Okay, everyone. We want to welcome our next two presenters. We have Stuart Boucher and Ben Sze with Decibel Cannabis. Thank you. Thank you everybody who made it. Big crowd for us. Excited we don't have the room anyway, it's going to be easy, and we'll save lots of time for questions. My name is Ben. I'm the CEO of Decibel Cannabis Company. This is Stu, the CFO. I'd like to tell you a little bit about Decibel. Decibel is a CPG cannabis company, publicly traded in the States. You can find us on the OTC under DBCCF. In Canada, we're traded on the Venture under the ticker DB. When I say we're a CPG branded company, we manufacture and produce branded products domestically in Canada and for export globally. You can see some of our brands, Qwest, General Admission, and Standard Issue. They are all leaders in their respective categories. Since we started, over CAD 1 billion of retail sales, 76 million pre-rolls rolled, 10 million vapes, and we're nearing 20 million grams or 20 tons of exported cannabis globally. That's really exciting for us. In Canada, our domestic portfolio has us with one of the top brands in Canada, and that spans six different product lines, all in the ready-to-consume space. Ready-to-consume is defined as products that you can use as soon as you buy. Go into the dispensary, buy it, walk out, you can use it right away. We believe that the industry will trend towards that category, and as such, that's been where we've been really building our production and our efficiencies. Equally exciting for us is our international business. We're now in nine countries and counting. Our international business represents roughly 25% or a quarter of our revenue mix. We've built a solid business in Canada. We've taken that expertise, and it allows us to port that knowledge as we grow into the fast, exponentially growing global markets. Just want to take a minute and talk about our team. I think it's a rarity in the industry to have an executive team that's been around since day one. This has not been an easy industry, but we have shown that, or I shouldn't say just we, this team has shown resiliency, the ability to execute, build profitable business, profitable brands, and that gives me great confidence that this team has the expertise to translate that know-how into international markets. In doing all this, we've been six years profitable. Again, not something that's very prevalent in our industry. Getting into a geographic snapshot of our business. We have roughly a quarter that's international, fast-growing. We expect that to grow at high double digits over this year and the coming years. Our domestic segment has seen more of a maturation. The Canadian market is fully recreational. It's had a number of years to kind of settle out. With that, we see the broader industry growing single digits, and we expect our segment to also grow at a similar pace. That being said, we still see white space opportunity and room to expand in both of the respective areas. If you look, Decibel is number six in terms of overall market share. For some structural reasons, we believe that we can grow our market share and certainly move up that ladder over time. Secondly, within the international market, the largest market today is Germany. We represent less than 4% market share in that category. Certainly when you look at this page, there's very few countries, but we know there's many coming down the pipeline for legalization, and certainly we can grow our penetration in some of these ones on the page. Starting with Canada and why we think it's so critical to building a global cannabis business. First and foremost, Canada has a great legal framework. It's fully recreational. You have certainty over the regulatory structure, unlike many of the other markets that you see today, both down south as well as overseas. That's really important because it gives us certainty over our cash flow, over our planning, and helps us reinvest in other growing aspects of the business. The second where it's really important is it's a conduit towards international markets. Canada, unlike the U.S., has permission to export globally. We have a ton of spare capacity from overbuilding in prior years. There's tons of assets, tons of capacity that we can, as Decibel, process and bring overseas for international customers to purchase. Not only are those two things important, it's also an accelerator when we look to international markets. Today, most of these markets are medical in nature. The product assortment is limited. You can only typically purchase flower or vapes. Within that, in Canada, we've been able to refine and build up a product portfolio spanning every single legal product that exists today. Infused pre-rolls, edibles, extracts, and a variety more. With that, we can test it, trial it in Canada. We have eight years of expertise that we've developed here. As we see legalization occur overseas, we can bring these products with a first-mover advantage. Getting into the snapshot today, as I mentioned, we're very focused on ready-to-consume products. 95% of our portfolio is these grab-and-go products that are convenient, easy, and affordable for customers. That's represented between infused pre-rolls, which we're number one within Canada by sales. That's also vapes, where we're number four by sales, and that's translated to being number three overall in the recreational sale category for brands. Where we have white space opportunity is many of these traditional segments, more like flower extracts and so on. Certainly that's something that we'll focus on to grow our share over time. That's where we believe structurally we can move up the ladder because flower still represents more than a third of the overall cannabis market, but we don't have any meaningful share in that to date, nor has it been a core focus of ours. What we're going to do to drive success in Canada over the coming years. First and foremost, we're going to continue to drive success in our ready-to-consume products through innovation, through reinvestment in quality and consistency. This already is the fastest-growing category within the Canadian market. Second, we're going to drive continuous improvements. We've done a great job from a cost structure standpoint, but we believe there's a lot more opportunity left for margin expansion through automation and reinvestment in systems and process. Lastly, as we expand our margins, we want to reinvest aggressively into sales and marketing. We believe that building brand equity and brand loyalty over time is one of the true ways that we can create a defined competitive advantage that makes our products stand out on shelf and gives us long-term certainty over our cash flows. The global market's expected to hit CAD 134 billion in four years. That's 30x bigger than Canada. Right now, as you can see, Germany's up-ramp, that's driving much of Decibel's growth. We expect more countries to come online, not just expect, we are working with new countries as they come online, we expect the market to continue to grow, the total addressable market. More importantly, much of the international markets are primarily flower-driven because they all start off medical. Like all other markets, eventually, as the markets mature and we see regulatory reform, you start