Hello, and welcome to the good natured Investor Overview. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. You may ask a question at any time by typing it into the ask a question feature on the left side of your screen. As a reminder, this conference is being recorded. It's now my pleasure to turn the call over to Glen Axelrod with Bristol IR. Please go ahead, Glen. Thank you very much, Kevin, and thank you everybody for joining our webcast today with good natured Products. The purpose of today's presentation is to give our audience a better understanding of the business through a PowerPoint presentation, and then questions and answer with management. Joining us today is Paul Antoniadis, CEO, who will also conduct the PowerPoint presentation, followed by questions from our audience. You should see the presentation through the webcast. I would have emailed it to you earlier in PDF. If you don't have a copy and want one, simply email me at Glen, G-L-E-N, @bristolir.com. I'll be happy to assist. There will be a break for Q&A at the end of the formal presentation. When we do break, we do encourage questions. As we're only taking questions through the portal. If you're listening over the telephone, please access the web link that I sent earlier to ask a question. Remember, you can submit a question at any time. I'll ask the question on the air for everyone to hear, and Paul will then answer. I'm not gonna reference any names, but simply read the questions asked. As we have a fairly large audience today, if I can't get to your question online and it has not yet been addressed during the call and can be, I'll come back to you through email. I won't read the forward-looking statements, but I do state that they apply, and I reference them on page two of this PowerPoint. With that said, once again, thank you for joining us. Remember, this is fairly informal, and we do encourage questions to help you better understand the business and its growth path. Now I'll turn the call over to Paul to start his part of the discussion and presentation. Thank you, Glen. Thank you for the introduction. I wanna thank yourself and the team at Bristol for setting up this call. It's, it's another record-setting attendance, and we're very grateful for you pulling this group together. Good afternoon, everyone, and good morning to the folks out west. It's been a fantastic pleasure to have this opportunity to share with you, as Glen had indicated, good natured's strategy for the small and most recent financial performance. I'm going to take about 25 minutes to walk you through our corporate presentation. I'm gonna start off with a corporate summary, with the intentions of giving the group here on the call some context around our business. Then we're gonna jump into kind of the heart of the presentation, which will include some macro trends that are really supporting our business. I'll also at that time highlight some inflationary trends that are benefiting our business, along with. We'll move into providing you a quick kind of summary of why customers buy. We call it our go-to-market strategy. What we'll do is we'll move into our business model. I will highlight our supply chain during that period. I'll also share some context around the inflationary environment we're all operating in and then highlight our recent financial performance along with some commercial announcements. Then we'll wrap up with a quick summary of the team. As some of you who are on the call, I see, I understand there's some existing owners on the call are very familiar with that. At good natured, we create a North Star to ensure our owners, our board members, along with our operating team, are fully aligned with how we're creating value for our owners and also, how we're deploying our owners' capital from the standpoint of what type of company we're building with our owners' capital. Our North Star at good natured become North America's leading earth-friendly product company. We're going to achieve that by creating the largest assortment of plant-based products that consumers like yourself and also business owners and operators can use as an alternative to the petroleum-based or the synthetic chemical-based products that you're using throughout your home or you're using within your business to operate them every single day. The way we build this, I'm gonna call it product range or one-stop shop for all your plant-based needs, is executing our growth strategy. Our growth strategy is centered on half of our growth coming from our organic initiatives and half of our growth coming from our acquisition initiatives. The way that execution is conducted that builds this wide range of plant-based products is we have a growth team that basically does all the research in the marketplace. They identify all the categories that we want to disrupt with a plant-based offering and what type of value we want to extract out of it. Through that research, they're looking at all the companies that are within that category. We reference it as value pools internally. We identify what companies are in that category, what products they're offering, the features of the products, the pricing, et cetera. We do one of two things in executing the strategy. We either organically design, build, manufacture, and take direct to market to extract value from the categories we're disrupting, and/or we've identified these companies, it could be a plant-based company or a petroleum-based company, and we acquire them. Sometimes that acquisition complements our organic initiatives, and sometimes that acquisition is our strategy into entering into that category or business group. Whether it's a plant-based company we acquire or a petroleum-based company we acquire, there's some consistent characteristics. They've got lots of customers, they've got lots of products, they're EBITDA positive. They underpin our organic model, and they strengthen our domestic supply chain. If they're petroleum-based, it's our intention to, once we acquire them, is to convert the customers and products to a series of our plant-based materials that we make our products from. By executing that and accumulating the largest sort of plant-based product offering in the marketplace, we're addressing an unmet need in the market, which is we're making it easy and affordable for consumers and businesses to start taking a step in transitioning away from fossil fuel and synthetic chemical-based products. I'm just going to provide some context as to where are we in executing our North Star. First, we offer today over 400 plant-based products across five business groups, which includes packaging, industrial, general