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Chairman and CEO Boris Jordan stated that while he wouldn't speculate on new market openings, he anticipates international revenue growing from $107 million to around $170 million this year based on existing markets. He noted that while markets like the U.K. and Germany are underpenetrated, there is a threat of price compression from an influx of product. For CapEx, he estimated an additional $20 million over the next 1.5 years for Europe, noting most major investments are complete.

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Chairman and CEO Boris Jordan stated his belief that the President will follow through on campaign indications to support banking reform and rescheduling. However, he cautioned that the timing is difficult to predict as the new administration settles in. He clarified that while they are hopeful, the company is not planning its business around these potential reforms.

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Executive Chairman Boris Jordan reported that initial sales from their first adult-use stores in Ohio exceeded internal projections. He highlighted that their Ohio cultivation facility is the company's highest-yielding, positioning them well to meet significant wholesale demand at strong prices. He confirmed the plan to have all eight permitted stores open by the end of Q1 2025.

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Executive Chairman Boris Jordan clarified that Curaleaf's custody achievements with BNY Mellon, State Street, and Euroclear were due to specific company actions like its TSX uplisting. For the wider industry, he stated that while he is confident rescheduling will happen, the key will be subsequent guidance from the DOJ and FinCEN. He noted that the SAFER Banking Act remains the ultimate solution, though its passage is uncertain.

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An Unknown Executive and Chairman and CEO Irwin Simon addressed the risk, explaining it is mitigated by using third-party production, managing inventory levels, and pursuing a cautious state-by-state rollout. Simon noted that the Canadian THC beverage category, where Tilray has a 45% share, has massive growth potential if regulations allowed sales in mainstream channels like liquor or convenience stores.

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CEO Irwin Simon and Chief Strategy Officer Denise Faltischek responded, highlighting a 50% increase in German flower sales since regulatory changes. They noted that quarterly international revenue can be lumpy due to permit timing and should be viewed annually. Regarding wellness, Simon emphasized focusing on organic growth in the medical cannabis business by leveraging research and learnings from European operations, rather than focusing on M&A.

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Denise Faltischek, Chief Strategy Officer, emphasized a focus on building a sustainable and profitable foundation, citing Germany's reimbursed medical extract business as a core, recurring revenue stream. CEO Irwin Simon added that the company's supply infrastructure in Europe and Canada positions them well to enter new markets as they open, with the U.K. becoming their international hub.

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President and CEO Harkirat Grover explained that uncertainty around Germany's new government's stance on telemedicine, a key part of Purecan's valuation, prompted a re-evaluation of the deal structure. He affirmed High Tide's commitment to entering the German medical market and readiness for potential recreational pilot programs. Regarding Canadian retail, Grover attributed the strong 142% cumulative same-store sales growth since 2021 to the success of the discount club model and stated a long-term goal of achieving 15% market share. He projected reaching the 2.5 million member target in approximately two years.

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Executive Harkirat Grover clarified that the market share figure was revised down from 12% to 11% due to updated data from Statistics Canada, not a change in competitive dynamics, noting that year-over-year share actually grew from 10%. Regarding Germany, he stated that no significant CapEx is required for the Purecan deal as infrastructure is in place, with the primary investment being working capital to manage payment cycles with Canadian licensed producers.

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President and CEO Harkirat Grover noted that while some LP brands are gaining traction, achieving dominant brand loyalty remains challenging. He emphasized High Tide's ability to build its own brands like Queen of Bud. Regarding e-commerce, which now represents 6-7% of revenue, Grover teased a significant new strategy to transform it into a 'global cannabis community' with a strong white-label focus, promising more details soon.

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President and CEO Raj Grover explained that they are highly selective in all acquisitions, including from bankruptcies, often avoiding deals due to poor locations or unfavorable lease terms signed by prior operators. He emphasized a disciplined approach, viewing 3.5x-4x EBITDA as a fair multiple and avoiding bidding wars. Regarding Health Canada, he noted the changes were incremental, like CBD labeling, and not majorly impactful to their retail operations at present.

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