or liabilities that the entity can access at the measurement date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 inputs, other than quoted prices included within Level 1, that are observable for the asset or liability, either directly or indirectly; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 inputs are unobservable inputs for the asset or liability.

As at September 30, 2025, the Company held financial instruments that are measured at fair value at each reporting date. The valuation of these instruments is performed using various models, which, due to the complexity and nature of the instruments, primarily rely on Level 3 inputs within the fair value hierarchy. These inputs are unobservable and reflect the Company's own assumptions about the assumptions that market participants would use in pricing the instruments. Refer to Note 19 of the Financial Statements for further information.

OUTSTANDING SHARE DATA

(i) Outstanding Shares, Warrants and Options and Other Securities

The following table sets out the number of Common Shares, options, warrants, Top-up Rights, RSUs and PSUs outstanding of the Company as at September 30, 2025 and December 11, 2025:

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| | | |
|:---|:---|:---|
| | SEPTEMBER 30, 2025 | DECEMBER 11, 2025 |
| Common shares issued and outstanding | 134461029 | 135004752 |
| Preferred shares<sup>(1)</sup> | 13794163 | 13794163 |
| Options | 2301674 | 2262196 |
| Warrants | 4450500 | 4450500 |
| Top-up rights | 18251858 | 18019383 |
| Restricted share units | 2996794 | 2414860 |
| Performance share units | 1677762 | 1661907 |
| Total fully diluted shares | 177933780 | 177607761 |

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Note 1: The preferred shares are eligible, under certain scenarios, to be converted into common shares equalling 14,456,471 consisting of the original preferred shares of 13,794,163 that convert into one common share and accretion amounts that accrue to the preferred shares at an annual rate of 7.5% per annum. Since the preferred shares were issued under the second and third tranches of the Follow-On BAT Investment, they have collectively accrued 662,308 of additional common share conversion value.

CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS

The preparation of the consolidated financial statements in conformity with IFRS requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income

MANAGEMENT'S DISCUSSION AND ANALYSIS \| FOR THE YEAR ENDED SEPTEMBER 30, 2025 AND 2024&nbsp;&nbsp;&nbsp;&nbsp;16

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and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the year in which the estimates are revised and in any future years affected.

The following are the estimates and judgments made by management in applying the accounting policies of the Company that have the most significant effect on the consolidated financial statements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.Biological assets and inventories** 

Determination of the fair value of biological assets requires management to make a number of estimates, including estimating the average selling price per gram and expected average yield per plant. The Company records obsolete and unsalable inventories at the lower of cost and net realizable value. Adjustments to the carrying value of inventories are based on obsolescence trends, historical experience, forecast demand and average selling price for obsolete and unsalable inventories. Refer to Notes 6 and 7 for further information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.Useful lives and impairment of property, plant and equipment and finite-life intangible assets** 

Amortization of property, plant and equipment and finite life intangible assets requires estimates of useful lives, which are determined through the exercise of judgment. The assessment of any impairment of these assets is dependent upon estimates of recoverable amounts, taking into consideration factors such as economic and market conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.Share-based payments** 

In determining the fair value of options and related costs, management estimates the expected life of the option, the expected volatility of the Company's share price, the risk-free interest rate, and the rate of forfeitures. Refer to Note 14 for further information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.Provision for returns and price adjustments**

Government customers typically have the right to return products, and in some cases, the right to pricing adjustments for products that are subsequently discounted or sold for a lower price in another jurisdiction. The estimation of potential future returns and pricing adjustments includes the use of management estimates and assumptions that may not be certain given the evolving nature of the industry.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.Impairment of non-financial assets** 

The recoverable amount of an individual CGU and group of CGUs is determined based on value in use which involves the use of a discounted cash flow model and significant assumptions which include forecasted cash flows, terminal growth rate and post-tax discount rates. In allocating any impairment loss, the Company determines the recoverable amounts of its property, plant and equipment. The recoverable amount of property and plant is determined based on fair value less costs of disposal and involves the use of capitalization rates, market rentals, market transactions and demolition costs. Refer to Note 8 for further information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6. &nbsp;&nbsp;&nbsp;&nbsp;Derivative liabilities**

Warrants issued pursuant to equity offerings that are potentially exercisable in cash or on a cashless basis resulting in a variable number of shares being issued are considered derivative liabilities and therefore measured at fair value through profit or loss. The Company uses the Black-Scholes option pricing model to estimate the fair value of such warrants at inception, on each exercise, and subsequently at the period end date. The key assumption used in the model is the expected future volatility in the price of the Company's Common Shares.

The potential issuance of Common Shares related to Top-up Rights is classified as a derivative liability and is therefore measured at fair value through profit or loss. The Company uses the Monte Carlo pricing model to estimate the fair value of such Top-up Rights at inception, upon each exercise, and at year-end. The key assumption used in the model is the expected future volatility of the price of the Company's Common Shares. The impact of changes in these key assumptions is described in Note 12.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.&nbsp;&nbsp;&nbsp;&nbsp;Recognition and measurement of preferred shares and derivative financial instrument**

In determining the initial and subsequent measurement of the Preferred Shares and relative derivative, management has applied significant judgment and estimation in regards to the fair valuation of the Preferred Shares and related derivative liability. Refer to Notes 12 and 19 for further information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.&nbsp;&nbsp;&nbsp;&nbsp;Recognition and measurement of other financial assets** 

MANAGEMENT'S DISCUSSION AND ANALYSIS \| FOR THE YEAR ENDED SEPTEMBER 30, 2025 AND 2024&nbsp;&nbsp;&nbsp;&nbsp;17

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In determining the initial and subsequent recognition and measurement of the other financial assets, management has applied significant judgment and estimates including but not limited to determining the appropriate valuation methodology and key inputs. Refer to Notes 11 and 19 for further information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.&nbsp;&nbsp;&nbsp;&nbsp;Business Combinations**

Management performs a valuation analysis to allocate the purchase price based on the acquisition date fair values of the identifiable assets acquired and liabilities assumed. Determining the fair value of identifiable assets acquired and liabilities assumed on the acquisition date and contingent consideration requires the use of judgment and estimates. With respect to the acquisitions, the significant assumptions related to estimating the fair value of the acquired brands and customer relationships, included: the royalty rate, forecasted revenues, and forecasted cash flows. Valuations are highly dependent on the inputs used and assumptions made by management regarding the future performance of these assets and any changes in the discount rate applied.

**New and amended accounting standards effective for the current year**

**Amendments to IAS 1: Classification of Liabilities as Current or Non-Current and Non-current Liabilities with Covenants**

In January 2020 and October 2022, the IASB issued amendments to IAS 1 to specify the requirements relating to determining whether a liability should be presented as current or non-current in the statement of financial position. Under the new requirements, the assessment of whether a liability is presented as current or non-current is based on the contractual arrangements in place as at the reporting date and does not impact the amount or timing of recognition. These amendments also clarify how conditions with which an entity must comply within twelve months after the reporting period affect the classification of a liability. The amendments apply retrospectively for annual reporting periods beginning on or after January 1, 2024. These amendments do not have a material impact on the Company's consolidated financial statements.

**Amendments to IFRS 16: Lease Liability in a Sale and Leaseback**

On September 22, 2022, the IASB issued amendments to IFRS 16 Leases, to specify the requirements that a seller-lessee uses in measuring the lease liability arising in a sale and leaseback transaction, to ensure the seller-lessee does not recognize any amount of the gain or loss that relates to the right of use it retains. The amendments are effective for annual reporting periods beginning on or after January 1, 2024 and must be applied retrospectively to sale and leaseback transactions entered into after the date of initial application of IFRS 16. Earlier application is permitted and that fact must be disclosed. The Company has not entered into any sale and leaseback transactions in the past and does not anticipate doing so in the future. Therefore, these amendments do not have an impact on the Company's consolidated financial statements.

**Amendments to IAS 7 and IFRS 7: Supplier Finance Arrangements**

In May 2023, the IASB issued amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures to clarify the characteristics of supplier finance arrangements and require additional disclosure of such arrangements. The disclosure requirements in the amendments are intended to assist users of financial statements in understanding the effects of supplier finance arrangements on an entity's liabilities, cash flows and exposure to liquidity risk. These amendments do not have an impact on the Company's consolidated financial statements.

**Accounting standards issued but not yet effective**

The new and amended standards and interpretations that are issued, but are not yet effective, up to the date of issuance of the Company's consolidated financial statements are disclosed below. The Company intends to adopt these new and amended standards and interpretations when they become effective.

**Amendment to the Classification and Measurement of Financial Instruments – Amendments to IFRS 9 and IFRS 7**

In May 2024, the IASB issued amendments to IFRS 9 and IFRS 7 to respond to recent questions arising in practice, and to include new requirements not only for financial institutions but also for corporate entities. These amendments:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• clarify the date of recognition and derecognition of some financial assets and liabilities, with a new exception for some financial liabilities settled through an electronic cash transfer system;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• clarify and add further guidance for assessing whether a financial asset meets the solely payments of principal and interest (SPPI) criterion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• add new disclosures for certain instruments with contractual terms that can change cash flows (such as some financial instruments with features linked to the achievement of environment, social and governance targets); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• update the disclosures for equity instruments designated at fair value through other comprehensive income (FVOCI).

These amendments are effective for annual reporting periods beginning on or after January 1, 2026, and must be applied retrospectively. Earlier application is permitted. The Company is currently evaluating the full potential impact of these amendments on the consolidated financial statements.

**IFRS 18 Presentation and Disclosure in Financial Statements**

MANAGEMENT'S DISCUSSION AND ANALYSIS \| FOR THE YEAR ENDED SEPTEMBER 30, 2025 AND 2024&nbsp;&nbsp;&nbsp;&nbsp;18

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In April 2024, the IASB issued IFRS 18, which replaces IAS 1 Presentation of financial statements. IFRS 18 introduces new requirements for presentation within the statement of profit or loss, including specified totals and subtotals. Furthermore, entities are required to classify all income and expenses within the statement of profit or loss into one of five categories: operating, investing, financing, income taxes and discontinued operations, whereof the first three are new.

It also requires disclosure of newly defined management-defined performance measures, subtotals of income and expenses, and includes new requirements for aggregation and disaggregation of financial information based on the identified "roles" of the primary financial statements (PFS) and the notes.

In addition, narrow-scope amendments have been made to IAS 7 Statement of Cash Flows. These include changing the starting point for determining cash flows from operations under the indirect method from "profit or loss" to "operating profit or loss" and removing the optionality around classification of cash flows from dividends and interest. In addition, there are consequential amendments to several other standards.

IFRS 18 and the amendments to the other standards, are effective for annual reporting periods beginning on or after January 1, 2027, but earlier application is permitted and must be disclosed. IFRS 18 will apply retrospectively. The Company is currently evaluating the potential impact of IFRS 18 on the Company's consolidated financial statements.

**IFRS 19 Subsidiaries without Public Accountability: Disclosures and amendment**

In May 2024, the IASB issued amendments to IFRS 19, which permits an eligible subsidiary (i.e., a subsidiary without public accountability, whose ultimate or intermediate parent prepares consolidated financial statements under IFRS) to apply reduced disclosure requirements while otherwise applying full IFRS recognition, measurement and presentation requirements.The standard is effective for annual periods beginning on or after January 1, 2027 and may be applied prospectively, with earlier application permitted.

As the Company is not a subsidiary and has public accountability (its shares are publicly traded), it is not eligible to apply IFRS 19 and therefore these amendments are not expected to have any impact on the Company's consolidated financial statements.

**Amendments to IAS 21 - Lack of Exchangeability**

In August 2023, the IASB amended IAS 21 to clarify when a currency is exchangeable into another currency and how a company estimates a spot rate when a currency lacks exchangeability. The amendments are effective for annual reporting periods beginning on or after January 1, 2025 and must be applied prospectively to foreign-currency items entered into after the date of initial application. These amendments are not expected to have a material impact on the Company's consolidated financial statements.

ACQUISITION OF SUBSIDIARIES

**i.Acquisition of Motif**

On December 6, 2024, the Company acquired 100% of the issued and outstanding shares of Motif, a Canadian leader in the vape and infused pre-roll categories backed by a portfolio of strong owned brands, for upfront consideration of $90 million. This included $50 million in cash and $40 million of the Company's common shares priced based on the 30 day trading volume-weighted average price ("VWAP") of $2.3210. In addition, Motif shareholders are entitled to receive an additional contingent consideration of $10 million payable in the Company's common shares, conditional on the Company achieving a price per share exceeding $3.2203 per share, based on the rolling 30-trading day VWAP on the TSX, within 12 months of the date of the transaction. The acquisition was accounted for as a business combination under IFRS 3. For additional details regarding the accounting treatment of the acquisition, refer to Note 26 of the Financial Statements.

The acquisition of Motif resulted in Organigram becoming the #1 LP in Canada by market share<sup>11</sup> and added two purpose-built facilities to its portfolio that are optimized for cannabis extraction, processing, manufacturing, and distribution. Motif's product portfolio is highly complementary to Organigram's, with minimal portfolio overlap.

On April 1, 2025, the Company completed the amalgamation of Motif and it continued as a single legal entity under the name Organigram Inc. Integration efforts are substantially complete, with core systems, operational processes, and organizational structures largely aligned. Management continues to monitor residual integration matters as part of normal operations.

**ii.Acquisition of CPL**

On March 31, 2025, the Company acquired 100% of the issued and outstanding shares of CPL, a company operating in the cannabis and hemp-derived THC beverage categories, supported by a portfolio of strong owned brands, for upfront consideration of $6 million. CPL's former shareholder is also entitled to receive up to additional consideration of $24 million in contingent consideration, subject to achievement of certain milestone and earnout targets. The acquisition was accounted for as a business

<sup>11</sup> Source: Hifyre (all provinces other than QC, NB and NS), Weedcrawler (QC), and Board Data (NB, NS, PE), R3M Oct 30

MANAGEMENT'S DISCUSSION AND ANALYSIS \| FOR THE YEAR ENDED SEPTEMBER 30, 2025 AND 2024&nbsp;&nbsp;&nbsp;&nbsp;19

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combination under IFRS 3. For additional details regarding the accounting treatment of the acquisition, refer to Note 26 of the Financial Statements.

Through the Company's acquisition of CPL, the Company entered the cannabis beverage category in Canada and the hemp-derived THC beverage category in the U.S. In Canada, the Company has captured 5.5% of the beverage category<sup>12</sup> and intends to further expand in this category by leveraging sales capabilities and the FAST<sup>TM</sup> nanoemulsion technology. In the U.S., CPL beverages are currently distributed in approximately 25 states through its online DTC platform and retail brick and mortar locations across several states.<sup>12</sup>

Refer to Note 26 to the Financial Statements for further information.

CONTINGENT LIABILITIES

The Company recognizes loss contingency provisions for probable losses when management can reasonably estimate the loss. When the estimated loss lies within a range, the Company records a loss contingency provision based on its best estimate of the probable loss. If no particular amount within that range is a better estimate than any other amount, the mid-point of the range is used. As information becomes known a loss contingency provision is recorded when a reasonable estimate can be made. The estimates are reviewed at each reporting date and the estimates are changed when expectations are revised. An outcome that deviates from the Company's estimate may result in an additional expense or release in a future accounting period.

DISCLOSURE CONTROLS AND PROCEDURES AND INTERNAL CONTROL OVER FINANCIAL REPORTING

In accordance with National Instrument 52-109 - *Certification of Disclosure in Issuers' Annual and Interim Filings* ("NI 52-109") and Rule 13a-15 under the United States Securities Exchange Act of 1934, as amended (the "Exchange Act"), the establishment and maintenance of Disclosure Controls and Procedures ("DCP") and Internal Control Over Financial Reporting ("ICFR") is the responsibility of management.

The Company engaged PKF O'Connor Davies ("PKF"), the Company's independent registered public accounting firm, to perform an "integrated audit" which encompassed an opinion on the fairness of presentation of the Company's annual consolidated financial statements for the year ended September 30, 2025, as well as an opinion on the effectiveness of the Company's ICFR. PKF, has audited the Company's Financial Statements and has issued an adverse report on the effectiveness of ICFR. PKF's audit report on the Company's ICFR is incorporated by reference into the Company's annual report on Form 40-F under the Exchange Act for the year ended September 30, 2025.

DISCLOSURE CONTROLS AND PROCEDURES

The Company maintains a set of DCP designed to provide reasonable assurance that information required to be publicly disclosed is recorded, processed, summarized and reported on a timely basis. As required by NI 52-109 and Exchange Act Rule 13a-15(b), an evaluation of the design and operation of our DCP was completed as of September 30, 2025 under the supervision and with the participation of management, including our Chief Executive Officer who departed subsequent to Fiscal 2025 effective November 30, 2025, and our Executive Chair who is acting in the capacity of Chief Executive Officer effective December 1, 2025 ("CEO") and Chief Financial Officer ("CFO") using the criteria set forth in Internal Control - Integrated Framework, issued by the Committee of Sponsoring Organizations of the Treadway Commission (the "COSO 2013 Framework"). Based upon this evaluation, our CEO and CFO concluded that because of the material weaknesses in our ICFR described below, our DCP were not effective as of such date.

LIMITATIONS ON SCOPE OF DESIGN

The Company has limited the scope of its evaluation of DCP and ICFR to exclude controls, policies and procedures over entities that were acquired by the Company not more than 365 days before the end of the financial period. The only entities controlled by

<sup>12</sup> As of September 30, 2025 - Multiple sources (Hifyre, Weedcrawler, OCS wholesale sales and e-commerce orders shipped data, provincial boards data and internal sales data)

<sup>12</sup>See amendments to definition of hemp in the 2018 Farm Bill as described in greater detail in the "Outlook" section of this MD&A.

MANAGEMENT'S DISCUSSION AND ANALYSIS \| FOR THE YEAR ENDED SEPTEMBER 30, 2025 AND 2024&nbsp;&nbsp;&nbsp;&nbsp;20

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the Company but that was scoped out of the evaluation of DCP and ICFR were Motif (acquired effective December 6, 2024), CPL and CPL USA (both acquired effective March 31, 2025).

Excluding goodwill and intangible assets, Motif constitutes approximately $52,485 of the Company's current assets, $78,093 of total assets, $40,000 of current liabilities and $55,518 of total liabilities as of the acquisition date. During the three months and year ended September 30, 2025, Motif contributed $42,463 and $137,793 in gross revenue to the consolidated results.

Excluding goodwill and intangible assets, CPL constitutes approximately $2,523 of the Company's current assets, $2,523 of total assets, $1,097 of current liabilities and $5,030 of total liabilities as of the acquisition date. As of the date of this MD&A, the purchase price allocation for CPL has not yet been finalized.

INTERNAL CONTROL OVER FINANCIAL REPORTING

NI 52-109 requires the CEO and CFO to certify that they are responsible for establishing and maintaining ICFR for the Company and that those internal controls have been designed and are effective in providing reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements in accordance with IFRS. Similarly, Exchange Act Rule 13a-15(c) requires the Company's management, with the participation of the CEO and CFO, to evaluate ICFR as of the end of the fiscal year. The CEO and CFO are also responsible for disclosing any changes to the Company's internal controls during the most recent period that have materially affected, or are reasonably likely to materially affect, its internal control over financial reporting.

MATERIAL CHANGES TO INTERNAL CONTROL OVER FINANCIAL REPORTING

There has been a change to the Company's ICFR during the three months ended September 30, 2025 that has materially affected, or is likely to materially affect, the Company's ICFR. In the fourth quarter of fiscal year 2025, staff turnover among personnel responsible for preparing and reviewing complex spreadsheets related to biological assets and inventory impacted management's ability to maintain effective operation of applicable controls.

Security and Administration and Monitoring of Service Organizations

With respect to the material weakness related to the information process during Fiscal 2025, the following remedial activities were completed and the material weakness assessed as remediated in Q4 of Fiscal 2025:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Engaged internal control specialists that assisted management in evaluating internal controls and in designing remediation plans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Hired a VP, Information Technology to oversee and enhance the IT department and support the remediation of deficiencies in general IT controls;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Hired and trained a dedicated resource to review the third-party service organization control reports and assess their impact in relation to the Company's control environment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Remediated certain IT General controls; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Remediated the identified deficiencies related to the design, implementation, and operation of certain process-level and financial statement close controls.

MANAGEMENT'S EVALUATION OF INTERNAL CONTROL OVER FINANCIAL REPORTING

The Company's management, under the supervision and with the participation of its CEO and CFO, conducted an evaluation of the effectiveness of the Company's ICFR as defined by NI 52-109 and Rule 13a-15(f) of the Exchange Act as of September 30, 2025, using the criteria set forth by the COSO 2013 Framework. Based on this evaluation, management concluded that the Company's ICFR was not effective as of September 30, 2025.

A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the Company's annual or interim financial statements will not be prevented or detected on a timely basis. Management has identified the following material weakness:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Management review controls designed to ensure the completeness and accuracy of complex spreadsheets used in the biological assets and inventory valuation processes, as well as user access rights and related controls over the inventory management application Ample system, were not designed or operating effectively. The material weakness related to the inventory management application Ample system was remediated through the decommissioning of the system application in the first quarter of Fiscal 2026, and the system application is no longer in use.

MANAGEMENT'S DISCUSSION AND ANALYSIS \| FOR THE YEAR ENDED SEPTEMBER 30, 2025 AND 2024&nbsp;&nbsp;&nbsp;&nbsp;21

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STATUS OF REMEDIATION PLAN

The Company was successful in remediating the material weakness related to IT General Controls and made progress in remediating other control deficiencies as discussed above under "Material Changes to Internal Control Over Financial Reporting" as at the end of Fiscal 2025. Management, with the assistance of external and internal specialists, has continued reviewing and revising its ICFR, and remains committed to implementing changes to its ICFR to ensure that the control deficiencies that contributed to the remaining material weakness is remediated in Fiscal 2026.

The following remedial activities remain in progress as at the date of this MD&A and are expected to continue at least throughout the first half of Fiscal 2026. The controls associated with these remedial activities have not yet been subject to control testing to conclude on the design or operational effectiveness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company will continue to streamline complex spreadsheet models related to biological assets and inventory to reduce the risk of errors in mathematical formulas and to improve the ability to verify the logic of complex spreadsheets, while continuing to automate processes, and leverage the Company's new inventory costing upgrades in its ERP system.

A component of the material weakness related to the inventory management application Ample system was remediated through the decommissioning of the system application in the first quarter of Fiscal 2026, and the system application is no longer in use.

Following the improvement and remediation of the material weakness related to IT General Controls, senior management has discussed the remaining material weakness with the Audit Committee which will continue to review progress on these remediation activities. While we believe these actions, including the third phase of the ERP system, will contribute to the remediation of the material weakness, we have not yet completed all of the corrective processes, procedures and related evaluation or remediation that we believe are necessary. As we continue to evaluate and work to remediate the remaining material weakness, we may need to take additional measures to address the deficiencies. Until the remediation steps set forth above, including the efforts to implement any additional control activities identified in the process, are fully implemented and operate for a sufficient period of time that they can be concluded to be operating effectively, the remaining material weakness described above will not be considered fully remediated. While significant progress has been made toward remediation of the remaining material weakness, no assurance can be provided at this time that the actions and remediation efforts will effectively remediate the remaining material weakness described above or prevent the incidence of other material weaknesses in the Company's ICFR in the future. Management expects to fully remediate the remaining material weakness identified before the end of Fiscal 2026. See "Risk Factors" in this MD&A and the AIF.

Management, including the CEO and CFO, does not expect that DCP or ICFR will prevent all misstatements, even as the remediation measures are implemented and further improved to address the material weakness. The design of any system of internal controls is based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving the stated goals under all potential future conditions.

RISK FACTORS

The Company's business is subject to risks inherent in a high growth, heavily regulated enterprise. We have identified certain risks pertinent to our business that may have affected or may affect our business, financial conditions, results of operations and cash flows, as further described throughout this MD&A and under "Risk Factors" in the AIF. For additional risk factors, readers are directed to the Company's AIF, which is (a) available under the Company's issuer profile on SEDAR+ at www.sedarplus.ca, and (b) incorporated into and forms part of the Company's annual report on Form-40F filed on EDGAR at www.sec.gov. As a general matter, management of the Company attempts to assess and mitigate any risks and uncertainties by retaining experienced professional staff and ensuring that the Board of Directors and senior management of the Company are monitoring the risks impacting or likely to impact the business on a continuous basis.

(i) Credit Risk

Credit risk arises from deposits with banks, short-term investments, outstanding trade and other receivables, restricted cash and other financial assets. For trade receivables, the Company does not hold any collateral as security but mitigates this risk by dealing only with what management believes to be financially sound counterparties and, accordingly, does not anticipate significant loss for non-performance. For other receivables, outside of the normal course of business, management generally obtains guarantees and general security agreements. The maximum exposure to credit risk of cash, short-term investments, restricted cash, other financial assets and accounts receivable and other receivables on the statement of financial position at September 30, 2025 approximates $198,827 (September 30, 2024 - $211,306).

MANAGEMENT'S DISCUSSION AND ANALYSIS \| FOR THE YEAR ENDED SEPTEMBER 30, 2025 AND 2024&nbsp;&nbsp;&nbsp;&nbsp;22

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As of September 30, 2025 and September 30, 2024, the Company's aging of trade receivables was as follows:

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| | | |
|:---|:---|:---|
| | SEPTEMBER 30, 2025 | SEPTEMBER 30, 2024 |
| 0-90 days | $56442 | $32349 |
| More than 90 days | 12846 | 5502 |
| Gross trade receivables | $69288 | $37851 |
| Less: Expected credit losses and reserve for product returns and price adjustments | (5703) | (5196) |
|  | $63585 | $32655 |

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(ii) Liquidity Risk

The Company's liquidity risk is the risk that the Company will not be able to meet its financial obligations as they become due. The Company manages its liquidity risk by reviewing its capital requirements on an ongoing basis. As at September 30, 2025, the Company had $28,200 (September 30, 2024 – $106,745) of cash and working capital of $158,738 (September 30, 2024 - $208,897). Further, the Company may access equity capital through the capital markets and may also obtain debt financing, if required.

The Company is obligated to the following contractual maturities relating to their undiscounted cash flows as at September 30, 2025:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Carrying Amount | Contractual Cash Flows | Less than <br>1 year | 1 to 3 years | 3 to 5 years | More than <br>5 years |
| Accounts payable and accrued liabilities | $89247 | $89247 | $89247 | $— | $— | $— |
| Long-term debt | 25 | 25 | 25 |  |  |  |
| Lease obligations | 8727 | 11298 | 1584 | 3159 | 2939 | 3616 |
|  | $97999 | $100570 | $90856 | $3159 | $2939 | $3616 |

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The contractual maturities noted above are based on contractual due dates of the respective financial liabilities.

In connection with the Company's facilities, the Company is contractually committed to approximately $266 of capital expenditures.

(iii) Market Risk

Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk for the Company is comprised of interest rate risk, which is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Company's exposure to the risk of changes in market interest rates relates primarily to the Company's debt obligations with a floating interest rate. The Company has determined that a 1% change in rates would not have a material impact on the consolidated financial statements.

(iv) Concentration risk

The Company's accounts receivable are primarily due from provincial government agencies (four of which, individually, represented more than 10% of the Company's revenues during the year ended September 30, 2025), corporations (four of which represented more than 10% of the Company's revenues during the period), and legal trusts and, thus, the Company believes that the accounts receivable balance is collectible.

(v) Risks related to third party data

The Company relies on independent third party data for market share position and there is no assurance third party data provides an accurate representation of actual sales as some third parties use different methodologies or calculations to estimate market share position, and because market and industry data is inherently imprecise, subject to interpretation and cannot be verified with complete certainty due to limits on the availability and reliability of raw data, the voluntary nature of the data gathering process, and other limitations and uncertainties inherent in any statistical survey or data collection process. The Company also relies on its own market research and internal data to determine the accuracy of such third-party data.

(vi) Information Systems Risk

The Company's business operations are managed through a variety of information technology ("IT") systems. Certain of the Company's key IT systems are dated and require, or are in the process of, modernization. The Company's IT systems may also be vulnerable to damage or interruption from circumstances beyond the Company's control, including fire, flood, natural disasters, systems failures, network or communications failures, power outages, public health emergencies, security breaches, cyber-attacks and terrorism. If one of the Company's key IT systems were to suffer a failure, no assurance can be given that the Company's backup systems or contingency plans will sustain critical aspects of the Company's operations, and the Company's business, results of operations or financial condition could be materially adversely affected. Further, the Company relies on large outsourcing contracts for IT services with major third-party service providers, and if such service providers were to fail or the

MANAGEMENT'S DISCUSSION AND ANALYSIS \| FOR THE YEAR ENDED SEPTEMBER 30, 2025 AND 2024&nbsp;&nbsp;&nbsp;&nbsp;23

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relationships with the Company were to end, and the Company were unable to find suitable replacements in a timely manner, the Company's business, results of operations or financial condition could be materially adversely affected.

The Company is continually modifying and enhancing its IT systems and technologies to increase productivity, efficiency and security. As new systems and technologies are implemented, the Company could experience unanticipated difficulties resulting in unexpected costs and adverse impacts to its financial reporting and manufacturing and other business processes. When implemented, the systems and technologies may not provide the benefits anticipated and could add costs and complications to ongoing operations, which may have a material adverse effect on the Company's business, results of operations or

financial condition.

During fiscal year 2023 and Fiscal 2024, the Company launched a new ERP system, which provides for a more robust and secure financial system of record, among other supply chain and operational data. Various IT general controls are now centralized currently in the midst of stabilizing a new ERP system, which replaces its previous financial system. There can be no assurance

that the ERP system will provide the information and benefits expected by management.

Phase 3 of the Company's ERP system has been implemented; however, there remains a risk of post-implementation challenges during the stabilization period, which could adversely affect operational efficiency or internal controls over financial reporting if not effectively managed.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION

Certain information herein contains or incorporates comments that constitute forward-looking information within the meaning of applicable securities legislation ("forward-looking information"). Forward-looking information, in general, can be identified by the use of forward-looking terminology such as "outlook", "objective", "may", "will", "could", "would", "might", "expect", "intend", "estimate", "anticipate", "believe", "plan", "continue", "budget", "schedule" or "forecast" or similar expressions suggesting future outcomes or events. They include, but are not limited to, statements with respect to expectations, forecasts or other characterizations of future events or circumstances, and the Company's objectives, goals, strategies, beliefs, intentions, plans, estimates, projections and outlook, including statements relating to the Company's plans and objectives, or estimates or predictions of actions of customers, suppliers, partners, distributors, competitors or regulatory authorities; and statements regarding the Company's future economic performance. These statements are not historical facts but instead represent management beliefs regarding future events, many of which by their nature are inherently uncertain and beyond management control. Forward-looking information in this MD&A is based on the Company's current expectations about future events.

Certain forward-looking information in this MD&A includes, but is not limited to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Expectations regarding production capacity, including seed-based cultivation, capability of the beverage manufacturing line, facility size, THC content, costs and yields;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Expectations regarding the prospects of the Company's collaboration and investment transaction with BAT;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Expectations regarding the prospects for the Company's primary operating subsidiary, Organigram Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Expectations around demand for cannabis and related products, future opportunities and sales, including the relative mix of medical versus recreational cannabis products, the relative mix of products within the recreational category;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Changes in legislation related to permitted cannabis types, forms, and potency, and legislation of additional cannabis types and forms for adult use recreational cannabis in Canada, including regulations relating thereto, the timing and the implementation thereof, and our future product forms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Expectations around branded cannabis products with respect to timing, launch, product attributes, composition and consumer demand;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Expectations around the revenue growth from innovative products, particularly the commercialization of its new FAST<sup>TM</sup> nanoemulsion technology;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The scope of protection the Company is able to establish and maintain, if any, for its intellectual property ("IP") rights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Strategic investments and capital expenditures, and expected related benefits;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Expectations regarding the Company's investments in OBX, Phylos and Sanity Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Expectations regarding EU-GMP certification, including successful completion of the audit and timing for the issuance of the certification, if successful;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The general continuance of current, or where applicable, assumed industry conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Changes in laws, regulations, guidelines, and policies, and the interpretation thereof, including those relating to the recreational and/or medical cannabis markets domestically and internationally, minor cannabinoids and environmental programs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The price of cannabis and derivative cannabis products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The impact of the Company's cash flow and financial performance on third parties, including its supply partners;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fluctuations in the price of Common Shares and the market for Common Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The treatment of the Company's business under international regulatory regimes and impacts on changes thereto on the Company's international sales;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company's growth strategy, targets for future growth and forecasts of the results of such growth;

MANAGEMENT'S DISCUSSION AND ANALYSIS \| FOR THE YEAR ENDED SEPTEMBER 30, 2025 AND 2024&nbsp;&nbsp;&nbsp;&nbsp;24

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Expectations concerning access to capital and liquidity, and the Company's ability to access the public markets from time to time to fund operational activities and growth;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Expectations concerning the Company's financial position, future liquidity and other financial results;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The ability of the Company to generate cash flow from operations and from financing activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The competitive conditions of the industry, including the Company's ability to maintain or grow its market share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Expectations regarding the Company's ability to generate cost savings from operational effectiveness and automation initiatives;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Expectations regarding capital expenditures and timing thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Expectations concerning the Company's performance during the first quarter of fiscal year 2026 and full-year fiscal 2026, including with respect to revenue, adjusted gross margin, selling, general and administrative expenses, adjusted EBITDA Free Cash Flow, and cash from operations before working capital changes.

Forward-looking information is provided for the purposes of assisting the reader in understanding the Company and its business, operations, risks, financial performance, financial position and cash flows as at and for the periods ended on certain dates, and to present information about management's current expectations and plans relating to the future, and the reader is cautioned that such statements may not be appropriate for other purposes. In addition, this MD&A may contain forward-looking information attributed to third party industry sources. Undue reliance should not be placed on forward-looking information, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. Forward-looking information does not guarantee future performance and involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in the forward-looking information. By its nature, forward-looking information involves numerous assumptions, known and unknown risks and uncertainties, both general and specific, that contribute to the possibility that the expectations, predictions, forecasts, projections and conclusions will not occur or prove accurate, that assumptions may not be correct, and that objectives, strategic goals and priorities will not be achieved. These and other factors may cause actual results or events to differ materially from those anticipated in the forward-looking information.

Factors that could cause actual results to differ materially from those set forth in forward-looking information include, but are not limited to: financial risks; cyber security risks; dependence on senior management and other key personnel, the Board, consultants and advisors; availability and sufficiency of insurance including continued availability and sufficiency of director and officer and other forms of insurance; the Company and its subsidiaries being able to, where applicable, cultivate cannabis pursuant to applicable law and on the currently anticipated timelines and in anticipated volumes; industry competition; global events, including heightened economic and industry uncertainty as a result of any pandemic or epidemic and governmental action in respect thereto, including with respect to impacts on production, operations, disclosure controls and procedures or internal control over financial reporting, and supply chain and distribution disruptions; facility and technological risks; changes to government laws, regulations or policy, including the amendment of the definition of hemp in the 2018 Farm Bill to effectively eliminate hemp-derived THC products, environmental or tax, or the enforcement thereof; agricultural risks; ability to maintain any required licenses or certifications; supply risks; product risks; construction delays or postponements; packaging and shipping logistics; inflationary risk, expected number of medical and recreational cannabis users in Canada and internationally; continuation of shipments to existing and prospective international jurisdictions and customers; potential time frame for the implementation of legislation to legalize cannabis internationally; the Company's, its subsidiaries' and its investees' ability to, where applicable, obtain and/or maintain their status as LP or other applicable licensees; risk factors affecting its investees; availability of any required financing on commercially acceptable terms or at all; the potential size of the regulated recreational cannabis market in Canada; demand for and changes in the Company's cannabis and related products, including the Company's derivative products, and the sufficiency of the retail networks to supply such demand; ability to enter and participate in international market opportunities; general economic, financial market, regulatory, industry and political conditions affecting the Company; the ability of the Company to compete in the cannabis industry and changes in the competitive landscape; a material decline in cannabis prices; the Company's ability to manage anticipated and unanticipated costs; the Company's ability to implement and maintain effective internal control over financial reporting and disclosure controls and procedures; risks relating to potential failure of the Company's IT system; ongoing expansions to the Company's ERP system; continuing to meet listing standards for the TSX and the NASDAQ; risks relating to the Company's IP; liquidity risk; concentration risk; and other risks and factors described from time to time in the documents filed by the Company with securities regulators in Canada and the United States. Material factors and assumptions used in establishing forward-looking information include that production activities will proceed as planned, and demand for cannabis and related products will change in the manner expected by management. All forward-looking information is provided as of the date of this MD&A.

Certain forward-looking information included herein may also constitute a "financial outlook" within the meaning of applicable securities legislation. Financial outlook involves statements about the Company's prospective financial performance and financial position that are based on and subject to the assumptions about future economic conditions and courses of action described above as well as management's expectations regarding a strong innovation pipeline, increasing international sales, high cannabis quality and higher potency, commercialization of FAST nano-emulsion technology in ingestible formats, and receipt of the EU-GMP certification. Such assumptions are based on management's assessment of the relevant information currently available and any financial outlook included herein is provided for the purpose of helping readers understand managements's current expectations and plans for the future as of the date hereof. The actual results of the Company's operations may vary from the amounts set forth in any financial outlook and such variances may be material. Readers are cautioned that reliance on any

MANAGEMENT'S DISCUSSION AND ANALYSIS \| FOR THE YEAR ENDED SEPTEMBER 30, 2025 AND 2024&nbsp;&nbsp;&nbsp;&nbsp;25

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financial outlook may not be appropriate for other purposes, or in other circumstances and that the risk factors described above and other factors may cause actual results to differ materially from any financial outlook.

The Company does not undertake to update any such forward-looking information whether as a result of new information, future events or otherwise, except as required by law.

ADDITIONAL INFORMATION ABOUT THE ASSUMPTIONS, RISKS AND UNCERTAINTIES OF THE COMPANY'S BUSINESS AND MATERIAL FACTORS OR ASSUMPTIONS ON WHICH INFORMATION CONTAINED IN FORWARD-LOOKING INFORMATION IS BASED IS PROVIDED IN THE COMPANY'S DISCLOSURE MATERIALS, INCLUDING IN THIS MD&A UNDER "RISK FACTORS" AND THE COMPANY'S CURRENT AIF UNDER "RISK FACTORS", FILED WITH THE SECURITIES REGULATORY AUTHORITIES IN CANADA AND AVAILABLE UNDER THE COMPANY'S ISSUER PROFILE ON SEDAR+ AT WWW.SEDARPLUS.CA, AND FILED WITH OR FURNISHED TO THE SEC AND AVAILABLE ON EDGAR AT WWW.SEC.GOV. ALL FORWARD-LOOKING INFORMATION IN THIS MD&A IS QUALIFIED BY THESE CAUTIONARY STATEMENTS.

CAUTIONARY STATEMENT REGARDING CERTAIN NON-IFRS MEASURES

This MD&A contains certain financial and operational performance measures that are not recognized or defined under IFRS (i.e. non-IFRS measures). As there are no standardized methods of calculating these non-IFRS measures, the Company's approaches may differ from those used by others and this data may not be comparable to similar data presented by other LPs and cannabis companies. For an explanation of these measures to related comparable financial information presented in the Financial Statements prepared in accordance with IFRS, refer to the discussion below.

The Company believes that these non-IFRS measures are useful indicators of operating performance and are specifically used by management to assess the financial and operating performance of the Company. These non-IFRS measures include, but are not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted gross margin is calculated by subtracting cost of sales, before the effects of: (i) unrealized gain on changes in fair value of biological assets; (ii) realized fair value on inventories sold and other inventory charges; (iii) realized fair value on inventories sold from acquisitions; (iv) provisions and impairment of inventories and biological assets; and (v) provisions to net realizable value. Adjusted gross margin percentage is calculated by dividing adjusted gross margin by net revenue. Adjusted gross margin is reconciled to the most directly comparable IFRS financial measure in the "Financial Results and Review of Operations" section of this MD&A.

Management believes that these measures provide useful information to assess the profitability of our operations as they represent the normalized gross margin generated from operations and exclude the effects of non-cash fair value adjustments on inventories and biological assets, which are required by IFRS. The most directly comparable measure to adjusted gross margin calculated in accordance with IFRS is gross margin before fair value adjustments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted EBITDA is calculated as net income (loss) excluding: financing costs, net of investment income; income tax expense (recovery); depreciation, amortization, impairment, normalization of depreciation add-back due to changes in depreciable assets resulting from impairment charges, (gain) loss on disposal of property, plant and equipment (per the consolidated statement of cash flows); share-based compensation (per the consolidated statement of cash flows); share of loss (gain) from investments in associates including impairment loss; change in fair value of contingent consideration; change in fair value of derivative liabilities, other financial assets and preferred shares; expenditures incurred in connection with research and development activities (net of depreciation); unrealized gain on changes in fair value of biological assets; realized fair value on inventories sold and other inventory charges; provisions and net realizable value adjustments related to inventory and biological assets; government subsidies, insurance recoveries and other non-operating expenses (income); legal provisions (recoveries); ERP implementation costs; transaction costs; share issuance costs; and provision for Canndoc (as defined herein) expected credit losses. Adjusted EBITDA is reconciled to the most directly comparable IFRS financial measure in the "Financial Results and Review of Operations" section of this MD&A.<br>During the second quarter of Fiscal 2024, management changed the calculation of adjusted EBITDA and has conformed prior quarters accordingly to include provision for expected credit losses.

Adjusted EBITDA is intended to provide a proxy for the Company's operating cash flow and derives expectations of future financial performance for the Company, and excludes adjustments that are not reflective of current operating results. The most directly comparable measure to adjusted EBITDA calculated in accordance with IFRS is net income (loss).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Free Cash Flow provided by (used in) operating activities is calculated as net cash provided by or used in operating activities less the purchase of property, plant and equipment. Free Cash Flow is reconciled to the most directly comparable IFRS financial measure in the "Balance Sheet, Liquidity and Capital Resources" section of this MD&A.

MANAGEMENT'S DISCUSSION AND ANALYSIS \| FOR THE YEAR ENDED SEPTEMBER 30, 2025 AND 2024&nbsp;&nbsp;&nbsp;&nbsp;26

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Free Cash Flow is a useful indicator of the Company's capacity to fund operations from internally generated cash flows, without the need for additional borrowings or use of existing cash reserves under normal operating conditions. The most directly comparable measure to Free Cash Flow calculated in accordance with IFRS is net cash and restricted cash provided by (used in) operating activities.

Non-IFRS measures should be considered together with other data prepared in accordance with IFRS to enable investors to evaluate the Company's operating results, underlying performance and prospects in a manner similar to the Company's management. Accordingly, these non-IFRS measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.

MANAGEMENT'S DISCUSSION AND ANALYSIS \| FOR THE YEAR ENDED SEPTEMBER 30, 2025 AND 2024&nbsp;&nbsp;&nbsp;&nbsp;27

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## Exhibit 99.6

![](annualinformationform202001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 ANNUAL INFORMATION FORM OF ORGANIGRAM GLOBAL INC. For the Year Ended September 30, 2025 Dated December 16, 2025

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TABLE OF CONTENTS** ANNUAL INFORMATION FORM ............................................................................................................ 3 FORWARD-LOOKING STATEMENTS .................................................................................................... 3 CORPORATE STRUCTURE ...................................................................................................................... 5 GENERAL DEVELOPMENT OF THE BUSINESS ................................................................................... 7 DESCRIPTION OF THE BUSINESS ........................................................................................................ 13 RISK FACTORS ........................................................................................................................................ 32 DIVIDENDS ............................................................................................................................................... 62 CAPITAL STRUCTURE ........................................................................................................................... 62 MARKET FOR SECURITIES ................................................................................................................... 64 PRIOR SALES............................................................................................................................................ 65 DIRECTORS AND EXECUTIVE OFFICERS .......................................................................................... 66 DIRECTOR & EXECUTIVE OFFICER BIOGRAPHIES ........................................................................ 70 CEASE TRADE ORDERS, BANKRUPTCIES, PENALTIES OR SANCTIONS .................................... 74 CONFLICTS OF INTEREST ..................................................................................................................... 75 LEGAL PROCEEDINGS AND REGULATORY ACTIONS ................................................................... 76 INTEREST OF MANAGEMENT AND OTHERS IN MATERIAL TRANSACTIONS.......................... 76 TRANSFER AGENT AND REGISTRAR ................................................................................................. 76 MATERIAL CONTRACTS ....................................................................................................................... 76 INTERESTS OF EXPERTS ....................................................................................................................... 77 AUDIT COMMITTEE INFORMATION .................................................................................................. 77 ADDITIONAL INFORMATION ............................................................................................................... 79 APPENDIX "A" – AUDIT COMMITTEE CHARTER ............................................................................. 80

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ANNUAL INFORMATION FORM In this annual information form ("Annual Information Form"), unless otherwise noted or the context indicates otherwise, the "Company", "Organigram", "we", "us" and "our" refer to Organigram Global Inc. and its wholly-owned subsidiaries. All financial information in this Annual Information Form is in Canadian dollars and was prepared using International Financial Reporting Standards as issued by the International Accounting Standards Board. The information contained herein is dated as of September 30, 2025 unless otherwise stated. FORWARD-LOOKING STATEMENTS This Annual Information Form contains certain information that may constitute "forward-looking information" and "forward-looking statements" within the meaning of applicable securities laws (collectively, "forward-looking statements") which are necessarily based upon the Company's current internal expectations, estimates, forecasts, assumptions and beliefs regarding, among other things, the future performance and results of the Company's business and operations, general economic conditions, global events and applicable regulatory regimes. Such statements can be identified by the use of forward-looking terminology such as "expect", "likely", "may", "will", "should", "intend", "anticipate", "potential", "proposed", "estimate" and other similar words, including negative and grammatical variations thereof, or statements that certain events or conditions "may", "will" or "could" happen, or by discussions of strategy. Forward-looking statements include estimates, plans, expectations, opinions, forecasts, projections, targets, guidance, and all other statements that are not statements of fact. The forward-looking statements included in this Annual Information Form are made only as of the date of this Annual Information Form. Forward- looking statements in this Annual Information Form include, but are not limited to, statements with respect to: • Expectations regarding production capacity, facility size, tetrahydrocannabinol ("THC") content, costs and yields; • Expectations regarding the prospects of the Company's collaboration and ongoing investment transaction with a wholly-owned subsidiary of British American Tobacco p.l.c. ("BAT"); • Expectations regarding the prospects for the Company's principal operating subsidiary Organigram Inc. (formerly, Organigram, EIC, LAU and Motif (as defined herein)); • Expectations regarding demand for cannabis and related products, future opportunities and sales, including the relative mix of medical versus adult-use recreational cannabis products, the relative mix of products within the adult-use recreational category including wholesale and international, the Company's financial position, future liquidity and other financial results; • Changes in legislation related to permitted cannabis types, forms and potency and legislation of additional cannabis types and forms for adult-use recreational cannabis in Canada, including regulations relating thereto, the timing and the implementation thereof, and our future product forms; • Expectations around branded products and derivative-based products with respect to timing, launch, product attributes, composition and consumer demand; • Expectation to create sustainable competitive advantage through relevant and differentiated consumer products and medical trade engagement materials; • Expectation to renew the Company's licences prior to their expiry dates; • Expectations about the Company's ability to develop current and future vapour hardware, and the Company's ability to expand its share of the vapour market; • Strategic investments and capital expenditures, and expected related benefits; • The expectation that the technical arrangement between Organigram and Phylos Bioscience Inc. ("Phylos") will permit Organigram to continue to transition a portion of its garden to seed-based cultivation over time, and the anticipated benefits of seed-based production;

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- 4 - • Expectations regarding the Company's investments in Green Tank Technologies Corp. ("Greentank"), Steady State LLC doing business as Open Book Extracts ("OBX"), and Sanity Group GmbH ("Sanity Group"); • Expectations regarding the Company's acquisition and integration of Motif Labs Ltd. ("Motif"); • Expectations regarding the Company's acquisition and integration of Collective Project Limited ("Collective Project" or "CP"); • Expectations regarding the resolution of litigation and other legal proceedings; • The general continuance of current, or where applicable, assumed industry conditions; • Changes in laws, regulations and guidelines, including those relating to the recreational and/or medical cannabis markets domestically and internationally, and in particular, with respect to changes in hemp and marijuana in the U.S.; • Changes in laws, regulations, guidelines and policies, including those related to minor cannabinoids; • The impact of the Company's cash flow and financial performance on third parties, including its supply partners; • Fluctuations in the price of Common Shares and the market for Common Shares; • The treatment of the Company's business under international regulatory regimes and impacts on changes thereto to the Company's international sales; • The Company's growth strategy, targets for future growth and forecasts of the results of such growth; • Expectations concerning access to capital and liquidity, and the Company's ability to access the public markets from time to time to fund operational activities and growth; • The Company's ability to remain listed on the Toronto Stock Exchange (the "TSX") and NASDAQ Stock Market LLC ("NASDAQ") and the impact of any actions it may be required to take to remain listed; • The ability of the Company to generate cash flow from operations and from financing activities; and • The competitive conditions of the industry, including the Company's ability to maintain or grow its market share. Certain of the forward-looking statements and other information contained herein are based on estimates prepared by the Company using data from publicly available governmental sources as well as from market research and industry analysis, and on assumptions based on data and knowledge of the cannabis industry which the Company believes to be reasonable. However, although generally indicative of relative market positions, market shares and performance characteristics, such data is inherently imprecise. While the Company is not aware of any misstatement regarding any industry or government data presented herein, the cannabis industry involves risks and uncertainties that are subject to change based on various factors. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct. The Company's forward-looking statements are expressly qualified in their entirety by this cautionary statement. A number of factors could cause actual events, performance or results to differ materially from what is projected in the forward-looking statements. These factors include, but are not limited to, risks related to competition, changes in the cannabis industry, governmental regulation, changes in laws, regulations and guidelines, reliance primarily on a single cultivation facility, reliance on key inputs and volatility in the wholesale and retail prices of cannabis, the Company's success in developing new products and finding a market for the sale of new products, licence renewal risks, risk inherent in an agricultural business, rising energy costs, negative cash flows from operations, competition from illicit markets, acquisition and integration risk, volatility in the market for the Company's securities, history of losses, product liability, sufficiency of insurance, management of growth, financing risks, risks relating to developing and maintaining effective internal controls for reliable financial reporting and for fraud prevention, reliance on key personnel, risks relating to the resurgence of pandemic and catastrophic events, product recalls, risks relating to litigation

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- 5 - and securities class actions, difficulties with forecasts, uninsured and uninsurable events risks, risks relating to inflation, unknown health impacts of the use of cannabis and cannabis-derivatives, reliance on third- party transportation, ability to meet target production capacity, scale of operations, supply chain and distribution disruptions, facility and technological risks, packaging and shipping logistics, potential timeframe for the implementation of legislation to legalize cannabis in international markets, risks relating to the ability of the Company to obtain and/or maintain their status as a licensed producer, the potential size of the cannabis market, demand for and changes to products, the development of the vapour market, political conditions, market opportunities, timing of final implementation of the Company's enterprise resource planning system ("ERP system"), contracts or other arrangements with provincial governments are not guaranteed, TSX and NASDAQ listing requirements and the ability to continue to meet listing standards for the TSX and the NASDAQ, risks relating to the Company's designation as a "large accelerated filer", differing shareholder protections across jurisdictions, increased volatility for dual-listed shares, market liquidity risks, investment risk, risks relating to the Company's status as a foreign private issuer in the U.S., risks relating to expansion into new markets, foreign investment risk, risk of corruption and fraud in emerging markets and relating to ownership of real property, risks relating to the Company's intellectual property rights ("IP"), credit risk, liquidity risk, concentration risk, risks associated with significant shareholders, dividends, publicity or consumer perception, cyber security and privacy, product security, environmental and employee health and safety regulations, regulatory proceedings, investigations and audits, fraudulent or illegal activity by employees, restrictions on foreign investors, regulatory and operational risks associated with expansion into foreign jurisdictions, reliance on international advisers and consultants, anti-money laundering laws and regulation risks, anti-corruption and anti-bribery laws, global economic risks, future acquisitions, general business risks and liabilities, dilution, constraints on marketing products, provincial legislative controls, suppliers and skilled labour, conflicts of interest, risks associated with the Company's status as a holding company and the other risks described in this Annual Information Form under the heading "Risk Factors". Material factors and assumptions used in establishing forward- looking information include that construction and production activities will proceed as planned and regulatory conditions will advance in the manner expected by management. The purpose of forward- looking statements is only to provide the reader with a description of management's expectations relating to future periods, and, as such, forward-looking statements are not appropriate for any other purpose. You should not place undue reliance on forward-looking statements contained in this Annual Information Form. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law. CURRENCY All currency amounts in this Annual Information Form are expressed in Canadian dollars, unless otherwise indicated. References to "US$" are to United States dollars. CORPORATE STRUCTURE Organigram Global Inc. was incorporated under the Business Corporations Act (British Columbia) on July 5, 2010 as "Inform Resources Corp.". The Company changed its name to "0885160 B.C. Ltd." on September 13, 2010, and subsequently to "Inform Exploration Corp." ("Inform") on February 16, 2011. On November 21, 2011, Inform completed its initial public offering and its common shares commenced trading on the TSX Venture Exchange (the "TSX-V") on November 24, 2011. On August 22, 2014, Inform and Organigram Inc. entered into an acquisition agreement (the "Acquisition Agreement") pursuant to which Inform agreed, among other things, to change its name to "Organigram Holdings Inc." and to effect a consolidation of the outstanding Inform common shares on a 0.883604747 to 1 basis. Under the Acquisition Agreement, Inform acquired all of the outstanding common shares of

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- 6 - Organigram Inc. On April 6, 2016, the Company was continued under the Canada Business Corporations Act ("CBCA"). The Company graduated from the TSX-V to the TSX in August 2019, and its common shares (the "Common Shares") commenced trading on the TSX under the symbol "OGI". The Common Shares have also been listed for trading on the NASDAQ Global Select Market under the symbol "OGI" since May 21, 2019, and were delisted from the OTCQX Best Market after market close on May 20, 2019. In May 2023, the Company changed its financial year end from August 31 to September 30, resulting in a 13-month period for the financial year ending September 30, 2023. On March 24, 2025, following the Company's annual general and special meeting of shareholders, the Company changed its name from "Organigram Holdings Inc." to "Organigram Global Inc." (the "Name Change"). The Company's core operations are based in Moncton, New Brunswick with four additional cannabis facilities in Winnipeg, Manitoba, Lac-Supérieur, Québec, London, Ontario and Aylmer, Ontario. The Company's head office is located at 1400-145 King Street West, Toronto, Ontario, and the registered office is located at 35 English Drive, Moncton, New Brunswick. The Company's telephone number is 1 (844) 644-4726 and its corporate website is www.organigram.ca. Subsidiaries Organigram Inc. was incorporated under the Business Corporations Act (New Brunswick) on March 1, 2013. On October 1, 2023, Organigram Inc. amalgamated under the CBCA with The Edibles and Infusions Corporation ("EIC") and Laurentian Organic Inc. ("LAU"), both then 100% owned subsidiaries of the Company, and continued as a single corporation under the name "Organigram Inc." ("OGI"), a 100% owned subsidiary of the Company. 10870277 Canada Inc., incorporated under the CBCA on July 4, 2018, is a 100% owned subsidiary of the Company, and is used as a special purpose holding company for the Company's investment in alpha- cannabis Pharma GmbH as further described herein in the "Overview of the Company's Investments in Germany" section. Motif was incorporated under the CBCA on December 18, 2017. On December 6, 2024, the Company acquired 100% of the shares of Motif. On April 1, 2025, OGI and Motif were amalgamated under the CBCA to form a new entity under the name "Organigram Inc.". Collective Project was incorporated under the CBCA on October 23, 2013 as Collective Craft Alliance Inc., with its name changed to "Collective Project Limited" on February 4, 2019. The Company acquired 100% of the shares of Collective Project on April 1, 2025. On October 1, 2025, OGI and Collective Project were amalgamated under the CBCA to form a new entity under the name "Organigram Inc." (the "CPL Amalgamation"). Collective Projects USA Limited was incorporated under the Delaware General Corporation Law on April 12, 2019 as a 100% owned subsidiary of Collective Project. Its name was changed to Collective Project USA Limited on September 24, 2019. On July 22, 2025 Collective Project USA Limited was renamed "Organigram USA Inc.". As of the CPL Amalgamation, Organigram USA Inc. is a 100% owned subsidiary of OGI.

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- 7 - The following chart illustrates the Company's corporate structure as of the date hereof: Certain subsidiaries of the Company, each of which does not represent more than 10% of the consolidated assets of the Company and not more than 10% of the consolidated revenue of the Company, and all of which, in the aggregate, represent not more than 20% of the total consolidated assets and the total consolidated revenue of the Company as at the most recent financial year end of the Company, have been omitted from the chart above. GENERAL DEVELOPMENT OF THE BUSINESS Developments during the financial year ended September 30, 2023 On November 17, 2022, the Company announced a new multi-year agreement for the supply of dried flower to Canndoc in Israel (the "2022 Canndoc Agreement"). The 2022 Canndoc Agreement provides for a commitment of 10,000kg of dried flower. As of December 15, 2023, approximately 4,900kg have been delivered to Canndoc and credited against their total volume commitment. The Company agreed to exclusively supply Canndoc in Israel during the three-year term of the 2022 Canndoc Agreement, which has since expired. On January 26, 2023, the Company announced that it received notification (the "Notification") from NASDAQ that it was not in compliance with the minimum bid price requirement in NASDAQ Listing Rule 5450(a)(1) for continued listing on NASDAQ, as the closing bid price for the Company's common shares listed on NASDAQ was below US$1.00 for 30 consecutive trading days. NASDAQ Listing Rule 5450(a)(1) requires the issuer's common shares to maintain a minimum bid price of US$1.00 per share (the "Minimum Bid Requirement"), and NASDAQ Listing Rule 5810(c)(3)(A) provides that failure to meet such requirement exists if the deficiency continues for a period of 30 consecutive business days. The Notification had no immediate effect on the listing of the Company's common shares on NASDAQ. Under NASDAQ Listing Rule 5810(c)(3)(A), the Company had a period of 180 calendar days from the date of Notification, being until July 24, 2023, to regain compliance with the Minimum Bid Requirement. Organigram Global Inc. Continued under the Canada Business Corporation Act Organigram Inc. Continued under the Canada Business Corporations Act Organigram USA Inc. Incorporated under the General Corporation Law of the State of Delaware 10870277 Canada Inc. Incorporated under the Canada Business Corporations Act

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- 8 - On February 27, 2023, the Company announced the launch of SHRED X Rip-Strip Hash, a patent-pending innovation which is an extension of the Company's SHRED product portfolio that includes SHRED pre- milled flower, SHRED Jar of Joints, SHRED'ems gummies and SHRED X Vapes. On March 13, 2023, the Company announced that Health Canada had determined that certain Edison JOLTS lozenge products in their 100mg THC per package format (the "Edison JOLTS Products") had been improperly classified as a cannabis extract rather than edible cannabis under the Cannabis Regulations. The Company launched the Edison JOLTS Products in August 2021 following significant research, development and regulatory work. On March 21, 2023, the Company announced that BAT had designated Caroline Ferland as a nominee to the Company's board of directors. On September 1, 2023, the Company announced that Caroline Ferland had resigned from the Company's board of directors as a result of her appointment to Group Company Secretary & Assistant General Counsel for BAT. On March 31, 2023, the Company announced a product purchase agreement ("Purchase Agreement") with Greentank and a subscription agreement (the "Greentank Subscription Agreement") with Greentank's parent company, Weekend Holdings Corp ("Weekend Holdings"). The Purchase Agreement provided the Company with an exclusivity period in Canada for new technology incorporated into 510 vape cartridges (along with other formats) for use with cannabis, including the development of a custom all-in-one device that would be proprietary to the Company. Pursuant to the terms of the Greentank Subscription Agreement, the Company subscribed for preferred shares for an aggregate subscription price of US$4.0 million (~$5.5 million CAD) representing an approximate 2.6% interest in Weekend Holdings. On May 12, 2023, the Company filed a notice to change its financial year end from August 31 to September 30, resulting in a 13 month period for the financial year ending September 30, 2023. The change was undertaken by the Company on the basis that it would better align the Company's financial statement reporting requirements with other public companies and calendar quarters. On May 23, 2023, the Company announced a supply agreement (the "Supply Agreement") for dried cannabis flower with the medical division of German cannabis company Sanity Group, a health and life sciences company based in Berlin. Under the terms of the Supply Agreement, the Company provides high- quality, indoor-grown dried flower product to Sanity Group and grant Sanity Group strain exclusivity on certain genetics. On May 25, 2023, the Company announced an agreement with Phylos, a U.S. cannabis genetics company and provider of production ready seeds, based in Portland, Oregon, to initiate a wide-ranging technical and commercial relationship in Canada. Under the terms of the loan agreement with Phylos (the "Loan Agreement"), the Company will advance up to US$8 million to Phylos in three tranches. The Company advanced Phylos an initial US$3.25 million on May 25, 2023 ("Initial Closing Date") with a commitment to fund up to an additional US$4.75 million over two tranches within 12 and 24 months from the Initial Closing Date, upon the completion of certain milestones. The convertible loan will accrue paid-in-kind interest, subject to certain conditions. The maturity date of the convertible loan will be on the fifth anniversary of the Initial Closing Date subject to one-year extensions and subject to certain conditions. The loan (principal and paid-in-kind interest outstanding) is convertible into common share equity of Phylos under certain circumstances (including but not limited to federal legalization or decriminalization of cannabis in the United States). On July 5, 2023, the Company completed a consolidation of its issued and outstanding Common Shares at a consolidation ratio of four pre-consolidation Common Shares for every one post-consolidation Common

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- 9 - Share (the "Share Consolidation"). The Share Consolidation was implemented to ensure the Company continues to comply with NASDAQ Minimum Bid Requirement. On August 10, 2023, the Company announced that the Federal Court of Canada (the "Federal Court") had granted the Company's application for judicial review of the decision by Health Canada to reclassify the Edison Jolts Products as a cannabis edible rather than a cannabis extract. The matter was remitted back to Health Canada for redetermination taking the Federal Court's reasons into consideration. On August 15, 2023, the Company announced a supply agreement to provide dried medical cannabis flower to 4C Labs Ltd. ("4C LABS"), a healthcare, technology, and pharmaceutical company focused on virtual prescribing, pharmaceutical distribution, and clinical development of cannabis-based products for human health in the United Kingdom. The Company has also granted 4C LABS strain exclusivity within the geographical boundaries of the United Kingdom and Channel Islands for as long as minimum purchase commitments are satisfied under the terms of the agreement. On September 25, 2023, the Company filed a preliminary short form base shelf prospectus with the securities commissions in each of the provinces and territories of Canada, and concurrently filed a base shelf registration statement with the United States Securities and Exchange Commission (the "SEC") on Form F-10 under the United States Securities Act of 1933, as amended, pursuant to the Multijurisdictional Disclosure System (SEC File No. 333-274686). The base shelf prospectus allows the Company to qualify the distribution of up to $500 million of Common Shares, debt securities, subscription receipts, warrants, and units during the 25-month period that the base shelf prospectus remained effective. The Company obtained a receipt for its final short form base shelf prospectus (the "Base Shelf Prospectus") on October 11, 2023, and related Form F-10 base shelf registration statement was declared effective by the SEC on November 29, 2023. Developments during the financial year ended September 30, 2024 On November 6, 2023, the Company announced a $124.6 million follow-on strategic equity investment from BT DE Investments Inc. (the "Investor"), a wholly-owned subsidiary of BAT (the "Follow-on BAT Investment"). The majority of the $124.6 million investment is used by Organigram to create a strategic investment pool, named Jupiter ("Jupiter"). Jupiter targets investments in emerging cannabis opportunities that will enable the Company to apply its industry-leading capabilities to new markets. Pursuant to the terms of the subscription agreement with the Investor (the "Subscription Agreement") and subject to the receipt of certain regulatory approvals, approval from the Company's shareholders and other conditions, the Investor would subscribe for a total of 38,679,525 Common Shares and Class A preferred shares (the "Class A Preferred Shares" and together with the Common Shares, the "Shares") in the capital of the Company (the "Investment") across three tranches. As of the entering into the Subscription Agreement, BAT beneficially owned 15,249,027 Common Shares, representing approximately 18.8% of the issued and outstanding Common Shares on a non-diluted basis. Pursuant to the terms of the Subscription Agreement, Shares issued in each of the three tranches would be allocated between Common Shares and Class A Preferred Shares such that if the number of Common Shares owned by the Investor or its affiliates, associates, related parties and any joint actors, including BAT, would exceed 30% of the aggregate number of Common Shares issued and outstanding (the "30% Threshold") after the closing of the applicable tranche, the Company would issue to the Investor the greatest number of Common Shares issuable pursuant to such closing without exceeding the 30% Threshold, with the remainder of the Common Shares issuable as Class A Preferred Shares, as set for in greater detail in the Subscription Agreement.

