CIN | Expanded coverage and valuation working papers

CIN working papers. Two unissued CIN draft ratings and targets are presented as research judgments; they are not final recommendations or external analyst consensus.

Six other companies are NotRated, including delisted/private Celadon. No new CIN opinion has been issued. This research does not certify 15 currently listed securities or complete coverage of the 312-company directory.

Original source, financial-period, quote and model dates remain distinct. Unresolved evidence limits and existing holds remain in force.

TLRY · NASDAQ · USD

Sell · USD 1.80

High risk · unissued draft

Proposed 12-month target. Cash conversion, lease service, minorities and dilution outweigh revenue growth in the central case.

Stored quote USD 2.81,23 Oct 2026 20:28UTC. Rounded draft comparison:−35.9%. This is a CIN estimate, not broker consensus.

CRON · NASDAQ · USD

Hold · USD 3.00

High risk · unissued draft

Proposed 12-month target. Treasury resilience balances acquisition, regulatory and capital-allocation risks.

Stored quote USD 3.34,23 Oct 2026 20:00UTC. Rounded draft comparison:−10.2%. Acquired accounts and current closing balances still need reconciliation.

Quote identity/date evidence: stored NASDAQ TLRY observation · stored NASDAQ CRON observation. These are dated retained observations, not independently certified official closing prices. The model date is not a new source opinion date.

Coverage and proposed posture

Seven companies extend research beyond the prior eight. The Cronos work updates an existing company. NotRated means the evidence is insufficient to underwrite a current target; it is not a Sell recommendation or a claim that value is zero.

Company	CIN research status	Proposed target	Main investment issue
TLRYTilray Brands	Draft Sell · High risk	USD 1.80	Revenue growth has not yet become self-funded shareholder cash flow.
CRONCronos Group	Draft Hold · High risk	USD 3.00	Treasury strength supports the case; the Dutch acquisition adds earnings and unresolved regulatory risk.
OGI.TOOrganigram Global	NotRated	Withheld	The fixed Sanity earnout changes both the cash funding need and the diluted share denominator.
SNDLSNDL	NotRated	Withheld	Portfolio recoveries and cash after leases drive value more than headline liquidity.
INCRInterCure	NotRated	Withheld	Settlement headlines and a share consolidation do not provide a current equity bridge.
LGP.AXLittle Green Pharma / Cannatrek	NotRated	Withheld	The merger creates a different business and a materially different capital structure.
VIT.AXVitura Health	NotRated	Withheld	Financing support is the first valuation question after the disclosed covenant breach.
CEL.LCeladon Pharmaceuticals Limited	NotRated	Not applicable	Original accounts overturn the stale assumption that CEL remains a quoted AIM security.

Research method and rating convention: Buy normally requires at least 20% central appreciation; Sell applies below −15%; Hold falls between, only after an underwrite is possible. Risk and missing evidence can override numerical thresholds. Selected multiples are CIN judgments, not observed peer medians. No Buy is forced into this set.

United States · global operations · TLRY

Tilray Brands

NASDAQ TLRY · USD

Draft Sell · High riskUSD 1.80CIN draft working paper · not issued

Revenue growth has not yet become self-funded shareholder cash flow.

Stored TLRY quote: USD 2.81 · 2026-10-23 20:28:00.000Z

Reported measure	Amount	Original period / source date
Net revenue / operating loss	USD 257.147m / (24.053m)	Quarter ended 31 Aug 2026 · published 8 Oct
Company adjusted EBITDA	USD 9.2m	Q1 FY2027 · non-GAAP
Latest convertible principal	USD 52.0m	Subsequent events as of 8 Oct 2026
Issued shares / existing broad economic footprint	147.788m / 159.443m	Cover 6 Oct; includes dated RSUs/options, not GAAP diluted EPS

Sources: Tilray Q1 FY2027 Form 10-Q (2026-10-08) · Tilray Q1 FY2027 earnings release (2026-10-08)

CIN investment case

Q1 revenue includes acquired BrewDog operations. Cannabis net revenue declined to USD 56.109m from 64.511m; consolidated growth is not proof of organic cannabis growth.
The CIN base assumes USD 72m adjusted EBITDA, within the company’s USD 68–75m FY2027 guidance. The selected 7x multiple is CIN judgment, not a peer median.
Operating rent remains in EBITDA. Finance leases, positive minority economic claims, cash interest, capital spending and future share dilution reduce the common equity value.