merchandise, commercial business supplies and services. Today, we're servicing over 800 reoccurring B2B customers across 50 of the states and provinces. We're primarily focused in the Canadian, United States marketplace. We're doing well over 20,000 direct consumer transactions through our own e-com sites and third-party sites like Amazon, and that does not include any in-store product placements. Simply put, we make better everyday products with the highest level of renewable materials. We kick out all the chemicals that are dangerous to us as humans and also the environment, and we really drive that, making it easy and affordable to help activate our customers transition away from fossil fuel-based products. Some key considerations before we get into the heart of the presentation. First and foremost, we're a growth company in the sustainable product space. If you look at our six-year CAGR, it's over 153%. If you look at Q1, Q2, we're outpacing our six-year annual growth rate. We're executing our strategy. If you look at our acquisition strategy, we've completed five transactions to date. I think over the last 18 months, we've completed three. We have a very strong reoccurring revenue in the organic space. We also have multi-levers that we pull organically. We land net new. Once we land that customer, there's a reoccurring revenue stream. We also start to cross-sell. Then we have a very active third level, which is in new products that we've launched, such as the one we recently announced, which is our Microwavable To Go Containers that are 97% plant-based and fully compostable. Let's now get into the heart of the presentation, which is the market drivers. The strongest tailwind that we have is the consumers' demand for sustainable products to be assorted within the retail. If you look at the fastest-growing category in retail, store sales is the sustainable products. Consumers are demanding more from retailers to sort these products. It's forecasted that the total sales contribution of sustainable products will grow this year alone from 22% of the total store sales to 25% here at year-end. We'll see how those numbers turn out. The way good natured is positioning itself into these macro tailwinds is we make general merchandise products like, you know, plant-based zipper bags and freezer bags and trash bags and trash bins and recycle bins. You know, it's our goal to provide these retailers an assortment of sustainable products that are focused on detoxifying the kitchen that they can assort online and in store. The other way good natured is positioned to benefit from these macro winds sustainable product demand is, a lot of these products that are being sold are still using petroleum-based packaging. You know, a lot of these sustainable product companies, it's just natural for them to begin to also transition their packaging into more sustainable options. We look at the packaging transformation going hand in hand with the sustainable product demand. If you then look at some other kind of market trends, and I'll just highlight one, which is around the regulatory trends, whether it's at city policies or state or provincial policies or federal policies across the U.S. and Canada, these policies are leaning in favor of sustainable policies that are healthier for the environment and healthier for us as humans. This policy is being driven by that same consumer, right? That consumer is also the constituents that are voting in these governing bodies at city, state, provincial or federal level. Overall, as this demand, it relates to the consumer/voter is wanting retailers and the governing bodies to make these changes. Before I go into kind of our go-to-market component in our business model, I do wanna highlight an inflationary supply chain trend that's also driving demand. I think we're all familiar, either through reading online or listening to the news, that there is real challenges at the port of entry, both whether it's California or on the West Coast here, the United States and Canada. That's delaying goods from entering into the marketplace in Canada and the U.S. That has really trapped certain businesses in their supply chain. A lot of them now are looking for secondary supply chain that are either fully reshoring their overseas supply chain and trying to reposition it and de-risk it going into the new year. That is really creating an interesting opportunity that we've communicated very openly through some of our announcements. You know, we look at it as these companies are looking to reshore, we wanna be assertive in giving them a strong alternative supply chain that's also centered on renewable products. It's kind of a win-win where, you know, it diversifies and creates a secondary supply chain while moving them a step forward in using renewable products. I'm gonna talk now about the go-to-market. These are our value propositions. I call them our fishing lures. This is the reason why people buy. I mean, first it's the ingredients. People get really excited when we talk about our plant-based products. It's still amazing to me how many people have never seen a plant-based trash liner bag or a plant-based package or a plant-based pallet stretch wrap. It gets them really excited. Then, you know, they want to then physically see it. That's the design component of it. You know, our designs are centered on making our products equal to or better than the petroleum product that we're displacing. Better is not just the physical components, right? It's gotta work. Pallet stretch wrap's gotta work. Packaging's gotta work. It's also centered on designing products that maintain the commerciality aspect of our customer or the design enhances or improves the commercial component of the business by making the switch. What I mean by, "That's the better than." What I mean by better commercially is if I can design a package, for example, this is illustrative, that, you know, you can put more of that package in a box and you can put more. That means you're putting more product per pallet, more product per truckload. In this inflation environment, that's a positive. That's a better commerciality for our customers. When we design a package that optimizes the retail shelf space, so you could put more product on the retail shelf space, to save on labor or to open up, to reduce the amount of shelf space needed because of the design of the package, so you can open up more shelf space for other new products, that enhances their linear sales. Introduce more sustainable products, as I mentioned earlier, into your assortment, will help drive more sales. That better component, in my opinion, is