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- 10 - On November 10, 2023, the Company announced that Derrick West had resigned as Chief Financial Officer of the Company. Paolo De Luca had been appointed interim Chief Financial Officer effective November 13, 2023, while the Company completed a search for a new permanent Chief Financial Officer. On November 28, 2023, the Company announced that Phylos had achieved the first milestone under the Loan Agreement entered into in May 2023 and closed the second tranche under the Loan Agreement with Organigram advancing US$2.75 million to Phylos. This second tranche followed the initial tranche of US$3.25 million advanced in May 2023 for a total of US$6 million in senior secured convertible loans then outstanding. On December 18, 2023, the Company announced that Greg Guyatt CPA, CA, formerly of Phoena Holdings Inc., had been appointed to the role of Chief Financial Officer of Organigram effective January 8, 2024. Mr. Guyatt leads Organigram's Finance and IT divisions and reports directly to Beena Goldenberg, Organigram's Chief Executive Officer. On January 18, 2024, the Company obtained shareholders' approval of the Follow-on BAT Investment and the amendment of the Company's articles to create a new class of Class A Preferred Shares to be issued by the Company to the Investor in the Follow-on BAT Investment. Following receipt of the necessary shareholder approval, the Company filed articles of amendment to create the new class of Class A Preferred Shares. On January 19, 2024 the Company announced the appointment of BAT nominee Karina Gehring to the Company's board of directors. On January 24, 2024, the Company announced that it closed the first of three tranches of the previously announced Follow-on BAT Investment. Pursuant to the first tranche closing, the Investor acquired 12,893,175 common shares of the Company at a price of $3.2203 per share (the "Per Share Price") for gross proceeds of $41,519,891. On January 31, 2024, the Company announced that it had sent its first shipment of bulk dried flower to Sanity Group. The shipment was completed under the Company's multi-year agreement with Sanity Group. On March 22, 2024, the Company announced that, despite strong evidence supporting the classification of its Edison JOLTS Products as a cannabis extract, it had received a final redetermination from Health Canada that the Edison JOLTS Products are to be classified as edible cannabis. The final redetermination followed the August 2023 decision of the Federal Court to grant Organigram's application for judicial review of a decision of Health Canada determining that the Edison JOLTS Products are to be classified as edible cannabis. The Federal Court found there was a breach of procedural fairness by Health Canada and the matter was then remitted back to Health Canada for redetermination taking the Federal Court's reasons into consideration. On March 26, 2024, the Company announced a US$2 million minority investment in OBX in the form of a convertible note, using proceeds from its Jupiter strategic investment pool. Based in Roxboro, NC within North Carolina's "Research Triangle," OBX specializes in legal cannabinoid ingredient production and serves as a one-stop formulation and finished goods manufacturer, simplifying its clients' supply chains. On April 2, 2024, the Company announced the closing of its previously announced public offering (the "Offering") of units of the Company (the "Units") pursuant to an underwriting agreement entered into between the Company and ATB Securities Inc., as lead underwriter, on behalf of itself and a syndicate of underwriters including A.G.P. Canada Investments ULC (collectively, the "Underwriters") for total gross proceeds of $28,750,230. The Offering was completed pursuant to a prospectus supplement filed under the

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- 11 - Base Shelf Prospectus and the Registration Statement. The Company sold 8,901,000 Units at a price of $3.23 per Unit, which included 1,161,000 Units sold pursuant to the exercise in full of the Underwriters' over-allotment option. Each Unit comprised of one common share of the Company (a "Common Share") and one half of one common share purchase warrant of the Company (each full common share purchase warrant, a "Warrant"). Each Warrant will be exercisable to acquire one Common Share (a "Warrant Share") for a period of four years following the closing date of the Offering at an exercise price of $3.65 per Warrant Share, subject to adjustment in certain events. On April 8, 2024, the Company announced it was recognized on the 2024 Globe & Mail's Report on Business 'Women Lead Here' list for gender diversity for the fourth consecutive year. Fifty percent of the Company's executive leadership team, including its chief executive officer, are women. The Women Lead Here benchmark was established in 2020 and applies a proprietary research methodology to provide an overview of the largest Canadian corporations with the highest degree of gender diversity among executive ranks. The ranked companies have made tangible and organizational progress related to executive gender parity. On April 16, 2024, KPMG LLP provided the Company with notice that it would not stand for reappointment as auditor of the Company for the fiscal year 2025. The Company filed a notice of change of auditor under the Company's profile on SEDAR+ on April 25, 2024. On June 28, 2024, the Company appointed PKF O'Connor Davies, LLP as its successor auditor. On May 28, 2024, the Company announced its second international medical cannabis customer in the United Kingdom, Avida Medical Limited ("Avida"), a full-service medical cannabis and specials medicines manufacturing business. The Company has since terminated its relationship with Avida. On June 25, 2024, the Company announced a strategic investment in Sanity Group (the "Sanity Group Investment"), representing its first significant strategic investment aimed at expanding its presence in the European cannabis market. Using proceeds from its Jupiter strategic investment pool, the Company agreed to invest €14 million (~ $21 million) initially comprised of €11.5 million via an unsecured convertible note and €2.5 million in cash to purchase equity interests from existing Sanity Group founders and shareholders providing the Company with a minority stake in Sanity Group. In addition, the Company may advance another €3 million (~ $4.5 million) as a second tranche of the unsecured convertible note for future opportunities to be pursued by Sanity Group subject to the satisfaction of certain conditions. On July 24, 2024, the Company announced that it completed an early partial funding of its final third tranche investment into Phylos with the remaining portion of the final tranche to be funded upon completion of the newly expanded final milestone. As part of the expanded milestone, Phylos delivered 21 unique auto-flower seed varietals for testing and phenotyping by Organigram by September 30, 2024, and was required to deliver a second cohort of 21 auto flower seed varietals no later than January 31, 2025. In addition to the auto-flower seeds, Organigram received an expanded genetics licence from Phylos that, in addition to tetrahydrocannabivarin ("THCV"), includes access to high potency cannabigerol, cannabichromene and cannabidivarin seed based cultivars. On July 29, 2024, the Company announced the appointment of BAT nominee Craig Harris to the Company's board of directors. On August 7, 2024, the Company unveiled the preliminary results of its landmark clinical pharmacokinetic study conducted via the Product Development Collaboration (the "PDC") between the Company and BAT on its latest innovation, nanoemulsion technology. This patent-pending technology, branded FAST™ (Fast Acting Soluble Technology) ("FAST"), is the first innovation to be commercialized by Organigram

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- 13 - with leadership on key industry trends, and a behind-the-scenes look at the innovation and strategy driving the Company forward. On May 27, 2025, the Company announced that its Chief Executive Officer, Ms. Beena Goldenberg, will be retiring at the conclusion of the Company's current fiscal year ending September 30, 2025. On July 8, 2025, the Company announced that Collective Project launched an e-commerce platform in the U.S., marking a key milestone in the Company's strategic expansion into the rapidly evolving U.S. hemp- derived THC beverage market. The launch also includes a bold new portfolio of hemp-derived THC beverages designed to meet diverse consumer preferences. The Company's ecommerce platform at https://collectiveproject.com expands U.S. consumer access to these products across 25 U.S. states. The launch represents a milestone in the Company's multi-phase U.S. expansion strategy, enhancing the Company's presence in a category experiencing growth. See "Risk Factors – The Changing Legal Status of Hemp-Derived Products in the United States". Developments subsequent to the financial year ended September 30, 2025 On October 9, 2025, the Company announced the launch of happly, its third U.S. hemp-derived brand, created specifically for the growing segment of consumers seeking 'mindful recreation' with THC products. The launch of happly follows the Company's entry into the growing U.S. hemp-derived THC market with its lineup of Collective Project sparkling juices and Fetch sodas earlier this year. On October 21, 2025, the Company announced that Ms. Beena Goldenberg will extend her tenure as Chief Executive Officer of the Company until November 30, 2025 to support the completion of the Company's ongoing Chief Executive Officer search process. On November 25, 2025, the Company announced that James Yamanaka, formerly Global Head of Strategy for BAT, has been appointed the Company's new Chief Executive Officer. Mr. Yamanaka is expected to assume the role effective on or about January 15, 2026. Mr. Yamanaka will also join the Company's board of directors when he assumes the role of Chief Executive Officer. Peter Amirault, current chairman of the Company's board of directors, has been appointed by to serve as executive chair on an interim basis effective December 1, 2025 to oversee day-to-day management of the Company until Mr. Yamanaka fully assumes the Chief Executive Officer role. During this period, Geoff Machum, chair of the Governance, Nominating and Sustainability Committee of the Company's board of directors, will serve as the independent lead director. DESCRIPTION OF THE BUSINESS Company Overview The Company is a leading Canadian licensed producer of high quality cannabis and cannabis-derived products for consumers in Canada. The Company has various international business relationships that it continuously seeks to develop in order to expand its global footprint. A description of the regulatory framework is included below under the heading "Canadian Regulatory Framework". For a summary of the Cannabis Act (Canada) ("Cannabis Act") and Cannabis Regulations (Canada) (the "Cannabis Regulations") as well as the Company's licences issued under the Cannabis Act and Excise Act, 2001 (the "Excise Act"), see "Canadian Regulatory Framework – Licences, Permits and Authorizations".

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- 14 - Facilities and Operations The Company has assembled a capable management team with significant experience in the management and growth of successful enterprises. The Company's flagship cannabis facility (the "Moncton Campus") is a 536,000 square-foot facility with capabilities to produce dried cannabis flower, pre-rolls and infused pre-rolls, including the capacity to the capacity to produce over 100,000 kg of dried cannabis flower annually. The Company continually assesses the critical facets of the lighting and environmental elements in its facilities in an effort to drive maximum quality and yield in the plants it produces. The Moncton Campus also has 118 grow rooms with staggered cultivation cycles averaging 13 weeks per cycle. As the grow rooms are all indoor, seasonality has negligible impact on cultivation cycles. The Company is in the process of obtaining European Union Good Manufacturing Practice ("EUGMP") certification at the Moncton Campus, which opens up business opportunities in international markets where this manufacturing standard is in demand. The Company completed its EU-GMP audit in November 2024, has provided additional information to the regulator in October 2025, and is awaiting confirmation of certification or any required next steps. The Company has a purpose-built, highly-automated manufacturing facility in Winnipeg, Manitoba (the "Winnipeg Facility") that was acquired in 2021 as part of the acquisition of EIC. The facility and equipment are capable of handling both smaller-batch artisanal manufacturing as well as large-scale nutraceutical-grade high-efficiency manufacturing. The Winnipeg Facility can produce highly customizable, precise and scalable cannabis-infused products in various formats and dosages including pectin, gelatin, and sugar-free soft chews (gummies). The Company is currently producing cannabis-infused gummies at the Winnipeg Facility. In fiscal year 2025, the Company purchased and commissioned its first beverage canning line at the Winnipeg Facility for the production of cannabis-infused beverages, which is expected to begin production in fiscal year 2026. The Company has a cultivation and manufacturing facility in Lac-Supérieur, Québec that was acquired in 2021 as part of the acquisition of LAU (the "Lac-Supérieur Facility"). The Lac-Supérieur Facility spans 33,000 square feet and is designed to optimize production and cultivation. The Lac-Supérieur Facility produces approximately 2 million packaged units of hash annually, with the infrastructure and capability to increase this output as demand scales. In addition, the Lac-Supérieur Facility produces craft flower with a staggered cultivation cycle averaging 8 weeks per cycle as the Lac-Supérieur Facility receives plants ready to flower, and the cultivation operations produce approximately 2,400 kg of craft flower annually. As a result of the acquisition of Motif in December, 2024, the Company operates cannabis processing facilities in Aylmer, Ontario (the "Aylmer Facility") and London, Ontario (the "London Facility"). The Aylmer Facility covers 40,000 square feet and houses CO2 and hydrocarbon extraction capabilities, and is optimized for formulation refinement, post-processing of minor cannabinoids, and pre-roll production. The Aylmer Facility processes cannabis flower into various other forms of cannabis such as cannabis extract, cannabis distillate, cannabis isolate and cannabis liquid diamonds, for use in a variety of cannabis products including vapes, gummies and diamonds. The London Facility covers 75,000 square feet, and is a mixed-use facility divided between licensed packaging and fulfillment space, licensed warehouse and space for various product finishing activities, and office space. The London Facility is in the process of being optimized for labelling and packaging of products, and fulfillment of orders across Ontario, Western Canada, Yukon and Northwest Territories.

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- 15 - Licences OGI holds several cannabis licenses issued by Health Canada under the Cannabis Act and the Canada Revenue Agency ("CRA") under the Excise Act, as described in the following table. All holders of a licence under the Cannabis Act who are authorized to cultivate, produce and package cannabis products are required to hold a cannabis licence under the Excise Act. The Company intends to renew its licences prior to their expiry dates, and it is anticipated that Health Canada and the CRA will renew such licences at the end of their current terms. See "Risk Factors - Reliance on Licence Renewal". Licensed Site Issuer Authorized Activities Expiry Date 1. Moncton Campus Health Canada Standard cultivation; standard processing; and sale of all classes of cannabis to medical and recreational sales channels. March 12, 2030 2. Winnipeg Facility Standard processing and sale of all classes of cannabis to medical and recreational sales channels. November 29, 2028 3. Lac-Supérieur Facility Standard cultivation; standard processing; and sale of all classes of cannabis to recreational sales channels. March 12, 2030 4. London Facility Standard processing and sale of all classes of cannabis to recreational sales channels. April 5, 2029 5. Aylmer Facility Standard processing and sale of all classes of cannabis to recreational sales channels. May 13, 2030 6. Moncton Campus & London Facility Non-therapeutic research on cannabis (NTRC) conducted with volunteer human research subjects for assessments of organoleptic properties. January 23, 2030 7. Moncton Campus Non-therapeutic research on cannabis (NTRC) conducted on human research subjects for the purposes of evaluating vapor exhalate. July 18, 2029 8. All OGI Licensed Sites CRA Cannabis Licence for the production and packaging of cannabis products and application of excise stamps thereto. March 12, 2030

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- 16 - 9. Moncton Campus & Aylmer Facility User Licence for the use of ethanol in manufacturing (extraction) activities. March 31, 2026 Principal Products and Brands Adult Use Recreational Cannabis The Company has built Canada's leading portfolios in the adult-use recreational cannabis market, anchored by a deep understanding of consumer behaviour and category evolution. This brand portfolio reflects the Company's commitment to sustained category leadership and disruptive innovation. Organigram's strategy focuses on capturing share across the largest and fastest-growing product segments through a portfolio designed to serve distinct consumer needs and value tiers. Informed by robust consumer segmentation and continuous insights, the Company is expanding its portfolio's reach, enhancing potency and format variety, and strengthening brand equity across the country. The Company's suite of brands, which includes SHRED, BOXHOT, Big Bag O' Buds, DEBUNK, Monjour, Trailblazer, Edison, Tremblant, RIZZLERS, and Collective Project, delivers against every major consumption occasion, from accessible value offerings to premium, experience-driven products. Each brand plays a deliberate role in driving category expansion and reinforcing Organigram's position as a leading force in the Canadian cannabis industry. Cannabis Edibles Organigram continued to optimize its edibles portfolio during the fiscal year through the continued development of its SHRED'ems and Monjour brands. SHRED'ems maintained its focus on flavour- forward, THC-dominant gummies consistent with the broader SHRED brand, and introduced new 10 x 10 mg multipacks during the fiscal year to address growing consumer demand for higher-dosage, value- oriented formats. Monjour continued to serve the cannabidiol ("CBD") -dominant wellness segment, with both brands maintaining strong national distribution and performance across key provincial markets. The Company also advanced commercialization of its proprietary FAST™ technology, developed in collaboration with the CoE. The technology is clinically proven to deliver up to ~50% faster onset,

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- 17 - improved bioavailability and nearly double the cannabinoid delivery at peak effect. FAST™ remains a key innovation platform supporting the Edison Sonics product line and future formulation development. Operationally, Organigram continued to refine production processes at its Winnipeg Facility to ensure consistent output, scalability, and efficiency across both FAST™-enabled and traditional gummy-based products. The integration of proprietary technologies with established brand platforms provides a foundation for continued innovation in the evolving edibles segment. Cannabis Vape & Extract Products Organigram has expanded its production and product capabilities through the acquisition and integration of Motif. The combined platform now supports leading national positions in vapes, concentrates, and infused pre-rolls. Production infrastructure includes large-scale distillate and hydrocarbon extraction systems, along with dedicated vape-fill and pre-roll automation lines capable of supporting significant monthly output. The integration has consolidated expertise across multiple facilities, providing consistent supply, efficiency gains, and innovation capacity across both branded and B2B portfolios. The Company continues to expand its vape offering by having introduced a liquid diamond vape cartridge as well as Shred 510 vapes featuring distillate and botanical terpene blends. Following the acquisition of LAU, the Company established a robust hash innovation pipeline, expanded the Tremblant hash brand nationally via new higher potency hash temple balls, and introduced other new hash products into the market. In concentrates, Organigram maintains a growing share through products such as Boxhot Diamond Doobies and Boxhot Whipped Diamonds, which extend the brand's reach across high-THC formats. The Company's B2B division continues to play an important role in supporting industry partnerships through tolling, extraction, and white-label services. This business-to-business channel leverages Organigram's extraction capabilities and national scale, providing an additional growth platform and optimizing asset utilization across its production network. Medical Cannabis The Company offers a broad range of cannabis products to medical patients in Canada and through its international customers. The range of products available includes whole flower, milled flower, pre-rolls, infused pre-rolls, vapes, gummies and concentrates. New Product Development and Innovation Research & Development The Company continues to focus on consumer insight driven innovation, research and product development ("R&D") across all key product categories. Current development work is focused on the operationalization of pre-rolls and infused pre-rolls at high throughput speed, the development and re-launch of the vapour portfolio across a number of brands and pricing tiers, and continued investment in milled flower, gummies and hash portfolios with a robust pipeline of disruptive and innovative products. Internationally, the Company is continuing to develop its portfolio and strategy for Australia, Germany and other key EU medical markets. Leveraging its significant investment in deep science and substantiation,

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- 19 - The CoE has completed the first generation of product concepts across the gummies, vapour and novel beverage formats. On August 7, 2024, the Company unveiled the preliminary results of its landmark clinical pharmacokinetic study conducted via the PDC on its latest innovation, nanoemulsion technology. This patent-pending technology, FAST™, is the first innovation to be commercialized by Organigram leveraging the output of the CoE. A clinical study was completed in January 2024, and the final data set has been received by the Company. Organigram has begun commercialization of CoE driven innovations throughout 2024 and 2025 as the R&D focus now shifts to the second generation of product development in line with latest category and consumer insights, with the FAST™ products discussed above being the first innovation to be commercialized. Distribution and Sales Adult-Use Recreational Cannabis The Cannabis Act provides provincial, territorial and municipal governments with the authority to make regulations regarding retail and distribution of adult-use recreational cannabis. As such, the distribution model for adult-use recreational cannabis differs from province to province. Some provinces have government-run retailers, while others have government-licensed private retailers, and some have a combination of the two. The Company is authorized by its licence for wholesale distribution of adult-use recreational cannabis and certain derivative products in all provinces of Canada, Yukon and the Northwest Territories, and has supply arrangements in different forms with the responsible government agency in each province and the two territories. The Cannabis Act imposes restrictions on the promotion of cannabis products, cannabis accessories and services related to cannabis. These include restrictions on the content of promotions as well as locations where promotions may take place. With this in mind, the Company has created a portfolio of brands that address unique customer needs, including potency, yield, flavours, occasions, price points, volume discounts or promotional pricing. As the industry matures, certain seasonal sales trends are starting to emerge such as an increased popularity for pre-rolls and beverages during the summer months and an increased popularity for vape pens during the winter months. See "Description of the Business - Canadian Regulatory Framework" for additional information on current distribution channels under the Cannabis Act. Medical Cannabis The Company distributes medical cannabis through MyMedi.ca, the online medical cannabis platform managed by Avicanna Inc. The online medical cannabis platform offers a wide range of medical products and dedicated customer service. The Company is able to ship wholesale medical cannabis products to certain international jurisdictions by obtaining the required approvals and permits from Health Canada and the applicable regulatory authority of the purchaser. See "Description of the Business - Canadian Regulatory Framework" for additional information on current distribution channels under the Cannabis Act.

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- 20 - International Outside of Canada, the Company serves several international markets via exports and local manufacturing partners. To this end, the Company announced a dedicated International Business Unit (the "IBU") in June 2024 consisting of employees in sales, marketing, innovation and quality assurance tasked with launching products in markets outside of Canada. Future international shipments are contingent upon the timing and receipt of regulatory approval from Health Canada, including obtaining an export permit, as well as timing and receipt of regulatory approval from the purchaser's regulatory authority, including obtaining an import permit. The Company's international strategy remains focused on exporting bulk products and building relationships with co-manufactures in key markets. The Company currently manufactures and sells hemp- derived THC products in the United States leveraging a network of local contract manufacturing partners specializing in beverages and gummies. See "Risk Factors – The Changing Legal Status of Hemp-Derived Products in the United States". Cultivation The Company's breeding and phenotyping program continues to advance a robust and strategic flower pipeline. We are focused on elevating quality, potency, and terpene concentration while improving production consistency and efficiency. Over the past year, we have implemented large-scale garden strategies, including seed-based manufacturing, segmentation of plant care by cultivar and portfolio value, irrigation optimization, and refined Light Emitting Diodes ("LED") light recipes with targeted crop-cycle adjustments to improve quality outcomes while shortening crop, drying, and curing times. In May 2023, Organigram entered into an agreement with Phylos to develop and operationalize F1 hybrid seed-based production. In October 2025, the Company completed a retrofit of LED based lighting across the Moncton Campus. All cultivation rooms are now uniform and equipped with high-intensity LED lighting. With this standardization in place, we further optimized nutrients, irrigation scheduling, and atmospheric optimization to increase biomass per square metre and support ongoing reductions in cost per gram as learnings scale. Storage and Security The Cannabis Act prescribes physical security requirements that are necessary to secure sites where licensed producers conduct activities with cannabis. Health Canada conducts ad hoc, unscheduled site inspections of licensed producers under the Cannabis Act. The Company has been subject to these inspections numerous times. The Company has responded to and addressed all requests from Health Canada within the time frames indicated in such requests. As of the date hereof, there are no outstanding inspection issues with Health Canada beyond day-to-day adjustments that may occur in order to ensure ongoing compliance. Specialized Skill and Knowledge The nature of growing cannabis is not substantially different from the nature of growing other agricultural products. Variables such as temperature, humidity, and lighting, air flow, watering and feeding cycles are meticulously defined and controlled to produce consistent product and to avoid contamination. The product is cut, sorted and dried under defined conditions that are established to protect the activity and purity of the product. Once processing is complete, each and every processed batch is subjected to full testing against

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- 21 - stringent quality specifications set for activity and purity. The Company has recruited a production team with specialized skill sets unique to indoor agricultural cultivation and processing of cannabis plants and products at industrial scale. In addition, in order to ensure compliance with the Cannabis Act and any directives issued by Health Canada, which includes strict security measures, equipment required to manage production, HVAC (heating, ventilation, and air conditioning) systems, odour control systems and laboratory equipment to monitor and test product quality, the Company must employ a number of regulatory personnel to assist the Company to remain compliant with the complex and rapidly evolving regulations applicable to the industry. The Company has successfully recruited the necessary personnel with this skill set. The Company's management includes individuals who have extensive expertise in the cannabis industry. In addition, the Company's board of directors is comprised of experienced professionals from various relevant industries. See "Directors and Executive Officers". Competitive Conditions As of the date hereof, Health Canada has issued cultivation, processing or cannabis sales licences to a total of 1,039 licence holders. It is possible that the Company will face intense competition from other cannabis producers, some of which having longer operating histories and more financial resources and manufacturing and marketing experience than the Company. Increased competition by larger and better financed competitors could materially and adversely affect the business, financial condition and results of operations of the Company. In addition, over the past year the cannabis industry has experienced, and continues to experience, price compression, which may adversely impact the Company's profitability. In addition, such price compression, as well as, or together with, the oversupply of certain types of inventory in the industry, may result in the Company incurring additional impairment losses on inventory in the event the cost of our inventory exceeds its net realizable value. Ongoing and potential changes of these market conditions represent uncertainties that may affect the Company's future financial results. Employees As of September 30, 2025, the Company employed approximately 1,139 employees. As of December 8, 2025, the Company employed approximately 1,154 employees. Foreign Operations The Company operates primarily in Canada but a significant portion of our business depends on partnerships in foreign jurisdictions, including the United States, Germany, the United Kingdom and Australia. See "Risk Factors - The Company's Operations in Emerging Markets are Subject to Political and Other Risks Associated with Operating in a Foreign Jurisdiction". Regulatory Overview Canadian Regulatory Framework On October 17, 2018, the Cannabis Act and the Cannabis Regulations came into force, legalizing the sale of cannabis for adult recreational use in Canada. Prior to the Cannabis Act and the Cannabis Regulations coming into force, only medical cannabis was legal for sale. Such sales of medical cannabis were regulated under the Access to Cannabis for Medical Purposes Regulations (the "ACMPR").

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- 22 - The Cannabis Act and Cannabis Regulations establish a licensing and permitting scheme for the cultivation, processing, importation, exportation, testing, transportation, sale, possession and disposal of cannabis both for medical and non-medical (i.e. adult recreational) use. This scheme replaced the ACMPR for purposes of the medical cannabis regime. The Cannabis Act allows for the import and export of cannabis only for medical or scientific purposes. Import and export permits are applied for and received on a case-by-case basis. On May 8, 2019, Health Canada changed its licensing criteria for new applicants for licences to cultivate, process and sell cannabis for medical purposes. These categories of licence applicants are now required to have a fully built site that meets all the requirements of the Cannabis Regulations at the time of their application, as well as satisfying other application criteria. On October 17, 2019,the Cannabis Act and Cannabis Regulations were amended to, among other things, allow for the production, distribution and sale of cannabis extracts, cannabis topicals and edible cannabis in addition to the other previously permitted product categories. The Cannabis Regulations set out certain requirements for the sale of cannabis products, including limiting the THC content and size of certain product formats. In 2021, Health Canada announced its intent to restrict the use of flavours in vaporizable products, and proposed amendments that would restrict inhalable cannabis extracts from having a flavour other than the flavour of cannabis. These amendments were expected to come into force in 2022; however, they are not yet in force as of the date hereof. As the market and regulations continue to develop the impact of these announcements is not readily determinable at this time. See "Risk Factors - Changes in Laws, Regulations and Guidelines". Licences, Permits and Authorizations The Cannabis Regulations establish six classes of licences under the Cannabis Act: cultivation licences; processing licences; analytical testing licences; licences for sale; research licences; and cannabis drug licences. The Cannabis Regulations also establish subclasses for cultivation licences (standard cultivation, micro-cultivation and nursery), processing licences (standard processing and micro-processing) and research (non-therapeutic research on cannabis). Different licences and each subclass therein carry distinct rules and requirements that are intended to be proportional to the public health and safety risks posed by each licence category and subclass. The Cannabis Regulations provide that all licences issued under the Cannabis Act must include both the effective date and expiry date of the licence, and may be renewed on or before the expiry date. The Cannabis Regulations permit licence holders to conduct activities only at the site and building set out in the licence (except for destruction, antimicrobial treatment and distribution) and no licensed activities can take place in a "dwelling-house". The holder of a licence must not produce, test, store, package or label cannabis outdoors, except for obtaining cannabis by cultivating, propagating or harvesting it. The Industrial Hemp Regulations ("IHR") promulgated under the Cannabis Act came into force on October 17, 2018. The regulatory scheme for industrial hemp remained largely the same; however, the IHR permit the sale of hemp plants to licensed cannabis producers, the use of additional parts of the hemp plant and licensing requirements have been eased in accordance with the low risk posed by industrial hemp. The IHR define "industrial hemp" as cannabis plants whose leaves and flowering heads do not contain more than 0.3% THC.

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- 23 - Security Clearances Certain people associated with cannabis licensees, including individuals occupying a "key position" such as directors, officers, significant shareholders and individuals identified by Canada's Minister of Health (the "Minister"), must hold a valid security clearance issued by the Minister. Under the Cannabis Regulations, the Minister may refuse to grant security clearances to individuals with associations to organized crime or with past convictions for, or in association with, drug trafficking, corruption or violent offences. Individuals who have histories of nonviolent, lower-risk criminal activity (e.g. simple possession of cannabis, or small-scale cultivation of cannabis plants) are not precluded by legislation from participating in the legal cannabis industry, and the grant of security clearance to such individuals is at the discretion of the Minister and such applications are reviewed on a case-by-case basis. Cannabis Tracking and Licensing System Under the Cannabis Act, the Minister is authorized to establish and maintain a national cannabis tracking system. The Cannabis Regulations set out a national cannabis tracking system to track cannabis throughout the supply chain to help prevent diversion of cannabis into, and out of, the legal market. The Cannabis Act also provides the Minister with the authority to make a ministerial order requiring certain persons named in such order to report specific information about their authorized activities with cannabis, in the form and manner specified by the Minister. Accordingly, the Minister introduced the Cannabis Tracking and Licensing System, and licence holders are required to use this system to submit monthly reports to the Minister, among other things. Cannabis Products As of October 17, 2018, the Cannabis Act and Cannabis Regulations permitted the sale to the public of dried cannabis, cannabis oil, fresh cannabis, cannabis plants, and cannabis seeds by authorized licence holders. On October 17, 2019, the Cannabis Regulations were amended to add edibles cannabis, cannabis extracts and cannabis topicals as new classes of cannabis permitted to be sold through medical and adult recreational sales channels. The THC content and size of cannabis products is limited by the Cannabis Regulations. See "Risk Factors - Changes in Laws, Regulations and Guidelines". Packaging and Labelling The Cannabis Regulations set out requirements pertaining to the packaging and labelling of cannabis products, which requirements are intended to promote informed consumer choice and allow for the safe handling and transportation of cannabis, while also reducing the appeal of cannabis to youth and promoting safe consumption. These requirements include plain packaging for cannabis products, strict requirements for logos, colours and branding as well as packaging that is tamper-proof and child-resistant. The Cannabis Regulations further require mandatory health warnings, product source information, including the class of cannabis and the name, phone number and email address of the producer, the standardized cannabis symbol and specific product information including the THC and CBD content. Promotion The Cannabis Act introduces strict restrictions on the promotion of cannabis products to, among other things, prevent promotion that could be appealing to young persons or evoke a positive or negative emotion about or image of a way of life. Specifically, the Cannabis Act prohibits the promotion of cannabis, cannabis accessories or any services related to cannabis, unless such promotion is authorized under the Cannabis Act. The Company may only advertise or promote its products in compliance with the Cannabis Act.

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- 24 - Cannabis for Medical Purposes The Cannabis Regulations set out the regime governing access to medical cannabis which largely reflects the rules under the ACMPR. Patients who have the authorization of their healthcare provider continue to have access to medical cannabis, either purchased directly from a federally licensed producer, or by registering to produce a limited amount of cannabis for their own medical purposes, or designating someone to produce cannabis for them. Provincial Regulatory Framework While the Cannabis Act provides for the regulation of the commercial production of cannabis for adult-use recreational purposes, the Cannabis Act enables the provinces and territories of Canada to regulate other aspects of adult-use recreational cannabis (similar to what is currently the case for liquor and tobacco products), such as sale and distribution, minimum age requirements, places where cannabis can be consumed, and a range of other matters. The Company has entered into arrangements with distributors in all the provinces of Canada, Yukon Territory and the Northwest Territories. The nature of these arrangements vary by jurisdiction. The governments of every Canadian province and territory have, to varying degrees, enacted regulatory regimes for the distribution and sale of cannabis for adult-use recreational purposes within those jurisdictions. Most of these Canadian jurisdictions have a minimum age of 19 years old for buying, using or possessing cannabis, except for Québec and Alberta, where the minimum age is 21 and 18, respectively. There are three general frameworks enabled by provincial and territorial governments: (i) private cannabis retailers licenced by the provincial government; (ii) government run retail stores; and (iii) a combination of both frameworks. Regardless of the framework, the adult-use recreational cannabis market is ultimately supplied by federally licenced cultivators and processors. In most instances, provinces and territories have a government run wholesaler that is the exclusive source of cannabis products for retailers. The wholesalers, in turn, acquire cannabis products from the federally licenced cultivators and processors. The following chart outlines the current basic regime for adult-use recreational cannabis sales in each province and territory of Canada. Activity Privately Operated Publicly Operated Storefront Adult Use Sale British Columbia Alberta Saskatchewan Manitoba Ontario Newfoundland and Labrador Nunavut Yukon Northwest Territories British Columbia Québec New Brunswick Nova Scotia Prince Edward Island Online Adult Use Sale Alberta Saskatchewan Manitoba Nunavut British Columbia Ontario Québec New Brunswick Nova Scotia

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- 25 - Activity Privately Operated Publicly Operated Yukon Prince Edward Island Newfoundland and Labrador Northwest Territories German Regulatory Framework Overview of the Company's Investments in Germany The Company, through its wholly-owned subsidiary 10870277 Canada Inc., has acquired a 25% interest in the capital of alpha-cannabis Pharma GmbH ("ACG"). In addition, the Company has entered into two supply agreements with ACG: one for the supply of CBD isolate from ACG, and the other for the supply of dried cannabis flower from Organigram Inc. to ACG, which have been terminated. On June 25, 2024, the Company announced a strategic investment in Sanity Group, representing its first significant strategic investment aimed at expanding its presence in the European cannabis market. Using proceeds from its Jupiter strategic investment pool, the Company has agreed to invest €14 million (~ $21 million) initially comprised of €11.5 million via an unsecured convertible note and €2.5 million cash to purchase equity interests from existing Sanity Group founders and shareholders providing the Company with a minority stake in Sanity Group. In addition, the Company may advance another €3 million (~ $4.5 million) as a second tranche of the unsecured convertible note for future opportunities to be pursued by Sanity Group subject to the satisfaction of certain conditions. Overview of the Current Regulatory Framework for Cannabis in Germany In 2024, Germany has fundamentally revised the legal framework regarding cannabis by passing the so- called Cannabis Act (Cannabisgesetz – CanG), which introduced the Law on the handling of cannabis for consumption (Konsumcannabisgesetz – KCanG) and the Medical Cannabis Act (Medizinal-Cannabisgesetz – MedCanG) and amended other related laws, inter alia the BtMG. Cannabis is no longer a narcotic drug within the meaning of Sec. 1 German Federal Law on Narcotic Drugs (Betäubungsmittelgesetz – BtMG). Neither the KCanG nor the MedCanG were amended in fiscal year 2025. Cannabis may be prescribed by doctors for medical purposes. The system for prescribing medical cannabis introduced in Germany in 2017 is now laid down in the MedCanG. The MedCanG aims to facilitate the access of patients to medicinal cannabis and prevent its misuse. In principle, a licence is required by anyone wishing to cultivate, produce, trade, import, export, dispense, sell, otherwise place on the market, obtain or acquire cannabis for medical purposes or cannabis for medical-scientific purposes. The licence is issued by the Cannabis Agency as part of the Bundesinstitut für Arzneimittel und Medizinprodukte and is subject to numerous conditions, including that the cannabis must be cultivated in accordance with the guidelines on Good Agricultural and Collection Practices (GACP). The previous procedure of issuing licences by tender for the cultivation of cannabis for medical purposes has been abolished. An extensive tendering procedure after which the Cannabis Agency concludes supply and service contracts under civil law with the successful bidders, then buys the cannabis produced and subsequently sells it to pharmacies, wholesalers etc., is no longer necessary. Instead, the distribution of domestically harvested cannabis for medical purposes will be carried out under the market economy and legal responsibility and decision of the economic operators holding a cultivation licence or a marketing authorisation.

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- 26 - However, the most fundamental change is that Germany has created legal access to cannabis for recreational use. The approach is based on two pillars. The first pillar allows for private cultivation by adults for their own use, and for shared, non-commercial cultivation of cannabis in cultivation associations. The new regulatory framework for this is set out in the KCanG. The second pillar provides for regional model projects with commercial supply chains. However, this second pillar is not yet in effect. For private cultivation for personal use, it is now permitted for adults aged 18 and above to possess up to 25 grams of dried cannabis in public and up to 50 grams in private. The cultivation of up to three female flowering cannabis plants per person is permitted. Also, non-commercial cultivation associations, so-called cannabis social clubs, with up to 500 members can be founded. These associations are allowed to cultivate cannabis collectively and distribute it among their members. A licence is required, which is subject to numerous conditions. It is prohibited to consume cannabis in certain areas, e.g. near schools, in the premises of cultivation associations and in pedestrian zones between 7:00 and 20:00. Among other things, the KCanG does not consider CBD to be 'cannabis', meaning that it is not subject to the prohibition regulation under Sec. 1 para. 1 KCanG. The extraction of CBD from the cannabis plant is also not prohibited. Moreover, dealing of cannabis seeds is permitted as long as the cannabis seeds are not intended for unauthorised cultivation. However, the import of cannabis seeds for the purpose of private home cultivation of cannabis or the communal home cultivation of cannabis in cultivation associations is only permitted from Member States of the European Union. The import and export of recreational cannabis remains prohibited as well as importing cannabis products. The second pillar envisages the implementation of a scientifically designed pilot project in selected regions for five years. This will allow companies to produce, sell and distribute recreational cannabis within a licensed and state-controlled framework to adults in specialised shops. The model will be scientifically monitored and evaluated. The effects of a commercial supply chain on the protection of health and minors as well as the black market will be analysed in more detail. However, no legal provisions have yet been created for the establishment of model regions, so that the second pillar is so far only a concept. In view of the current political situation in Germany and the complex deliberations required for the adoption of the legal regulations, it is uncertain whether such regulations will be created. Despite legalisation, challenges remain, particularly in relation to the bureaucratic hurdles faced by cultivation associations when they are set up. United Kingdom Regulatory Framework Summary In the UK, cannabis and certain cannabinoids and products containing those ingredients are controlled drugs (unless exempt). Accordingly, it is unlawful to possess, supply, offer to supply, produce, import or export these drugs except under a Home Office ("HO") licence. However, Sativex (nabiximols) and Epidyolex (highly purified CBD), have received a UK marketing authorization (product licence) from the Medicines and Healthcare Products Regulatory Agency ("MHRA") and can be prescribed in the UK. Further, there are regulations which allow for the possession and use of unlicensed cannabis-based products for medicinal use in humans ("CBPM") (i.e., those that do not have a marketing authorization) under the "specials" regime without a HO licence provided strict rules are met (see below).

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- 27 - Correspondingly, the regulations allow for the import of finished CBPMs, or ingredients for the use in, and the manufacture of, CBPMs in the UK. In particular, only persons with certain registrations and licences from both the HO and the MHRA can import CBPMs or ingredients for the manufacturing of CBPMs. Importers and manufacturers must comply with strict requirements regarding packaging, storage, processing and record keeping in relation to CBPMs (among others). Control of Cannabis and Cannabinoids Cannabis is a Class B controlled drug under Part 2 of Schedule 2 to the Misuse of Drugs Act 1971 ("MDA 1971"). Cannabis is defined in section 37(1) of the MDA 1971 and is, in summary, the plant or any part of the plant with limited exceptions (the exceptions are the mature stalk; fibre produced from the mature stalk; or the seed of any such plant). Cannabis is also listed in Schedule 1 to the Misuse of Drugs Regulations 2001 ("MDR 2001"), which regulations provide the legal framework for access to controlled drugs for legitimate purposes. Further, a number of cannabinoids are controlled as Class B drugs under Part 2 of Schedule 2 to the MDA 1971 and Schedule 1 of MDR 2001, including cannabinol and its derivatives. Pure CBD is not a controlled drug, however preparations or products from which it is derived may be. It is unlawful to possess, supply, offer to supply, produce, import or export controlled drugs except under a HO licence, which may be obtained for various legitimate purposes – including in relation to CBPMs (see below). It is also an offence to cultivate any plant of the genus cannabis except under a HO licence. MHRA Marketing Authorization Sativex (nabiximols) and Epidyolex (highly purified CBD), have received a UK marketing authorization (product licence) from the MHRA, pursuant to paragraph 5, part 1 of Schedule 4 to the MDR 2001 and paragraph 10 of Schedule 5 to the MDR 2001 respectively. This means that these drugs can be prescribed in the UK, and certain restrictions on import and possession are relaxed. Cannabis-based products for medicinal use in humans With effect from November 1, 2018, the UK government amended the MDRs 2001 to permit unlicensed CBPMs to be used in humans, under certain circumstances. Regulation 2 of MDR 2001 defines CBPMs as: a preparation or other product […] which (a) is or contains cannabis, cannabis resin, cannabinol or a cannabinol derivative (not being dronabinol or its stereoisomers); (b) is produced for medicinal use in humans; and (c) is (i) a medicinal product, or (ii) a substance or preparation for use as an ingredient of, or in the production of an ingredient of, a medicinal product. Under regulation 16A of the MDRs 2001, unlicensed CBPMs (see above for those with a marketing authorization) may be ordered where they are: for use in a clinical trial; or a special medicinal product for use in accordance with a prescription or direction of a specialist medical practitioner registered under section 34D of the Medical Act 1983. Special medicinal product is defined in the Human Medicines Regulations 2012, regulation 167. In summary, this includes products that are supplied in response to an unsolicited order, manufactured and assembled in accordance with the specification of specialist medical practitioners, and are for use by a patient whose treatment that practitioner is directly responsible to fulfil the special needs of that patient. The only persons entitled to acquire these special medicinal products are: doctors or dentists registered in the UK; supplementary prescribers (e.g. an appropriately qualified nurse or pharmacist); nurse independent prescribers or pharmacist independent prescribers; pharmacists in hospitals, health centres or registered

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- 28 - pharmacies; wholesale dealers licensed for distribution for supply to the order of any of the above; manufacturers licensed for manufacture, assembly or import for supply to the order of any of the above. Import and Manufacture Specialist Importers that intend to import unlicensed CBPMs, or ingredients to manufacture unlicensed CBPMs, must: obtain an HO domestic licence – permitting the control, use and possession of controlled drugs within the UK; obtain an active substance registration with the MHRA; and obtain various licences depending on their intended activity: manufacturer's 'specials' licence – allowing the manufacture of unlicensed medicines ('specials'), and the import of unlicensed medicinal products from outside the EEA; wholesale distribution / dealer's licence – for the sale / supply of medicines to persons other than the patient. This also allows a person to import unlicensed medicinal products from countries inside the EEA. There are various HO and MHRA requirements that specialist importers must comply with in order to obtain the appropriate registrations and licences. Further, in relation to each import, a specialist importer must: apply to the HO for a licence to import the relevant product in the requested quantity. These are usually processed within 10 working days of receipt and last for three months for a single use; and notify the MHRA of the intention to import the requested quantity at least 28 days before the proposed date of import. This notification must contain certain, specified information. Once products arrive in the UK, they will be subject to a customs check and placed into quarantine at a specialist importer warehouse to be checked to ensure they meet any MHRA standards. Importers and manufacturers must comply with strict requirements regarding packaging, storage, processing and record keeping in relation to CBPMs (among others). Australian Regulatory Framework Under Australia's federal system, activities related to medical cannabis are regulated at both the Commonwealth (national/federal) level and at the individual state and territory level. In October 2016, the Australian Government introduced amendments to the Narcotic Drugs Act 1967 (Cth) (the "ND Act"), through the Narcotic Drugs Amendment Act 2016 (Cth), and a new Narcotic Drugs Regulation 2016 (Cth) (the "ND Regulation") which introduced a Commonwealth (national) licensing and permit scheme for the cultivation, production and manufacture of medical cannabis and medical cannabis products. The scheme is administered primarily by the Office of Drug Control (the "ODC") within the Commonwealth Department of Health and Aged Care. The scheme was amended in 2021 by the passage of the Narcotic Drugs Amendment (Medicinal Cannabis) Act 2021 (Cth), to streamline the current Commonwealth licensing and permit scheme. Licences and permits for cultivation, production and manufacture of medical cannabis and medical cannabis products are issued and managed by the Medicinal Cannabis Section of the ODC and compliance is monitored by the Monitoring and Compliance Section of the ODC. The Therapeutic Goods Act 1989 (Cth) (the "TG Act") and its subordinate legislation (particularly the Therapeutic Goods Regulations 1990 (Cth) (the "TG Regulations")) also operate at the Commonwealth level in parallel to the ND Act and ND Regulation to more generally regulate therapeutic goods, including medical cannabis products. Such regulation covers their import into or export from Australia, and their manufacture, advertisement and supply in Australia, including the import, export and production of medical cannabis raw materials for use in the manufacture of finished therapeutic goods. The Commonwealth therapeutic goods regime is administered by the Therapeutic Goods Administration. One of the key requirements is that therapeutic goods must be registered, listed or included in the Australian Register of Therapeutic Goods ("ARTG") before they can be imported, exported, manufactured or supplied

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- 29 - in Australia, unless they exempt from this requirement. Presently, medical cannabis products are usually dealt with pursuant to exemptions that accommodate certain schemes administered by the TGA which provide access to unapproved therapeutic goods, primarily the Special Access Scheme ("SAS"), Authorised Prescriber Scheme ("APS") and schemes relating to the conduct of clinical trials. In late 2023 and through the course of 2024, a series of significant changes were made to the TG Act, TG Regulations and other subordinate legislation and instruments to reform the regulation of "vaping goods" in Australia. Although the reforms were predominantly focused on tightly regulating the lawful importation, manufacture and supply in Australia of vaping goods for smoking cessation or nicotine dependence (being vaping goods containing nicotine as the only active ingredient or no active ingredients at all), and effectively banning all other recreational and therapeutic vaping goods, they have had important ancillary regulatory effects on products that comprise or contain medicinal cannabis for vaping (including both liquid and solid forms). Between August and October 2025, the TGA conducted a consultation into the regulatory oversight of unapproved medicinal cannabis products, which notably sought feedback on whether there is appropriate regulatory oversight of unapproved medicinal cannabis products accessed under the SAS and APs schemes, and whether changes should be made in relation to the regulatory pathways for access to medicinal cannabis products. The outcome of the consultation is expected to be published before the end of 2025, and is expected to lead to proposals to reform the medicinal cannabis regulatory framework. Further, for medicinal cannabis materials or products that are imported into or exported from Australia, there is an additional import/export regime that applies under the Customs Act 1901 (Cth), and the Customs (Prohibited Imports) Regulations 1956 (Cth) (the "CPI Regulations") and the Customs (Prohibited Exports) Regulations 1958 (Cth) (the "CPE Regulations"). Although the regimes under the ND Act and TG Act described above touch on import and/or export activities, the import and export of medicinal cannabis materials and products also require compliance with the additional import-specific and export-specific requirements of the CPI Regulations and CPE Regulations, respectively. New, additional import-export obligations may apply if the medicinal cannabis products are vaping goods. As 'prohibited drugs' under the CPI Regulations and CPE Regulations, cannabis and medicinal cannabis products (whether raw/starting materials, refined active ingredients or finished dosage forms) can only be imported by a person holding an import licence and import permit under the CPI Regulations. A licence must be obtained from the Narcotics Control Section (the "NCS") of the ODC, which requires, among other things, establishing the qualifications and experience of the applicant, that they are a fit and proper person to hold a licence and undertake the proposed activities, and that adequate security arrangements will be implemented in respect of the goods. In the case of medicinal cannabis products that are prefilled (refillable) vaping devices, or that are vaping substances packaged with a vaping device or accessory, a separate licence and permit to import those items as "vaping goods" is also required. Similarly, medicinal cannabis products in their various forms can only be exported by a person holding an export licence and export permit under the CPE Regulations, which also must be obtained from the NCS pursuant to a similar assessment of the applicant's qualifications, experience and suitability to hold an export licence. An important additional requirement for obtaining an export permit for a consignment of medicinal cannabis is demonstrating that the competent authority in the receiving country has given its prior approval to the proposed import into that country. All medicinal cannabis materials and products manufactured in Australia, or manufactured overseas and imported for human therapeutic use in Australia, must also meet all mandatory standards applicable to such goods under the TG Act. Key among these are the standards set out in Therapeutic Goods (Standard

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- 30 - for Medicinal Cannabis) (TGO 93) Order 2017 ("TGO 93"). Significant amendments to TGO 93 were made in March 2022, which were subject to transition periods to allow industry time to make any necessary changes in respect of their products, with all medicinal cannabis products released for supply in Australia on or after 1 July 2023 having been required to comply with these requirements. One of the key requirements of TGO 93 is that, except for certain kinds of starting material, medicinal cannabis products that are manufactured overseas must meet, and must be certified, licensed or confirmed to meet, certain minimum good manufacturing practice ("GMP") standards. In addition, as a result of the vaping goods reforms, medicinal cannabis that is imported into Australia to be used as starting material in the manufacture of finished goods that are vaping substances is now subject to the requirement that its importation be formally notified to the TGA before the importation occurs. A similar TGA notification requirement applies to the importation of vaping devices and accessories which are intended to be used with medicinal cannabis and which rely on the usual exemption pathways for unapproved goods. Where medicinal cannabis products are imported, manufactured or supplied in the form of prefilled vaping devices, or medicinal cannabis substances for vaping are supplied in a packaged form that includes a vaping device (or vaping device accessory), the device components of those goods are generally required to comply with the 'essential principles' for medical devices specified in Schedule 1 to the Therapeutic Goods (Medical Devices) Regulations 2002 (Cth) ("MD Regulations") (which are subordinate to the TG Act). A significant requirement of the essential principles is that the sponsor of a device must hold, or be able to readily obtain from the manufacturer, evidence (including clinical evidence) establishing the safety and performance of the device for its intended purpose. The Australian states and territories regulate lawful dealings in medicines and poisons primarily by reference to their scheduling status. Medicines and poisons are categorized into different schedules depending on their intended use(s) and potential for harm, with the intention that different levels of control will be applied by reference to the different schedules. There is a measure of national uniformity due to the fact that the categorization of substances into schedules occurs at the Commonwealth level, through promulgation and regular amendment of the Standard for the Uniform Scheduling of Medicines and Poisons ("Poisons Standard") (most recently made – as at the date of preparation of this summary – as the Therapeutic Goods (Poisons Standard—October 2025) Instrument 2025). However, each state and territory individually, through its own laws, adopts the Poisons Standard (with occasional jurisdictional modifications) and to a similar (but not identical) extent the various intended controls. Medicinal cannabis products for human therapeutic use are mostly in Schedule 8, a category which the Poisons Standard describes as 'controlled drugs', being substances which should be available for use but require restrictions on manufacture, supply, distribution, possession and use to reduce abuse, misuse and physical or psychological dependence. A limited class of medicinal cannabis products containing predominantly CBD are also listed in Schedule 4 (being 'prescription-only' medicines) and in Schedule 3 ('pharmacist-only medicines'). Cannabis products for non-human research are in Schedule 9 – such 'prohibited substances' are susceptible to abuse or misuse and their manufacture, possession, sale or use should be prohibited by law except when required for medical or scientific research or for analytical, teaching or training purposes with approval of Commonwealth and/or state or territory health authorities. United States Regulatory Framework The United States federal government regulates drugs primarily through the Controlled Substances Act ("CSA"). Cannabis (generally referred to under U.S. federal law either as "marijuana" or "marihuana"), other than hemp (currently defined as all parts of the plant Cannabis sativa L. with a delta-9-THC

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- 31 - concentration of not more than 0.3% on a dry weight basis), is classified as a schedule I controlled substance. Hemp, as defined in the Agriculture Improvement Act of 2018, is not scheduled under the CSA and is considered an agricultural commodity. Under the United States' federal system of government, activities related to cannabis and hemp are regulated at both the federal level and at the individual state or territory level. Currently, the Company only has hemp-derived THC products in the United States. Hemp Regulation of the United States On December 20, 2018, U.S. President Donald Trump signed into law the Agricultural Improvement Act of 2018 (the "2018 Farm Bill"), which changed hemp's legal status by removing hemp and extracts of hemp from the schedules of the CSA. The 2018 Farm Bill also created a specific exemption from the CSA for THCs found in hemp. Accordingly, the production, sale, and possession of hemp or extracts and THCs of hemp do not violate the CSA. Under the 2018 Farm Bill, hemp is defined as "the plant Cannabis sativa L. and any part of that plant, including the seeds thereof and all derivatives, extracts, cannabinoids, isomers, acids, salts, and salts of isomers, whether growing or not, with a delta-9 tetrahydrocannabinol concentration of not more than 0.3% on a dry weight basis" . In addition, with the 2018 Farm Bill defining hemp to include cannabinoids, derivatives, and extracts, the Drug Enforcement Administration does not have regulatory jurisdiction over hemp products, so long as the THC level of such products is at or below 0.3% delta-9 on a "dry weight basis," and the hemp and its derivatives were grown and processed by a person holding a license issued by either (i) the U.S. Department of Agriculture ("USDA") or (ii) the applicable state agency in a state with a USDA-approved hemp plan. Despite almost seven years since the enactment of the 2018 Farm Bill, the status of certain hemp products under federal law remains ambiguous, including, without limitation: (i) products containing CBD; (ii) products containing certain amounts of delta-9 THC per serving, but less than 0.3% delta-9 THC on a dry weight basis (refer to the November 12, 2025 update below); and (iii) derivative products containing chemically converted cannabinoids. Although the passage of the 2018 Farm Bill legalized hemp and hemp-derived cannabinoids, it did not further amend the Federal Food, Drug, and Cosmetic Act, as implemented by the U.S. Food and Drug Administration ("FDA"). The FDA has stated in guidance and other public statements that it is prohibited to sell a food, beverage or dietary supplement to which THC (or CBD) has been added. While the FDA does not have a formal policy of enforcement discretion with respect to any products with added CBD or THC, the agency has stated that its primary focus for enforcement centers on products that put the health and safety of consumers at risk, such as those claiming to prevent, diagnose, mitigate, treat, or cure diseases in the absence of requisite approvals. The agency's enforcement to date has therefore focused on products containing CBD that make drug-like claims, products with synthetic cannabinoids such as delta-8 THC, and products that are appealing to children. Nevertheless, there is the risk that the FDA could expand its enforcement activities and require additional manufacturing, packaging or labeling requirements, or order companies to cease distributing such products altogether. Such regulatory actions and associated compliance costs may hinder our ability to successfully compete in the market for such products. Further, on November 12, 2025, the U.S. enacted the Continuing Appropriations and Extensions Act of 2026 (H.R. 5371), which includes a provision (section 781) to amend the definition of hemp in the 2018 Farm Bill to effectively eliminate hemp-derived THC products. The law includes a 365-day transition period, such that the new prohibition would not take effect until November 2026. Efforts are underway to reverse or narrow the new prohibition, but no result is guaranteed.

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- 32 - In addition to the considerations discussed above, due to ongoing public attention and continuing state legislative focus, there also exists a rapidly changing patchwork of state laws governing hemp and hemp- derived products. Many states have specifically enacted laws regulating or prohibiting the production, distribution, and/or sale of hemp products—while other states have left such products unregulated. The legal treatment of hemp products varies widely across states—with state differences often depending on whether the product is (i) intended to induce, or may have, an intoxicating effect, and (ii) the particular product form (i.e., as a beverage, vape, topical, flower, gummy, among others). Moreover, those states that do regulate hemp products often share regulatory authority among at least two state agencies. Currently, intoxicating hemp products (in at least one product form) are permitted by at least thirty-eight states (and Puerto Rico), whereas 12 states (including the District of Columbia) prohibit such products. RISK FACTORS There are a number of risk factors that could cause future results to differ materially from those described herein. The risks and uncertainties described herein are not the only ones the Company faces. Additional risks and uncertainties, including those that the Company does not know about now or that it currently deems immaterial, may also adversely affect the Company's business. If any of the following risks actually occur, the Company's business may be harmed and its financial condition and results of operations may suffer significantly. Retail Consolidation and Vertical Integration The Canadian cannabis retail industry has seen an increase in: (i) the rate of consolidation of retail stores in provinces where private retail stores are permitted, and (ii) vertical integration by LPs operating in the retail industry, despite regulatory prohibitions intended to prevent this. In some cases, the retailers are affiliated with LPs who are direct competitors of the Company. As the Company currently does not own or operate any retail store, there is a risk that the Company loses product listings with retail stores owned by its competitors. An increase in consolidation or vertical integration of cannabis retail stores could materially and adversely affect the Company's business and financial condition. The Changing Legal Status of Hemp-Derived Products in the United States The Company invests in certain entities in the U.S, including a cannabis and hemp genetics licensing company. While these entities comply with U.S. laws, any widespread enforcement against the entities' customers could negatively impact the Company's investments, and could adversely affect the Company's business operations and financial condition. In November 2025, the U.S. enacted the Continuing Appropriations and Extensions Act of 2026 (H.R. 5371), which includes a provision (section 781) to amend the definition of hemp in the 2018 Farm Bill to effectively eliminate hemp-derived THC products, although the change does not become effective for 365 days from the date of enactment. Organigram's U.S. offerings would be directly impacted by this change in law; additionally, Organigram has investments in hemp seed and hemp ingredient manufacturers in the U.S. that may be impacted by this legislation. Efforts are underway to repeal, replace, or delay this amendment, but whether any change will occur is uncertain. If current federal legislation is not amended or reversed, Organigram may have to sell, wind-down or otherwise restructure its hemp THC product related activities in the U.S. by November 2026. In addition to federal uncertainty, unforeseen regulatory obstacles or compliance costs may hinder our ability to successfully compete in

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- 33 - the market for such products, which could adversely impact our business, operating results, financial condition, brand and reputation. The Company competes with other hemp THC products, state-legal cannabis products and products available in the illicit market, and the public is often uninformed about the differences of these markets. We test all of our products for safety and quality. However, many of our competitors in the market may not do so. Because our business is dependent, in part, upon continued market acceptance of THC by consumers, any negative trends relating to cannabis or hemp could adversely affect our business operations. For example, consumers may hear about negative health or safety outcomes for a competitor's product and ascribe those outcomes to the entire category. Negative views of the category caused by third party may hinder our ability to successfully market our products, or lead to new laws or regulations that prohibit or limit the sale of such products, which could adversely impact our business, operating results, financial condition, brand and reputation. Recent public reports suggest that President Trump will issue an executive order directing federal agencies to reschedule cannabis ("marihuana" in the CSA) from schedule I to schedule III. That would represent a significant, formal acknowledgement that cannabis has medical value and less potential for abuse than schedule I and II controlled substances. However, a controlled substance may not be rescheduled by executive order, and any final order and administrative rules are likely to be challenged through litigation, and rescheduling could be delayed or ultimately denied. Furthermore, even if the U.S. does reschedule cannabis to schedule III, cannabis would remain a controlled substance and be subject to the CSA's requirements including registration with the Drug Enforcement Administration ("DEA"). Accordingly, the state regulated cannabis programs as they exist today would still be federally illegal. Organigram does not intend to participate in the state cannabis programs unless and until doing so is no longer federally illegal or with the implementation of an appropriate structure. Furthermore, the rescheduling, in conjunction with certain amendments to the definition of hemp set to take effect in November 2026, would prohibit certain hemp products or subject them to more stringent restrictions than those currently in place. Cyber Security The Company has entered into agreements with third parties for hardware, software, telecommunications and other information technology services in connection with its operations. The Company's operations depend, in part, on how well it and its suppliers protect networks, equipment, information technology systems and software against damage from a number of threats, including, but not limited to, cable cuts, damage to physical plants, natural disasters, intentional damage and destruction, fire, power loss, hacking, computer viruses, vandalism and theft. The Company's operations also depend on the timely maintenance, upgrade and replacement of networks, equipment, information technology systems and software, as well as pre-emptive expenses to mitigate the risks of failures. Any of these and other events could result in information system failures, delays, and/or increase in capital expenses. The failure of information systems or a component of information systems could, depending on the nature of any such failure, adversely impact the Company's reputation and results of operations. The Company has not experienced any material losses to date relating to cyber-attacks or other information security breaches; however, there can be no assurance that such losses will not occur in the future. The Company's risk and exposure to these matters cannot be fully mitigated due to the evolving nature of cyber threats. As a result, cybersecurity and the continued development and enhancement of controls, processes, and practices designed to protect systems, software, data, and networks from attack, damage, or unauthorized access remain a priority.

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- 34 - Since 2023, a number of device-level cyber remediations have been implemented, including the deployment of BitLocker, an enterprise-class standard for hard-drive encryption, and the disabling of USB drives to reduce the possibility of sensitive-data leakage. At an operational level, a network traffic access management appliance (Claroty) has been deployed to minimize unauthorized third-party access to equipment and systems in the manufacturing environment. Finally, in pursuit of a more integrated and secure IT environment, certain on-premise systems have been decommissioned and functionality migrated to Tier 1 third-party-managed cloud-based environments that offer more robust security and controls. As cyber threats continue to evolve, the Company may be required to expend additional resources to further enhance protective measures or to investigate and remediate potential security vulnerabilities. Competition There is potential that the Company will face intense competition from other companies, some of which have longer operating histories, more financial resources and production and marketing experience, and lower costs than the Company. The cannabis industry and businesses ancillary to and directly involved with cannabis businesses are undergoing rapid growth and substantial change, which has resulted in an increase in new and existing competitors, consolidation and formation of strategic relationships. As such, the Company faces competition from companies that may have greater capitalization, access to public equity markets, more experienced management or more maturity as a business. The Company is likely to continue to face increasing and intense competition from these companies. Increased competition by larger and better financed competitors could materially and adversely affect the Company's business, financial condition and results of operations. The Company expects that competition will become more intense as current and future competitors begin to offer an increasing number of diversified products to respond to such increased demand. To remain competitive, the Company will require a continued investment in research and development, marketing, sales and customer support. The Company may not have sufficient resources to maintain sufficient levels of investment in research and development, marketing, sales and client support efforts to remain competitive, which could materially and adversely affect the Company's business, financial condition and results of operations. Acquisitions or other consolidating transactions in the cannabis industry could harm the Company in a number of ways, including losing customers, revenue and market share, or forcing it to expend greater resources to meet new or additional competitive threats, all of which could harm the Company's operating results. As competitors enter the market and become increasingly sophisticated, competition in the industry may intensify and place downward pressure on retail prices for the Company's products and services, which could negatively impact the Company's profitability. Changes in the number of licenses issued by Health Canada, as well as other regulatory changes in both Canada and internationally that have the effect of increasing competition, could have an adverse impact on the Company's ability to compete for its market share. The Company has identified a trend of certain competitors inflating THC potency values being labeled on flower products in order to gain market share. Regulatory scrutiny has intensified, particularly around inflated THC potency labeling, prompting initiatives by the Ontario Cannabis Store, Health Canada, and the Cannabis Standards Alliance of Canada to establish consistent testing and enforcement, but this practice has negatively impacted the Company's flower sales and margins and may continue to do so for the foreseeable future.

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- 35 - Competition from the Illicit Market The Company faces competition from unlicensed and unregulated market participants, including individuals and groups that process and sell cannabis without a licence, such as illicit cultivators and retailers and other illicit participants selling cannabis and cannabis-based products in Canada. These competitors may be able to offer products with higher concentrations of active ingredients than the Company would be authorized to produce and sell, use delivery methods that are currently prohibited form offering to individuals in Canada, use marketing and branding strategies that are restricted under the Cannabis Act and the Cannabis Regulations, and make claims not permissible under the Cannabis Act and other regulatory regimes. The competition presented by these participants, and any unwillingness by consumers currently using these illicit distribution channels to begin purchasing from the regulated market, or any inability of law enforcement authorities to enforce laws prohibiting the unlicensed cultivation, production and sale of cannabis, could adversely affect the Company's performance, result in increased competition through the illicit market for cannabis or have an adverse impact on the public perception of cannabis use, and of legal operators, all of which could have a materially adverse effect on the Company's business, operations and financial condition. Risks Related to International Sales The Company currently sells its products in a number of jurisdictions and the sale of the products are subject to a variety of laws that vary by jurisdiction, many of which are unsettled and still developing. There is no assurance that the Company will continue to meet the legal and regulatory requirements applicable to each jurisdiction. Any change in laws or regulations may adversely impact the Company's ability to sell its products in certain jurisdictions. In January 2024, the Israeli government notified the Company that it was the subject of an anti-dumping investigation in respect of its cannabis exports to Israel. On July 3, 2025, the Israel Ministry of Justice announced that it had concluded the Minister of Finance's veto of the proposed anti-dumping duty was valid, and no anti-dumping duty would be imposed on Canadian producers. While the outcome was favourable for Canadian producers, it is unclear whether the process undertaken will result in a material adverse effect in the Company's sales. Ability to Meet Production Targets The Company sets production targets for different product formats. Actual production amounts may not achieve targeted production figures as a result of many factors including but not limited to: operational efficiency, genetic drift in the strains of cannabis plants grown, shift in strains grown as a result of competitive pressure, natural variations in plant development, inability to precisely influence growth measures as a result of numerous variables that may influence the plant growth that are varied from one growth cycle to another, product that does not meet quality assurance specifications, or operational inefficiencies. Future Acquisitions or Dispositions and Management of the Impact of Such Transactions on the Company's Operations In the event that the Company proceeds with a material acquisition, disposition or other strategic transaction, such transaction would be subject to a number of risks, including: (i) potential disruption of the Company's ongoing business, (ii) distraction of management, (iii) the Company may become more financially leveraged, (iv) the anticipated benefits and cost savings of those transactions may not be realized fully or at all or may take longer to realize than expected, (v) increasing the scope and complexity of the Company's operations, and (vi) loss or reduction of control over certain of the Company's assets.