seeing derivative products. That's where we port over Canada's skill set, or sorry, Decibel's skill set that we've learned and established here in Canada in manufacturing. We're already seeing really good traction in Germany, in the U.K. with our vapes, when we think about the international landscape with more countries coming online and more product formats, we're well-positioned to take advantage of that. The other thing that's important, our most recent quarter, we did CAD 9.6 million international revenue. That's almost five times year-over-year. That only represented 30% utilization. We have a lot of capacity to grow into without meaningful investment. Furthermore, if we needed to, we could double that capacity with nominal CapEx. We feel that we're well-positioned to take advantage of the fast-growing international markets, and we're even more excited to start sending our branded manufactured products as these markets come online for that. Getting into a quick snapshot of how we're going to deliver. We have three assets spanning Canada. Really, the important takeaway is what Ben just emphasized. We're unconstrained by our existing capacity. From a manufacturing standpoint here in Canada, we have a sizable facility. We have sufficient capacity to be able to grow our share over time. With nominal CapEx, we can invest in equipment and further expand from there. Similarly, from an international standpoint, we're positioned the same. We could more than triple our revenues today before reaching a capacity limitation, and then we could double that capacity yet again as we see growing demand and new markets coming online. Turning really quickly to the financials. In this most recent quarter, we grew 41% year-over-year. Much of that came from the international segment, we did see good single-digit growth out of our domestic segment as well. That has translated to a five-year CAGR of 21%, pretty good growth. Over that period of time, not only have we focused on driving top-line growth, we've also focused on our margins. If you look at our gross margins, we've, every single year, either improved or held flat with 2025 being a record year for us with 48% margin. Q1 of this year, we got it to 51%, that's a continued focus as we expand and drive operating leverage. Turning to adjusted EBITDA, we doubled our adjusted EBITDA in the most recent quarter, we've grown our EBITDA at a 33% compounding rate over the same time frame. For adjusted net income, which only adjusts for biological asset accounting, which is just non-cash, we're going on our fifth year of positive adjusted net income. In the most recent year, we had CAD 0.02 of EPS, which is quite good against our share price of CAD 0.12 to CAD 0.13, implying a price-to-earnings ratio of 6x to 6.5x on a trailing 12-month basis. Lastly, we have our corporate snapshot. We're a CAD 75 million market cap, CAD 120 million enterprise value. All these figures are in Canadian. That's CAD 50 million of debt, which is only 2.2x debt to EBITDA on a trailing 12-month basis. We're feeling very well-positioned from a balance sheet perspective, and we'll continue to delever as we grow our business. That being said, it's very attractive debt capital. It has a four plus year maturity, out beyond 2030, blended 7% interest rate, we have another CAD 10 million of available revolving debt that's basically sidelined for any sort of acquisitive opportunities that we come by. Everything else within the business is funded through free cash flow or positive, we don't need any sort of dilutive capital, we're going to continue to focus on allocating to the best possible return, which may include our share price, given how heavily a discount we trade at. Lastly, our outlook. We reaffirmed guidance in Q1. We expect between CAD 130 million- CAD 135 million of top line, which represents a midpoint growth of 18%. Adjusted EBITDA, we expect to grow to a midpoint of 25% or between CAD 27 million and CAD 31 million. We just released Q2 guidance, which is guiding towards a record quarter for us, CAD 33 million-CAD 35 million, which is 14% growth. I'd reemphasize, we're extremely confident in the outlook of the business and delivering on our outlook for this year and the upcoming quarter. I'll pass it off to Ben for closing remarks. Yeah. Thanks, Stu. We're one of few cannabis companies that have been consistently profitable. We've refreshed our domestic portfolio in this past year. We've been growing market share in a very highly competitive market. Internationally, we are expecting new markets to come online. We're starting to see the traction and the growth already running through with very little utilization. When you combine those two, it presents a very compelling opportunity, especially when you weigh that against the six times P/E that Stu was mentioning. Especially furthermore, I guess, when we're guiding to 18% top-line growth and 25% EBITDA growth. If you think about all the companies that you're looking at here and whatnot, this is a durable business with proven cash flows, and I think we're trading quite cheap. Not too many opportunities like that exist, not just in cannabis, but period. Thanks so much for taking the time to listen, and we're happy to answer any questions you guys may have. Do you guys expect the best internationally to be the best? We don't have any U.S. operations. Until recently with the U.S. rescheduling, it's quite complicated given it's not federally legal. We do believe that there will be tailwinds as the U.S. brings on more, I guess, latitude with respect to how they see cannabis, and that's a big market. Do you have data on the breakdown of your Canadian sales by province? Yes, we do. Do you have it on the screen? No, we don't have a slide for that, sorry. Was there something specific that you were looking for? I can give you some rough estimates. Ontario's the biggest market by far. It represents more than half the overall Canadian market. We're a little bit underperforming relative to Western Canada in there, so it'd represent roughly 50% of our domestic sales. The balance would be roughly 15% for Alberta, 15% B.C., and then the remaining 20% would be spread across the remaining provinces and territories, which are all quite immaterial in nature. Saskatchewan probably being the biggest, around 7%-8%. You're not in Quebec? We are in Quebec, yes, but to a less meaningful degree. Saskatchewan would still be larger for us, but you can find some Decibel products inside of Quebec. Part of the challenge for us with Quebec is, they just introduced vapes, but until then, vapes were not permitted within that market. Even then, it's not a compelling product offering. They have a THC cap of 30%, we are exploring products to enter that market, but we have yet to do so. The other where we certainly have expertise is infused pre-rolls. Similarly, also has a 30% THC limit. We do have products in that market that are doing quite well through a partner of ours. Yep. Are you guys using your own in-house genetics? All our Genetics cannabis genetics, all in-house. All in-house? Correct. All right. Well, we're in booth 315, so if there's any other questions, feel free to come see us. Thanks, everyone. Enjoy the rest of the conference.
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