I would like to introduce Stuart to you to present from Decibel Cannabis Company. Thank you. Just going to wait one moment for the door to close. Well, good morning, everyone. My name is Stuart Boucher. I'm the CFO of Decibel. Decibel is a CPG cannabis company. We sell branded cannabis products here in Canada as well as overseas. Our brands consist of three brands that you can see on the left-hand side. We have Qwest, which is our premium offering. We have General Admission, which is our core offering. That's one of the largest brands within Canada. As well as Standard Issue, which is the fastest-growing brand within Canada in the last 12 months. A bit about our company. We have two individual segments. One is our domestic market, where we have recreational brands, these three that I just introduced, that target your average recreational customer through retail sales. Separately, we have an international segment to the business where we have an EU GMP facility that services international export to nine different countries, and soon to be three additional countries over the rest of this year. We have what we think really makes Decibel compelling. We have a great track record of execution. So we have 5+ years of profitability, scaling and growing aggressively in a highly competitive market where cannabis has certainly been a challenge to compete, but we're now starting to see winners come to the center. We have built a market-leading platform within Canada, where we're sixth-largest overall, and we're a leader within ready-to-consume segments, which we consider any sort of cannabis product you can grab and go and consume, outside of having to do any sort of prep work. From an international standpoint, we're also one of the leaders in the space. I believe we're top four in terms of volumes exported to overseas markets. We are fast-growing. We quintupled our volumes from 2024 to 2025. And we continue to participate in what is an extremely fast-growing landscape. It's expected to grow at a 25% CAGR throughout the rest of this decade. Lastly, what we think makes Decibel very attractive from an investment standpoint, we're fast-growing. We're continuing to grow at 20%+. We have strong margins or best-in-class margins within the industry. We have great free cash flow, and we have a very positive outlook. We think it'll create further value over time. Getting a bit more into the details. Our domestic business spans 3,100+ retail stores. We sell collectively, or gross sales, of a quarter of a billion dollars through retail channels. W e have great customer exposure, good brand loyalty. That's led to our brand being the third largest in Canada. That spans six different product lines, the two most prominent being infused pre-rolls and vapes. Our international segment is equally as exciting, if not more. As I mentioned, it quintupled sales from 2024 to 2025. Our outlook for this year is to come close to doubling our sales again, and we see similar opportunity to double further into 2027. We have roughly 34% utilization, so the short of it is, we could triple our international revenue within our existing capacity, and it's highly scalable from there. That currently services a medicinal market in each of the countries overseas. They're slowly starting to turn on new products, and equally as we see these markets expand the regulatory framework, we plan to take many of the Decibel-branded products that we sell and do quite well with in Canada and bring them into these markets as they come online. Getting into the team before we talk a bit more about the business. We're really proud of the track record we've been able to achieve. Everyone on this page has been in cannabis since legalization, if not before then. We've done an exceptional job with very limited capital and trying to be very cognizant of limiting dependency on equity capital markets. We've grown the business over 20% CAGR over the last five years. EBITDA has been even better, over 30% over the same timeframe. Again, that's in a highly competitive, fragmented market. Where we see the business going into the future. Our two segments, we see growth in both respects. Single-digit growth within the domestic segment. The reason being is the Canadian market has matured. Retail store penetration, consumer adoption, all of these things have had years to get to where they are today. We're now seeing the overall cannabis market grow at low single digits. We think we can expand our market share within it, and I'll explain why momentarily. T he key point that we look to right now is we're sixth overall based on the most recent quarter, 4.2% market share, and we believe we can climb up this leaderboard over time. On the international segment, we believe there's far greater opportunity for growth. You have all these nascent countries that are just starting to bring on a regulatory framework, build consumer adoption. There's limitations towards consumer access, unlike Canada, but we expect much of this regulatory framework to ease and dissipate over time and become similar to Canada longer term. Even within the markets we compete in today- Germany is the most prominent and has been our core focus to drive growth in the past two years. We only represent 5% of imports into the country, so that excludes competition with local or regional production. We believe that we can continue to take share as well as participate in this market growing, where Germany, for example, tripled overall volumes last year. Equally, there's many other countries coming online. I'm sure in a year's time when I'm back here, there'll be four or five new regions on this page. Starting off with Canada and why we think it's so important. It's roughly 70% of our business today. It's really critical because it drives the free cash flow within our business. It has great margins. It's consistent, it's certain or plannable, and that comes from a regulatory framework that's largely settled. That's what makes it attractive here. Whereas overseas markets are still volatile, as I mentioned, they're going through regulatory change, and you need that stable free cash flow and certain environment to support a significant leg of your business. Second off, it's a great conduit towards international markets. There's an excess amount of