Operator

Welcome to MustGrow Biologics Q2 2026 Earnings Call with CEO, Corey Giasson; and COO, Colin Bletsky. The financial statements and management discussion and analysis are available on SEDAR+. Today’s remarks may contain forward-looking statements. These statements involve known and unknown risks and uncertainties. Please refer to MustGrow’s filings on SEDAR+ for more information. After management’s remarks, we will open the call for questions. [Operator Instructions] Welcome, gentlemen, and please begin your presentation.

Corey Giasson
President, CEO & Director

Thank you, Martin. Good afternoon, everyone, and welcome to MustGrow’s Q2 2026 Earnings Call and question-and-answer session. Before I begin, I’d like to draw your attention to our disclaimer. Forward-looking statements are going to be made in this presentation and the Q&A session at the end. Again, some of these statements will not come to fruition. This disclaimer can be read on our website at mustgrow.ca.

So last week, we announced the Q2 2026 results. TerraSante sales revenue for the quarter was $75,000. Gross profit — gross loss negative margin of about $17,000. That was due to us shipping product from Asia through air freight into the U.S., and it’s quite costly. As you can see, licensing revenue, we were able to report in Q2 that we had earned licensing revenue of about $1.4 million, and we made the announcement a couple of weeks ago that we received that portion of the cash. So in the Q2 financial statements, it reads as an accounts receivable.

Our expenses continue to normalize without NexusBioAg with about $900,000 quarterly of expenses. And net profit, which includes the discontinued operations of NexusBioAg, we had a profit of about $300,000 versus

Kushner’s comments come just days after Uefa asked a court in New York to approve subpoenas for testimony and documents from both the American billionaire and Thrive as it considers lodging a criminal complaint against Infantino in Switzerland.

European football’s governing body Uefa has led the rebellion against the Fifa president, who is facing calls to stand down.

In a statement, Kushner said: “Money in football has historically been concentrated amongst a small group of countries.

“The idea behind FFE was to direct more capital and equity equally amongst all 211 member countries, providing significantly more investment to underdeveloped nations to nurture local talent, support grassroots football, enhance the fan experience, and ultimately grow the global game everywhere.

“It was an idea that every member association would vote on, not an obligation or determination.

“While we stand behind the motivations of FFE, we failed to appreciate the political dynamics of global football, and the lengths some would go to. Thrive has a long track record of being a partner to all constituents. Had we known what this would devolve into, we would not have gotten involved.”

In late July, shortly before scrapping the plan, Fifa said, “Thrive Eternal…is expected to lead the proposed investor group for FFE”, claiming it would have seen the funding distributed to each national association for the 2027-2030 cycle increase from £5.9m to £14.7m.

As well as Kushner, Uefa has asked for the disclosure of documents from two Fifa businesses in the US and American financier Greg Maffei, who was a key adviser on the deal.

While Uefa says neither Kushner nor Maffei are anticipated defendants in any legal proceedings, it claims the pair first discussed the FFE concept in July 2025 and that Infantino had “been discussing the underlying concept with Kushner for nearly a year before the terms sheet was ultimately signed.”

Its lawyers also argue the World Cup was deliberately undervalued at around £15bn, which it says is “a figure that was neither the product of an open, competitive auction, nor tested by any independent valuer”. It claims Infantino failed to consult Fifa’s hierarchy over the plan.

Kushner has recently agreed a deal to buy basketball’s Los Angeles Lakers for a record $12.5bn (£9.3bn).

Last NFL season, you may have noticed Buffalo Bills quarterback Josh Allen wearing some unique hats while walking in and out of Highmark Stadium each week for his games. 

No, it wasn’t the usual Bills logo, or even the team’s blue and red colors, on the front. Instead, it is an array of designs, colors and themes all with a special purpose. 

New Era Cap and Allen began the “Billustration” initiative, where children receiving care at Golisano Children’s Hospital in Buffalo designed eight caps for the Bills’ star quarterback to wear for each home game.

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Josh Allen of the Buffalo Bills walks into the stadium before a game against the New York Jets at Highmark Stadium on Jan. 4, 2026 in Orchard Park, New York. (Timothy T Ludwig/Getty Images / Getty Images)

It’s back for the 2026 season with eight more special designs by eight new children showcasing their artistic abilities under the bright NFL lights for an amazing cause. 

Last season, the “Billustration” initiative raised $140,230 for the Patricia Allen Fund at GCH Buffalo. So, it’s only right that a second iteration of it comes back in 2026, but with an awesome twist: fans will have the ability to purchase all eight of the designs to collect to match Allen, who will be wearing them all in his tunnel walk before home games at the new Highmark Stadium. 

BILLS’ JOSH ALLEN NAMED ‘DIRECTOR OF BILLUSTRATION’ IN EXPANDED NEW ERA PARTNERSHIP TO IMPROVE COMMUNITY

“I am incredibly proud of everything last season’s “Billustration” campaign with New Era achieved and I was eager to bring it back for the 2026 season in response to the demand from fans to get their hands on these special caps,” Allen said in a statement obtained by FOX Business. 

“Knowing fans can now collect every design and wear them alongside me all season makes it even more special as we continue to support the Patricia Allen Fund and the amazing care provided at Golisano Children’s Hospital of Buffalo.”

Each cap transforms the personal passions, favorite memories and creative ideas of each child into a wearable work of art that won’t just be for Allen to wear anymore – it’s for all Bills fans. And every single purchase will benefit the Patricia Allen Fund at GCH Buffalo. 

