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CEO Daniel Neville reported that for a key problem loan, two assets are under LOI pending court approval. CFO Brandon Hetzel clarified the fair value accounting is a legacy GAAP election. President and CIO Robyn Tannenbaum stated the leverage target is 1.0-1.2x with no plans to issue equity. Neville confirmed one H2 2025 maturity will not be refinanced by AFCG. Tannenbaum added that mortgage REITs have traded better and would benefit from lower interest rates.

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Chief Financial Officer Brandon Hetzel attributed the interest income decline to lower income from private company G and the absence of TRS dividends seen in Q4. Chief Executive Officer Daniel Neville stated that due to market volatility, the company will be opportunistic with originations rather than targeting a specific volume. President and CIO Robyn Tannenbaum added that the board reviews the dividend annually and will make a declaration on its normal cadence. Regarding problem loans, management stated they could not comment on timing or proceeds for companies A and K as the process is managed by a receiver. Gabe Katz (executive) declined to comment on the pending litigation with Justice Grown beyond what is disclosed in the 10-Q.

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CEO Peter Sack explained that Chicago Atlantic's niche strategy insulates it from general market volatility. He noted it's too early to speculate on regulatory changes but highlighted that the deal pipeline has expanded into non-cannabis sectors and now includes new opportunities from cannabis company restructurings and ESOP transactions. Sack, along with President Dino Colonna, stated that rescheduling news has actually spurred capital demand rather than causing a pause, as operators are optimistic but also wary of past 'head fakes'.

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CEO Luc Mongeau responded that the immediate priority is establishing the right infrastructure and team to win in Germany and Poland. He mentioned a new Managing Director for Europe will develop a broader long-term strategy. Mongeau confirmed that the bulk of products sold in Europe are grown at Canopy's Canadian facilities.

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CEO Luc Mongeau explained that supply chain issues were organizational, not due to a lack of assets. A new centralized structure will improve allocation without needing new investment. CFO Judy Hong added that while the Canadian medical market is declining, Canopy grew 16% and is gaining share by focusing on high-value patients and superior customer experience, a model they are applying internationally.

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Judy Hong clarified that Constellation Brands is now a passive shareholder and the relationship is not operational. Regarding Europe, she stated their distribution is strong, leveraging both Canadian supply and local partners, and that the main historical constraint has been supply consistency, which has now improved.

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CFO Judy Hong clarified that Constellation Brands is now a passive shareholder with an exchangeable share ownership, limiting their role to that of an investor with less operational exchange. Regarding Europe, she stated that the primary constraint has been supply, not distribution, and that improved flower quality and consistency from Canada are now benefiting the international business. She confirmed they use a network of distribution partners in key markets.

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Co-CEO Peter Sack confirmed a strong relationship with New York's Social Equity Fund, highlighting 23 operating dispensaries and confidence in the market's long-term development. He stated that Chicago Atlantic focuses on smaller private operators, a segment less affected by the bond market dynamics facing larger public companies. Sack also emphasized that the broader platform with multiple funding sources provides flexibility and a more competitive edge, ultimately leading to a higher quality, more diversified pipeline for the REIT.

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Executive Peter Sack attributed the slow Q1 to both company selectivity and broader operator caution amid market uncertainty, while still aiming for meaningful growth for the year. Executive Phillip Silverman stated unfunded commitments were $19.8 million. Sack added that the Loan #9 restructuring demonstrates their ability to execute in downside scenarios and that pipeline allocation across funds is determined late in the process based on each vehicle's specific requirements.

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Managing Partner Peter Sack explained that the company treats unpaid tax liabilities as a form of debt, which is factored into their underwriting and controlled via covenants. He noted that while the overall industry faces challenges, Chicago Atlantic focuses on finding strong individual operators. Sack confirmed the company aims to be fully deployed while maintaining a liquidity buffer and expressed strong encouragement about the progress being made in the New York cannabis market, citing store openings and crackdowns on illicit operators.

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CEO Miguel Martin stated that Aurora's supply chain is founded on its high-yield, GMP-certified facilities in Canada and Germany, which are supplemented by a flexible third-party network. On vertical integration, Martin explained that while the company operates a clinic in Australia, its primary strategy is to build strong trade programs and partnerships with third-party clinics and distributors, a model that has proven successful given the high demand for Aurora's premium products.