the one that really hooks our customers and engages them with good natured. Second is our approach, which is, you know, we wanna make it easy for our consumers to switch. Around making it affordable. You can have the safest materials in the world and the greatest design. You can't expect your customers to pay 10 x more. That's why we're really centered on making it easy and affordable through our designs, our materials, and our approach. To highlight some of our materials very quickly. We have three kind of material platforms. We have our fiber, which I'm sure many of you are familiar with. We focus on taking out all the nasty chemicals associated with those products. We have our bioplastics. These bioplastics have the same chemistry as 100% fossil fuel PET or LDPE or HDPE. Why that's important is downstream our bioplastics can commingle with 100% petroleum-based products, and it doesn't cause any downstream contamination. We have our biodegradables. These biodegradables are fully compostable in industrial composter. They're certified industrial composter. They're really focused on the closed loop. Our product authority, which is choice that we give our customers, starts with the materials that we can make our products from. Customers love that choice, you know, because sometimes we look at their business needs and help improve their commerciality or at least meet their commerciality of their business requirements. We give them choice on how. Do you wanna focus on biodegradables? Do you wanna go fiber with biodegradable? They love having that choice. Then we focus on the design, which again, I mentioned earlier, which is we make the product equal or better than the petroleum one we're displacing. It's got the highest level of renewable materials without any chemical concern. We focus on the performance component, not just on the physical characteristics, but enhancing or meeting the commercial requirements. Then we deliver them on the affordable prices, either through the design or through right-sizing, so we pack more. There's many different levers that we pull on that makes the product design better. Now I'm gonna highlight the business model. Our business model is centered on a retail consumer product, consumer, product industry, product customer mix strategy. Sometimes we get mistaken of being a packaging company. We are not a pure packaging company. We are a product mix, customer mix, retail mix model. It starts with our products. We have five business groups. These five business groups have different margin rates. Some are really high, some are very low. Inside each of these business groups, there's departments, categories, subcategories. They all have different margin rates. I'll just highlight a few just to illustrate on the product side, and then I'll move into the customer mix. For example, packaging. Packaging, we have departments like food packaging. We have stock and custom where we actually can work with a customer to design, make the mold, produce the package that's specifically designed for their needs. We have medical packaging. We have food services. We have kind of our, what we call our general merchandise, industrial packaging. All those departments have different margin rates. As an example, we announced in our medical packaging business, we made an announcement with a fantastic customer called Jones Healthcare Group. We work on blister packs with them. Overall in our medical packaging, we have higher margin rates because there's higher ASPs in with the actual finished product. Whereas if you go into our food services, which is coffee cups and coffee lids, really kinda hard to design a package differently outside of the renewable aspects of it and not using chemicals of concern. A coffee cup, 12 ounce coffee cup is a 12 ounce coffee cup is a 12 ounce coffee cup. You gotta hit it on price. Our food services is obviously gonna be lower margin. That relates to all the, i t goes all the way down to subcategory. For general merchandise, we've got, you know, as I mentioned, zipper bags, plant-based zipper bags, plant-based bin bags, trash bags, et cetera. In commercial business supplies, like our pallet stretch wrap and our industrial is probably a category that a lot of folks I get questions on. If you look at the bottom right here, that's our industrial product. It's our pallet stretch wrap. We sell this to many thermoformers. They stamp out their own plant-based packaging. They brand it themselves. Like, I always get owners sending me emails of competitors, and I basically say, "Well, that competitor is actually using our roll stock, and it's a fantastic customer." Our services include delivery services, design services. All these have different margin rates that we purposely create selling strategies and go-to-market strategies to offer. That's the product mix side of it. We have our customer mix side. We have in our B2B, we have national customers, regional customers, and small business. National customers, like the one we recently announced, which was a very large national U.S. food producer. It's equivalent to $13 million. We recently announced it, so it's equal to in size to our IPF acquisition that we completed back in December. That's gonna be a lower margin rate. All of our national customers are a lower margin rate. We balance landing those national customers by mixing in more small businesses. There's millions and millions and millions of them. They're low touch. They buy online. They're very tech-orientated, better margins, better cash contribution 'cause they pay with credit card. We have a regional customer which is kind of smack middle of the fairway in our margin rates. They do a lot of custom work. They really try to differentiate against the national guys. We really like that segment. It's kind of our sweet spot because of all the custom work we do. We have our direct-to-consumer. Let me just point that out. It's part of our better, far better margin category. We take our products, and we sell them into that customer mix. Depending on, like, as an example, we landed this large U.S. food producer, you will see our margin rate mix down. Sometimes I get owners calling me going, "Hey, why is your margin rate down?" I'm like, "Well, you know, we just onboarded a couple large national accounts that we've announced," or, "Hey, we've onboarded more national." If you read our MD&A, we made comments like, "We've onboarded a large series of national accounts." Just like our acquisition with Ex-Tech. This is kind of my last point here, then we'll move to the next slide is, Ex-Tech was acquired in end of May. They have over 100 customers. A lot of