Good morning, ladies and gentlemen. My name is Joelle. I will be your conference operator today. Welcome to BZAM Ltd.'s fourth quarter, full year, 2022 conference call. To ensure an enjoyable experience for all participants, all lines have been placed on mute. Following the presentation, we will open the call for questions. If you would like to ask a question, simply press star, then one. If you would like to withdraw your question, press star then two. This call is being recorded on Monday, May first, 2023. I would now like to turn the conference over to Matt Milich, Chief Executive Officer. Please go ahead. Thank you, Joelle. Good morning, thank you all for joining us for our Q1 2023 conference call. Joining me on the call this morning is Sean Bovingdon, our Chief Financial Officer. We had a busy start to the year there's plenty to talk about, first, just wanted to note this call is being recorded, and the audio recording will be available on the company website at bzam.com. Today's discussion includes forward-looking statements. We caution that such statements are based on management's assumptions and beliefs and are subject to uncertainties and other factors that could cause actual results to differ materially. I refer you to our news release in MD&A for more information on these assumptions and factors. Let's get started. 2023 is off to a strong start, with Q1 delivering record quarterly gross revenues, increasing 41% quarter-over-quarter. This growth reflects the full impact of our November merger and the company's organic sales growth. We are very pleased with these results as they continue to prove out the investment thesis underpinning the merger. We have seen growth across nearly every product segment and have become the sixth-largest producer in Canada. As we continue to execute on our plans to improve margin and reduce SG&A, we maintain a positive outlook on our march toward positive cash flow and EBITDA in the back half of this year. During the quarter, the company progressed the sales of the Puslinch and Maple Ridge facilities. Sales of these facilities are expected to be completed within the next 12 months, and following quarter end, we took steps to further streamline headcount. The impact of this will be discussed in the outlook section. We continue to leverage our industry-leading lab and innovation folks with the launch of over 20 new products across Canada in the next six months, and we continue to build momentum in the export market, having received our EU GMP certification earlier this month. This certification permits the company to export certain medicinal cannabis products to numerous global markets. We are executing on our distribution agreements in Germany and the U.K., with branded products expected to land in the U.K. market by Q4 this year. We believe that we are well equipped to fulfill the international and domestic demand for our products in the year ahead. With that, I will now hand the call over to Sean to take you through the Q1 financial results. Following this, we will give a brief update on the outlook before taking questions. Thank you, Matt, and good morning, everyone. Our gross revenue for the three months ended March 31, 2023, was CAD 34.97 million, an increase of 41% quarter-over-quarter. This is a record high for the company, and the growth was driven by the dramatic expansion of the company's brand and product portfolio as a result of the merger in November 2022. In addition, revenue is increasing for our legacy products with the expanded distribution network and the support of our in-house sales team. We are beginning to see the financial results of the company's cost containment initiatives and the synergies resulting from the merger. Our adjusted SG&A, as a percentage of sales, was 43% in Q1 2023, which is a strong improvement from the 59% in Q4 2022. We expect this to decrease further through 2023 with the cost reduction initiatives Matt mentioned earlier. We'll talk about in a minute. The company continues to streamline operations, improve efficiencies, and renegotiate service agreements in an effort to improve profitability. Prudent cost control, paired with increasing revenues, is serving to improve our cost absorption and therefore increase profitability. If we look at the overall gross margin for Q1, it was 12%, which reflects an increase in the gross profit of 141% from Q4 2022. The increase from this prior quarter was driven by this improved cost absorption, as well as reduced inventory provisions in the quarter. We adjust for those inventory provisions in Q1. The adjusted gross margin was 29% in Q1 2023. After the quarter end, I think it's important to note on May 29th, the company did receive a waiver with respect to the EBITDA financial covenant, requiring the achievement of positive EBITDA under the Fourth Amendment for its revolve along with our lender. Under