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- 36 - The presence of one or more material liabilities of an acquired company that are unknown to the Company at the time of acquisition could have a material adverse effect on the results of operations, business prospects and financial condition of the Company. A strategic transaction may result in a significant change in the nature of the Company's business, operations and strategy. In addition, the Company may encounter unforeseen obstacles or costs in implementing a strategic transaction or integrating any acquired business into the Company's operations. Changes in Laws, Regulations and Guidelines The Company's business is subject to various laws, regulations and guidelines relating to marketing, acquisition, manufacture, management, transportation, storage, sale and disposal of cannabis but also laws and regulations relating to health and safety, the conduct of operations and the protection of the environment. Changes to such laws, regulations and guidelines may cause adverse effects to the Company's operations. The legislative framework pertaining to the Canadian cannabis market is subject to significant federal, provincial and territorial regulation, which varies across provinces and territories and results in an asymmetric regulatory and market environment, different competitive pressures, and significant additional compliance and other costs and/or limitations on the Company's ability to participate in such markets. The laws, regulations and guidelines applicable to the cannabis and hemp industries domestically and internationally, including in Germany, the UK, Australia and the U.S. may change in ways currently unforeseen by the Company. Continued uncertainty exists with respect to the future interpretation and evolution of the Cannabis Act, federal regulations thereunder as well as the various provincial and territorial regimes governing the distribution and sale of cannabis in Canada. The Company's product portfolio and strategy includes vaporizable products which may be subject to negative consumer perception and may be subject to additional regulation and restriction over and above the current regulatory requirements in place under the Cannabis Act. This may include governmental restriction of the sale or composition of such products and/or imposition of additional costs. On December 5, 2023, Health Canada published guidance on cannabis products with what it deems to be intoxicating cannabinoids other than THC. The guidance identifies the cannabinoids CBN and THCV as "intoxicating" and recommends that they be regulated in the same manner as THC, whose potency is capped in the edible and extract categories. While the guidance encourages licensed processors to follow recommended controls, it does not mandate any action and does not have the force of law without legislative change. The guidance does, however, create some uncertainty regarding the manner in which certain cannabinoids may be regulated in the future. In March 2024, pursuant to the statutory review requirements under the Cannabis Act, a final report of an independent expert panel appointed to lead this review was published. The amendment, removal or addition of provisions in or to the Cannabis Act based on the recommendations resulting from this report could adversely affect the Company's business. For example, recommendations related to imposing restrictions or prohibition of certain products with higher quantities or concentrations of THC or other intoxicating cannabinoids could limit and affect the types of products we can sell. Volatile Market Price of the Company's Securities The market price of the Company's securities may be volatile and subject to wide fluctuations in response to numerous factors, many of which are beyond the Company's control. This volatility may affect the ability of holders of Company's securities to sell their securities at an advantageous price. Market price

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- 37 - fluctuations in the Company's securities may be due to the Company's operating results, significant acquisitions or business combinations, strategic partnerships, joint ventures or capital commitments by or involving the Company or its competitors, failing to meet expectations of securities analysts or investors in any period, downward revision in securities analysts' estimates, adverse changes in general market conditions, economic trends, acquisitions, dispositions, or material public announcements by government and regulatory authorities, the Company or its competitors, along with a variety of additional factors. Broad market fluctuations may adversely affect the market price of the Company's securities. Financial markets have at times historically experienced significant price and volume fluctuations that have particularly affected the market prices of equity securities of companies and that have often been unrelated to the operating performance, underlying asset values or prospects of such companies. Accordingly, the market price of the Company's securities may decline even if the Company's operating results, underlying asset values or prospects have not changed. Additionally, these factors, as well as other related factors, may cause decreases in asset values that are deemed to be other than temporary, which may result in impairment losses. There can be no assurance that continuing fluctuations in price and volume will not occur. If such increased levels of volatility and market turmoil continue, the Company's operations could be adversely impacted and the trading price of the Company's securities may be materially adversely affected. Reliance on Key Inputs and Wholesale Price of Cannabis Volatility The Company's revenues are in a large part derived from the production, sale, and distribution of cannabis. The cost of production, sale, and distribution of cannabis is dependent on a number of key inputs and their related costs, including equipment and supplies, labour and raw materials related to the Company's growing operations, as well other overhead costs such as electricity, water, and utilities. In light of ongoing international conflicts and tariff measures, any governmental measures taken as a result may have a negative impact on the costs, including for input materials, energy and transportation. Any significant interruption or negative change in the availability or economics of the supply chain for key inputs could materially impact the Company's financial condition and operating results. Some of the Company's key inputs may only be available from a single supplier or a limited group of suppliers. If a sole source supplier was to go out of business, the Company might be unable to find a replacement for such source in a timely manner or at all. If a sole source supplier were to be acquired by a competitor, that competitor may elect not to sell to the Company in the future. Any inability to secure required supplies and services or to do so on appropriate terms could have a materially adverse impact on the business, financial condition and operating results of the Company. This includes any change in the selling price of products set by the applicable province or territory. There is currently no established market price for cannabis and the price of cannabis is affected by numerous factors beyond the Company's control, including but not limited to, government regulation, interest rates, inflation or deflation, supply and demand, and general prevailing political and economic conditions. Any price decline may have a material adverse effect on the Company's business, financial condition and operations. Acquisition and Integration Risk The Company has in the past made and may in the future make acquisitions and investments that could divert management's attention, result in operating difficulties and dilution to shareholders and otherwise disrupt the operations of the Company. The Company may have difficulty integrating any such acquisitions successfully or realising the anticipated benefits therefrom, any of which could have a material adverse effect on the Company's business, financial condition, results of operations and cash flows. See "General Development of The Business - Three-Year History" as it relates to the Company's recent acquisitions.

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- 38 - Pursuing potential strategic acquisitions or investment opportunities is one possible growth strategy. Any transactions that the Company enters into could be material to its business, financial condition, results of operations, cash flows and prospects. The process of acquiring and integrating another company or technology could create unforeseen operating difficulties and expenditures. Acquisitions and investments involve a number of risks, including: • diversion of management time and focus from operating the Company's business; • use of resources that are needed in other areas of the Company's business; • integration of the acquired company, including accounting systems and operations; • implementation or remediation of controls, procedures and policies of the acquired company; • difficulty integrating the accounting systems and operations of the acquired company; • coordination of product, engineering and selling and marketing functions, including difficulties and additional expenses associated with supporting legacy services and products and hosting infrastructure of the acquired company; • retention and integration of employees from the acquired company, and preservation of the Company's corporate culture; • the potential loss of key employees; • unforeseen costs or liabilities, including the use of substantial portions of the Company's available cash to consummate the acquisition; • adverse effects to the Company's existing business relationships with customers; • the possibility of adverse tax consequences; • litigation or other claims arising in connection with the acquired company or investment; and • the need to integrate potential operations across different cultures and languages and to address the particular economic, currency, political and regulatory risks associated with specific countries. Government Regulation The business and activities of the Company are heavily regulated in all jurisdictions where the Company carries on business. The Company's operations are subject to various laws, regulations and guidelines by governmental authorities, particularly Health Canada, relating to the manufacture, marketing, management, transportation, storage, sale, pricing and disposal of cannabis, cannabis extracts, and cannabis derivatives. The Company is also subject to laws and regulations relating to health and safety, insurance coverage, the conduct of operations and the protection of the environment. Laws and regulations, applied generally, grant government agencies and self-regulatory bodies broad administrative discretion over the activities of the Company, including the power to limit or restrict business activities as well as impose additional disclosure requirements on the Company regarding its products and services. Achievement of the Company's business objectives are contingent, in part, upon compliance with regulatory requirements enacted by governmental authorities and obtaining all regulatory approvals, where necessary, for the production and sale of its products. The Company cannot predict the time required to secure all appropriate regulatory approvals for its products, or the extent of testing and documentation that may be required by governmental authorities. Any delays in obtaining, or failure to obtain regulatory approvals would significantly delay the development of markets and products and could have a material adverse effect on the business, results of operations and financial condition of the Company. Failure to comply with the laws and regulations applicable to the Company's operations may lead to possible sanctions including the revocation or imposition of additional conditions on licences to operate the Company's business; the suspension or expulsion from a particular market or jurisdiction or of its key personnel; the imposition of additional or more stringent inspection, testing and reporting requirements; and, the imposition of fines and censures. To the extent that there are changes to the existing laws and

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- 39 - regulations or the enactment of future laws and regulations that affect the sale or offering of the Company's products or services in any way, the Company's revenues may be adversely affected. In light of the illegality of cannabis under U.S. federal law, any engagement in cannabis-related activities, both in Canada as well as in foreign jurisdictions, may lead to heightened scrutiny by regulatory bodies and other authorities that could negatively impact the Company and/or its personnel. Partnerships and Strategic Alliances/Investments The Company operates parts of its business through partnerships and strategic alliances (which includes strategic investments) with other companies, and the Company may enter into additional partnerships and strategic alliances in the future. The Company's ability to complete partnerships and strategic alliances is dependent upon, and may be limited by, the availability of suitable candidates and capital. In addition, such arrangements could present unforeseen integration obstacles or costs, may not enhance the Company's business, and may involve risks that could adversely affect the Company, including significant amounts of management time that may be diverted from operations in order to pursue and complete such transactions or maintain such arrangements. Future partnerships and strategic alliances could result in the incurrence of additional debt, costs and contingent liabilities, and there can be no assurance that future arrangements will achieve, or that the Company's existing arrangements will continue to achieve, the expected benefits to the Company's business or that the Company will be able to consummate future strategic alliances on satisfactory terms, or at all. Any of the foregoing could have a material adverse effect on the Company's business, financial condition and results of operations. Management of Growth The Company may be subject to growth-related risks, including capacity constraints and pressure on its internal systems and controls. The ability of the Company to manage growth effectively will require it to continue to implement and improve its operational and financial systems and to expand, train and manage its employee base. If the Company is unable to deal with this growth, it may have a material adverse effect on the Company's business, financial condition, results of operations and prospects. Expansion into New Markets Other Geographic Areas, which could Increase the Company's Operational, Regulatory and Other Risks The Company, through its recent acquisitions of Motif and Collective Project, has expanded into new product categories and international jurisdictions, and may continue to do so in the future. As a result, the Company may face new or unexpected risks or significantly increase its exposure to one or more existing risk factors, including the availability of necessary resources, the development of requisite expertise, economic instability, changes in laws and regulations, and the effects of competition. There is no assurance that the Company will be able to effectively manage the new products it acquires or introduces, including vapes and edibles, along with the performance and growth of such products. In addition to the jurisdictions described elsewhere in this Annual Information Form, the Company may in the future expand into other geographic areas, which could increase the Company's operational, regulatory, compliance, reputational and foreign exchange rate risks. The failure of the Company's operating infrastructure to support such expansion could result in operational failures and regulatory fines or sanctions. Future international expansion could require the Company to incur a number of up-front expenses, including those associated with obtaining regulatory approvals, as well as additional ongoing expenses, including those associated with infrastructure, staff and regulatory compliance. The Company may not be able to successfully identify suitable acquisition and expansion opportunities or integrate such operations successfully with the Company's existing operations. These factors may limit the Company's

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- 40 - ability to successfully introduce or acquire new products and expand its operations into foreign jurisdictions, and may have a material adverse effect on the Company's business, financial condition and results of operations. Constraints on Marketing Regulated Products In light of the significant restrictions on marketing and promotional activities set forth in the Cannabis Act and related regulations, the Company's business and operating results may be hindered by applicable restrictions on sales, branding and marketing activities. If the Company is unable to effectively brand and market its products and compete for market share, or if the costs of compliance with government legislation and regulation cannot be absorbed through increased selling prices for its products, the Company's sales and operating results could be adversely affected. The Company's success depends on its ability to attract and retain customers, and the restrictions on marketing, advertising and promotion of the Company's cannabis products may adversely impact its ability to establish brand presence, acquire new customers, retain existing customers and maintain a loyal customer base. The failure to acquire and retain customers could have a material adverse effect on the Company's business, financial condition and results of operations. Risks Inherent in an Agricultural Business The Company's business involves the growing of cannabis plants, an agricultural product. As such, the business is subject to the risks inherent in the agricultural business, such as insects, plant diseases and similar agricultural risks that may create crop failures, lower THC or less desirable products and supply interruptions for the Company's customers. Although the Company grows its products indoors under climate-controlled conditions and carefully monitors the growing conditions with trained personnel, there can be no assurance that natural elements will not have a material adverse effect on the production of its products. Difficulties with Forecasts Due to the relatively early stage of the cannabis industry, together with recent and ongoing regulatory and policy changes in the cannabis industry, laws that prevent widespread participation in and otherwise hinder market research in the cannabis industry, and unreliable levels of market supply, the market data available for forecasting sales is limited and unreliable. As a result, the Company must rely largely on its own market research to forecast sales as detailed forecasts are not generally obtainable from other sources at this stage of the cannabis industry, domestically and internationally. Market research and projections by the Company are based on assumptions from limited and unreliable market data. A failure in the Company's ability to forecast demand for its products could have a material adverse effect on the business, results of operations and financial condition of the Company. Reliance Primarily on a Single Cultivation Facility To date, the Company's cultivation activities have been primarily focused on the Moncton Campus in Moncton, New Brunswick and the Company will continue to primarily rely on it for the foreseeable future. Adverse changes or developments affecting the Moncton Campus could have a material and adverse effect on the Company's business, financial condition and prospects, including impacting the quantity of product produced by the Company.

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- 41 - Negative Cash Flow from Operations During the year ended September 30, 2025, the Company had positive cash flow from operating activities. The Company's cash and short-term investments as at September 30, 2025, were approximately $3.9 million (excluding restricted cash). Although the Company anticipates that it will have positive cash flow from operating activities in future periods, the Company has, in prior years, had negative cash flow from operations and cannot guarantee it will have a cash flow positive status in the future due to continued investing in the business, and its efforts to become the leader in the adult-use recreational cannabis market in Canada and globally. To the extent that the Company has negative cash flow in any future period, certain of the proceeds from its offerings may be used to fund such negative cash flow from operating activities. Product Liability As a manufacturer and distributor of products designed to be consumed by humans, the Company faces an inherent risk of exposure to product liability claims, regulatory action and litigation if its products are alleged to have caused significant loss or injury. In addition, the manufacture and sale of the Company's products involve the risk of injury to consumers due to tampering by unauthorized third parties or product contamination. Previously unknown adverse reactions resulting from human consumption of the Company's products alone or in combination with other medications or substances could occur. The Company may be subject to various product liability claims, including, among others, that the Company's products caused injury or illness, include inadequate instructions for use or include inadequate warnings concerning possible side effects or interactions with other substances. A product liability claim or regulatory action against the Company could result in increased costs, could adversely affect the Company's reputation with its clients and consumers generally, and could have a material adverse effect on the results of operations and financial condition of the Company. There can be no assurances that the Company will be able to obtain or maintain product liability insurance on acceptable terms or with adequate coverage against potential liabilities. Such insurance is expensive and may not be available in the future on acceptable terms, or at all. The inability to obtain sufficient insurance coverage on reasonable terms or to otherwise protect against potential product liability claims could prevent or inhibit the commercialization of the Company's potential products. As of the current date, the Company has a small amount of insurance coverage for product liabilities. Financing There is no guarantee that the Company will be able to achieve its business objectives. The continued development of the Company may require additional financing. The failure to raise such capital could result in the delay or indefinite postponement of current business objectives or the Company ceasing to carry on business. There can be no assurance that additional capital or other types of financing will be available if needed or that, if available, the terms of such financing will be favourable to the Company. In addition, from time to time, the Company may enter into transactions to acquire assets or the shares of other corporations. These transactions may be financed wholly or partially with debt, which may increase the Company's debt levels above industry standards. Difficulties in Implementing its New ERP System Could Materially Adversely Affect the Company During fiscal years 2023 and 2024, the Company launched a new ERP system which provides for a more robust and secure financial system of record, among other supply chain and operational data. Various general IT controls are now centralized, and the Company is currently in the midst of stabilizing the new

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- 42 - ERP system, which replaces its previous financial system. There can be no assurance that the ERP system will provide the information and benefits expected by management. The stabilization of the ERP system requires an investment of significant personnel and financial resources, including substantial expenditures for outside consultants, cloud computing and software costs, in addition to other expenses in connection with the transformation of the Company's organizational structure and financial and operating processes. The stabilization of the new ERP system may result in delays, increased costs and other difficulties, including potential design defects, miscalculations, testing requirements, and the diversion of management's attention from day-to-day business operations. If it is unable to stabilize the new ERP system as planned, the effectiveness of the internal control over financial reporting could be adversely affected, the ability to assess those controls adequately and to disseminate its financial documents could be delayed, the Company's operations could be affected and the Company's financial condition, results of operations and cash flows could be negatively impacted. Unknown Health Impact of Use of Cannabis and Derivatives There is little in the way of longitudinal studies on the short-term and long-term effects of cannabis use on human health, whether used for recreational or medical purposes. As such, there are inherent risks associated with using the Company's cannabis and derivative products. Previously unknown or unforeseeable adverse reactions arising from human consumption of cannabis products may occur which could adverse affect social acceptance of cannabis and the demand for the Company's products. General Business Risk and Liability Given the nature of the Company's business, it may from time to time be subject to claims or complaints from investors or others in the normal course of business. The legal risks facing the Company, its directors, officers, employees or agents in this respect include potential liability for violations of securities laws, breach of fiduciary duty and misuse of investors' funds. Some violations of securities laws and breach of fiduciary duty could result in civil liability, fines, sanctions, or the suspension or revocation of the Company's right to carry on its existing business. The Company may incur significant costs in connection with such potential liabilities. Future Unfavourable Research Findings Regarding Vaporizers Vaporizers and related products were recently developed and therefore the scientific or medical communities have had a limited period of time to study the long-term health effects of their use. Currently, there is limited scientific or medical data on the safety of such products for their intended use and the medical community is still studying the health effects of the use of such products, including the long-term health effects. If a consensus were to develop among the scientific or medical community that the use of any or all of these products pose long-term health risks, market demand for these products and their use could materially decline. Such a development could also lead to litigation, reputational harm and significant regulation. Loss of demand for the Company's products, product liability claims and increased regulation stemming from unfavorable scientific studies on vaporizer products could have a material adverse effect on the Company's business, financial condition and results of operations. Product Recalls Manufacturers and distributors of products are sometimes subject to the recall or return of their products for a variety of reasons, including product defects, such as contamination, unintended harmful side effects or interactions with other substances, packaging safety and inadequate or inaccurate labeling disclosure.

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- 43 - The Company had a voluntary recall in December 2016 and January 2017, after testing revealed the presence of low levels of myclobutanil and/or bifenazate in some of the lots, for which a class action lawsuit was filed and has now been settled. Undiscovered product liability claims are always a potential risk. However, if any of the Company's products are recalled due to an alleged product defect or for any other reason, the Company would be required to incur the unexpected expense of the recall and any legal proceedings that might arise in connection with the recall. The Company may lose a significant amount of sales and may not be able to replace those sales at an acceptable margin or at all. In addition, a product recall may require significant management attention thereby reducing the amount of time members of management would otherwise have focused towards managing the Company. Although the Company has detailed procedures in place for testing finished products, there can be no assurance that any quality, potency or contamination problems will be detected in time to avoid unforeseen product recalls, regulatory action or lawsuits. Additionally, if one of the Company's significant brands were subject to recall, the image of that brand and the Company could be harmed. A recall for any of the foregoing reasons could lead to decreased demand for the Company's products and could have a material adverse effect on the results of operations and financial condition of the Company. Additionally, product recalls may lead to increased scrutiny of the Company's operations by Health Canada or other regulatory agencies, requiring further management attention and potential legal fees and other expenses. Reliance on Key Personnel and Security Clearance The success of the Company is dependent upon the ability, expertise, judgment, discretion and good faith of its executive and senior management. The Company's future success depends on its continuing ability to attract, develop, motivate and retain highly qualified and skilled employees. Qualified individuals are in high demand, and the Company may incur significant costs to attract and retain them. The loss of the services of a member of the Company's executive and senior management, or an inability to attract other suitably qualified persons when needed, could have a material adverse effect on the Company's ability to execute on its business plan and strategy, and the Company may be unable to find adequate replacements on a timely basis, or at all. Further, as designated individuals of a licence holder under the Cannabis Act, key personnel of the Company are subject to a security clearance by Health Canada. There is no assurance that any of the Company's key personnel who presently or may in the future require a security clearance will be able to obtain or renew such clearances or that new personnel who require a security clearance will be able to obtain one. A failure by any of those individuals to maintain or renew his or her security clearance, could result in a material adverse effect on the Company's business, financial condition and results of operations. In addition, if any such individual leaves the Company, and the Company is unable to find a suitable replacement that has a security clearance required by the Cannabis Act in a timely manner, or at all, there could occur a material adverse effect on the Company's business, financial condition and results of operations. Market Risk Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises two types of risk: currency rate risk and interest rate risk: Currency Risk Currency risk is the risk to the Company's earnings that arise from fluctuations of foreign exchange rates. The Company is exposed to foreign currency risk, specifically with respect to the United States Dollar (USD). The translation of foreign currencies to Canadian dollars is performed for balance sheet accounts using exchange rates in effect at the balance sheet date, and for revenues and expense using an average

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- 44 - exchange rate for the period. Therefore, fluctuations in the value of the Canadian dollar affect the reported amounts of net revenue, expenses, assets and liabilities. The resulting translation adjustments are reported as a component of accumulated other comprehensive income or loss on the consolidated balance sheet. As a result, changes arising from these risks have impacted the Company previously and it may be impacted for the foreseeable future. Interest Risk Interest risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. From the beginning of 2022 to the middle of 2024, the Bank of Canada increased its overnight interest rate by 475 basis points in an attempt to bring inflation under control. During 2022, inflation in Canada rose to its highest level in four decades and was a result of, but not limited to the effects of, the tight labour market, global supply chain disruptions, strong economic growth and the war in Ukraine. Starting in June 2024 to the date of this Annual Information Form, the Bank of Canada has decreased its overnight rate by a total of 250 basis points. Despite these rate reductions, the Bank of Canada is continuing to monitor inflation figures, but ongoing economic uncertainty may result in a slower pace of overnight interest rate decreases or a slower pace of changes in interest rates available in the market. The Company may be exposed to interest rate risk pursuant to any long-term debt that it incurs from time to time. Significant Shareholder The Company has a significant shareholder, BT DE Investments Inc., a wholly owned subsidiary of BAT, that could significantly influence matters submitted to the shareholders for approval, including the election of directors and the approval of certain corporate transactions. In some cases, the significant shareholder's interests may not be the same as those of the other shareholders. Information Systems Risk The Company's business operations are managed through a variety of IT systems. Certain of the Company's key IT systems are dated and require, or are in the process of, modernization. The Company's IT systems may also be vulnerable to damage or interruption from circumstances beyond the Company's control, including fire, flood, natural disasters, systems failures, network or communications failures, power outages, public health emergencies, security breaches, cyber-attacks and terrorism. If one of the Company's key IT systems were to suffer a failure, no assurance can be given that the Company's backup systems or contingency plans will sustain critical aspects of the Company's operations, and the Company's business, results of operations or financial condition could be materially adversely affected. Further, the Company relies on large outsourcing contracts for IT services with major third-party service providers, and if such service providers were to fail or the relationships with the Company were to end, and the Company were unable to find suitable replacements in a timely manner, the Company's business, results of operations or financial condition could be materially adversely affected. The Company is continually modifying and enhancing its IT systems and technologies to increase productivity, efficiency and security. As new systems and technologies are implemented, the Company could experience unanticipated difficulties resulting in unexpected costs and adverse impacts to its financial reporting and manufacturing and other business processes. When implemented, the systems and technologies may not provide the benefits anticipated and could add costs and complications to ongoing

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- 45 - operations, which may have a material adverse effect on the Company's business, results of operations or financial condition. Rising Energy Costs The Company's extraction and manufacturing operations consume considerable energy, making the Company vulnerable to rising energy costs. Rising or volatile energy costs may adversely impact the business of the Company and its ability to operate profitably. Failure to Develop and Maintain Effective Internal Controls for Reliable Financial Results and to Prevent Fraud (SOX) Under Section 404 of the Sarbanes-Oxley Act ("SOX") and SEC rules promulgated thereunder, the Company is required to design, document and test the effectiveness of its internal controls over financial reporting ("ICFR") during the fiscal year ended September 30, 2025. ICFR are designed to provide reasonable assurance that the Company's financial reporting is reliable and that its financial statements have been prepared in accordance with the International Financial Reporting Standards ("IFRS"), as issued by the International Accounting Standards Board (the "IASB"). There is no assurance that the Company's efforts to design, develop and maintain its internal controls will be successful or sufficient to meet its obligations under SOX. Effective internal controls are required for the Company to accurately and reliably report its financial results and other financial information. Any failure to design, develop or maintain effective controls, or difficulties encountered in implementing, improving or remediating lapses in internal controls, may affect the Company's ability to prevent fraud, detect material misstatements, and fulfill its reporting obligations. The Company has identified a material weakness in its internal control over financial reporting, as more fully described below, and does not know the specific time-frame needed to fully remediate such material weakness. The design of any system of internal controls is based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving the stated goals under all potential future conditions. In addition, regardless of how well controls are designed, internal controls have inherent limitations and can only provide reasonable assurance that the controls are meeting the Company's objectives in providing reliable financial reporting information in accordance with IFRS. The Company's management, under the supervision and with the participation of its Chief Executive Officer and Chief Financial Officer, conducted an evaluation of the effectiveness of the Company's ICFR as of September 30, 2025, using the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) 2013 Framework. Based on this evaluation, management concluded that internal control over financial reporting was not effective as of September 30, 2025, due to the following material weakness in internal control over financial reporting. A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the Company's annual or interim financial statements will not be prevented or detected on a timely basis. Management has identified the following material weakness: • Management review controls designed to ensure the completeness and accuracy of complex spreadsheets used in the biological assets and inventory valuation processes, as well as user access rights and related controls over the inventory management application Ample system, were not designed or operating effectively. The material weakness related to the inventory management

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- 46 - application Ample system was remediated through the decommissioning of the system application in the first quarter of Fiscal 2026, and the system application is no longer in use. As a consequence of the above, the Company had ineffective control activities related to the design, implementation and operations of process level and financial statement close controls. Public Perception of Vaporizers There have been a number of highly publicized cases involving health issues that appear to be related to vaporizer devices and/or products used in such devices (such as vape or vaporizer liquids). The focus of these cases has been on vaporizer devices, the manner in which the devices were used and the related vaporizer device products. Some provinces, territories and municipalities in Canada have taken steps to prohibit the sale or distribution of vapes and vaporizers, restrict the sale and distribution of such products or impose restrictions on flavors, substances and concentration of substances used, or use of such vaporizers. While the Company and its subsidiaries are not involved in any existing legal proceedings pertaining to vaporizer products, litigation relating to such topics is ongoing in the industry and that litigation could potentially expand to include the Company's products, which would have a material adverse effect on its business, financial condition, operating results, liquidity, cash flow and operational performance. Government Regulation of Vaporizers Cannabis vaporizers in Canada are regulated under the Cannabis Act, the Cannabis Regulations and other applicable laws and regulations. Negative public sentiment may prompt regulators to decide to further limit or deter the industry's ability to sell cannabis vaporizer products, and may also diminish consumer demand for such products. Health Canada also issued an information update advising Canadians who use cannabis derivatives containing vaping liquids to monitor themselves for symptoms of pulmonary illness. Certain provinces have already imposed provincial regulatory restrictions on the sale of cannabis vaporizer products. Governments and the private sector may continue to take further actions aimed at reducing the sale of cannabis containing vaping liquids and/or seek to hold manufacturers of cannabis containing vaping liquids responsible for the adverse health effects associated with the use of these vaping products. These actions, together with potential deterioration in the public's perception of cannabis containing vaping liquids, may result in a reduced market for the vaping products of the Company. Federal, provincial, and local regulations or actions that prohibit or restrict the sale of the vaping products of the Company, including cannabis derivative vaping liquids, or that decrease consumer demand for these products by prohibiting their use, raising the minimum age for their purchase, raising the purchase prices to unattractive levels through taxation, or banning their sale, could adversely impact the Company. There can be no assurance that the Company will be able to meet any additional compliance requirements or regulatory restrictions, or remain competitive in face of unexpected changes in market conditions. Publicity or Consumer Perception The Company believes the cannabis industry is highly dependent upon consumer perception regarding the safety, efficacy and quality of the cannabis and other products produced by the Company. Consumer perception of the Company's products can be significantly influenced by scientific research or findings,

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- 47 - regulatory investigations, litigation, media attention and other publicity regarding the consumption of cannabis products. There can be no assurance that future scientific research, findings, regulatory proceedings, litigation, media attention or other research findings or publicity will be favourable to the cannabis market or any particular product, or consistent with earlier publicity. Future research reports, findings, regulatory proceedings, litigation, media attention or other publicity that are perceived as less favourable than, or that question, earlier research reports, findings or publicity could have a material adverse effect on the demand for the Company's products and the business, results of operations, financial condition and the Company's cash flows. The Company's dependence upon consumer perceptions means that adverse scientific research reports, findings, regulatory proceedings, litigation, media attention or other publicity, whether or not accurate or with merit, could have a material adverse effect on the Company, the demand for the Company's products, and the business, results of operations, financial condition and cash flows of the Company. Any product recall affecting the cannabis industry more broadly could lead consumers to lose confidence in the safety and security of the products sold by cannabis producers generally, which could have a material adverse effect on the Company's business, financial condition and results of operations. Adverse publicity reports or other media attention regarding the safety, efficacy and quality of cannabis and derivative products in general, or the Company's products specifically, or associating the consumption of cannabis or use of derivative products with illness or other negative effects or events, could have such a material adverse effect. Such adverse publicity reports or other media attention could arise even if the adverse effects associated with such products resulted from consumers' failure to consume such products appropriately or as directed. Research in Canada, the U.S. and internationally regarding the benefits, viability, safety, efficacy, dosing and social acceptance of cannabis or isolated cannabinoids (such as CBD and THC) remains in early stages. There have been relatively few clinical trials on the benefits of cannabis or isolated cannabinoids (such as CBD and THC). Although the Company believes that the articles, reports and studies support its beliefs regarding the medical benefits, viability, safety, efficacy, dosing and social acceptance of cannabis, future research and clinical trials may prove such statements to be incorrect, or could raise concerns regarding, and perceptions relating to, cannabis. Given these risks, uncertainties and assumptions, prospective purchasers of securities should not place undue reliance on such articles and reports. Future research studies and clinical trials may draw opposing conclusions to those stated in this Annual Information Form or reach negative conclusions regarding the medical benefits, viability, safety, efficacy, dosing, social acceptance or other facts and perceptions related to medical cannabis, which could have a material adverse effect on the demand for the Company's products with the potential to lead to a material adverse effect on the Company's business, financial condition and results of operations. Concentration and Credit Risk Credit risk is the risk of a potential loss to the Company if a customer or third party to a financial instrument fails to meet its contractual obligations, and arises from deposits with banks, short term investments and outstanding receivables. For trade receivables, the Company does not hold any collateral as security but mitigates this risk by dealing only with what management believes to be financially sound counterparties and, accordingly, does not anticipate significant loss for non-performance. For other receivables, out of the normal course of business, management may obtain guarantees and general security agreements. The Company's accounts receivables are primarily due from provincial government agencies, and a small number of international customers. The Company may be subject to collectability risk on our accounts receivables with international customers. For example, on October 7, 2023, a war began between the terrorist organization Hamas and Israel, and the Company has been monitoring the impacts the conflict has

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- 48 - had and potential impacts the conflict could have on the Company, and has taken action in respect of its collection of its accounts receivable from Canndoc. The Company is thus exposed to credit risk in the event of non-payment by customers, and there can be no assurance that we can effectively limit our credit risk and avoid losses. Risk of Securities Class Action Litigation Securities class action litigation is often brought against companies following a period of volatility in the market price of their securities. Litigation can result in significant costs and damages and divert management attention and resources. Regulatory Proceedings, Investigations, and Audits The Company's business requires compliance with many laws and regulations. Failure to comply with these laws and regulations could subject the Company to regulatory proceedings or investigations and could also lead to damage awards, fines and penalties. The Company may become involved in a number of government proceedings, investigations and audits. The outcome of any regulatory or agency proceedings, investigations, audits, and other contingencies could harm the Company's reputation, require the Company to take, or refrain from taking, actions that could harm its operations or require the Company to pay substantial amounts of money, harming its financial condition. There can be no assurance that any pending or future regulatory proceedings, investigations and audits will not result in substantial costs or a diversion of management's attention and resources or have a material adverse impact on the Company's business, financial condition and results of operation. The Company Relies on International Advisors and Consultants in Order to Keep Abreast of Material Legal, Regulatory and Government Developments that Impact the Company's Business and Operations in the Jurisdictions in Which it Operates The legal and regulatory requirements in the foreign countries in which the Company may invest or operate with respect to the cultivation and sale of cannabis, banking systems and controls, as well as local business culture and practices are different from those in Canada. The Company's officers and directors must rely, to a great extent, on local legal counsel and consultants in order to keep abreast of material legal, regulatory and governmental developments as they pertain to and affect the Company's business operations, and to assist with governmental relations. The Company must rely, to some extent, on those members of management and the board of directors who have previous experience working and conducting business in these countries, if any, in order to enhance its understanding of and appreciation for the local business culture and practices. The Company also relies on the advice of local experts and professionals in connection with current and new regulations that develop in respect of the cultivation and sale of cannabis as well as in respect of banking, financing, labour, litigation and tax matters in these jurisdictions. Any developments or changes in such legal, regulatory or governmental requirements or in local business practices are beyond the Company's control. The impact of any such changes may adversely affect the Company's business. Inflationary Risk The worldwide economy has experienced significant inflation and inflationary pressures. General inflationary pressures may affect labour and other operating costs, which could have a material adverse effect on the Company's financial condition, results of operations, and the capital expenditures required to advance the Company's business plans. While the Company has and will continue to take actions, wherever possible, to reduce the impact of the effects of inflation, in the case of sustained inflation across several of the markets in which the Company operates, it could become increasingly difficult to effectively mitigate

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- 49 - the increases to the costs. In addition, any governmental action to combat the inflationary environment may not be effective or may contribute to economic uncertainty or a recession. Governmental action to address inflation or deflation may also affect currency values. Accordingly, inflation and any governmental response thereto may negatively impact future borrowing costs and may have a material adverse effect on the Company's business, results of operations, cash flow, financial condition, and the trading price of its shares. Risks Related to Third-Party Data The Company relies on independent third-party data for market share position and there is no assurance third party data provides an accurate representation of actual sales as some third parties use different methodologies or calculations to estimate market share position, and because market and industry data is inherently imprecise, subject to interpretation and cannot be verified with complete certainty due to limits on the availability and reliability of raw data, the voluntary nature of the data gathering process, and other limitations and uncertainties inherent in any statistical survey or data collection process. The Company also relies on its own market research and internal data to determine the accuracy of such third-party data. Liquidity Risk The Company's liquidity risk is the risk the Company will not be able to meet its financial obligations as they become due. The Company manages its liquidity risk by reviewing on an ongoing basis its capital requirements. The Company's Operations in Emerging Markets are Subject to Political and Other Risks Associated with Operating in a Foreign Jurisdiction The Company's investments have operations in various emerging and foreign markets and the Company will be seeking to grow its operations through prudent synergistic acquisitions or development of international operations. Such operations expose the Company to the socioeconomic conditions as well as the laws governing the cannabis industry in such countries. Inherent risks with conducting foreign operations include, but are not limited to: high rates of inflation; extreme fluctuations in currency exchange rates, military repression; war or civil war; social and labour unrest; organized crime; hostage taking; terrorism; violent crime; expropriation and nationalization; renegotiation or nullification of existing licences, approvals, permits and contracts; changes in taxation policies; restrictions on foreign exchange and repatriation; and changing political norms, banking and currency controls and governmental regulations that favour or require the Company to award contracts in, employ citizens of, or purchase supplies from, the jurisdiction. Governments in certain foreign jurisdictions intervene in their economies, sometimes frequently, and occasionally make significant changes in policies and regulations. Changes, if any, in cannabis industry or investment policies or shifts in political attitude in the countries in which the Company operates may adversely affect the Company's operations or profitability. Operations may be affected in varying degrees by government regulations with respect to, but not limited to, restrictions on production, price controls, export controls, currency remittance, importation of product and supplies, income and other taxes, royalties, the repatriation of profits, expropriation of property, foreign investment, maintenance of concessions, licences, approvals and permits, environmental matters, land use, land claims of local people, water use and workplace safety. Failure to comply strictly with applicable laws, regulations and local practices could result in loss, reduction or expropriation of licences, or the imposition of additional local or foreign parties as joint venture partners with carried or other interests.

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- 50 - The Company continues to monitor developments and policies in the emerging and foreign markets in which it operates or invests and assess the impact thereof to its operations; however such developments cannot be accurately predicted and could have an adverse effect on the Company's operations or profitability. Risks Inherent in Investments The Company is not directly involved in the ownership or operation of and may have limited contractual rights relating to the operations of its current and future investee entities. An investee generally has the power to determine the manner in which its business is developed, expanded and operated, and the Company's interest in an investee is subject to the risks applicable to the business carried on by the investee, and the Company may fail to realize all of the potential benefits from its investments. The interests of the Company and its investees may not always be aligned. As a result, any cash flows of the Company from investees will be dependent upon the activities of the investees, which creates the risk that at any time those investees may: (i) have business interests or targets that are inconsistent with those of the Company, (ii) take action contrary to the Company's policies or objectives, (iii) be unable or unwilling to fulfill their obligations under their agreements with the Company, (iv) experience financial, operational or other difficulties, including insolvency, which could limit or suspend an investee's ability to perform its obligations under agreements with the Company, or (v) fail to comply with applicable laws or best practices. Health Epidemics and Other Infectious Diseases A local, regional, national or international outbreak of a contagious disease, or the fear of a potential outbreak, could decrease the willingness of the general population to travel, cause staff shortages, reduced customer traffic, supply shortages and increased government regulation all of which may negatively impact the business, financial condition and results of operations of the Company. The risk of a pandemic, or public perception of the risk, could cause customers to avoid public places, including retail properties, and could cause temporary or long-term disruptions in the Company's supply chains and/or delays in the delivery of the Company's inventory. Moreover, an epidemic, pandemic, outbreak or other public health crisis could cause employees to avoid Company properties, which could adversely affect the Company's ability to adequately staff and manage its businesses. Risks related to an epidemic, pandemic or other health crisis could also lead to the complete or partial closure of one or more of the Company's facilities or operations of the Company's sourcing partners. The ultimate extent of the impact of any epidemic, pandemic or other health crisis on the Company's business, financial condition and results of operations will depend on future developments, which are highly uncertain and cannot be predicted, including new information that may emerge concerning the severity of such epidemic, pandemic or other health crisis and actions taken to contain or prevent their further spread, among others. These and other potential impacts of an epidemic, pandemic or other health crisis could therefore materially and adversely impact the Company's business, financial condition and results of operations. Product Security Given the nature of the Company's products and the lack of legal availability of such products outside of channels approved by the Government of Canada, there is a risk of shrinkage and theft. A security breach at any of the Company's facilities could expose the Company to liability and to potentially costly litigation, increased expenses relating to the resolution and future prevention of these breaches and may deter potential consumers from choosing the Company's products.

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- 51 - Litigation The Company may become party to litigation from time to time in the ordinary course of business which could adversely affect its business. Should any litigation in which the Company becomes involved be determined against the Company, such a decision could adversely affect the Company's ability to continue operating and the market price for the Common Shares, and could require the use of significant resources. Even if the Company is involved in litigation and wins, litigation can redirect significant Company resources. Marketing Risks Arising from Provincial Legislative Controls The provincial and territorial cannabis markets are end-consumer driven. It is not possible to predict the quantities of product that will be purchased and made available to the end consumer in such adult-use recreational cannabis markets. Further, certain regulations may limit the marketability of some of the Company's products and the Company's number of end consumers. These factors may have an adverse effect on the Company's business. Anti-Money Laundering Laws and Regulation Risks The Company is subject to a variety of laws and regulations pertaining to money laundering, financial recordkeeping and proceeds of crime, including the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (Canada), as amended and the rules and regulations thereunder, the Criminal Code (Canada) and any related or similar rules, regulations or guidelines, issued, administered or enforced by governmental authorities internationally. In the event that any of the Company's operations or investments, any proceeds thereof, any dividends or distributions therefrom, or any profits or revenues accruing from such operations or investments were found to be in violation of money laundering legislation, such transactions may be viewed as proceeds of crime under one or more of the statutes noted above or any other applicable legislation. This could restrict or otherwise jeopardize the Company's ability to declare or pay dividends, effect other distributions or subsequently repatriate such funds back to Canada. Furthermore, while the Company has no current intention to declare or pay dividends in the foreseeable future, in the event that a determination was made that proceeds obtained by the Company could reasonably be shown to constitute proceeds of crime, the Company may decide or be required to suspend declaring or paying dividends without advance notice and for an indefinite period of time.

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- 52 - History of Losses The Company began its business in 2013, and generated minimal revenue until fiscal year 2017 and incurred losses since inception. Due to the disruption and slower than anticipated growth of the cannabis market globally and in Canada, the Company is subject to all of the associated business risks and uncertainties which include, but are not limited to, under-capitalization, cash shortages, limitations with respect to personnel, financial and other resources, failure to successfully integrate the ERP system into the Company's operations, and lack of revenues. The Company may not be able to achieve or maintain profitability and may continue to incur significant losses in the future. There is no assurance that the Company will be successful in achieving a return on shareholders' investments. The Company's Operations may be Impaired as a Result of Restrictions on the Acquisition or Use of Properties by Foreign Investors or Local Companies under Foreign Control Non-resident individuals and non-domiciled foreign legal entities may be subject to restrictions on the acquisition or lease of properties in certain emerging markets. Limitations also apply to legal entities domiciled in such countries which are controlled by foreign investors, such as the entities through which the Company may make investments. Accordingly, the Company's current and future operations may be impaired as a result of such restrictions on the acquisition or use of property, and the Company's ownership or access rights in respect of any property it owns or leases in such jurisdictions may be subject to legal challenges, all of which could result in a material adverse effect on the Company's business, results of operations, financial condition and cash flows. No Assurance of Active and Liquid Market for Securities The Common Shares are listed on the TSX and on NASDAQ; however, there can be no assurance that an active and liquid market for the Common Shares will be maintained and an investor may find it difficult to resell any securities of the Company. The market price for Common Shares may be volatile and subject to wide fluctuations in response to numerous factors, many of which are outside of the Company's control. Foreign Investment In relation to investments in international operations, there is a risk of increased disclosure requirements; currency fluctuations; restrictions on the ability of local operating companies to hold Canadian dollars or other foreign currencies in offshore bank accounts; import and export regulations; increased regulatory requirements and restrictions; limitations on the repatriation of earnings; and increased financing costs. These risks may limit or disrupt the Company's strategic alliances or investments, restrict the movement of funds, cause the Company to have to expend more funds than previously expected or required, or result in the deprivation of contract rights or the taking of property by nationalization or expropriation without fair compensation, and may materially adversely affect the Company's financial position and/or results of operations. In addition, the enforcement by the Company of its legal rights in foreign countries, including rights to exploit properties or utilize permits and licences and contractual rights may not be recognized by the court systems in such countries or enforced in accordance with the rule of law. Fraudulent or Illegal Activity by the Company's Employees, Contractors and Consultants The Company is exposed to the risk that its employees, independent contractors and consultants may engage in fraudulent or other illegal activity. Misconduct by these parties could include intentional, reckless and/or negligent conduct that violates: (i) government regulations, (ii) manufacturing standards and healthcare requirements, (iii) federal and provincial healthcare fraud and abuse laws and regulations, or (iv) laws that

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- 53 - require the true, complete and accurate reporting of financial, personal, medical and/or insurance information or data. It is not always possible for the Company to identify and deter misconduct by its employees and other third parties, and the precautions taken by the Company to detect and prevent this activity may not be effective in controlling unknown or unmanaged risks or losses or in protecting the Company from governmental investigations or other actions or lawsuits stemming from a failure to comply with such laws, regulations or standards. If any such actions are instituted against the Company, and it is not successful in defending itself or asserting its rights, those actions could have a significant impact on the Company's business, including the imposition of civil, criminal and administrative penalties, damages, monetary fines, contractual damages, reputational harm, diminished profits and future earnings, and curtailment of the Company's operations, any of which could have a material adverse effect on the Company's business, financial condition and results of operations. Even allegations of impropriety alone may have a material reputational impact on the Company's business which could result in a material adverse effect on its financial condition or results of operations. Continuance of Contractual or Other Relations with Provincial and Territorial Governments Cannot be Guaranteed The Company expects to derive a significant portion of its future revenues from its supply arrangements with the various Canadian provinces and territories. There are many factors which could impact the Company's contractual arrangements with the provinces and territories, including but not limited to availability of supply, product selection and the popularity of the Company's products with retail customers. If the Company's supply arrangements with certain Canadian provinces and territories are amended, terminated or otherwise altered, the Company's sales and results of operations could be adversely affected, which could have a material adverse effect on the Company's business, financial condition and results of operations. Some provinces and territories have letters of intent or have moved to purchase orders or other listing agreements to form the basis of their distribution arrangements. In addition, the amount of cannabis that the provincial and territorial wholesalers may purchase under the supply arrangements may therefore vary from what the Company expects or has planned for. As a result, the Company's revenues could fluctuate materially in the future and could be materially and disproportionately impacted by the purchasing decisions of the provincial and territorial wholesalers. If any of the provincial or territorial wholesalers decide to purchase lower volumes of products from the Company than the Company expects, alters its purchasing patterns at any time with limited notice, decides to return product or decides not to continue to purchase the Company's cannabis products at all, the Company's revenues could be materially adversely affected, which could have a material adverse effect on the Company's business, financial condition, results of operations and prospects. Third Party Transportation In order for customers of the Company to receive their product, the Company must rely on third-party transportation services. This can cause logistical problems with and delays in patients, government entities and private retailers obtaining their orders and cannot be directly controlled by the Company. Any delay, theft, misappropriation or non compliance with applicable laws by third party transportation services may adversely affect the Company's financial performance. Rising costs associated with the transportation service providers the Company uses to ship its products may also adversely impact the business and the ability of the Company to operate profitably. Moreover, security of the product during transportation is critical due to the nature of the product. A breach of security during transport could have material adverse effects on the Company's business, financials and

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- 54 - prospects. Any such breach could impact the Company's ability to continue operating under its licences or the prospect of renewing its licences. Global Economy Risk An economic downturn of global capital markets has been shown to make the raising of capital by equity or debt financing more difficult. The Company will be dependent upon the capital markets to raise additional financing in the future, while it establishes a user base for its products. As such, the Company is subject to liquidity risks in meeting its development and future operating cost requirements in instances where cash positions are unable to be maintained or appropriate financing is unavailable. These factors may impact the Company's ability to raise equity or obtain loans and other credit facilities in the future and on terms favourable to the Company and its management. If uncertain market conditions persist, the Company's ability to raise capital could be jeopardized, which could have an adverse impact on the Company's operations and the trading price of the Company's shares on the TSX and NASDAQ. Catastrophic Events Natural disasters, such as earthquakes, tsunamis, floods or wildfires, public health crises, such as epidemics and pandemics, political instability, acts of terrorism, war (including the war between the terrorist organization Hamas and Israel, and the war in Ukraine) or other conflicts and other events outside of the Company's control, may adversely impact its business and operating results. In addition to the direct impact that such events could have on the Company's facilities and workforce, these types of events could negatively impact consumer spending in the impacted regions or depending on the severity, globally, which would impact the Company's strategic partners and in turn impact on demand for its products and services. The Company May Not be Able to Successfully Develop New Products or Find a Market for Their Sale The cannabis industry is still in the early stages of development. In attempting to keep pace with any new market developments, the Company has introduced new products, including vapes and beverages, and may continue to do so in the future. The Company may need to expend significant amounts of capital in order to successfully develop and generate revenues from these new products and any others that may be introduced by the Company. As well, the Company may be required to obtain and maintain additional regulatory approvals from Health Canada and any other applicable regulatory authority, which may take significant amounts of time. The Company may not be successful in developing effective and safe new products, bringing such products to market in time to be effectively commercialized, or obtaining any required regulatory approvals, which, together with any capital expenditures made in the course of such product development and regulatory approval processes, may have a material adverse effect on the Company's business, financial condition and results of operations. Risk Factors Related to Dilution The Company may issue additional securities in the future, which may dilute a shareholder's holdings, or a holder of a convertible security's underlying relative interest, in the Company. The Company's articles permit the issuance of an unlimited number of Common Shares and preferred shares, and shareholders, other than BAT, will have no pre-emptive rights in connection with any such further issuance. The directors of the Company have discretion to determine the price and the terms of further issuances. Moreover, additional Common Shares will be issued by the Company on the exercise of options under its stock option plan and 2020 Equity Incentive Plan (as defined below) pursuant to which the Company has issued options, restricted share units and performance share units.

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- 55 - Reliance on Licence Renewal The Company's ability to produce, store and sell cannabis products in Canada is dependent on the validity of its licences issued by Health Canada. Failure to comply with the requirements of the licences or any failure to maintain these licences would have a material adverse impact on the business, financial condition and operating results of the Company. Refer to the table above in "Description of The Business – Licences" for the expiry dates of OGI's licenses. The Company intends to renew its licences. Although management believes that it will meet the requirements of the Cannabis Act for extension of its licences, there can be no guarantee that Health Canada will extend or renew the licences or, if they are extended or renewed, that they will be extended or renewed on the same or similar terms. Should Health Canada not extend or renew the licences, or should it renew the licences on different terms, the business, financial condition and results of the operations of the Company will be materially adversely affected. Privacy The Company stores personal information about patients and employees, and is responsible for protecting that information from privacy breaches. A privacy breach may occur through procedural or process failure, information technology malfunction, or deliberate unauthorized intrusions. Theft of data for competitive purposes is an ongoing risk whether perpetrated via employee collusion or negligence or through deliberate cyber-attack. Any such theft or privacy breach would have a material adverse effect on the Company's business, financial condition and results of operations. In addition, there are a number of federal and provincial laws protecting the privacy and confidentiality of certain patient health information, including patient records, and restricting the collection, use and disclosure of that protected information. In particular, the privacy rules under the Personal Information Protection and Electronics Documents Act (Canada) ("PIPEDA") and provincial statutes regulating the collection, use and disclosure of personal information, protect medical records and other personal health information by limiting their use and disclosure of health information to the minimum level reasonably necessary to accomplish the intended purpose. If the Company was found to be in violation of the privacy or security rules under PIPEDA or other laws protecting the privacy and confidentiality of patient health information, it could be subject to sanctions and civil or criminal penalties, which could increase its liabilities, harm its reputation and have a material adverse effect on the business, results of operations and financial condition of the Company. Risks Related to the Strategic Equity Investment from BT DE Investments Inc. On November 5, 2023, the Company entered into the Subscription Agreement with the Investor, a wholly owned subsidiary of BAT, pursuant to which the Investor agreed to subscribe for a total of 38,679,525 Shares in the capital of the Company over the course of three tranches, the last of which closed in the second quarter of fiscal year 2025, for aggregate subscription proceeds of $124,559,674.36. The Follow-on BAT Investment involves certain risks, which are summarized below. • As the Follow-on BAT Investment is now completed, BAT has significant influence over the Company which may impact the liquidity of the Common Shares Due to the completion of the Follow-on BAT Investment, the Investor owns approximately 30.0% of the Company's issued and outstanding Common Shares on a fully-diluted basis and an approximate 45.0% overall economic interest (excluding any accretion of the Class A Preferred Shares).

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- 56 - In light of such ownership, the Investor is in a position to exercise significant influence over certain matters, affecting, or submitted to a vote of, the shareholders of the Company, including the election of directors and the determination of significant corporate actions. Pursuant to the investor rights agreement with BAT on March 10, 2021, which was amended and restated on January 23, 2024 (the "Amended and Restated IRA"), the Investor has the right to designate up to 30% of the nominees to the Company's board of directors so long as the Investor continues to maintain certain share ownership thresholds and specific approval rights over certain fundamental actions taken by the Company. Accordingly, the Investor has significant influence over the Company and there can be no assurance that the Investor's interests will align with the interests of the Company or other shareholders of the Company. Due to the completion of the Follow-on BAT Investment, the Common Shares may be less liquid and trade at a discount relative to the trading that could occur in circumstances where the Investor did not have the ability to significantly influence or determine matters affecting the Company. Additionally, the Investor's significant voting interest in the Company may discourage transactions involving a change of control of the Company, including transactions in which an investor, as a holder of Common Shares, might otherwise receive a premium for its Common Shares over the then-current market price. • The Company may not realize the expected returns of the Follow-on BAT Investment which could have an adverse effect on the Company's business and results of operations The Company believes that the completion of the Follow-on BAT Investment will allow it to capitalize on the significant growth opportunities in cannabis worldwide. As part of its growth strategy, the Company will continue to use proceeds from the Follow-on BAT Investment to invest in emerging cannabis opportunities and expand into international markets. However, certain risks and uncertainties are associated with such an investment strategy and expansion into new markets. For example, the Company may be unable to: identify suitable target investments that satisfy the investment parameters set out in the Amended and Restated IRA; successfully obtain and/or maintain any required regulatory approvals in foreign jurisdictions, potentially causing delays or impacting the development of its operations; and achieve satisfactory returns on acquired companies, particularly in countries where the Company does not currently operate. The failure to successfully implement any of the Company's strategic initiatives following the Follow-on BAT Investment could have a material adverse effect on the Company's business and results of operations. If the Company succeeds in expanding its existing business, that expansion may place increased demands on the Company's management, operating systems, internal controls and financial and physical resources. If not managed effectively, these increased demands may adversely affect the Company's financial condition and results of operations. Additionally, the process of integrating acquired businesses, particularly in new markets, may involve unforeseen difficulties and may require a disproportionate amount of the Company management's attention and the Company's financial and other resources. The Company can give no assurance that the Company will ultimately be able to effectively manage the operations of any acquired business or realize anticipated synergies. • The Investor may not maintain its equity interest in the Company Subject to certain temporary restrictions set out in the Amended and Restated IRA, the Investor is not obligated to maintain its equity stake in the Company at current levels or at all. Subject to compliance with applicable securities laws, the Investor may sell some or all of its Shares in the future. The Amended and Restated IRA contains demand and piggyback registration rights, on terms customary for a significant shareholder, pursuant to which the Company has agreed to facilitate sales of Shares by the Investor. If the Investor sells some or all of its Shares, including the Shares issued in connection with the Follow-on BAT

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- 57 - Investment, the Company may not realize the benefits of the Investor's strategic partnership. No prediction can be made as to the effect, if any, future sales by the Investor of Shares or other securities will have on the market price of the Common Shares prevailing from time to time. However, the future sale of a substantial number of Common Shares by the Investor, or the perception that such sales could occur, could adversely affect prevailing market prices for the Common Shares. Intellectual Property The ownership and protection of trademarks, patents, trade secrets and other intellectual property rights, are significant aspects of the Company's future success. Unauthorized parties may attempt to replicate or otherwise obtain and use the Company's products and technology or the Company may not be able to secure required protection. Policing the unauthorized use of the Company's current or future trademarks, patents, trade secrets or intellectual property rights could be difficult, expensive, time- consuming and unpredictable, as may be enforcing these rights against unauthorized use by others. In addition, other parties may claim that the Company's products infringe on their proprietary or patent protected rights. Such claims, whether or not meritorious, may result in the expenditure of significant financial and managerial resources, legal fees, injunctions, temporary restraining orders and/or require the payment of damages. As well, the Company may need to obtain licences from third parties who allege that the Company has infringed on their lawful rights. Such licences, however, may not be available on terms acceptable to the Company or at all. In addition, the Company may not be able to obtain or utilize on terms that are favourable to it, or at all, licences or other rights with respect to intellectual property that it does not own. The Company is a Foreign Private Issuer Within the Meaning of the U.S. Exchange Act The Company is a "foreign private issuer", as such term is defined in Rule 405 under the United States Securities Act of 1933, as amended and Rule 3b-4 under the U.S. Exchange Act, and is permitted to prepare its financial statements (including those contained in its annual reports filed under the U.S. Exchange Act on Form 40-F) in accordance with IFRS, as issued by the IASB. The Company's financial statements therefore may not be comparable to financial statements of U.S. domestic companies, which are required to be prepared in accordance with United States generally accepted accounting principles. In addition, as a "foreign private issuer" the Company is not required to file quarterly reports on Form 10-Q or current reports on Form 8-K that a U.S. domestic issuer would be required to file under the U.S. Exchange Act, although the Company will be required to furnish to the SEC on Form 6-K the continuous disclosure documents that is required to file in Canada un Canadian securities laws. Furthermore, the Company's officers, directors, and principal shareholders are exempt from the reporting and "short swing" profit recovery provisions of Section 16 of the U.S. Exchange Act. Therefore, the Company's shareholders may not know on as timely a basis when the Company's officers, directors and principal shareholders purchase or sell shares, as the reporting deadlines under the corresponding Canadian insider reporting requirements are long. As a foreign private issuer, the Company is also exempt from the rules and regulations under the U.S. Exchange Act related to the furnishing and content of proxy statements. While the Company will comply with the corresponding requirements relating to proxy statements and disclosure of material non-public information under Canadian securities laws, these requirements differ from those under the U.S. Exchange Act, and shareholders should not expect to receive the same information at the same time as such information is provided by U.S. domestic companies.

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- 58 - The Company's status as a foreign private issuer under the U.S. Exchange Act would be lost if a majority of its Common Shares were held by persons in the United States and the Company failed to meet any of the additional requirements necessary to avoid loss of foreign private issuer status. The regulatory and compliance costs to the Company under U.S. securities laws as a U.S. domestic issuer would be greater than the cost incurred as a Canadian foreign private issuer. Suppliers and Skilled Labour The Company's ability to compete and grow will be dependent on having access, at a reasonable cost and in a timely manner, to skilled labor, equipment, parts and components. No assurances can be given that the Company will be successful in maintaining its required supply of skilled labor, equipment, parts and components. It is also possible that the final costs of the major equipment contemplated by the Company's capital expenditure program may be significantly greater than anticipated by management, and may be greater than funds available to the Company, in which circumstance the Company may curtail, or extend the timeframes for completing, capital expenditure plans. This could have an adverse effect on the Company's financial results. The Company's success will depend on the ability of its directors and officers to develop and execute on the Company's business strategies and manage its ongoing operations, and on the Company's ability to attract and retain key quality assurance, scientific, sales, public relations and marketing staff or consultants. The loss of any key personnel or the inability to find and retain new key persons could have a material adverse effect on the Company's business. Competition for qualified technical, sales and marketing staff, as well as officers and directors can be intense and no assurance can be provided that the Company will be able to attract or retain key personnel in the future, which may adversely impact the Company's operations. Sufficiency of Insurance and Uninsurable Risks The Company maintains various types of insurance which may include financial institution bonds; errors and omissions insurance; directors' and officers' insurance; property coverage; cargo insurance; credit insurance; and, general commercial and liability insurance. There is no assurance that claims will not exceed the limits of available coverage, if any, that any insurer will remain solvent or willing to continue providing insurance coverage with sufficient limits or at a reasonable cost, or that any insurer will not dispute coverage of certain claims. There is also no assurance that coverage will be available to cover any or all claims. A judgment against the Company or any member of the Company in excess of available coverage could have a material adverse effect on the Company in terms of damages awarded and the impact on the reputation of the Company. There can also be no assurance that the Company will be able to secure insurance coverage on commercially reasonable terms, or at all, as it may require to implement its business objectives, including with respect to derivative products. While the Company may have insurance to protect its assets, operations, and employees, such insurance is subject to coverage limits and exclusions and may not be available for the risks and hazards to which the Company is exposed. No assurance can be given that such insurance will be adequate to cover the Company's liabilities or that it will be available in the future or at all, and that it will be commercially justifiable. The Company may be subject to liability for risks against which it cannot insure or against which it may elect not to insure due to the high cost of insurance premiums or other factors. The payment of any such liabilities would reduce the funds available for the Company's normal business activities. Payment of liabilities for which the Company does not carry insurance may have a material adverse effect on its financial position and operations.