them are national. You can see in our press releases that their gross margin rate is 21% and our Q, you know, Q1 margin rate, which I'll highlight, was in the mid-30s. When we mix in Ex-Tech's customers into our base business or these national customers, there is a natural mix margin change. Now what we do is we then work really hard to onboard. As we've announced, the Jones Healthcare Group, we've announced our high-tech grower segment, which includes like, which kind of falls in our regional, which is like Heron Farms, which is based in South Carolina or ColdAcre located in lovely Whitehorse, Yukon. They're a great group that they provide year-round food. They're one of the only year-round food producers across the Yukon and Canada and Arctic. These folks begin to balance that national national margin mix that's lower, along with all the small businesses that we're landing in. That's our strategy, and it centers on a very diverse customer mix, very diverse product mix. The benefit, and I'm taking a little bit of extra time on this slide, is the benefit to you as an owner or as a potential owner is we are not a one product, one customer model. Our business model stood on its head during the challenging times in April of 2020 when we're still kind of wrapping our head around the COVID-19 pandemic. You know, we saw hospitality and food services drop, but our medical segment went crazy. Our e-com direct to consumer went crazy, and it more than offset it. It protects the downside in revenue, it also positions multiple growth levers that we can pull organically to drive our upside. How are the customers are responding to this proposition of making it easy and affordable? Well, it's been really humbling. Like, you know, whether it's our food service products or our consumer products or our small business segment or our large national customers, we're getting a lot of groundswell and continued traction around our good natured brand. That's represented in our reoccurring business stream that is continuing. Operationally, we aim at 6% of our manufacturing being outsourced, 40% insourced. We're a little bit on the other end since we've acquired Ex-Tech back in June this year, we're probably more like 60 insource, 40 outsource. We look to bring some of that into balance in the coming year. We operate roughly 150,000 sq ft of manufacturing space, and we have capacity to produce over 60 million pounds of sheet extrusion to support our packaging and industrial segment. I get asked a lot about how do you defend your position? What's your competitive advantage? Well, first of all, it's our first to market strategy. There's no one out there with 400 plant-based products. There's no one out there with the diversity of products, the diversity of customer mix, and/or a growth company that is got, you know, four growth levers that it can pull, three on the organic side and obviously our acquisition component of our growth strategy. Our mixed margin business model is also, you know, I come from the retail industry. You really have to understand how to build assortments, how to lay out your go-to-market to drive that proper margin mix. When you land these large U.S. food producers like I highlighted, you have to have the ability to balance that mix, either through increased acquisitions on the regional and small business component. We have unique sourcing agreements. We also have patents in our materials, in our packaging. We have some trade secrets on processing. Obviously, our strength in our domestic supply chain is definitely playing an advantage in this supply chain disruption that we're contending with around the world. just to highlight now some financials. I already kind of highlighted our growth strategy, being multi-pronged. we basically on the organic side, we're landing that new, we cross-sell and we launch new products. In the acquisition strategy, we focus on profiles of the petroleum or plant-based, large customer base, large product offering, lots of cost-saving opportunity, it integrates in our supply chain, it integrates into our organic business model, which is centered on the more products we put into it, as I mentioned earlier, the more diverse customers we put in it, the more formidable we become as a competitor and the more delightful we become to customers. This slide is, I got to provide some context. This shows FY 2020 annual of CAD 16.7 million. A lot has happened since then. On a TTM basis, you got to add the acquisition we completed in December of IPF, which was CAD 17 million. You've got to add, on a TTM basis, you got to add Ex-Tech, which we acquired in May. That added CAD 33 million. You got to look at our most recent announced large national U.S. food producer, roughly call it $13 million. Let's call that roughly CAD 17 million. We're doing well over, you know, call it, 50... You know, kind of... If you look at the annuals report, between CAD 70 million-CAD 80 million on a TTM basis. A lot of fantastic execution by the team, and that execution is beginning to show in our quarterly performance. If you look at, for example, Q2, this representing one month of our Ex-Tech acquisition, very strong growth rate. And obviously you can see how our margin mix, as I mentioned earlier, took effect, as we mixed in more national accounts from the Ex-Tech acquisition. We're looking to execute on our selling strategy to add more small business and regional, which is evident through our Jones Medical Group announcement, our what we call our tech grower announcement, along with our meal kit industry announcement. We're demonstrating our ability to our owners that, yep, we're landing these big accounts. Yep, we acquired a customer with a lot of national accounts, we're executing on adding programs that are stronger in the overall gross margin rate. I will highlight, I think I brought to everyone's attention our recent two acquisitions. This was IPF and Ex-Tech back in June. I'll leave that to questions at the end. Lastly, I'll just highlight our team and then turn it over to Glen for Q&A. As I come from the retail industry. Pretty much grew up with Best Buy as they were emerging out of the, out of the Midwest. Had a lot of different roles with them. My last role in the U.S. domestic unit, I was the Vice President of U.S. sales development, which was both a strategic and executional role. I was appointed to the Senior Executive over the international business unit. We have Mr. Don Holmstrom. He heads up our capital formation and all of our corporate development, he really drives our execution side of our M&A growth strategy. Kevin's our chief bean counter. He's a great guy. Michel's