Capital and valuation treatment

Starting unrestricted cash plus securities is USD 218.007m. Gross bank, term and latest convertible principal plus finance leases totals USD 319.325m. Restricted cash is excluded.
Scheduled principal is paid from cash and removed from debt together. September debt-for-equity shares are already inside the October cover count and are not added twice.
The base models 170m future diluted shares. The existing 11.354m RSUs and 0.302m options have economic value even when loss-making GAAP diluted EPS excludes them.
The USD 75m minority claim is an independent CIN normalized judgment. Negative minority book equity is never treated as a cash asset. The gross cash-interest forecast includes finance-lease interest; it is a modeled reserve, not a verified future expense.

Proposed-target supporting scenarios

All forward earnings, cash, financing, multiples and future units are CIN assumptions. The scenario table below shows the principal calculation; original source links and review limits are retained on this page.

Driver / output	Bear	Base	Bull
Revenue forecastUSD m	1,000.0	1,100.0	1,200.0
Adjusted EBITDA forecastUSD m	50.0	72.0	90.0
Selected EV / EBITDAx	5.0	7.0	9.0
Cash interestUSD m	35.0	31.0	29.0
Minority economic claimUSD m	40.0	75.0	112.0
Future diluted unitsm shares	190.0	170.0	162.0
Cash before principal / minorityUSD m	-63.0	-15.0	13.0
Ending cashUSD m	70.7	111.7	146.7
Ending debt + finance leasesUSD m	240.0	240.0	240.0
Common equity valueUSD m	40.7	300.7	604.7
Modeled value per shareUSD / share	0.21	1.77	3.73

Principal risks and limits

Weak cash conversion, covenant restrictions and a revolver unavailable during the testing holiday could increase financing pressure.
BrewDog integration, preliminary purchase accounting and disposal effects may change margins and the balance sheet.
Minority attribution, true maintenance spending and fresh current capital/cash require reconciliation before issue.

Next tests / thesis breakers

Evidence of positive after-interest, after-capex cash generation without repeated equity funding would challenge the Sell thesis.
Recheck the next original results, covenant testing and capital actions. Withdraw the draft if the financing or minority bridge materially changes.

Canada · updated existing case · CRON

Cronos Group

NASDAQ CRON · USD; TSX quote kept separate

Draft Hold · High riskUSD 3.00CIN draft working paper · not issued

Treasury strength supports the case; the Dutch acquisition adds earnings and unresolved regulatory risk.

Stored CRON quote: USD 3.34 · 2026-10-23 20:00:00.000Z

Reported measure	Amount	Original period / source date
Cash / current investments	USD 467.019m / 330.000m	30 Jun 2026 · published 6 Aug
Net revenue / company adjusted EBITDA	USD 98.217m / 18.167m	H1 ended 30 Jun 2026 · EBITDA non-GAAP
Issued common shares	368.413m	3 Aug 2026 cover snapshot
CanAdelaar cash acquisition base	EUR 57.5m plus earnouts	Closed 15 Oct 2026; subject to closing adjustments

Sources: Cronos Group Inc. Q2 2026 Form 10-Q (2026-08-06) · Cronos reports second-quarter 2026 results (2026-08-06) · Cronos Form 8-K: CanAdelaar closing and addendum (2026-10-15) · Cronos completes acquisition of CanAdelaar (2026-10-15)

CIN investment case

The base values the legacy business at USD 55m after-rent EBITDA and 8x, plus the acquired operation at EUR 20m and 6x. These are CIN assumptions for review.
CanAdelaar’s disclosed EUR 20.1m annualized H1 EBITDA is unaudited management data, twice a half-year with legal-cost adjustments. It is neither actual full-year earnings nor forward guidance.
The deal closed after contractual conditions were waived, with the Bibob decision still outstanding. The model assumes no nationwide Dutch expansion and gives no credit for indemnity recoveries.