supply that's been created through facilities being built out. Within Canada, you can take that supply and ultimately bring it overseas through EU GMP certification, which our facility creates that conduit. Furthermore, you have all this expertise, innovation, data that's been collectively built here in Canada that serves a purpose overseas to compete more effectively. That ties into the product innovation. As I mentioned, these medicinal markets are largely flower today. They're less than 10% extracts, and within the extract category, it's really simplistically tinctures, which is just the general oil, and then a small mix of vapes and edibles. However, when you contrast that with Canada, we've been able to refine and build a massive product set, trial that with customers, get it in as many people's hands as possible. We, Decibel, have built up an incredible R&D program, consumer feedback program to ultimately refine our products and make them as high quality as possible. As we see these markets overseas start to open up, we can take much of this expertise and have a starting competitive advantage when we get into these markets, which is really critical when you're trying to compete with regional players. Lastly, for Canada, much of the, I think, negativity towards the cannabis industry has been exaggerated. We've seen prices continue to drop. We're now seeing stabilization. We haven't seen a change in the excise tax regulatory framework. We haven't seen a change in many of these things, and yet the industry's far better today than it has ever been. We see numerous players with industry-leading margins, free cash flow generation, and growth opportunities. We are seeing stabilization and industry fundamentals starting to move in the right direction. We are seeing better supply-demand balance. At the same time, there's no regulatory change or change in structure that is needed to unlock value in the space. It's already here. Getting into what our portfolio consists of. As I mentioned before, our focus has been ready-to-consume products, and that's where we're most heavily weighted. We're most prominent within infused pre-rolls and secondary in vapes. That's put us in the number one position for infused pre-rolls in Canada, number four in vape, and the third overall recreational brand. Standard Issue, which is launching similar products, is our second brand that is the fastest-growing brand here in Canada. This is really what gives us comfort in the outlook for our growth. First and foremost, ready-to-consume products are the fastest-growing within Canada. The analogy that I always like to give is if you went to go and buy alcohol, for example, a beer. If it's 5%, and sometimes when you go and buy it's 0%, sometimes when you buy it's 10%, that sets up for a very poor customer experience because you never know what exactly you're getting. Our focus has been ready-to-consume products to date, because one of the key elements to a ready-to-consume product is you have the ability to formulate. We are able to better control THC with additives. We are able to reintroduce flavor profiles and have them more standardized and controlled so that every time you pick up one of our products off-shelf, you are getting a more consistent and quality experience than some of the more traditional segments within the space. That being said, we are not ignoring those segments. They are still prominent. Standard pre-rolls represent roughly 20% of the overall market. Flower also as a category is roughly 30%. We want to participate in those segments, and that is where we equally see growth. Our ready-to-consume categories will outpace the broader sector, but we also can make up share within standard pre-rolls and flower, where they represent only 5% of our portfolio, but nearly half of the overall cannabis space. That leads us to how we are going to drive success further into Canada. First and foremost, we are going to reinvest in ready-to-consume products. We believe that is the wave of the future. We are going to focus on driving further scale efficiencies, which improves our cost structure, reinvest that into quality and consistency for the customer, and reinvest that into our brands and building brand loyalty long term. We are going to drive continuous improvements. Lastly, we are going to launch flower and standard pre-rolls prominently within General Admission and Standard Issue portfolios this year, which we believe will round out the overall offering of our domestic portfolio. Getting into the international segment now, which is the faster-growing segment of the two. The current view of the industry is that it is going to reach north of 130 billion by the end of this decade. Some of that certainly comes from the U.S., but what I think is most important and exciting is that much of this growth is not coming from the U.S. nor Canada. It is coming from overseas. The leader within that space is Germany, but you are also seeing Australia, you are seeing U.K., you are seeing a number of pilot projects across France and other European nations start to introduce cannabis and then grow at an exceptional pace. As I mentioned, 2024 to 2025, Germany grew by threefold. We have seen up and to the right for both Australia and the U.K. as samples, and we think there is a wave of countries to follow shortly thereafter. When we think about the growth opportunities for international, it is multidimensional. We have the total addressable market expanding at a very fast pace with step change growth as new countries come online. Equally within each of those respective countries, they are starting from a small base. There is limited consumer adoption. Even if you liken Germany to Canada today, it is a fraction of the overall population consuming relative to Canada. Many of these countries are much further behind, such as the U.K. I think anecdotally, the U.K. last we had heard was only a few hundred thousand patients, whereas Canada, roughly 30% of the adult population is consuming cannabis in some degree as of today. That is the next leg of growth. We want to establish a supply chain, ultimately relationships into these countries, get our products and brands, and then ultimately participate in these countries as they bring on more consumer adoption. What we've done