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Segmented Information
 6 Months Ended 12 Months Ended
Jun. 30, 2025
Dec. 31, 2024
Segmented Information [Abstract]    
Segmented Information
20. Segmented Information

 

The Company has three reportable segments: Cultivation, Distribution & Corporate. Cultivating activities which comprise the “cultivation” segment is made up of the medical cannabis cultivation operations at RPK/Holigen in Portugal up until the sale completion in March 2024 (refer to note 5). The Company has a Canadian farming property at which it has plans to develop THC and CBD facilities, which will fall under cultivation segment once cultivation has started. Distributing activities relate to the distribution of medical cannabis by Canmart Ltd in the United Kingdom up until the winding up in May 2025 (refer to note 6). Corporate activities entail head office costs and other general corporate expenses related to the administration of the broader group. The accounting policies of the operating segments are the same as those described in the summary of material accounting policies. The reportable segments have been determined by management on the basis that these are strategic business units that offer different products and services. The business units in Portugal (up until the sale of subsidiary described in note 5) which fall under the cultivation segment were focused on the cultivation of medical cannabis and medical cannabis biomass respectively, while the business unit in the United Kingdom (up until the winding up described in note 6), which falls under the distribution segment, undertakes the sale and distribution of medical cannabis products. The corporate segment undertakes management and treasury services within the group and for the benefit of all group companies. They are managed separately as each business unit requires different strategies, risk management and technologies.

Set out below is information about the assets and liabilities as at June 30, 2025 and December 31, 2024 and profit or loss from each segment for the six months ended June 30, 2025 and 2024:

 

   As at June 30, 2025 
Financial statement line item:  Cultivation   Distribution   Corporate   Total 
Reportable segment assets  $20,085   $
                -
   $6,194,944   $6,215,029 
Reportable segment liabilities   161,977    
-
    2,751,851    2,913,828 

 

   As at December 31, 2024 
Financial statement line item:  Cultivation   Distribution   Corporate   Total 
Reportable segment assets  $17,785   $1,052,080   $6,844,218   $7,914,083 
Reportable segment liabilities   133,163    1,026,211    2,478,171    3,637,545 

 

   For the six months ended June 30, 2025 
Financial statement line item:  Cultivation   Distribution   Corporate   Total 
Revenues from external customers  $
-
   $
-
   $
-
   $
-
 
Intersegment revenues   
-
    
-
    
-
    
-
 
Other income (expense)   
-
    5,781    60,315    66,096 
Finance income   
-
    
-
    38,116    38,116 
Finance expense   
-
    
-
    (17,749)   (17,749)
Depreciation & amortization   
-
    926    83,862    84,788 
Discontinued operations   
-
    10,911,606    (10,322,314)   589,292 
Reportable segment income (loss)   (10,737)   
-
    (804,264)   (815,001)

 

   For the six months ended June 30, 2024 
Financial statement line item:  Cultivation   Distribution   Corporate   Total 
Revenues from external customers  $
-
   $
-
   $
-
   $
-
 
Intersegment revenues   
-
    
-
    
-
    
-
 
Other income (expense)   (1,719,375)   
-
    1,664,027    (55,348)
Finance income   
-
    
-
    
-
    
-
 
Finance expense   
-
    
-
    (62,192)   (62,192)
Depreciation & amortization   
-
    
-
    102,051    102,051 
Discontinued operations   (461,405)   55,823    
-
    (405,582)
Reportable segment income (loss)   (683,722)   55,823    (2,054,991)   (2,682,890)

 

Set out below are reconciliations of each reportable segment’s revenues, profit or loss for the six months ended June 30, 2025 and 2024, and assets and liabilities as at June 30, 2025 and December 31, 2024:

 

   For the six months ended June 30, 2025 
Revenues  Cultivation   Distribution   Corporate   Total 
Total revenues  $
               -
   $
                -
   $
            -
   $
      -
 
Elimination of inter segment revenue   
-
    
-
    
-
    
-
 
Total revenue  $
-
   $
-
   $
-
   $
-
 

 

   For the six months ended June 30, 2024 
Revenues  Cultivation   Distribution   Corporate   Total 
Total revenues  $
               -
   $
                -
   $
            -
   $
      -
 