Capital and valuation treatment

June current cash and investments total USD 797.019m. Noncurrent deposits, loans and other investments are excluded. Cash interest is excluded from operating value, preventing double count with treasury assets.
The full EUR 57.5m base reserve covers seller consideration plus the EUR 12.5m proposed penalty amount withheld from seller cash; that amount is not charged again. Additional closing/regulatory reserves and both cash earnout years remain separate.
Contractual Normalized EBITDA has not been proven identical to disclosed Adjusted EBITDA. Future earnout earnings are explicit estimates. Earmarking both years may reserve cash beyond the 12-month target date.
June DSU units are remeasured at the stored USD 3.34, producing a USD 2.533m cash claim; they are not also shares. Future diluted units are 390m in the base, above the dated known economic footprint of 374.135m. No future buyback share-count benefit is credited.
The base deducts a USD 75m minority economic claim. Bear/base/bull claims 100/75/65m are attribution stresses, not forecasts that minority earnings fall as group earnings rise.

Proposed-target supporting scenarios

Driver / output	Bear	Base	Bull
Legacy revenue forecastUSD m	195.0	240.0	285.0
Legacy after-rent EBITDAUSD m	25.0	55.0	75.0
Legacy selected EV / EBITDAx	5.0	8.0	9.0
CanAdelaar EBITDA forecastEUR m	0.0	20.0	27.0
CanAdelaar selected EV / EBITDAx	0.0	6.0	8.0
Minority economic claimUSD m	100.0	75.0	65.0
Future diluted unitsm shares	400.0	390.0	385.0
Liquid assets after earmarked claimsUSD m	609.3	666.5	711.0
Legacy operating valueUSD m	125.0	440.0	675.0
Acquired operating valueUSD m	0.0	134.4	241.8
Common equity valueUSD m	633.0	1,164.5	1,561.5
Modeled value per shareUSD / share	1.58	2.99	4.06

Principal risks and limits

An adverse Bibob or environmental decision could invalidate the acquired earnings case. Indemnities are capped, conditional and counterparty-dependent.
The actual closing statement, acquired net debt/leases, post-June treasury and current share ledger are not yet reconciled. Model reserves do not verify them.
Competition, Canadian pricing/excise and Israeli import proceedings can weaken cash generation.

Next tests / thesis breakers

Next announced Q3 results:5 Nov 2026. Re-underwrite the treasury, capital allocation and legacy cash conversion.
Review acquired financial statements/pro formas and final regulatory outcomes. A material adverse ruling withdraws the acquired valuation case.

Canada · OGI.TO

Organigram Global

TSX OGI · CAD; current legal name confirmed

NotRatedWithheldCIN draft working paper · not issued

The fixed Sanity earnout changes both the cash funding need and the diluted share denominator.

Stored OGI.TO quote: CAD 1.31 · 2026-10-23 20:00:00.000Z

Reported measure	Amount	Original period / source date
Cash plus current investments	CAD 11.667m	30 Jun 2026 · published 11 Aug
Gross bank principal / lease liabilities	CAD 22.568m / 10.481m	30 Jun 2026
Sanity amended consideration	EUR 20m cash + approximately EUR 76m shares	20 Aug 2026 material event
Broad as-converted anchor	210.907m units	7 Aug 2026 including 2.620m accrued conversion units

Sources: Organigram Global Inc. condensed consolidated interim financial statements (2026-08-11) · Organigram Global Inc. interim MD&A datedAugust 11,2026 (2026-08-11) · Organigram Form 51-102F3 material change report: fixed Sanity earnout amendment (2026-09-01) · Organigram integration and unified global operating model update (2026-10-15)

CIN investment case

Global integration and a simplified brand portfolio may improve operating leverage. Management’s savings targets are company claims, not achieved earnings.
CIN conditional scenarios assume CAD 30/45/60m EBITDA. They do not capitalize the large noncash preferred-liability gain as recurring profit.