to position for that, first and foremost, is we wanted to get extremely good from a regulatory standpoint. Based off of what we see for other exporters servicing these countries, we're able to compress timelines by roughly 40%. Many suppliers and many customers come to us because they know that they can get product faster, more affordably, and at the same time with higher quality. That's built an exceptional network for us very quickly. We have over 16 customers, 45 suppliers, and the benefit there is the third leg of growth. We have a great ability to cross-sell. These supply chains take time to stand up. You need quality audits, you need regulatory reviews, you need your certification reviewed. You need to go and apply for various products to get into these countries, and that takes time and money. Once you establish these relationships, you're far more inclined to sell within that existing network rather than go and seek out a new supplier, or for a supplier to seek out a new customer. You'd rather just cross-sell. That's the network we've created. There's switching costs inherent to our customers, so each of these markets rely on prescriptions. As a customer, if you're going to get a prescription, you do not want to have to go back and get a prescription every time. That's a really frustrating experience. Once you find a product you like, you're likely to settle in and stick with it unless it goes out of stock. Inherently, there's the switching cost for our customers. If they want to leave our system, unfortunately, that results in them going out of stock, and there's patient retention that they have to be concerned about. Equally, that's our concern as well, and that's why it's so critical that you have backup suppliers and backup customers. We believe we can continue to cross-sell on that platform we've established. More importantly, as we see the regulatory framework dissipate, we can bring on our manufactured products, where we're so highly successful within Canada, into these markets in an expeditious manner. How we're going to drive success near-term within international. First and foremost, it's very difficult to enter. There's a high barrier to entry through the EU GMP certification. We've seen very few companies be able to obtain them. You'd have to retrofit the entirety of your facility, apply. It takes numerous years. We've seen a number of industry competitors speak about getting EU GMP certification, but it's far and few between where it gets granted because it's just so difficult to meet those standards. Only 15 companies within Canada have this certification for flower, and even less so for extracts, where we have both certifications. It's very difficult in that respect. In addition to that, it's very costly, and you need to have scale. You have a tremendous amount of regulatory friction. Each lot you have to get approved and reviewed by an import group and an export group for each relevant country, and there's a number of other elements that make it difficult. You need size and scale to compete effectively on cost within these markets. Otherwise, you are not able to compete altogether. We believe that is another competitive advantage that we are able to leverage near-term. Over time, we want to take these advantages and ladder them into brand loyalty, product quality, consumer recognition, but we are going to take advantage of everything that we can do in the interim to get there. Lastly, we are highly excited about scaling our non-combustible segments. In particular, some of the interesting developments, we have launched vapes within Germany. We have launched vapes within U.K. We have rounded out our brand portfolio within the U.K., and we are excited to bring more non-combustible formats, namely vapes for now, but over time, some of the other offerings like edibles, into these markets because we believe they are highly scalable. They offer the next leg of growth over and above the flower segment that we are building out, and they allow for further differentiation in this market that is consistent with our core expertise set. Overall, we believe we are well-positioned for growth, and our assets are here to deliver. We have significant capacity remaining on our domestic market. We would estimate that we are roughly 60% utilization, and it is highly scalable if we need to through equipment. For servicing international, we have two cultivation sites which are fully sold out with overseas exports. But equally, we are able to leverage third-party production with our processing capabilities. As I mentioned, within our existing capabilities, we could triple our revenue, and then there is moderate capital to invest to further expand from there. We are very comfortable in that respect. As we bridge into manufactured products and ready-to-consume products, we are that much more comfortable in scaling that production line, and we do it in a fraction of the space already within our domestic asset. Getting into how that translates for financials. In the most recent quarter, we grew 19% year over year, with gross margin of 51% being a record. Over the past five years, we have grown at a CAGR of 21%, and throughout that period, we have either held flat or improved our gross margin at every single turn. From an Adjusted EBITDA perspective, we have achieved similar. We have grown at a CAGR of 33%, and we have held our margin around 20% despite high levels of competition and this new segment of international, which has a different margin profile than what we see here in the domestic market. Adjusted net income we have also introduced. One of the challenges with making cannabis comparable to other CPG industries and public companies is biological asset accounting. It does not impact cash in any way, but it augments financials, and it makes it difficult to be comparable. What this metric does is strips only that out, so there are no other non-recurring items that should or should not be included. It is purely the biological asset treatment. We use this metric quite often to compare. In the most recent year, we did CAD 0.25 of earnings. On an LTM basis, we are north of CAD 0.30 of earnings, and that is against a share price of CAD 1.80. We are effectively trading below six times earnings despite attractive growth. Our