our Chief Scientist. He's also, I call him our master chef. He's got, I don't know how many years, 30 years in the packaging industry and plastic processing. Stephanie Zahn, who is our growth strategy officer, she heads up all of our e-com, our branding, what categories we go after. She does all our competitive analysis. She's an Ivy League grad. We definitely have the team to build a very large business, billion-dollar business here in the making, and we believe we've got the senior executive team to make that happen. With that, Glen, I will wrap up here by thanking everyone for their time today, and I'll turn it over to Glen to take any questions that are on your mind. Super. Thank you, Paul. We do have quite a few questions in the queue already. Again, to our audience, if you do have a question, please use the text box. A lot of the questions sort of overlap, I'll do my best to get to all of them, but we're sort of sitting at 30. Sure. If we don't get to them all, we'll get back to the questioner via email. First question I'll have for you is, for plastic straws and single-use plastic bags, these are getting outlawed everywhere, and the replacement products are terrible. Is your product suited for these markets, and if so, are you seeing any traction? Well, the short answer is yes. I think there the individual who asked that question is obviously the straws, stir sticks, the plastic bags that we see in stores are being, you know, targeted and frankly on a municipal city level because of their single use, and we do have materials and options that are suited for that. Are we in that space today, plastic straws and plastic bags? The answer is no. Are we getting an overwhelming response to get into them? The answer is yes. Today we are not in those categories, but they are definitely in our product roadmap horizon. Okay. Thank you. Next question. Does the price of oil affect the petroleum-based packaging, and does that in turn make the plant-based options more affordable to the customer? Well, I mean, the short answer is yes. I mean, it's not linear, but the short answer is yes. You know, we're seeing a lot of the inflationary costs are, you know, they're also tied to the increase in oil price. Also, you know, there's, I think everyone's aware of the container ocean costs associated with moving product from the ocean to our domestic market here in Canada and U.S. That's also playing a little in driving up those costs. Gotta remember that materials don't represent 100% of the cost for our products. Also, virgin materials don't represent, this is for good natured Products, represent 100% of the material costs. We use a lot. We use up to 50% recycled material, which is a lower cost than the virgin material. Materials typically, depending on the product range, I'm going to say 40%-60% of the overall cost. It goes into the processing, it goes into logistics. You also have to factor the design of the product. Sometimes when we displace a petroleum product, it's because it's a really shitty, really bad design, right. It's like, it's oversized, there's lots of air. It, like, causes a lot of damage to the cookies, the food products, blah, blah. What we do is we right-size the package, we're able to lower the cost by using less material to design a package that takes less space on the shelf space. Sometimes we can really attack costs on the design side of it. That cost is not... Depending on the, if you're talking to a procurement person or a bakery director for as an example. Bakery director, if we can design a package that reduces those throwaways or reduces the markdowns or reduces the amount of space, we can put out the same amount of product in less space, they'll pay more for that package. Our sales on the better, and we talk about making our products equal to or better, that commercial focus is really important to us. Price, that affordability isn't purely centered on the lowest cost of the package. It's focused on can I help our customers sell more product? Can I help our customers reduce their throwaways, reduce their markdowns? All that takes into consideration. That's just some context. Higher petroleum prices, it definitely doesn't hurt us. It helps us. Okay. Thank you very much, Paul. Next question. Can you please discuss your manufacturing footprint and your current utilization? That's a proper question in this inflationary environment as people are looking to reshore more of their production. I'll start with our footprint crosses the U.S. and Canada. We have this is our owned facilities here. I'm just reading off the ones we own. We have a packaging facility just right outside Toronto near the airport there. We have a footprint, what we call a sheet extrusion footprint in Ayr, Ontario. That supports our packaging business along with our industrial segment. Both of those facilities are, you know, kind of combined. They're around 70,000-75,000 sq ft. We're not at full capacity. Matter of fact, we've announced that we've added a high-speed extruder into our Ayr, Ontario location. That extruder, high-speed extruder produces about 1,800 lbs roughly per hour versus our of material versus our current rate is about 800 lbs an hour. About 2.5x, 3 x. Depending on the material, we can go higher than 1,800, but it's definitely 2.5 x faster. One way we attack our costing or really drive our affordability is we're deploying these high-speed robotic equipments inside our extrusion and packaging facilities. That opens up capacity. We grew our capacity roughly by 50% there. We have lots of runway there. We also have, I think we're probably at about 60% utilization as thermoforming, roughly call it 50%-60%. If you move into our footprint that we own in the U.S., it's right outside Chicago. It's about a 75,000-78,000 sq ft facility. It's our, again, it's sheet extrusion that supports our packaging and industrial segment. That also supports our outsource. We've got outsource manufacturing in Minnesota, Oregon. We have also had third-party outsource in Ontario. Most of our manufacturing kind of snugs along the border of the U.S. and Canada. Obviously we're, you know, we have a supporting footprint of third-party warehousing for, you know, our safety stock both in our raw goods and our finished goods. Okay. Thank you for that. Next question. All the big legacy packaging companies have equal products that they're pushing on their customers as an upsell. Do you go against them head-to-head, and if so, how do you compete? You know, well, first of all, some of those large guys could be customers of ours. As I'll just pull up on the screen here. This industrial segment, or in the bottom