Capital and valuation treatment

The old CAD 80.279m Sanity contingent liability is superseded for this forward model. Fixed cash enters the cash/financing bridge; fixed shares enter diluted units. Neither is subtracted twice.
EUR 76m shares are modeled at the CAD 3 floor for conservative maximum units. Future CAD/EUR 1.7/1.6/1.5 are CIN assumptions; the official 23 Oct daily average is 1.5667.
Preferred conversion/accretion, employee awards and bear-case funding increase modeled diluted units to roughly 255–271m. The old 141m common-only denominator is insufficient.
EBITDA is before cash leases. Cash lease payments are deducted in cash flow; forecast bank interest excludes lease interest already included there. Full lease PV is held constant under a CIN renewal assumption, not represented as a disclosed future balance.

Conditional scenarios — not targets

Driver / output	Bear	Base	Bull
Revenue forecastCAD m	360.0	410.0	470.0
EBITDA forecast, before cash leaseCAD m	30.0	45.0	60.0
Cash interestCAD m	4.0	3.8	2.5
Selected EV / EBITDAx	5.0	7.0	9.0
Cash after operating investmentCAD m	-15.0	10.0	30.0
Additional revolver drawCAD m	37.4	21.3	0.0
Additional equity cashCAD m	10.9	0.0	0.0
Ending cashCAD m	5.0	5.0	5.7
Ending gross bank principalCAD m	56.0	39.9	18.6
Modeled diluted unitsm shares	270.8	257.3	254.8
Conditional equity valueCAD m	92.9	278.9	530.9
Conditional value — not targetCAD / share	0.34	1.08	2.08

Principal risks and limits

EUR 20m cash earnout and working capital require a funded plan; revolver headroom is not guaranteed availability.
Preferred top-up rights, the BAT49% cap, settlement mechanics and the latest capital ledger are not fully reconciled.

Next tests / thesis breakers

A verified funded cash plan and exact current converted capital table are required before a rating or target.
Reconcile new full-period accounts and Sanity settlement adjustments; withdraw scenarios if financing or units change materially.

Canada · SNDL

SNDL

NASDAQ SNDL · USD; accounts/model CAD

NotRatedWithheldCIN draft working paper · not issued

Portfolio recoveries and cash after leases drive value more than headline liquidity.

Stored SNDL quote: USD 1.29 · 2026-10-23 20:21:00.000Z

Reported measure	Amount	Original period / source date
June unrestricted cash / leases	CAD 183.208m / 166.377m	30 Jun 2026 · published 28 Jul
Issued common shares	243.762m	14 Oct 2026, disclosed 15 Oct
Subsequent SunStream cash deployment	CAD 60.762m	Preliminary Q3 disclosure 15 Oct
Share consolidation / proposed bid	Consolidation failed; bid not yet launched	15 Oct 2026 original disclosure

Sources: SNDL Inc. condensed consolidated interim financial statements (2026-07-28) · SNDL Inc. MD&A datedJuly 27,2026 (2026-07-28) · SNDL annual meeting results, preliminary third-quarter results and capital return initiatives (2026-10-15) · Bank of Canada daily average FX (2026-10-23)

CIN investment case

The core operations and investment portfolio need separate values. Company EBITDA and book portfolio marks are not interchangeable with recoverable cash.
CIN assigns 35%/60%/85% recoveries to the conditional SunStream anchor and models further cash calls. These are judgments, not verified sale proceeds.

Capital and valuation treatment

The preliminary cash anchor is CAD 132.479m, not certified current cash. The conditional portfolio anchor combines June carrying value and later cash deployment; unknown Q3 fair-value movements remain unresolved.
The cash bridge deducts lease payments and capital spending. Full lease PV is subtracted from operating enterprise value; lease-renewal continuity is an assumption.
The fixed broad 254.183m denominator includes dated awards and a new compensation reserve. It is not a current treasury-stock diluted share count.
Conditional CAD values are translated to USD using the 23 Oct Bank of Canada daily average of CAD 1.3993 perUSD. Carrying that rate forward is an assumption. No target or upside is issued.