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- 59 - TSX and NASDAQ Requirements The Common Shares commenced trading on the TSX on August 22, 2019 following the Company's graduation from the TSX-V. The Company's Common Shares also began trading on NASDAQ on May 21, 2019. The Company is required to comply with TSX and NASDAQ rules, policies and guidelines, especially when pursuing business internationally. As a public company, the business is subject to corporate governance and public disclosure requirements that may at times increase the Company's compliance costs and risk of non-compliance. These regulations, rules, policies and guidelines may change over time, and failure to continue to meet them could result in significant material adverse consequences. The TSX has issued guidance directed at cannabis companies, and specifically with respect to any company operating in the United States. In addition, in connection with its listing on NASDAQ, the Company certified that neither it nor any of its subsidiaries will conduct any business activities in the U.S., or utilize any employees, facilities or operations in the U.S. Presently, the Company has no business in the U.S., but this could present additional barriers in the future should the Company seek to do business in any form in the U.S. Any violation of U.S. federal law regarding cannabis could result in delisting of the Company from TSX and NASDAQ. As a public company in the U.S., the Company is subject to additional legal, insurance, accounting, administrative and other costs and expenses which, in the aggregate, can be substantial. In addition, the Company must meet continuing listing standards to maintain the listing of the Common Shares on the TSX and NASDAQ, including sustaining a minimum bid price for such Common Shares. If the Company fails to comply with listing standards and the TSX or NASDAQ delists the Common Shares, the Company and its shareholders could face significant material adverse consequences, including: (i) a limited availability of market quotations for the Common Shares, (ii) reduced liquidity for the outstanding Common Shares, (iii) a reduced price at which the Common Shares trade at, including a determination that the Common Shares are "penny stock," which would require brokers trading in the Common Shares to adhere to more stringent rules and possibly result in a reduced level of trading activity in the secondary trading market for the Common Shares, (iv) a limited amount of news about the Company and analyst coverage, (v) negative publicity and increased transaction costs inherent in trading such shares, (vi) a decreased ability for the Company to attract new investors, issue additional equity securities or obtain additional equity or debt financing in the future, and (vii) in the case of NASDAQ, the deterrence of U.S. broker-dealers from making a market in or otherwise seeking or generating interest in the Common Shares and the deterrence of certain institutions or persons from investing in the Company's securities at all. There can be no assurance that the Company will maintain compliance with any of the TSX or NASDAQ requirements. The Company is a Large Accredited Filer The Company is a "large accredited filer" (as such term is defined in Rule 12b-2 under the United States Securities Exchange Act of 1934, as amended (the "U.S. Exchange Act")) as of August 31, 2021 and cannot rely on an exemption from the auditor attestation requirements of Section 404(b) of the Sarbanes-Oxley Act of 2002. As a result, the Company incurs significant audit expenses that did not previously apply to it when it was considered an "emerging growth company" (as such term is defined in Rule 12b-2 under the U.S. Exchange Act). In particular, the Company expects to continue to incur substantial accounting expense and expend significant management time on additional compliance-related issues. If the Company or its independent registered public accounting firm continues to identify deficiencies in its internal control over

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- 60 - financial reporting as material weaknesses, the Company may be required to make prospective or retroactive changes to its financial statements, consider other areas for further attention or improvement, or be unable to obtain the required attestation in a timely manner, if at all. Anti-Dumping Risk The Company exports cannabis to customers in several countries outside of Canada and intends to continue pursuing international opportunities in jurisdictions where cannabis is or becomes legal for sale. It is possible that, due to the Company's ability to produce cannabis at lower costs than in some other countries, the Company will be able to offer its products at lower prices than those of domestic producers in some international markets. As a result, local authorities in these markets may take the position that the Company's prices constitute "dumping" under trade law, and they may launch an investigation similar to the Israeli anti-dumping investigation discussed in "Risk Factors - Risks Related to International Sales" above. Such investigations may result in detrimental outcomes, such as the imposition of a dumping duty on the import of the Company's products into international markets, thereby impacting the Company's ability to remain competitive in such markets. Increased Volatility for Dual Listed Shares The Company's listing on both the TSX and NASDAQ may increase volatility due to the ability to buy and sell Common Shares in two places, different market conditions in different capital markets, and different trading volumes. This may result in less liquidity on both exchanges, different liquidity levels, and different prevailing trading prices. Environmental and Employee Health and Safety Regulations The Company's operations are subject to environmental and safety laws and regulations concerning, among other things, emissions and discharges to water, air and land, the handling and disposal of hazardous and non-hazardous materials and wastes, and employee health and safety. The Company will incur ongoing costs and obligations related to compliance with environmental and employee health and safety matters. Failure to comply with environmental and safety laws and regulations may result in additional costs for corrective measures, penalties or in restrictions on the Company's manufacturing operations. In addition, changes in environmental, employee health and safety or other laws, more vigorous enforcement thereof or other unanticipated events could require extensive changes to the Company's operations or give rise to material liabilities, which could have a material adverse effect on the business, results of operations and financial condition of the Company. Government approvals and permits are currently and may in the future be required in connection with, the Company's operations. To the extent such approvals are required and not obtained, the Company may be curtailed or prohibited from its proposed production of cannabis or from proceeding with the development of its operations as currently proposed. Corruption and Anti-Bribery Law Violation Risks The Company's business is subject to the Corruption of Foreign Public Officials Act (Canada) (the "CFPOA"), which generally prohibits companies and employees from engaging in bribery or other prohibited payments to foreign officials for the purpose of obtaining or retaining business. In addition, the Company is subject to the Foreign Corrupt Practices Act (United States) (the "FCPA"), and is or may become subject to anti-bribery laws of any other countries in which it conducts business now or in the future. The Company's employees or other agents may, without its knowledge and despite its efforts, engage in prohibited conduct under the Company's policies and procedures and anti-bribery laws for which

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- 61 - the Company may be held responsible. The CFPOA and the FCPA also require companies to maintain accurate books and records and internal controls, including at foreign controlled subsidiaries. The Company's policies mandate compliance with these anti-corruption and anti-bribery laws. However, there can be no assurance that the Company's internal control policies and procedures will always protect it from recklessness, fraudulent behaviour, dishonesty or other inappropriate acts committed by its affiliates, employees, contractors or agents. If the Company's employees or other agents are found to have engaged in such practices, the Company could suffer severe penalties and other consequences that may have a material adverse effect on its business, financial condition and results of operations. Holding Company Status The Company is a holding company and essentially all of its operating assets are the capital stock of its subsidiaries. As a result, investors in the Company are subject to the risks attributable to its subsidiaries. As a holding company, the Company conducts substantially all of its business through its subsidiaries, which generates substantially all of its revenues. Consequently, the Company's cash flows and ability to complete current or desirable future enhancement opportunities are dependent on the earnings of the subsidiary and the distribution of those earnings to the Company. Canadian Company and Shareholder Protection may Differ from Shareholder Protection in U.S. or Elsewhere The Company is organized and exist under the laws of Canada and, accordingly, are governed by the CBCA. The CBCA differs in certain material respects from laws generally applicable to United States corporations and shareholders, including the provisions and proceedings relating to interested directors, mergers, amalgamations, restructuring, takeovers, shareholders' suits, indemnification of directors, and inspection of corporation records. Scale of Operations The Company has implemented supplier arrangements that it believes will adequately meet demand for its product. Should demand for the Company's products increase, there exists the risk of the Company being unable to fulfil demand. Although the Company is currently on track to meet its intended capacity goals, delays in meeting its capacity goals could result in unfulfilled purchase orders and the Company may lose a significant amount of sales. Any inability to secure the required supply of cannabis to meet the demands of supplier agreements either by means of internal generation or through acquisition could have a materially adverse impact on operating results of the Company. Corruption and Fraud in Certain Emerging Markets Relating to Ownership of Real Property There are uncertainties, corruption and fraud relating to title ownership of real property in certain emerging markets in which the Company may invest. Property disputes over title ownership are frequent in emerging markets, and, as a result, there is a risk that errors, fraud or challenges could adversely affect the Company's ability to successfully invest in such jurisdictions. Conflicts of Interest The Company may be subject to various potential conflicts of interest because of the fact that some of its officers and directors may be engaged in a range of business activities. In some cases, the executive officers and directors may have fiduciary obligations associated with these business interests that interfere with their ability to devote time to the Company and its affairs, and that could adversely affect Company operations. These business interests could require significant time and attention of the Company's executive officers

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- 62 - and directors. In addition, the Company may also become involved in other transactions which conflict with the interests of the Company's directors and officers who may from time to time deal with persons, firms, institutions or corporations with which the Company may be dealing, or which may be seeking investments similar to those the Company desires. The interests of these persons could conflict with the Company's interests. In addition, from time to time, these persons may be competing with the Company for available investment opportunities. Conflicts of interest, if any, will be subject to the procedures and remedies provided under applicable laws. In particular, in the event that such a conflict of interest arises at a meeting of directors, a director who has such a conflict will abstain from voting for or against the approval of such participation or such terms. In accordance with applicable laws, directors are required to act honestly, in good faith and in the Company's best interests. Dividends The Company has no dividend record and may not pay any dividends on the Common Shares in the foreseeable future. Dividends paid by the Company could be subject to tax and, potentially, withholdings. DIVIDENDS As of the date of this Annual Information Form, the Company has no current intention to declare dividends on its Common Shares in the foreseeable future. Any decision to pay dividends on its Common Shares in the future will be at the discretion of the Company's board of directors, subject to prior written consent of BAT under the terms of the Amended and Restated IRA, and will depend on, among other things, the Company's results of operations, current and anticipated cash requirements and surplus, financial condition, any contractual restrictions and financing agreement covenants, solvency tests imposed by corporate law, and other factors that the Company's board of directors may deem relevant. CAPITAL STRUCTURE Common Shares The Company is authorized to issue an unlimited number of Common Shares and an unlimited number of preferred shares. As of September 30, 2025, there were 134,461,029 Common Shares issued and outstanding and as of December 11, 2025, there were 135,004,752 Common Shares issued and outstanding. The holders of the Common Shares are entitled to one vote per share at all meetings of the shareholders of the Company. The holders of Common Shares are also entitled to dividends, if and when declared by the Company's board of directors, and to the distribution of the residual assets of the Company in the event of a liquidation, dissolution or winding up of the Company. Dividends are subject to the prior written consent of BAT pursuant to the Amended and Restated IRA. The Company has three equity compensation plans in place: (a) the 2011 stock option plan (the "SOP"), (b) the 2017 equity incentive plan (the "2017 Plan"), and (c) a long term-omnibus equity incentive plan adopted on February 25, 2020 (the "2020 Equity Incentive Plan"). The 2020 Equity Incentive Plan permits the Company to grant equity-based incentive awards in the form of options, restricted share units, performance share units and deferred share units. Following the adoption of the 2020 Equity Incentive Plan, all future grants of equity-based awards will be made pursuant to, or as otherwise permitted by, the 2020 Equity Incentive Plan and no further equity-based awards will be made pursuant to the SOP or the 2017 Plan. The maximum number of Common Shares that may be issued upon exercise of awards granted under the 2020 Equity Incentive Plan shall not exceed 10% of the Company's issued and outstanding Common Shares from time to time, combined with any equity securities granted under all other compensation plans previously adopted by the Company, including the SOP and 2017 Plan.

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- 63 - In connection with the strategic investment from BAT, the Company entered into the Amended and Restated IRA. Pursuant to the Amended and Restated IRA, the Company granted BAT certain rights, including pre-emptive rights, to participate in distributions of Common Shares to maintain its proportionate ownership in certain circumstances, as well as other rights ("Top-Up Rights") to subscribe for additional Common Shares in specified circumstances where the pre-emptive rights are not applicable (referred to in the Amended and Restated IRA as "Exempt Distributions") and in specified circumstances where pre- emptive rights were not exercised (referred to in the Amended and Restated IRA as a "bought deal Distribution"). The price per Common Share to be paid by BAT pursuant to the exercise of its Top-Up Rights will equal the price paid by other participants in the Exempt Distribution or bought deal Distribution, subject to certain restrictions (including, if such price is not permitted pursuant to securities laws, at the lowest price permitted thereunder). On July 5, 2023, the Company completed a consolidation of its issued and outstanding Common Shares at a consolidation ratio of four pre-consolidation Common Shares for every one post-consolidation Common Share. Immediately prior to the Share Consolidation, the Company had 321,994,768 Common Shares issued and outstanding. Following the Share Consolidation, the Company had 80,498,692 Common Shares issued and outstanding. Class A Preferred Shares As of September 30, 2025, and December 8, 2025, there were 13,794,163 Class A Preferred Shares issued and outstanding. Unless required by law, the holders of Class A Preferred Shares are neither entitled to attend any general meeting of the shareholders nor vote at any such meeting. In the event of liquidation, dissolution or winding up of the Company, whether voluntary or involuntary, or in the event of any other distribution of assets of the Company to its shareholders for the purposes of winding up its affairs, the holders of the Class A Preferred Shares shall be entitled to participate pari passu with the holders of Common Shares, on an as converted basis. The holders of Class A Preferred Shares will be entitled to receive dividends as and when declared by the Board in such amounts and in such form as the Board may determine from time to time. The Board of directors may not declare any dividend payable in cash or property (other than a stock dividend payable in Class A Preferred Shares) on the Class A Preferred Shares unless the Board simultaneously declares a corresponding dividend payable in cash or property (other than a stock dividend payable in Class A Preferred Shares or Common Shares) on the Common Shares in an equivalent per share amount, taking into account the conversion value of the Class A Preferred Shares. In the event that the Common Shares are at any time sub-divided, consolidated or changed into a greater or lesser number of shares of the same or another class, or a stock dividend is paid on the Common Shares, an appropriate adjustment, as determined in good faith by the Board, shall be made in the rights and conditions attached to the Class A Preferred Shares so as to maintain the relative rights of the holders of those shares. The Class A Preferred Shares are not listed for trading on the TSX or on any other stock exchange and, other than to affiliates, are non-transferrable. Options and Restricted Share Units As of September 30, 2025, there were 2,301,674 options issued and outstanding, and as of December 11, 2025, there are 2,262,196 options issued and outstanding. As of September 30, 2025, there were 2,996,794 restricted share units issued and outstanding, and as of December 11, 2025, there are 2,414,860 restricted share units issued and outstanding. As of September 30, 2025, there were 1,677,762 performance share units issued and outstanding, and as of December 11, 2025, there are 1,661,907 performance share units

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- 64 - issued and outstanding. As of September 30, 2025, there were no deferred share units issued and outstanding, and as of December 11, 2025, there are no deferred share units issued and outstanding. Warrants As of September 30, 2025, the Company had 4,450,500 Warrants outstanding. As of December 11, 2025, there are 4,450,500 Warrants issued and outstanding. Each such Warrant entitles the holder thereof to acquire one Warrant Share at an exercise price of $3.65 per Warrant Share, until 5:00 p.m. (Eastern Time) on April 2, 2028, subject to adjustment in certain customary events, after which time the Warrants expired and become null and void. MARKET FOR SECURITIES Common Shares Common Shares are listed and traded on the TSX under the trading symbol "OGI". The following table sets forth the price range per share and trading volume for the Common Shares on the TSX for the periods indicated. Period High Trading Price ($) Low Trading ($) Volume (000's) September 2025 2.89 2.16 3,587 August 2025 2.42 1.80 3,777 July 2025 2.15 1.81 1,359 June 2025 2.05 1.73 1,881 May 2025 1.98 1.51 3,383 April 2025 1.65 1.22 3,416 March 2025 1.70 1.39 3,680 February 2025 2.50 1.60 7,729 January 2025 2.54 2.14 4,412 December 2024 2.45 2.01 5,803 November 2024 2.56 2.02 4,946 October 2024 2.70 2.23 4,813

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- 65 - Common Shares are listed and traded on NASDAQ under the trading symbol "OGI". The following table sets forth the price range per share and trading volume for the Common Shares on NASDAQ for the periods indicated. Period High Trading Price (USD) Low Trading (USD) Volume (000's) September 2025 2.08 1.56 19,431 August 2025 1.78 1.30 22,252 July 2025 1.59 1.32 13,014 June 2025 1.51 1.25 11,848 May 2025 1.43 1.09 12,076 April 2025 1.20 0.85 9,916 March 2025 1.18 0.96 15,878 February 2025 1.74 1.11 29,383 January 2025 1.77 1.49 9,893 December 2024 1.73 1.42 19,209 November 2024 1.85 1.44 13,581 October 2024 1.94 1.63 8,355 PRIOR SALES The following table summarizes details of securities that are not listed or quoted on a marketplace issued by the Company during the period between October 1, 2024 and September 30, 2025: Date of Issuance Security Issuance/Exercise Price Per Security ($) Number of Securities September 19, 2025 Restricted share units 2.45 73,468 July 4, 2025 Restricted share units 1.86 26,880 April 4, 2025 Restricted share units 1.44 154,992 April 4, 2025 Performance share units 1.44 71,775 February 28, 2025 Preferred shares 3.22 5,330,728 October 28, 2024 Restricted share units 2.54 1,072,336 October 28, 2024 Performance share units 2.54 725,686

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- 66 - ESCROWED SECURITIES AND SECURITIES SUBJECT TO CONTRACTUAL RESTRICTION ON TRANSFER The following table summarizes details of the Company's securities of each class held, to the Company's knowledge, in escrow or that were subject to a contractual restriction on transfer as of December 11, 2025: Designation of Class Number of securities held in escrow or that are subject to a contractual restriction on transfer Percentage of Class Common Shares 40,134,389(2) 29.72%(1) Common Shares 215,424(3) 0.16%(1) Class A Preferred Shares 13,794,163 100% Notes: (1) Based on 135,004,752 Common Shares outstanding as of December 11, 2025. (2) The Common Shares and Class A Preferred Shares acquired by BAT are subject to certain transfer restrictions outlined in the Amended and Restated IRA between the Company and BAT. (3) Represents Common Shares issued to former shareholders of Motif that are subject to escrow. The Common Shares are subject to an 18-month escrow with the TSX Trust Company from December 6, 2024 in order to satisfy indemnification claims by the Company under the definitive agreement with the former shareholders of Motif. DIRECTORS AND EXECUTIVE OFFICERS Name, Occupation and Security Holding Below are the names, province and country of residence, principal occupation and periods of service of the directors and executive officers of the Company as of December 11, 2025. Name, Province and Country of Residence(1) Principal Occupation for the Past Five Years Position and Offices held with the Company Number of Shares Beneficially Owned or Controlled(2) Greg Guyatt, CPA, CA Mississauga, Ontario Canada February 2019 to February 2020 – Chief Financial Officer of CannTrust Holdings Inc.; February 2020 to February 2023 – Chief Executive Officer and Board Member of Phoena Holdings Inc.; January 2024 to present - Chief Financial Officer of the Company Chief Financial Officer since January 8, 2024 17,300 (~0.0128%) Paolo De Luca, CPA, CA, CFA Woodbridge, Ontario Canada December 2017 to March 2020 – Chief Financial Officer of the Company; March 2020 to present – Chief Strategy Officer of the Company Chief Strategy Officer since March 4, 2020; Interim Chief Financial Officer from November 13, 2023 to January 8, 2024; and Chief Financial Officer from 57,903 (~0.0429%)

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- 67 - Name, Province and Country of Residence(1) Principal Occupation for the Past Five Years Position and Offices held with the Company Number of Shares Beneficially Owned or Controlled(2) December 19, 2017 to March 3, 2020 Timothy Emberg Ottawa, Ontario Canada October 2017 to July 2021 – Senior Vice President, Sales and Commercial Operations of the Company; July 2021 to October 2022 - Chief Revenue Officer of the Company; October 2022 to May 2025 – Chief Commercial Officer; May 2025 to present – President of Organigram Canada President of Organigram Canada since May 26, 2025; Chief Commercial Officer from October 6, 2022 to May 25, 2025; Chief Revenue Officer from July 15, 2021 to October 5, 2022; Senior Vice President, Sales and Commercial Operations from September 9, 2018 to July 14, 2021; Vice President of Sales and Commercial Operations from October 2, 2017 to September 8, 2018 52,764 (~0.0391%) Helen Martin Toronto, Ontario Canada November 2018 to July 2021 – Vice-President, Strategic Initiatives and Legal Affairs of the Company; July 2021 to present – Chief Legal Officer of the Company Chief Legal Officer since July 15, 2021; Senior Vice President, Strategic and Legal Affairs from April 5, 2019 to July 14, 2021; Vice President, Strategic Initiatives and Legal Affairs from November 26, 2018 to April 4, 2019; Corporate Secretary since March 4, 2019 54,386 (~0.0403%) Megan McCrae Toronto, Ontario Canada September 2019 - May 2020 -Chief Marketing Officer, Aphria Inc.; May 2021 to July 2024 – SVP Marketing and Communications of the Company; July 2024 to May 2025 - SVP Global Brands and Corporate Affairs of the Company; May 2025 to present – Senior Vice President of Corporate Strategy and International Growth Senior Vice President of Marketing and Communications: May 31, 2021 – July 1, 2024; Senior Vice President of Global Brands and Corporate Affairs from July 2, 2024 to May 25, 2025; Senior Vice President of Corporate Strategy and International Growth since May 26, 2025 27,552 (~0.0204%) Katrina McFadden Milton, Ontario Canada January 2019 to July 2021 - VP People and Culture of Telus; July 2021 to January 2022 - VP Human Resources of Weston Foods; Chief People Officer since August 29, 2022 40,678 (~0.0301%)

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- 68 - Name, Province and Country of Residence(1) Principal Occupation for the Past Five Years Position and Offices held with the Company Number of Shares Beneficially Owned or Controlled(2) August 2022 to Present - Chief People Officer of the Company Peter Amirault Mississauga, Ontario Canada 2009 to present – President of BML Group Limited Director since June 2, 2016, and Chair of the board; Executive Chair from May 3, 2021 to October 31, 2021; Executive Chair since December 1, 2025(7) 40,000 (~0.0296%) Geoffrey Machum, K.C.(4)(5) Halifax, Nova Scotia Canada 1985 to present – Commercial Litigation Partner at Stewart McKelvey LLP; 2016 to 2024 – Director of WildBrain Ltd. Director since February 25, 2020; Lead Independent Director from May 3, 2021 to October 31, 2021; Lead Independent Director since December 1, 2025(7); Chair of the Governance, Nominating and Sustainability Committee 1,125 (~0.0008%) Stephen Smith(3)(6) Etobicoke, Ontario, Canada 2018 to 2023 – Director of MAV Beauty Brands Inc.; 2020 to 2023 – Director of Freshii Inc.; 2014 to 2018 – EVP and Advisory Board Director, Jackman Reinvention Inc.; 2022 to 2024 – Director of CE Brands; 2022 to 2025 – Director of Flow Beverage Corp; 2023 to 2025 - Chair of the Board of CanPR Technology Inc.; 2025 to present – Director of Quarterhill Inc. Director since February 25, 2020 Chair of the Audit Committee 12,575 (~0.0093%) Sherry Porter, CM(4)(5) Halifax, Nova Scotia Canada February 2024 to Present - Director and Trustee of the National Arts Centre; 2014 to March 2024 - Board member of the Halifax International Airport Authority; March 2015 to August 2023 – Board member of Pharmasave Drugs (Atlantic) Limited Director since December 17, 2018 Chair of the Compensation Committee 25,875 (~0.0192%)

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- 69 - Name, Province and Country of Residence(1) Principal Occupation for the Past Five Years Position and Offices held with the Company Number of Shares Beneficially Owned or Controlled(2) Dexter John(3)(4)(6) Whitby, Ontario Canada April 2019 – November 2021 – President and Chief Executive Officer of Gryphon Advisors Inc.; November 2021 to March 2025 – President and Chief Executive Officer of Morrow Sodali & Co.; March 2025 to present - Chief Executive Officer of the Financial Services Regulatory Authority of Ontario Director since December 17, 2018 Chair of the Investment Committee 2,828 (~0.0021%) Marni Wieshofer(3)(6) Los Angeles, California USA December 2019 to January 2023 – Director of Thunderbird Entertainment; December 2019 to present – Director of several companies including Hycroft Mining Holding Corporation and Acceso Impact, Inc.; November 2025 to present – Director of Westbrook Global, Inc. Director since January 12, 2021 10,000 (~0.0074%) Simon Ashton(3)(6) Staines-upon-Thames England August 2019 to August 2021 - Area head of Finance (North West Europe) at BAT; August 2021 to March 2023 – Group Head of New Categories and Combustibles Finance at BAT. Director since February 23, 2022 Nil (0%) Karina Gehring (5) London England September 2019 to April 2022 – Head of Strategic Planning and Insights at BAT Canada; May 2022 to September 2024 – Head of New Categories Innovations Insights at Nicoventures Global; October 2024 to Present – Global Lead Combustibles Category at BAT. Director since January 18, 2024 Nil (0%)

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- 70 - Name, Province and Country of Residence(1) Principal Occupation for the Past Five Years Position and Offices held with the Company Number of Shares Beneficially Owned or Controlled(2) Craig Harris (6) Berkhamsted England October 2015 to January 2020 – Head of M&A Legal at BAT; February 2020 to August 2021 – Area Head of Legal & External Affairs (North West Europe) at BAT; September 2021 to March 2023 – Regional Head of Legal & External Affairs (Europe & North Africa) at BAT; March 2023 to January 2024 – Regional Head of Legal & External Affairs (Americas & Europe) at BAT; February 2024 to Present – Assistant General Counsel (Corporate & Commercial Legal) at BAT. Director since July 29, 2024 Nil (0%) Notes: (1) The previous term of the current directors of the Company expired at the conclusion of the annual meeting of the shareholders held on March 24, 2025. All of the directors noted above were re-elected and their terms will expire at the conclusion of the next annual meeting of shareholders. (2) As of December 11, 2025, all directors and executive officers noted above of the Company, as a group, beneficially own, directly or indirectly, or exercise control or direction over 342,986 Common Shares of the Company, representing 0.2541% of the Company's outstanding Common Shares. The total number of issued and outstanding shares as of December 11, 2025 is 135,004,752 Common Shares. (3) Member of the Audit Committee. (4) Member of the Governance, Nominating and Sustainability Committee. (5) Member of the Compensation Committee. (6) Member of the Investment Committee. (7) Mr. Peter Amirault has been appointed by the Board to serve as executive chair on an interim basis effective December 1, 2025 to oversee day-to-day management of the Company until Mr. James Yamanaka fully assumes the role as Chief Executive Officer of the Company on or about January 15, 2026. During this period, Mr. Geoff Machum, chair of the Board's Governance, Nominating and Sustainability Committee, serves as the independent lead director. DIRECTOR & EXECUTIVE OFFICER BIOGRAPHIES Greg Guyatt, CPA, CA - Chief Financial Officer Mr. Guyatt brings nearly 30 years of experience building high-performing teams from the cannabis, consumer packaged goods, pharmaceutical and retail sectors, most recently as Chief Executive Officer of Phoena Holdings. Previously, Mr. Guyatt held senior finance roles at KingSett Capital, Sears Canada and Biovail Corporation, and has a wealth of experience in M&A and capital markets. Earlier in his career Mr. Guyatt was an investment banker with UBS Warburg in the UK, trained as a CPA, CA with Deloitte, and holds a Bachelor of Commerce from Mount Allison University. Paolo De Luca, CPA, CA, CFA – Chief Strategy Officer Mr. De Luca assumed the role as the Company's Chief Strategy Officer on March 4, 2020, having previously held the position of Chief Financial Officer. With more than 25 years of diversified financial business experience, Mr. De Luca has held senior financial, investor relations, and accounting leadership roles at companies, including West Face Capital, one of Canada's leading alternative asset management firms; Meridian LNG; Potash Ridge; C.A. Bancorp; and TD Securities. With this diverse industry and international background, he has extensive experience with both traditional and non-traditional financings and debt offerings as well as M&A activities. Mr. De Luca is a graduate of York University's Schulich

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- 71 - School of Business, is a Chartered Professional Accountant and a member of the Chartered Professional Accountants of Ontario, and is a CFA Charter holder. Timothy Emberg – President of Organigram Canada Mr. Emberg, President of Organigram Canada, is an accomplished, bilingual business leader with over 25 years of experience in sales, marketing, R&D and innovation, supply chain and operations across multiple industries, including consumer packaged goods, pharmaceutical and beverage and alcohol. White this extensive experience, he has also developed a strong understanding of Canadian and International market access and regulatory environments, a valuable asset he brought with him to the cannabis industry. Prior to joining Organigram, Mr. Emberg held various senior leadership roles in sales and marketing at Roche Diabetes Care Canada, Jamieson Laboratories and Frito-Lay Canada. As President of Organigram Canada, he oversees all of the Canadian operations, including sales, marketing, innovation, supply chain and operations for all five of Canadian sites. Mr. Emberg also played a pivotal role in Organigram's growth and expansion both domestically and internationally, and was the commercial lead in all key recent acquisitions by the Company. Helen Martin – Chief Legal Officer and Corporate Secretary Ms. Martin joined the Company as its Vice President Strategic Initiatives and Legal Affairs in November 2018 and was appointed Corporate Secretary in March 2019. She was promoted to Senior Vice President, Strategic and Legal Affairs, in April 2019, and to Chief Legal Officer in July 2021. Prior to joining Organigram, she was the Chief Operating Officer of Crosswinds Holdings Inc. from November 2014 to October 2018. She was Senior Legal Counsel at AUM Law Professional Corporation where she held various legal roles since 2011. Ms. Martin was employed as General Counsel and Corporate Secretary of C.A. Bancorp Inc. from 2009 to 2011 and In-House Counsel at Sentry Select Capital Corp. from 2007 to 2008. Prior to joining Sentry Select, Ms. Martin was a lawyer in the securities group at Blake, Cassels & Graydon LLP from 2005 to 2007. Ms. Martin is a member of the Law Society of Ontario. She received her law degree from the University of Toronto and a Bachelor of Arts (Honours) from the University of Victoria. Megan McCrae – Senior Vice President of Corporate Strategy and International Growth Ms. McCrae is a seasoned marketing professional with 20 years of consumer packaged goods marketing & sales management, communications, brand building, and consumer insights experience. Ms. McCrae is a cannabis industry veteran having spent nearly four years with Aphria Inc. where she led the company's brand and portfolio management, consumer insights, innovation, and digital strategy. Ms. McCrae also spent ten years in various global progressive consumer, trade, and sales management roles with global tobacco giant Japan Tobacco International (JTI) as well as holding the position of Board Chair on the Cannabis Council of Canada. Katrina McFadden – Chief People Officer Ms. McFadden is an experienced Human Resources executive who has worked across several industries including telecommunications, manufacturing and consumer goods. Throughout her 20-year career she held senior leadership positions with organizations such as ArcelorMittal Dofasco, TELUS and most recently Weston Foods, supporting these organizations in earning accolades for innovative people and culture programs focused on enhancing the employee experience. Ms. McFadden holds a Bachelor of Applied Science in Chemical Engineering from the University of Waterloo and a Masters of Business Administration from McMaster University.

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- 72 - Peter Amirault – Executive Chair Mr. Amirault is currently the President of BML Group Limited in Toronto, a holding company with interests in real estate development and private investments. Prior to joining BML Group, Mr. Amirault held varying executive roles including: President of Swiss Chalet North America for the Cara Group of Companies, Chief Executive Officer of Creemore Springs Brewery Ltd, Senior Vice President of Molson Coors Canada, Managing Director of Sleeman Brewing Ltd, along with senior roles at Nestle Canada and The Premium Beer Company of Toronto. Mr. Amirault holds a Bachelor of Business Administration from Acadia University and a Master of Business Administration from The Schulich School of Business. Mr. Amirault's previous board experience and roles at senior management levels will bring a wealth of knowledge to the corporate director team at the Company. Geoffrey Machum K.C. – Independent Lead Director Mr. Machum is a commercial litigation partner at Stewart McKelvey LLP, Atlantic Canada's largest law firm and one of the top 15 largest firms in Canada. He previously served on the firm's Compensation Committee, and as Chairman of the firm's Regional Partnership Board and on its Human Resources and Governance Committee, and its Audit and Finance Committee. Mr. Machum was awarded Kings Counsel in 2003, and has received repeated recognition by Lexpert, Best Lawyers, and Benchmark Canada for his extensive experience in practice areas including commercial litigation, directors and officers' liability, corporate governance, insurance, construction law, and products liability. Mr. Machum also served on the board of WildBrain Ltd., where he was the Chair of its Governance and Nomination Committee and member of its Human Resources and Compensation Committee and previously served on the Board's Special Strategic Review Committee. Previously, he chaired the board of Halifax Port Authority, and served on the Governance, Human Resources and Audit and Finance Committees. He also serves as a director of Canada's Walk of Fame. Mr. Machum holds a BA in Economics Political Science from Dalhousie University, and University of New Brunswick. Mr. Machum also received ICD.D designation from the University of Toronto Rotman School of Management in 2015. Dexter John – Director Mr. John is currently the Chief Executive Officer of the Financial Services Regulatory Authority of Ontario and prior to that, he was President and Chief Executive Officer of Morrow Sodali (Canada) Ltd. Mr. John has over 20 years of experience in the capital markets and has spent six years in structured finance where he executed over $4 billion in transactions. He has worked at a major Canadian law firm as a securities associate, focusing on the public equities market with emphasis on mergers and acquisitions. In addition, Mr. John also has regulatory experience through his tenure at Investment Industry Regulatory Organization of Canada, the Ontario Securities Commission and the Toronto Stock Exchange. Mr. John holds a Bachelor of Laws degree from Queens University and the ICD.D designation. Sherry Porter, CM – Director Ms. Porter is a seasoned executive with 30 years of experience with a myriad of organizations in Canada. She has held senior corporate roles with Sobeys Inc., Nova Scotia Power, Shoppers Drug Mart and The Caldwell Partners. She also has experience with trade associations in the grocery and retail drug area. She was the founding President and Chief Executive Officer of the Canadian Association of Chain Drug Stores, working with the chief executive officers of the traditional drug chains, mass merchants and grocery operations in Canada. Ms. Porter chaired the board of directors of the Nova Scotia Liquor Corporation from 2010-2017 and is currently a board member of the Halifax International Airport Authority and Pharmasave Atlantic. She is a past Vice Chair of Dalhousie University and a past chair of Human Resources,

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- 73 - Governance and Nominating, and she also serves as a board member of the QEII Health Sciences Centre Foundation and the Symphony Nova Scotia Foundation. Stephen Smith – Director Mr. Smith is an accomplished executive with extensive leadership and managerial experience in complex, low margin and highly competitive retail environments. He currently serves on the board of directors of Quarterhill Inc.. From 2018 to 2019, Mr. Smith served on the board of directors of Newstrike Brands Ltd. (Lead Director and Audit Committee Chair). From 2013 to 2017, Mr. Smith served on the board of directors of CST Brands Inc., an SEC registrant (Audit Committee and Executive Committee). From 2014 to 2018, Mr. Smith held the position of Executive Vice President and Advisory Board Director of Jackman Reinvention, Inc., a privately held brand and strategy consulting firm in Toronto. From 2007 until 2013, Mr. Smith served as Co-Chief Executive Officer and Chief Financial Officer of Cara Operations Limited (now Recipe Unlimited), Canada's oldest and largest full-service restaurant company. From 1985 to 2007, Mr. Smith held various senior and executive level positions, including Executive Vice President, from 1999 to 2006, with Loblaw Companies Limited, the leading food and pharmacy retailer in Canada. Mr. Smith is a Chartered Professional Accountant (CPA, CA) and holds a Bachelor of Commerce degree from the University of Toronto. Marni Wieshofer – Director Ms. Wieshofer has more than thirty years of diverse experience, including Board membership at public and private companies, particularly in the U.S., international M&A, finance and bankruptcy and restructuring, primarily in media and entertainment. She was recognized by Variety magazine in the 2018 Dealmakers Impact Report. Previous roles have included CFO and EVP of Corporate Development at Lions Gate Entertainment Corporation, a multi-billion dollar global entertainment company, where she oversaw the company's M&A and other strategic financial initiatives. Her background also includes being a Managing Director in Houlihan Lokey's TMT Corporate Finance Group, based out of Los Angeles, providing M&A, capital markets, financial restructuring, and financial advisory services. Before joining Houlihan Lokey, Ms. Wieshofer was a Managing Director at MESA, a boutique advisory investment bank and prior to MESA, she was the SVP of M&A and CFO at Media Rights Capital. Ms. Wieshofer is a Chartered Professional Accountant (CPA, CA), holds an MBA from the Rotman School of Management at the University of Toronto and also holds the ICD.D designation. Simon Ashton – Director Mr. Ashton has extensive expertise in finance and business leadership and was Group Head of New Categories and Combustibles Finance at BAT. Throughout his nearly 30-year career with BAT, Mr. Ashton has led various Finance teams across Europe, Asia, the Middle East and Africa driving revenue growth, leading business transformation initiatives and finding innovative solutions to economic challenges. In addition, he also spent time in M&A, Operations Finance, and Audit. Mr. Ashton is a member of the Institute of Chartered Accountants in England & Wales (ACA, ICAEW). Karina Gehring – Director With over 25 years of experience in marketing and trade at BAT, Mrs. Gehring is a seasoned executive proficient in commercial delivery, brand management, strategy, consumer insights and key account management. Leading diverse teams, she has played a pivotal role in transformative initiatives across Europe and Canada. Mrs. Gehring has successfully executed full portfolio brand repositioning, deepened

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- 74 - BAT's consumer understanding to foster connections beyond surface insights and introduced innovative key account management programs. Craig Harris – Director Mr. Harris brings over 20 years of experience as a commercial lawyer, with a background in private practice and legal and regulatory engagement roles for various corporations. He is currently the Assistant General Counsel – Corporate & Commercial Legal at BAT. In his role at BAT, Mr. Harris has contributed to a range of significant projects, including BAT's US$49 billion merger with Reynolds American Inc., engaging for the creation of global regulations for BAT's non-combustible nicotine products, and the establishment of BAT's sponsorship and technology partnership with the McLaren Formula 1 team. Additionally, Craig sits on several BAT company boards, including B.A.T. International Finance plc, and is a member of the Investment Committee for Btomorrow Ventures, BAT's venture capital arm. Prior to joining BAT, Mr. Harris qualified as a UK solicitor and practiced corporate law for eight years at the prestigious international law firm Allen & Overy (A&O). During his tenure at A&O, he completed secondments at GlaxoSmithKline plc and Petro-Canada. Furthermore, Mr. Harris served three full terms as a director and trustee of the London Borough funded charity Parks for London. CEASE TRADE ORDERS, BANKRUPTCIES, PENALTIES OR SANCTIONS Except as disclosed herein, to the knowledge of the Company, no director or executive officer of the Company is, as of the date of this Annual Information Form or within ten years prior to the date of this Annual Information Form has been, a director, chief executive officer of chief financial officer of any company (including the Company) that: • was subject to a cease trade order, an order similar to a cease trade order or an order that denied the relevant company access to any exemption under securities legislation, that was in effect for a period of more than 30 consecutive days, and was issued while the director or executive officer was acting in the capacity as director, chief executive officer or chief financial officer; or • was subject to a cease trade order, an order similar to a cease trade order or an order that denied the relevant company access to any exemption under securities legislation, that was in effect for a period of more than 30 consecutive days, that was issued after the director or executive officer ceased to be a director, chief executive officer or chief financial officer and which resulted from an event that occurred while that person was acting in the capacity as director, chief executive officer or chief financial officer. Except as disclosed herein, to the knowledge of the Company, no director or executive officer of the Company, or a shareholder holding a sufficient number of securities of the Company to affect materially the control of the Company: • is, or within ten years prior to the date of this Annual Information Form has been, a director or executive officer of any company (including the Company) that, while that person was acting in that capacity, or within a year of that person ceasing to act in that capacity, became bankrupt, made a proposal under any legislation relating to bankruptcy or insolvency or was subject to or instituted any proceedings, arrangement or compromise with creditors or had a receiver, receiver manager or trustee appointed to hold its assets; or

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- 75 - • has, within ten years prior to the date of this Annual Information Form, become bankrupt, made a proposal under any legislation relating to bankruptcy or insolvency, or become subject to or instituted any proceedings, arrangement or compromise with creditors, or had a receiver, receiver manager or trustee appointed to hold the assets of the director, executive officer or shareholder. No director or executive officer of the Company, or a shareholder holding a sufficient number of securities of the Company to affect materially the control of the Company, has, to the knowledge of the Company, been subject to (i) any penalties or sanctions imposed by a court relating to securities legislation or by a securities regulatory authority or has entered into a settlement agreement with a securities regulatory authority, or (ii) any other penalties or sanctions imposed by a court or regulatory body that would likely be considered important to a reasonable investor in making an investment decision. Mr. Stephen Smith was a director of MAV Beauty Brand Inc. ("MAV Beauty"). On November 14, 2023, MAV Beauty commenced voluntary proceedings under the Companies' Creditors Arrangement Act (Canada) ("CCAA") in order to facilitate a restructuring through a going-concern sale of substantially all of the assets of MAV Beauty. On November 20, 2023, the Ontario Securities Commission issued a cease trade order in respect of the trading of MAV Beauty's securities. On December 8, 2023, MAV Beauty completed a sale of substantially all of the assets of the company and its subsidiaries to an affiliate of Nexus Capital Management LP. Following the sale, the TSX delisted MAV Beauty common shares and Mr. Smith resigned as a director of MAV Beauty on December 20, 2023. Mr. Smith was a director of Flow Beverage Corp. ("Flow Beverage"). On September 4, 2025, Flow Beverage was placed into receivership on application by its senior secured creditors under the Bankruptcy and Insolvency Act (Canada). Substantially all of Flow Beverage's assets were subsequently sold, on a going-concern basis, to an affiliate of its senior secured creditor. On September 19, 2025, the Ontario Securities Commission issued a cease trade order in respect of the trading of Flow Beverage's securities in connection with the receivership proceedings. Following the sale, the TSX delisted Flow Beverage on October 13, 2025. Mr. Smith resigned as a director of Flow Beverage on September 2, 2025. On March 31, 2020, proceedings under the CCAA were commenced against CannTrust Holdings Inc., subsequently renamed Phoena Holdings Inc. ("Phoena"), in the Ontario Superior Court of Justice (Commercial List), at which time Mr. Greg Guyatt was the chief executive officer of Phoena. Subsequently, Phoena received a Cease Trade Order issued by the Ontario Securities Commission on April 13, 2020. CONFLICTS OF INTEREST The Company may from time to time become involved in transactions which conflict with the interests of the directors and the officers of the Company. The interest of these persons could conflict with those of the Company. Conflicts of interest, if any, will be subject to the procedures and remedies provided under applicable laws. In particular, in the event that such a conflict of interest arises at a meeting of the directors of the Company, a director who has such a conflict will abstain from voting for or against the approval of such participation or such terms. In accordance with applicable laws, the board of directors of the Company are required to act honestly, in good faith and in the best interest of the Company.

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- 76 - LEGAL PROCEEDINGS AND REGULATORY ACTIONS To the knowledge of the Company, there are no material legal proceedings to which Company is a party or to which its property is subject, and no such proceedings are contemplated during the financial year ended September 30, 2025. To the knowledge of the Company, there have been no material penalties or sanctions imposed by a court or regulatory body against the Company or settlement agreements entered into by the Company with a court or a securities regulatory authority relating to securities legislation during the financial year ended September 30, 2025. INTEREST OF MANAGEMENT AND OTHERS IN MATERIAL TRANSACTIONS Except as set forth below, no director, executive officer, or principal shareholder of the Company and no associate or affiliate of the foregoing have had a material interest, direct or indirect, in any transaction in which the Company has participated within the three most recently completed financial years or during the current financial year, which has materially affected or is reasonably expected to materially affect the Company. Upon the closing of the third and final tranche of the Follow-on BAT Investment in February 2025, BAT beneficially held 29.99% of the issued and outstanding Common Shares on a non-diluted basis and 100% of the Class A Preferred Shares. See "General Development of The Business - Three-Year History - Developments during the financial year ended September 30, 2024" and "Risk Factors - Risks Related to the Strategic Equity Investment from BT DE Investments Inc.". Craig Harris, Simon Ashton and Karina Gehring, directors of the Company, hold or have held positions with BAT as described under "Directors and Executive Officers" herein, and were BAT nominees at the time of the Follow-on BAT Investment and/or the closing(s) thereof. TRANSFER AGENT AND REGISTRAR The transfer agent and registrar of the Company is TSX Trust Company at its offices in Vancouver, British Columbia and Toronto, Ontario. VStock Transfer, LLC is the Company's co-transfer agent in the United States. MATERIAL CONTRACTS Except for contracts entered into in the ordinary course of business, there are no contracts entered into by the Company during the year ending September 30, 2025, which are material or entered into before the year ending September 30, 2025, but are still in effect which are material, except as disclosed below: • the Warrant Indenture between the Company and TSX Trust Company dated April 2, 2024 with respect to the Offering; • the Amended and Restated IRA (as described under "Capital Structure - Common Shares"); • the PDC Agreement (as described under "Description of the Business - New Product Development and Innovation - Product Development Collaboration – Centre of Excellence with BAT "); and • the share purchase agreement in respect of the acquisition of 100% of the issued and outstanding shares of Motif by the Company on December 6, 2024 (the "Motif SPA") (as described under "General Development of the Business - Three-Year History - Developments during the financial year ended September 30, 2025").

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- 77 - Copies of the Warrant Indenture, Amended and Restated IRA, the PDC Agreement, and the Motif SPA are available under the Company's corporate profile on the Canadian Securities Administrators' SEDAR+ website at www.sedarplus.ca and on the United States Securities and Exchange Commission's EDGAR website at www.sec.gov. INTERESTS OF EXPERTS The Company's auditors are PKF O'Connor Davies, LLP and they have confirmed with respect to the Company that they are independent within the meaning of the relevant rules and related interpretations prescribed by the relevant professional bodies in Canada and any applicable legislation or regulations, and within the meaning of the U.S. Exchange Act, and the applicable rules and regulations thereunder adopted by the Securities Exchange Commission and the Public Company Accounting Oversight Board (United States). AUDIT COMMITTEE INFORMATION Audit Committee Charter The charter of the Company's Audit Committee is attached to this Annual Information Form as Appendix "A". Composition of Audit Committee & Relevant Education and Experience As of September 30, 2025 and the date hereof, the members of the Audit Committee are Stephen Smith (Chair), Dexter John, Marni Wieshofer, and Simon Ashton, each of whom is independent and financially literate within the meaning of National Instrument 52-110. The education and experience of each Audit Committee member are described in this Annual Information Form under the section entitled "Directors and Executive Officers". Each of the Audit Committee members has an understanding of the accounting principles used to prepare the Company's financial statements, experience preparing, auditing, analyzing or evaluating comparable financial statements and experience as to the general application of relevant accounting principles, as well as an understanding of the internal controls and procedures necessary for financial reporting. The Company's board of directors has determined that Stephen Smith qualifies as an "audit committee financial expert" (as defined in paragraph (8)(b) of General Instruction B to Form 40-F under the Exchange Act). The United States Securities and Exchange Commission has indicated that the designation of a director as an audit committee financial expert does not make such director an "expert" for any other purpose, impose any duties, obligations or liability on such director that are greater than those imposed on members of the Audit Committee and Board who do not carry this designation or affect the duties, obligations or liability of any other member of the Audit Committee. The Audit Committee has the primary function of fulfilling its responsibilities in relation to reviewing the integrity of the Company's financial statements, financial disclosures and internal controls over financial reporting; monitoring the system of internal control; monitoring the Company's compliance with legal and regulatory requirements, selecting the external auditor for shareholder approval; reviewing the qualifications, independence and performance of the external auditor; and reviewing the qualifications, independence and performance of the Company's internal auditors. The Audit Committee has specific responsibilities relating to the Company's financial reports; the external auditor; the internal audit function; internal controls; regulatory reports and returns; legal or compliance matters that have a material impact on the Company; and the Company's whistleblowing procedures. In fulfilling its responsibilities, the Audit

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- 78 - Committee meets regularly with the internal and external auditor and key management members. Information concerning the relevant education and experience of the Audit Committee members can be found in "Directors and Executive Officers" above. The full text of the Audit Committee's charter is disclosed in Appendix "A". Audit Committee Oversight At no time since the commencement of the Company's most recently completed financial year have any recommendations by the Audit Committee respecting the appointment and/or compensation of the Company's external auditor not been adopted by the board of directors of the Company. Pre-Approval Policies and Procedures The Audit Committee will pre-approve all non-audit services to be provided to the Company or any subsidiary entities by its external auditors or by the external auditors of such subsidiary entities. The Audit Committee may delegate to one or more of its members the authority to pre-approve non- audit services but preapproval by such member or members so delegated shall be presented to the full Audit Committee at its first scheduled meeting following such pre-approval. External Auditor Service Fees The following table sets forth, by category, the fees for all services rendered by the Company's current external auditors PKF O'Connor Davies, LLP ("PKF") as well as the Company's former auditors, KPMG LLP ("KPMG") who ceased providing auditing services to the Company effective June 27, 2024, for the financial years ended September 30, 2025 and September 30, 2024 (including estimates). Type of Work Year ended September 30, 2025 Year ended September 30, 2024 Fees Percentage Fees Fees Percentage PKF PKF KPMG PKF Combined Audit fees(1) $2,044,970 99% $321,055 $954,000 96% Audit- related fees(2) $19,998 1% Nil Nil Nil Tax fees(3) Nil Nil $55,373 Nil 4% All other fees Nil Nil $5,457 Nil ~0% Total $2,064,968 100% $381,885 $954,000 100% Notes: (1) For the year ended September 30, 2024 ("FY'2024"), audit fees were comprised of quarterly reviews, and the annual audit (including the audit of internal controls over financial reporting). For the year ended September 30, 2025 ("FY'2025") audit fees were comprised of quarterly reviews, and the annual audit (including the audit of internal controls over financial reporting). (2) Includes fees related to Public Company Accounting Oversight Board and Canadian Public Accountability. (3) Includes fees for all tax services other than those included in "Audit Fees" and "Audit-Related Fees". This category includes fees for tax compliance and advisory in FY'2024. Tax advice includes advice related to mergers and acquisitions and a captive insurance structure.

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- 79 - ADDITIONAL INFORMATION Additional information, including directors' and officers' remuneration and indebtedness, principal holders of securities of the Company and securities authorized for issuance under equity compensation plans, is contained in the Company's management information circular relating to the most recent annual meeting of shareholders of the Company. Additional financial information is contained in the Company's financial statements and management discussion and analysis for the year ended September 30, 2025. Additional information relating to the Company may also be found on the Canadian Securities Administrators' SEDAR+ website at www.sedarplus.ca and on the United States Securities and Exchange Commission's EDGAR website at www.sec.gov. Copies of all of these documents may be obtained upon request from Organigram's Investor Relations department at 1400-145 King Street West, Toronto, Ontario M5H 1J8.

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- 80 - APPENDIX "A" - CHARTER OF THE AUDIT COMMITTEE

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&nbsp;&nbsp;&nbsp;&nbsp;LEGAL_32201562.2 ORGANIGRAM GLOBAL INC. (THE "CORPORATION") CHARTER OF THE AUDIT COMMITTEE This Charter of the Audit Committee (the "Charter") was adopted by the board of directors of the Corporation (the "Board") on August 26, 2019, and last reviewed on September 26, 2025. 1. Purpose The Audit Committee (the "Committee") is a committee of the Board. The members of the Committee and the chair of the Committee (the "Chair") are appointed by the Board on an annual basis (or until their successors are duly appointed) for the purpose of overseeing the Corporation's financial controls and reporting and monitoring whether the Corporation complies with financial covenants and legal and regulatory requirements governing financial disclosure matters and financial risk management. 2. Composition (a) The Committee should be comprised of a minimum of three directors of the Corporation. (b) All members of the Committee must meet the independence and audit committee composition requirements promulgated by all governmental and regulatory bodies having jurisdiction over the Corporation as may be in effect from time to time, including Rule 10A-3 of the United States Securities Exchange Act of 1934, as amended (the "Exchange Act"), Rule 5605 of the Nasdaq Marketplace Rules, National Instrument 52-110 – Audit Committees ("NI 52-110"), and the relevant rules of any other stock exchanges on which the Corporation's securities are listed. In general, each member of the Committee must be free from any relationship that, in the view of the Board, could be reasonably expected to interfere with the exercise of his or her independent judgment as a member of the Committee. (c) All members of the Committee must be financially literate (which is defined as the ability to read and understand a set of financial statements that present a breadth and level of complexity of accounting issues that are generally comparable to the breadth and complexity of the issues that can reasonably be expected to be raised by the Corporation's financial statements). At least one member of the Committee must satisfy the definition of "financial expert" as set out in Item 407(d)(5)(ii) of Regulation S-K under the United States Securities Act of 1933, as amended, and the Exchange Act. (d) The Board shall designate the Chair of the Committee, who shall have responsibility for overseeing that the Committee fulfills its mandate and duties effectively. If the Board does not designate a Chair, the Committee will elect a Chair from among their members.

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- 2 - (e) Any member of the Committee may be removed or replaced at any time by the Board and will cease to be a member of the Committee on ceasing to be a director of the Corporation. The Board may fill vacancies on the Committee by election from among the Board. If and whenever a vacancy will exist on the Committee, the remaining members may exercise all powers of the Committee so long as a quorum remains. (f) No members of the Committee shall receive, directly or indirectly, other than for service on the Board or the Committee or other committees of the Board, any consulting, advisory, or other compensatory fee from the Corporation or any of its related parties or subsidiaries. (g) Prior to any member of the Committee or the Board engaging the services of the Corporation's auditor in a personal capacity, the consent of the Chair of the Committee shall be obtained. 3. Limitations on Committee's Duties In contributing to the Committee's discharge of its duties under this Charter, each member of the Committee will be obliged only to exercise the care, diligence and skill that a reasonably prudent person would exercise in comparable circumstances. Nothing in this Charter is intended or may be construed as imposing on any member of the Committee a standard of care or diligence that is in any way more onerous or extensive than the standard to which any member of the Board may be otherwise subject. Members of the Committee are entitled to rely, absent actual knowledge to the contrary, on (a) the integrity of the persons and organizations from whom they receive information, (b) the accuracy and completeness of the information provided, (c) representations made by management of the Corporation ("Management") as to the non-audit services provided to the Corporation by the external auditor, (d) financial statements of the Corporation represented to them by a member of Management or in a written report of the external auditors to present fairly the financial position of the Corporation in accordance with applicable generally accepted accounting principles, and (e) any report of a lawyer, accountant, engineer, appraiser or other person whose profession lends credibility to a statement made by any such person. 4. Meetings The Committee shall meet regularly, but not less frequently than quarterly. A quorum for the transaction of business at any meeting of the Committee will be a majority of the members of the Committee or such greater number as the Committee will by resolution determine. The Committee will keep minutes of each meeting of the Committee. A copy of the minutes will be provided to each member of the Committee. Meetings of the Committee will be held from time to time and at such place as any member of the Committee will determine upon two days' prior notice to each of the other Committee members. The members of the Committee may waive the requirement for notice. In addition, each of the Chief Executive Officer, the Chief Financial Officer and the external auditor will be entitled to request that the Chair call a meeting.

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- 3 - The Committee may ask members of Management and employees of the Corporation (including, for greater certainty, its affiliates and subsidiaries) or others (including the external auditor) to attend meetings and provide such information as the Committee requests. Members of the Committee will have full access to information of the Corporation (including, for greater certainty, its affiliates, subsidiaries and their respective operations) and will be permitted to discuss such information and any other matters relating to the results of operations and financial position of the Corporation with Management, employees, the external auditor and others as they consider appropriate. The Committee or its Chair should meet at least once per year with Management and the external auditor in separate sessions to discuss any matters that the Committee or either of these groups desires to discuss privately. In addition, the Committee or its Chair should meet with Management quarterly in connection with the Corporation's interim financial statements. The Committee will determine any desired agenda items. 5. Committee Responsibilities As part of its function in assisting the Board in fulfilling its oversight responsibilities (and without limiting the generality of the Committee's role), the Committee is mandated to carry out the following responsibilities: External Auditors (a) Subject to applicable law, appointing, compensating, overseeing and terminating the external auditors. The external auditors shall report directly to the Committee and shall be accountable to the Board and the Committee as representatives of the shareholders. (b) Pre-approving all non-audit mandates and fees for services the external auditor shall undertake, and considering whether the nature of such services will harm the firm's independence in carrying out its audit function. (c) Reviewing, negotiating and either signing or recommending to the Board the execution of all engagement letters of the external auditors, both for audit and non- audit services. (d) Satisfying itself, on behalf of the Board, that the external auditor is independent of Management. In assessing such independence, the Committee shall discuss with the external auditors, and may require a letter from the external auditor outlining any relationships between the external auditors and the Corporation or its affiliates. (e) Reviewing the audit plan of the external auditors, the integration of the external audit with the internal control program, and the results of the audit, which shall include reviewing the external auditor's letter to Management and Management's response thereto and other material written communications between Management and the external auditors.

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- 4 - (f) Reviewing the performance of the external auditors, including the compensation, scope, and timeliness of the audits and all other related services and any non-audit services provided by the external auditors. (g) Satisfying itself, annually or more frequently as the Committee considers appropriate, as to the external auditors' internal quality control procedures and any material issues raised by the most recent internal quality control review, or peer review, of the external auditor, or by any public enquiry, review, or investigation by governmental, professional or other regulatory authorities. (h) Periodically reviewing and discussing with Management and the external auditors the quality and acceptability of the Corporation's accounting policies and practices, the materiality levels which the external auditors propose to employ, any significant changes in the accounting policies and any proposed changes in accounting or financial reporting that may have a significant impact on the Corporation. (i) Discussing with Management and the external auditors of the Corporation all alternative treatments of financial information within International Financial Reporting Standards ("IFRS") accounting principles that have been discussed with Management by the external auditors, the ramifications of these alternative treatments and the treatment preferred by the external auditors. (j) Reviewing, where there is to be a change of external auditors, all issues related to the change, including the information to be included in the notice of change of auditor called for under National Instrument 51-102 – Continuous Disclosure Obligations or any successor legislation ("NI 51-102"), and the planned steps for an orderly transition. The Committee shall further review all reportable events, including disagreements, unresolved issues and consultations, as defined in NI 51- 102 or any successor legislation, on a routine basis, whether or not there is to be a change of external auditor. (k) Establishing and overseeing policies with regards to the hiring by the Corporation of any partners, employees, and any former partners or employees of any present or former firms that acted as external auditors of the Corporation. Financial Information (l) Ensuring, through discussions with Management and the external auditors, that the audited annual financial statements and the unaudited quarterly financial statements, as applicable, present fairly (in accordance with IFRS) in all material respects the financial condition, results of operations and cash flows of the Corporation as of and for the periods presented and, where appropriate, recommending for approval to the Board such financial statements of the Corporation. (m) Reviewing any errors or omissions in the current or prior year's financial statements.

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- 5 - (n) Reviewing with the external auditors the level of co-operation they received from Management, employees and personnel of the Corporation during the audit process, any issues encountered by the auditors and any impediments on the external auditor's work. (o) Reviewing and resolving any disagreements between Management and the external auditors with respect to accounting practices and principles. (p) Monitoring the objectivity and credibility of the Corporation's financial reports. (q) Reviewing the status of material contingent liabilities as reported to the Committee by the Corporation's Management, and the manner in which any material contingent liability has been disclosed in the Corporation's financial statements. (r) Reviewing any legal matters or claims that could have a material impact on the financial statements of the Corporation, and the manner in which any such legal matters or claims have been disclosed in the Corporation's financial statements. (s) Reviewing any reserves, accruals, provisions, estimates or adopted programs and policies, including factors that affect asset and liability carrying values and the timing of revenue and expense recognition that may have a material effect upon the financial statements of the Corporation. (t) Reviewing the use of special purpose entities and the business purpose and economic effect of off-balance sheet transactions, arrangements, obligations, guarantees and other relationships of the Corporation and their impact on the reported financial results of the Corporation. (u) Reviewing the treatment for financial reporting purposes of any significant transactions which are not a normal part of the Corporation's operations. (v) Reviewing Management's determination of tangible or intangible asset impairment, if any, as required by applicable accounting standards. (w) Reviewing the annual report to shareholders and other financial information (including the annual and quarterly management's discussion and analysis, the annual information form and any prospectus, offering circular or other disclosure document issued by the Corporation or on behalf of the Corporation) prepared by the Corporation with Management and, where appropriate, recommending such documents for approval to the Board and for filing with regulatory bodies. (x) Reviewing any news releases and reports to be issued by the Corporation containing earnings guidance or financial information for research, analysts and rating agencies. The Committee shall also review the Corporation's policies relating to financial disclosure and the release of earnings guidance and the Corporation's compliance with financial disclosure rules and regulations. (y) Remaining apprised, through discussions with Management and the external auditors, of important trends and developments in financial reporting practices and

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- 6 - requirements and their effect on the Corporation's financial statements, including consolidated financial statements. (z) Reviewing the financial statements and other financial information of material subsidiaries of the Corporation and any auditor recommendations concerning such subsidiaries. (aa) Reviewing the financial reporting obligations of the Corporation pursuant to its by- laws, its borrowing covenants, the Canada Business Corporations Act and applicable securities regulation and monitor the Corporation's compliance thereunder. Internal Control (bb) Annually and in advance of each respective fiscal period, completing a financial review of the Corporation's strategic plan and annual budget, and reporting to the Board the results of its review. (cc) Overseeing the adequacy and effectiveness of the Corporation's internal control systems, through discussions with the Corporation's external auditors and Management, and reporting its findings to the Board on an annual basis. (dd) Reviewing and comparing Management's quarterly report of operating against its budget variances and reporting the results of such review and comparison to the Board. (ee) Establishing procedures for: (i) The receipt, retention, and treatment of complaints received by the Corporation regarding accounting, internal accounting controls, or auditing matters; and (ii) The confidential, anonymous submission by employees of the Corporation of concerns regarding questionable accounting or auditing matters. (ff) Annually reviewing the Corporation's Whistleblower Policy and its effectiveness and enforcement. Compliance with Legal and Regulatory Requirements (gg) Reviewing with Management, and/or any internal or external counsel as the Committee considers appropriate, any legal matters (including the status of pending litigation) that may have a material impact on the Corporation and any material reports. (hh) Reviewing with Management and the Board any issues with regulatory agencies that are likely to have a significant financial impact on the Corporation.

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- 7 - (ii) Reviewing with counsel the adequacy and effectiveness of the Corporation's procedures to ensure compliance with the legal and regulatory responsibilities. (jj) Reviewing the status of income tax returns and any significant tax issues as they are reported to the Committee by Management or the Board. (kk) Reviewing any inquiries, investigations, or audits of a financial nature by any government, regulatory, or taxation authorities. (ll) Reviewing any legal matters or claims that could have a material impact on the Corporation's compliance policies or any material reports, inquiries, or other correspondence received from regulators or governmental agencies. Other (mm) Assisting the Board in the discharge of its duties relating to the Corporation's accounting policies and practices, reporting practices and internal controls, including under its by-laws, securities regulations and otherwise. (nn) Reviewing the appointments of the Corporation's Chief Financial Officer, internal auditor (or persons appointed to perform the internal audit function), and any key financial executives involved in the financial reporting process of the Corporation and any material subsidiary. (oo) Establishing and overseeing the effectiveness of procedures for the receipt, retention and treatment of complaints regarding accounting, internal accounting controls or auditing under the Corporation's Whistleblower Policy. (pp) Ensuring that this Charter or an appropriate summary of it which has been granted approval by the Committee is properly disclosed in accordance with any securities laws or regulatory requirements. (qq) Reviewing the integrity of the Corporation's financial reporting processes, both internal and external, in consultation with the external auditor. (rr) Periodically assessing the Corporation's need for an internal audit function, if not present. (ss) Reviewing all material balance sheet issues, material contingent obligations and material related party transactions. (tt) Taking such other actions within the general scope of its responsibilities as the Committee shall deem appropriate or as directed by the Board. 6. Resources (a) The Committee shall have the authority, in its sole discretion, to retain independent legal, accounting and other consultants to advise the Committee at the expense of

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- 8 - the Corporation. The Committee shall be provided with the necessary funding to compensate the external auditors and any other advisors they engage. (b) The Committee shall have access to such officers and employees of the Corporation and to the Corporation's external auditors and legal counsel, and any information with regards to the Corporation as it considers necessary in order to discharge its duties under this Charter. (c) The Committee, through the Chair, may contact any director, member of Management or other officer or employee of the Corporation as it deems necessary, and any director, member of Management or other officer or employee of the Corporation may bring any matter before the Committee involving illegal, questionable, improper, or unethical practices or transactions. (d) The external auditors shall be entitled to communicate directly with the Chair of the Committee and may meet separately with the Committee and any member of the Committee. (e) The Committee may request any director, member of Management or other officer or employee of the Corporation or the Corporation's external counsel or external auditors to attend a meeting of the Committee or to meet with any member of, or consultants to, the Committee. The Committee shall have full access to all of the Corporation's books, records, properties, facilities and personnel, subject to compliance with any leases or similar contracts governing same. (f) The Committee may delegate its authority and duties to subcommittees or individual members of the Committee as it deems appropriate from time to time. 7. Annual Evaluation At least annually, the Committee shall, in a manner it determines to be appropriate: (a) Perform a review and evaluation of the performance of the Committee and its members, including the compliance of the Committee with this Charter. (b) Review and assess the adequacy of this Charter and recommend to the Board any improvements to this Charter that the Committee believes to be appropriate. 8. Inconsistencies with Applicable Laws In the event of any conflict or inconsistency between this Charter and the applicable laws, in each case as amended, restated or amended and restated from time to time, the provisions hereof shall be ineffective and shall be superseded by the provisions of such applicable laws to the extent necessary to resolve such conflict or inconsistency.

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## Exhibit 99.7

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ORGANIGRAM GLOBAL INC. (the "Corporation") CODE OF BUSINESS CONDUCT AND ETHICS This Code of Business Conduct and Ethics (the "Code") was adopted by the board of directors of the Corporation (the "Board") on August 26, 2019 and last reviewed and revised on September 26, 2025. The objective of this Code is to provide guidelines for maintaining the integrity, reputation, honesty, objectivity and impartiality of the Corporation and its subsidiaries (collectively, the "Organigram Entities"). This Code covers a wide range of business practices and procedures. It does not cover every issue that may arise, but sets out basic principles to guide all directors, managers, officers, employees and consultants of the Organigram Entities (collectively, "Organigram Personnel" or "you"). All Organigram Personnel must conduct themselves accordingly and seek to avoid even the appearance of improper behavior. This Code and specific related policies and guidelines (including the Corporation's Insider Trading Policy) put in place from time to time by the Organigram Entities will govern your employment or other relationship with the Organigram Entities. Each Organigram Personnel must act with integrity and observe the highest ethical standards of business conduct in his, her or their dealings with the Corporation's security holders, customers, suppliers, partners, service providers, competitors, employees and anyone else with whom he, she or they has contact in the course of performing his, her or their job. While the Code does not, and cannot, deal with every situation that may arise, the principles outlined in the Code should be seen as providing a baseline for honest and ethical decision-making. The Corporation shall ensure that each Organigram Personnel is provided with a copy of the Code and signs an acknowledgment of receipt and review in Section 5 hereto on an annual basis. If a law conflicts with a policy in this Code, Organigram Personnel must comply with the law. If a local custom or policy conflicts with this Code, Organigram Personnel must comply with this Code. If you have any questions about these conflicts, you should ask a senior officer of the Corporation how to handle the situation. Any questions regarding the Code should be addressed to your supervisor or the Chair of the Board of the Corporation. Organigram Personnel who violate the standards in this Code will be subject to disciplinary action, up to and including termination of their employment or other relationship with the Organigram Entities. If you are in a situation that you believe may violate or lead to a violation of this Code, follow the guidelines described below under "Compliance Procedures". 1. The Code A. Compliance with Laws, Rules and Regulations (including Insider Trading Laws) Obeying the law, both in letter and in spirit, is the foundation on which the Organigram Entities' ethical standards are built and is critical to our reputation and continued success. All Organigram

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- 2 - Personnel must respect and obey the laws of the various jurisdictions in which the Organigram Entities operate and avoid even the appearance of impropriety. Although not all Organigram Personnel are expected to know the details of these laws, it is important to know enough to determine when to seek advice from senior management or other appropriate personnel. The Chair of the Board is available to assist in determining applicable legal requirements and to seek the advice of legal counsel where appropriate. Organigram Personnel must cooperate fully with those (including the Chief Executive Officer and the Chief Financial Officer) responsible for preparing reports filed with the securities regulatory authorities and all other materials that are made available to the investing public to ensure those persons are aware in a timely manner of all information that is required to be disclosed. Organigram Personnel should also cooperate fully with the independent auditors in their audits and in assisting in the preparation of financial disclosure. B. Conflicts of Interest Organigram Personnel are required to act with honesty and integrity and to avoid or fully disclose any interest, relationship or activity that may be harmful or detrimental to the Corporation's best interests or that may give rise to real, potential or the appearance of a conflict of interest with the interests of any of the Organigram Entities. A "conflict of interest" exists when a person's private interests interfere in any way with the interests of the Corporation. A conflict of interest can arise when Organigram Personnel take actions or have interests that may make it difficult for them to perform their work for the Corporation objectively and effectively. Conflicts of interest also may arise when Organigram Personnel or members of their families receive improper personal benefits as a result of their positions with any Organigram Entity. Conflicts of interest are prohibited as a matter of policy, except as may be approved by the board of directors of the Corporation. Conflicts of interest may not always be clear-cut. If you have a question, you should consult with your supervisor or department head. Any Organigram Personnel who become aware of a conflict or potential conflict should bring it to the attention of a supervisor and consult the procedures described below under "Compliance Procedures". C. Confidentiality Organigram Personnel must maintain the confidentiality of confidential information entrusted to them by any Organigram Entity and persons with whom the Organigram Entities do business, except when disclosure is required by laws or regulations. Confidential information includes all non-public information that might be of use to competitors or harmful to any Organigram Entity or the person to whom it relates if disclosed. The obligation to preserve the confidentiality of confidential information continues even after Organigram Personnel cease to have a relationship with any of the Organigram Entities. Organigram Personnel who have access to confidential information are not permitted to use or share that information for trading purposes or for any other purpose except the conduct of the Organigram Entities' business. All Organigram Personnel should read and abide by the Corporation's Disclosure and Confidential Information Policy.