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CEO Miguel Martin stated that while it's premature to project 2-3x growth, a 30% annualized growth rate is healthy, driven by easier patient access and distribution without price compression. He highlighted Aurora's competitive advantages, including patient stickiness to specific products, stringent regulatory and testing protocols that favor experienced operators, established in-market distribution infrastructure, and being one of only three companies with in-country manufacturing.

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The executive contrasted the strategies, explaining that in Germany, Aurora invested heavily in on-the-ground infrastructure early on due to confidence in the market's regulatory path. In Australia, they initially partnered. Regarding Australia, he stated there are no current plans for local production as the import of TGA-certified products from Canada is efficient and secure. The primary barrier to entry is the TGA's rigorous, 8-12 month product registration and testing process, which advantages established, precise companies like Aurora and protects margins.

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CFO Alberto Paredero-Quiros provided the international sales figure of $3.8 million. CEO Zach George stated that the company is focused on profitable growth rather than solely market share, anticipating an oligopolistic Canadian market. He explained that consolidation of U.S. assets is pending delayed court rulings and that SNDL currently has no operational control over any U.S. plant-touching assets to maintain its NASDAQ listing.

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CEO & Chairman Irwin Simon explained that rescheduling would allow U.S. market entry with medical products, attract institutional investment, and create acquisition opportunities. On beverages, he conceded some issues were 'self-inflicted,' including integration challenges and timing mistakes, but also noted the overall craft beer market is down. He emphasized Tilray's focus is on being a broader 'beverage business' with opportunities in energy drinks, Delta-9, and non-alcoholic products.

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Chief Strategy Officer Denise Faltischek attributed the growth to both market expansion and share gains, driven by increased doctor education and improved reimbursement processes. She confirmed involvement in clinical studies and identified the U.K. and Italy as key growth markets, while noting they are monitoring France and see the Dutch pilot program as having limited commercial opportunity for now. Chairman and CEO Irwin Simon affirmed the company's commitment to investing in research.

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CEO Irwin Simon stated that Tilray is prepared to enter the U.S. market either organically, by leveraging its extensive operational experience from Canada and Europe, or through a strategic acquisition, supported by its strong balance sheet. Chief Strategy Officer Denise Faltischek detailed Tilray's German advantages, including a highly flexible supply chain (Germany, Portugal, Canada), an experienced commercial team with strong local relationships, and a trusted reputation as a market pioneer.

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An executive responded that the larger opportunity for Delta-9 is in brick-and-mortar retail, not DTC. CEO Irwin Simon stated his U.S. strategy is to remain prepared for medical legalization, leveraging existing infrastructure, rather than making speculative investments now. He noted the current focus is on the tangible Delta-9 opportunity and growing the beverage and wellness businesses.

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CEO Margaret Brodie and CFO Glenn Ibbott addressed the premium segment, stating that pricing has stabilized and even increased since Q4 2024, and they have not experienced deflationary pressure due to strong brand pull for their genetics. Brodie clarified that the 2,000 kilos of purchased biomass is incremental and intended for premium flower. Regarding expansion, she noted that Hope's capacity can be optimized and that further growth is on the table. On vapes, Brodie confirmed the focus remains on FSE resin and all-in-one formats, with no plans to enter the distillate market in the next 18 months.

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CEO Mike DeGiglio explained the deal was structured as an $80 million transaction ($40M cash, $40M equity) and was driven by the need to maintain cannabis optionality while securing strong operating partners. He also confirmed that as of April, Dutch coffee shops in the pilot must buy from legal producers. CFO Steve Ruffini acknowledged that co-manufacturing hemp products is an opportunity the company has considered.

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CEO Mike DeGiglio clarified that only 7 of the 10 licensed producers in the Netherlands are currently in production. He and Orville Bovenschen, President of Canadian Cannabis, noted a firm government deadline of April 7 for coffee shops to source 100% of their products from these legal suppliers. Regarding the international route-to-market strategy, Mike DeGiglio declined to share specific details for competitive reasons but emphasized that medicinal exports are a central focus for 2025.

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CEO Mike DeGiglio confirmed they are open to international M&A to become more vertically integrated but will remain patient and prudent, building on their core strength of high-quality flower production. He affirmed their Canadian facility is EU GMP certified. Regarding the Netherlands, he stated the transition to an exclusive supply model depends on when all 10 licensees are at full capacity. On hemp, he said VFF continues to invest in new products but will be cautious with major investments until a clear U.S. federal regulatory framework is established.

