Profitability Not Yet Fully DurableDespite progress, the company remains marginally loss-making at the net level and operating profit is still slightly negative. Until sustained positive operating margins are achieved, equity value compounding and return on capital may remain constrained and sensitive to volatility.
Retail Saturation & Category HeadwindsStructural saturation in key provinces and ongoing consolidation limit organic revenue upside and can pressure pricing. Expected liquor declines and lower retail traffic mean new store openings may face diminishing returns and require careful site economics to avoid margin dilution.
U.S. Asset Legal UncertaintyProlonged foreclosure and receivership processes create uncertain recoveries and timing for U.S. assets. This structural legal uncertainty can impair realizable asset value, complicate cross-border strategy, and limit clarity on potential cash inflows or write‑downs over several quarters.