💸 The Tape

MTL Cannabis Files Q1 Results and Maps Out an Ambitious Growth Path

Canada’s cannabis industry has been a roller coaster of overbuilding, retrenching, and retooling—but MTL Cannabis Corp. (CSE: MTLC) seems determined to prove it can stay on the rails. The company just filed its financials for the quarter ending June 30, 2025, showing steady revenue and a slate of capital projects designed to supercharge production capacity and long-term growth.

By the numbers, MTL posted $25.9 million in revenue, essentially flat year-over-year with a modest $48,000 uptick. Operating income slipped to $2.1 million from nearly $5 million last year, while EBITDA came in at $3.4 million and Adjusted EBITDA at $3.0 million, both down versus 2024. The message? Sales are holding up, but margin pressure is real as the company invests in its next phase.

And invest they are. The first quarter of FY2026 brought a flurry of capital projects that look more like a cannabis infrastructure makeover than routine maintenance:

• LED retrofits across Montreal and Louisville cultivation sites promise lower power bills and higher yields. Cannabis growers have long complained about hydro bills; MTL seems ready to flip the switch.

• A major retrofit at the 815 Tecumseh facility in Pointe-Claire will boost annual cultivation capacity from 9,000 kg to 11,000 kg, with completion slated for 2027.

• The previously dormant 4225 Transcanadienne site is being transformed into a central processing hub for Canadian rec, medical, and export markets. This frees up other facilities to grow more weed instead of crunching logistics.

• Medical fulfillment is shifting to Montreal, giving MTL room to expand a platform already serving 5,000 patients—including 3,500 veterans. The menu, with 450+ SKUs, is set to get even bigger.

• Finally, the Pickering Abba Medix site is shutting down for a retrofit that will nearly double cultivation output from 2,500 kg to 4,000 kg annually.

CEO Michael Perron framed the results as part of a bigger story: completing a turnaround after its RTO with Canada House Wellness, consolidating operations, and now plowing resources into long-term expansion. Importantly, Perron flagged that MTL has the backing of a Schedule 1 financial institution—a rarity in cannabis banking—giving it breathing room to finance these “transformational” initiatives.

The near-term numbers might not dazzle, but the playbook is clear: hold steady on revenue, cut costs with LEDs, expand output with facility upgrades, and bet on Canadian medical and export markets to do the heavy lifting. In a sector filled with cautionary tales, MTL is positioning itself as the disciplined builder rather than the reckless spender.

📈 Dog Walkers

$OILS.CSE ( ▲ 21.43% ) Reports

Whats Going On Here: Nextleaf Solutions (CSE: OILS) kept its streak alive in Q3 FY2025, chalking up a fourth straight profitable quarter without accounting gimmicks. The company reported net revenue of $2.9M, gross profit of $1.1M (a 25% bump year-over-year), and net income of $867K YTD, flipping last year’s loss into tidy black ink. Margins held steady at 29%, with positive EBITDA of $1.1M YTD signaling the brand’s cost discipline.

Yes, the vape and infused pre-roll wars squeezed results, but Nextleaf has leaned into wellness-forward formats like oils and softgels, where it now enjoys national leadership. Its flagship brand Glacial Gold rolled out 11 new SKUs this quarter, including ratio vapes and minor cannabinoid formulations, keeping wellness-minded consumers happy.

The balance sheet is no slouch either: $5.6M in working capital, a 0.61 debt-to-equity ratio, and no secured debt. Management is doubling down in Q4 with Canada’s first 200-count softgels, next-gen vape hardware, a national budtender sampling blitz, and new brand activations.

CEO Emma Andrews summed it up: Nextleaf is playing both offense and defense, staying humble but aggressive. Translation? They’re grinding out wins, category by category.

$CNTMF ( ▼ 2.26% ) Management Buys In

What’s Going On Here: FLUENT Corp. (CSE: FNT.U) is doubling down on its own turnaround story—literally, with its new interim CEO putting cash on the line. The company announced a non-brokered private placement of 3.5M common shares at US$0.06 per share, raising US$210K. The sole subscriber? None other than Interim CEO David Vautrin, who seems keen to signal he’s not just running the show, he’s investing in it.

“This purchase reinforces my belief in the team and our direction,” Vautrin said, praising FLUENT’s energy and focus on strategic turnaround initiatives. Translation: he’s betting his own money that the company’s future looks brighter than its current balance sheet.

The cash raised will go toward working capital and general corporate purposes—the standard fuel to keep the engine running. Technically, this is a “related party transaction” under Canadian securities rules, but exemptions mean no need for minority shareholder approval. Shares come with a Rule 144 one-year hold, ensuring Vautrin is locked in for the ride.

Closing is expected September 5, 2025. For shareholders, it’s a reassuring gesture: the captain has skin in the game. Whether this investment becomes a turning point or just a symbolic show of faith, only time (and earnings) will tell.

🗞️ The News

📺 YouTube

What Happens After Cannabis Rescheduling? | TDR Cannabis in 5

What we will cover:

✅ In this episode of TDR Cannabis in Five, presented by Dutchie, host Shadd Dales looks at what could happen if cannabis is officially rescheduled at the federal level.

Rescheduling would mark a significant shift, moving cannabis from Schedule I to Schedule III or beyond. This change would open new pathways for medical research, academic partnerships, and corporate involvement. Universities such as Johns Hopkins, Harvard Medical School, and UCLA could run federally supported studies, while hospitals like MD Anderson and the Cleveland Clinic would be able to launch clinical trials on chronic pain, cancer care, and neurological conditions. For the first time, real data would flow into the FDA.

Cannabis companies would also play a role. Multi-state operators like Curaleaf, Green Thumb Industries, and Trulieve could partner with universities, while Canadian firms such as Tilray and Aurora may expand their medical collaborations into the U.S. Research would range from pharmaceutical trials to product safety studies, agricultural development, and public health analysis.

Rescheduling also sets the stage for broader corporate involvement. Big Tobacco companies like Altria and Philip Morris, Big Alcohol players such as Constellation Brands, Molson Coors, and AB InBev, and even Big Pharma leaders could expand into the sector through partnerships or acquisitions.