Conditional scenarios — not targets

Driver / output	Bear	Base	Bull
Operating revenue forecastCAD m	820.0	880.0	960.0
Operating EBITDA excluding portfolioCAD m	30.0	45.0	60.0
Selected operating EV / EBITDAx	4.0	5.0	6.0
Modeled diluted unitsm shares	254.2	254.2	254.2
Cash after operating investmentCAD m	-29.6	-12.6	2.4
Ending cashCAD m	72.8	104.8	134.8
Conditional equity valueCAD m	187.6	443.7	727.7
Conditional CAD valueCAD / share	0.74	1.75	2.86
Conditional USD equivalent — not targetUSD / share	0.53	1.25	2.05

Principal risks and limits

SunStream marks, ownership, capital calls and regulatory outcomes can materially change recoverable equity.
The preliminary Q3 free-cash-flow claim includes an insurance unwind and should not be annualized as recurring operating performance.

Next tests / thesis breakers

Full Q3 results are announced for 27 Oct 2026. Reconcile cash, investments, noncontrolling interests, leases and fully diluted units.
Document portfolio recoveries and executable bid terms before converting conditional values into a target.

Israel · INCR

InterCure

NASDAQ INCR · USD; statements ILS

NotRatedWithheldCIN draft working paper · not issued

Settlement headlines and a share consolidation do not provide a current equity bridge.

Stored INCR quote: USD 4.42 · 2026-10-21

Reported measure	Amount	Original period / source date
Revenue / operating cash flow	ILS 270.200m / 16.841m	FY2025 · published 30 Apr 2026
Cash after interest, leases and capex	(ILS 10.744m)	Historical derived cash test, not a forecast
Share consolidation	1 new for 5 old	Effective 24 Aug 2026
War compensation settlement	ILS 230m aggregate, including 101m advances	24 Aug 2026; net receipt/date not verified

Sources: InterCure FY2025 audited Form 20-F (2026-04-30) · InterCure FY2025 original results release (2026-04-30) · InterCure original 1-for-5 reverse-split release (2026-08-19) · InterCure corrected split-adjusted private-placement Form 6-K/A (2026-08-27) · InterCure original war-damage settlement release (2026-08-24)

CIN investment case

The medical-cannabis platform has genuine operating activity, but the latest verified annual earnings contain material compensation effects.
The post-split placement and conditional acquisition shares require a current capital rollforward; overlapping closings cannot simply be added to the split release.

Capital and valuation treatment

Financing-classified interest and lease principal are deducted in the cash diagnostic; positive reported CFO is not owner free cash flow.
ILS 230m compensation includes ILS 101m advances. Remaining gross 129m is not proven new cash or additive equity value; receivables already recognized must be reconciled.
The corrected placement describes 1.579m post-split units at USD 4.71, each with a five-year USD 7.07 warrant. CEO participation remains conditional in the reviewed evidence.

Principal risks and limits

No complete 2026 interim financial/cash packet was located in the bounded review; that is a coverage gap, not a claim that the issuer failed to file.
War/facility rehabilitation, bank maturity/covenants and current minority claims are unresolved.
The issuer non-GAAP reconciliation has a tax-sign conflict and material compensation sensitivity. Capitalizing the headline EBITDA would create false precision.

Next tests / thesis breakers

Obtain the current balance sheet, settlement receipt and rehabilitation funding bridge.
Tie post-split shares, warrants, CEO approval and conditional Botanico consideration. Verify a dated ILS/USD bridge before any target.

Australia · LGP.AX

Little Green Pharma / Cannatrek

ASX LGP · AUD

NotRatedWithheldCIN draft working paper · not issued

The merger creates a different business and a materially different capital structure.

Current compatible quote unavailable.