right, that rollstock, we sell to a lot of multinationals. They may be positioned on a product, sustainable products on the market, but they may be a customer of ours. You know, we haven't disclosed these customers, but I can tell you right now, we sell to over 200 thermoformers across U.S. and Canada. Some of them are pretty bloody big. They utilize our efficiency, our access to these materials. They buy that rollstock. They stamp out their packaging. That's one way we... I'm not gonna say compete because, you know, you gotta remember, the packaging industry is a trillion-dollar industry. It's a huge industry. There is a lot of room for our customers to take our rollstock and stamp out their own branded packaging because 99% of the time we're competing against petroleum outside of food services. Food services, we do go up against other fiber products. It's probably our most competitive space. If you look at our trash bags or you look at our zipper bags or you look at our bins and totes or you look at our packaging, we're competing, we're displacing more often petroleum. We believe there's a lot of blue ocean out there. We believe our industrial segment is a way for these multinationals to start to offer this out in the market. In some cases, these multinationals try to get access to. You know, because a lot of these have their own extrusion. They try to get a hold of resin, they can't, and that resin supplier tells them to call us. Sometimes multinationals say, "Hey, sell me the roll stock because I can't get the resin." They'll say, "Hey, you guys do the packaging. You know what? We'd like to outsource the packaging to you too." We actually become an outsource arm to these large multinationals and, you know, if there's any. We think that's how we position it to a lot of them. We say, "Hey, let us be your partner." We believe as we gain more market share and we continue to grow and, you know, historically, we've been doubling the size of our business. At some point in time, one of these multinationals could look at us as an acquisition target or they'll continue just to outsource their business to us because we're just real efficient in producing rollstock or plant-based packaging for them. Okay. Thank you. Next question. With the increased focus on corporate ESG scores, have you seen, as, I guess, evidenced, or do you see good natured being a contributor to other ESG or other companies and their ESG targets? Without a question. The short answer is yeah. I think we're in the early innings of this. This is why good natured, you know, we made the purposeful decision to go public. We think we're, you know, we're a packaging company that's, you know, solely focused on sustainable products. From whether it's funds being mandated, someone on the call may have that mandate. We're a great option to add to your portfolio. For companies that have that ESG mandate, like the person who asked the question, we are a viable supplier. We don't expect them to, you know, a large multinational or a regional, even small businesses, they don't sit there and go, "Hey, I'm gonna convert all my products to plant-based." They say, "Great, I'm gonna start with five." We say, "Great," and we start with five. Before you know it, there's trust, there's transactions, there's money exchanged. Now we got five. Pretty soon we have 10. We have 10, pretty soon we have 15. We want to activate this transition, and we wanna offer, whether you're a large national customer or a small business customer, come to us because we have the authority. We have existing products you can pick from, and if you don't like what you see, we have our product authority, we can customize it for you. Hey, guess what? You wanna produce your own packaging? We got the industrial rollstock that we can offer you. Hey, you know that pallet stretch wrap that you're using? Guess what? It's to change. Our authority, product authority is to give confidence, whether you're a large customer or small customer, to start the change. We can offer it great service, minimize the disruption due to this. You know, we've been knocking on the wood. Very Working really hard to minimize the disruption to our customer supply chain. When you build that confidence, you build that cross-selling opportunity, you build that loyalty. That's what's unique about us, and it's working really well. I mean, obviously, you know, we wanna show our showcase. I believe we have showcased our ability, our CPU ratio in executing this model. I think we're in the early innings of this environment and more and more customers are coming to us. I think, again, I don't want to sound like a broken record here, but there are people reshoring their supply chains 'cause of the supply chain disruption. That is a great opportunity as you're reshoring to start your change too. As customers are out there looking for other options or secondary options or they want to convert all of it or they want to convert two of their products or, you know, they're strategizing for the next year and how they're going to stabilize their supply chain, come to good natured. We're leading the charge. We can design it. We can give you roll stock. We can produce it. You can outsource it to us. We give them that choice. That product authority, which drives choice, has been a winning equation and will continue to be a winning equation as these mandates are more and more required in companies. Okay. Thanks, Paul. Sort of sticking on the same theme, will you apply for or can you qualify for carbon credits that themselves could potentially be have value for resale? It's a great question. We have been asked before to explore that. We have not explored that. Could we qualify? I'm not educated enough to answer that on that topic. However, I can say we do reduce CO2, so if there's a way to document it and illustrate it and record it and sell it, there's no question that our products from a gate-to-gate perspective have a lower CO2 footprint than the petroleum products that we're displacing. Okay, thanks. I'm gonna ask you, I guess a question that basically it captures six or seven different individuals all sort of talking. Sure. About the same topic, which is around profitability. Sure. Maybe as philosophically, number one, how do you balance growth of the business, and you're obviously in pretty aggressive growth right now, versus profitability? Can you characterize when you expect to cross over in terms of potentially time or scale? Yeah. I will start by anchoring we're a growth company. That's our mandate. We structure our internal incentives to service our customers and drive that growth because we think it's an