One of the “Billustration” hats from New Era’s campaign with Buffalo Bills QB Josh Allen.  (New Era / Fox News)

“One of the most special parts of Billustration is seeing the kids’ creativity come to life and learning where their inspiration comes from. Their imagination and perspective are incredibly powerful,” Danielle Koch, executive director at the New Era Cap Foundation, said in a statement. “It’s incredibly rewarding to be part of this initiative with Josh and to see how it brings our community together in support of the kids and families at Golisano Children’s Hospital of Buffalo. We’re proud to help give their creativity a platform and make a meaningful different for families in our community.”

Allen is the “Director of Billustration” for New Era, which is the “role” he took on after becoming the first ambassador of the company to receive an investment stake as they expanded their partnership last season. 

Allen will be wearing Jack’s design for the Bills’ Week 2 home opener against the Detroit Lions, which will be a primetime matchup on “Thursday Night Football.” Then, the following home games will be as follows: 

• Bills vs. Chargers: Mason (Sept. 27)
• Bills vs. Patriots: Charlotte (Oct. 4)
• Bills vs. Ravens: Isaac (Nov. 1)
• Bills vs. Dolphins: Avery & Amar’e (Nov. 22)
• Bills vs. Chiefs: Killian (Nov. 26)
• Bills vs. Bears: Caleb (Dec. 19)
• Bills vs. Jets: Grace (Jan. TBD)

Five of the eight New Era caps designed by children receiving care at the Golisano Children’s Hospital of Buffalo as part of their initiative with Buffalo Bills QB Josh Allen.  (New Era / Fox News)

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“Last year’s Billustration campaign blew us away with the excitement, success and support for the Patricia Allen Fund,” Stephen Turkovich, MD, president of the Golisano Children’s Hospital of Buffalo, said in a statement. “Jack, Mason, Charlottee, Isaac, Avery and Amar’e, Killian, Caleb and Grace put so much creativity into these designs, knowing that their caps will bring support to more kids just like them through the donations to the Patricia Allen Fund. Donations like this help ensure we can enhance equipment and support crucial programs.”

At the same time, Japan’s traditional markets for expansion have become increasingly less attractive, he says.

“Investment into China has fallen sharply amid geopolitical tensions and changing economic dynamics, the US market is more challenging because of tariffs and domestic competition, and the market size of other Southeast Asian economies is limited.”

Against this backdrop, India has become a natural target market for Japanese companies to drive long-term business growth.

Economic ties between the countries gathered pace at a government-to-government level when they signed an agreement to liberalise trade nearly a decade-and-a-half ago.

After Prime Minister Narendra Modi came to power in 2014, he elevated the relationship to a “special strategic and global partnership”, setting a target of doubling the number of Japanese companies in India and launching marquee projects like India’s first bullet train between Mumbai and Ahmedabad, built using Japanese Shinkansen technology.

But now, it is Japanese private firms that are driving business expansion in this latest investment up-cycle.

At a landmark summit in July held during Japanese Prime Minister Sanae Takaichi’s first official visit to Delhi, Japanese companies announced $12.5bn in investments through some 120 agreements in sectors ranging from semiconductors to green energy. And Goyal has said , externalJapan could prematurely meet its target of investing 10 trillion yen in the country.

Beyond the large corporations, several Japanese small and medium-sized companies (SMEs) are also actively looking at tapping the Indian market, says Jindal.

Hamamatsu City – where companies like Suzuki, Honda and Yamaha were founded and which has one of the highest concentrations of manufacturing SMEs in Japan – recently set up the Hamamatsu India Committee to explore how the city’s small companies could expand into India.

The rising interest in India has accompanied a fall in net Japanese investment in China which, as Toshiro Nishizaewa of the University of Tokyo wrote recently, external, is a reflection of “Japanese firms’ autonomous market diversification strategies – a commercially driven reallocation of capital rather than a policymaker-led geopolitical shift from China to India”.

But Japanese firms aren’t abandoning China en masse. What they are doing is “reducing concentration risk after several years of supply chain disruptions and geopolitical tensions”, Shruti Pandalai, India Chair at the Sydney-based Lowy Institute think tank, told the BBC.

India acts as a hedge against China-related risks, but there is also a growing overlap between Tokyo’s economic security priorities and Delhi’s manufacturing ambitions, which has strengthened the relationship despite significant political turnover in Tokyo, she says.

“With each successive government the targets have risen rather than fallen. That suggests the relationship has moved beyond leader-level diplomacy and become embedded in bureaucratic, corporate and strategic planning on both sides.”

Traders led by Andrew Tyler, head of US market intelligence, moved away from their bullish view ahead of the Fed’s Sept. 16 policy decision, citing uncertainty over the interest-rate outlook.

Despite near-term risks, JPMorgan expects the broader market backdrop to remain supportive, helped by economic data and corporate earnings.

“We are moving to a tactically cautious / neutral view, which is to say that equity-market fundamentals remain strong, but that near-term variables are likely to cause markets to chop sideways,” Tyler wrote.

The US 10-year Treasury yield rose above 4.75% on Monday for the first time since January 2025. Swaps now imply nearly a 70% probability of a quarter-point Fed rate hike next month.

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Tyler cited rate uncertainty, seasonal weakness and a potential unwind in high-flying AI stocks as key near-term risks, while noting that overall equity positioning remains largely neutral.
September is historically the weakest month for US stocks, adding to investor concerns over the sustainability of the AI rally and persistent inflation.The August jobs report due Friday will be important, while consumer-price data due Sept. 11 could have greater significance for the Fed’s decision.

Tyler said a recession is currently unlikely over the next few quarters, but added that the Fed’s Sept. 16 meeting is a “live meeting” given the latest inflation concerns.

“Equity bull markets tend to end with either a hiking cycle or a recession,” Tyler said. “Currently, a recession is highly unlikely to manifest over the next few quarters,”