Reported measure	Amount	Original period / source date
Standalone revenue / operating cash flow	AUD 42.425m / 0.039m	FY ended 31 Mar 2026, before merger
Post-merger cash / drawn facilities	AUD 20.590m / 5.998m	30 Jun 2026
Ordinary shares / contingent rights	827.979m / 202.529m	27 Jul 2026 capital disclosure
Gross potential units	934.391m baseline CV / 1,046.907m full CV	Conditional dated denominator sensitivity

Sources: LGP audited FY2026 annual report (2026-05-21) · LGP June 2026 activities and Appendix 4C original via FinancialFilings mirror (2026-07-31) · LGP merger shareholder notice and contingent-value terms (2026-03-23) · LGP implemented Cannatrek merger (2026-06-01) · LGP Appendix 2A issued capital (2026-07-27)

CIN investment case

The merger implemented on 1 Jun 2026 adds Australian distribution and clinics to the existing platform. Integration and cash conversion matter more than stale standalone growth.
June cash-flow reporting combines Cannatrek April–June with former LGP June only. Receipts are not a full combined quarter of revenue and cannot be annualized.

Capital and valuation treatment

CIN’s EBITDA8/14/20m at 4/6/8x produces conditional enterprise values of AUD 32/84/160m only. A consistent rent/lease convention must be calibrated before the equity bridge; TGA/other claims and future funding leakage remain unresolved.
CV conversion links disputed liabilities to share dilution but does not erase the company’s cash liability. Baseline/max conversion scenarios are not certified current capital.
Pre-merger adjusted EBITDA did not convert into substantial operating cash. A full comparable combined profit and cash period is required.

Principal risks and limits

TGA investigation, contingent-value outcomes, lease/minority claims and later capital changes remain material.
No exact dated AUD quote was verified. Missing price is unavailable, not zero.

Next tests / thesis breakers

Reconcile the current combined balance sheet, CV rights, TGA claims and full quarter of cash generation.
Keep the three enterprise values separate from per-share price targets until the equity bridge is supported.

Australia · VIT.AX

Vitura Health

ASX VIT · AUD

NotRatedWithheldCIN draft working paper · not issued

Financing support is the first valuation question after the disclosed covenant breach.

Current compatible quote unavailable.

Reported measure	Amount	Original period / source date
Revenue / gross profit	AUD 131.158m / 28.446m	FY ended 30 Jun 2026 · published 16 Oct
Operating cash flow / capitalized software	(AUD 0.091m) / 2.302m	FY2026; software is a cash use
Bank debt / leases / cash	AUD 14.222m / 2.174m / 5.349m	30 Jun 2026
Ordinary / gross potential units	662.742m / 665.686m	16 Oct 2026 capital update

Sources: Vitura FY2026 Annual Report (2026-10-16) · Vitura Q1 FY2027 Operational Update (2026-10-13) · Vitura Appendix 3H capital cessation (2026-10-16)

CIN investment case

Distribution, Canview, Candor and clinical services are real operations; they are not automatically a high-margin software business.
The unaudited Q1 improvement is encouraging, but it overlaps a Bupa referral transition and a disclosed approximately AUD 6m FY2027 revenue headwind.

Capital and valuation treatment

The annual report says the June EBITDA/interest covenant was breached and a suitable waiver had not been received. All bank debt was classified current at 30 June; this is not a verified October balance or a claim that acceleration has occurred.
Cash must fund capitalized IT, leases, amortization and JV support. Negative minority book value is not a cash asset.
Capital counts can be reconciled, but a target still needs current bank support, forecast cash and minority/JV recovery values. Illustrative CIN EBITDA of AUD 3/5/7m at 4/6/8x gives enterprise values 12/30/56m before unresolved equity claims; these are stress assumptions, not share targets.

Principal risks and limits

Financing support, declining gross margin, lost referral activity and further JV funding can dominate common-equity outcomes.
No exact dated AUD quote was verified. No per-share target or current upside is presented.