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- 3 - D. Corporate Opportunities Organigram Personnel are prohibited from taking for themselves personally opportunities that are discovered through the use of corporate property, information or positions without the consent of the Corporation's Board and from using corporate property, information or positions for improper personal gain. No Organigram Personnel may compete with the any of the Organigram Entities directly or indirectly. Organigram Personnel owe a duty to each Organigram Entity to advance its legitimate interests when the opportunity to do so arises. E. Protection and Proper Use of the Organigram Entity Assets All Organigram Personnel should endeavor to protect the Organigram Entity assets and ensure their efficient use. Theft, carelessness and waste have a direct impact on the profitability of the Organigram Entities. Any suspected incident of fraud or theft should be reported immediately to your immediate supervisor or the Chair of the Board of the Corporation for investigation. The obligation of Organigram Personnel to protect the assets of the Organigram Entities includes the Organigram Entities' proprietary information. Proprietary information includes any information that is not known generally to the public or would be helpful to competitors of any of the Organigram Entities. Examples of proprietary information include intellectual property (such as trade secrets, patents, trademarks and copyrights), business, marketing and service plans, designs, databases, salary information and any unpublished financial data and reports. Unauthorized use or distribution of this information would violate the Organigram Entity policy and could be illegal and result in civil or criminal penalties. The obligation to preserve the confidentiality of proprietary information continues even after Organigram Personnel cease to have a relationship with any of the Organigram Entities. The Corporation's assets may never be used for illegal purposes. F. Information Protection The Organigram Entities have physical and electronic safeguards in place to protect their information and all personal and confidential information entrusted to them. Organigram Personnel should use these safeguards to minimize the risk of unauthorized or accidental disclosure of such information. Unauthorized collection, use or disclosure of personal or confidential information can harm the Organigram Entities and their stakeholders and damage the trust that has been built. Breaches can be verbal, written or electronic and can be caused by error or malicious intent. If you become aware of a potential privacy, confidentiality or information security breach, you must promptly report it. G. Competition and Fair Dealing The Organigram Entities seek to excel and to outperform any competitors fairly and honestly through superior performance and not through unethical or illegal business practices. Taking proprietary information without the owner's consent, inducing disclosure of that information by past or present employees of other persons or using that information is prohibited. Organigram Personnel should respect the rights of, and deal fairly with, the Organigram Entities' competitors and persons with whom the Organigram Entities have a business relationship. Organigram

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- 4 - Personnel should not take unfair advantage of anyone through illegal conduct, manipulation, concealment, abuse of proprietary information, misrepresentation of material facts or any other intentional unfair-dealing practice. Organigram Personnel also should not act in any manner that may be considered anti-competitive under competition or anti-trust laws. Organigram Personnel are expected to comply with the Corporation's Anti-Money Laundering and Anti-Terrorist Financing Policy and its Anti-Bribery and Anti-Corruption Compliance Policy in place from time to time. The Corporation's senior management and Chair of the Board are available to assist Organigram Personnel in determining the application of those laws and to seek the advice of legal counsel where appropriate. H. Gifts and Entertainment Business gifts and entertainment are customary courtesies designed to build goodwill and constructive relationships among business partners. These courtesies may include such things as meals and beverages, tickets to sporting or cultural events, discounts not available to the general public, accommodation and other merchandise or services. In some cultures, they play an important role in business relationships. However, a problem may arise when these courtesies compromise, or appear to compromise, an Organigram Entity's ability to make fair and objective business decisions or to gain an unfair advantage. Offering or receiving any gift, gratuity or entertainment that might be perceived to unfairly influence a business relationship should be avoided. These guidelines apply at all times and do not change during traditional gift-giving seasons. No gift or entertainment should ever be offered, given, provided, authorized or accepted by any Organigram Personnel or their family members unless it is consistent with customary business practices, is not excessive in value, cannot be construed as a bribe or payoff and does not violate any laws. If a disinterested third party would be likely to believe that the gift affected your judgment, then it must not be offered, given, provided, authorized or accepted. All business dealings must be on arm's-length terms and free from any favourable treatment resulting from the personal interests of Organigram Personnel. Strict rules apply when an Organigram Entity does business with governmental agencies and officials (as discussed in more detail below). Organigram Personnel should discuss with senior management of the Corporation any gifts or proposed gifts about which they have any questions. I. Payments to Government Personnel All Organigram Personnel must comply with all laws prohibiting improper payments to domestic and foreign officials. Other governments have laws regarding business gifts that may be accepted by government personnel. The promise, offer or delivery to an official or employee of various governments of a gift, favour or other gratuity in violation of these laws would not only violate the Organigram Entity's policies but could also be a criminal offence. Illegal payments should not be made to government officials of any country. The Corporation's Chair of the Board can provide guidance to Organigram Personnel in this area and seek the advice of legal counsel where appropriate.

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- 5 - J. Lobbying Any contact with government personnel for the purpose of influencing legislation or rule making, including such activity in connection with marketing or procurement matters, is considered lobbying. You are responsible for knowing and adhering to all relevant lobbying laws and associated gift laws, if applicable and for compliance with all reporting requirements. You must obtain the prior approval of the Chair of the Board or Chief Executive Officer of the Corporation to lobby or authorize anyone else (for example, a consultant or agent) to lobby on behalf of any Organigram Entity, except when lobbying involves only normal marketing activities and not influencing legislation or rule making. K. Discrimination and Harassment The diversity of Organigram Personnel is a tremendous asset. The Organigram Entities are firmly committed to providing equal opportunity in all aspects of employment and will not tolerate any illegal discrimination, violence or harassment of any kind. Examples include derogatory comments based on any prohibited grounds of the Canadian Human Rights Act including but not limited to race, ethnicity, religion, sexual orientation, age or gender and sexual advances. Violence and threatening behavior are not permitted. Organigram Personnel are encouraged to speak with their supervisor, People & Culture or the Chief Executive Officer when a co-worker's conduct makes them uncomfortable and to report harassment when it occurs. Confidential reports of discrimination, violence or harassment can be made to the Organigram Entities' third party incident reporting website at https://reporting.cornerstonegovernance.com and submitting a report with the Login ID: gram94OR or by phone at 1-888-650-7768. L. Health, Safety and Respect The Corporation strives to provide all Organigram Personnel with a safe and healthy work environment. All Organigram Personnel have responsibility for maintaining a safe and healthy workplace by following safety and health rules and practices and reporting accidents, injuries and unsafe equipment, practices or conditions to a supervisor or department head. Except as may be expressly required by your professional duties with respect to cannabis, being under the influence, and the possession, of recreational and/or illegal drugs in the workplace will not be tolerated. Organigram Personnel should report to work in condition to perform their duties, free from the influence of recreational and/or illegal drugs or alcohol. Organigram Personnel must comply with any Drug, Cannabis and Alcohol Policies adopted by the Corporation from time to time. The Corporation expects Organigram Personnel to interact with other Organigram Entity employees, customers and business partners with respect, honesty, and integrity. M. Accuracy of Records and Reporting The Organigram Entities require honest and accurate recording and reporting of information of the Corporation to make responsible business decisions. The Corporation's accounting records are relied upon to produce reports for management, directors, managers, securityholders, governmental agencies and persons with whom the Corporation does business. All of the Corporation's financial statements and the books, records and accounts on which they are based must appropriately reflect the Corporation's activities and conform to applicable legal, accounting

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![](exhibit997-thecompanysco006.jpg)

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![](exhibit997-thecompanysco007.jpg)

- 7 - • Embezzlement; • Forgery or alteration of negotiable instruments such as corporate checks and drafts; • Misappropriation of Corporation, employee, customer, partner or supplier assets; • Conversion to personal use of cash, securities, supplies or any other corporate asset; • Unauthorized handling or reporting of corporate transactions; and • Falsification of the Corporation's records or financial statements for personal or other reasons. Directors and employees are obligated to protect the Corporation's assets and ensure their efficient use. Theft, carelessness and waste of corporate assets by Directors and employees are prohibited since such actions and conduct have a direct and negative impact on the Corporation's profitability. All of the Corporation's assets shall only be used for the legitimate business purposes of the Corporation. Any director, employee or agent who suspects that any fraudulent activity may have occurred is required to report such a concern to one of the following individuals: Legal Counsel, Chair of the Audit Committee, the Security Department or the Chief Financial Officer. All fraud investigations will be conducted under the direction of the Legal Department. 2. Waivers of the Code Any waiver of this Code for directors or officers may be made only by the directors of the Corporation (or a committee of the Board to whom that authority has been delegated) and will be promptly disclosed as required by law or stock exchange regulation. 3. Reporting and Illegal or Unethical Behavior Each of the Organigram Entities has a strong commitment to the conduct of its business in a lawful and ethical manner. Organigram Personnel are encouraged to talk to supervisors, managers or other appropriate personnel about observed illegal or unethical behavior and when in doubt about the best course of action in a particular situation. It is the policy of the Organigram Entities to maintain confidentiality and not to allow retaliation for reports of misconduct by others made in good faith. It is, at the same time, unacceptable to file a report knowing that it is false. All Organigram Personnel are expected to cooperate in internal investigations of misconduct. 4. Compliance Procedures All Organigram Personnel must work to ensure prompt and consistent action against violations of this Code. However, in some situations it is difficult to know right from wrong. Since we cannot anticipate every situation that will arise, it is important that the Organigram Entities have a way to approach a new question or problem. These are the steps to keep in mind:

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![](exhibit997-thecompanysco008.jpg)

- 8 - • Make sure you have all the facts. In order to reach the right solutions, we must be as fully informed as possible. • Ask yourself: What specifically am I being asked to do? Does it seem unethical or improper? This will help you to focus on the specific question you are faced with and the alternatives you have. Use your judgement and common sense - if something seems like it might possibly be unethical or improper, it probably is. • Clarify your responsibility and role. In most situations, there is shared responsibility. Are your colleagues informed? It may help to get others involved and discuss the problem. • Discuss the problem with your manager. This is the basic guidance for all situations. In many cases, your manager will be more knowledgeable about the question and will appreciate being brought into the decision-making process. Remember that it is your manager's responsibility to help solve problems. • Seek help from internal resources. In the rare case where it may not be appropriate to discuss an issue with your manager, or where you do not feel comfortable approaching your manager with your question, discuss it locally with your "two-up". If that is not appropriate for any reason, contact the Corporation's Chief Financial Officer, Chief Executive Officer or the Chair of the Board. • You may report ethical violations without fear of retaliation. If your situation requires that your identity be kept secret, your anonymity will be protected to the extent possible. The Organigram Entities do not permit retaliation of any kind against employees for good faith reports of ethical violations. • Always ask first, act later: If you are unsure of what to do in any situation, seek guidance before you act. 5. Acknowledgement of Receipt and Review I, ________________________ (name), acknowledge that on ______________________ (date), I received a copy of Organigram Global Inc.'s Code of Business Conduct and Ethics and I read it, understood it and agree to comply with it. ________________________ Signature ________________________ Printed Name ________________________ Date

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## Exhibit 99.8

![](a2025pkfconsentexhibit99001.jpg)

PKF O'CONNOR DAVIES LLP 245 Park Avenue, New York, NY 10167 I Tel: 212.867.8000 or 212.286.2600 I Fax: 212.286.4080 I www.pkfod.com PKF O'Connor Davies LLP is a member firm of the PKF International Limited network of legally independent firms and does not accept any responsibility or liability for the actions or inactions on the part of any other individual member firm or firms. Consent of Independent Registered Public Accounting Firm The Board of Directors of Organigram Global Inc. We consent to the use of: • Our report dated December 16, 2025 on the consolidated financial statements of Organigram Global Inc. (the "Company") which comprise the consolidated statements of financial position as of September 30, 2025 and 2024, and the related consolidated statements of operations and comprehensive loss, changes in equity and cash flows for each of the two years in the period ended September 30, 2025, and the related notes (collectively, the "consolidated financial statements"), and • Our report dated December 16, 2025, on the effectiveness of the Company's internal control over financial reporting as of September 30, 2025, each of which is included in the Annual Report on Form 40-F of the Entity for the twelve-month period ended September 30, 2025. We also consent to the incorporation by reference of such reports in the Registration Statement (No. 333-274686) on Form F-10. New York, New York December 16, 2025

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## Exhibit 99.9

**Organigram Reports Record Fourth Quarter and Fiscal 2025 Results**

*Record annual revenue, adjusted EBITDA*<sup>1</sup>*, and international sales.*

TORONTO, ON, December 16, 2025 - Organigram Global Inc (NASDAQ: OGI) (TSX: OGI), (the "Company" or "Organigram"), Canada's #1 recreational cannabis company by market share<sup>2</sup>, is pleased to announce record results for the fourth quarter and twelve months ended September 30, 2025 ("Q4 Fiscal 2025" or "Fiscal 2025"). All financial information in this press release is expressed in Canadian dollars ("$").

**FOURTH QUARTER 2025 FINANCIAL HIGHLIGHTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Gross Revenue:** $123.3 million (+76% year-over-year).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Net Revenue:** $80.1 million (+79% year-over-year).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Adjusted Gross Margin**<sup>1</sup>**:** $30.6 million or 38%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Adjusted EBITDA**<sup>1</sup>**:** $9.8 million (+69% year-over-year).

**FISCAL 2025 FINANCIAL HIGHLIGHTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Gross Revenue:** $403.0 million (+63% year-over-year).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Net Revenue:** $259.2 million (+62% year-over-year).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Adjusted Gross Margin**<sup>1</sup>**:** $91.0 million or 35%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Adjusted EBITDA**<sup>1</sup>**:** $21.9 million (+160% year-over-year).

**FISCAL 2025 COMPANY HIGHLIGHTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• #1 Market Share in Canada:** Maintained recreational market leadership across Canada with 11.9% share of the market in Fiscal 2025.<sup>2</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Record International Revenue**: $26.3 million (+173% year-over-year)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Fast Acting Soluble Technology (FAST**<sup>TM</sup>**):** Launched FAST<sup>TM</sup> with plans to leverage the platform further in future launches of ingestible products.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Motif Acquisition:** Acquired Motif Labs Ltd. ("Motif"), expanding Ontario footprint and extraction capabilities, becoming Canada's #1 cannabis company by market share and the leader in pre-rolls and vapes, while realizing approximately $7.1 million of $15 million in identified synergies to date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Collective Project Acquisition:** Acquired Collective Project Limited and entered both the Canadian and U.S. cannabinoid beverages market.<sup>3</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Genomics R&D:** Identified genetic markers for powdery mildew resistance and began breeding resistance into key cultivar which is expected to reduce plant care and increase yields over time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Seed-Based Cultivation:** Leveraged investment in Phylos Bioscience Inc. to achieve consistent seed-based cultivation while increasing room turns and reducing labour costs.

<sup>1</sup> Adjusted gross margin, adjusted gross margin %, and adjusted EBITDA are non-IFRS financial measures not defined by and do not have any standardized meanings under IFRS, as issued by the International Accounting Standards Board, and might not be comparable to similar financial measures disclosed by other issuers; please refer to "Non-IFRS Financial Measures" in this press release for more information.

<sup>2</sup> Multiple Sources (Hifyre, Weedcrawler, provincial boards, internal modelling) as of September 30, 2025.

<sup>3</sup> In November 2025, the U.S. enacted the Continuing Appropriations and Extensions Act of 2026 (H.R. 5371), which includes a provision (section 781) to amend the definition of hemp in the 2018 Farm Bill to effectively eliminate hemp-derived THC products, although the change does not become effective for 365 days from the date of enactment. Organigram's U.S. offerings would be directly impacted by this change in law; additionally, Organigram has investments in hemp seed and hemp ingredient manufacturers in the U.S. that may be impacted by this legislation. Efforts are underway to repeal, replace, or delay this amendment, but whether any change will occur is uncertain. If current federal legislation is not amended or reversed, Organigram may have to sell, wind-down or otherwise restructure its hemp THC product related activities in the U.S. by November 2026.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Record Harvest:** Achieved largest annual harvest in Company history through enhanced cultivation practices, upgraded lighting, and seed-based cultivation.

"Fiscal 2025 was marked by purposeful growth and a continued shift toward platforms that scale at home and abroad," said Peter Amirault, Executive Chair. "Our acquisitions broadened our capabilities in extraction, beverages, and brand-led innovation, while strengthening our leadership in core categories. We expanded our international presence and advanced the technologies that will support the next phase of our portfolio, from seed-based cultivation to fast-acting ingestible delivery. These initiatives reflect a consistent strategy: support future growth through operational scale, IP, and market access to compete globally. With our incoming Chief Executive Officer, James Yamanaka, whose global experience will be invaluable, Organigram is positioned to translate its domestic leadership into sustained international growth and long-term value creation."

**FISCAL 2025 FINANCIAL OVERVIEW** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Net Revenue:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Increased 63% to $259.2 million from $159.8 million in the year ended September 30, 2024 ("Fiscal 2024") primarily due to an increase in recreational and international revenue.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Cost of Sales:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Increased to $174.9 million, compared to $111.4 million in Fiscal 2024, due to higher overall sales.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Gross Margin Before Fair Value Changes:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Increased to $84.3 million from $48.5 million in Fiscal 2024, primarily due to higher net revenue and the realization of operational efficiencies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Adjusted Gross Margin**<sup>4</sup>**:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**◦** Increased to $91.0 million, or 35% of net revenue, compared to $53.9 million, or 34% in Fiscal 2024. The improvement was primarily due to higher international sales, improved product mix, selected price increases, and lower cultivation and post-harvest costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Selling General and Administrative ("SG&A"):**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Increased to $90.6 million, compared to $64.8 million in Fiscal 2024. Annual SG&A expenses as a percent of net revenue decreased to 35% from 41%, due to cost savings initiatives, partially offset by implementation costs related to the final phase of the Company's new ERP system.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Adjusted EBITDA**<sup>4</sup>**:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Increased 160% to $21.9 million in Fiscal 2025, compared to $8.4 million in Fiscal 2024 as a result of higher recreational cannabis revenue and a higher adjusted gross margin.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Net Loss:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Decreased 46% to $24.8 million, compared to net loss of $45.4 million in Fiscal 2024. A primary factor contributing to net loss was non-cash changes in fair value of derivative liabilities, preferred shares and other financial assets. The decrease in net loss from the comparative period is primarily due to higher gross margin and a deferred tax recovery that was recorded in Fiscal 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Net Cash (used in) Provided by Operating Activities:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Cash used in operating activities increased to $7.6 million, compared to net cash provided of $3.9 million in Fiscal 2024 due to higher investment in working capital.

<sup>4</sup> Adjusted gross margin, adjusted gross margin %, and adjusted EBITDA are non-IFRS financial measures not defined by and do not have any standardized meanings under IFRS, as issued by the International Accounting Standards Board, and might not be comparable to similar financial measures disclosed by other issuers; please refer to "Non-IFRS Financial Measures" in this press release for more information.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Cash used in operating activities before working capital changes decreased 51% to $5.5 million from cash used of $11.1 million in Fiscal 2024.

**FOURTH QUARTER FISCAL 2025 FINANCIAL OVERVIEW**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Net Revenue:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Increased 79% to $80.1 million, from $44.7 million in the fourth quarter ended September 30, 2024 ("Q4 Fiscal 2024") primarily due to the contributions from the Motif acquisition, higher recreational cannabis sales and higher international sales.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Cost of Sales:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**◦** Increased to $52.1 million, from $30.9 million in Q4 Fiscal 2024, primarily due to higher overall net revenue.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Gross Margin Before Fair Value Changes:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Increased to $28.0 million from $13.8 million in Q4 Fiscal 2024, driven by a higher proportion of international sales, lower cost of sales achieved through operating efficiencies, and reduced inventory provisions and net realizable value adjustments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Adjusted Gross Margin**<sup>5</sup>**:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Increased to $30.6 million, or 38% of net revenue, compared to $16.5 million, or 37%, in Q4 Fiscal 2024, largely due to higher international sales, improved product mix, selected price increases, and lower cultivation and post-harvest costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Selling General and Administrative ("SG&A"):**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Increased to $26.6 million from $14.2 million in Q4 Fiscal 2024, primarily due to the inclusion of Motif expenses, implementation costs related to the final phase of the Company's new ERP system, partially offset by cost savings initiatives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Adjusted EBITDA**<sup>5</sup>**:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Increased to $9.8 million compared to $5.9 million in Q4 Fiscal 2024, primarily attributable to higher net revenue, lower general and administrative expenses as a proportion of net revenue and the increase in adjusted gross margins.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Net Loss:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Increased to $38.0 million, compared to a net loss of $5.4 million in Q4 Fiscal 2024. The increase in net loss from the comparative period is primarily due non-cash changes in fair value of derivative liabilities, preferred shares and other financial assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Net Cash (used in) Provided by Operating Activities:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Increased to $(1.5) million, compared to cash provided of $8.9 in Q4 Fiscal 2024 due to increased investment in working capital.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Cash provided in operating activities before working capital changes increased 161% to $3.1 million from $1.2 million in Q4 Fiscal 2024.

"As we near the close of the calendar year, we are pleased with our performance in Fiscal 2025 and are looking forward to the year ahead. We delivered international growth, realized synergy savings from the Motif integration, and improved our adjusted gross margin and adjusted EBITDA through capacity expansion and operational efficiencies," said Greg Guyatt, Chief Financial Officer. "Looking to Fiscal 2026, we believe we are well-positioned for strong revenue growth with net revenue expected to exceed $300 million in Fiscal 2026<sup>6</sup>, along with margin expansion supported by increasing domestic and international demand, stronger cultivation performance, streamlined logistics, and product mix."

<sup>5</sup> Adjusted gross margin, adjusted gross margin %, and adjusted EBITDA are non-IFRS financial measures not defined by and do not have any standardized meanings under IFRS, as issued by the International Accounting Standards Board, and might not be comparable to similar financial measures disclosed by other issuers; please refer to "Non-IFRS Financial Measures" in this press release for more information.

<sup>6</sup> This assumes that the Company continues to have a strong innovation pipeline, increasing international sales, high cannabis quality and higher potency, commercialization of FAST nanoemulsion technology in ingestible formats, and receipt of the EU-GMP certification. Please refer to "Forward-Looking Information" in this press release for more information.

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**International Business Unit** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In Fiscal 2025, the Company achieved record international sales of $26.3 million compared to $9.7 million in Fiscal 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **EU-GMP:** The Company completed its EU-GMP audit in November 2024, provided additional information to the regulator in October 2025, and is awaiting confirmation of certification or any required next steps.

**Balance Sheet and Liquidity**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** On September 30, 2025, the Company had cash, restricted cash, and short-term investments of $84.4 million compared to $133.4 million at September 30, 2024.

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| | | | |
|:---|:---|:---|:---|
| Select Balance Sheet Metrics (in $000s) | SEPTEMBER 30, 2025 | SEPTEMBER 30,<br>2024 | % Change |
| Cash, restricted cash & short-term investments | 84420 | 133426 | (37)% |
| Biological assets & inventories | 123954 | 82524 | 50% |
| Other current assets | 76523 | 46269 | 65% |
| Accounts payable & accrued liabilities | 89247 | 47097 | 89% |
| Working capital | 158738 | 208897 | (24)% |
| Property, plant & equipment | 122977 | 96231 | (3)% |
| Total assets | 562211 | 407860 | 37% |
| Total liabilities | 213081 | 101871 | 109% |
| Shareholders' equity | 349130 | 305989 | 13% |

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| | | | |
|:---|:---|:---|:---|
| Select Key Financial Metrics<br> (in $000s unless otherwise indicated) | Fiscal 2025 | Fiscal 2024 | % Change |
| Gross revenue | 403024 | 247177 | 63% |
| Excise taxes | (143841) | (87336) | 65% |
| Net revenue | 259183 | 159841 | 62% |
| Cost of sales | 174850 | 111390 | 57% |
| Gross margin before fair value changes to biological assets & inventories sold | 84333 | 48451 | 74% |
| Realized loss on fair value on inventories sold and other inventory charges  | (67125) | (52078) | 29% |
| Unrealized gain on changes in fair value of biological assets | 73008 | 51151 | 43% |
| Gross margin | 90216 | 47524 | 90% |
| Adjusted gross margin<sup>1</sup> | 91004 | 53934 | 69% |
| Adjusted gross margin %<sup>1</sup> | 35% | 34% | 1% |
| Selling (including marketing), general & administrative expenses<sup>2</sup> | 90596 | 64806 | 40% |
| Adjusted EBITDA<sup>1</sup> | 21855 | 8416 | 160% |
| Net loss | (24759) | (45440) | (46)% |
| Net cash (used in) provided by operating activities before working capital changes | (5468) | (11085) | (51)% |
| Net cash (used in) provided by operating after working capital changes | (7591) | 3872 | nm |

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<sup>1</sup> Adjusted gross margin, adjusted gross margin %, and adjusted EBITDA are non-IFRS financial measures not defined by and do not have any standardized meanings under IFRS, as issued by the International Accounting Standards Board, and

<sup>7</sup> In November 2025, the U.S. enacted the Continuing Appropriations and Extensions Act of 2026 (H.R. 5371), which includes a provision (section 781) to amend the definition of hemp in the 2018 Farm Bill to effectively eliminate hemp-derived THC products, although the change does not become effective for 365 days from the date of enactment. Organigram's U.S. offerings would be directly impacted by this change in law; additionally, Organigram has investments in hemp seed and hemp ingredient manufacturers in the U.S. that would also likely be negatively impacted by this legislation. Efforts are underway to repeal, replace, or delay this amendment, but whether any change will occur is uncertain. If current federal legislation is not amended or reversed, Organigram may have to sell or wind-down its hemp THC product related activities in the U.S. by November 2026.

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might not be comparable to similar financial measures disclosed by other issuers; please refer to "Non-IFRS Financial Measures" in this press release for more information.

<sup>2</sup> Excluding non-cash share-based compensation.

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| | | | |
|:---|:---|:---|:---|
| Select Key Financial Metrics<br> (in $000s unless otherwise indicated) | Q4-2025 | Q4-2024 | % Change |
| Gross revenue | 123250 | 69877 | 76% |
| Excise taxes | (43189) | (25179) | 72% |
| Net revenue | 80061 | 44698 | 79% |
| Cost of sales | 52053 | 30907 | 68% |
| Gross margin before fair value changes to biological assets & inventories sold | 28008 | 13791 | 103% |
| Realized loss on fair value on inventories sold and other inventory charges  | (25406) | (15365) | 65% |
| Unrealized gain (loss) on changes in fair value of biological assets | 29236 | 18790 | 56% |
| Gross margin | 31838 | 17216 | 85% |
| Adjusted gross margin<sup>1</sup> | 30578 | 16543 | 85% |
| Adjusted gross margin %<sup>1</sup> | 38% | 37% | 1% |
| Selling (including marketing), general & administrative expenses<sup>2</sup> | 26565 | 14226 | 87% |
| Adjusted EBITDA<sup>1</sup> | 9843 | 5860 | 68% |
| Net loss | (37964) | (5433) | 599% |
| Net cash (used in) provided by operating activities before working capital changes | 3113 | 1191 | 161% |
| Net cash (used in) provided by operating activities | (1452) | 8893 | nm |

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1 Adjusted gross margin, adjusted gross margin %, and adjusted EBITDA are non-IFRS financial measures not defined by and do not have any standardized meanings under IFRS, as issued by the International Accounting Standards Board, and might not be comparable to similar financial measures disclosed by other issuers; please refer to "Non-IFRS Financial Measures" in this press release for more information.

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**ADJUSTED GROSS MARGIN AND ADJUSTED EBITDA RECONCILIATION**

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| | | | | |
|:---|:---|:---|:---|:---|
| Adjusted Gross Margin Reconciliation<br>(in $000s unless otherwise indicated) | Q4-2025 | Q4-2024 | Fiscal 2025 | Fiscal 2024 |
| Net revenue | $80061 | $44698 | $259183 | $159841 |
| Cost of sales before adjustments | 49483 | 28155 | 168179 | 105907 |
| Adjusted gross margin | 30578 | 16543 | 91004 | 53934 |
| Adjusted gross margin % | 38% | 37% | 35% | 34% |
| Less: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Provisions of inventories and biological assets | 1603 | 2043 | 3085 | 4657 |
| &nbsp;&nbsp;&nbsp;&nbsp;Provisions to net realizable value | 967 | 709 | 1133 | 826 |
| &nbsp;&nbsp;&nbsp;&nbsp;Incremental fair value component on inventories sold from acquisitions |  |  | 2453 |  |
| Gross margin before fair value adjustments | 28008 | 13791 | 84333 | 48451 |
| Gross margin % (before fair value adjustments) | 35% | 31% | 33% | 30% |
| Add:  |  |  |  |  |
| Realized loss on fair value on inventories sold and other inventory charges | (25406) | (15365) | (67125) | (52078) |
| Unrealized gain on changes in fair value of biological assets | 29236 | 18790 | 73008 | 51151 |
| Gross margin | 31838 | 17216 | 90216 | 47524 |
| Gross margin % | 40% | 39% | 35% | 30% |

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| | | | | |
|:---|:---|:---|:---|:---|
| Adjusted EBITDA Reconciliation<br> (in $000s unless otherwise indicated) | Q4-2025 | Q4-2024 | Fiscal 2025 | Fiscal 2024 |
| Net loss as reported | (37964) | (5433) | (24759) | (45440) |
| Add/(deduct):  |  |  |  |  |
| Investment income, net of financing costs | (73) | (960) | (1150) | (3311) |
| Income tax (recovery) expense | (3761) | 30 | (13770) |  |
| Depreciation, amortization, and (gain) loss on disposal of property, plant and equipment (per statement of cash flows) | 4960 | 3073 | 17975 | 12836 |
| Share-based compensation (per statement of cash flows) | 947 | 1093 | 4217 | 7182 |
| Legal provisions (recoveries), government subsidies, insurance recoveries and other non-operating expenses (income) | 42539 | 6646 | 17799 | 13080 |
| ERP implementation costs | 951 | 465 | 3540 | 1636 |
| Transaction costs | 448 | 74 | 6580 | 915 |
| Provisions (recoveries) and net realizable value adjustments related to inventory and biological assets | (1260) | (673) | (1665) | 6410 |
| Research and development expenditures, net of depreciation | 3056 | 1545 | 10605 | 10869 |
| Provision for expected credit losses |  |  |  | 4239 |
| **Adjusted EBITDA** | $**9843** | $**5860** | $**19372** | $**8416** |

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**FOURTH QUARTER AND FULL YEAR FISCAL 2025 CONFERENCE CALL** 

The Company will host a conference call to discuss its results with details as follows:

Date:&nbsp;&nbsp;&nbsp;&nbsp;December 16, 2025

Time:&nbsp;&nbsp;&nbsp;&nbsp;8:00 am Eastern Time

To register for the conference call, please use this link:

https://registrations.events/direct/Q4I9676638

To ensure you are connected for the full call, we suggest registering a day in advance or at minimum 10 minutes before the start of the call. After registering, a confirmation will be sent through email, including dial in details and unique conference call codes for entry. Registration is open through the live call.

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To access the webcast:

https://events.q4inc.com/attendee/724034228

A replay of the webcast will be available within 24 hours after the conclusion of the call at https://www.organigram.ca/investors and will be archived for a period of 90 days following the call.

**Non-IFRS Financial Measures**

This news release refers to certain financial performance measures (including adjusted gross margin, adjusted gross margin % and adjusted EBITDA) that are not defined by and do not have a standardized meaning under International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board. Non-IFRS financial measures are used by management to assess the financial and operational performance of the Company. The Company believes that these non-IFRS financial measures, in addition to conventional measures prepared in accordance with IFRS, enable investors to evaluate the Company's operating results, underlying performance and prospects in a similar manner to the Company's management. As there are no standardized methods of calculating these non-IFRS measures, the Company's approaches may differ from those used by others, and accordingly, the use of these measures may not be directly comparable. Accordingly, these non-IFRS measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Adjusted EBITDA is a non-IFRS measure that the Company defines as net income (loss) excluding: financing costs, net of investment income; income tax expense (recovery); depreciation, amortization, impairment, normalization of depreciation add-back due to changes in depreciable assets resulting from impairment charges, (gain) loss on disposal of property, plant and equipment (per the consolidated statement of cash flows); share-based compensation (per the consolidated statement of cash flows); share of loss (gain) from investments in associates and impairment loss; change in fair value of contingent consideration; change in fair value of derivative liabilities, other financial assets and preferred shares; expenditures incurred in connection with research & development activities (net of depreciation); unrealized gain on changes in fair value of biological assets; realized fair value on inventories sold and other inventory charges; provisions and net realizable value adjustments related to inventory and biological assets; government subsidies, insurance recoveries and other non-operating expenses (income); legal provisions (recoveries); ERP implementation costs; transaction costs; share issuance costs; and provision for Canndoc expected credit losses. Adjusted EBITDA is intended to provide a proxy for the Company's operating cash flow and derive expectations of future financial performance for the Company, and excludes adjustments that are not reflective of current operating results.

Adjusted gross margin is a non-IFRS measure that the Company defines as net revenue less cost of sales, before the effects of (i) unrealized gain (loss) on changes in fair value of biological assets; (ii) realized fair value on inventories sold and other inventory charges; (iii) realized fair value on inventories sold from acquisitions; (iv) provisions (recoveries) and impairment of inventories and biological assets; (iv) provisions to net realizable value. Adjusted gross margin % is calculated by dividing adjusted gross margin by net revenue. Management believes that these measures provide useful information to assess the profitability of our operations as they represent the normalized gross margin generated from operations and excludes the effects of non-cash fair value adjustments on inventories and biological assets, which are required by IFRS.

The most directly comparable measure to adjusted EBITDA, calculated in accordance with IFRS is net income (loss) and please refer to "Adjusted Gross Margin and Adjusted EBITDA Reconciliation" in of this press release for a reconciliation to such measure. The most directly comparable measure to adjusted gross margin calculated in accordance with IFRS is gross margin before fair value

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adjustments and please refer to "Adjusted Gross Margin and Adjusted EBITDA Reconciliation" in this press release for a reconciliation to such measure.

**About Organigram Global Inc.**

Organigram Global Inc. is a NASDAQ Global Select Market and TSX listed company whose wholly-owned subsidiaries include Organigram Inc., a licensed cultivator and processor. Through its recent acquisition of Collective Project Limited, Organigram participates in the US and Canadian cannabinoid beverages markets.

Organigram is focused on producing high-quality cannabis for adult consumers, as well as developing international business partnerships to extend the Company's global footprint. Organigram has also developed and acquired a portfolio of cannabis brands, including Edison, Big Bag O' Buds, SHRED, Monjour, Tremblant, Collective Project, Trailblazer, BOXHOT and DEBUNK. Organigram operates facilities in Moncton, New Brunswick and Lac Supérieur, Quebec, with a dedicated edibles manufacturing facility in Winnipeg, Manitoba. The Company also operates two additional cannabis processing facilities in Southwestern Ontario; one in Aylmer and the other in London. The facility in Aylmer houses best-in-class extraction capabilities, and is optimized for formulation refinement, post-processing of minor cannabinoids, and infused pre-roll production. The Company is regulated by Health Canada under the Cannabis Act and the Cannabis Regulations (Canada).

**Forward-Looking Information**

*This news release contains forward-looking information. Forward-looking information, in general, can be identified by the use of forward-looking terminology such as "outlook", "objective", "may", "will", "could", "would", "might", "expect", "intend", "estimate", "anticipate", "believe", "plan", "continue", "budget", "schedule" or "forecast" or similar expressions suggesting future outcomes or events. They include, but are not limited to, statements with respect to expectations, projections or other characterizations of future events or circumstances, and the Company's objectives, goals, strategies, beliefs, intentions, plans, estimates, forecasts, projections and outlook, including statements relating to the Company's future performance, expectations for increasing domestic and international demand, stronger cultivation performance, streamlined logistics, and product mix, expected revenue growth, net revenue, and margin improvement in Fiscal 2026, expectations regarding the next phase of the Company's portfolio, from seed-based cultivation to fast-acting ingestible delivery; expectations regarding EU-GMP certification; statements regarding the changes in laws, regulations, guidelines, and policies, and the future of the Company's hemp THC product related activities in the U.S.; and, statements regarding the Company's future economic performance. These statements are not historical facts but instead represent management beliefs regarding future events, many of which, by their nature are inherently uncertain and beyond management control. Forward-looking information has been based on the Company's current expectations about future events.*

*Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual events to differ materially from current expectations. These risks, uncertainties and factors include: general economic factors; receipt of regulatory approvals or consents and any conditions imposed upon same and the timing thereof; the Company's ability to meet regulatory criteria which may be subject to change; change in regulation including restrictions on sale of new product forms; change in stock exchange listing practices; the Company's ability to manage costs, timing and conditions to receiving any required testing results and certifications; results of final testing of new products; timing and nature of sales and product returns; customer buying patterns and consumer preferences not being as predicted; material weaknesses identified in the Company's internal controls over financial reporting; the completion of regulatory processes and registrations including for new products and forms; market demand and acceptance of new products and forms;* 

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*unforeseen construction or delivery delays including of equipment and commissioning; increases to expected costs; competitive and industry conditions; and changes in crop yields. These and other risk factors are disclosed in the Company's documents filed from time to time under the Company's issuer profile on the Canadian Securities Administrators' System for Electronic Document Analysis and Retrieval+ ("SEDAR") at www.sedarplus.ca and reports and other information filed with or furnished to the United States Securities and Exchange Commission ("SEC") from time to time on the SEC's Electronic Document Gathering and Retrieval System ("EDGAR") at www.sec.gov, including the Company's most recent MD&A and AIF. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this news release.* 

*Certain forward-looking information included herein may also constitute a "financial outlook" within the meaning of applicable securities legislation. Financial outlook involves statements about the Company's prospective financial performance and financial position that are based on and subject to the assumptions about future economic conditions and courses of action described above as well as management's expectations regarding a strong innovation pipeline, increasing international sales, high cannabis quality and higher potency, commercialization of FAST nano emulsion technology in ingestible formats, and receipt of the EU-GMP certification. Such assumptions are based on management's assessment of the relevant information currently available and any financial outlook included herein is provided for the purpose of helping readers understand management's current expectations and plans for the future as of the date hereof. The actual results of the Company's operations may vary from the amounts set forth in any financial outlook and such variances may be material. Readers are cautioned that reliance on any financial outlook may not be appropriate for other purposes or in other circumstances and that the risk factors described above and other factors may cause actual results to differ materially from any financial outlook.*

*The Company disclaims any intention or obligation, except to the extent required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Forward looking information is subject to risks and uncertainties that are addressed in the "Risk Factors" section of the MD&A dated December 16, 2025 and there can be no assurance whatsoever that these events will occur.*

**Third-Party Information**

*This news release contains information concerning our industry and the markets in which we operate, including our market position and market share, which is based on information from independent third-party sources. Although we believe these sources to be generally reliable, market and industry data is inherently imprecise, subject to interpretation and cannot be verified with complete certainty due to limits on the availability and reliability of raw data, the voluntary nature of the data gathering process, and other limitations and uncertainties inherent in any statistical survey or data collection process. We have not independently verified any third-party information contained herein.* 

**For Investor Relations enquiries, please contact:**

Max Schwartz, Director of Investor Relations

investors@organigram.ca

**For Media enquiries, please contact:**

Megan McCrae, Senior Vice President, Global Brands and Corporate Affairs

megan.mccrae@organigram.ca

## Exhibit 99.10

![](annualreport-2025001.jpg)

2 0 2 5 ANNUAL REPORT We are our vision Our Year in Focus Fiscal 2025 was a year of record growth, coast-to-coast market leadership, and expanding international sales, strengthening our foundation. To be a respected global cannabis leader, rooted in Canada and trusted by consumers, partners, and investors. Innovation-led, consumer-focused, and building a scalable cannabis platform for long-term value. This Annual Report summarizes Organigram's strategy, operational progress, and financial performance for the fiscal year ended September 30, 2025.

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![](annualreport-2025002.jpg)

2 0 2 5 Letter from the Executive Chair Fiscal 2025 was a defining year for us. We strengthened our leadership position in Canada, achieving the #1 market share nationally¹ , while also delivering record financial results and significantly accelerating the growth of our international business. We achieved record gross and net revenue, record adjusted gross profit and adjusted EBITDA, and the highest international sales in our history. These outcomes reflect disciplined execution of a long-term strategy focused on scale, operational excellence, and expanding participation in regulated cannabis markets globally. Looking forward, Organigram is well positioned to build on this momentum. The Company has established a strong platform to pursue growth opportunities across international markets while maintaining leadership in Canada. While the outcome of recent regulatory developments in the United States remain uncertain, Organigram remains prepared to adapt its strategy as frameworks evolve in order to responsibly leverage global growth opportunities. The Board would like to thank Beena Goldenberg for her leadership as Chief Executive Officer during a period of significant change in the cannabis industry. Under her stewardship, Organigram successfully navigated a dynamic and evolving market, strengthened its leadership position, and built a durable foundation for long-term growth. As we look ahead, we are excited to welcome James Yamanaka as our new CEO. With his global strategy experience and growth-oriented perspective, we believe Organigram is well positioned to enter its next chapter—expanding its reach in international regulated markets while creating enduring value for shareholders. Peter Amirault Executive Chair ¹ Multiple Sources (Hifyre, Weedcrawler, provincial boards, internal modelling) as of September 30, 2025.

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![](annualreport-2025003.jpg)

EDIBLES & BEVERAGES Organigram's edibles and beverages portfolio combines bold, flavour-forward gummies with rapidly scaling infused drinks. Our SHRED'ems and Monjour branded gummies strengthen our leadership position and are amongst Canada's top-selling edibles, while Collective Project's premium cannabis beverages highlight our expansion into the fast-growing cannabinoid drink category in Canada and key international markets.

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![](annualreport-2025004.jpg)

FLOWER & MILLED Organigram's flower and milled portfolio anchor our leadership in the largest categories of the Canadian recreational market. Our Big Bag O' Buds flower offerings provide high-quality, strain-specific flower formats at accessible price points, while our SHRED brand represents Canada's most popular milled flower line-up, reinforcing our #1 position in milled\* and strong overall share in total flower. \*Multiple Sources (Hifyre, Weedcrawler, provincial boards, internal modelling) as of September 30, 2025

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![](annualreport-2025005.jpg)

VAPES & EXTRACTS Organigram's vape and concentrate portfolios span accessible all-in-one devices, large-format cartridges, and premium concentrates. Our BOXHOT lineup delivers bold, high-potency distillate vapes for everyday consumers, while DEBUNK Liquid Diamonds and live resin formats, together with BOXHOT Whipped Diamonds concentrates, extend our reach into premium concentrates segments and strengthen our position in Canada's higher-margin derivative categories.

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![](annualreport-2025006.jpg)

PRE-ROLLS & IPRS Organigram's pre-roll and infused pre-roll portfolio spans value, mainstream, and premium formats, from convenient multi-pack joints to ultra-high THC diamond-infused offerings. Organigram offers branded pre-rolls or infused pre-rolls from Rizzlers, Big Bag O' Buds, SHRED, Boxhot and Debunk. This branded portfolio, covering a range of potencies, infusion types and premium attributes together reinforces our leadership in pre-rolls and IPRs.

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![](annualreport-2025007.jpg)

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![](annualreport-2025008.jpg)

INTRODUCTION This Management's Discussion and Analysis dated December 16, 2025 (this "MD&A"), should be read in conjunction with the audited annual consolidated financial statements (the "Financial Statements") of Organigram Global Inc. (together with its subsidiaries, the "Company", "Organigram", "we", "us", or "our") for the years ended September 30, 2025 ("Fiscal 2025") and September 30, 2024 ("Fiscal 2024"), including the accompanying notes thereto. References to "Q4 Fiscal 2025" are to the three- month period beginning July 1, 2025, and ending September 30, 2025. References to "Q4 Fiscal 2024" are to the three-month period beginning July 1, 2024, and ending September 30, 2024. Financial data in this MD&A is based on the Financial Statements of the Company, and has been prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB"), unless otherwise stated. All financial information in this MD&A is expressed in thousands of Canadian dollars ("$"), except for share and per share calculations, references to $ millions and $ billions, per gram ("g") or kilogram ("kg") of dried flower and per milliliter ("mL") or liter ("L") of cannabis extracts calculations. Refer to the cautionary statements regarding forward-looking information and non-IFRS measures found at the end of this MD&A. BUSINESS OVERVIEW NATURE OF THE COMPANY'S BUSINESS Organigram is a licensed cannabis cultivator and producer of consumer packaged goods containing cannabis. The Company manufactures and distributes cannabis products to wholesale and retail channels in Canada, exports to international jurisdictions, and distributes hemp-derived tetrahydrocannabinol ("THC") beverages and edibles in the U.S. Organigram operates five facilities across Canada: Moncton Campus (Indoor Cultivation and Manufacturing) The Moncton Campus is home to our 500,000+ square foot state-of-the-art flagship facility, which features three-tiered, strain- specific grow rooms with the ability to control critical environmental factors specific to the needs of each strain. The facility's capabilities include extraction, cannabinoid testing, and automated production and packaging lines. We have invested in cost- effective seed-based production, which contributes to efficiency through faster room turns, lower plant care, and higher yields. Winnipeg Facility (Ingestible Products Manufacturing) The Winnipeg Facility is a purpose-built, highly automated 51,000 square-foot ingestibles manufacturing facility capable of producing up to 48 million gummies annually. The Company's newly commissioned beverage manufacturing line is capable of producing up to 2.6 million beverage cans annually, but is not yet operational. The facility also contains specialized manufacturing equipment for the Company's FASTTM (Fast Acting Soluble Technology) nanoemulsion technology ("FASTTM") used in some of its ingestible products. Lac-Supérieur Facility (Hash/Concentrates and Premium Flower) The Lac-Supérieur Facility is a greenhouse facility which provides a strategic footprint in Quebec, spans 33,000 square feet of space, and is equipped to produce 2,400 kg of premium flower and over 2 million packaged units of hash annually. Aylmer Facility (Extraction and Manufacturing) The Aylmer Facility houses advanced extraction and manufacturing capabilities, including hydrocarbon and CO2 extraction refinement, formulation, post-processing of minor cannabinoids, and infused and regular pre-roll production. London Facility (Warehousing and Distribution) The London Facility is a centralized warehouse distribution hub in Ontario, Canada's most populous province. The facility supports growing demand for Organigram's products, optimizes fulfillment, and reduces the cost and complexity of shipping products from the Moncton Campus to Central and Western Canada. As of the end of Fiscal 2025, Organigram held the #1 market share position in the Canadian recreational cannabis market1. STRATEGY Our corporate strategy is to leverage our strengths in innovation, consumer focus, efficiency, and market expansion to profitably drive global growth and shareholder value. 1. Innovation We are committed to maintaining a culture of innovation and have a track record of launching differentiated products that quickly capture market share. MANAGEMENT'S DISCUSSION AND ANALYSIS \| FOR THE YEAR ENDED SEPTEMBER 30, 2025 AND 2024 1 1 Multiple Sources (Hifyre, Weedcrawler, provincial boards, internal modelling) as of September 30, 2025.

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![](annualreport-2025009.jpg)

Organigram maintains a Product Development Collaboration ("PDC") with a wholly-owned subsidiary of British American Tobacco p.l.c. ("BAT"), its largest institutional shareholder and a leading multi-category consumer goods company, to develop next- generation cannabis products. Through the PDC we established a Centre of Excellence ("CoE") at the Moncton Campus where we are licensed to conduct research on cannabis. Under Organigram's PDC agreement with BAT dated March 10, 2021 (the "PDC Agreement"), Organigram holds a worldwide, royalty-free, sub-licensable, perpetual license to all intellectual property developed through the PDC, exclusive in Canada and non-exclusive internationally. Both companies contribute scientists, researchers, and product developers to the CoE, which is jointly governed by a steering committee composed of equal representation from Organigram and BAT. 2. Consumer Focus We maintain a diversified brand and product portfolio with competitive pricing that is aligned with evolving consumer preferences which we monitor through consumer and market research and social engagement. 3. Efficiency We continue to reduce costs and improve scalability and margins through ongoing investments in facility automation, cultivation practices (including seed-based cultivation), and logistics efficiency, particularly at our London Facility. 4. Market Expansion Organigram is committed to expanding its market presence through both organic growth and strategic diversification. Our key initiatives have included: • Domestic expansion: acquisitions of cannabis cultivation and production facilities across Ontario, Québec, and Manitoba, enabling participation in all major Canadian product categories. • International exports: shipments of bulk cannabis to Germany, Australia, and the United Kingdom (UK), strengthening Organigram's position as a reliable global supplier. • Strategic partnership with BAT: completion of a $124.6 million follow-on equity investment by BAT (the "Follow-on BAT Investment"), and creation of the Jupiter Pool to fund international growth opportunities, with initial investments in Steady State LLC (d/b/a Open Book Extracts ("OBX") (U.S.) and Sanity Group GmbH ("Sanity Group") (Germany). • U.S. market entry: expansion into evolving hemp-derived THC beverages and edibles through the acquisition of Collective Project Limited ("CPL") and launch of "happly", a lifestyle edibles brand focused on consumer mood states and functional ingredients.2 OUTLOOK Market Size & Industry Trends The Company maintains a positive outlook on the cannabis industry, both in Canada and internationally. Recreational cannabis sales in Canada are expected to total $6.4 billion in calendar 20283. The Canadian market is stabilizing after years of oversupply and pricing pressure. Stabilization has been driven by consolidation, reduced capacity, and the absorption of supply by increased international demand. To address continued increases in international demand, several licensed producers ("LPs") have announced capacity expansion projects. Consumer preferences continue to evolve with sustained demand for high-THC, value-format flower, and rapid growth in the infused pre-roll category. Regulatory scrutiny has intensified, particularly around inflated THC potency labeling, prompting initiatives by the Ontario Cannabis Store, Health Canada, and the Cannabis Standards Alliance of Canada to establish consistent testing and enforcement. In November 2025, the U.S. enacted the Continuing Appropriations and Extensions Act of 2026 (H.R. 5371), which includes a provision (section 781) to amend the definition of hemp in the 2018 Farm Bill to effectively eliminate hemp-derived THC products, although the change does not become effective for 365 days from the date of enactment. Organigram's U.S. offerings would be directly impacted by this change in law; additionally, Organigram has investments in hemp seed and hemp ingredient manufacturers in the U.S. that may be impacted by this legislation. Efforts are underway to repeal, replace, or delay this amendment, but whether any change will occur is uncertain. If current federal legislation is not amended or reversed, Organigram may have to sell, wind-down or otherwise restructure its hemp THC product related activities in the U.S. by November 2026. LPs are increasingly seeking growth in international markets to increase their revenues and margins, and to solidify Canada's strong reputation abroad for producing high quality cannabis products. Certain international markets comprise the majority of demand for Canada's cannabis exports. Of the 37,223 kilograms of dried cannabis flower imported into Germany in the first three months of calendar 2025, about half, 16,057 kg, were from Canada and MANAGEMENT'S DISCUSSION AND ANALYSIS \| FOR THE YEAR ENDED SEPTEMBER 30, 2025 AND 2024 2 2 See amendments to definition of hemp in the 2018 Farm Bill as described in greater detail in the "Outlook" section of this MD&A. 3 October, 2025 data from BDS Analytics, Inc. (BDSA).

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![](annualreport-2025010.jpg)

from October 2018 to September 2024 (most recently available data), there were 295,933 kg of cannabis and 52,662 L of cannabis oil exported from Canada to markets like Australia, Israel, Germany, and the UK.4 Business Outlook We expect to continue our revenue expansion through a combination of organic growth and M&A. Organic growth is anticipated to be supported by a strong innovation pipeline, improving cannabis quality, higher potency, and the commercialization of our FASTTM nanoemulsion technology in ingestible formats. M&A is expected to focus primarily on international opportunities that allow Organigram to build upon its growing international sales and support branded product sales in international markets. We also regularly evaluate opportunities in Canada that may strengthen our competitiveness. In Fiscal 2025, Organigram achieved significantly higher international sales compared to Fiscal 2024, as well as efficiencies in production, manufacturing, and logistics, driving adjusted gross margin5 growth, and adjusted gross margin of 38% in Q4 Fiscal 2025. Assuming the Company continues to have a strong innovation pipeline, increasing international sales, high cannabis quality and higher potency, commercialization of FAST nanoemulsion technology in ingestible formats, and receipt of the EU-GMP certification, the Company anticipates net revenue to exceed $300 million in Fiscal 2026, and expects adjusted gross margin5 to outpace the rate achieved in Fiscal 2025. The Company also anticipates adjusted EBITDA5 to surpass Fiscal 2025 levels and to generate positive free cash flow in Fiscal 20265, with capital expenditures expected to be less than $10 million. The Company previously estimated Free Cash Flow5 (as defined below) to be positive for Q4 Fiscal 2025. The Company had Free Cash Flow5 of $(688) in Q4 Fiscal 2025, which was slightly lower than projected primarily due to higher investment in working capital than previously planned. The Company previously estimated full-year Fiscal 2025 cash flow from operations to be positive, and at or near breakeven before working capital changes. In Q4 Fiscal 2025 cash flow from operations was $(1,452), and $3,113 before working capital changes. In Fiscal 2025 cash flow from operations was $(7,591), and $(5,468) before working capital changes, primarily driven by investments in working capital, expenditures associated with the Company's ERP project, and acquisition related expenses. Consistent with industry trends, our fourth fiscal quarter is typically one of the strongest of the year, reflecting heightened consumer activity and retailer replenishment ahead of the holiday period. This is usually followed by a seasonal slowdown in the first quarter before the market resumes its normal growth trajectory. Our business outlook is subject to a number of assumptions and risk factors as further outlined in the Cautionary Statement Regarding Forward-Looking Information section of this MD&A. International Market The Company's international sales have increased since the first quarter of Fiscal 2024. As a result of initiatives aimed toward diversifying its international customer base, initiating branded sales outside of Canada, and establishing a foothold in the growing German cannabis market through a $21 million investment in Sanity Group. Organigram anticipates continued expansion of its international revenue, supported in part by the expected European Union Good Manufacturing Practice ("EU-GMP") certification of its Moncton Facility. The Company completed its EU-GMP audit in November 2024, has provided additional information to the regulator in October 2025, and is awaiting confirmation of certification or any required next steps. Organigram serves a diverse international medical cannabis customer base in Australia, Germany, and the UK. The Company has also completed strategic investments in two U.S.-based companies, OBX and Phylos Bioscience Inc. ("Phylos"). Further, through its acquisition of CPL and launch of happly, Organigram currently participates in the hemp-derived beverages and edibles segments in the U.S. and is continuing to monitor and prepare to respond to the regulatory developments in this space6. We continue to monitor and evaluate opportunities in regulated recreational and medical markets outside of Canada, with a focus on the U.S., Europe, and Australia. Future international shipments are subject to the timing and receipt of regulatory approval and an export permit from Health Canada, as well as timing and receipt of regulatory approval and an import permit from the purchasers' regulatory authority. Jupiter Investment Pool International expansion initiatives are expected to be supported by the $124.6 million Follow-on BAT Investment, with $83 million of the Follow-on BAT Investment earmarked for the Jupiter Pool. To date, approximately $23 million has been deployed from the Jupiter Pool to fund investments by Organigram in OBX and Sanity Group (see "Jupiter Strategic Investments" below). As of MANAGEMENT'S DISCUSSION AND ANALYSIS \| FOR THE YEAR ENDED SEPTEMBER 30, 2025 AND 2024 3 4Source:https://stratcann.com/other/canadian-cannabis-continues-to-dominate-german-medical-market/#:~:text=Canada%20was%20again%20the %20largest,16%2C057%20kg%2C%20were%20from%20Canada. 5Adjusted gross margin, adjusted EBITDA and Free Cash Flow are Non-IFRS Measures. See "Cautionary Statement Regarding Certain Non-IFRS Measures", "Financial Results and Review of Operations", and "Balance Sheet, Liquidity and Capital Resources" in this MD&A. 6See amendments to definition of hemp in the 2018 Farm Bill as described in greater detail in the "Outlook" section of this MD&A

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September 30, 2025, $59 million (being the remaining portion of the Jupiter Pool funds) is available to support continued expansion into the U.S. and other international markets in compliance with applicable laws. As of September 30, 2025, the Company has access to $10 million of previously restricted funds pursuant to a temporary waiver granted by BAT. The waiver permits use of these funds for general purposes through November 8, 2026, after which the original restrictions are reinstated. The Company has classified these funds as unrestricted cash based on the terms and substance of the arrangement. Jupiter Strategic Investments On March 26, 2024, the Company completed its inaugural Jupiter Pool investment with a US $2 million investment into U.S.- based OBX. On June 25, 2024, the Company completed its first European strategic investment, with an approximate $21 million investment into the German medical company, Sanity Group. KEY QUARTERLY FINANCIAL AND OPERATING RESULTS Q4-2025 Q4-2024 CHANGE % CHANGE Financial Results Net revenue $80,061 $44,698 $35,363 79 % Cost of sales $52,053 $30,907 $21,146 68 % Gross margin before fair value adjustments $28,008 $13,791 $14,217 103 % Gross margin % before fair value adjustments(1) 35 % 31 % 4 % Operating expenses $30,649 $16,859 $13,790 82 % Other expense (income) $42,914 $5,760 $37,154 645 % Adjusted EBITDA(2) $9,843 $5,860 $3,983 68 % Net loss $(37,964) $(5,433) $32,531 599 % Net cash provided by operating activities before working capital changes $3,113 $1,191 $1,922 161 % Net cash (used in) provided by operating activities $(1,452) $8,893 $(10,345) nm Adjusted Gross Margin on total net revenue(2) $30,578 $16,543 $14,035 85 % Adjusted Gross Margin % on total net revenue(2) 38 % 37 % 1 % Note (1): Equals gross margin before fair value adjustments (as reflected in the Financial Statements) divided by net revenue. Note (2): Adjusted EBITDA, adjusted gross margin and adjusted gross margin % are non-IFRS measures. See "Cautionary Statement Regarding Certain Non-IFRS Measures" and "Financial Results and Review of Operations" in this MD&A. REVENUE Net revenue is defined as gross revenue, net of customer fees, discounts, rebates, and sales returns and recoveries, less excise taxes. Revenue consists primarily of dried flower and cannabis derivative products sold to the recreational cannabis, medical cannabis, wholesale, and international cannabis markets. For Q4 Fiscal 2025, the Company reported $80,061 in net revenue. Of this amount $66,415 (83%) was attributable to sales to the recreational cannabis market, $9,520 (12%) to the international market, and $4,126 (5%) to other revenues. Q4 Fiscal 2025 net revenue increased 126%, or $44,705, from Q4 Fiscal 2024 net revenue of $44,698. The increase was primarily driven by higher recreational and international sales, as well as the contribution from the acquisition of Motif Labs Ltd. ("Motif"). COST OF SALES Cost of sales for Q4 Fiscal 2025 increased to $52,053 compared to $30,907 in Q4 Fiscal 2024, primarily due to an increase in net revenue of 126% in Q4 Fiscal 2025 compared to Q4 Fiscal 2024. Included in Q4 Fiscal 2025 cost of sales are $2,570 of inventory provisions for unsalable inventories. In Q4 Fiscal 2024 the Company had inventory provision adjustments of $2,752. GROSS MARGIN BEFORE FAIR VALUE ADJUSTMENTS AND ADJUSTED GROSS MARGIN The Company realized gross margin before fair value adjustments for Q4 Fiscal 2025 of $28,008, or 35% as a percentage of net revenue, compared to $13,791 or 31% as a percentage of net revenue, in Q4 Fiscal 2024. The increase in gross margin before fair value adjustments, as a percentage of net revenue, is primarily driven by a higher proportion of international sales with stronger margins, lower cost of sales per unit achieved through greater scale and operating efficiencies (including but not limited to an improvement in yields), and reduced inventory provisions and net realizable value adjustments. MANAGEMENT'S DISCUSSION AND ANALYSIS \| FOR THE YEAR ENDED SEPTEMBER 30, 2025 AND 2024 4

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Adjusted gross margin7 for Q4 Fiscal 2025 was $30,578, or 38% as a percentage of net revenue, compared to $16,543 or 37%, in Q4 Fiscal 2024, an increase of $14,813. OPERATING EXPENSES Q4-2025 Q4-2024 CHANGE % CHANGE General and administrative $17,619 $9,470 $8,149 86 % Sales and marketing 8,946 4,756 4,190 88 % Research & development 3,151 1,667 1,484 89 % Share-based compensation 933 966 (33) (3) % Total operating expenses $30,649 $16,859 $13,790 82 % GENERAL AND ADMINISTRATIVE General and administrative expenses of $17,619 increased from the Q4 Fiscal 2024 expenses of $9,470 primarily due to higher depreciation and amortization resulting from the acquisitions of Motif and CPL, as well as increased implementation expenses related to the Company's enterprise resource planning ("ERP") system. General and administrative expenses represented 22% of net revenue in Q4 Fiscal 2025 compared to 21% in Q4 Fiscal 2024. SALES AND MARKETING Sales and marketing expenses of $8,946 increased from Q4 Fiscal 2024 expenses of $4,756. The increase primarily reflects the addition of Motif and CPL-related expenses, which were not present in Q4 Fiscal 2024. Higher investments in advertising, promotions, and trade marketing also contributed to the year-over-year increase. Sales and marketing expenses as a percentage of net revenue remained flat at 11% in both Q4 Fiscal 2025 and Q4 Fiscal 2024. RESEARCH AND DEVELOPMENT Research and development costs of $3,151 increased from the Q4 Fiscal 2024 costs of $1,667 primarily due to lower scientific research and experimental development (SR&ED) credits and increased activity. SHARE-BASED COMPENSATION Share-based compensation expense of $933 remained flat compared to Q4 Fiscal 2024.. OTHER (INCOME) / EXPENSES Q4-2025 Q4-2024 CHANGE % CHANGE Investment income, net of financing costs (73) (960) 887 92 % Acquisition and transaction costs 448 74 374 505 % Share of loss (including impairment) from investments in associates — 4,895 (4,895) (100) % Loss on disposal of property, plant and equipment 9 24 (15) (63) % Change in fair value of contingent consideration (6,453) — (6,453) nm Share issue costs allocated to derivative liabilities and preferred shares — 269 (269) 100 % Change in fair value of derivative liabilities, preferred shares and other financial assets 49,370 1,642 47,728 2,907 % Other non-operating income (387) (184) (203) 110 % Total other income $42,914 $5,760 $37,154 645 % INVESTMENT INCOME, NET OF FINANCING COSTS Investment income (net of financing costs) of $73 decreased from Q4 Fiscal 2024 of $960, primarily due to a lower cash balance in the current period. ACQUISITION AND TRANSACTION COSTS Acquisition and transaction costs of $448 increased from Q4 Fiscal 2024 of $74, primarily driven by higher costs associated with the Company's acquisitions and integration activities related to Motif and CPL. MANAGEMENT'S DISCUSSION AND ANALYSIS \| FOR THE YEAR ENDED SEPTEMBER 30, 2025 AND 2024 5 7 Adjusted gross margin is a non-IFRS financial measure. See "Cautionary Statement Regarding Certain Non-IFRS Measures" and "Financial Results and Review of Operations" in this MD&A.