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Executive Michael Wang detailed new products like the VOLT platform and Sprout device, which are gaining traction by offering MSOs innovative and safer options. Regarding tariffs, Wang confirmed that uncertainty impacted U.S. cannabis revenue but the company has successfully renegotiated most customer contracts to an FOB factory price model, shifting tariff risk. He asserted that the Malaysian facility provides a distinct competitive advantage, as it is subject to lower tariffs than competitors' manufacturing locations in Indonesia or Vietnam.

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Executive Michael Wang described the age-gating technology as a unique, non-hackable, blockchain-based solution that is frictionless for consumers, noting it received an unprecedentedly fast meeting acceptance from the FDA. He hopes for a U.S. launch by the end of calendar 2025. Wang stated that this technology is key to unlocking the multi-billion dollar market for flavored vapes in the U.S. CFO James McCormick added that the technology has global applications, especially in Europe, and could launch there sooner. McCormick also highlighted the emergence of nicotine pouches as a major trend the company is pursuing.

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Executive Anthony Coniglio advised pausing the modeling of the C3 tenant improvement allowance, as the tenant is reevaluating the project, but confirmed rent is being paid on the existing property. He stated Rev Clinics is expected to pay 50% rent through Q2, with CFO Lisa Meyer quantifying the impact at about $0.015 of AFFO per share. Coniglio expressed confidence in Calypso's rent payments pending its restructuring. To differentiate from peers, he highlighted NewLake's 84% AFFO payout ratio and disciplined underwriting. He noted that while near-term CapEx is slow, long-term sale-leaseback opportunities exist with operator balance sheets and new state legalizations. Finally, he confirmed NewLake is evaluating international opportunities in Europe to support its tenants.

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Executive Anthony Coniglio advised pausing the modeling of the C3 tenant improvement allowance due to project cost reevaluation. He confirmed Rev Clinics is expected to pay 50% rent through Q2 and that the company is actively marketing the property. For Calypso, the plan is for a return to full, timely rent payments, subject to regulatory approval. Coniglio differentiated NewLake by highlighting its conservative 84% AFFO payout ratio, disciplined underwriting focused on property-level cash flow, and minimal defaults. He noted a long-term sale-leaseback opportunity exists with billions in real estate on operator balance sheets and future state legalizations, and confirmed NewLake is evaluating international opportunities in Europe. Executive Lisa Meyer quantified the Rev Clinics rent reduction as impacting AFFO by approximately $0.015 per share.

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CEO Anthony Coniglio addressed the questions, stating NewLake has not seen spillover from competitor issues due to its strong underwriting and focus on property-level cash flow. He explained that while properties could be re-tenanted outside of cannabis, the focus remains on finding new cannabis operators, especially for the Calypso facility in the promising Pennsylvania market. Coniglio described the buyback and ATM programs as tools for shareholder-focused flexibility, allowing the company to repurchase shares at low prices and raise capital accretively at high prices. He confirmed a prudent and cautious approach to growth, prioritizing quality deals over volume amidst industry uncertainty regarding federal reform and capital access.

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Executive Anthony Coniglio addressed the questions, stating that Florida remains a strong medical market where operators were cautious about overbuilding, mitigating risk. He clarified that M&A comments referred to facilitating operator deals via sale-leasebacks, though NewLake remains open to strategic mergers. Coniglio asserted a significant addressable market still exists, as operators hold billions in real estate that can be monetized through sale-leasebacks, which offer better advance rates than traditional credit facilities for refinancing purposes.

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CEO Jon Levine explained that while they are exploring various hemp product lines like beverages, final decisions have not been made. Chief Commercial Officer Ryan Crandall detailed that the new 'Microdose' brand, featuring functional mushrooms in a vegan pill, will be distributed widely through dispensaries in all their states, with non-dispensary distribution being part of the broader hemp strategy under evaluation. Levine confirmed they are in licensing discussions for New York and other states, seeking partners who can adhere to their standards. He also noted the second Maryland store is growing monthly and that they are well-positioned for Delaware's adult-use launch, which could happen in 60-120 days.

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The company is evaluating hemp products but has no specifics yet. The "Microdose" product launched in MA dispensaries and is a functional mushroom pill. They are open to licensing to the right partners. The second Maryland store is performing well. They are preparing for Delaware's adult-use launch in 60-120 days by building relationships with all potential retail partners.

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The M&A strategy focuses on acquiring operational, cash-flowing businesses in new states like New York, New Jersey, and Pennsylvania, rather than building from scratch. Store expansion is limited by a moratorium in Maryland and an ongoing location search in Ohio. In Missouri, the company is selling all its non-flower branded products with good traction. In Delaware, MariMed is the largest of four operators and is fully built out to meet capacity for the upcoming adult-use market.