Next tests / thesis breakers

Confirm current ANZ waiver/refinancing or explicit continuing support.
Track cash after software and leases through the post-Bupa transition. Announced AGM:27 Nov 2026.

United Kingdom · private / delisted · CEL.L

Celadon Pharmaceuticals Limited

Former AIM CEL; no current CEL.L equity target

NotRatedNot applicableCIN draft working paper · not issued

Original accounts overturn the stale assumption that CEL remains a quoted AIM security.

Current compatible quote unavailable — former listing.

Reported measure	Amount	Original period / source date
AIM admission cancelled	8 Aug 2025	Confirmed in accounts signed 12 May 2026
Revenue / operating cash flow	GBP 0.153m / (4.153m)	FY2024, filed 2026; dates are not renewed
Cash / lease liabilities	GBP 0.332m / 4.716m	31 Dec 2024; historical balances
RCF maturity in latest reviewed report	30 Nov 2026	May 2026 report; no extension verified

Sources: Celadon original FY2024 audited accounts filed in 2026, via FinancialFilings authority mirror (2026-05-20)

CIN investment case

The research can describe a private regulated-manufacturing/IP business, but the former listed-equity premise has ended.
Historical gross profit depended on biological fair-value uplift. The approximate pre-uplift gross result was a loss of GBP 1,000.

Capital and valuation treatment

Current private cash, secured drawings, new funding dilution and subsidiary incentive claims are unknown. Historical book equity is not a current valuation or liquidation recovery.
The original report contains inconsistent narrative/table subtotals. Visually checked statement amounts control; malformed subtotals are not silently repaired into facts.

Principal risks and limits

The report describes material funding uncertainty and possible restructuring or insolvency if funding fails; this does not establish that insolvency has occurred.
Private status limits liquidity and public disclosure. Old pence quotes must not be presented as current.

Next tests / thesis breakers

Binding financing, current private accounts and a complete capital table could reopen private valuation work.
A financing update does not reinstate the former AIM listing.

CIN · draft status and disclosures

Draft models and disclosure limits.

The two targets are rounded editorial proposals, supported by scenario models rather than a claim of precise market value. All new cases remain unissued. Original source, financial-period and model dates stay unchanged.

Operating forecasts, cash conversion, multiples, minority values and dilution remain CIN judgments. Author holdings, issuer relationships or payments, recent or intended trades, and conflicts have not been disclosed; they are not recorded as “none.”

Source register and evidence limits

Primary filings and issuer releases control over provider summaries. FinancialFilings supplied original-document mirrors; catalog metadata is not a substitute for the original listing or capital record. Company non-GAAP figures and unaudited claims are identified. The official FX observation is a daily average, not an executable price or a known future rate.