the waiver, the effective date of the requirement to achieve positive EBITDA on a monthly basis has been moved from April 30th, 2023, to July 31st, 2023, and we continue to work towards that. With that, I'll pass it over to Matt to discuss the outlook. Thanks, Sean. We are constantly reviewing operations for opportunities to increase efficiency. This month, we took steps to further rationalize headcount and implemented additional cost savings measures, which we expect to generate about CAD 2.5 million in aggregate annual savings across both COGS and SG&A. We feel that we are in a comfortable capital position to execute on our objectives and have support of key shareholders, as demonstrated by the CAD 5 million non-brokered private placement with our chairman that is slated to close next week. Our team is driving toward our key objectives of positive cash flow and EBITDA. We are pleased to see some of our efforts at thoughtful growth and cost efficiency reflected in our Q1 results. We look forward to continuing to execute on our plan and deliver remarkable cannabis products to consumers in the year ahead. We thank our shareholders for their continued support, and we thank our team for all their efforts. With that, Joelle, we are ready to take questions. Thank you. Ladies and gentlemen, we will now begin the question-and-answer session. If you have a question, please press star followed by the 1 on your touch-tone phone. You will hear a three-tone prompt acknowledging your request. Your questions are pulled in the order they are received. If you are on speakerphone, please lift the handset before pressing any keys. Your first question comes from Noel Atkinson with Clarus Securities. Please go ahead. Hi, Matt and Sean. Good morning. Thanks for taking our questions. Well done in Q1. Nice to see revenues at record levels there. First off, can you give us a little bit more detail on... You announced another CAD 2.5 million of further savings. I presume that's on top of the CAD 10 million. Can you talk a little bit about timeline, and what you're able to kind of pull out now? timeline in terms of? Timeline of how that, how it will roll into the income statement. I'll let Sean handle that question. The initial CAD 10 million of in synergies, if you've noticed, those are part of the provisions we did in Q4 and a little bit here in Q1 as well, for the original ones. There's additional CAD 2.5 million on an annualized basis that's being enacted immediately. There will be some severance costs, obviously, that'll be reflected in Q2, but there's not a lot of longer-term items in that regard. So you'll really see the full benefit of it, of that extra CAD 2.5 million being shown in the reduced SG&A in Q3 going forward, noting that Q2's SG&A should be lower than Q1's. Sorry, Q2's SG&A should be lower than Q1's, because of the synergy cuts that we've already done, that were part of that CAD 10 million originally. Okay, great. Secondly, maybe you could talk about just sort of geographic regions where you're seeing strength. Well, in fact, I think it's pretty strong across the board. I mean, with the merger, as we were hoping, we were going to introduce, you know, some brands, some additional products into Quebec. That actually was borne out. You know, we expected to strengthen some sales of the Highly Dutch and TGOD brand products in Western Canada, and that bore out. Really now it's across Canada. Right. Then, you guys, in the filings, you reported, you know, really nice growth of TGOD, you know, the Highly Dutch and the Organics. It looks like you've kind of consolidated. You're not really giving much detail about, you know, TGOD versus BZAM product lines anymore. Can you just give us a sense of, you know, how you're feeling about the BZAM product lines overall? Overall, great. I mean, the... We're seeing, you know, it's really balanced. We went into it pretty balanced, and it, and it remains so. I think we saw a great uplift, in some of the, with TGOD and Highly Dutch as they moved into the portfolio of the in-house sales force. That was a great sort of synergy, to the upside. You know, one of the strengths, that we've, that both sides have and that we have together now is innovation. We're seeing a lot of really interesting new products launching this, in the next six months, and, you know, we're making a big push into infused pre-rolls, and that's going very well. Yeah, I'd just echo that, as Matt said, it is pretty balanced between the brands. You know, if you look at them themselves, the revenue split is almost 50-50. You know, flower still being 60% of our sales, but vapes being 22%, and then pre-rolls is an increasing segment that's ending up now close to high single digits and getting close to being double-digit percentage of our overall sales because of the growth in the pre-roll categories and infused pre-rolls that we