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SHARE OF LOSS FROM INVESTMENTS IN ASSOCIATES In Q4 Fiscal 2024, the Company recognized an impairment loss of $4,773 related to its investment in Hyasynth Biologicals Inc. ("Hyasynth"), This was due to indicators of impairment identified at the time, and the recoverable amount of the investment was determined to be approximately nil. The impairment was recorded in the consolidated statement of operations and comprehensive loss. CHANGE IN FAIR VALUE OF CONTINGENT CONSIDERATION Change in fair value of contingent consideration was a gain of $6,453 during Q4 Fiscal 2025 compared to $nil in Q4 Fiscal 2024. The gain in Q4 Fiscal 2025 was due to the revaluation of the contingent liability payable to the former vendors of Motif and CPL. SHARE ISSUE COSTS In Q4 Fiscal 2024, the Company closed the second tranche of the Follow-on BAT Investment and issued 4,429,740 common shares (the "Common Shares") and 8,463,435 Class A preferred shares ("Preferred Shares"). The transaction costs of $269 incurred in relation to the issuance of Preferred Shares were recognized as an expense in the consolidated statement of operations and comprehensive loss. CHANGE IN FAIR VALUE OF DERIVATIVE LIABILITIES, PREFERRED SHARES AND OTHER FINANCIAL ASSETS Change in fair value of derivative liabilities, preferred shares and other financial assets was a loss of $49,370 during Q4 Fiscal 2025 compared to a loss of $1,642 in Q4 Fiscal 2024. The following are the fair value changes that were recognized in Q4 Fiscal 2025 and Q4 Fiscal 2024: 0 Q4 Fiscal 2025 0 Q4 Fiscal 2024 Investment in Phylos $— $2,132 $(3,661) Investment in OBX — (111) (175) Investment in Sanity Group (convertible loan) — 719 (2,253) Investment in Sanity Group (common shares) — 485 (247) Top-up Rights — 19,190 3,070 Commitment to fund third tranche of Phylos convertible loan — (1) 168 Commitment to issue Preferred Shares — — 2,744 Warrants — 3,107 2,520 Preferred Shares — 23,849 (524) $— $49,370 $1,642 ADJUSTED EBITDA Adjusted EBITDA8 was $9,843 in Q4 Fiscal 2025 compared to adjusted EBITDA of $5,860 in Q4 Fiscal 2024. The $3,983 increase in adjusted EBITDA from the comparative period is primarily attributable to higher recreational and international net revenue and the increase in adjusted gross margin9. Please refer to the "Financial Results and Review of Operations" section of this MD&A for a reconciliation of adjusted EBITDA to net loss. NET LOSS The net loss was $37,964 in Q4 Fiscal 2025 compared to a net loss of $5,433 in Q4 Fiscal 2024. The increase in net loss of $32,531 year-over-year was primarily due to a higher loss on the change in fair value of derivative liabilities, preferred shares and other financial assets, which increased by $47,728 compared to the comparative period. This increase in loss was partially offset by improved gross margins in Q4 Fiscal 2025, reflecting operational efficiencies, product mix optimization, and ongoing cost- management initiatives. KEY DEVELOPMENTS DURING THE QUARTER AND SUBSEQUENT TO SEPTEMBER 30, 2025 In July 2025, in response to consumer demand for accessible, high-quality THC beverages, the Company's launched its e- commerce platform expanding U.S. consumer access to Collective Project beverages across 25 states. The launch represented a milestone in Organigram's multi-phase U.S. expansion strategy. In September 2025 the Company released "High Impact, Green Growth: The Economic Footprint of Canada's Cannabis Industry," a national report done in partnership with the Business Data Lab at the Canadian Chamber of Commerce. The report MANAGEMENT'S DISCUSSION AND ANALYSIS \| FOR THE YEAR ENDED SEPTEMBER 30, 2025 AND 2024 6 8 Adjusted EBITDA is a non-IFRS Measure. See "Cautionary Statement Regarding Certain Non-IFRS Measures" and "Financial Results and Review of Operations" in this MD&A. 9 Adjusted gross margin is a non-IFRS Measure. See "Cautionary Statement Regarding Certain Non-IFRS Measures" in this MD&A.

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shows that in 2024 Canada's legal cannabis industry contributed more than $16 billion to national GDP, generating nearly $29 billion in total economic output. To put its economic weight in perspective, cannabis's direct GDP contribution of $8.4 billion in 2024 exceeds that of forestry and logging ($3.4 billion), breweries ($2.6 billion), and wineries and distilleries ($975 million). The sector also supported over 227,000 jobs across the country, including 168,000 direct jobs in cultivation and retail, alongside 59,000 in supply, logistics and professional services. These contributions extend coast-to-coast, demonstrating cannabis's place as one of Canada's most significant homegrown industries. In October 2025 the Company announced the launch of happly, its third U.S. hemp-derived delta-9 brand, created specifically for the growing segment of consumers seeking 'mindful recreation' with THC products. The launch of happly follows the Company's entry into the U.S. hemp-derived THC market with its lineup of Collective Project sparkling juices and Fetch sodas earlier this year.10 In October 2025 the Company announced that Ms. Beena Goldenberg extended her tenure as Chief Executive Officer until November 30, 2025 to support the completion of the Company's CEO search process. In November 2025 the Company announced that James Yamanaka, formerly Global Head of Strategy for BAT, has been appointed as the Company's new Chief Executive Officer. Mr. Yamanaka is expected to assume the role effective on or about January 15, 2026. Peter Amirault, Chairman of the board of directors of the Company (the "Board"), was appointed by the Board to serve as Executive Chair on an interim basis effective December 1, 2025, to oversee day-to-day management of the Company until Mr. Yamanaka assumes the CEO role. During this period, Geoff Machum, chair of the Board's Governance, Nominating and Sustainability Committee, will serve as the independent lead director. MANAGEMENT'S DISCUSSION AND ANALYSIS \| FOR THE YEAR ENDED SEPTEMBER 30, 2025 AND 2024 7 10See amendments to definition of hemp in the 2018 Farm Bill as described in greater detail in the "Outlook" section of this MD&A.

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FINANCIAL RESULTS AND REVIEW OF OPERATIONS FINANCIAL HIGHLIGHTS Below is the period-over-period analysis of the changes that occurred between Fiscal 2025 and Fiscal 2024. Commentary is provided on the pages that follow. 2025 2024 $ CHANGE % CHANGE Financial Results Gross revenue $403,024 $247,177 $155,847 63 % Net revenue $259,183 $159,841 $99,342 62 % Cost of sales $174,850 $111,390 $63,460 57 % Gross margin before fair value adjustments $84,333 $48,451 $35,882 74 % Gross margin % before fair value adjustments 33 % 30 % 3 % Realized fair value on inventories sold and other inventory charges $(67,125) $(52,078) $(15,047) (29) % Unrealized gain on changes in fair value of biological assets $73,008 $51,151 $21,857 43 % Gross margin $90,216 $47,524 $42,692 90 % Operating expenses $105,516 $82,280 $23,236 28 % Loss from operations $(15,300) $(34,756) $19,456 57 % Other expenses $23,229 $10,684 $12,545 117 % Net loss $(24,759) $(45,440) $20,681 (46) % Net loss per common share, basic $(0.194) $(0.477) $0.283 59 % Net loss per common share, diluted $(0.194) $(0.477) $0.283 59 % Net cash used in by operating activities before working capital changes $(5,468) $(11,085) $5,617 51 % Net cash provided by (used in) operating activities $(7,591) $3,872 $(11,463) nm Adjusted gross margin(1) $91,004 $53,934 $37,070 69 % Adjusted gross margin %(1) 35 % 34 % 1 % Adjusted EBITDA(1) $21,855 $8,416 $13,439 160 % Financial Position Working capital $158,738 $208,897 $(50,159) (24) % Inventory and biological assets $123,954 $82,524 $41,430 50 % Total assets $562,211 $407,860 $154,351 38 % Non-current financial liabilities(2) $76,401 $34,439 $41,962 122 % Note (1): Non-IFRS measures that have been defined and reconciled within their respective subsections in this section of the MD&A. Note (2): Non-current financial liabilities exclude non-monetary balances related to contingent consideration, derivative liabilities and deferred income taxes. NET REVENUE For Fiscal 2025, the Company recorded net revenue of $259,183 compared to net revenue of $159,841 for Fiscal 2024. Net revenue increased on a period-over-period basis primarily as a result of an increase in recreational revenue and international revenue, as well as the contributions from Motif's sales following the acquisition of Motif, for the period from December 6, 2024 to September 30, 2025. REVENUE COMPOSITION The Company's net revenue composition by product category was as follows for Fiscal 2025 and Fiscal 2024: 2025 2024 $ CHANGE % CHANGE Recreational, net of excise duty 221,551 143,051 78,500 55 % International 26,336 9,651 16,685 173 % Wholesale, medical and other 11,296 7,139 4,157 58 % Total Net Revenue $259,183 $159,841 $99,342 62 % MANAGEMENT'S DISCUSSION AND ANALYSIS \| FOR THE YEAR ENDED SEPTEMBER 30, 2025 AND 2024 8

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COST OF SALES AND GROSS MARGIN The gross margin for Fiscal 2025 was $90,216 or 35% as a percentage of net revenue, compared to $47,524 or 30% as a percentage of net revenue, for Fiscal 2024. The changes and significant items impacting gross margin in Fiscal 2025 were: (i) higher recreational cannabis revenue; (ii) higher international sales; (iii) lower cultivation and post-harvest costs; and (iv) higher unrealized gains on changes in the fair value of biological assets. Included in gross margin are the changes in the fair value of biological assets related to IFRS standard IAS 41 – Agriculture. Unrealized gain on changes in the fair value of biological assets for Fiscal 2025 was $73,008 as compared to $51,151 in Fiscal 2024. Cost of sales primarily consists of the following: • Costs of sales of cannabis (dried flower, pre-rolls, and wholesale/international bulk flower), cannabis extracts, vapes, chocolates, and other wholesale formats such as extract) include the direct costs of materials and packaging, labour, including any associated share-based compensation, and depreciation of manufacturing building and equipment. This includes cultivation costs (growing, harvesting, drying, and processing costs), extraction, vape filling, quality assurance and quality control, as well as packaging and labelling; • Costs related to other products, such as vaporizers and other accessories; • Shipping expenses to deliver product to the customer; and • The production costs of late-stage biological assets that are disposed of, plants destroyed that do not meet the Company's quality assurance standards, provisions for excess and unsalable inventories, provisions related to adjustments to net realizable value that reduce the carrying value of inventory below the original production or purchase cost, and other production overhead. ADJUSTED GROSS MARGIN • Adjusted gross margin is calculated by subtracting cost of sales, before the effects of: (i) unrealized gain on changes in fair value of biological assets; (ii) realized fair value on inventories sold and other inventory charges; (iii) realized fair value on inventories sold from acquisitions; (iv) provisions and impairment of inventories and biological assets; and (v) provisions to net realizable value. The Company believes that this measure provides useful information to assess the profitability of the Company's operations as it represents the normalized gross margin generated from operations and excludes the effects of non-cash fair value adjustments on inventories and biological assets, which are required by IFRS. See "Cautionary Statement Regarding Certain Non-IFRS Measures". The most directly comparable measure to adjusted gross margin calculated in accordance with IFRS is gross margin before fair value adjustments. Q1-F24 Q2-F24 Q3-F24 Q4-2024 Q1-F25 Q2-F25 Q3-F25 Q4-F25 2025 Net revenue $36,455 $37,628 $41,060 $44,698 $42,730 $65,600 $70,792 80,061 259,183 Cost of sales before adjustments 25,259 26,019 26,474 28,155 28,451 43,679 46,566 49,483 168,179 Adjusted gross margin 11,196 11,609 14,586 16,543 14,279 21,921 24,226 30,578 91,004 Adjusted gross margin % 31 % 31 % 36 % 37 % 33 % 33 % 34 % 38 % 35 % Less: Provisions of inventories and biological assets 1,672 314 628 2,043 13 548 921 1,603 3,085 Provisions to net realizable value 13 33 71 709 151 — 15 967 1,133 Realized fair value on inventories sold from acquisitions — — — — — 1,586 867 — 2,453 Gross margin before fair value adjustments $9,511 $11,262 $13,887 $13,791 $14,115 $19,787 $22,423 $28,008 $84,333 Gross margin % (before fair value adjustments) 26 % 30 % 34 % 31 % 33 % 30 % 32 % 35 % 33 % Add: Realized fair value on inventories sold and other inventory charges $(11,923) $(11,062) $(13,728) $(15,365) $(13,066) $(14,192) $(14,461) $(25,406) $(67,125) Unrealized gain on changes in fair value of biological assets $9,112 $9,400 $13,849 $18,790 $12,765 $12,823 $18,184 $29,236 $73,008 Gross margin(1) $6,700 $9,600 $14,008 $17,216 $13,814 $18,418 $26,146 $31,838 $90,216 Gross margin %(1) 18 % 26 % 34 % 39 % 32 % 28 % 37 % 40 % 35 % Note (1): Gross margin reflects the IFRS measure per the Company's Financial Statements. Both adjusted gross margin and gross margin before fair value adjustments have generally improved throughout Fiscal 2024. This improvement is attributed to several factors, including lower cultivation and post-harvest costs, reduced inventory provisions, lower depreciation resulting from impairment charges recorded in fiscal year 2023 and higher recreational cannabis revenue. In Q1 Fiscal 2025, gross margin declined primarily due to lower unrealized gain on changes in fair value of biological assets and lower international sales. In Q2 Fiscal 2025, gross margin declined primarily due to the fair value adjustment on inventories acquired through the Motif acquisition and subsequently sold, as required under IFRS. In Q3 Fiscal 2025, gross margin has MANAGEMENT'S DISCUSSION AND ANALYSIS \| FOR THE YEAR ENDED SEPTEMBER 30, 2025 AND 2024 9

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increased primarily due to higher international sales and higher unrealized gain on changes in fair value of biological assets. In Q4 Fiscal 2025, the gross margin increase was driven by a higher proportion of international sales with stronger margins, lower cost of sales per unit achieved through greater scale and operating efficiencies (including but not limited to an improvement in yields), and higher unrealized gain on changes in fair value of biological assets, partially offset by lower margins on domestic white label and B2B sales. OPERATING EXPENSES 2025 2024 CHANGE % CHANGE General and administrative $59,499 $44,955 $14,544 32 % Sales and marketing 31,097 19,851 11,246 57 % Research and development 10,945 11,200 (255) (2) % Share-based compensation 3,975 6,274 (2,299) (37) % Total operating expenses $105,516 $82,280 $23,236 28 % GENERAL AND ADMINISTRATIVE For Fiscal 2025, the Company incurred general and administrative expenses of $59,499 compared to $44,955 for Fiscal 2024. The increased expenses mainly relates to higher depreciation and amortization resulting from the acquisitions of Motif and CPL, as well as increased ERP implementation expenses. These expenses as a percentage of net revenue decreased to 23% from 28% in the comparative period. SALES AND MARKETING For Fiscal 2025, the Company incurred sales and marketing expenses of $31,097 or 12% of net revenues as compared to $19,851 or 12% of net revenues for Fiscal 2024. The increase in the current period is on account of higher trade investments consistent with the addition of Motif and CPL portfolios and a more competitive retail landscape. As a percentage of net revenue, sales and marketing expenses remained consistent with the prior year at 12%. RESEARCH AND DEVELOPMENT Research and development costs of $10,945 for Fiscal 2025 increased from $11,200 in Fiscal 2024. The decrease in expenses mainly relates to reduced activity under the PDC Agreement relative to Fiscal 2024. SHARE-BASED COMPENSATION For Fiscal 2025, the Company recognized $3,975, in share-based compensation expense in relation to selling, marketing, general and administrative, and research and development employees, compared to $6,274 for Fiscal 2024. Total share-based compensation charges, including those related to production employees that are charged to biological assets and inventory, and amounts expensed, for Fiscal 2025, were $4,217 compared to $7,182 for Fiscal 2024. The decrease in expense is primarily due to immediately vesting equity awards granted in the comparative period to retain talent; no such awards were granted in the current period. Share-based compensation represents a non-cash expense and was valued using the Black-Scholes valuation model for stock options and using the fair value of the shares on the date of the grant for restricted share units ("RSUs"). The fair value of performance share units ("PSUs") was based on the Company's share price at the grant date, adjusted for an estimate of likelihood of achievement of the defined performance criteria. MANAGEMENT'S DISCUSSION AND ANALYSIS \| FOR THE YEAR ENDED SEPTEMBER 30, 2025 AND 2024 10

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OTHER EXPENSES Fiscal 2025 Fiscal 2024 CHANGE % CHANGE Investment income, net of financing costs (1,150) (3,311) (2,161) (65) % Acquisition and transaction costs 6,580 915 5,665 619 % Share of loss (including impairment) from investments in associates — 5,284 (5,284) (100) % Change in fair value of contingent consideration (9,743) (50) 9,693 19,386 % Loss (Gain) on disposal of property, plant and equipment 9 (633) 642 nm Share issue costs allocated to derivative liabilities 170 937 (767) (82) % Change in fair value of derivative liabilities, preferred shares and other financial assets 27,505 7,718 19,787 256 % Other non-operating expense (income) (142) (176) (34) (19) % Total other expenses $23,229 $10,684 $12,545 117 % INVESTMENT INCOME, NET OF FINANCING COSTS Investment income (net of financing costs) for Fiscal 2025 of $1,150 decreased from the Fiscal 2024 of $3,311, primarily due to a lower cash balance in the current period. ACQUISITION AND TRANSACTION COSTS Acquisition and transaction costs for Fiscal 2025 of $6,580 increased from the Fiscal 2024 of $915, primarily driven by higher costs associated with the Company's acquisitions and integration activities related to Motif and CPL. Included in these costs are legal and professional advisory fees and employee restructuring costs. SHARE OF LOSS FROM INVESTMENTS IN ASSOCIATES During Fiscal 2024, the Company recognized an impairment loss of $4,773 related to its investment in Hyasynth. This was due to indicators of impairment identified at the time, and the recoverable amount of the investment was determined to be approximately nil. The impairment was recorded in the consolidated statement of operations and comprehensive loss. LOSS (GAIN) ON DISPOSAL OF PROPERTY, PLANT AND EQUIPMENT During Fiscal 2025, the Company recognized a loss on disposal of property, plant and equipment of $9 compared to gain of $633 in Fiscal 2024. The change in loss (gain) on disposal of property, plant and equipment was primarily as a result of an early termination of one lease agreement in Fiscal 2024, which resulted in a gain of $416. CHANGE IN FAIR VALUE OF DERIVATIVE LIABILITIES, PREFERRED SHARES AND OTHER FINANCIAL ASSETS Change in fair value of derivative liabilities, preferred shares and other financial assets was a loss of $27,505 for Fiscal 2025, compared to a loss of $7,718 for Fiscal 2024. The following are the fair value changes that were recognized in Fiscal 2025 and Fiscal 2024. YEAR ENDED SEPTEMBER 30, 2025 SEPTEMBER 30, 2024 Investment in Phylos $(3,174) $(3,227) Investment in OBX (374) (164) Investment in Sanity Group (convertible loan) (4,399) (2,253) Investment in Sanity Group (common shares) (1) (247) Top-up Rights 22,483 6,208 Commitment to fund third tranche of Phylos convertible loan (357) 762 Commitment to issue Preferred Shares (6,937) 7,189 Warrants (2,266) (26) Preferred shares 22,530 (524) $27,505 $7,718 NET LOSS Net loss for Fiscal 2025 was $24,759 or $0.194 per Common Share (basic and diluted), compared to $45,440 or $0.477 per Common Share (basic and diluted) for Fiscal 2024. The decrease in net loss from Fiscal 2024 is primarily due to higher gross margins and a deferred tax recovery that was recorded in Fiscal 2025. MANAGEMENT'S DISCUSSION AND ANALYSIS \| FOR THE YEAR ENDED SEPTEMBER 30, 2025 AND 2024 11

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SUMMARY OF QUARTERLY RESULTS Q1-F24 Q2-F24 Q3-F24 Q4-2024 Q1-F25 Q2-F25 Q3-F25 Q4-F25 Financial Results Adult-use recreational cannabis revenue (net of excise) $34,425 $33,118 $36,467 $38,839 $38,558 $56,658 $59,918 $66,415 Medical international, wholesale and other revenue $2,030 $4,510 $4,593 $5,859 $4,172 $8,942 $10,874 $13,646 Net revenue $36,455 $37,628 $41,060 $44,698 $42,730 $65,600 $70,792 $80,061 Net income (loss) $(15,750) $(27,075) $2,818 $(5,433) $(22,957) $42,456 $(6,294) $(37,964) Net income (loss) per common share, basic $(0.194) $(0.297) $0.027 $(0.050) $(0.202) $0.329 $(0.047) $(0.283) Net income (loss) per common share, diluted $(0.194) $(0.297) $0.026 $(0.050) $(0.202) $0.318 $(0.047) $(0.283) Operational Results Employee headcount (#) 984 987 914 875 1,241 1,150 1,178 1,139 The Company saw a decrease in net revenues in the first quarter of Fiscal 2024. This was followed by a sequential increase in the remaining quarters of Fiscal 2024. In the first quarter of Fiscal 2025, net revenue marginally decreased primarily as a result of lower international sales. In the second quarter of Fiscal 2025, the Company's international sales increased. Additionally, recreational net revenue also increased during this period. In Q3 Fiscal 2025, the Company achieved record net revenue and sequentially higher international sales. In Q4 Fiscal 2025, net revenue was the highest that the Company has reported in the preceding eight quarters. In the Q1 and Q2 Fiscal 2024, the Company recorded a higher net loss primarily due to lower gross margin, higher operating expenses and lower gain on the change in fair value of derivative liabilities. In Q3 Fiscal 2024, both net revenue and gross margin increased, resulting in net income. In Q4 Fiscal 2024, the Company recorded a net loss primarily due to an impairment loss of $4,773 for investments in associates and change in fair value of derivative liabilities and other financial assets (investments which are measured at fair value through profit and loss) of $1,642. In Q1 Fiscal 2025, the Company's net loss increased, primarily due to increases in fair value losses on derivative liabilities and higher acquisition and transaction costs related to the acquisition of Motif. In Q2 Fiscal 2025, the Company recorded net income of $42,456. This increase compared to the prior quarter is primarily due to higher gross margins and higher gains from changes in the fair value of derivative liabilities, preferred shares, contingent consideration, and other financial assets. In Q3 Fiscal 2025, the Company recorded net loss of $6,294 primarily due to an increase in fair value losses on derivative liabilities and preferred shares. In Q4 Fiscal 2025, the Company's net loss increased, primarily due to increases in fair value losses on derivative liabilities and preferred shares. Adjusted EBITDA Adjusted EBITDA is a non-IFRS Measure and the Company calculates adjusted EBITDA as net income (loss) excluding: financing costs, net of investment income; income tax expense (recovery); depreciation, amortization, impairment, normalization of depreciation add-back due to changes in depreciable assets resulting from impairment charges, (gain) loss on disposal of property, plant and equipment (per the consolidated statement of cash flows); share-based compensation (per the consolidated statement of cash flows); share of loss (gain) from investments in associates and impairment loss from loans receivable; change in fair value of contingent consideration; change in fair value of derivative liabilities, preferred shares and other financial assets; expenditures incurred in connection with research and development activities (net of depreciation); unrealized (gain) loss on changes in fair value of biological assets; realized fair value on inventories sold and other inventory charges; provisions and net realizable value adjustments related to inventory and biological assets; government subsidies, insurance recoveries and other non-operating expenses (income); legal provisions (recoveries); incremental fair value component of inventories sold from acquisitions; ERP implementation costs; transaction costs; share issuance costs; and provision for Canndoc expected credit losses. Management believes that adjusted EBITDA is intended to provide a proxy for the Company's operating cash flow and derives expectations of future financial performance for the Company, and excludes adjustments that are not reflective of current operating results. See "Cautionary Statement Regarding Certain Non-IFRS Measures". The most directly comparable measure to adjusted EBITDA calculated in accordance with IFRS is net income (loss). During the second quarter of Fiscal 2024, management changed the calculation of Adjusted EBITDA to include provisions for expected credit losses and has conformed prior quarters accordingly. MANAGEMENT'S DISCUSSION AND ANALYSIS \| FOR THE YEAR ENDED SEPTEMBER 30, 2025 AND 2024 12

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Adjusted EBITDA (Non-IFRS Measure) Adjusted EBITDA Reconciliation Q1-F24 Q2-F24 Q3-F24 Q4-2024 Q1-F25 Q2-F25 Q3-F25 Q4-F25 Fiscal 2025 Net (loss) income as reported $(15,750) $(27,075) $2,818 $(5,433) $(22,957) $42,456 $(6,294) $(37,964) $(24,759) Add/(deduct): Investment income, net of financing costs (522) (650) (1,179) (960) (825) (179) (73) (73) (1,150) Income tax (recovery) expense — (30) — 30 — (106) (9,903) (3,761) (13,770) Depreciation, amortization, and (gain) loss on disposal of property, plant and equipment (per statement of cash flows) 3,594 3,130 3,039 3,073 3,387 4,839 4,789 4,960 17,975 Normalization of depreciation add-back due to changes in depreciable assets resulting from impairment charges 757 — — — — — — — — Share-based compensation (per statement of cash flows) 2,007 1,995 2,087 1,093 1,325 938 1,007 947 4,217 Other (income) expenses 343 12,778 (6,687) 6,646 12,477 (50,728) 13,511 42,539 17,799 Incremental fair value component on inventories sold from acquisitions — — — — — 1,586 897 — 2,483 ERP implementation costs 991 173 7 465 744 628 1,217 951 3,540 Acquisition and other transaction costs 590 (170) 421 74 4,504 974 654 448 6,580 Provisions and net realizable value adjustments related to inventory and biological assets 4,496 2,009 578 (673) 465 1,917 (2,787) (1,260) (1,665) Adjusted EBITDA as Previously Reported Research and development expenditures, net of depreciation 4,387 2,556 2,381 1,545 2,290 2,583 2,676 3,056 10,605 Adjusted EBITDA as previously reported $893 $(5,284) $3,465 $5,860 $1,410 $4,908 $5,694 9,843 21,855 Add: Provision for expected credit losses — 4,239 — — — — — — — Adjusted EBITDA (revised) $893 $(1,045) $3,465 $5,860 $1,410 $4,908 $5,694 9,843 21,855 Divided by: net revenue 36,455 37,628 41,060 44,698 42,730 65,600 70,792 80,061 259,183 Adjusted EBITDA margin % (revised) (non-IFRS measure) 2 % (3) % 8 % 13 % 3 % 7 % 8 % 12 % 8 % MANAGEMENT'S DISCUSSION AND ANALYSIS \| FOR THE YEAR ENDED SEPTEMBER 30, 2025 AND 2024 13

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In Q1 Fiscal 2024, the Company's adjusted EBITDA was $893. In Q2 Fiscal 2024, the Company's Adjusted EBITDA position was a loss of $1,045 and the decrease in adjusted EBITDA from Q1 Fiscal 2024 was primarily due to increased sales and marketing expenses. In Q3 Fiscal 2024, as a result of higher recreational cannabis revenue and a higher adjusted gross margin resulting from lower cultivation and post-harvest costs, adjusted EBITDA increased to $3,465. In Q4 Fiscal 2024, the Company achieved adjusted EBITDA of $5,860. During Q1 Fiscal 2025, the adjusted EBITDA decreased to $1,410 due to lower international sales. In Q2 Fiscal 2025, the Company's international sales increased and the adjusted EBITDA increased to $4,908. During Q3 Fiscal 2025, the Company's recreational and international sales increased, resulting in an increase in adjusted EBITDA to $5,694. In Q4 Fiscal 2025, continued growth in net revenues and lower costs of production (on a per unit basis), resulted in adjusted EBITDA of $9,843 which was the highest adjusted EBITDA the Company had ever reported in any quarter. BALANCE SHEET, LIQUIDITY AND CAPITAL RESOURCES The following represents selected balance sheet highlights of the Company at the end Fiscal 2025 and Fiscal 2024: SEPTEMBER 30, 2025 SEPTEMBER 30, 2024 % CHANGE Cash, restricted cash & short-term investments $84,420 $133,426 (37) % Inventories $106,023 $67,351 57 % Working capital $158,738 $208,897 (24) % Total assets $562,211 $407,860 38 % Total current and long-term debt $— $— — % Non-current financial liabilities(1) $76,401 $34,414 122 % Total shareholders' equity $349,130 $305,989 14 % Note 1: Non-current financial liabilities excludes non-monetary balances related to contingent consideration, derivative liabilities and deferred income taxes. On September 30, 2025, the Company had total cash and short term investments of $84,420 compared to $133,426 at September 30, 2024. The decrease is primarily due to cash (net) payments of $65,620 for the acquisitions of Motif and CPL. The funds used to finance these acquisitions were not drawn from the Jupiter Pool. Management believes its capital position, including access to the $10 million of previously restricted funds pursuant to a temporary waiver granted by BAT, provides sufficient liquidity to fund operations in the near to medium term. The Company's cash balances fluctuate significantly on a quarterly basis due to the timing of excise duty obligations. Management assesses additional financing alternatives regularly, including for strategic growth initiatives. Furthermore, the Company may be able to, if necessary and subject to prevailing market conditions, obtain equity or debt financing through capital markets. Additionally, subject to the restrictions in the amended and restated investor rights agreement dated January 23, 2024 between the Company and BAT, the Company may be able to use its shares as a currency for additional acquisitions. The Common Shares are listed for trading on both the Nasdaq Global Select Market ("NASDAQ") and the Toronto Stock Exchange (the "TSX"), and there is analyst coverage among sell-side brokerages. However, there can be no assurance that capital will be available on terms acceptable to the Company or at all. In April 2024, the Company successfully closed an offering of units of the Company for gross proceeds of $28.8 million pursuant to a base shelf prospectus and the corresponding Form F-10 registration statement. The following highlights the Company's cash flows during Q4 Fiscal 2025 and Q4 Fiscal 2024: Q4-F25 Q4-F24 Fiscal 2025 Fiscal 2024 Cash provided by (used in): Operating activities $(1,452) $8,893 $(7,591) $3,872 Financing activities (565) 41,011 39,333 107,779 Investing activities 214 $(5,995) (81,066) $(30,803) Cash provided by (used in) $(1,803) $43,909 $(49,324) $80,848 Cash position Beginning of period 85,031 105,116 132,605 51,757 End of period $83,228 $149,025 $83,281 $132,605 Short-term investments 826 821 826 821 Cash and short-term investments $84,054 $149,846 $84,107 $133,426 MANAGEMENT'S DISCUSSION AND ANALYSIS \| FOR THE YEAR ENDED SEPTEMBER 30, 2025 AND 2024 14

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Cash used in by operating activities for Q4 Fiscal 2025 and Fiscal 2025 was $1,452 and $7,591, respectively, compared to cash generated in the Q4 Fiscal 2024 and Fiscal 2024 of $8,893 and $3,872, respectively. The increase in cash used in operating activities is primarily due to higher working capital requirements resulting from increased sales in the current period. Cash (used in) provided by financing activities for Q4 Fiscal 2025 and Fiscal 2025 was $(565) and $39,333, respectively. In comparison, for Q4 Fiscal 2024 and Fiscal 2024 cash provided by financing activities was $41,011 and $107,779, respectively. For Fiscal 2025 and Fiscal 2024, proceeds from the Follow-on BAT Investment were the primary source of cash provided by financing activities. Cash (used in) provided by investing activities for Q4 Fiscal 2025 and Fiscal 2025 was $214 and $(81,066), respectively, compared to cash (used in) provided by investing activities of $(5,995) and $(30,803) in Q4 Fiscal 2024 and Fiscal 2024, respectively. The increase in cash used by investing activities for Q4 Fiscal 2025 and Fiscal 2025 is primarily due to the acquisition of subsidiaries, for which the Company paid cash consideration of $65,620. Free Cash Flow Free Cash Flow is a Non-IFRS Measure and is calculated by the Company as net cash provided by or used in operating activities less the purchase of property, plant and equipment. Management believes that Free Cash Flow is a useful indicator of the Company's capacity to fund operations from internally generated cash flows, without the need for additional borrowings or use of existing cash reserves under normal operating conditions. See "Cautionary Statement Regarding Certain Non-IFRS Measures". The most directly comparable measure to Free Cash Flow in accordance with IFRS is net cash and restricted cash provided by (used in) operating activities. Q4-F25 Q4-F24 Fiscal 2025 Fiscal 2024 Net cash and restricted cash provided by (used in) operating activities $(1,452) $8,893 $(7,591) $3,872 Deduct: Change in property, plant and equipment 764 (1,810) (17,022) (4,731) Free Cash Flow $(688) $7,083 $(24,613) $(859) OFF BALANCE SHEET ARRANGEMENTS There were no off-balance sheet arrangements during Q4 Fiscal 2025 and Fiscal 2025. RELATED PARTY TRANSACTIONS MANAGEMENT AND BOARD COMPENSATION Key management personnel are those persons having the authority and responsibility for planning, directing, and controlling activities of the Company, directly or indirectly. The key management personnel are the members of the Company's executive management team and Board of Directors. The transactions are conducted at arm's length and in the normal course of operations. For Q4 Fiscal 2025 and Fiscal 2025 and for Q4 Fiscal 2024 and Fiscal 2024, the Company's expenses included the following: Management and Board compensation: Q4-F25 Q4-F24 Fiscal 2025 Fiscal 2024 Salaries, bonus and consulting fees $1,620 $1,743 $5,616 $7,155 Share-based compensation 606 806 2,698 4,620 Total key management compensation $2,226 $2,549 $8,314 $11,775 During Q4 Fiscal 2025 and Fiscal 2025, nil and nil stock options (Fiscal 2024 – nil and 62,000) were granted to key management personnel with an aggregate fair value of $nil and $nil, respectively (September 30, 2024 – $nil and $123). In addition, during the Q4 Fiscal 2025 and Fiscal 2025, nil and 404,905 RSUs, (September 30, 2024 – 29,762 and 2,175,879), were granted to key management personnel with an aggregate fair value of nil and 1,538,000, respectively (September 30, 2024 – $nil and $4,373). For Q4 Fiscal 2025 and Fiscal 2025, nil and 404,905 PSUs, (September 30, 2024 – nil and 678,717) were issued to key management personnel with an aggregate fair value of $nil and $457, respectively (September 30, 2024 – $nil and $543). MANAGEMENT'S DISCUSSION AND ANALYSIS \| FOR THE YEAR ENDED SEPTEMBER 30, 2025 AND 2024 15

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SIGNIFICANT TRANSACTIONS WITH ASSOCIATES AND JOINT OPERATIONS The Company has transactions with related parties, as defined in IAS 24 Related Party Disclosures, all of which are undertaken in the normal course of business. For Q4 Fiscal 2025 and Fiscal 2025, under the PDC Agreement, BAT incurred $968 and $2,965 (Fiscal 2024 - $504 and $3,708) for direct expenses and the Company incurred $1,289 and $5,421 (Fiscal 2024 - $1,266 and $9,623) of direct expenses and capital expenditures of $nil and $9 (Fiscal 2024 - $nil and $96) related to the CoE, respectively. The Company recorded $1,105 and $4,193 (Fiscal 2024 - $885 and $6,666) of these expenditures in the consolidated statements of operations and comprehensive loss. For Q4 Fiscal 2025 and Fiscal 2025, the Company recorded $nil and $5 (Fiscal 2024 - $nil and $49) of capital expenditures in the consolidated statements of financial position. During Q4 Fiscal 2025 and Fiscal 2025, BAT did not exercise any Top-up Rights. As at September 30, 2025, there is a receivable balance of $701 (September 30, 2024 - $3,169) from BAT. FAIR VALUE MEASUREMENTS (i) Financial Instruments Financial instruments recorded at fair value on the consolidated statements of financial position are classified using a fair value hierarchy that reflects the significance of the inputs used in making the measurements. The Company categorizes its fair value measurements according to a three-level hierarchy. The hierarchy prioritizes the inputs used by the Company's valuation techniques. A level is assigned to each fair value measurement based on the lowest-level input significant to the fair value measurement in its entirety. The three levels of the fair value hierarchy are described as follows: • Level 1 inputs are quoted prices in active markets for identical assets or liabilities that the entity can access at the measurement date; • Level 2 inputs, other than quoted prices included within Level 1, that are observable for the asset or liability, either directly or indirectly; and • Level 3 inputs are unobservable inputs for the asset or liability. As at September 30, 2025, the Company held financial instruments that are measured at fair value at each reporting date. The valuation of these instruments is performed using various models, which, due to the complexity and nature of the instruments, primarily rely on Level 3 inputs within the fair value hierarchy. These inputs are unobservable and reflect the Company's own assumptions about the assumptions that market participants would use in pricing the instruments. Refer to Note 19 of the Financial Statements for further information. OUTSTANDING SHARE DATA (i) Outstanding Shares, Warrants and Options and Other Securities The following table sets out the number of Common Shares, options, warrants, Top-up Rights, RSUs and PSUs outstanding of the Company as at September 30, 2025 and December 11, 2025: SEPTEMBER 30, DECEMBER 11, 2025 Common shares issued and outstanding 134,461,029 135,004,752 Preferred shares(1) 13,794,163 13,794,163 Options 2,301,674 2,262,196 Warrants 4,450,500 4,450,500 Top-up rights 18,251,858 18,019,383 Restricted share units 2,996,794 2,414,860 Performance share units 1,677,762 1,661,907 Total fully diluted shares 177,933,780 177,607,761 Note 1: The preferred shares are eligible, under certain scenarios, to be converted into common shares equalling 14,456,471 consisting of the original preferred shares of 13,794,163 that convert into one common share and accretion amounts that accrue to the preferred shares at an annual rate of 7.5% per annum. Since the preferred shares were issued under the second and third tranches of the Follow-On BAT Investment, they have collectively accrued 662,308 of additional common share conversion value. CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS The preparation of the consolidated financial statements in conformity with IFRS requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income MANAGEMENT'S DISCUSSION AND ANALYSIS \| FOR THE YEAR ENDED SEPTEMBER 30, 2025 AND 2024 16

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and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the year in which the estimates are revised and in any future years affected. The following are the estimates and judgments made by management in applying the accounting policies of the Company that have the most significant effect on the consolidated financial statements: 1. Biological assets and inventories Determination of the fair value of biological assets requires management to make a number of estimates, including estimating the average selling price per gram and expected average yield per plant. The Company records obsolete and unsalable inventories at the lower of cost and net realizable value. Adjustments to the carrying value of inventories are based on obsolescence trends, historical experience, forecast demand and average selling price for obsolete and unsalable inventories. Refer to Notes 6 and 7 for further information. 2. Useful lives and impairment of property, plant and equipment and finite-life intangible assets Amortization of property, plant and equipment and finite life intangible assets requires estimates of useful lives, which are determined through the exercise of judgment. The assessment of any impairment of these assets is dependent upon estimates of recoverable amounts, taking into consideration factors such as economic and market conditions. 3. Share-based payments In determining the fair value of options and related costs, management estimates the expected life of the option, the expected volatility of the Company's share price, the risk-free interest rate, and the rate of forfeitures. Refer to Note 14 for further information. 4. Provision for returns and price adjustments Government customers typically have the right to return products, and in some cases, the right to pricing adjustments for products that are subsequently discounted or sold for a lower price in another jurisdiction. The estimation of potential future returns and pricing adjustments includes the use of management estimates and assumptions that may not be certain given the evolving nature of the industry. 5. Impairment of non-financial assets The recoverable amount of an individual CGU and group of CGUs is determined based on value in use which involves the use of a discounted cash flow model and significant assumptions which include forecasted cash flows, terminal growth rate and post-tax discount rates. In allocating any impairment loss, the Company determines the recoverable amounts of its property, plant and equipment. The recoverable amount of property and plant is determined based on fair value less costs of disposal and involves the use of capitalization rates, market rentals, market transactions and demolition costs. Refer to Note 8 for further information. 6. Derivative liabilities Warrants issued pursuant to equity offerings that are potentially exercisable in cash or on a cashless basis resulting in a variable number of shares being issued are considered derivative liabilities and therefore measured at fair value through profit or loss. The Company uses the Black-Scholes option pricing model to estimate the fair value of such warrants at inception, on each exercise, and subsequently at the period end date. The key assumption used in the model is the expected future volatility in the price of the Company's Common Shares. The potential issuance of Common Shares related to Top-up Rights is classified as a derivative liability and is therefore measured at fair value through profit or loss. The Company uses the Monte Carlo pricing model to estimate the fair value of such Top-up Rights at inception, upon each exercise, and at year-end. The key assumption used in the model is the expected future volatility of the price of the Company's Common Shares. The impact of changes in these key assumptions is described in Note 12. 7. Recognition and measurement of preferred shares and derivative financial instrument In determining the initial and subsequent measurement of the Preferred Shares and relative derivative, management has applied significant judgment and estimation in regards to the fair valuation of the Preferred Shares and related derivative liability. Refer to Notes 12 and 19 for further information. 8. Recognition and measurement of other financial assets MANAGEMENT'S DISCUSSION AND ANALYSIS \| FOR THE YEAR ENDED SEPTEMBER 30, 2025 AND 2024 17

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In determining the initial and subsequent recognition and measurement of the other financial assets, management has applied significant judgment and estimates including but not limited to determining the appropriate valuation methodology and key inputs. Refer to Notes 11 and 19 for further information. 9. Business Combinations Management performs a valuation analysis to allocate the purchase price based on the acquisition date fair values of the identifiable assets acquired and liabilities assumed. Determining the fair value of identifiable assets acquired and liabilities assumed on the acquisition date and contingent consideration requires the use of judgment and estimates. With respect to the acquisitions, the significant assumptions related to estimating the fair value of the acquired brands and customer relationships, included: the royalty rate, forecasted revenues, and forecasted cash flows. Valuations are highly dependent on the inputs used and assumptions made by management regarding the future performance of these assets and any changes in the discount rate applied. New and amended accounting standards effective for the current year Amendments to IAS 1: Classification of Liabilities as Current or Non-Current and Non-current Liabilities with Covenants In January 2020 and October 2022, the IASB issued amendments to IAS 1 to specify the requirements relating to determining whether a liability should be presented as current or non-current in the statement of financial position. Under the new requirements, the assessment of whether a liability is presented as current or non-current is based on the contractual arrangements in place as at the reporting date and does not impact the amount or timing of recognition. These amendments also clarify how conditions with which an entity must comply within twelve months after the reporting period affect the classification of a liability. The amendments apply retrospectively for annual reporting periods beginning on or after January 1, 2024. These amendments do not have a material impact on the Company's consolidated financial statements. Amendments to IFRS 16: Lease Liability in a Sale and Leaseback On September 22, 2022, the IASB issued amendments to IFRS 16 Leases, to specify the requirements that a seller-lessee uses in measuring the lease liability arising in a sale and leaseback transaction, to ensure the seller-lessee does not recognize any amount of the gain or loss that relates to the right of use it retains. The amendments are effective for annual reporting periods beginning on or after January 1, 2024 and must be applied retrospectively to sale and leaseback transactions entered into after the date of initial application of IFRS 16. Earlier application is permitted and that fact must be disclosed. The Company has not entered into any sale and leaseback transactions in the past and does not anticipate doing so in the future. Therefore, these amendments do not have an impact on the Company's consolidated financial statements. Amendments to IAS 7 and IFRS 7: Supplier Finance Arrangements In May 2023, the IASB issued amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures to clarify the characteristics of supplier finance arrangements and require additional disclosure of such arrangements. The disclosure requirements in the amendments are intended to assist users of financial statements in understanding the effects of supplier finance arrangements on an entity's liabilities, cash flows and exposure to liquidity risk. These amendments do not have an impact on the Company's consolidated financial statements. Accounting standards issued but not yet effective The new and amended standards and interpretations that are issued, but are not yet effective, up to the date of issuance of the Company's consolidated financial statements are disclosed below. The Company intends to adopt these new and amended standards and interpretations when they become effective. Amendment to the Classification and Measurement of Financial Instruments – Amendments to IFRS 9 and IFRS 7 In May 2024, the IASB issued amendments to IFRS 9 and IFRS 7 to respond to recent questions arising in practice, and to include new requirements not only for financial institutions but also for corporate entities. These amendments: • clarify the date of recognition and derecognition of some financial assets and liabilities, with a new exception for some financial liabilities settled through an electronic cash transfer system; • clarify and add further guidance for assessing whether a financial asset meets the solely payments of principal and interest (SPPI) criterion; • add new disclosures for certain instruments with contractual terms that can change cash flows (such as some financial instruments with features linked to the achievement of environment, social and governance targets); and • update the disclosures for equity instruments designated at fair value through other comprehensive income (FVOCI). These amendments are effective for annual reporting periods beginning on or after January 1, 2026, and must be applied retrospectively. Earlier application is permitted. The Company is currently evaluating the full potential impact of these amendments on the consolidated financial statements. IFRS 18 Presentation and Disclosure in Financial Statements MANAGEMENT'S DISCUSSION AND ANALYSIS \| FOR THE YEAR ENDED SEPTEMBER 30, 2025 AND 2024 18

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In April 2024, the IASB issued IFRS 18, which replaces IAS 1 Presentation of financial statements. IFRS 18 introduces new requirements for presentation within the statement of profit or loss, including specified totals and subtotals. Furthermore, entities are required to classify all income and expenses within the statement of profit or loss into one of five categories: operating, investing, financing, income taxes and discontinued operations, whereof the first three are new. It also requires disclosure of newly defined management-defined performance measures, subtotals of income and expenses, and includes new requirements for aggregation and disaggregation of financial information based on the identified "roles" of the primary financial statements (PFS) and the notes. In addition, narrow-scope amendments have been made to IAS 7 Statement of Cash Flows. These include changing the starting point for determining cash flows from operations under the indirect method from "profit or loss" to "operating profit or loss" and removing the optionality around classification of cash flows from dividends and interest. In addition, there are consequential amendments to several other standards. IFRS 18 and the amendments to the other standards, are effective for annual reporting periods beginning on or after January 1, 2027, but earlier application is permitted and must be disclosed. IFRS 18 will apply retrospectively. The Company is currently evaluating the potential impact of IFRS 18 on the Company's consolidated financial statements. IFRS 19 Subsidiaries without Public Accountability: Disclosures and amendment In May 2024, the IASB issued amendments to IFRS 19, which permits an eligible subsidiary (i.e., a subsidiary without public accountability, whose ultimate or intermediate parent prepares consolidated financial statements under IFRS) to apply reduced disclosure requirements while otherwise applying full IFRS recognition, measurement and presentation requirements.The standard is effective for annual periods beginning on or after January 1, 2027 and may be applied prospectively, with earlier application permitted. As the Company is not a subsidiary and has public accountability (its shares are publicly traded), it is not eligible to apply IFRS 19 and therefore these amendments are not expected to have any impact on the Company's consolidated financial statements. Amendments to IAS 21 - Lack of Exchangeability In August 2023, the IASB amended IAS 21 to clarify when a currency is exchangeable into another currency and how a company estimates a spot rate when a currency lacks exchangeability. The amendments are effective for annual reporting periods beginning on or after January 1, 2025 and must be applied prospectively to foreign-currency items entered into after the date of initial application. These amendments are not expected to have a material impact on the Company's consolidated financial statements. ACQUISITION OF SUBSIDIARIES i. Acquisition of Motif On December 6, 2024, the Company acquired 100% of the issued and outstanding shares of Motif, a Canadian leader in the vape and infused pre-roll categories backed by a portfolio of strong owned brands, for upfront consideration of $90 million. This included $50 million in cash and $40 million of the Company's common shares priced based on the 30 day trading volume- weighted average price ("VWAP") of $2.3210. In addition, Motif shareholders are entitled to receive an additional contingent consideration of $10 million payable in the Company's common shares, conditional on the Company achieving a price per share exceeding $3.2203 per share, based on the rolling 30-trading day VWAP on the TSX, within 12 months of the date of the transaction. The acquisition was accounted for as a business combination under IFRS 3. For additional details regarding the accounting treatment of the acquisition, refer to Note 26 of the Financial Statements. The acquisition of Motif resulted in Organigram becoming the #1 LP in Canada by market share11 and added two purpose-built facilities to its portfolio that are optimized for cannabis extraction, processing, manufacturing, and distribution. Motif's product portfolio is highly complementary to Organigram's, with minimal portfolio overlap. On April 1, 2025, the Company completed the amalgamation of Motif and it continued as a single legal entity under the name Organigram Inc. Integration efforts are substantially complete, with core systems, operational processes, and organizational structures largely aligned. Management continues to monitor residual integration matters as part of normal operations. ii. Acquisition of CPL On March 31, 2025, the Company acquired 100% of the issued and outstanding shares of CPL, a company operating in the cannabis and hemp-derived THC beverage categories, supported by a portfolio of strong owned brands, for upfront consideration of $6 million. CPL's former shareholder is also entitled to receive up to additional consideration of $24 million in contingent consideration, subject to achievement of certain milestone and earnout targets. The acquisition was accounted for as a business MANAGEMENT'S DISCUSSION AND ANALYSIS \| FOR THE YEAR ENDED SEPTEMBER 30, 2025 AND 2024 19 11 Source: Hifyre (all provinces other than QC, NB and NS), Weedcrawler (QC), and Board Data (NB, NS, PE), R3M Oct 30

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combination under IFRS 3. For additional details regarding the accounting treatment of the acquisition, refer to Note 26 of the Financial Statements. Through the Company's acquisition of CPL, the Company entered the cannabis beverage category in Canada and the hemp- derived THC beverage category in the U.S. In Canada, the Company has captured 5.5% of the beverage category12 and intends to further expand in this category by leveraging sales capabilities and the FASTTM nanoemulsion technology. In the U.S., CPL beverages are currently distributed in approximately 25 states through its online DTC platform and retail brick and mortar locations across several states.12 Refer to Note 26 to the Financial Statements for further information. CONTINGENT LIABILITIES The Company recognizes loss contingency provisions for probable losses when management can reasonably estimate the loss. When the estimated loss lies within a range, the Company records a loss contingency provision based on its best estimate of the probable loss. If no particular amount within that range is a better estimate than any other amount, the mid-point of the range is used. As information becomes known a loss contingency provision is recorded when a reasonable estimate can be made. The estimates are reviewed at each reporting date and the estimates are changed when expectations are revised. An outcome that deviates from the Company's estimate may result in an additional expense or release in a future accounting period. DISCLOSURE CONTROLS AND PROCEDURES AND INTERNAL CONTROL OVER FINANCIAL REPORTING In accordance with National Instrument 52-109 - Certification of Disclosure in Issuers' Annual and Interim Filings ("NI 52-109") and Rule 13a-15 under the United States Securities Exchange Act of 1934, as amended (the "Exchange Act"), the establishment and maintenance of Disclosure Controls and Procedures ("DCP") and Internal Control Over Financial Reporting ("ICFR") is the responsibility of management. The Company engaged PKF O'Connor Davies ("PKF"), the Company's independent registered public accounting firm, to perform an "integrated audit" which encompassed an opinion on the fairness of presentation of the Company's annual consolidated financial statements for the year ended September 30, 2025, as well as an opinion on the effectiveness of the Company's ICFR. PKF, has audited the Company's Financial Statements and has issued an adverse report on the effectiveness of ICFR. PKF's audit report on the Company's ICFR is incorporated by reference into the Company's annual report on Form 40-F under the Exchange Act for the year ended September 30, 2025. DISCLOSURE CONTROLS AND PROCEDURES The Company maintains a set of DCP designed to provide reasonable assurance that information required to be publicly disclosed is recorded, processed, summarized and reported on a timely basis. As required by NI 52-109 and Exchange Act Rule 13a-15(b), an evaluation of the design and operation of our DCP was completed as of September 30, 2025 under the supervision and with the participation of management, including our Chief Executive Officer who departed subsequent to Fiscal 2025 effective November 30, 2025, and our Executive Chair who is acting in the capacity of Chief Executive Officer effective December 1, 2025 ("CEO") and Chief Financial Officer ("CFO") using the criteria set forth in Internal Control - Integrated Framework, issued by the Committee of Sponsoring Organizations of the Treadway Commission (the "COSO 2013 Framework"). Based upon this evaluation, our CEO and CFO concluded that because of the material weaknesses in our ICFR described below, our DCP were not effective as of such date. LIMITATIONS ON SCOPE OF DESIGN The Company has limited the scope of its evaluation of DCP and ICFR to exclude controls, policies and procedures over entities that were acquired by the Company not more than 365 days before the end of the financial period. The only entities controlled by MANAGEMENT'S DISCUSSION AND ANALYSIS \| FOR THE YEAR ENDED SEPTEMBER 30, 2025 AND 2024 20 12 As of September 30, 2025 - Multiple sources (Hifyre, Weedcrawler, OCS wholesale sales and e-commerce orders shipped data, provincial boards data and internal sales data) 12See amendments to definition of hemp in the 2018 Farm Bill as described in greater detail in the "Outlook" section of this MD&A.

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the Company but that was scoped out of the evaluation of DCP and ICFR were Motif (acquired effective December 6, 2024), CPL and CPL USA (both acquired effective March 31, 2025). Excluding goodwill and intangible assets, Motif constitutes approximately $52,485 of the Company's current assets, $78,093 of total assets, $40,000 of current liabilities and $55,518 of total liabilities as of the acquisition date. During the three months and year ended September 30, 2025, Motif contributed $42,463 and $137,793 in gross revenue to the consolidated results. Excluding goodwill and intangible assets, CPL constitutes approximately $2,523 of the Company's current assets, $2,523 of total assets, $1,097 of current liabilities and $5,030 of total liabilities as of the acquisition date. As of the date of this MD&A, the purchase price allocation for CPL has not yet been finalized. INTERNAL CONTROL OVER FINANCIAL REPORTING NI 52-109 requires the CEO and CFO to certify that they are responsible for establishing and maintaining ICFR for the Company and that those internal controls have been designed and are effective in providing reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements in accordance with IFRS. Similarly, Exchange Act Rule 13a-15(c) requires the Company's management, with the participation of the CEO and CFO, to evaluate ICFR as of the end of the fiscal year. The CEO and CFO are also responsible for disclosing any changes to the Company's internal controls during the most recent period that have materially affected, or are reasonably likely to materially affect, its internal control over financial reporting. MATERIAL CHANGES TO INTERNAL CONTROL OVER FINANCIAL REPORTING There has been a change to the Company's ICFR during the three months ended September 30, 2025 that has materially affected, or is likely to materially affect, the Company's ICFR. In the fourth quarter of fiscal year 2025, staff turnover among personnel responsible for preparing and reviewing complex spreadsheets related to biological assets and inventory impacted management's ability to maintain effective operation of applicable controls. Security and Administration and Monitoring of Service Organizations With respect to the material weakness related to the information process during Fiscal 2025, the following remedial activities were completed and the material weakness assessed as remediated in Q4 of Fiscal 2025: • Engaged internal control specialists that assisted management in evaluating internal controls and in designing remediation plans; • Hired a VP, Information Technology to oversee and enhance the IT department and support the remediation of deficiencies in general IT controls; • Hired and trained a dedicated resource to review the third-party service organization control reports and assess their impact in relation to the Company's control environment; • Remediated certain IT General controls; and • Remediated the identified deficiencies related to the design, implementation, and operation of certain process-level and financial statement close controls. MANAGEMENT'S EVALUATION OF INTERNAL CONTROL OVER FINANCIAL REPORTING The Company's management, under the supervision and with the participation of its CEO and CFO, conducted an evaluation of the effectiveness of the Company's ICFR as defined by NI 52-109 and Rule 13a-15(f) of the Exchange Act as of September 30, 2025, using the criteria set forth by the COSO 2013 Framework. Based on this evaluation, management concluded that the Company's ICFR was not effective as of September 30, 2025. A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the Company's annual or interim financial statements will not be prevented or detected on a timely basis. Management has identified the following material weakness: • Management review controls designed to ensure the completeness and accuracy of complex spreadsheets used in the biological assets and inventory valuation processes, as well as user access rights and related controls over the inventory management application Ample system, were not designed or operating effectively. The material weakness related to the inventory management application Ample system was remediated through the decommissioning of the system application in the first quarter of Fiscal 2026, and the system application is no longer in use. MANAGEMENT'S DISCUSSION AND ANALYSIS \| FOR THE YEAR ENDED SEPTEMBER 30, 2025 AND 2024 21

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STATUS OF REMEDIATION PLAN The Company was successful in remediating the material weakness related to IT General Controls and made progress in remediating other control deficiencies as discussed above under "Material Changes to Internal Control Over Financial Reporting" as at the end of Fiscal 2025. Management, with the assistance of external and internal specialists, has continued reviewing and revising its ICFR, and remains committed to implementing changes to its ICFR to ensure that the control deficiencies that contributed to the remaining material weakness is remediated in Fiscal 2026. The following remedial activities remain in progress as at the date of this MD&A and are expected to continue at least throughout the first half of Fiscal 2026. The controls associated with these remedial activities have not yet been subject to control testing to conclude on the design or operational effectiveness. • The Company will continue to streamline complex spreadsheet models related to biological assets and inventory to reduce the risk of errors in mathematical formulas and to improve the ability to verify the logic of complex spreadsheets, while continuing to automate processes, and leverage the Company's new inventory costing upgrades in its ERP system. A component of the material weakness related to the inventory management application Ample system was remediated through the decommissioning of the system application in the first quarter of Fiscal 2026, and the system application is no longer in use. Following the improvement and remediation of the material weakness related to IT General Controls, senior management has discussed the remaining material weakness with the Audit Committee which will continue to review progress on these remediation activities. While we believe these actions, including the third phase of the ERP system, will contribute to the remediation of the material weakness, we have not yet completed all of the corrective processes, procedures and related evaluation or remediation that we believe are necessary. As we continue to evaluate and work to remediate the remaining material weakness, we may need to take additional measures to address the deficiencies. Until the remediation steps set forth above, including the efforts to implement any additional control activities identified in the process, are fully implemented and operate for a sufficient period of time that they can be concluded to be operating effectively, the remaining material weakness described above will not be considered fully remediated. While significant progress has been made toward remediation of the remaining material weakness, no assurance can be provided at this time that the actions and remediation efforts will effectively remediate the remaining material weakness described above or prevent the incidence of other material weaknesses in the Company's ICFR in the future. Management expects to fully remediate the remaining material weakness identified before the end of Fiscal 2026. See "Risk Factors" in this MD&A and the AIF. Management, including the CEO and CFO, does not expect that DCP or ICFR will prevent all misstatements, even as the remediation measures are implemented and further improved to address the material weakness. The design of any system of internal controls is based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving the stated goals under all potential future conditions. RISK FACTORS The Company's business is subject to risks inherent in a high growth, heavily regulated enterprise. We have identified certain risks pertinent to our business that may have affected or may affect our business, financial conditions, results of operations and cash flows, as further described throughout this MD&A and under "Risk Factors" in the AIF. For additional risk factors, readers are directed to the Company's AIF, which is (a) available under the Company's issuer profile on SEDAR+ at www.sedarplus.ca, and (b) incorporated into and forms part of the Company's annual report on Form-40F filed on EDGAR at www.sec.gov. As a general matter, management of the Company attempts to assess and mitigate any risks and uncertainties by retaining experienced professional staff and ensuring that the Board of Directors and senior management of the Company are monitoring the risks impacting or likely to impact the business on a continuous basis. (i) Credit Risk Credit risk arises from deposits with banks, short-term investments, outstanding trade and other receivables, restricted cash and other financial assets. For trade receivables, the Company does not hold any collateral as security but mitigates this risk by dealing only with what management believes to be financially sound counterparties and, accordingly, does not anticipate significant loss for non-performance. For other receivables, outside of the normal course of business, management generally obtains guarantees and general security agreements. The maximum exposure to credit risk of cash, short-term investments, restricted cash, other financial assets and accounts receivable and other receivables on the statement of financial position at September 30, 2025 approximates $198,827 (September 30, 2024 - $211,306). MANAGEMENT'S DISCUSSION AND ANALYSIS \| FOR THE YEAR ENDED SEPTEMBER 30, 2025 AND 2024 22

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As of September 30, 2025 and September 30, 2024, the Company's aging of trade receivables was as follows: SEPTEMBER 30, 2025 SEPTEMBER 30, 2024 0-90 days $56,442 $32,349 More than 90 days 12,846 5,502 Gross trade receivables $69,288 $37,851 Less: Expected credit losses and reserve for product returns and price adjustments (5,703) (5,196) $63,585 $32,655 (ii) Liquidity Risk The Company's liquidity risk is the risk that the Company will not be able to meet its financial obligations as they become due. The Company manages its liquidity risk by reviewing its capital requirements on an ongoing basis. As at September 30, 2025, the Company had $28,200 (September 30, 2024 – $106,745) of cash and working capital of $158,738 (September 30, 2024 - $208,897). Further, the Company may access equity capital through the capital markets and may also obtain debt financing, if required. The Company is obligated to the following contractual maturities relating to their undiscounted cash flows as at September 30, 2025: Carrying Amount Contractual Cash Flows Less than 1 year 1 to 3 years 3 to 5 years More than 5 years Accounts payable and accrued liabilities $89,247 $89,247 $89,247 $— $— $— Long-term debt 25 25 25 — — — Lease obligations 8,727 11,298 1,584 3,159 2,939 3,616 $97,999 $100,570 $90,856 $3,159 $2,939 $3,616 The contractual maturities noted above are based on contractual due dates of the respective financial liabilities. In connection with the Company's facilities, the Company is contractually committed to approximately $266 of capital expenditures. (iii) Market Risk Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk for the Company is comprised of interest rate risk, which is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Company's exposure to the risk of changes in market interest rates relates primarily to the Company's debt obligations with a floating interest rate. The Company has determined that a 1% change in rates would not have a material impact on the consolidated financial statements. (iv) Concentration risk The Company's accounts receivable are primarily due from provincial government agencies (four of which, individually, represented more than 10% of the Company's revenues during the year ended September 30, 2025), corporations (four of which represented more than 10% of the Company's revenues during the period), and legal trusts and, thus, the Company believes that the accounts receivable balance is collectible. (v) Risks related to third party data The Company relies on independent third party data for market share position and there is no assurance third party data provides an accurate representation of actual sales as some third parties use different methodologies or calculations to estimate market share position, and because market and industry data is inherently imprecise, subject to interpretation and cannot be verified with complete certainty due to limits on the availability and reliability of raw data, the voluntary nature of the data gathering process, and other limitations and uncertainties inherent in any statistical survey or data collection process. The Company also relies on its own market research and internal data to determine the accuracy of such third-party data. (vi) Information Systems Risk The Company's business operations are managed through a variety of information technology ("IT") systems. Certain of the Company's key IT systems are dated and require, or are in the process of, modernization. The Company's IT systems may also be vulnerable to damage or interruption from circumstances beyond the Company's control, including fire, flood, natural disasters, systems failures, network or communications failures, power outages, public health emergencies, security breaches, cyber- attacks and terrorism. If one of the Company's key IT systems were to suffer a failure, no assurance can be given that the Company's backup systems or contingency plans will sustain critical aspects of the Company's operations, and the Company's business, results of operations or financial condition could be materially adversely affected. Further, the Company relies on large outsourcing contracts for IT services with major third-party service providers, and if such service providers were to fail or the MANAGEMENT'S DISCUSSION AND ANALYSIS \| FOR THE YEAR ENDED SEPTEMBER 30, 2025 AND 2024 23

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relationships with the Company were to end, and the Company were unable to find suitable replacements in a timely manner, the Company's business, results of operations or financial condition could be materially adversely affected. The Company is continually modifying and enhancing its IT systems and technologies to increase productivity, efficiency and security. As new systems and technologies are implemented, the Company could experience unanticipated difficulties resulting in unexpected costs and adverse impacts to its financial reporting and manufacturing and other business processes. When implemented, the systems and technologies may not provide the benefits anticipated and could add costs and complications to ongoing operations, which may have a material adverse effect on the Company's business, results of operations or financial condition. During fiscal year 2023 and Fiscal 2024, the Company launched a new ERP system, which provides for a more robust and secure financial system of record, among other supply chain and operational data. Various IT general controls are now centralized currently in the midst of stabilizing a new ERP system, which replaces its previous financial system. There can be no assurance that the ERP system will provide the information and benefits expected by management. Phase 3 of the Company's ERP system has been implemented; however, there remains a risk of post-implementation challenges during the stabilization period, which could adversely affect operational efficiency or internal controls over financial reporting if not effectively managed. CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION Certain information herein contains or incorporates comments that constitute forward-looking information within the meaning of applicable securities legislation ("forward-looking information"). Forward-looking information, in general, can be identified by the use of forward-looking terminology such as "outlook", "objective", "may", "will", "could", "would", "might", "expect", "intend", "estimate", "anticipate", "believe", "plan", "continue", "budget", "schedule" or "forecast" or similar expressions suggesting future outcomes or events. They include, but are not limited to, statements with respect to expectations, forecasts or other characterizations of future events or circumstances, and the Company's objectives, goals, strategies, beliefs, intentions, plans, estimates, projections and outlook, including statements relating to the Company's plans and objectives, or estimates or predictions of actions of customers, suppliers, partners, distributors, competitors or regulatory authorities; and statements regarding the Company's future economic performance. These statements are not historical facts but instead represent management beliefs regarding future events, many of which by their nature are inherently uncertain and beyond management control. Forward-looking information in this MD&A is based on the Company's current expectations about future events. Certain forward-looking information in this MD&A includes, but is not limited to the following: • Expectations regarding production capacity, including seed-based cultivation, capability of the beverage manufacturing line, facility size, THC content, costs and yields; • Expectations regarding the prospects of the Company's collaboration and investment transaction with BAT; • Expectations regarding the prospects for the Company's primary operating subsidiary, Organigram Inc.; • Expectations around demand for cannabis and related products, future opportunities and sales, including the relative mix of medical versus recreational cannabis products, the relative mix of products within the recreational category; • Changes in legislation related to permitted cannabis types, forms, and potency, and legislation of additional cannabis types and forms for adult use recreational cannabis in Canada, including regulations relating thereto, the timing and the implementation thereof, and our future product forms; • Expectations around branded cannabis products with respect to timing, launch, product attributes, composition and consumer demand; • Expectations around the revenue growth from innovative products, particularly the commercialization of its new FASTTM nanoemulsion technology; • The scope of protection the Company is able to establish and maintain, if any, for its intellectual property ("IP") rights; • Strategic investments and capital expenditures, and expected related benefits; • Expectations regarding the Company's investments in OBX, Phylos and Sanity Group; • Expectations regarding EU-GMP certification, including successful completion of the audit and timing for the issuance of the certification, if successful; • The general continuance of current, or where applicable, assumed industry conditions; • Changes in laws, regulations, guidelines, and policies, and the interpretation thereof, including those relating to the recreational and/or medical cannabis markets domestically and internationally, minor cannabinoids and environmental programs; • The price of cannabis and derivative cannabis products; • The impact of the Company's cash flow and financial performance on third parties, including its supply partners; • Fluctuations in the price of Common Shares and the market for Common Shares; • The treatment of the Company's business under international regulatory regimes and impacts on changes thereto on the Company's international sales; • The Company's growth strategy, targets for future growth and forecasts of the results of such growth; MANAGEMENT'S DISCUSSION AND ANALYSIS \| FOR THE YEAR ENDED SEPTEMBER 30, 2025 AND 2024 24