Reference	Original document	Publication	Period / scope
OGI-FS-2026Q3	Organigram Global Inc. condensed consolidated interim financial statements	2026-08-11	three and nine months ended 2026-06-30
OGI-MDA-2026Q3	Organigram Global Inc. interim MD&A datedAugust 11,2026	2026-08-11	three and nine months ended 2026-06-30
OGI-ER-2026Q3	Organigram Reports Record Third Quarter Fiscal 2026 Results	2026-08-11	quarter ended 2026-06-30
OGI-MCR-20260820	Organigram Form 51-102F3 material change report: fixed Sanity earnout amendment	2026-09-01	material event 2026-08-20
OGI-IR-20260820	Organigram accelerates integration of Sanity under unified global operating structure	2026-08-20	event 2026-08-20
OGI-IR-20261015	Organigram integration and unified global operating model update	2026-10-15	fiscal 2027–2028 management outlook
SNDL-FS-2026Q2	SNDL Inc. condensed consolidated interim financial statements	2026-07-28	three and six months ended 2026-06-30
SNDL-MDA-2026Q2	SNDL Inc. MD&A datedJuly 27,2026	2026-07-28	three and six months ended 2026-06-30
SNDL-ER-2026Q2	SNDL Reports Second Quarter 2026 Financial and Operational Results	2026-07-28	three and six months ended 2026-06-30
SNDL-IR-20261015	SNDL annual meeting results, preliminary third-quarter results and capital return initiatives	2026-10-15	preliminaryquarter ended 2026-09-30;shares asof 2026-10-14
SNDL-IR-20261014	SNDL to report third-quarter 2026 results onOctober 27	2026-10-14	quarter ended 2026-09-30;report planned 2026-10-27
BOC-FX-20261023	Bank of Canada daily average FX	2026-10-23	2026-10-23
NATIVE-STORED-20261023	Existing CIN persisted native public Analyst market observations	2026-10-23	OGI.TO20:00UTC;SNDL20:21UTC original quote timestamps
TLRY-Q1-2027	Tilray Q1 FY2027 Form 10-Q	2026-10-08	2026-06-01/2026-08-31
TLRY-Q1-2027-RESULTS	Tilray Q1 FY2027 earnings release	2026-10-08	2026-06-01/2026-08-31
CIN-STORED-QUOTES	Existing native CIN persisted public Analyst API	Original timestamp in record	originalindividualquotedates
INCR-FY2025	InterCure FY2025 audited Form 20-F	2026-04-30	2025-01-01/2025-12-31
INCR-FY2025-RESULTS	InterCure FY2025 original results release	2026-04-30	2025-01-01/2025-12-31
INCR-BOTANICO-JUN2026	InterCure original initial Botanico closing release	2026-06-15	initial 50%closing
INCR-SPLIT-AUG2026	InterCure original 1-for-5 reverse-split release	2026-08-19	effective 2026-08-24
INCR-SETTLEMENT-AUG2026	InterCure original war-damage settlement release	2026-08-24	settlement 2026-08-24
INCR-PLACEMENT-AMEND-AUG2026	InterCure corrected split-adjusted private-placement Form 6-K/A	2026-08-27	2026-08-12/2026-08-25
INCR-NASDAQ-SEP2026	InterCure original Nasdaq bid-compliance closure release	2026-09-08	compliance 2026-08-24/2026-09-04
CRON-Q2-10Q	Cronos Group Inc. Q2 2026 Form 10-Q	2026-08-06	2026-06-30; cover shares 2026-08-03
CRON-Q2-IR	Cronos reports second-quarter 2026 results	2026-08-06	three/six months ended 2026-06-30
CRON-CLOSE-8K	Cronos Form 8-K: CanAdelaar closing and addendum	2026-10-15	transaction 2026-10-15
CRON-CLOSE-IR	Cronos completes acquisition of CanAdelaar	2026-10-15	CanAdelaar H1 2026 annualized, not FY actual or forecast
CRON-STORED-QUOTE	CIN stored exact NASDAQ CRON quote	2026-10-23	quote 2026-10-23T20:00:00Z
LGP-ANNUAL	LGP audited FY2026 annual report	2026-05-21	2025-04-01/2026-03-31
LGP-QJUN	LGP June 2026 activities and Appendix 4C original via FinancialFilings mirror	2026-07-31	2026-04-01/2026-06-30
LGP-CAP	LGP Appendix 2A issued capital	2026-07-27	2026-07-27
LGP-MERGER	LGP merger shareholder notice and contingent-value terms	2026-03-23	merger proformas and contingent terms
LGP-IMPLEMENTED	LGP implemented Cannatrek merger	2026-06-01	2026-06-01
CEL-ACCOUNTS	Celadon original FY2024 audited accounts filed in 2026, via FinancialFilings authority mirror	2026-05-20	2024-01-01/2024-12-31
CEL-FTSE	FTSE Russell official constituent-deletion notice	2025-08-05	expectedAIMcancellation/indexdeletion 2025-08-08
VIT-ANNUAL	Vitura FY2026 Annual Report	2026-10-16	2025-07-01/2026-06-30
VIT-Q1	Vitura Q1 FY2027 Operational Update	2026-10-13	2026-07-01/2026-09-30
VIT-CAP	Vitura Appendix 3H capital cessation	2026-10-16	2026-10-16