have. Okay, great. Lastly, you mentioned in the filings, that you put your Midway, BC farms, the outdoor grow up for sale. Can you talk a little bit about, you know, why you think this is sort of a non-core asset and, you know, what else you can do to sort of offset what, you know, I presume it's sort of biomass that you're getting there for processed products? That's a great question. I would say this was another sort of upside benefit of the merger. Once we came together and got going and realized the sort of trim that was going to be available coming out of the Ancaster facility, and you start looking at, you know, the benefit of that, the Midway Farm became less core to producing the biomass necessary for the, you know, 2.0 side of the business. It's just another benefit, gave us the opportunity to monetize that asset and also reduce, you know, the cost of it, the fixed sort of COGS element of it. Okay, great. All right, that's it for me. Thanks very much. Ladies and gentlemen, as a reminder, should you have a question, please press star followed by the one. Your next question comes from Justin Dietrich with Wooscobe Corporation. Go ahead. Please go ahead. Hello. first question, is the covenant Hello? I'm sorry, the line was cut off. Ladies and gentlemen, as a reminder, should you have a question, please press star followed by the one. Your next question comes from Tamy Chen with BMO. Please go ahead. Yes, hi. I think you guys already touched upon this, but I'm just more curious on how do you see the margin performing over the next several quarters? Are we seeing some margin expansion, compression? Thank you. I mean, we're looking at constantly improving the margin, but I'll let, I'll let Sean get into details there. Yeah, as I said, we, you know, we had did a lot of work in consolidating the inventories and getting everything in order at year-end and a little bit more cleanup and some fair value adjustments on inventory provisions, particularly on the trim side, and the biomass for extraction. As Matt kind of alluded to in doing the Midway sale, there's been a lot more kind of biomass available for extraction, and trim on the market. That has reduced the fair value of that, so that's the main part of the kind of inventory provision this quarter. We did utilize a lot more of our flower from year-end to now, which is the biggest drop in our inventory from year-end to March the thirty-first. As we go forward, with the biomass and the margin, we're now starting to see that you won't have those one-time, as many of those one-time adjustments in the quarters going ahead. The utilization of the facilities that we've managed to do and in right-sizing that and again, removing some of the production and administrative overhead, that was a part of the COGS costs. That's all leading to improving our actual gross margin going forward as we, as we know, we're looking to be north of 30% for the balance of the year. Great. Thank you. Your next- So. Your next question comes from Justin Dietrich with Woo Corp. Please go ahead. Hey, guys, can you hear me? Sorry, my line cut off before. Yes, sure. Yeah. Okay. I have three questions. The first is the covenant that got moved to July 31st. Is it looking like you guys are going to hit that? Cool, if so, but if not, is the lender willing to push it back more? Based on the projections of where we're at, that is certainly the target, and that's why July was agreed to as the next stepping stone for that. The lender's been extremely supportive. I mean, there's been, you know, there's no warrants or fee or anything for the moving of that, and they've been very supportive of the progress we've made and the continued progress we make in moving in the right direction. They've been working with us all along, and I fully expect them to continue to do so. Great. My next question is, there were plans a couple of years ago to expand to the U.S. I know that was kind of tabled for a while, but is, are there any new horizons there or possibilities? I've noticed living soil operations, you know, popping up in Massachusetts and California, but nothing to your scale, I don't think. Might there be an acquisition or some sort of business possibility in the U.S.? I mean, we're always looking at opportunities, and we're always monitoring sort of developments in the regulations. Being straightforward, just at this minute, Unless the regulations are, you know, evolved, at the moment, based on our current requirements with our lender, we wouldn't be doing anything directly in the U.S. until something changes. Got it. Got it. All right, thank you. There are no further questions at this time. Please proceed. Okay, well, thank you, everybody, for joining us. That's all for today. Ladies and gentlemen, this concludes your conference call for today. We thank you for participating and ask that you please disconnect your lines.