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• Expectations concerning access to capital and liquidity, and the Company's ability to access the public markets from time to time to fund operational activities and growth; • Expectations concerning the Company's financial position, future liquidity and other financial results; • The ability of the Company to generate cash flow from operations and from financing activities; • The competitive conditions of the industry, including the Company's ability to maintain or grow its market share; • Expectations regarding the Company's ability to generate cost savings from operational effectiveness and automation initiatives; • Expectations regarding capital expenditures and timing thereof; and • Expectations concerning the Company's performance during the first quarter of fiscal year 2026 and full-year fiscal 2026, including with respect to revenue, adjusted gross margin, selling, general and administrative expenses, adjusted EBITDA Free Cash Flow, and cash from operations before working capital changes. Forward-looking information is provided for the purposes of assisting the reader in understanding the Company and its business, operations, risks, financial performance, financial position and cash flows as at and for the periods ended on certain dates, and to present information about management's current expectations and plans relating to the future, and the reader is cautioned that such statements may not be appropriate for other purposes. In addition, this MD&A may contain forward-looking information attributed to third party industry sources. Undue reliance should not be placed on forward-looking information, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. Forward-looking information does not guarantee future performance and involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in the forward-looking information. By its nature, forward-looking information involves numerous assumptions, known and unknown risks and uncertainties, both general and specific, that contribute to the possibility that the expectations, predictions, forecasts, projections and conclusions will not occur or prove accurate, that assumptions may not be correct, and that objectives, strategic goals and priorities will not be achieved. These and other factors may cause actual results or events to differ materially from those anticipated in the forward-looking information. Factors that could cause actual results to differ materially from those set forth in forward-looking information include, but are not limited to: financial risks; cyber security risks; dependence on senior management and other key personnel, the Board, consultants and advisors; availability and sufficiency of insurance including continued availability and sufficiency of director and officer and other forms of insurance; the Company and its subsidiaries being able to, where applicable, cultivate cannabis pursuant to applicable law and on the currently anticipated timelines and in anticipated volumes; industry competition; global events, including heightened economic and industry uncertainty as a result of any pandemic or epidemic and governmental action in respect thereto, including with respect to impacts on production, operations, disclosure controls and procedures or internal control over financial reporting, and supply chain and distribution disruptions; facility and technological risks; changes to government laws, regulations or policy, including the amendment of the definition of hemp in the 2018 Farm Bill to effectively eliminate hemp-derived THC products, environmental or tax, or the enforcement thereof; agricultural risks; ability to maintain any required licenses or certifications; supply risks; product risks; construction delays or postponements; packaging and shipping logistics; inflationary risk, expected number of medical and recreational cannabis users in Canada and internationally; continuation of shipments to existing and prospective international jurisdictions and customers; potential time frame for the implementation of legislation to legalize cannabis internationally; the Company's, its subsidiaries' and its investees' ability to, where applicable, obtain and/or maintain their status as LP or other applicable licensees; risk factors affecting its investees; availability of any required financing on commercially acceptable terms or at all; the potential size of the regulated recreational cannabis market in Canada; demand for and changes in the Company's cannabis and related products, including the Company's derivative products, and the sufficiency of the retail networks to supply such demand; ability to enter and participate in international market opportunities; general economic, financial market, regulatory, industry and political conditions affecting the Company; the ability of the Company to compete in the cannabis industry and changes in the competitive landscape; a material decline in cannabis prices; the Company's ability to manage anticipated and unanticipated costs; the Company's ability to implement and maintain effective internal control over financial reporting and disclosure controls and procedures; risks relating to potential failure of the Company's IT system; ongoing expansions to the Company's ERP system; continuing to meet listing standards for the TSX and the NASDAQ; risks relating to the Company's IP; liquidity risk; concentration risk; and other risks and factors described from time to time in the documents filed by the Company with securities regulators in Canada and the United States. Material factors and assumptions used in establishing forward-looking information include that production activities will proceed as planned, and demand for cannabis and related products will change in the manner expected by management. All forward-looking information is provided as of the date of this MD&A. Certain forward-looking information included herein may also constitute a "financial outlook" within the meaning of applicable securities legislation. Financial outlook involves statements about the Company's prospective financial performance and financial position that are based on and subject to the assumptions about future economic conditions and courses of action described above as well as management's expectations regarding a strong innovation pipeline, increasing international sales, high cannabis quality and higher potency, commercialization of FAST nano-emulsion technology in ingestible formats, and receipt of the EU- GMP certification. Such assumptions are based on management's assessment of the relevant information currently available and any financial outlook included herein is provided for the purpose of helping readers understand managements's current expectations and plans for the future as of the date hereof. The actual results of the Company's operations may vary from the amounts set forth in any financial outlook and such variances may be material. Readers are cautioned that reliance on any MANAGEMENT'S DISCUSSION AND ANALYSIS \| FOR THE YEAR ENDED SEPTEMBER 30, 2025 AND 2024 25

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financial outlook may not be appropriate for other purposes, or in other circumstances and that the risk factors described above and other factors may cause actual results to differ materially from any financial outlook. The Company does not undertake to update any such forward-looking information whether as a result of new information, future events or otherwise, except as required by law. ADDITIONAL INFORMATION ABOUT THE ASSUMPTIONS, RISKS AND UNCERTAINTIES OF THE COMPANY'S BUSINESS AND MATERIAL FACTORS OR ASSUMPTIONS ON WHICH INFORMATION CONTAINED IN FORWARD-LOOKING INFORMATION IS BASED IS PROVIDED IN THE COMPANY'S DISCLOSURE MATERIALS, INCLUDING IN THIS MD&A UNDER "RISK FACTORS" AND THE COMPANY'S CURRENT AIF UNDER "RISK FACTORS", FILED WITH THE SECURITIES REGULATORY AUTHORITIES IN CANADA AND AVAILABLE UNDER THE COMPANY'S ISSUER PROFILE ON SEDAR+ AT WWW.SEDARPLUS.CA, AND FILED WITH OR FURNISHED TO THE SEC AND AVAILABLE ON EDGAR AT WWW.SEC.GOV. ALL FORWARD-LOOKING INFORMATION IN THIS MD&A IS QUALIFIED BY THESE CAUTIONARY STATEMENTS. CAUTIONARY STATEMENT REGARDING CERTAIN NON-IFRS MEASURES This MD&A contains certain financial and operational performance measures that are not recognized or defined under IFRS (i.e. non-IFRS measures). As there are no standardized methods of calculating these non-IFRS measures, the Company's approaches may differ from those used by others and this data may not be comparable to similar data presented by other LPs and cannabis companies. For an explanation of these measures to related comparable financial information presented in the Financial Statements prepared in accordance with IFRS, refer to the discussion below. The Company believes that these non-IFRS measures are useful indicators of operating performance and are specifically used by management to assess the financial and operating performance of the Company. These non-IFRS measures include, but are not limited to, the following: • Adjusted gross margin is calculated by subtracting cost of sales, before the effects of: (i) unrealized gain on changes in fair value of biological assets; (ii) realized fair value on inventories sold and other inventory charges; (iii) realized fair value on inventories sold from acquisitions; (iv) provisions and impairment of inventories and biological assets; and (v) provisions to net realizable value. Adjusted gross margin percentage is calculated by dividing adjusted gross margin by net revenue. Adjusted gross margin is reconciled to the most directly comparable IFRS financial measure in the "Financial Results and Review of Operations" section of this MD&A. Management believes that these measures provide useful information to assess the profitability of our operations as they represent the normalized gross margin generated from operations and exclude the effects of non-cash fair value adjustments on inventories and biological assets, which are required by IFRS. The most directly comparable measure to adjusted gross margin calculated in accordance with IFRS is gross margin before fair value adjustments. • Adjusted EBITDA is calculated as net income (loss) excluding: financing costs, net of investment income; income tax expense (recovery); depreciation, amortization, impairment, normalization of depreciation add-back due to changes in depreciable assets resulting from impairment charges, (gain) loss on disposal of property, plant and equipment (per the consolidated statement of cash flows); share-based compensation (per the consolidated statement of cash flows); share of loss (gain) from investments in associates including impairment loss; change in fair value of contingent consideration; change in fair value of derivative liabilities, other financial assets and preferred shares; expenditures incurred in connection with research and development activities (net of depreciation); unrealized gain on changes in fair value of biological assets; realized fair value on inventories sold and other inventory charges; provisions and net realizable value adjustments related to inventory and biological assets; government subsidies, insurance recoveries and other non- operating expenses (income); legal provisions (recoveries); ERP implementation costs; transaction costs; share issuance costs; and provision for Canndoc (as defined herein) expected credit losses. Adjusted EBITDA is reconciled to the most directly comparable IFRS financial measure in the "Financial Results and Review of Operations" section of this MD&A. During the second quarter of Fiscal 2024, management changed the calculation of adjusted EBITDA and has conformed prior quarters accordingly to include provision for expected credit losses. Adjusted EBITDA is intended to provide a proxy for the Company's operating cash flow and derives expectations of future financial performance for the Company, and excludes adjustments that are not reflective of current operating results. The most directly comparable measure to adjusted EBITDA calculated in accordance with IFRS is net income (loss). • Free Cash Flow provided by (used in) operating activities is calculated as net cash provided by or used in operating activities less the purchase of property, plant and equipment. Free Cash Flow is reconciled to the most directly comparable IFRS financial measure in the "Balance Sheet, Liquidity and Capital Resources" section of this MD&A. MANAGEMENT'S DISCUSSION AND ANALYSIS \| FOR THE YEAR ENDED SEPTEMBER 30, 2025 AND 2024 26

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Free Cash Flow is a useful indicator of the Company's capacity to fund operations from internally generated cash flows, without the need for additional borrowings or use of existing cash reserves under normal operating conditions. The most directly comparable measure to Free Cash Flow calculated in accordance with IFRS is net cash and restricted cash provided by (used in) operating activities. Non-IFRS measures should be considered together with other data prepared in accordance with IFRS to enable investors to evaluate the Company's operating results, underlying performance and prospects in a manner similar to the Company's management. Accordingly, these non-IFRS measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. MANAGEMENT'S DISCUSSION AND ANALYSIS \| FOR THE YEAR ENDED SEPTEMBER 30, 2025 AND 2024 27

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&nbsp;&nbsp;&nbsp;&nbsp;**TABLE OF CONTENTS** Management's Responsibility for the Financial Statements 1 Independent Auditor's Reports 2 – 8 Consolidated Statements of Financial Position 9 Consolidated Statements of Operations and Comprehensive Loss 10 Consolidated Statements of Changes in Equity 11 Consolidated Statements of Cash Flows 12 Notes to the Consolidated Financial Statements 13 – 44

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December 11, 2025 Management's Responsibility for the Financial Statements The accompanying consolidated financial statements of Organigram Global Inc. (the "Company") have been prepared by the Company's management in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board and contain estimates based on management's judgment. Internal control systems are maintained by management to provide reasonable assurance that assets are safe-guarded and financial information is reliable. The Board of Directors of the Company is responsible for ensuring that management fulfills its responsibilities for financial reporting and is ultimately responsible for reviewing and approving the financial statements and the accompanying management discussion and analysis. The Board of Directors carries out this responsibility principally through its Audit Committee. The Audit Committee is appointed by the Board of Directors. It meets with the Company's management and auditors, and reviews internal controls and financial reporting matters to ensure that management is properly discharging its responsibilities before submitting the financial statements to the Board of Directors for approval. (signed) 'Peter Amirault' (signed) 'Greg Guyatt' Executive Chair Chief Financial Officer Toronto, Ontario Toronto, Ontario CONSOLIDATED FINANCIAL STATEMENTS \| FOR THE YEAR ENDED SEPTEMBER 30, 2025 AND 2024 1

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CONSOLIDATED FINANCIAL STATEMENTS \| FOR THE YEAR ENDED SEPTEMBER 30, 2025 AND 2024 2

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CONSOLIDATED FINANCIAL STATEMENTS \| FOR THE YEAR ENDED SEPTEMBER 30, 2025 AND 2024 3

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CONSOLIDATED FINANCIAL STATEMENTS \| FOR THE YEAR ENDED SEPTEMBER 30, 2025 AND 2024 4

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CONSOLIDATED FINANCIAL STATEMENTS \| FOR THE YEAR ENDED SEPTEMBER 30, 2025 AND 2024 5

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CONSOLIDATED FINANCIAL STATEMENTS \| FOR THE YEAR ENDED SEPTEMBER 30, 2025 AND 2024 6

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CONSOLIDATED FINANCIAL STATEMENTS \| FOR THE YEAR ENDED SEPTEMBER 30, 2025 AND 2024 7

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CONSOLIDATED FINANCIAL STATEMENTS \| FOR THE YEAR ENDED SEPTEMBER 30, 2025 AND 2024 8

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ORGANIGRAM GLOBAL INC. CONSOLIDATED STATEMENTS OF FINANCIAL POSITION As at September 30, 2025 and September 30, 2024 (Expressed in CDN $000's except share and per share amounts) SEPTEMBER 30, 2025 SEPTEMBER 30, 2024 ASSETS Current assets Cash $28,200 $106,745 Restricted cash (Note 4) 55,394 25,860 Short-term investments 826 821 Accounts and other receivables (Note 5) 64,859 37,153 Biological assets (Note 6) 17,931 15,173 Inventories (Note 7) 106,023 67,351 Prepaid expenses and deposits 11,664 9,116 284,897 262,219 Property, plant and equipment (Note 8) 122,977 96,231 Intangible assets (Note 9) 48,511 8,092 Goodwill (Note 10) 52,524 — Deferred charges and deposits 3,754 591 Other financial assets (Note 11) 49,548 40,727 $562,211 $407,860 LIABILITIES Current liabilities Accounts payable and accrued liabilities $89,247 $47,097 Other liabilities (Note 15) 8,080 1,086 Derivative liabilities (Note 12) 28,832 5,139 126,159 53,322 Derivative liabilities (Note 12) 5,506 14,110 Preferred shares (Note 13 and 14) 68,653 31,070 Other long-term liabilities (Note 15) 12,763 3,369 213,081 101,871 SHAREHOLDERS' EQUITY Share capital (Note 14) 919,908 852,891 Equity reserves (Note 14) 37,346 37,129 Accumulated other comprehensive income (loss) (Note 11) 603 (63) Accumulated deficit (608,727) (583,968) 349,130 305,989 $562,211 $407,860 On behalf of the Board: /s/Peter Amirault, Director /s/Stephen Smith, Director The accompanying notes are an integral part of these Consolidated Financial Statements. CONSOLIDATED FINANCIAL STATEMENTS \| FOR THE YEAR ENDED SEPTEMBER 30, 2025 AND 2024 9

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ORGANIGRAM GLOBAL INC. CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS For the year ended September 30, 2025 and 2024 (Expressed in CDN $000's except share and per share amounts) YEAR ENDED SEPTEMBER 30, 2025 SEPTEMBER 30, 2024 REVENUE Gross revenue (Note 20) $403,024 $247,177 Excise taxes (143,841) (87,336) Net revenue 259,183 159,841 Cost of sales (Note 7 and 21) 174,850 111,390 Gross margin before fair value adjustments 84,333 48,451 Realized fair value on inventories sold and other inventory charges (Note 7) (67,125) (52,078) Unrealized gain on changes in fair value of biological assets (Note 6) 73,008 51,151 Gross margin 90,216 47,524 OPERATING EXPENSES General and administrative (Note 23) 59,499 44,955 Sales and marketing 31,097 19,851 Research and development 10,945 11,200 Share-based compensation (Note 14 (iv)) 3,975 6,274 Total operating expenses 105,516 82,280 LOSS FROM OPERATIONS (15,300) (34,756) Investment income, net of financing costs (1,150) (3,311) Acquisition and transaction costs 6,580 915 Share of loss from investments in associates — 5,284 Loss (gain) on disposal of property, plant and equipment and intangible assets 9 (633) Change in fair value of contingent consideration (Note 26) (9,743) (50) Change in fair value of derivative liabilities, preferred shares and other financial assets (Note 11, 12 and 13) 27,505 7,718 Share issuance costs allocated to derivative liabilities and preferred shares (Note 14) 170 937 Other non-operating income (142) (176) Loss before tax (38,529) (45,440) Income tax recovery (Note 24) Deferred, net (13,770) — NET LOSS $(24,759) $(45,440) OTHER COMPREHENSIVE INCOME Change in fair value of investments at fair value through other comprehensive income (Note 11) 666 96 COMPREHENSIVE LOSS $(24,093) $(45,344) Net loss per common share, basic and diluted (Note 14 (v)) $(0.194) $(0.477) The accompanying notes are an integral part of these Consolidated Financial Statements. CONSOLIDATED FINANCIAL STATEMENTS \| FOR THE YEAR ENDED SEPTEMBER 30, 2025 AND 2024 10

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ORGANIGRAM GLOBAL INC. CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY For the year ended September 30, 2025 and 2024 (Expressed in CDN $000's except share and per share amounts) NUMBER OF SHARES SHARE CAPITAL EQUITY RESERVES ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME ACCUMULATED DEFICIT SHAREHOLDERS' EQUITY $— Balance - October 1, 2023 81,161,630 $776,906 $33,404 $(159) $(538,528) $271,623 Unit financing, net of issuance costs (Note 14 (iii)) 8,901,000 19,157 — — — 19,157 Private placement (Note 14 (iii)) 17,322,915 53,365 — — — 53,365 Share-based compensation (Note 14 (iv)) — — 7,182 — — 7,182 Exercise of stock options (Note 14 (iii)) 3,942 11 (5) — — 6 Exercise of restricted share units (Note 14 (iii)) 1,193,789 3,430 (3,430) — — — Exercise of performance share units (Note 14 (iii)) 2,216 22 (22) — — — Net loss — — — — (45,440) (45,440) Other comprehensive loss 96 — 96 Balance - September 30, 2024 108,585,492 $852,891 $37,129 $(63) $(583,968) $305,989 Balance - October 1, 2024 108,585,492 $852,891 $37,129 $(63) $(583,968) $305,989 Shares issued related to business combination, net of issue costs of $71 (Note 14 (iii) and Note 26) 17,233,950 39,050 — — — 39,050 Private placement (Note 14 (iii)) 7,562,447 23,963 — — — 23,963 Share-based compensation (Note 14 (iv)) — — 4,217 — — 4,217 Exercise of stock options (Note 14 (iii)) 2,500 11 (7) — — 4 Exercise of restricted share units (Note 14 (iii)) 1,063,473 3,841 (3,841) — — — Exercise of performance share units (Note 14 (iii)) 13,167 152 (152) — — — Net loss — — — (24,759) (24,759) Other comprehensive loss — — — 666 — 666 Balance - September 30, 2025 134,461,029 $919,908 $37,346 $603 $(608,727) $349,130 The accompanying notes are an integral part of these Consolidated Financial Statements. CONSOLIDATED FINANCIAL STATEMENTS \| FOR THE YEAR ENDED SEPTEMBER 30, 2025 AND 2024 11

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ORGANIGRAM GLOBAL INC. CONSOLIDATED STATEMENTS OF CASH FLOWS For the year ended September 30, 2025 and 2024 (Expressed in CDN $000's except share and per share amounts) YEAR ENDED SEPTEMBER 30, 2025 SEPTEMBER 30, 2024 CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES Net loss $(24,759) $(45,440) Items not affecting operating cash: Share-based compensation (Note 14 (iv)) 4,217 7,182 Depreciation and amortization (Note 8 and 9) 17,975 12,079 Loss (gain) on disposal of property, plant and equipment and intangible assets 9 (633) Realized fair value on inventories sold and other inventory charges (Note 7) 67,125 52,078 Unrealized gain on changes in fair value of biological assets (Note 6) (73,008) (51,151) Investment income, net of financing costs (1,150) (3,311) Share of loss from investments in associates (Note 16) — 5,284 Change in fair value of contingent consideration (Note 26) (9,743) (50) Bad debts and provision for expected credit losses (Note 5) 274 4,222 Change in fair value of derivative liabilities, preferred shares and other financial assets (Note 11, 12 and 13) 27,505 7,718 Share issuance costs allocated to derivative liabilities and preferred shares (Note 14) 170 937 Unrealized foreign exchange gain (313) — Income tax recovery (Note 24) (13,770) — Cash used in operating activities before working capital changes (5,468) (11,085) Changes in non-cash working capital: Net change in accounts and other receivables, biological assets, inventories, prepaid expenses and deposits (15,287) (12,059) Net change in accounts payable and accrued liabilities, provisions and other liabilities 13,164 27,016 Net cash (used in) provided by operating activities (7,591) 3,872 FINANCING ACTIVITIES Proceeds from unit financing, net of issuance costs (Note 14 (iii)) — 26,018 Private placement, net of share issuance costs (Note 14 (iii)) 41,181 82,541 Payment of lease liabilities, net of sublease receipts (Note 15) (1,792) (710) Payment of long-term debt (60) (76) Stock options exercised (Note 14 (iii)) 4 6 Net cash provided by financing activities 39,333 107,779 INVESTING ACTIVITIES Purchase of short-term investments (800) (800) Proceeds from short-term investments 897 — Investment income 1,601 3,518 Acquisition of subsidiary (Note 26) (65,620) — Other financial assets (Note 11) (207) (28,440) Proceeds on sale of property, plant and equipment 112 257 Purchase of property, plant and equipment (Note 8) (17,022) (4,731) Purchase of intangible assets (Note 9) (27) (607) Net cash used in investing activities (81,066) (30,803) Effect of foreign exchange on cash $313 $— (DECREASE) INCREASE IN CASH $(49,011) $80,848 CASH AND RESTRICTED CASH Beginning of period $132,605 $51,757 End of period $83,594 $132,605 Less: restricted cash (55,394) (25,860) Cash as presented on the statement of financial position $28,200 $106,745 The accompanying notes are an integral part of these Consolidated Financial Statements. CONSOLIDATED FINANCIAL STATEMENTS \| FOR THE YEAR ENDED SEPTEMBER 30, 2025 AND 2024 12

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ORGANIGRAM GLOBAL INC. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS For the year ended September 30, 2025 and 2024 (Expressed in CDN $000's except share and per share amounts and unless otherwise specified) 1. NATURE OF OPERATIONS Organigram Global Inc. (formerly known as "Organigram Holdings Inc.") (the "Company") is a publicly listed corporation with its common shares (the "Common Shares") trading on the Toronto Stock Exchange ("TSX") and on the Nasdaq Global Select Market ("NASDAQ") under the symbol "OGI". The head office of the Company is 1400-145 King Street West, Toronto, Ontario, Canada, M5H 1J8 and the registered office is 35 English Drive, Moncton, New Brunswick, Canada, E1E 3X3. On March 24, 2025, the shareholders of the Company at the annual and special meeting of shareholders approved an amendment to the articles of the Company to change the name of the Company to "Organigram Global Inc". On March 31, 2025, the Company obtained all regulatory approvals for the change of name of the Company. The Company's wholly-owned subsidiaries are: (i) Organigram Inc., a licensed producer ("LP" or "Licensed Producer") of cannabis and cannabis-derived products in Canada regulated by Health Canada under the Cannabis Act (Canada) and the Cannabis Regulations (Canada); (ii) 10870277 Canada Inc., a special purpose holding company for the Company; and (iii) Organigram USA Inc. (formerly known as Collective Project USA Limited) ("OGI USA"), a wholly-owned subsidiary of Organigram Inc. The Company was incorporated under the Business Corporations Act (British Columbia) on July 5, 2010, and continued under the Canada Business Corporations Act ("CBCA") on April 6, 2016. Organigram Inc. was incorporated under the Business Corporations Act (New Brunswick) on March 1, 2013. 10870277 Canada Inc. was incorporated under the CBCA on July 4, 2018. OGI USA was incorporated under the General Corporate Law of the State of Delaware on April 12, 2019. On October 1, 2023, Organigram Inc. amalgamated with the Company's then wholly-owned subsidiaries, The Edibles and Infusions Corporation ("EIC") and Laurentian Organic Inc. ("Laurentian") and continued as a single corporation under the name "Organigram Inc.", a 100% owned subsidiary of the Company. EIC was incorporated under the Business Corporations Act (Ontario) on September 20, 2018. Laurentian was incorporated under the CBCA on March 18, 2019. On April 1, 2025, Organigram Inc. amalgamated with the Company's then wholly-owned subsidiary, Motif Labs Ltd. ("Motif") and continued as a single corporation under the name "Organigram Inc.", a 100% owned subsidiary of the Company. Motif was incorporated under the Business Corporations Act (Ontario) on December 18, 2017. On October 1, 2025, Organigram Inc. amalgamated with the Company's then wholly-owned subsidiary, Collective Project Limited ("CPL") and continued as a single corporation under the name "Organigram Inc.", a 100% owned subsidiary of the Company. CPL was incorporated under the CBCA on October 23, 2013. 2. BASIS OF PREPARATION i. Statement of compliance These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB") and interpretations of the IFRS Interpretations Committee ("IFRIC"). These consolidated financial statements were approved and authorized for issue by the Board of Directors of the Company (the "Board of Directors") on December 11, 2025. ii. Basis of measurement These consolidated financial statements have been prepared on a historical cost basis except for biological assets, share- based compensation, contingent consideration, short-term investments, other financial assets and derivative liabilities, which are measured at fair value. Historical cost is the fair value of the consideration given in exchange for goods and services, which is generally based upon the fair value of the consideration given in exchange for assets at the time of the transaction. iii. Basis of consolidation These consolidated financial statements include the accounts of the Company and its subsidiaries on a consolidated basis after elimination of intercompany transactions and balances. Subsidiaries are entities the Company controls when it is exposed, or has rights, to variable returns from its involvement and has the ability to affect those returns through its power to direct the relevant activities of the subsidiaries. The results of subsidiaries acquired during the year are consolidated from the date of acquisition. Associates are all entities over which the Company has significant influence but not control or joint control. Investments in associates are accounted for using the equity method after initial recognition at cost. Joint operations are arrangements in CONSOLIDATED FINANCIAL STATEMENTS \| FOR THE YEAR ENDED SEPTEMBER 30, 2025 AND 2024 13

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which the Company has joint control. The Company includes its proportionate share of the assets acquired and expenses incurred of the joint operation. iv. Foreign currency translation Functional and presentation currency These consolidated financial statements are presented in Canadian dollars, which is the Company's and its subsidiaries' functional currency, except for the Company's subsidiary, OGI USA, for which the functional currency has been determined to be United States dollars. Transactions and balances Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of foreign currency transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in currencies other than an operation's functional currency are recognized in the consolidated statements of operations and comprehensive loss. Foreign operations The assets and liabilities of foreign operations, including goodwill and fair value adjustments arising on acquisition, are translated to Canadian dollars at exchange rates at the reporting date. The income and expenses of foreign operations are translated to Canadian dollars using average exchange rates for the month during which the transactions occurred. Foreign currency differences are recognized in the consolidated statements of operations and comprehensive loss within other comprehensive (loss) income and are accumulated in accumulated other comprehensive (loss) income. When the Company disposes of its entire interest in a foreign operation, or loses control over a foreign operation, the foreign currency gains or losses accumulated in other comprehensive (loss) income related to the foreign operation are recognized in the consolidated statements of operations and comprehensive loss. If the Company disposes of part of an interest in a foreign operation that remains a subsidiary, a proportionate amount of foreign currency gains or losses accumulated in other comprehensive (loss) income related to the subsidiary is reallocated between controlling and non-controlling interests. 3. MATERIAL ACCOUNTING POLICY INFORMATION i. Cash Cash is a financial asset that is measured at amortized cost, which approximates fair value and includes cash-on-hand and deposits held with financing institutions. ii. Short-term investments The Company considers short-term investments in the form of guaranteed investment certificates to be an investing activity. These investments are measured at amortized cost. iii. Financial assets Accounts and other receivables are initially recognized when they are originated. All other financial assets are initially recognized when the Company becomes a party to the contractual provisions of the instrument. On initial recognition, financial assets are classified as measured at: amortized cost, fair value through profit or loss ("FVTPL") or fair value through other comprehensive income ("FVTOCI"). Financial assets are not reclassified subsequent to their initial recognition unless the Company changes its business model for managing financial assets, in which case all affected financial assets are reclassified on the first day of the first reporting period following the change in the business model. A financial asset is measured at amortized cost if it meets both of the following conditions and is not designated as at FVTPL: • it is held within a business model whose objective is to hold assets to collect contractual cash flows; and • its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. On initial recognition of an equity investment that is not held for trading, the Company may irrevocably elect to present subsequent changes in the investment's fair value in other comprehensive income ("OCI"). This election is made on an investment-by-investment basis. Financial assets not classified as being measured at amortized cost or FVTOCI as described above are measured at FVTPL. This includes all derivative financial assets. On initial recognition, the Company may irrevocably designate a financial asset CONSOLIDATED FINANCIAL STATEMENTS \| FOR THE YEAR ENDED SEPTEMBER 30, 2025 AND 2024 14

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that otherwise meets the requirements to be measured at amortized cost or at FVTOCI as at FVTPL if doing so eliminates or significantly reduces an accounting mismatch that would otherwise arise. The Company initially measures a financial asset at its fair value plus, in the case of a financial asset not at FVTPL, transaction costs. Subsequent to initial measurement, financial assets are measured as follows: • Financial assets at FVTPL: These assets are subsequently measured at fair value. Net gains and losses, including any interest or dividend income, are recognized in the consolidated statements of operations and comprehensive loss. • Financial assets at amortized cost: These assets are subsequently measured at amortized cost using the effective interest method. The amortized cost is reduced by impairment losses, if any. Interest income, foreign exchange gains and losses and impairment are recognized in the consolidated statements of operations. Any gain or loss on derecognition is recognized in the consolidated statements of operations and comprehensive loss. • Debt investments at FVOCI: These assets are subsequently measured at fair value. Interest income calculated using the effective interest method, foreign exchange gains and losses and impairment are recognized in the consolidated statement of operations. Other net gains and losses are recognized in other comprehensive income (loss). On derecognition, gains and losses accumulated in OCI are reclassified to the consolidated statements of operations and comprehensive loss. • Equity instruments at FVOCI: These assets are subsequently measured at fair value. Dividends are recognized in income in the consolidated statements of operations and comprehensive loss unless the dividend clearly represents a recovery of part of the cost of the investment. Other net gains and losses are recognized in OCI and are never reclassified to the consolidated statements of operations and comprehensive loss. iv. Biological assets While the Company's biological assets are within the scope of IAS 41 Agriculture, the direct and indirect costs of biological assets are determined using an approach similar to the capitalization criteria outlined in IAS 2 Inventories. This includes the direct cost of labour, seeds and growing materials, as well as other indirect costs such as utilities and supplies used in the growing process. Indirect labour cost for individuals involved in the growing and quality control process is also included, as well as depreciation of manufacturing assets. All direct and indirect costs of biological assets are capitalized as they are incurred. Biological assets are measured at their fair value less costs to sell on the consolidated statements of financial position and unrealized fair value gains/losses on growth of biological assets are recorded on the consolidated statements of operations and comprehensive loss. v. Inventories Inventories of finished goods and packaging and supplies are initially valued at cost, and subsequently at the lower of cost and net realizable value on the consolidated statements of financial position. Net realizable value is the estimated selling price in the ordinary course of business, less the estimated costs to sell. The Company reviews inventories for obsolete, redundant and slow-moving goods and any such inventories identified are written down to net realizable value. The direct and indirect costs of finished goods inventory initially include the fair value of the biological asset at the time of harvest. They also include subsequent costs such as materials, labour and depreciation expense on equipment involved in packaging, labeling and inspection. All direct and indirect costs related to inventory are capitalized as they are incurred, and they are subsequently recorded within cost of sales on the consolidated statements of operations and comprehensive loss at the time the inventory is sold. vi. Property, plant and equipment Property, plant and equipment are initially recognized at acquisition cost or manufacturing cost, including any costs directly attributable to bringing the assets to the location and condition necessary for the asset to be capable of operating in the manner intended by the Company's management. Property, plant and equipment are subsequently measured at cost, less accumulated depreciation and impairment losses, if any. Depreciation is recognized on a straight-line basis to reduce the cost, less estimated residual value, of depreciable fixed assets. The following useful lives are applied: Buildings 5-25 years Growing and processing equipment 2-10 years Computer equipment 3-5 years Vehicles 5 years Furniture and fixtures 10 years Leasehold improvements 5-20 years Right-of-use assets term of lease Gains or losses arising on the disposal of property, plant and equipment are determined as the difference between the disposal proceeds and the carrying amount of the assets, and are recognized as profit or loss within the consolidated statements of operations and comprehensive loss. CONSOLIDATED FINANCIAL STATEMENTS \| FOR THE YEAR ENDED SEPTEMBER 30, 2025 AND 2024 15

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Construction in process is transferred to the appropriate asset class when available for use and depreciation of these assets commences at that point. An asset's residual value, useful life and depreciation method are reviewed each year and adjusted if appropriate. When parts of an item of equipment have different useful lives, they are accounted for as separate items (major components) and depreciated accordingly. vii. Goodwill Goodwill represents the future economic benefits arising from a business combination that are not individually identified and separately recognized. Goodwill is carried at cost less accumulated impairment losses, if any. The Company monitors goodwill at the group of cash-generating unit ("CGU") level and accordingly for the purpose of impairment testing, goodwill has been allocated to the group of CGUs. Goodwill is tested annually for impairment at year end, or more frequently when there is an indication that goodwill may be impaired. If the recoverable amount, representing the higher of its fair value less cost to sell and its value in use, of the group of CGUs is less than its carrying amount, any resulting impairment loss is first allocated to goodwill and subsequently to other assets on a pro rata basis, but not below the fair value of the assets, for each CGU. Any goodwill impairment loss is recorded in the consolidated statements of operations and comprehensive loss in the period of impairment. Previously recognized impairment losses for goodwill are not reversed in subsequent periods. During the year ended September 30, 2025, the Company reassessed the identification of its CGUs in accordance with IAS 36. In the prior year, the Company had identified three CGUs: Moncton Campus, Lac-Supérieur, and Winnipeg Campus. As a result of operational changes implemented in the current year, including the integration of production facilities and supply chain functions, centralization of budgeting and performance monitoring, and the acquisition of Motif and CPL, management determined that cash inflows can no longer be attributed to the three individual CGUs previously identified. The Company now monitors cash inflows at two CGUs: Canadian CGU representing all cannabis-related activities in Canada; and CPL CGU, representing the newly acquired CPL business. The change in CGU structure did not result in an impairment test on previously recognized goodwill, as all goodwill had been fully impaired in the prior year. Comparative information has not been restated, as impairment testing for the prior year was performed using the CGU structure applicable at that time. viii. Impairment of non-financial assets Goodwill and indefinite life intangible assets are tested annually for impairment, or more frequently when there is an indication that goodwill and indefinite life intangible assets may be impaired. Property, plant and equipment and definite life intangible assets are reviewed each reporting period for indicators of impairment. For the purpose of impairment testing, assets that cannot be tested individually are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or groups of assets. The Company monitors goodwill at the group of CGUs level and accordingly for the purpose of impairment testing, goodwill has been allocated to the group of CGUs. There may be an indication of an impairment of an individual CGU within a group of CGUs containing the goodwill. In such circumstances, the Company tests the individual CGU for impairment first, and recognizes any impairment loss for that CGU, before testing for impairment of the group of CGUs to which the goodwill is allocated. If the recoverable amount of the individual CGU is less than its carrying amount, any resulting impairment loss is allocated to the assets within the individual CGU on a pro rata basis using the carrying amount of each asset within the individual CGU. If the recoverable amount of the group of CGUs is less than its carrying amount, any resulting impairment loss is first allocated to goodwill and subsequently to other assets on a pro rata basis for each individual CGU. In allocating an impairment loss, the Company does not reduce the carrying amount of an asset or lower level CGUs below its recoverable amount determined based on the higher of fair value less costs of disposal and value in use. Except for goodwill, where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the lesser of the revised estimate of recoverable amount, and the carrying amount that would have been recorded had no impairment loss been recognized previously. ix. Share-based payments The Company measures equity settled share-based payments based on their fair value at the grant date and recognizes compensation cost over the vesting period based on the Company's estimate of equity instruments that will eventually vest. Fair value for options is determined using the Black-Scholes option pricing model and fair value for restricted share units ("RSUs") and performance share units ("PSUs") is determined using the Company's share price at the grant date. Expected forfeitures are estimated at the date of the grant and subsequently adjusted if further information indicates actual forfeitures may vary from the original estimate. The impact of the revision of the original estimate is recognized in profit or loss such that the cumulative cost recognized is reflected in the period the estimate is revised. Cancellations of unvested equity settled share-based payments are accounted for as an acceleration of vesting and any remaining unamortized costs are recognized immediately in profit or loss. CONSOLIDATED FINANCIAL STATEMENTS \| FOR THE YEAR ENDED SEPTEMBER 30, 2025 AND 2024 16

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For stock options granted to non-employees, the cost is measured at the fair value of the goods and services received except when the fair value cannot be estimated, in which case it is measured at the fair value of the equity instrument granted. Consideration paid by employees or non-employees on the exercise of options is recorded as an increase to share capital and the related share-based payment cost is transferred from equity reserves to share capital. x. Investments in associates and joint operations Associates are companies over which the Company has significant influence. Significant influence is presumed when the Company has an ownership interest greater than 20%, unless certain qualitative factors overcome this assumption. Conversely, where the Company has an ownership interest of less than 20%, it is presumed that the Company does not have significant influence, unless certain qualitative factors overcome this assumption. In assessing significant influence and the ownership interest, potential voting rights that are currently exercisable are taken into consideration. Investments in associates are accounted for using the equity method and are initially recognized at cost, inclusive of transaction costs. The consolidated financial statements include the Company's share of the income or loss and equity movement of equity accounted associates. In accordance with IFRS, the associate's most recent available financial statements are used in the application of the equity method. Where the associate's reporting period differs from the Company's, the associate prepares financial information as of the same period end as the Company, unless it is impracticable to do so. Otherwise, the Company will adjust for its share of income and expenses and equity movement based on the associate's most recently completed financial statements, adjusted for the effects of significant transactions. The Company does not recognize losses exceeding the carrying value of its interest in the associate. The Company recognizes its share of the assets, liabilities, revenue and expenses of joint operations in accordance with the related agreements (Note 25). Investments in associates are considered impaired and impairment losses are recognized if, and only if, there is objective evidence of impairment as a result of one or more events that occurred after the initial recognition of the net investment (a 'loss event') and that loss event (or events) has an impact on the estimated future cash flows from the net investment that can be reliably estimated. In such cases, the carrying value of the associate is written down to its recoverable amount which is the higher of value in use and fair value less costs of disposal. xi. 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 intangible assets is recorded on a straight-line basis over their estimated useful lives, which do not exceed the contractual period, if any. Other intangible assets with a definite useful life are amortized over the estimated useful lives which are as follows: License agreements 1-5 years Brands 5-15 years Non-compete agreements 5 years Customer relationship 5 years The estimated useful lives, residual values, and amortization methods are reviewed at each year end, and any changes in estimates are accounted for prospectively. Intangible assets with an indefinite life or not yet available for use are not subject to amortization, but are tested for impairment annually. The Company does not have intangible assets not yet in use or indefinite life intangible assets. Research costs are expensed as incurred. Development expenditures are capitalized only if development costs can be measured reliably, the product or process is technically and commercially feasible, future economic benefits are probable, and the Company intends to and has sufficient resources to complete development to use or sell the asset. Research costs and other related expenditures that are not eligible to be capitalized are recognized as an expense in the consolidated statements of operations and comprehensive loss as incurred. xii. Provisions Provisions are recognized when the Company has a present legal or constructive obligation based on past events, it is probable that an outflow of economic resources will be required to settle the obligation and the amount can be reasonably estimated. Provisions are measured at the present value of the estimated expenditures expected to settle the obligation, if the effect of the time value of money is material. xiii. Loss per share Basic and diluted loss per share is calculated by dividing net loss attributable to common shareholders by the weighted average number of shares outstanding during the year. When there is net income, diluted loss per share is calculated in a similar manner, but with adjustments to give effect to all dilutive potential common shares outstanding during the year. The dilutive effect of warrants, options, Top-up Rights, RSUs and PSUs is calculated using the treasury stock method. Anti-dilutive effects of potential conversions of securities are ignored for this calculation. CONSOLIDATED FINANCIAL STATEMENTS \| FOR THE YEAR ENDED SEPTEMBER 30, 2025 AND 2024 17

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xiv. Revenue recognition Revenue from the direct sale of cannabis dried flower and cannabis derivative products for a fixed price is recognized when the Company transfers control of the goods to the customer. This transfer occurs either at the point of delivery or, in certain cases, when the product is shipped from the Company's facilities. Gross revenue includes excise taxes, which the Company pays as principal, but excludes duties and taxes collected on behalf of third parties. Gross revenue also includes the net consideration to which the Company expects to be entitled. 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 certain promotional activities 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. Net revenue is revenue less excise taxes. Excise taxes are effectively a production tax which becomes payable when the product is removed from the Company's premises and may or may not be directly related to the revenue depending on the province of sale. It is generally not included as a separate item on external invoices; increases in excise tax are not always passed on to the customer and where a customer fails to pay for product received, the Company cannot reclaim the excise tax. The Company therefore recognizes excise tax, unless it regards itself as an agent of the regulatory authorities, as a cost and reduction to revenue for the Company. xv. Derivative liabilities Derivative liabilities are initially recognized at fair value at the date on which the derivative contract was entered into. Any attributable transaction costs are recognized in the consolidated statements of operations and comprehensive loss as incurred. Subsequent to initial recognition, derivative liabilities are measured at fair value at each reporting date until settlement, with the re-measurement gain or loss being recognized immediately in the consolidated statements of operations and comprehensive loss. The Company does not enter into or hold derivative financial instruments for trading or speculative purposes. For more details on derivative liabilities consisting of warrants, Top-up Rights, commitment to issue Preferred Shares (as defined in Note 12) in the future and a secured convertible loan, see Note 12. xvi. Preferred shares The Preferred Shares contain embedded derivatives that normally require bifurcation. However, the Company has elected to account for the entire instrument as FVTPL after determining under IFRS 9 that the Preferred Shares qualify to be accounted for under such FVTPL method. xvii. Income taxes The measurement of income taxes payable and deferred income tax assets and liabilities requires management to make judgments in the interpretation and application of the relevant tax laws. The actual amount of income taxes only becomes final upon filing and acceptance of the tax return by the relevant authorities, which occurs subsequent to the issuance of the consolidated financial statements. Income tax expense in the consolidated statements of operations and comprehensive loss is the sum of current and deferred tax as explained below. Current tax is the expected income tax payable (recoverable) on the taxable income (loss) for the year, using tax rates enacted, or substantively enacted, as at the end of the reporting year. Current tax expense (recovery) included in the consolidated statements of operations and comprehensive loss reflects the current tax for the reporting year, plus adjustments to the current tax of prior years, less current tax recorded directly in other comprehensive income (loss) or equity. Deferred taxes are accounted for under the liability method and are the taxes expected to be payable or recoverable on the temporary differences between the carrying amounts of assets and liabilities in the consolidated financial statements and the corresponding tax bases used in the computation of taxable income. Deferred tax liabilities are generally recognized for all taxable temporary differences and deferred tax assets are recognized to the extent that it is probable that taxable income will be available against which deductible temporary differences and unused tax losses and tax credits can be utilized. Deferred tax is calculated on a non-discounted basis, using enacted or substantively enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The carrying amounts of individual deferred tax assets are reviewed at the end of each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized; such reductions are reversed when the probability of future taxable profits improves. Unrecognized deferred tax assets are reassessed at each reporting date and recognized to the extent that it has become probable that future taxable profits will be available against which they can be used. Deferred tax is not recognized for: i) temporary differences related to the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable profit or loss; ii) differences relating to investments in subsidiaries to the extent that it is probable that they will not reverse in the foreseeable future; and iii) differences arising on the initial recognition of goodwill. CONSOLIDATED FINANCIAL STATEMENTS \| FOR THE YEAR ENDED SEPTEMBER 30, 2025 AND 2024 18

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xviii. Borrowing costs Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time that the assets are substantially ready for their intended use or sale. Other borrowing costs are expensed in the period in which they are incurred and reported in finance costs. No borrowing costs were capitalized during the years presented. xix. Business combinations The Company accounts for business combinations using the acquisition method when the acquired set of activities and assets meets the definition of a business and control is transferred to the Company. In determining whether a particular set of activities and assets is a business, the Company assesses whether the set of assets and activities acquired includes, at a minimum, an input and substantive process and whether the acquired set of assets and activities has the ability to produce outputs. The Company has an option to apply a "concentration test" that permits a simplified assessment of whether an acquired set of activities and assets is not a business. The optional concentration test is met if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets. The consideration transferred in the acquisition is generally measured at fair value, as are the identifiable assets acquired and liabilities assumed. Goodwill is the excess of consideration transferred over the fair value of the net tangible and intangible assets acquired, at the acquisition date, and is tested annually for impairment, or when indicators of impairment arise. Any gain on a bargain purchase is recognized in profit or loss immediately. Transaction costs are expensed as incurred, except if related to the issuance of debt or equity securities. The consideration transferred does not include amounts related to the settlement of any pre-existing relationships. Such amounts are generally recognized in profit or loss. Any contingent consideration is measured at fair value at the date of acquisition. If an obligation to pay contingent consideration that meets the definition of a financial instrument is classified as equity, then it is not remeasured, and settlement is accounted for within equity. Otherwise, other contingent consideration is remeasured at fair value at each reporting date and subsequent changes in the fair value of the contingent consideration are recognized in profit or loss. xx. Critical accounting estimates and judgments The preparation of the consolidated financial statements in conformity with IFRS requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the year in which the estimates are revised and in any future years affected. The following are the estimates and judgments made by management in applying the accounting policies of the Company that have the most significant effect on the consolidated financial statements: 1. Biological assets and inventories Determination of the fair value of biological assets requires management to make a number of estimates, including estimating the average selling price per gram and expected average yield per plant. The Company records obsolete and unsalable inventories at the lower of cost and net realizable value. Adjustments to the carrying value of inventories are based on obsolescence trends, historical experience, forecast demand and average selling price for obsolete and unsalable inventories. Refer to Notes 6 and 7 for further information. 2. Useful lives and impairment of property, plant and equipment and finite-life intangible assets Amortization of property, plant and equipment and finite life intangible assets requires estimates of useful lives, which are determined through the exercise of judgment. The assessment of any impairment of these assets is dependent upon estimates of recoverable amounts, taking into consideration factors such as economic and market conditions. 3. Share-based payments In determining the fair value of options and related costs, management estimates the expected life of the option, the expected volatility of the Company's share price, the risk-free interest rate, and the rate of forfeitures. Refer to Note 14 for further information. 4. Provision for returns and price adjustments Government customers typically have the right to return products, and in some cases, the right to pricing adjustments for products that are subsequently discounted or sold for a lower price in another jurisdiction. The estimation of potential future returns and pricing adjustments includes the use of management estimates and assumptions that may not be certain given the evolving nature of the industry. CONSOLIDATED FINANCIAL STATEMENTS \| FOR THE YEAR ENDED SEPTEMBER 30, 2025 AND 2024 19

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5. Impairment of non-financial assets The recoverable amount of an individual CGU and group of CGUs is determined based on value in use which involves the use of a discounted cash flow model and significant assumptions which include forecasted cash flows, terminal growth rate and post-tax discount rates. In allocating any impairment loss, the Company determines the recoverable amounts of its property, plant and equipment. The recoverable amount of property and plant is determined based on fair value less costs of disposal and involves the use of capitalization rates, market rentals, market transactions and demolition costs. Refer to Note 8 for further information. 6. Derivative liabilities Warrants issued pursuant to equity offerings that are potentially exercisable in cash or on a cashless basis resulting in a variable number of shares being issued are considered derivative liabilities and therefore measured at fair value through profit or loss. The Company uses the Black-Scholes option pricing model to estimate the fair value of such warrants at inception, on each exercise, and subsequently at the period end date. The key assumption used in the model is the expected future volatility in the price of the Company's Common Shares. The potential issuance of Common Shares related to Top-up Rights is classified as a derivative liability and is therefore measured at fair value through profit or loss. The Company uses the Monte Carlo pricing model to estimate the fair value of such Top-up Rights at inception, upon each exercise, and at year-end. The key assumption used in the model is the expected future volatility of the price of the Company's Common Shares. The impact of changes in these key assumptions is described in Note 12. 7. Recognition and measurement of preferred shares and derivative financial instrument In determining the initial and subsequent measurement of the Preferred Shares and relative derivative, management has applied significant judgment and estimation in regards to the fair valuation of the Preferred Shares and related derivative liability. Refer to Notes 12 and 19 for further information. 8. Recognition and measurement of other financial assets In determining the initial and subsequent recognition and measurement of the other financial assets, management has applied significant judgment and estimates including but not limited to determining the appropriate valuation methodology and key inputs. Refer to Notes 11 and 19 for further information. 9. Business Combinations Management performs a valuation analysis to allocate the purchase price based on the acquisition date fair values of the identifiable assets acquired and liabilities assumed. Determining the fair value of identifiable assets acquired and liabilities assumed on the acquisition date and contingent consideration requires the use of judgment and estimates. With respect to the acquisitions, the significant assumptions related to estimating the fair value of the acquired brands and customer relationships, included: the royalty rate, forecasted revenues, and forecasted cash flows. Valuations are highly dependent on the inputs used and assumptions made by management regarding the future performance of these assets and any changes in the discount rate applied. New and amended accounting standards effective for the current year Amendments to IAS 1: Classification of Liabilities as Current or Non-Current and Non-current Liabilities with Covenants In January 2020 and October 2022, the IASB issued amendments to IAS 1 to specify the requirements relating to determining whether a liability should be presented as current or non-current in the statement of financial position. Under the new requirements, the assessment of whether a liability is presented as current or non-current is based on the contractual arrangements in place as at the reporting date and does not impact the amount or timing of recognition. These amendments also clarify how conditions with which an entity must comply within twelve months after the reporting period affect the classification of a liability. The amendments apply retrospectively for annual reporting periods beginning on or after January 1, 2024. These amendments do not have a material impact on the Company's consolidated financial statements. Amendments to IFRS 16: Lease Liability in a Sale and Leaseback On September 22, 2022, the IASB issued amendments to IFRS 16 Leases, to specify the requirements that a seller-lessee uses in measuring the lease liability arising in a sale and leaseback transaction, to ensure the seller-lessee does not recognize any amount of the gain or loss that relates to the right of use it retains. The amendments are effective for annual reporting periods beginning on or after January 1, 2024 and must be applied retrospectively to sale and leaseback transactions entered into after the date of initial application of IFRS 16. Earlier application is permitted and that fact must be disclosed. The Company has not entered into any sale and leaseback transactions in the past and does not anticipate doing so in the future. Therefore, these amendments do not have an impact on the Company's consolidated financial statements. Amendments to IAS 7 and IFRS 7: Supplier Finance Arrangements In May 2023, the IASB issued amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures to clarify the characteristics of supplier finance arrangements and require additional disclosure of such arrangements. The disclosure requirements in the amendments are intended to assist users of financial statements in understanding the effects of CONSOLIDATED FINANCIAL STATEMENTS \| FOR THE YEAR ENDED SEPTEMBER 30, 2025 AND 2024 20

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supplier finance arrangements on an entity's liabilities, cash flows and exposure to liquidity risk. These amendments do not have an impact on the Company's consolidated financial statements. Accounting standards issued but not yet effective The new and amended standards and interpretations that are issued, but are not yet effective, up to the date of issuance of the Company's consolidated financial statements are disclosed below. The Company intends to adopt these new and amended standards and interpretations when they become effective. Amendment to the Classification and Measurement of Financial Instruments – Amendments to IFRS 9 and IFRS 7 In May 2024, the IASB issued amendments to IFRS 9 and IFRS 7 to respond to recent questions arising in practice, and to include new requirements not only for financial institutions but also for corporate entities. These amendments: • clarify the date of recognition and derecognition of some financial assets and liabilities, with a new exception for some financial liabilities settled through an electronic cash transfer system; • clarify and add further guidance for assessing whether a financial asset meets the solely payments of principal and interest (SPPI) criterion; • add new disclosures for certain instruments with contractual terms that can change cash flows (such as some financial instruments with features linked to the achievement of environment, social and governance targets); and • update the disclosures for equity instruments designated at fair value through other comprehensive income (FVOCI). These amendments are effective for annual reporting periods beginning on or after January 1, 2026, and must be applied retrospectively. Earlier application is permitted. The Company is currently evaluating the full potential impact of these amendments on the consolidated financial statements. IFRS 18 Presentation and Disclosure in Financial Statements In April 2024, the IASB issued IFRS 18, which replaces IAS 1 Presentation of financial statements. IFRS 18 introduces new requirements for presentation within the statement of profit or loss, including specified totals and subtotals. Furthermore, entities are required to classify all income and expenses within the statement of profit or loss into one of five categories: operating, investing, financing, income taxes and discontinued operations, whereof the first three are new. It also requires disclosure of newly defined management-defined performance measures, subtotals of income and expenses, and includes new requirements for aggregation and disaggregation of financial information based on the identified "roles" of the primary financial statements (PFS) and the notes. In addition, narrow-scope amendments have been made to IAS 7 Statement of Cash Flows. These include changing the starting point for determining cash flows from operations under the indirect method from "profit or loss" to "operating profit or loss" and removing the optionality around classification of cash flows from dividends and interest. In addition, there are consequential amendments to several other standards. IFRS 18 and the amendments to the other standards, are effective for annual reporting periods beginning on or after January 1, 2027, but earlier application is permitted and must be disclosed. IFRS 18 will apply retrospectively. The Company is currently evaluating the potential impact of IFRS 18 on the Company's consolidated financial statements. IFRS 19 Subsidiaries without Public Accountability: Disclosures and amendment In May 2024, the IASB issued amendments to IFRS 19, which permits an eligible subsidiary (i.e., a subsidiary without public accountability, whose ultimate or intermediate parent prepares consolidated financial statements under IFRS) to apply reduced disclosure requirements while otherwise applying full IFRS recognition, measurement and presentation requirements.The standard is effective for annual periods beginning on or after January 1, 2027 and may be applied prospectively, with earlier application permitted. As the Company is not a subsidiary and has public accountability (its shares are publicly traded), it is not eligible to apply IFRS 19 and therefore these amendments are not expected to have any impact on the Company's consolidated financial statements. Amendments to IAS 21 - Lack of Exchangeability In August 2023, the IASB amended IAS 21 to clarify when a currency is exchangeable into another currency and how a company estimates a spot rate when a currency lacks exchangeability. The amendments are effective for annual reporting periods beginning on or after January 1, 2025 and must be applied prospectively to foreign-currency items entered into after the date of initial application. These amendments are not expected to have a material impact on the Company's consolidated financial statements. 4. RESTRICTED CASH As at September 30, 2025, the Company held restricted cash balances of $55,394 (September 30, 2024 - $25,860). These balances represent proceeds received under the product development collaboration agreement dated March 10, 2021 (the CONSOLIDATED FINANCIAL STATEMENTS \| FOR THE YEAR ENDED SEPTEMBER 30, 2025 AND 2024 21

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"PDC Agreement"), and the subscription agreement dated November 5, 2023, with BT DE Investments Inc., a wholly-owned subsidiary of British American Tobacco p.l.c (together with investments Inc., "BAT"), and are subject to contractual restrictions that limit their use for general corporate purposes. Accordingly, these amounts are presented separately in the consolidated statements of financial position and excluded from cash and cash equivalents in the consolidated statements of cash flows. As of September 30, 2025, the Company had access to $10 million of previously restricted funds pursuant to a temporary waiver granted by BAT. The waiver permits use of these funds for general purposes through November 8, 2026, after which the original restrictions are reinstated. The Company has classified these funds as unrestricted cash based on the terms and substance of the arrangement. 5. ACCOUNTS AND OTHER RECEIVABLES The Company's accounts receivable include the following balances as at September 30, 2025 and September 30, 2024: SEPTEMBER 30, 2025 SEPTEMBER 30, 2024 Gross trade receivables $69,288 $37,851 Less: reserves for product returns and price adjustments (734) (501) Less: expected credit losses (4,969) (4,695) Trade receivables 63,585 32,655 Receivable from related party 701 3,169 Sales taxes receivable 403 14 Current portion of net investment in subleases 12 513 Other receivables 158 802 $64,859 $37,153 During the year ended September 30, 2025, the Company recognized a provision for expected credit losses of $274 (September 30, 2024 - $4,222), included in general and administrative expenses in the consolidated statements of operations and comprehensive loss. The provision for expected credit losses on receivables is determined as described in Note 19. 6. BIOLOGICAL ASSETS The Company measures biological assets, which consist of cannabis plants, at fair value less costs to sell up to the point of harvest, which then becomes the basis for the cost of finished goods inventories after harvest. Subsequent expenditures incurred on these finished goods inventories after harvest are capitalized based on IAS 2 Inventories. The changes in the carrying value of biological assets as at September 30, 2025 and September 30, 2024 are as follows: CAPITALIZED COST BIOLOGICAL ASSET FAIR VALUE ADJUSTMENT AMOUNT Balance, September 30, 2023 $6,945 $10,410 $17,355 Unrealized gain on changes in fair value of biological assets — 51,151 51,151 Production costs capitalized 40,229 — 40,229 Transfer to inventory upon harvest (41,226) (52,336) (93,562) Balance, September 30, 2024 $5,948 $9,225 $15,173 Unrealized gain on changes in fair value of biological assets — 73,008 73,008 Production costs capitalized 40,450 — 40,450 Transfer to inventory upon harvest (40,366) (70,334) (110,700) Balance, September 30, 2025 $6,032 $11,899 $17,931 The fair value less costs to sell of biological assets is determined using a model which estimates the expected harvest yield in grams for plants currently being cultivated, then adjusts that amount for the average selling price per gram, and for any additional costs to be incurred, such as post-harvest costs. The following unobservable inputs, all of which are classified as level 3 within the fair value hierarchy (see Note 19), are used in determining the fair value of biological assets: i. average selling price per gram – calculated as the weighted average current selling price of cannabis sold by the Company, adjusted for expectations about future pricing; ii. expected average yield per plant – represents the number of grams of finished cannabis inventory which is expected to be obtained from each harvested cannabis plant currently under cultivation; iii. wastage of plants based on their various stages of growth – represents the weighted average percentage of biological assets which are expected to fail to mature into cannabis plants that can be harvested; CONSOLIDATED FINANCIAL STATEMENTS \| FOR THE YEAR ENDED SEPTEMBER 30, 2025 AND 2024 22

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iv. post-harvest costs – calculated as the cost per gram of harvested cannabis to complete the sale of cannabis plants post-harvest, consisting of the cost of direct and indirect materials and labour related to drying, labelling, and packaging; and v. stage of completion in the cultivation process – calculated by taking the average number of weeks in production over a total average grow cycle of approximately 14 weeks. The Company estimates the harvest yields for the cannabis on plants at various stages of growth, based on expected yield of mature plants. As of September 30, 2025, it is expected that the Company's biological assets will yield 35,108 kg (September 30, 2024 – 28,889 kg) of cannabis when eventually harvested. The Company's estimates are, by their nature, subject to change, and differences from the expected yield will be reflected in the fair value adjustment to biological assets in future periods. The Company accretes fair value on a straight-line basis according to stage of growth. As a result, a cannabis plant that is 50% through its 14-week growing cycle would be ascribed approximately 50% of its harvest date expected fair value less costs to sell (subject to wastage adjustments). Management believes the most significant unobservable inputs and their impact on fair value are as follows: SIGNIFICANT INPUTS & WEIGHTED AVERAGE INPUT EFFECT ON FAIR VALUE ASSUMPTIONS September 30, 2025 September 30, 2024 SENSITIVITY September 30, 2025 September 30, 2024 Average selling price per gram (excluding trim) $1.78 $1.59 Increase or decrease by 10% per gram $1,756 $1,463 Expected average yield per plant 188 grams 187 grams Increase or decrease by 10 grams $946 $781 The expected average yield per plant at September 30, 2025 primarily reflects the average yield of the flower component of the plant. 7. INVENTORIES The Company's inventories are comprised of the following balances as at September 30, 2025 and September 30, 2024: SEPTEMBER 30, 2025 CAPITALIZED COST FAIR VALUE ADJUSTMENT CARRYING VALUE Plants in drying stage $4,794 $2,928 $7,722 Dry cannabis Available for packaging 14,266 17,265 31,531 Packaged inventory 4,088 2,884 6,972 Flower and trim available for extraction 2,336 1,237 3,573 Concentrated extract 4,711 1,499 6,210 Formulated extracts Available for packaging 20,267 668 20,935 Packaged inventory 11,414 346 11,760 Packaging and supplies 17,320 — 17,320 $79,196 $26,827 $106,023 CONSOLIDATED FINANCIAL STATEMENTS \| FOR THE YEAR ENDED SEPTEMBER 30, 2025 AND 2024 23

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SEPTEMBER 30, 2024 CAPITALIZED COST FAIR VALUE ADJUSTMENT CARRYING VALUE Plants in drying stage $1,390 $2,225 $3,615 Dry cannabis Available for packaging 12,059 10,570 22,629 Packaged inventory 3,297 2,493 5,790 Flower and trim available for extraction 1,354 1,950 3,304 Concentrated extract 7,283 3,833 11,116 Formulated extracts Available for packaging 5,958 2,091 8,049 Packaged inventory 3,119 366 3,485 Packaging and supplies 9,363 — 9,363 $43,823 $23,528 $67,351 Flower and trim available for extraction are converted into concentrated extract, which can then be used for oil formulation (combining with a carrier oil) or other products such as edibles, hash and vaporizable products. The amount of inventory expensed in cost of sales for the year ended September 30, 2025 was $128,821 (September 30, 2024 - $86,546). The amount of inventory provisions and processing and packaging waste for the year ended September 30, 2025 was $9,203 (September 30, 2024 - $11,216), which includes provisions for excess and unsalable inventories of $3,085 (September 30, 2024 - $4,657), adjustments to net realizable value of $1,133 (September 30, 2024 - $826) and processing and packaging waste of $4,985 (September 30, 2024 - $5,733), which is comprised of the production or purchase costs of these inventories. The remaining balance of cost of sales relates to freight and operational overheads. The amount of realized fair value on inventories sold and other inventory charges for the year ended September 30, 2025 was $67,125 (September 30, 2024 - $52,078), including realized fair value on inventories sold of $61,954 (September 30, 2024 - $43,275). Inventory provisions to recognize the realized fair value on waste and to adjust to net realizable value during the year ended September 30, 2025 were $6,304 (September 30, 2024 - $9,629) consisting of $1,133 (September 30, 2024 - $826) recognized in cost of sales and $5,171 (September 30, 2024 - $8,803) recognized in fair value adjustments. 8. PROPERTY, PLANT AND EQUIPMENT LAND BUILDINGS GROWING & PROCESSING EQUIPMENT LEASEHOLD IMPROVEMENTS OTHER RIGHT-OF- USE ASSETS TOTAL Cost Balance, September 30, 2023 $4,705 $160,980 $166,940 $555 $14,419 $4,600 $352,199 Additions — 1,811 2,253 — 180 1,384 5,628 Disposals — — (241) — (1) (2,225) (2,467) Balance, September 30, 2024 $4,705 $162,791 $168,952 $555 $14,598 $3,759 $355,360 Acquisitions through business combinations (Note 26) — — 7,596 10,383 1,885 5,744 25,608 Additions — 1,216 10,441 214 1,299 — 13,170 Disposals — — (679) — — — (679) Balance, September 30, 2025 $4,705 $164,007 $186,310 $11,152 $17,782 $9,503 $393,459 Accumulated depreciation and impairment Balance, September 30, 2023 $(2,721) $(99,897) $(136,571) $(415) $(11,178) $(2,236) $(253,018) Adjustment — (3,420) 4,011 — — — 591 Depreciation — (2,882) (5,200) — (499) (359) (8,940) Disposals — — 176 — 1 2,061 2,238 Balance, September 30, 2024 $(2,721) $(106,199) $(137,584) $(415) $(11,676) $(534) $(259,129) Depreciation — (3,023) (6,324) (912) (592) (1,060) (11,911) Disposals — — 558 — — — 558 Balance, September 30, 2025 $(2,721) $(109,222) $(143,350) $(1,327) $(12,268) $(1,594) $(270,482) Carrying amount September 30, 2024 $1,984 $56,592 $31,368 $140 $2,922 $3,225 $96,231 September 30, 2025 $1,984 $54,785 $42,960 $9,825 $5,514 $7,909 $122,977 CONSOLIDATED FINANCIAL STATEMENTS \| FOR THE YEAR ENDED SEPTEMBER 30, 2025 AND 2024 24