balance sheet. The importance is we are well capitalized. We have CAD 10 million of cash on hand, another CAD 10 million undrawn through a revolver, and we are two times, roughly, debt to EBITDA. On a net debt basis, we are below that. We believe that that is very comfortable given the low interest rate that we have, that is single digits, the attractive term, which is four to five years, depending on the piece of debt, and the support of our lender. We think we are well capitalized for growth. Equally, we are not over-levered. We have no needs to raise capital in the future to deliver on our platform. We are already fully funded for growth. We have the assets we need. It purely comes down to execution that we have already demonstrated in this year and that we will continue to demonstrate going forward. That turns us to our outlook. We have guided towards CAD 130 million to CAD 135 million. In Q2, we bumped that up to CAD 132 million to CAD 137 million, and we bumped up our EBITDA as well. We are very optimistic and believe that we are conservative with this guidance and expect or hope to outperform this in the coming quarters. Just wrapping it up. We are profitable, we have a great track record, and we are growing exceptionally fast. We are well-positioned with near-term catalysts through expansion into new countries, new product launches within the domestic segment, and continuing to build on the attractive margins that we have demonstrated and built out with automation. We believe we have an exceptionally clear path to shareholder value creation over time. With that, I will open it up to questions. We have about five minutes left. Yes. I wanted to ask you about international cannabis players that sometimes taking a long time collection of receivables. Do you think this fall into cash in the international markets? The second question was, I will come back. Okay. Sure. We do expect our free cash flow conversion from EBITDA to lag. As we continue to grow, we are reinvesting in working capital. We have seen receivables grow as a part of that, but we remain comfortable in terms of collectability. One of the things the Canadian government offers is EDC insurance, which allows us to go and work with each of our individual customers, get them insured, and if they default on receivables, we ultimately have insurance that pays us regardless. That being said, it is slow to get to market. It is working capital intensive, and we expect it to be a drag, but we are still generating free cash flow. In the most recent quarter, we were close to CAD 5 million. That is going to be volatile. But certainly, we are managing the business such that we continue to generate free cash flow and can fund the business. s the pricing better in international markets than the native U.S. markets at all? Because I know California world market is different pricing, right? Yeah. It keeps getting better as you head east like New York. This operating in New York, it is supposed to be better, right, the pricing you get for your product? It depends. You equally have a higher cost structure to ship internationally. U.S. would be higher pricing than Canada. Canada would be the most depressed pricing. International would be the highest relative to those two. That being said, it does come with additional costs related to EU GMP, some of the regulatory friction that you have to deal with. But it is attractive margin. That being said, where we think the core pocket of profitability will be longer term is within manufactured products, which is highest margin within Canada, certainly the highest margin in the U.S., and it will be the same in international over time. Yes. Stuart, right? Yep. Yeah. Thanks for the presentation. On the domestic front, you guys are number 6 with 1.2%, you said you were still planning on growing that. Do you plan on taking market share from other top LPs or the illicit market? What do you think your ultimate target is for domestic? Yeah. It is a good question. I think it is hard to say we will take share from the illicit market. We would consider that overall market growth that we participate in, but it does not necessarily lead to us winning share over competitors. It is going to have to come from the top 10, but equally, we want to compete with some of the more regionalized players. When we look at that, we need further penetration within Quebec. We need further penetration into Ontario. These are markets where we are underrepresented relative to Western Canada. We need to drive that through a combination of key accounts and participation in more programming, and equally, we need to do that within independents, so broader reach through our sales team. Inherently, I think it is more top 10 than smaller players because much of that growth comes from traditional segments like standard pre-roll and flower, where there are incumbents. But we believe we can nip at their heels with existing brand equity through General Admission, some of the momentum we have with Standard Issue, and leveraging our existing partnerships with retailers to at least take some market share early on. You mentioned Germany over Canada. What is the current market for Germany there? Yeah. Germany is very underrepresented from a supply standpoint. Our view is that it is very costly and the regulatory structure is challenging. You have extraordinarily high utility cost to produce flower. It has similar climate issues to Canada, where you cannot grow year-round perpetually. Labor is extraordinarily expensive. You take base salary, and you have to apply, I think, a 60% markup for taxes, pension contributions, and a variety of other things. O verall, it is a challenging market to want to produce regionalized supply. We see it as being a net importer longer term. That being said, we do see some benefit to having regionalized assets that can service those markets long term, but that would largely consist of warehousing, packaging, and distribution rather than the actual cultivation and manufacturing. That is how we are steering the business and how we think we can best serve customers over time. Okay. With that, we are at table 19, so if you have any questions, please swing by. Decibel Cannabis, and we trade on the TSXV. The ticker is DB. Thanks everyone for the time. Thank you.