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CEO Jon Levine explained that brand expansion involves both licensing in new states and acquiring assets to introduce their full portfolio. For valuation, he pointed to comps like the Wana Brands acquisition, suggesting Betty's alone could be worth over $200 million. Levine noted the company has been aggressive with its 280E tax position and that its repeal would add millions in cash flow. He added that M&A is attractive now due to more realistic asset valuations and MariMed's strong balance sheet.

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Executives clarified that while the Illinois flower project is delayed to 2025, other projects like the second Maryland store (opening soon) and Quincy adult-use sales are new or ahead of schedule, keeping them confident in their guidance. They believe their edibles brands have significant room for market share growth and attribute their success in Massachusetts to a strong team and product portfolio. Entry into the Missouri market is imminent, pending final approvals.

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CEO Jon Levine clarified that the Hagerstown facility was included in the original guidance, while the Quincy adult-use launch and the second Maryland store were not. He noted a delay in Illinois flower cultivation to Q1 2025. Chief Revenue Officer Ryan Crandall stated that the company believes its edibles brands have a much higher ceiling for market share and that success in Massachusetts is driven by a combination of strong brands, product innovation, and an effective sales team. Jon Levine concluded that Missouri operations should commence in the next quarter, pending final approvals.

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Chairman and CEO Boris Jordan attributed the international wholesale decline purely to foreign exchange effects. Regarding debt, CFO Ed Kremer noted current liabilities would be lower in Q1, while Boris Jordan added that they are continuing to pay down acquisition debt and are seeing 'very, very strong demand' from investors for the planned refinancing in the second half of the year.

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Executive Chairman Boris Jordan speculated that any pre-election rescheduling announcement would likely occur in late September or October for maximum political impact. He then pivoted to stress the strategic importance of the hemp market, particularly for beverages, and advocated for the regulated cannabis and hemp industries to collaborate on a unified regulatory framework based on cannabinoids, which could be addressed when the Farm Bill is taken up next year.

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Executive Chairman Boris Jordan estimated the hemp market is comparable in size to the regulated cannabis market. CEO Matt Darin addressed the Florida question, stating that the company is already expanding cultivation and retail on a modular basis to meet current medical demand. This approach allows them to proceed with necessary investments while retaining the flexibility to scale back if the ballot measure does not pass.

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CEO Beena Goldenberg confirmed that their German partner, Sanity Group, has seen business double since April 1, attributing the lag in Canadian LP export data to long cultivation cycles creating a supply bottleneck. Regarding U.S. investments, she explained they are monitoring hemp regulations closely with OBX and are seeking strategic, non-passive investments that leverage Organigram's IP, while remaining compliant with exchange listing rules.

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Chief Transformation Officer Greg Butler cited wholesale declines in California and Pennsylvania, offset by strength in Michigan and Massachusetts, and noted they don't expect a material increase in Illinois store openings. CEO Charles Bachtell commented that any additions to the SAFE Act depend on whether they help or hinder its passage. He also expressed that rescheduling risks are exaggerated, as states will be highly engaged in shaping any new federal framework.

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Interim CEO Tim Conder addressed the Jupiter hardware business, stating that while competition has impacted market share, the focus is on improving price competitiveness and accelerating innovation. He declined to quantify the supply chain impact. Conder highlighted the significant opportunity to bring West Coast brand partners to Eastern markets and endorsed the kiosk retail model as a viable distribution channel for growth.

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CEO & Director Alexander Rabinovitch distinguished the Israeli market by its advanced clinical practice guidelines (the 'green book'), which protect doctors and establish cannabis as a first-line treatment for some indications, unlike in Germany. He stated that the company's pharmacy expansion to over 26 locations is proceeding independently of the reform. Regarding the Australian deal with Better, Rabinovitch explained that the company is now in litigation and could not comment in detail, other than to say the deal did not mature as expected.

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CEO Kim Rivers provided a detailed breakdown, confirming the lower signature threshold for Supreme Court review has been met. She explained a prior initiative failed on 'single subject' grounds and for not noting federal illegality, issues addressed in the current language. She affirmed that if the court does not opine by the April deadline, the language is deemed approved with no further legislative or gubernatorial review. Finally, she clarified the 60% approval is for the statewide vote, while signature collection is distributed proportionally by county.

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