Ladies and gentlemen, thank you for standing by, and welcome to the Q3 2021 Results Conference Call. At this time, all participants are in listen-only mode. After the speaker's presentation, there will be a question-and-answer session. To ask a question, you will need to press star one on your telephone keypad. Please be advised that today's conference is being recorded. If you require further assistance, please press star zero. I would now like to hand the conference over to your speaker today, Spencer Churchill, Director of Investor Relations and Corporate Development. Please go ahead, sir. Thank you, operator. Hello, and welcome to the good natured conference call. We're getting our Q3 results that were released earlier this morning. As mentioned, my name is Spencer Churchill. I am Director of Investor Relations and Corporate Development here at good natured Products. I'm joined today by Paul Antoniadis, Executive Chair and CEO of good natured, who will provide an overview of the quarter and commentary on the business and strategy. I'm also joined by Kevin Leong, our CFO, who'll be speaking to the results in more detail. If you've not yet received a copy of the press release, you can access it under the News tab on the good natured investor website at investor.goodnaturedproducts.com. For those of you unable to listen to the entire call, the recording will be made available in the Recent Investor Events section of the website. Before I turn the call over to Paul, I'd like to remind listeners that management's prepared remarks contain forward-looking statements within the meaning of securities law, which are subject to risks and uncertainties, and management may make additional forward-looking statements in response to your questions. These forward-looking statements include, but are not limited to, expectations surrounding future financial results, new orders and customer acquisitions, new product launches, and M&A activity. We'll also be discussing certain non-GAAP financial measures, the definitions for which can be found in the press release issued this morning. All financial results discussed on the call are in Canadian dollars unless otherwise noted. With that said, I will turn the meeting over to Paul. Thank you, Spencer. Welcome, everyone, and thank you for joining us today. The team again delivered record-setting growth for the quarter, with revenues up almost 300% over Q3 of last year and just under 240% for the first nine months of the year. Our third quarter revenue was driven by robust market demand, a full quarter of contribution from our recent acquisition of Ex-Tech Plastics, plus we added a broad range of new customer accounts. Our recurring B2B customer base exiting the quarter increased to over 850 accounts, up from 400 at the end of September last year, a large portion of which represent organic growth. On October 13, 2021, we announced that we've commenced shipments to a large national U.S. food producer. This is a customer that's estimated to deliver about $13 million in revenue in the first year. We expect to sign a multi-year commercial agreement with this customer in the coming months. This is our largest organic customer acquisition so far in the company's history. The revenue from this single account is almost equal to the total revenue represented in our IPF acquisition completed in December 2020, and the entire revenue we generated in fiscal 2020. Our Q3 performance demonstrates the focus we put on effectively serving our customers during this inflationary period, some of whom have also seen their supply chains disrupted at unprecedented levels. These supply chain disruptions, particularly with port of entry challenges and the cost of ocean freight, are causing them to look for ways to accelerate reshoring efforts and reconfigure their supply chains in favor of North American production. This is opening up new growth opportunities, even with existing customers whose overseas supply chain has been delayed or disrupted, to fulfill their needs using the local in-house manufacturing capabilities we've acquired in the last 18 months. It has also opened up the door for new customers who are looking to either supplement or fully replace their offshore supply chain with our North American plant-based option. Changes in our product and customer revenue mix, combined with a full quarter of contribution from Ex-Tech and sustained increases in inflationary costs, resulted in our variable gross margins coming in at 29% for Q3 and 33% for nine months ended September 30, 2021. Our variable gross margins for Q3 are at the low end of our targeted range of 28%-35%, but our year-to-date numbers remain at the upper end of our range. Over the course of Q3, we adjusted our pricing several times and added shipping surcharges to offset external inflationary cost increase. Given the rapidly changing market dynamics in Q3, these adjustments at times lagged certain cost increases within the logistics and raw material marketplace. This occurred primarily at our Ex-Tech facility, and our team at Ex-Tech has now completed the exercise of aligning its pricing processes with these rapidly changing conditions. The other item of note is that raw material purchasing for our Ex-Tech facility was fully integrated into our enterprise purchasing capability at the end of Q3 2021. Operationally, we continue to invest in expanding our high-speed robotic production capacity and capability to support accelerated growth. On August 20, 2021, the company issued a purchase order to secure a high-speed thermoforming machine. We anticipate this machine will be installed and operational at our Shepherd facility in Q2 of 2022. This will nearly double our packaging production capacity at the Shepherd facility and complement the new high-speed sheet extrusion line being installed at IPF in the current quarter. On the general merchandise side, we were very excited to broaden our product offering in pursuit of our goal to detoxify the kitchen with the launch of our plant-based food storage zipper bags and bin bags. These are frequently purchased items in the majority of North American households that gives us the opportunity to quickly expand our brand recognition and household penetration. We've seen strong interest from new and existing retail partners, and you can also purchase these products directly through our online channel at goodnaturedproducts.com or at Amazon in both Canada and the U.S. To fund our accelerated growth rate, we're very pleased to have recently closed a CAD 55.3 million financing package. The new funding arrangements materially build our working capital position, decreases the blended average interest rate paid on our long-term debt, and reduces our principal payments over the next three years by almost CAD 15 million. This finance package features a CAD 35.8 million senior credit facility with National Bank that includes a CAD 15 million revolving working capital facility with a CAD 10 million accordion available at the bank's discretion, a CAD 4 million revolving capital expenditure facility, and a CAD 6.8 million term credit facility. Finally, we issued CAD 17.25 million in convertible debentures that mature on October 31, 2026. I would like to take this opportunity to thank the good