Elimination of inter segment revenue   
-
    
-
    
-
    
-
 
Total revenue  $
-
   $
-
   $
-
   $
-
 
   For the six months ended June 30, 2025 
Loss  Cultivation   Distribution   Corporate   Total 
Total loss for reportable segments  $(10,737)  $(10,911,606)  $9,518,050   $(1,404,293)
Total loss on discontinued operations   
-
    10,911,606    (10,322,314)   589,292 
Elimination of inter segment profit or loss   
-
    
-
    
-
    
-
 
Loss before income tax expense  $(10,737)  $
-
   $(804,264)  $(815,001)

 

   For the six months ended June 30, 2024 
Loss  Cultivation   Distribution   Corporate   Total 
Total loss for reportable segments  $(222,317)  $
-
   $(2,054,991)  $(2,277,308)
Total loss on discontinued operations   (461,405)   55,823    
-
    (405,582)
Elimination of inter segment profit or loss   
-
    
-
    
-
    
-
 
Loss before income tax expense  $(683,722)  $55,823   $(2,054,991)  $(2,682,890)

 

   As at June 30, 2025 
Assets  Cultivation   Distribution   Corporate   Total 
Total assets for reportable segments  $20,085   $
                -
   $42,267,930   $42,288,015 
Elimination of inter segment assets   
-
    
-
    (36,072,986)   (36,072,986)
Segments’ assets  $20,085   $
-
   $6,194,944   $6,215,029 

 

   As at December 31, 2024 
Assets  Cultivation   Distribution   Corporate   Total 
Total assets for reportable segments  $17,785   $1,052,080   $52,703,643   $53,773,508 
Elimination of inter segment assets   
-
    
-
    (45,859,425)   (45,859,425)
Segments’ assets  $17,785   $1,052,080   $6,844,218   $7,914,083 

 

   As at June 30, 2025 
Liabilities  Cultivation   Distribution   Corporate   Total 
Total liabilities for reportable segments  $1,072,681   $
                 -
   $27,243,899   $28,316,580 
Elimination of inter segment liabilities   (910,704)   
-
    (24,492,048)   (25,402,752)
Entity’s liabilities  $161,977   $
-
   $2,751,851   $2,913,828 

 

   As at December 31, 2024 
Liabilities  Cultivation   Distribution   Corporate   Total 
Total liabilities for reportable segments  $883,397   $11,169,051   $25,958,535   $38,010,983 
Elimination of inter segment liabilities   (750,234)   (10,142,840)   (23,480,364)   (34,373,438)
Entity’s liabilities  $133,163   $1,026,211   $2,478,171   $3,637,545 
21.Segmented Information

 

The Company has three reportable segments: Cultivation, Distribution & Corporate. Cultivating activities which comprise the “cultivation” segment is made up of the medical cannabis cultivation operations at RPK/Holigen in Portugal up until the sale completion in March 2024 (refer to note 5). Distributing activities relate to the distribution of medical cannabis by Canmart Ltd in the United Kingdom. Corporate activities entail head office costs and other general corporate expenses related to the administration of the broader group. The accounting policies of the operating segments are the same as those described in the summary of material accounting policies. The reportable segments have been determined by management on the basis that these are strategic business units that offer different products and services. The business units in Portugal (up until the sale of subsidiary described in note 5) which fall under the cultivation segment were focused on the cultivation of medical cannabis and medical cannabis biomass respectively, while the business unit in the United Kingdom, which falls under the distribution segment, undertakes the sale and distribution of medical cannabis products. The corporate segment undertakes management and treasury services within the group and for the benefit of all group companies. They are managed separately as each business unit requires different strategies, risk management and technologies.

 

Set out below is information about the assets and liabilities as at December 31, 2024 and 2023 and profit or loss from each segment for the years ended December 31, 2024 and 2023:

 

   As at December 31, 2024 
Financial statement line item:  Cultivation   Distribution   Corporate   Total 
Reportable segment assets  $17,785   $1,052,080   $6,844,218   $7,914,083 
Reportable segment liabilities   133,163    1,026,211    2,478,171    3,637,545 

 

   As at December 31, 2023 
Financial statement line item:  Cultivation   Distribution   Corporate   Total 
Reportable segment assets  $7,421,320   $831,714   $586,959   $8,839,993 
Reportable segment liabilities   5,949,793    1,314,705    5,404,387    12,668,885 

 

   For the year ended December 31, 2024 
Financial statement line item:  Cultivation   Distribution   Corporate   Total 
Revenues from external customers  $
-
   $836,664   $
-
   $836,664 
Intersegment revenues   
-
    