advantage for reasons we've discussed earlier. However, the comments about balance is really important to us. We don't wanna be a bunch of drunken sailors. We balance that with a focus on working capital and a focus on EBITDA and focus on gross margin rates. In this inflationary environment, we intend to continue to execute our strategy despite the challenges that our customers and ourselves are faced within the supply chain. You know, that's the balance that we're aiming to deliver, where we wanna show EBITDA improvement, we wanna show strong working capital, and we wanna show that accelerated growth. I will tell you this much. If our owners said, "Hey, we want you to be an EBITDA company, and that is your priority," we definitely have the ability to flex and structure the company to be EBITDA positive into the industry averages. We just continue to invest in products. We continue to invest in acquisitions. We continue to invest in helping customers who have fallen trapped inside these supply chains. You know, if that means in the short term to help them, we've gotta compress our margins. We know once we help them, we'll be able to cycle our margins back up with those customers because, you know, if you help someone, they become very loyal to you. I would just kinda summarize by saying you'll continuously see these improvements year over year, but we're going to, you know, prioritize growth and make these investments in our product ranges, in our acquisitions. But we'll do it with discipline, obviously. Okay, thanks. Next question. With your recent success, how do you sort of see the competition progressing, both, I guess, against you in terms of other plant-based offerings or in the industry, and how has that changed your strategy going forward? Well, I think, if you look at the plant-based products that are out there, it's still very fragmented, right? It's still a young emerging industry. The way we kind of view it is if we see a plant-based company that emerges in a category that we're either mining heavily value out of and they come out with a very clever product, I mean, obviously, we're gonna target them and add them to our assortment to strengthen our position in the category. That's, you know, one way we defend our position. The other way is because of our range of products, we can flex our margin mix and create barriers of entry, whether it's pricing, whether it's our supply chain, whether it's our costing, 'cause we're in fully integrated supply chain. There's interesting ways that we can position our product mix that retailers do all the time, right? I mean, I don't know how many of you guys bought a free laptop at Best Buy. Back in the days, you know, we made more money by leveraging our assortment and cross-selling to those free laptops or free DVD players on Black Friday back in the day. Margin mix is a big advantage where a lot of these emerging plant-based companies are either two or three product focused or very limited in their range. We can flex our product authority to our advantage and compete pretty confidently against them. Now, I wanna balance that by saying we're still 99% of the time displacing petroleum. There's a lot of blue ocean out there for plant-based products. What we wanna do is we've carved out our spot. We wanna grow our position and really grow it by displacing petroleum. Very rarely are butting up against or losing against a plant-based product inside the space. In food services, there's lots of fiber out there. That's probably our most competitive. Remember, food services coffee cups, as you can see here, that's not our primary business. In some cases, depending on the customer, I know it's a belabored point, but to show you how we can flex our assortment. If I have a customer, let's say it's a grocery chain that has a food court. They've reopened the food court. They wanna go to a compostable coffee cup, as an example. Some startup comes up and says, "Hey, we can offer that coffee cup for 10% less." If that grocery chain is buying our zipper bags, food packaging, trash bags, maybe they got some bins online. I can literally, depending on the size of the, of the other, the mix rate of the other products, I can offer that coffee cup for 50% less than I'm offering it because I can balance that reduction in price of the coffee cup with all the other products that are being assorted and sold to that customer. I'm not. Obviously, we're in the business to extract as much value as we can, and nor have we ever been faced with that situation, but we could do that. We have flexed our assortment that. This strategy against petroleum, product that we can't really diversify on design, like a coffee cup or a six by six, you know, multipurpose container as an example. That's how we compete. Again, I wanna go back to summarize the question. Really outside of food service, there's just not a lot of competition, direct competition in our industrial plant-based product or plant-based medical packaging or plant-based food packaging. It's not. It's typically more petroleum. That's who we're competing against. Okay. Thank you. Sort of on the same topic, I guess, in the consumer-facing business, what are some of the product categories that you think would be a good fit to move into? For these, is the strategy to buy, build, or partner? Yeah, I think the strategy could be any of those three. Like, we really wanna start on the consumer side, really in the kitchen. Obviously, you know, we look at the whole home from a value pool perspective, but we love the kitchen because it comes into food contact. You know, obviously, all of us go grocery shopping, we buy food. That ties into our packaging. You know, you come home, you bring your food, you prepare a meal. Well, you gotta throw that package away or put it in your recycle bin, or put it in your green bin. You know, we wanna sell bins. We look at all these complementary categories within the kitchen that we're prioritizing. Any category you're looking at in the kitchen, whether it's, you know, trash bags, zipper bags, food storage, dry storage, utensils, containers, that's really where we wanna dominate because that's where our packaging ends up in, candidly, or your takeout containers end up in. Cooking, preparing your food. Then we will extend it into how do you know, how you clean your kitchen, things like that is where we're prioritizing. We are open to going organic, going through partnership, or going through acquisition. What we do is we assess all that. We make that determination when we review the categories we're either operating in or wanna get into. Okay. Thank you. What would you consider are the