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Included in deferred charges and deposits is $3,540 (September 30, 2024 - $471) paid to secure the acquisition of growing and processing equipment. The amounts will be recorded within property, plant and equipment as the equipment is received. Reconciliation of property, plant, and equipment additions to the statements of cash flows The following table reconciles additions of property, plant, and equipment per the above table to the purchases of property, plant, and equipment per the statements of cash flows: SEPTEMBER 30, 2025 SEPTEMBER 30, 2024 Total additions (including right-of-use lease assets) $38,778 $5,763 Additions related to business combinations (25,608) — Additions related to right-of-use lease assets — (1,384) Net change in deferred charges and deposits related to purchases of property, plant and equipment 3,798 258 Net change in accounts payable and accrued liabilities related to purchases of property, plant and equipment 54 94 Purchase of property, plant and equipment $17,022 $4,731 9. INTANGIBLE ASSETS LICENSE AGREEMENTS BRANDS COMPUTER SOFTWARE NON- COMPETE AGREEMENT CUSTOMER RELATIONSHIP TOTAL Cost Balance, September 30, 2023 $12,941 $6,258 $848 $585 $— $20,632 Additions 607 — — — — 607 Balance, September 30, 2024 $13,548 $6,258 $848 $585 $— $21,239 Acquisitions through business combinations (Note 26) — 41,126 130 — 5,200 46,456 Additions 27 — — — — 27 Balance, September 30, 2025 $13,575 $47,384 $978 $585 $5,200 $67,722 Accumulated amortization and impairment Balance, September 30, 2023 $(5,527) $(3,340) $(848) $(293) $— $(10,008) Amortization (2,124) (898) — (117) — (3,139) Balance, September 30, 2024 $(7,651) $(4,238) $(848) $(410) $— $(13,147) Amortization (2,124) (2,962) (8) (117) (853) (6,064) Balance, September 30, 2025 $(9,775) $(7,200) $(856) $(527) $(853) $(19,211) Carrying amount September 30, 2024 $5,897 $2,020 $— $175 $— $8,092 September 30, 2025 $3,800 $40,184 $122 $58 $4,347 $48,511 10. GOODWILL i. Goodwill During the year ended September 30, 2025, the Company acquired 100% of the issued and outstanding shares of Motif and CPL. As a result of these acquisitions, the company recognized goodwill of $52,524. Further details regarding the recognition of the assets acquired and liabilities assumed in connection with these acquisitions are provided in Note 26. The Company performed its annual goodwill impairment test as at September 30, 2025. The recoverable amount of the group of CGUs to which goodwill is allocated was determined based on a value in use calculation using cash flow projections derived from financial budgets approved by senior management covering a four-year period. Management concluded that the recoverable amount exceeded the carrying value by approximately $28,900 as at September 30, 2025. Accordingly, no impairment of goodwill was recognized during the year. The significant assumptions applied in the determination of the recoverable amount are described below: CONSOLIDATED FINANCIAL STATEMENTS \| FOR THE YEAR ENDED SEPTEMBER 30, 2025 AND 2024 25

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a. Forecasted cash flows: Estimated cash flows were projected based on actual operating results and the growth plans for the future. Forecasted cash flows are based on the Company's expectation about market share assumptions. Although management expects the Company's market share to further increase, an overall decline of 8.0% in the forecasted cash flows would result in the carrying amount of the group of CGUs exceeding its recoverable amount; b. Post-tax discount rate: The post-tax discount rate applied to forecasted cash flow was 16.8%, which was reflective of the group of CGUs weighted average cost of capital ("WACC"). An increase in the post-tax discount rate to 18.0% (i.e., 1.9% increase) would result in carrying amount of the group of CGUs exceeding its recoverable amount; and c. Terminal growth rate: The forecasted cash flows beyond the four-year period are extrapolated using a 3.0% growth rate based on projected consumer price inflation and industry growth. A decline by 1.6% in the terminal growth rate would result in the carrying amount of the group of CGUs exceeding its recoverable amount. ii. CGU Impairment In addition to performing its annual goodwill impairment test, the Company assesses at the end of each reporting period whether there are any indicators of impairment for any CGU. This assessment considers both external and internal factors, including overall financial performance, market conditions, changes in the business environment, and entity-specific developments that could indicate a potential impairment. As at September 30, 2025, management did not identify any events or changes in circumstances that would indicate that any CGU was impaired. 11. OTHER FINANCIAL ASSETS The following table outlines changes in other financial assets. Note 19 provides additional details on the fair value calculation of each investment. ENTITY ASSET TYPE BALANCE, SEPTEMBER 30, 2024 FUNDED DURING THE YEAR FAIR VALUE CHANGES BALANCE, SEPTEMBER 30, 2025 Weekend Holdings Corp. ("WHC") Preferred shares $5,441 $— $666 $6,107 Phylos Bioscience Inc. ("Phylos") Secured convertible loan $9,285 $— $3,174 $12,459 Steady State LLC (d/b/a Open Book Extracts) ("OBX") Convertible loan $2,881 $207 $374 $3,462 Sanity Group GmbH ("Sanity Group") Convertible loan $19,153 $— $4,399 $23,552 Sanity Group Common shares $3,967 $— $1 $3,968 $40,727 $207 $8,614 $49,548 i. Weekend Holdings Corp. On March 30, 2023, the Company entered into a product purchase agreement with Greentank Technologies Corp. ("Greentank"), a leading vaporization technology company, and a subscription agreement with Greentank's parent company, WHC. The product purchase agreement grants the Company an exclusivity period in Canada for the new technology used in 510 vape cartridges and other formats for cannabis, including the development of a proprietary custom all-in-one device. The period of exclusivity is 18 months following its commercialization. Under the terms of the subscription agreement, the Company subscribed for preferred shares of WHC for an aggregate subscription price of US$4.0 million ($5,504 including transaction costs of $73) representing an approximate 2.6% interest in WHC. At initial recognition, the investment in WHC is classified as an equity investment and the Company irrevocably elected to measure this investment at fair value through other comprehensive income. As at September 30, 2025, the investment had a fair value of $6,107 (September 30, 2024 – $5,441). During the year ended September 30, 2025, the Company recognized an increase in fair value of $666 (September 30, 2024 – $96) in the consolidated statements of operations and comprehensive loss within other comprehensive income. ii. Phylos Bioscience Inc. On May 25, 2023, the Company entered into a secured convertible loan agreement (the "Secured Convertible Loan Agreement") with Phylos, a cannabis genetics company and provider of production ready seeds, based in Portland, Oregon. Under the terms of this agreement, the Company will advance up to US$8 million to Phylos in three tranches structured as a secured convertible loan. The Company advanced Phylos an initial US$3.25 million on the closing date of the first tranche of the secured convertible loan. The secured convertible loan accrues paid-in-kind interest ("PIK") at a rate of the U.S. Prime Rate + 3.5% (with an overall cap of 11%) subject to certain conditions. The maturity date of the secured convertible loan will be on the fifth anniversary of the initial closing date subject to one-year extensions at the Company's discretion and certain other conditions stipulated in the Secured Convertible Loan Agreement. The secured convertible loan (principal and PIK outstanding) is convertible into common share equity of Phylos under certain circumstances. In November 2023 and May 2024, Phylos met the first and second milestones, respectively, under the Secured Convertible Loan Agreement and the Company funded the second tranche of US$2.75 million ($3,746) and partial third tranche of CONSOLIDATED FINANCIAL STATEMENTS \| FOR THE YEAR ENDED SEPTEMBER 30, 2025 AND 2024 26

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US$1 million ($1,357). The initial recognition of these tranches was adjusted against the value of the derivative liability that was already recognized as part of the overall transaction at the time of initial recognition of the first tranche of the secured convertible loan. Refer to Note 12 (iii) for further information. As at September 30, 2025, the secured convertible loan had a total fair value of $12,459 (September 30, 2024 – $9,285). During the year ended September 30, 2025, the Company recognized an increase in fair value of $3,174 (September 30, 2024 – $3,227) in the consolidated statements of operations and comprehensive loss. iii. Steady State LLC (d/b/a Open Book Extracts) In March 2024, the Company made its first investment from the Jupiter Pool (as defined in Note 14) and invested US$2 million ($2,717) in OBX in the form of a convertible promissory note. U.S. based OBX specializes in legal cannabinoid ingredient production and serves as a one-stop formulation and finished goods manufacturer, simplifying its clients' supply chains. This convertible promissory note accrues simple interest at the Bank of England base rate plus 8%, capped to a maximum of 15%. All accrued interest is due and payable in full upon maturity, conversion, or prepayment of the convertible promissory note. Unless converted earlier, the principal amount and all accrued interest will be due and payable on October 16, 2026. Upon maturity of the convertible promissory note, the principal amount and unpaid accrued interest may be converted, at the Company's option, into shares of OBX. The Company incurred transaction costs of $286 this was recognized as an expense in the consolidated statements of operations and comprehensive loss. In September 2025, the company advanced an additional loan ("Term Note") of US$0.15 million ($207) to OBX. This Term Note accrues simple interest at the annual rate of eighteen percent (18%), computed on a 365 days per year basis. The principal amount and all accrued interest will be due and payable on September 30, 2026. As at September 30, 2025, the convertible promissory note had a total fair value of $3,462 (September 30, 2024 – $2,881). During the year ended September 30, 2025, the Company recognized an increase in fair value of $374 (September 30, 2024 – $164) in the consolidated statements of operations and comprehensive loss. iv. Sanity Group GmbH In June 2024, the Company entered into an arrangement with Sanity Group, a cannabis company based in Berlin, Germany. As per the arrangement, the Company agreed to acquire a minority stake in Sanity Group by purchasing equity interests from existing Sanity Group founders and shareholders for €2.5 million, and to advance €11.5 million to Sanity Group by way of an unsecured convertible note ("Convertible Note") for a total initial investment of €14 million ($21 million). On June 27, 2024, the Company advanced a first tranche of the Convertible Note of €11.5 million ($16,900), with an option to advance a further €3 million in the future subject to the satisfaction of certain conditions. This Convertible Note accrues simple interest of 10% per annum and has a fixed term of 36 months from the closing date of first tranche of June 27, 2024, being the maturity date. On the maturity date, unless converted earlier due to certain events, the Company will have three options (i) repay the principal amount and all accrued interest; (ii) extend the maturity date by 12 months; or (iii) convert the note into the most senior class of shares. As at September 30, 2025, the Convertible Note had a total fair value of $23,552 (September 30, 2024 – $19,153). During the year ended September 30, 2025, the Company recognized an increase in fair value of $4,399 (September 30, 2024 – $2,253) in the consolidated statements of operations and comprehensive loss. On July 4, 2024, the Company completed the purchase of equity interests for €2.5 million ($3,720). As at September 30, 2025, the Company revalued its equity interests in Sanity Group and recognized an increase in fair value of $1 (September 30, 2024 – $247) in the consolidated statements of operations and comprehensive loss. The Company incurred transaction costs of $Nil (September 30, 2024 – $243) and this was recognized as an expense in the consolidated statements of operations and comprehensive loss. The Company made the aforementioned investments in Sanity Group from the Jupiter Pool. 12. DERIVATIVE LIABILITIES The following table outlines changes in derivative liabilities, which are measured at fair value with changes recognized in the statements of operations and comprehensive loss. SEPTEMBER 30, 2025 SEPTEMBER 30, 2024 CURRENT LONG-TERM CURRENT LONG-TERM Top-up Rights $28,821 $— $— $6,338 Secured Convertible Loan Agreement 11 — 368 — Non-voting Class A preferred shares — — 4,771 — Warrants — 5,506 — 7,772 $28,832 $5,506 $5,139 $14,110 i. Warrants CONSOLIDATED FINANCIAL STATEMENTS \| FOR THE YEAR ENDED SEPTEMBER 30, 2025 AND 2024 27

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Unit offering 2024 On April 2, 2024, the Company closed the unit offering (the "Offering") for gross proceeds of $28.8 million. The Company sold 8,901,000 units (each a "Unit") at a price of $3.23 per Unit, which included 1,161,000 Units sold pursuant to the exercise in full of the underwriters' over-allotment option. Each Unit is comprised of one Common Share and one-half of one warrant (each, a "Warrant"). Each Warrant is exercisable to acquire one Common Share (each, a "Warrant Share") for a period of four years following the closing date of the Offering at an exercise price of $3.65 per Warrant Share, subject to adjustment in certain events. The holders of the Warrants issued pursuant to the Offering may elect, if the Company does not have an effective registration statement under the United States Securities Act of 1933, as amended, or the prospectus contained therein is not available for the offer and sale of the Common Shares to the Warrant holder, in lieu of exercising the Warrants for cash, a cashless exercise option to receive Warrant Shares equal to the fair value of the gain implied by the Warrants at the time of exercise. The fair value is determined by multiplying the number of Warrants to be exercised by the weighted average market price less the exercise price with the difference being divided by the weighted average market price. If a Warrant holder exercises this option, there will be variability in the number of shares issued per Warrant. In accordance with IAS 32 Financial Instruments: Presentation, a contract to issue a variable number of shares fails to meet the definition of equity and must instead be classified as a derivative liability and measured at fair value with changes in fair value recognized in the statement of operations and comprehensive loss at each reporting period. The derivative warrant liabilities are expected to ultimately be converted into the Company's equity (Common Shares) when the Warrants are exercised or will be extinguished on the expiry of the outstanding Warrants and will not result in the outlay of any cash by the Company. At initial recognition on April 2, 2024, the Company recorded derivative liabilities of $7,798 based on the estimated fair value of the Warrants at that date using the Black-Scholes option pricing model. Share issuance costs of $668 were recognized as costs allocated to derivative liabilities based on a pro-rata allocation of total issuance costs based on the relative fair value of the Warrants and the Common Shares issued as part of the Offering. As at September 30, 2025, the Company revalued the remaining derivative liabilities to an estimated fair value of $5,506 (September 30, 2024 - $7,772). The Company recorded a decrease in the estimated fair value change of the derivative liabilities for the year ended September 30, 2025 of $2,266 (September 30, 2024 - $26). The following inputs were used to estimate the fair value of the Warrants at September 30, 2025 and September 30, 2024: SEPTEMBER 30, 2025 SEPTEMBER 30, 2024 Risk free interest rate 2.47 % 2.70 % Life of Warrants (years) 2.51 3.51 Market price of Common Shares $2.82 $2.45 Expected future volatility of Common Shares 83.00 % 123.00 % Fair value per Warrant $1.24 $1.75 Unit offering 2020 No warrants were exercised during the year ended September 30, 2025 (September 30, 2024 - Nil warrants). The warrants expired on November 12, 2023 and as at September 30, 2025 there were no warrants outstanding. ii. Top-up Rights On March 10, 2021, through the strategic investment from BT DE Investments Inc., a wholly-owned subsidiary of BAT, the Company issued 14,584,098 Common Shares, resulting in BAT's beneficial ownership in the Company of approximately 19.9%. Pursuant to the Investor Rights Agreement dated March 10, 2021, as amended and restated on January 23, 2024 (the "Amended IRA") between the Company and BAT, the Company granted BAT certain rights, including pre-emptive rights, to participate in distributions of Common Shares to maintain its proportionate ownership in certain circumstances, as well as other rights ("Top-up Rights") to subscribe for additional Common Shares in specified circumstances where the pre-emptive rights are not applicable (referred to in the Amended IRA as hereinafter defined, "Exempt Distributions") and in specified circumstances where pre-emptive rights were not exercised (referred to in the Amended IRA as "bought deal Distributions"). The price per Common Share to be paid by BAT pursuant to the exercise of its Top-up Rights will equal the price paid by other participants in the Exempt Distribution or bought deal Distribution, subject to certain restrictions (including, if such price is not permitted pursuant to applicable securities laws, at the lowest price permitted thereunder). The Company has classified the Top-up Rights as a derivative liability, and pursuant to the exercise of stock options, restricted share units, performance share units and warrants that were outstanding at initial recognition on March 10, 2021 (the date of the IRA), the Company recorded a derivative liability of $2,740 based on the estimated fair value of the Top-up Rights at this date using a Monte Carlo pricing model. CONSOLIDATED FINANCIAL STATEMENTS \| FOR THE YEAR ENDED SEPTEMBER 30, 2025 AND 2024 28

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&nbsp;&nbsp;&nbsp;&nbsp;In connection with the closing of the first tranche of the Follow-on BAT Investment (as defined in Note 14), the Company and BAT entered into the Amended IRA that has superseded the earlier investor rights agreement dated March 10, 2021. Refer to Note 14 for further information. As at September 30, 2025, the Company revalued the Top-up Rights of BAT pursuant to the Amended IRA to an estimated fair value of $28,821 (September 30, 2024 – $6,338). The Company recorded an increase in the estimated fair value of the Top-up Rights for the year ended September 30, 2025 of $22,483 (September 30, 2024 - $6,208). The following inputs were used to estimate the fair value of the Top-up Rights as at September 30, 2025, and September 30, 2024: SEPTEMBER 30, 2025 STOCK OPTIONS WARRANTS PSUs RSUs TOP-UP OPTIONS Average exercise price(1) $1.20 - $45.08 $2.50 $— $— $1.20 - $2.23 Risk free interest rate 2.44% - 2.57% 2.50% 2.48% 2.46% 3.10% Expected future volatility of Common Shares 60.00% - 70.00% 70.00% 70.00% 70.00% 40.00% Expected life(1) 1.42 - 3.26 2.42 2.10 1.75 0.34 Forfeiture rate 10% —% 25% 5% —% SEPTEMBER 30, 2024 STOCK OPTIONS WARRANTS PSUs RSUs TOP-UP OPTIONS Average exercise price(1) $1.20 - $45.08 $2.50 $— $— 1.20 - 2.23 Risk free interest rate 2.78% - 2.89% 2.79% 2.83% 2.87% 3.10% Expected future volatility of Common Shares 75.00% - 85.00% 75.00% 75.00% 75.00% 60.00% Expected life(1) 2.14 - 4.40 0.12 5.92 5.18 1.41 Forfeiture rate 10% —% 25% 6% —% (1)Exercise price and expected life for stock options were determined using the range of exercise prices disclosed in Note 14(iv). iii. Secured Convertible Loan Agreement On May 25, 2023, the Company entered into the Secured Convertible Loan Agreement with Phylos. Under the terms of this agreement, upon the completion of certain milestones the Company has a commitment to fund US $4.75 million over two tranches within 12 and 24 months from the initial closing date. This commitment meets the definition of a derivative and the value of such derivative was considered as part of the overall transaction price in the initial recognition of the secured convertible loan and intangible assets. At initial recognition, the Company recorded a derivative liability of $1,424 based on the estimated fair value of the secured convertible loan. In November 2023, the Company funded the second tranche of US$2.75 million and a derivative liability of $1,385 was derecognized. Thereafter, in July 2024, the Company also funded US$1 million for the third tranche and a derivative liability of $752 was derecognized. As at September 30, 2025, the Company revalued the commitment to fund remaining third tranche at an estimated fair value of $11 (September 30, 2024 – $368) and recorded a change in fair value of $357 (September 30, 2024 – $762) for the year ended September 30, 2025. The derivative liability is included in the current derivative liabilities on the consolidated statements of financial position. iv. Non-voting Class A convertible preferred shares In relation to the Follow-on BAT Investment, the Company is required to issue non-voting Class A convertible preferred shares ("Preferred Shares"). The Preferred Shares to be issued as part of future tranches represent an obligation for the Company to deliver a variable number of its own Common Shares and hence meet the definition of an instrument classified as a derivative financial instrument as per IAS 32 Financial Instruments: Presentation. The Company measured the derivative at fair value on initial recognition. The derivative financial instrument is classified as a derivative asset or a derivative liability depending partly on whether the fair value of the Company's Preferred Shares is above or below the $3.2203 subscription price. At initial recognition, the derivative financial instrument was recognized as a derivative financial liability with a fair value of $1,921. Refer to Note 13 and 14 (iii) for further information regarding the Follow-on BAT Investment. In August 2024, the Company closed the second tranche of the Follow-on BAT Investment and issued 8,463,435 Preferred Shares. The fair value of the derivative liability that was derecognized on closing of the second tranche was $4,339. Subsequently, in February 2025, the Company closed the third and final tranche and issued 5,330,728 Preferred Shares. At the time of closing of the final tranche, the Company derecognized the derivative of $2,165. CONSOLIDATED FINANCIAL STATEMENTS \| FOR THE YEAR ENDED SEPTEMBER 30, 2025 AND 2024 29

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As at September 30, 2025, the fair value of the derivative was $nil (September 30, 2024 – $4,771). During the year ended September 30, 2025, the Company recognized a fair value gain of $6,937 (September 30, 2024 – loss of $7,189) in the consolidated statements of operations and comprehensive loss. 13. PREFERRED SHARES On August 30, 2024, in relation to the Follow-on BAT Investment, the Company issued 8,463,435 Preferred Shares of the Company. The Preferred Shares are eligible for conversion into Common Shares at BAT's option, provided that such conversion would not result in BAT's voting interest in the Company exceeding 30%. Each Preferred Share is economically equivalent to a Common Share and is convertible into Common Shares without payment of any additional consideration. The initial conversion ratio is one-for-one, and this ratio increases at a rate of 7.5% per annum, compounded annually, until such time as the Preferred Shares are converted into Common Shares or the aggregate equity interest of BAT in the Company (inclusive of both the Common Shares and Preferred Shares as if converted into Common Shares) reaches 49%. The Preferred Shares are not entitled to vote until they are converted into Common Shares. BAT is required to periodically convert Preferred Shares to the extent that its holding of the Common Shares falls below 30%. Refer to Note 14 (iii) for additional information on the Follow-on BAT Investment. As the number of Common Shares to be issued upon conversion is not fixed, the Preferred Shares are classified as financial liabilities under IFRS 9 and are measured at FVTPL. Although the conversion feature represents an embedded derivative that would qualify for bifurcation, the Company has elected to measure the entire instrument at FVTPL as permitted by IFRS 9. On initial recognition, these Preferred Shares were measured at a fair value of $31,594. At the time of closing of the first tranche Follow-on BAT Investment, the Company incurred transaction costs of $1,259 and $410 was recognized as prepaid expenses and deposits for the closing of second tranche. Out of total of $410, $269 was allocated to Preferred Shares and was recognized as an expense in the consolidated statements of operations and comprehensive loss. Refer to Note 14 (iii) for further details. In February 2025, the Company closed the third and final tranche of the Follow-on BAT Investment and issued an additional 5,330,728 Preferred Shares of the Company. On initial recognition, these Preferred Shares were measured at a fair value of $15,053. The Company had previously incurred transaction costs of $1,259 at the time of the first tranche closing, of which $410 was recognized as prepaid expenses and deposits related to this final tranche. Of this amount, $170 was allocated to Preferred Shares and recognized as an expense in the consolidated statements of operations and comprehensive loss. As at September 30, 2025, the Preferred Shares had an estimated fair value of $68,653 (September 30, 2024 - $31,070). For the year ended September 30, 2025, the Company recognized a fair value loss of $22,530 (September 30, 2024 - gain of $524) in the consolidated statements of operations and comprehensive loss. 14. SHARE CAPITAL i. Authorized share capital The authorized share capital of the Company is an unlimited number of Common Shares without par value and an unlimited number of preferred shares without par value. ii. Issued share capital As at September 30, 2025, the Company's issued and outstanding share capital consisted of 134,461,029 (September 30, 2024 – 108,585,492) Common Shares with a carrying value of $919,908 (September 30, 2024 - $852,891). iii. Issuances of share capital The Motif Labs Ltd. acquisition On December 6, 2024, the Company issued 17,233,950 Common Shares in connection with its acquisition of Motif as described in Note 26 (i). The fair value of the Common Shares on the date of issuance was $2.270 per share. Share issuance costs incurred were $71 related to listing fees and were allocated to the Common Shares recorded in share capital. Follow-on BAT Investment In November 2023, the Company entered into a subscription agreement (the "Subscription Agreement") with BAT for a $124.6 million follow-on investment (the "Follow-on BAT Investment"), whereby BAT, acting through its wholly owned subsidiary BT DE Investments Inc., agreed to subscribe for a total of 38,679,525 shares at a price of $3.2203 per share through three tranches, subject to the receipt of shareholder approval, certain regulatory approvals and other conditions. In January 2024, the Company obtained shareholder and other regulatory approvals and closed the first of three tranches of the Follow-on BAT Investment. Pursuant to the first tranche closing, BAT acquired 12,893,175 Common Shares of the Company at a price of $3.2203 per share for gross proceeds of $41,520. Considering at the time of closing of first tranche, it was estimated that the Company will be issuing the Preferred Shares as part of future tranches, which represented an obligation for the Company to deliver a variable number of its own Common Shares and hence met the definition of an instrument classified as a derivative financial instrument as per IAS 32 Financial Instruments: Presentation. IFRS 9 requires the value of such derivative to be recognized as part of closing of the first tranche and therefore, the carrying amount of the CONSOLIDATED FINANCIAL STATEMENTS \| FOR THE YEAR ENDED SEPTEMBER 30, 2025 AND 2024 30

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Common Shares issued in the first tranche on initial recognition was measured at the gross proceeds of $41,520 received from BAT for the first tranche minus transaction costs of $420 and the fair value of the derivative of $1,921. Refer to Note 12 (iv) for further details. At the time of closing of the first tranche, the Company incurred total transaction costs of $1,259 in the form of listing fees, regulatory fees, and legal and professional fees. Out of this total cost, $420 was allocated to the Common Shares that were issued on closing of the first tranche of the Follow-on BAT Investment. Of the remaining costs, $19 were allocated to the derivative liability and recognized as an expense in the consolidated statements of operations and comprehensive loss and $820 was recognized as prepaid expenses and deposits related to a future issuance of shares through the second and third tranches. On August 30, 2024, the Company closed the second of three tranches and issued 4,429,740 Common Shares and 8,463,435 Preferred Shares of the Company at a price of $3.2203 per share for gross proceeds of $41,582. On initial recognition, the Company recognized the total consideration for the second tranche, which consisted of the recognition of gross proceeds of $41,582 and derecognized the derivative financial liability of $4,339 for the second tranche. The carrying amount of the Common Shares issued in the second tranche was measured as the residual of the total consideration for the second tranche and the fair value of the Preferred Shares of $31,594. In addition, transaction costs of $141 in relation to the issuance of the Common Shares were deducted from the carrying amount of the Common Shares and the remaining second tranche transaction costs of $269 were allocated to Preferred Shares and were recognized as an expense in the consolidated statements of operations and comprehensive loss. Refer to Note 12 (iv) for further details. In February 2025, the Company closed the third and final tranche of the Follow-on BAT Investment and issued 7,562,447 Common Shares and 5,330,728 Preferred Shares of the Company at a price of $3.2203 per share for gross proceeds of $41,520. On initial recognition, the Company recognized the total consideration for this tranche, which consisted of the recognition of gross proceeds of $41,520 and derecognition of the derivative assets of $2,165 for the final tranche. The carrying amount of the Common Shares issued in the final tranche was measured as the residual of the total consideration for the final tranche and the fair value of the Preferred Shares and derivative assets of $15,053 and $2,165, respectively. At the time of closing of the first tranche Follow-on BAT Investment, the Company incurred transaction costs of $1,259 and $410 was recognized as prepaid expenses and deposits for the closing of this final tranche. Out of total of $410, $170 was allocated to Preferred Shares and was recognized as an expense in the consolidated statements of operations and comprehensive loss, while $240 was deducted from the carrying amount of the Common Shares. In addition to the above transaction costs, the Company incurred $99 directly related to issuance of Common shares, which was also deducted from the carrying amount of the Common Shares. Pursuant to the Subscription Agreement, one-half of each of the first tranche subscription proceeds and the second tranche subscription proceeds, and all of the third tranche subscription proceeds, are required to be segregated from the Company's regular cash in order to fund a strategic investment pool (the "Jupiter Pool") that is designed to expand the Company's geographic footprint and capitalize on emerging growth opportunities. In accordance with the requirement of the Subscription Agreement, one-half of the first and second tranche gross proceeds of $83,102 was segregated from the Company's regular cash and was classified as restricted cash on the consolidated statements of financial position. In connection with the closing of the first tranche, the Company and BAT also entered the Amended IRA, pursuant to which BAT is eligible to appoint up to 30% of the Board of Directors. Furthermore, the Amended IRA extends the period within which BAT is eligible to exercise certain Top-Up Rights to 12 months after the closing date of the final tranche of the Follow-on BAT Investment. Unit offering On April 2, 2024, the Company closed the Offering for gross proceeds of $28.8 million. The Company sold 8,901,000 Units at a price of $3.23 per Unit, which included 1,161,000 Units sold pursuant to the exercise in full of the underwriters' over-allotment option. Each Unit is comprised of one Common Share of the Company and one-half of one Warrant. Each Warrant is exercisable to acquire one Warrant Share for a period of four years following the closing date of the Offering at an exercise price of $3.65 per Warrant Share, subject to adjustment in certain events. As described in Note 12, $7,798 of the gross proceeds was allocated to derivative liabilities with the residual, $20,953, which represents the value allocated to the Common Shares, being recorded in share capital. Share issuance costs were $2,464 which included a 4.7% cash commission of $1,366 paid to placement agents with the balance related to filing, legal, and other professional fees directly related to the Offering. Of the total, $668 of the share issuance costs were allocated to the derivative liabilities and expensed in the consolidated statements of operations and comprehensive loss and the balance of $1,796 was allocated to the Common Shares recorded in share capital. Exercise of stock options During the year ended September 30, 2025, 2,500 (September 30, 2024 – 3,942) share options were exercised at an average exercise price of $1.60 (September 30, 2024 - $1.49) for cash proceeds of $4 (September 30, 2024 - $39) and an increase of $11 (September 30, 2024 - $11) to share capital and a decrease to equity reserves of $7 (September 30, 2024 - $5). CONSOLIDATED FINANCIAL STATEMENTS \| FOR THE YEAR ENDED SEPTEMBER 30, 2025 AND 2024 31

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Exercise of RSUs During the year ended September 30, 2025, 1,063,473 (September 30, 2024 – 1,193,789) RSUs were exercised for an increase of $3,841 (September 30, 2024 - $3,430) to share capital and a decrease to equity reserves of $3,841 (September 30, 2024 - $3,430). Exercise of PSUs During the year ended September 30, 2025, 13,167 (September 30, 2024 – 2,216) PSUs were exercised for an increase of $152 (September 30, 2024 - $22) to share capital and a decrease to equity reserves of $152 (September 30, 2024 - $22). Exercise of warrants During the year ended September 30, 2025, nil (September 30, 2024- nil) warrants were exercised. iv. Share-based compensation During the year ended September 30, 2025, the Company recognized total share-based compensation charges, including those related to production employees that are charged to biological assets and inventory, of $4,217 (September 30, 2024 – $7,182). Stock options The following table summarizes changes in the Company's outstanding stock options for the year ended September 30, 2025: NUMBER WEIGHTED AVERAGE EXERCISE PRICE Balance - September 30, 2024 2,691,336 $9.89 Exercised (2,500) $1.60 Expired (387,162) $9.06 Balance - September 30, 2025 2,301,674 $10.03 The following is a summary of the outstanding stock options as at September 30, 2025: OPTIONS OUTSTANDING OPTIONS EXERCISABLE Range of Exercise Prices Quantity Outstanding Weighted Average Remaining Contractual Life (years) Quantity Exercisable $1.20 - $3.00 61,828 3.6 61,828 $3.01 - $5.00 212,087 6.5 212,087 $5.01 - $10.00 1,234,667 6.5 1,234,667 $10.01 - $20.00 598,542 3.9 598,542 $20.01 - $30.00 90,800 3.1 90,800 $30.01 - $45.08 103,750 3.6 103,750 2,301,674 5.5 2,301,674 Total share-based compensation expenses, including those related to production employees that are charged to biological assets and inventory for the year ended September 30, 2025 were $23 (September 30, 2024 – $974) related to the Company's stock option plan. The fair value of options granted during the year ended September 30, 2025 was $nil (September 30, 2024 - $123). These options are measured at fair value at the date of grant and are expensed over the option's vesting period, which is typically a three-year term with options vesting in annual tranches evenly over this time period. The Company used the Black-Scholes option pricing model to estimate the fair value of options granted. Equity Incentive Plan During the year ended September 30, 2025, the Company has granted both RSUs and PSUs under the 2020 New Equity Incentive Plan. The grant price of any RSU or PSU was determined based on the market price calculated in accordance with TSX rules at the time of grant and with respect to PSUs, adjusted for any non-market and market performance vesting conditions in accordance with IFRS 2 Share-based Payment. The following table summarizes the movements in the Company's outstanding RSUs: NUMBER Balance - September 30, 2024 2,973,643 Granted 1,327,676 Exercised (1,063,473) Cancelled / Forfeited (241,052) Balance - September 30, 2025 2,996,794 CONSOLIDATED FINANCIAL STATEMENTS \| FOR THE YEAR ENDED SEPTEMBER 30, 2025 AND 2024 32

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The estimated fair value of the equity settled RSUs granted during the year ended September 30, 2025 was $3,177 (September 30, 2024 - $6,869), which was based on the Company's share price at the grant date and will be recognized as an expense over the vesting period of the RSUs, which is over a period of three years for most grants. For the year ended September 30, 2025, $3,106 (September 30, 2024 - $5,676) has been recognized as share-based compensation expense. The following table summarizes the movements in the Company's outstanding PSUs: NUMBER Balance - September 30, 2024 1,117,218 Granted 797,461 Exercised (13,167) Cancelled / Forfeited (223,750) Balance - September 30, 2025 1,677,762 The estimated fair value of the equity settled PSUs granted during the year ended September 30, 2025 was $1,947 (September 30, 2024 - $846), which was based on the Company's share price at the grant date, adjusted for an estimate of likelihood of forfeiture, and will be recognized as an expense over the vesting period of the PSUs, which is three years for most grants. For the year ended September 30, 2025, $1,088 (September 30, 2024 - $532) has been recognized as share-based compensation expense. v. Loss per share Basic and diluted loss per share represents net loss attributable to common shareholders divided by the weighted average number of Common Shares outstanding during the year. The weighted average number of Common Shares, used in the calculation of basic loss per share for the year ended September 30, 2025 was 127,674,167 (September 30, 2024 - 95,293,899). The outstanding number and types of potential ordinary shares that could dilute basic EPS in the future, but were excluded from the calculation of diluted EPS because their effect was anti-dilutive, include stock options, warrants, RSUs, PSUs, and convertible Preferred Shares. 15. OTHER CURRENT AND LONG-TERM LIABILITIES The carrying value of other current and long-term liabilities as at September 30, 2025 and September 30, 2024 consists of: SEPTEMBER 30, 2025 SEPTEMBER 30, 2024 CURRENT LONG-TERM CURRENT LONG-TERM Lease liabilities $979 $7,748 $1,026 $3,344 Contingent consideration (Note 26) 6,719 $5,015 — — Deferred consideration (Note 26) 357 $— — — Long-term debt 25 — 60 25 $8,080 $12,763 $1,086 $3,369 The Company records its leases in accordance with IFRS 16, and as a result recognizes the right-of-use ("ROU") assets and corresponding lease liabilities. ROU assets are recorded under property, plant, and equipment (Note 8) with current and long- term portion of lease liabilities recorded under other liabilities. The changes in the carrying value of current and long-term lease liabilities are as follows: SEPTEMBER 30, 2025 Balance, September 30, 2024 $4,370 Acquisitions through business combinations (Note 26) 5,681 Lease payments (1,878) Interest expense on lease liabilities 554 Balance, September 30, 2025 8,727 Current portion (included in other liabilities) (979) Long-term portion $7,748 CONSOLIDATED FINANCIAL STATEMENTS \| FOR THE YEAR ENDED SEPTEMBER 30, 2025 AND 2024 33

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The undiscounted contractual payments relating to the current and future lease liabilities is: SEPTEMBER 30, 2025 SEPTEMBER 30, 2024 Less than 1 year $1,584 $1,266 1 to 2 years 1,557 691 2 to 3 years 1,602 648 3 to 4 years 1,581 661 4 to 5 years 1,358 618 Thereafter 3,616 1,531 Total $11,298 $5,415 16. INVESTMENTS IN ASSOCIATES a. Hyasynth Biologicals Inc. On September 12, 2018, the Company invested in Hyasynth Biologicals Inc. ("Hyasynth") by way of convertible secured debentures, to be purchased in three tranches and valued in the aggregate amount of $10,000. The first tranche ("Tranche 1") was issued on September 12, 2018, the second tranche ("Tranche 2") was issued on October 23, 2020 (as described below), and the third tranche ("Tranche 3") was issued on December 22, 2021 (as described below). Hyasynth is a privately held biotechnology company based in Montreal, Quebec, specializing in cannabinoid science and biosynthesis. The Company's investment is in the form of convertible debentures, which provide a potential ownership interest of up to 49.9% based on the cumulative investment from Tranche 1, Tranche 2 and Tranche 3. Concurrent with the Company's investment in Hyasynth, the parties entered into a cannabidol ("CBD") supply agreement, whereby the Company has the ability to purchase up to 100% of Hyasynth's annual cannabinoid or cannabinoid-related production at a 10% discount to the agreed upon wholesale market price for a period of 10 years from the date Hyasynth commences commercial production. Tranche 1 of the convertible debentures has a face value of $5,000, bears interest at 8.0% per annum, is secured, and matures on the earlier of August 31, 2023 or the closing date of a qualified sale transaction, unless an automatic or optional conversion has occurred. Tranche 1 of the convertible debentures is convertible at the option of the holder at any time at a price of $40 per share, or into 125,000 common shares. Conversion of the debentures may be automatically triggered based on the completion of a qualified transaction or Hyasynth's facility reaching a pre-defined production capacity. On October 23, 2020, the Company advanced an additional $2,500 to Hyasynth by way of convertible debentures as a result of Hyasynth's achievement of the contractual production-related milestone for Tranche 2 of the convertible debentures. On December 22, 2021, the previously issued debenture agreement was amended to waive the milestone requirement for the Tranche 3 convertible debenture. Subsequently, the Company advanced an additional $2,500 (plus transaction costs of $124) to Hyasynth for the Tranche 3 convertible debentures bringing the Company's total investment in Hyasynth to $10,000, which provides the Company with a potential ownership interest of up to 49.9% on a fully diluted basis. In addition to the ownership interest, the Company also considered various qualitative factors to conclude that significant influence exists, including representation on Hyasynth's board of directors. Based on this assessment, the Company concluded that the equity method of accounting is appropriate. The Company has appointed two directors to the board of Hyasynth. Following the original maturity date of the debentures, the Company entered into two amendments which amended the maturity date initially to March 15, 2024 and then, subsequently to June 30, 2025. On the amended maturity date, the Company has the right to give Hyasynth 30 days prior written notice to convert the debentures to common equity or demand repayment of the outstanding balance of the debentures. As at September 30, 2024, the Company's potential ownership interest was reduced to 48.3% on a fully diluted basis. As at September 30, 2024, the Company determined that there are indicators of impairment related to its investment in Hyasynth. The Company determined the recoverable amount to be approximately $nil. An impairment loss of $4,773 was recognized in the consolidated statement of operations and comprehensive loss for the year ended September 30, 2024. Following this, no further share of profit or loss has been recognized. As at September 30, 2025, the carrying amount of the investment is $nil. 17. RELATED PARTY TRANSACTIONS Key management personnel are those persons having the authority and responsibility for planning, directing, and controlling activities of the Company, directly or indirectly. The key management personnel of the Company are the members of the Company's executive management team and Board of Directors. CONSOLIDATED FINANCIAL STATEMENTS \| FOR THE YEAR ENDED SEPTEMBER 30, 2025 AND 2024 34

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Management and Board compensation For the year ended September 30, 2025 and the year ended September 30, 2024, the Company's expenses included the following management and Board of Directors compensation: YEAR ENDED SEPTEMBER 30, 2025 SEPTEMBER 30, 2024 Salaries, bonus and consulting fees $5,616 $7,155 Share-based compensation 2,698 4,620 Total key management compensation $8,314 $11,775 During the year ended September 30, 2025, nil stock options (September 30, 2024 – 62,000) were granted to key management personnel with an aggregate fair value of $nil (September 30, 2024 – $123). In addition, during the year ended September 30, 2025, 404,905 RSUs (September 30, 2024 – 2,175,879), were granted to key management personnel with an aggregate fair value of $1,538 (September 30, 2024 – $4,373). For the year ended September 30, 2025, 404,905 PSUs, (September 30, 2024 – 678,717) were issued to key management personnel with an aggregate fair value of $457 (September 30, 2024 – $543). Significant Transactions with Associates and Joint Operations The Company has transactions with related parties, as defined in IAS 24 Related Party Disclosures, all of which are undertaken in the normal course of business. For the year ended September 30, 2025, under the PDC Agreement between the Company and BAT, BAT incurred $2,965 (September 30, 2024 – $3,708) of direct expenses and the Company incurred $5,421 (September 30, 2024 – $9,623) of direct expenses and capital expenditures of $9 (September 30, 2024 – $96) related to the Center of Excellence ("CoE"). The Company recorded, in the year ended September 30, 2025, $4,193 (September 30, 2024 – $6,666) of these expenditures within research and development expense in the consolidated statement of operations and comprehensive loss. For the year ended September 30, 2025, the Company recorded $5 (September 30, 2024 – $49) of capital expenditures which are included in the consolidated statement of financial position. During the year ended September 30, 2025, BAT exercised nil (September 30, 2024 – $nil) Top-up Rights. As at September 30, 2025, there is a balance receivable from BAT of $701 (September 30, 2024 – $3,169). In November 2023, the Company entered into a subscription agreement with BAT in relation to the Follow-on BAT Investment. Refer to Note 14 (iii) for further information. 18. CAPITAL MANAGEMENT The Company's capital consists of long-term debt (including current portion), derivative liabilities, preferred shares, share capital, equity reserves, accumulated other comprehensive income (loss), and accumulated deficit, which as at September 30, 2025 is $452,146 (September 30, 2024 - $356,333). Equity reserves is comprised of any amounts recorded with respect to the recognition of share-based compensation expense (options, RSUs, or PSUs) or the fair value of warrants issued. Accumulated other comprehensive loss is entirely comprised of fair value changes recorded on the Company's investment in WHC. The Company manages its capital structure and adjusts it based on funds available to the Company, in order to fund its growth. The Board of Directors does not establish quantitative return on capital criteria for management, but rather relies on the expertise of the Company's management to sustain future development of the business. Management reviews its capital management approach on an ongoing basis and believes that this approach, given the relative stage of the Company, is reasonable. There were no changes to the Company's approach to capital management during the year. 19. FAIR VALUE OF FINANCIAL INSTRUMENTS AND FINANCIAL RISK FACTORS i. Fair value of financial instruments Financial instruments recorded at fair value on the consolidated statements of financial position are classified using a fair value hierarchy that reflects the significance of the inputs used in making the measurements. The Company categorizes its fair value measurements according to a three-level hierarchy. The hierarchy prioritizes the inputs used by the Company's valuation techniques. A level is assigned to each fair value measurement based on the lowest-level input significant to the fair value measurement in its entirety. The three levels of the fair value hierarchy are described as follows: CONSOLIDATED FINANCIAL STATEMENTS \| FOR THE YEAR ENDED SEPTEMBER 30, 2025 AND 2024 35

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• Level 1 inputs are quoted prices in active markets for identical assets or liabilities that the entity can access at the measurement date; • Level 2 inputs, other than quoted prices included within Level 1, that are observable for the asset or liability, either directly or indirectly; and • Level 3 inputs are unobservable inputs for the asset or liability. The fair values of cash, short-term investments, accounts and other receivables, accounts payable and accrued liabilities and restricted cash approximate their carrying amounts due to their short-term nature. The fair value of long-term debt approximates $25 (September 30, 2024 – $85), which is its carrying value. The fair value of the investment in WHC is primarily based on Level 3 unobservable inputs and is determined using a market- based approach, based on revenue multiples for comparable companies. In determining the impairment loss, the FVLCD of property, plant and equipment was determined based on a third-party appraisal using market and replacement cost approaches. Consideration is given to information from historical data and industry standards which constitute both observable and unobservable inputs (Level 2 and Level 3). The fair value of the convertible promissory note issued to OBX was determined using the binomial lattice model. The key assumptions used in the model are OBX stock price, dividend yield, expected future volatility of OBX stock, credit risk-adjusted discounting rate, risk-free rate, and probability and timing of certain qualified events. The credit risk-adjusted discounting rate and the expected equity volatility are based on unobservable inputs and are categorized as Level 3 in the fair value hierarchy. The fair value of the secured convertible loan advanced to Phylos was determined using the binomial lattice model and has been classified as level 3 in the fair value hierarchy. The fair value of the secured convertible loan was based on certain assumptions, including likelihood, and timing of the federal legalization or decriminalization of cannabis in the United States. Similarly, the fair value of the commitment to fund an additional US $1 million was based on certain assumptions, including the probability of Phylos meeting certain required milestones. The fair value of the Laurentian contingent share consideration is primarily based on Level 3 unobservable inputs in a Monte Carlo pricing model. The determination of the fair value of this liability is primarily driven by the Company's expectations of Laurentian achieving its business objectives. The key assumptions used in the model are the expected future sales volumes and selling prices used in determining Laurentian's future adjusted earnings before interest, taxes, depreciation and amortization and WACC. The fair value of the Convertible Note advanced to Sanity Group was determined using the binomial lattice model. The key assumptions used in the Model for are Sanity Group stock price, dividend yield, expected future volatility of Sanity Group stock, credit risk-adjusted discounting rate, risk-free rate, and probability and timing of certain qualified and non-qualified events. The credit risk-adjusted discounting rate and the expected equity volatility are based on unobservable inputs and are categorized as Level 3 in the fair value hierarchy. The fair value of equity interest in the Sanity Group was determined using the option pricing model wherein the current value of the Sanity Group was allocated to the various types of shares based on their rights and preferences. The current value of the Sanity Group was determined using the backsolve approach which benchmarks the original issue price of the Sanity Group's latest funding transaction. The fair value of derivative warrant liabilities is based on Level 1 and 2 inputs utilized in a Black-Scholes option pricing model to estimate the fair value of such Warrants. The key assumption used in the model is the expected future volatility in the price of the Company's Common Shares. If the expected future volatility in the Common Share price of the Company increased by 10%, the estimated fair value of the derivative warrant liability and net loss would increase by $456, or if it decreased by 10%, the estimated fair value of the derivative warrant liability and net loss would decrease by $508. The fair value of the Top-up Rights is based on Level 3 inputs utilized in a Monte Carlo pricing model to estimate the fair value of such Top-up Rights. The key assumptions used in the model are the expected future price of the Company's Common Shares, the weighted average expected life of the instruments and the expected future volatility in the price of Common Shares. A sensitivity analysis for changes in key inputs was not presented as it was deemed that the impact of reasonable changes in key inputs would not be significant. The fair value of the contractual commitment to issue Preferred Shares in the future is based on Level 1, Level 2 and Level 3 inputs and is determined based on estimated fair value of the Preferred Shares and the present value of the share price agreed with BAT. The fair value of the Preferred Shares was estimated using certain assumptions, including tenure of BAT's common shares and potential shareholding meeting 30% and 49% thresholds, respectively, market price and volatility of the Company's Common Shares, risk free rate and discount for lack of marketability. CONSOLIDATED FINANCIAL STATEMENTS \| FOR THE YEAR ENDED SEPTEMBER 30, 2025 AND 2024 36

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The fair value of Preferred Shares is based on Level 1, Level 2 and Level 3 inputs and is determined based on market price and volatility of the Company's Common Shares, risk free rate and discount for lack of marketability. During the year, there were no transfers of amounts between Levels 1, 2 and 3. For the year ended September 30, 2025 and September 30, 2024, the Company recorded the following fair value changes related to its financial instruments: YEAR ENDED SEPTEMBER 30, 2025 SEPTEMBER 30, 2024 Investment in Phylos $(3,174) $(3,227) Investment in OBX (374) (164) Investment in Sanity Group (convertible loan) (4,399) (2,253) Investment in Sanity Group (common shares) (1) (247) Top-up Rights 22,483 6,208 Commitment to fund third tranche of Phylos convertible loan (357) 762 Commitment to issue Preferred Shares (6,937) 7,189 Warrants (2,266) (26) Preferred shares 22,530 (524) $27,505 $7,718 Additionally, for the year ended September 30, 2025, the Company also fair valued its investment in WHC and recognized an increase in fair value of $666 (September 30, 2024 – $96) in the consolidated statements of operations and comprehensive loss within other comprehensive income. ii. Financial risk factors The Company is exposed to various risks through its financial instruments, as follows: (a) Credit risk arises from deposits with banks, short-term investments, outstanding trade and other receivables, restricted cash and other financial assets. For trade receivables, the Company does not hold any collateral as security but mitigates this risk by dealing only with what management believes to be financially sound counterparties and, accordingly, does not anticipate significant loss for non-performance, except potentially from outstanding receivable from one of our international customers. For certain trade and other receivables, management also obtains insurance, guarantees or general security agreements, where applicable. The maximum exposure to credit risk of cash, short-term investments, restricted cash, other financial assets and accounts and other receivables on the consolidated statements of financial position as at September 30, 2025 approximates $198,827 (September 30, 2024 - $211,306). As of September 30, 2025 and September 30, 2024, the Company's aging of trade receivables was as follows: SEPTEMBER 30, 2025 SEPTEMBER 30, 2024 0-90 days $56,442 $32,349 More than 90 days 12,846 5,502 Gross trade receivables $69,288 $37,851 Less: Expected credit losses and reserve for product returns and price adjustments (5,703) (5,196) $63,585 $32,655 (b) Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they become due. The Company manages its liquidity risk by reviewing on an ongoing basis its capital requirements. As at September 30, 2025, the Company had $28,200 (September 30, 2024 – $106,745) of cash and working capital of $158,738 (September 30, 2024 - $208,897). Further, the Company may access equity capital through the capital markets and may also obtain debt financing, if required. CONSOLIDATED FINANCIAL STATEMENTS \| FOR THE YEAR ENDED SEPTEMBER 30, 2025 AND 2024 37

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The Company is obligated to the following contractual maturities relating to their undiscounted cash flows as at September 30, 2025: Carrying Amount Contractual Cash Flows Less than 1 year 1 to 3 years 3 to 5 years More than 5 years Accounts payable and accrued liabilities $89,247 $89,247 $89,247 $— $— $— Long-term debt 25 25 25 — — — Lease obligations 8,727 11,298 1,584 3,159 2,939 3,616 $97,999 $100,570 $90,856 $3,159 $2,939 $3,616 The contractual maturities noted above are based on contractual due dates of the respective financial liabilities. In connection with the Company's facilities, the Company is contractually committed to approximately $266 of capital expenditures. (c) Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk for the Company is comprised of: Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Company's exposure to the risk of changes in market interest rates relates primarily to the Company's debt obligations with a floating interest rate. The Company has determined that a 1% change in rates would not have a material impact on the consolidated financial statements. 20. REVENUE Net revenue for the Company is defined as gross revenue, which is net of any customer discounts, rebates, and sales returns and recoveries, less excise taxes. Revenue for the year ended September 30, 2025 and September 30, 2024 is disaggregated as follows: YEAR ENDED SEPTEMBER 30, 2025 SEPTEMBER 30, 2024 Recreational revenue (Canadian) $364,790 $230,387 Direct to patient medical and medical wholesale revenue (Canadian) 2,400 1,732 International wholesale 26,336 9,651 Wholesale to licensed producers (Canadian) 9,356 5,310 Other revenue 142 97 Gross revenue $403,024 $247,177 Excise taxes (143,841) (87,336) Net revenue $259,183 $159,841 Recreational revenue is primarily comprised of provincial government bodies and large retailers that sell cannabis through their respective distribution models, whereas international and domestic wholesale revenue is comprised of wholesale shipments to other cannabis companies, including licensed producers, for further processing and sales onto their end customers. During the year ended September 30, 2025, the Company had four customers (September 30, 2024 – four customers), that individually represented more than 10% of the Company's net revenue. 21. COST OF SALES Cost of sales is comprised of the cost of inventories sold during the year, shipping expenses, the production cost of late-stage biological assets that are disposed of, provisions for inventory that do not pass the Company's quality assurance standards and obsolete products and packaging, and other production overhead. During the year ended September 30, 2025, the Company recorded provisions in relation to excess and unsalable inventories and biological assets as well as adjustments to net realizable value totaling $4,218 (September 30, 2024 - $5,483), which are detailed in Note 7. 22. CONTINGENCIES The Company recognizes loss contingency provisions for probable losses when management can reasonably estimate the loss. When the estimated loss lies within a range, the Company records a loss contingency provision based on its best estimate of the probable loss. If no particular amount within that range is a better estimate than any other amount, the mid- point of the range is used. As information becomes known a loss contingency provision is recorded when a reasonable CONSOLIDATED FINANCIAL STATEMENTS \| FOR THE YEAR ENDED SEPTEMBER 30, 2025 AND 2024 38

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estimate can be made. The estimates are reviewed at each reporting date and the estimates are changed when expectations are revised. An outcome that deviates from the Company's estimate may result in an additional expense or release in a future accounting period. 23. GENERAL AND ADMINISTRATIVE EXPENSES BY NATURE YEAR ENDED SEPTEMBER 30, 2025 SEPTEMBER 30, 2024 Office and general $18,196 $18,194 Wages and benefits 22,912 15,414 Professional fees 9,208 6,287 Depreciation and amortization 7,695 3,851 Travel and accommodation 668 628 Utilities 820 581 Total general and administrative expenses $59,499 $44,955 During the year ended September 30, 2025, the Company recognized a provision for expected credit losses of $274 (September 30, 2024 - $4,222) included in the office and general category above. 24. INCOME TAXES Components of income tax recovery are as follows: YEAR ENDED SEPTEMBER 30, 2025 SEPTEMBER 30, 2024 Current tax Current expense $— $— $— $— Deferred tax Origination and reversal of temporary differences $(9,251) (7,564) Change in tax rate and rate differences 281 512 Change in unrecognized temporary differences (4,800) 4,666 Prior year adjustments — 2,386 $(13,770) $— Total income tax recovery $(13,770) $— A reconciliation of income tax recovery at the statutory rate to amounts recorded in the consolidated financial statements is provided below: YEAR ENDED SEPTEMBER 30, 2025 SEPTEMBER 30, 2024 Loss before income taxes $(38,529) $(45,440) Statutory income tax rate 29.0 % 29.0 % Tax calculated at statutory rate (11,173) (13,178) Non-deductible (non-taxable) items 1,922 5,614 Change in unrecognized temporary differences (4,800) 4,666 Tax rate differences and tax rate changes 281 512 Prior year tax adjustments — 2,386 Income tax recovery $(13,770) $— CONSOLIDATED FINANCIAL STATEMENTS \| FOR THE YEAR ENDED SEPTEMBER 30, 2025 AND 2024 39

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Recognized deferred tax assets and liabilities consist of the following: SEPTEMBER 30, 2025 SEPTEMBER 30, 2024 Deferred tax assets are attributable to the following: Non-capital losses $24,340 $10,485 Lease liabilities 2,302 985 Deferred tax assets 26,642 11,470 Set-off of tax (26,642) (11,470) Net deferred tax asset $— $— Deferred tax liabilities are attributable to the following: Property, plant and equipment $(30) $(375) Intangible assets (9,752) (1,773) Biological assets (3,380) (2,499) Inventories (7,450) (5,859) Right-of-use assets (2,293) (927) Net investment in sublease — (13) Other (3,737) (24) Deferred tax liabilities (26,642) (11,470) Set-off of tax 26,642 11,470 Net deferred tax liability $— $— The changes in temporary differences during the year ended and year ended September 30, 2025 and September 30, 2024, respectively, were as follows: NET BALANCE AT SEPTEMBER 30, 2024 RECOGNIZED IN PROFIT OR LOSS ACQUIRED IN A BUSINESS COMBINATION NET BALANCE AT SEPTEMBER 30, 2025 Non-capital losses $10,485 $11,058 $2,797 $24,340 Property, plant and equipment (1,302) 3,418 (4,440) (2,324) Intangible assets (1,773) 4,963 (12,942) (9,752) Biological assets (2,499) (882) — (3,381) Inventories (5,859) (631) (958) (7,448) Lease liabilities 985 (188) 1,505 2,302 Net investment in sublease (13) 13 — — Other (24) (3,981) 268 (3,737) Net tax (liabilities) assets $— $13,770 $(13,770) $— NET BALANCE AT SEPTEMBER 30, 2023 RECOGNIZED IN PROFIT OR LOSS NET BALANCE AT SEPTEMBER 30, 2024 Non-capital losses $12,136 $(1,651) $10,485 Property, plant and equipment (1,557) 255 (1,302) Intangibles (2,117) 344 (1,773) Biological assets (2,832) 333 (2,499) Inventories (6,328) 469 (5,859) Lease liabilities 1,041 (56) 985 Net investment in sublease (316) 303 (13) Other (27) 3 (24) Net tax liabilities $— $— $— As at September 30, 2025, the Company has $445,728 (September 30, 2024 - $397,826) non-capital loss carryforwards available to offset future taxable income in Canada, which begin to expire in 2035. The Company recognizes tax benefits on losses or other deductible amounts where the probable criteria for the recognition of deferred tax assets has been met. The Company's unrecognized deductible temporary differences and unused tax losses for which no deferred tax asset is recognized consist of the following amounts: CONSOLIDATED FINANCIAL STATEMENTS \| FOR THE YEAR ENDED SEPTEMBER 30, 2025 AND 2024 40

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Cash 5,055 Inventories 24,474 Property, plant and equipment 19,864 Right-of-use assets 5,744 Intangible assets 34,330 Prepaid expenses and deposits 1,338 Total assets $112,423 Liabilities Accounts payable and accrued liabilities 27,708 Lease liability 5,681 Other liabilities 12,056 Loan payable 236 Deferred income taxes 9,837 Total liabilities $55,518 Total identifiable net assets at fair value $56,905 Consideration transferred Cash consideration $52,171 Equity instruments (7,562,447 Common Shares) 39,121 Contingent consideration 4,472 Settlement of pre-acquisition relationship (89) Working capital adjustment (541) $95,134 Goodwill arising on acquisition $38,229 Goodwill arising from the acquisition represents the expected synergies, future income and growth and other intangibles that do not qualify for separate recognition. None of the goodwill recognized is expected to be deductible for tax purposes. The deferred tax liability mainly comprises the tax effect of the accelerated depreciation for tax purposes of tangible and intangible assets. Contingent Consideration As at September 30, 2025, the Company revalued the contingent consideration to an estimated fair value of $2,919. During the year ended September 30, 2025, a decrease in fair valuation of $1,553 was recognized in the consolidated statements of operations and comprehensive loss. On April 1, 2025, Motif amalgamated with Organigram Inc. and continued as a single corporation under the name "Organigram Inc.". Prior to the amalgamation, Motif contributed $50,343 in gross revenue and $135 in net income to the consolidated results. If the acquisition had occurred on October 1, 2024, management estimates consolidated gross revenue for the twelve months ended September 30, 2025 would have been approximately $434,124, and consolidated net loss would have been approximately $38,275. ii. Acquisition of CPL On March 31, 2025, the Company acquired 100% of the issued and outstanding shares of CPL, a Canadian company operating in the THC and hemp-derived THC beverage categories, supported by a portfolio of strong owned brands, for upfront consideration of $6 million ("Original Consideration"). CPL's former shareholders (the "Seller") are also entitled to receive up to $24 million in contingent consideration, subject to achievement of certain milestone and earnout targets. The Company elected not to apply the optional concentration test and, as such, carried out a detailed analysis of inputs, outputs and substantive processes. Included in the identifiable assets acquired and liabilities assumed at the date of acquisition of CPL are inputs (formulations), distributor relationships and an organized workforce. The Company has determined that the acquired inputs and processes collectively represent a substantive integrated set that is capable of generating revenue. As such, the Company has concluded that the acquired set meets the definition of a business under IFRS 3. Acquisition costs CONSOLIDATED FINANCIAL STATEMENTS \| FOR THE YEAR ENDED SEPTEMBER 30, 2025 AND 2024 42

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The Company incurred $172 in acquisition-related costs for legal fees and due diligence. This amount was recorded in the consolidated statements of operations and comprehensive loss. Assets acquired and liabilities assumed Because the transaction was closed on the last day of the reporting period, the Company has not yet finalized the purchase accounting including determination of any final working capital adjustment. The following table summarizes management's provisional recognition of assets acquired and liabilities assumed at the date of acquisition: FAIR VALUE ON ACQUISITION Assets Accounts and other receivable $1,258 Cash 118 Inventories 1,134 Intangible assets 12,126 Prepaid expenses and deposits 13 Total assets $14,649 Liabilities Accounts payable and accrued liabilities $1,097 Deferred income taxes 3,933 Total liabilities $5,030 Total identifiable net assets at fair value $9,619 Consideration transferred Cash consideration $4,893 Contingent consideration 17,090 Deferred consideration 1,307 Working capital adjustment 624 $23,914 Goodwill arising on acquisition $14,295 Goodwill arising from the acquisition represents the expected synergies, future income and growth and other intangibles that do not qualify for separate recognition. None of the goodwill recognized is expected to be deductible for tax purposes. The deferred tax liability mainly comprises the tax effect of the accelerated depreciation for tax purposes of tangible and intangible assets. Contingent Consideration The acquisition of CPL includes the following milestone and earnout payments (collectively called "Contingent Consideration"): Milestone Payments a. If, on or before June 30, 2025, CPL achieves cumulative sales of at least US$0.5 million from its U.S. hemp-derived beverage business, the Company shall, within 30 days of the delivery of the achievement of such milestone, pay the Seller a milestone payment ("First Milestone") in the amount of $2 million by wire transfer of immediately available funds to an account designated by the Seller. CPL did not achieve the specified cumulative sales target by the required date, and therefore no milestone payment was incurred; and b. If, on or before September 30, 2025, CPL achieves cumulative sales of at least US$1 million from its U.S. hemp-derived beverage business, the Company shall, within 30 days of the delivery of the achievement of such milestone, pay the Seller a milestone payment ("Second Milestone") in the amount of $2 million by wire transfer of immediately available funds to an account designated by the Seller. CPL did not achieve the specified cumulative sales target by the required date, and therefore no milestone payment was incurred. Earnout Payments a. The first eligible earnout payment ("First Earnout"), if applicable, shall be paid by the end of calendar year 2025 based on 2.5 times the trailing twelve months' net revenue to September 30, 2025, of CPL, less any consideration paid to CONSOLIDATED FINANCIAL STATEMENTS \| FOR THE YEAR ENDED SEPTEMBER 30, 2025 AND 2024 43

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date, including the Original Consideration, First Milestone and Second Milestone. The First Earnout, if applicable, is to be paid 50% in cash and 50% in the Company's Common Shares priced at the five-day TSX VWAP the day prior to settlement. As at September 30, 2025, the Company expects to pay approximately $3.8 million for the First Earnout and this amount is included in the other current liabilities; and b. The second eligible earnout payment ("Second Earnout"), if applicable, shall be paid by the end of calendar 2026 based on 2.5 times the trailing twelve months' net revenue to September 30, 2026, of CPL, less any consideration paid to date, including the Original Consideration, First Milestone, Second Milestone and the First Earnout. The Second Earnout, if applicable, is to be paid 50% in cash and 50% in the Company's Common Shares priced at the five-day TSX VWAP the day prior to settlement. As at the acquisition date, the fair value of the Contingent Consideration was estimated to be $17,090. As at September 30, 2025, the Contingent Consideration was adjusted to $8,815. During the year ended September 30, 2025, the Company recognized a decrease in fair valuation of $8,190 in the consolidated statements of operations and comprehensive loss. Of the total contingent consideration, $6,925 is included in the other current liabilities and the remaining amount is included in other long term liabilities. 27. OPERATING SEGMENTS An operating segment is a component of the Company for which discrete financial information is available and whose operating results are regularly reviewed by the Company's chief operating decision maker, to make decisions about resources to be allocated to the segment and assess its performance, and that engages in business activities from which it may earn revenue and incur expenses. The Company only has one operating segment. 28. COMPARATIVE FIGURES Certain reclassifications have been made to the prior periods comparative figures to enhance comparability with the current period financial statements, none of the reclassifications result in a change to net loss or shareholders' equity. CONSOLIDATED FINANCIAL STATEMENTS \| FOR THE YEAR ENDED SEPTEMBER 30, 2025 AND 2024 44

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