-
    
-
    
-
 
Other income (expense)   (879,154)   411,198    1,675,644    1,207,688 
Finance income   
-
    3,539    2,953    6,492 
Finance expense   
-
    (19,024)   (81,083)   (100,107)
Depreciation & amortization   
-
    3,783    137,271    141,054 
Discontinued operations   (827,620)   
-
    
-
    (827,620)
Reportable segment income (loss)   (206,397)   43,414    (3,933,046)   (4,096,029)

 

   For the year ended December 31, 2023 
Financial statement line item:  Cultivation   Distribution   Corporate   Total 
Revenues from external customers  $
-
   $423,683   $
-
   $423,683 
Intersegment revenues   
-
    
-
    
-
    
-
 
Other income (expense)   (990,870)   117,785    940,863    67,778 
Finance income   
-
    39    
-
    39 
Finance expense   
-
    (14,638)   (106,758)   (121,396)
Depreciation & amortization   
-
    3,759    205,424    209,183 
Discontinued operations   (28,562,693)   
-
    
-
    (28,562,693)
Reportable segment loss   (29,566,625)   (355,688)   (2,352,757)   (32,275,070)

Set out below are reconciliations of each reportable segment’s revenues, profit or loss for the years ended December 31, 2024 and 2023, and assets and liabilities as at December 31, 2024 and 2023:

 

   For the year ended December 31, 2024 
Revenues  Cultivation   Distribution   Corporate   Total 
Total revenues  $
               -
   $836,664   $
             -
   $836,664 
Elimination of inter segment revenue   
-
    
-
    
-
    
-
 
Total revenue  $
-
   $836,664   $
-
   $836,664 

 

   For the year ended December 31, 2023 
Revenues  Cultivation   Distribution   Corporate   Total 
Total revenues  $
              -
   $423,683   $
             -
   $423,683 
Elimination of inter segment revenue   
-
    
-
    
-
    
-
 
Total revenue  $
-
   $423,683   $
-
   $423,683 

 

   For the year ended December 31, 2024 
Loss  Cultivation   Distribution   Corporate   Total 
Total profit or loss for reportable segments  $621,223   $43,414   $(3,933,046)  $(3,268,409)
Total loss on discontinued operations   (827,620)   
-
    
-
    (827,620)
Elimination of inter segment profit or loss   
-
    
-
    
-
    
-
 
Income (loss) before income tax expense  $(206,397)  $43,414   $(3,933,046)  $(4,096,029)

 

   For the year ended December 31, 2023 
Loss  Cultivation   Distribution   Corporate   Total 
Total loss for reportable segments  $(1,003,932)  $(355,688)  $(2,352,757)  $(3,712,377)
Total loss on discontinued operations   (28,562,693)   
-
    
-
    (28,562,693)
Elimination of inter segment profit or loss   
-
    
-
    
-
    
-
 
Loss before income tax expense  $(29,566,625)  $(355,688)  $(2,352,757)  $(32,275,070)

 

   As at December 31, 2024 
Assets  Cultivation   Distribution   Corporate   Total 
Total assets for reportable segments  $17,785   $1,052,080   $52,703,643   $53,773,508 
Elimination of inter segment assets   
-
    
-
    (45,859,425)   (45,859,425)
Segments’ assets  $17,785   $1,052,080   $6,844,218   $7,914,083 

 

   As at December 31, 2023 
Assets  Cultivation   Distribution   Corporate   Total 
Total assets for reportable segments  $7,421,320   $19,962,714   $13,716,171   $41,100,205 
Elimination of inter segment assets   
-
    (19,131,000)   (13,129,212)   (32,260,212)
Segments’ assets  $7,421,320   $831,714   $586,959   $8,839,993 

  

   As at December 31, 2024 
Liabilities  Cultivation   Distribution   Corporate   Total 
Total liabilities for reportable segments  $883,397   $11,169,051   $25,958,535   $38,010,983 
Elimination of inter segment liabilities   (750,234)   (10,142,840)   (23,480,364)   (34,373,438)
Entity’s liabilities  $133,163   $1,026,211   $2,478,171   $3,637,545 

 

   As at December 31, 2023 
Liabilities  Cultivation   Distribution   Corporate   Total 
Total liabilities for reportable segments  $16,163,821   $31,223,085   $(25,505,597)  $21,881,309 
Elimination of inter segment liabilities   (10,214,029)   (29,908,380)   30,909,985    (9,212,424)
Entity’s liabilities  $5,949,792   $1,314,705   $5,404,388   $12,668,885