biggest near-term opportunities and risks across your business? Well, I mean, I think the near term is we just landed this huge. You know, I get a lot of questions around organic growth and, you know, we don't communicate our organic growth except for at year-end because of timing issues. You know, we've done some announcements to give our owners some flavor of our 800 customers. Obviously, we didn't disclose this large U.S. food producer, but that is as big as the That announcement is as large as the IPF acquisition, like CAD 17 million. In the short term, like we're fired up about that. We're onboarding that. You know what? That U.S. food producer, that's not all their business. You know, we're really super engaged in service. Getting that client and we're already shipping to that client, but we wanna, you know, obviously, work really hard, exceed their expectations. I think it's a huge short-term opportunity. I also think short term, the supply chain disruption. I sound like a broken record. There's a lot of businesses that are, you know, I mean, I'm sure you guys have read it. Some folks are airfreighting their Christmas goods out of Asia to get in stock. There's concerns around in-stocks over Christmas and getting out early to do your Christmas shopping. You know what? There's a lot of good business operators out there, and they're like waking up going, "We need an alternative. We need to set up a secondary domestic supply chain and production." We look at that as a huge opportunity to help those customers in the short term. Even if in the short term, it gives us a little bit of compression on margin, we believe by getting in there, getting a piece of their business, demonstrating our serviceability, those margin rates will, you know, get back into the middle of the fairway. It's as much as a pain in the ass, the supply chain disruption is inflation environment, it's also a huge opportunity for a growth company like us. Okay, the other is like, "That's great, Paul", but I also will balance, we have a very active acquisition funnel that we also believe there's some near-term opportunity there. Where are the challenges? You know, businesses, I think this inflationary environment is a real challenge, like, you know, particularly on the shipping side, like the supply chain. The king of the supply chain or queen of the supply chain right now is shipping. We look at it as the shipping costs are changing sometimes daily, sometimes weekly. I think all of us are having a hard time getting out in front of that. That will normalize itself. We're, you know, we don't, you know, we don't see that continuing forever. You know, in the meantime, that's probably our biggest challenge, is contending with these, you know, continuous fluctuations of whether it's ground, whether it's ocean, whether it's, you know, timing around the movement of goods. I'll also balance that by saying there's no issue on the demand side for our business. We've never been busier. We've never onboarded more customers. Last quarter, we onboarded, I think it was around 200 customers, 100 from the Ex-Tech acquisition and 100 from organic. I think, another huge opportunity is these tech growers. Like, tech growers are, whether it's Heron Farms in South Carolina or ColdAcre that I mentioned earlier, Whitehorse. Like, people are localizing the production of food closer to cities. We're really excited about the high-tech growers and meal kit industry. We're really excited about those two segments. We think they're gonna play, continue to play a big role in adding net new customers in the near term. Perfect. Thanks, Paul. I know we're just past the hour, and we're stretched for time. I'll ask you one last question because there's a few people that wanted to know, and then I'll ask you for closing remarks before ending the call. If your question has not been answered to our audience, we'll make sure to get back to you. I think most of the questions were answered in some way, shape, or form, but if not, just email me, glen@bristolir.com, and we'll get it answered. Last question, Paul, is really around your capital markets and your listing strategy. What are your thoughts about your TSX Venture Exchange, TSX, and eventually NASDAQ? Yeah, I mean, I think I get that question quite a bit. You know, I don't have any real guidance to give here other than to say that obviously we're getting tremendous demand. We're still a very unknown company. Bristol's done some fantastic effort in getting us exposed. Getting into the U.S. is definitely an ambition of ours. You know, we believe it's not if, it's just a matter of when. When that time is right, we will obviously communicate it. I don't really have anything to say other than, yes, we do have ambitions to get a listing in the U.S. and make it more accessible to the U.S. capital markets and investors down in the U.S. Perfect. Some closing remarks from you if you'd like, and then we'll end the call. Well, first, thanks, Glen, again for setting up this call. I think I'll just summarize by saying, to our owners on the call, thank you for your continued support. It's amazing how much we've transformed, and it's, you know, it represents the support of all of our owners in getting us to this stage and positioning us to our ambitions, which we believe is a billion-dollar business in the making. I also wanna say for folks that are considering in becoming owners, we're a growth company that has multiple levers to contribute to that growth through our two-pronged strategy. Half of our growth is gonna come from organic, half our growth is coming from our acquisition. We don't just say this, we do it. We've executed strategy during, I believe, one of the most challenging times in the COVID-19 pandemic and inflation environment. I think it demonstrates our team leaders' ability to execute, stay focused on execution despite the challenging macro environment. Lastly, our business model is very unique. It's disrupting industries that, you know, if you just look at packaging, it's CAD 1 trillion. If you look at the petroleum general merchandise market, it's another CAD 1 trillion. You know, we believe our proposition is successfully providing an alternative choice to these existing massive marketplaces that exist in the U.S. and Canada. So far, our customers are loving it. I hope to see many of you join our efforts. Again, I'll conclude by saying thank you to all of you for joining today's call. Super. Thank you so much, Paul, and thank you to our audience. This concludes this presentation. Thank you. We may now disconnect your lines. Have a wonderful day. We thank you for your participation today.