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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
The Cannabist Company
The Cannabist Company (CBSTF) investor relations material
The Cannabist Company has been delisted
The Cannabist Company Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary10 Nov, 2025
Executive summary
Q3 2025 revenue was $79.9M, down 7.5% sequentially and 30% year-over-year, driven by price compression and asset sales, including three Pennsylvania retail locations and a California manufacturing facility.
Adjusted EBITDA for Q3 2025 was $3.0M, down from $8.5M in Q2 and $14.8M in Q3 2024.
Net loss for Q3 2025 was $14.3M, a significant improvement from a $77.9M loss in Q3 2024.
Completed exit from Florida, selling the last asset for $11M with a potential $1M contingent payment.
Board formed a special committee to review strategic alternatives, including asset sales and mergers.
Financial highlights
Q3 2025 revenue was $79.9M, down from $86.4M in Q2 and $114.8M in Q3 2024.
Adjusted gross margin was 32.1% in Q3, down from 33.1% in Q2 and 38.2% in Q3 2024.
Free cash flow was positive $2.3M, with $5.2M operating cash burn offset by $8.3M in divestiture proceeds.
Cash at quarter-end was $17.8M, up from $15.5M at Q2 end.
Capital expenditures in Q3 2025 were $0.2M, reflecting limited spend.
Outlook and guidance
Management remains focused on liquidity, cost reduction, and footprint optimization, including potential further divestitures and strategic alternatives.
CapEx expected to remain low, focused on new store openings in Ohio and Virginia and limited enhancements.
Anticipates continued growth in adult-use markets, with new store openings and expanded wholesale operations in key states.
Virginia adult-use market launch anticipated in 2026, with additional retail locations in development.
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Latest events from The Cannabist Company
- Q2 2025 revenue fell, net loss widened, and EBITDA margin improved amid restructuring.CBSTF
Q2 2025 - Q3 revenue was $114.8M; divestitures and Ohio adult use improved margins and liquidity.CBSTFQ3 2024
- Q2 2024 revenue rose 2% sequentially to $125.2M, with divestitures and restructuring boosting profitability.CBSTFQ2 2024
- Q1 2025 revenue fell to $87.4M as margins improved and debt restructuring remains critical.CBSTFQ1 2025
- FY 2024 revenue was $459M amid restructuring, cost savings, and margin focus.CBSTFQ4 2024
The Cannabist Company
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Frequently asked questions
The Cannabist Company Holdings Inc. is a vertically integrated cannabis company engaged in the cultivation, production, and retail of cannabis products. The company operates dispensaries and manufacturing facilities across several U.S. states, offering medical and adult-use cannabis under various brands. The company is headquartered in New York, New York, and its shares are listed on the CSE.