natured team, our partners, and our customers. It's truly energizing to see the resiliency, entrepreneurial spirit, and commitment we've all exhibited through this inflationary period and unprecedented global supply chain disruption. I'm confident that by prioritizing our service levels to minimize supply chain disruption for our existing customers while also providing timely solutions to potential new customers experiencing disruption, good natured will gain market share and strengthen its long-term position as a leader for plant-based products and packaging in North America. With that, I will hand it over to Kevin Leong, CFO at good natured, to talk through the Q3 financial results in more detail. Over to you, Kevin. Thank you, Paul, and hello, everyone. Revenue for Q3 2021 increased 286% to CAD 18 million compared to CAD 4.7 million for three months ended September 30, 2020. Q3 2021 included a full quarter of revenue contribution from Ex-Tech, which represented approximately 50% of total Q3 revenue. This led to a significant change in revenue mix in comparison to the three months ended September 30, 2020. Specifically, our industrial business group revenue mix contribution increased to 80% of the total for Q3 2021, compared to 37% for the three months ended September 30, 2020. For year-to-date 2021, that means the industrial business group contributed 76% of total revenue compared to 48% for the nine months ended September 30, 2020. This increased percentage of revenue from the industrial business group was driven by the completion of the Ex-Tech and IPF acquisitions. The packaging business group mix contribution declined to 18% of revenue for Q3 2021, compared to 55% for the three months ended September 30, 2020. The reduction in packaging revenue mix contribution in Q3 2021 was driven by the substantial increase in the industrial business group I spoke to earlier, rather than a drop in demand for our packaging on a dollars basis, which continued to show strong growth in Q3. The addition of the large national U.S. food producer that Paul highlighted earlier, coupled with the purchase and installation of the new high-speed thermoforming line at the Shepherd facility, is setting the stage for strong growth in our packaging business in 2022. I would also like to note that the Ex-Tech acquisition, along with the installation of a new high-speed sheet extrusion line at IPF, has strengthened and increased our sheet extrusion production capability substantially to support our packaging business group. To highlight the impact this has, our industrial business group operating team achieved a major milestone in Q3 by producing in-house 100% of the required extruded sheet for our packaging business group, while also re-achieving record shipments to our rollstock customers. My final comment on revenues is that our customer mix continues to diversify, with our top four customers for the nine months ending September 30, 2021, representing 24% of total sales, compared to 49% for the nine months ended September 30, 2020, and 29% for the six months ended June 30, 2021. The continued diversification of our customer revenue mix reflects our team's success in executing the growth strategy and business model we've outlined to the market. Variable gross margin, a non-IFRS measure defined in our MD&A and press release that considers gross margin before the deduction of fixed factory overhead and includes depreciation and allocated costs such as utilities, insurance, maintenance, and property taxes as a percentage of sales for Q3 2021 was 28.8% compared to 37.6% for the three months ended September 30, 2020, and 33.2% for year-to-date 2021 compared to 39.4% for the nine months ended September 30, 2020. As Paul shared earlier, our variable gross margin for Q3 2021 came in at the low end of our targeted range, while our year-to-date 2021 variable gross margin remains at the upper end of that range. It's important to note that our team is focused on achieving annual financial targets, which is why our year-to-date number is particularly important in our analysis. We anticipate our variable gross margin will fluctuate from quarter to quarter based on the varying numbers of national, regional, and small businesses, plus direct consumer transactions, along with business group and product category mix changes that can fluctuate depending on order timing and seasonality. As is shown by our IPF and Ex-Tech acquisitions, our variable gross margin will also be impacted by the customer and product profile for completed acquisitions. Our variable gross margin for Q3 2021 is a result of the following factors. First, a materially smaller revenue contribution from higher margin COVID-19 testing kit packaging and medical face shields compared to the three months ended September 30, 2020. Lower packaging business group revenue mix contribution, our packaging business group typically has higher variable gross margin rates when compared to our industrial business group. A higher mix of revenues from the national market segment as compared to the three months ended September 30, 2020, and price increases that lag behind weekly cost increases within the logistics and raw material marketplace, as Paul highlighted earlier. Gross margin as a percentage of sales for Q3 2021 was 22.3% compared to 37.6% for the three months ended September 30, 2020. Gross margin as a percentage of sales for year-to-date 2021 was 26.9% compared to 39.4% for the nine months ended September 30, 2020. The company targets a gross margin range of 21%-28% on an annual basis. Gross margin rate for Q3 2021 was at the low end of the targeted range, while year-to-date 2021 was at the upper end. The Q3 gross margin rate was largely driven by the same factors that impacted variable gross margin as discussed earlier. Adjusted EBITDA, a non-IFRS measure defined in our MD&A and press release for Q3 2021, showed a loss of CAD 0.6 million compared to CAD 0.3 million for the three months ended September 30, 2020. For year-to-date 2021, the company recorded an adjusted EBITDA loss of CAD 0.6 million compared to CAD 0.7 million for the nine months ended September 30, 2020, an 11% year-over-year improvement. The adjusted EBITDA loss in Q3 2021 was driven by variable gross margin at the low end of our target range, increased supply chain costs due to external inflation in transportation and fulfillment, coupled with lagging price increases at Ex-Tech, increased professional fees tied to audit and tax, insurance fees, investor relations fees, and higher costs for additional headcount added in the first half of the 2021 fiscal year. Finally, the company incurred a net loss of CAD 2.9 million in Q3 2021, compared to a net loss of CAD 1.7 million in the three months ended September 30, 2020. The increase in net loss for Q3 2021 was due to the same factors highlighted with regard to adjusted EBITDA, along with increases in stock-based compensation, depreciation costs, and higher finance and interest costs associated with the acquisitions of Ex-Tech and IPF. We ended the quarter with CAD 8.7 million in cash, CAD 12.4 million of net working capital, and CAD 2.5 million of unused credit facilities. However, following the close after our quarter end of the financing led by National Bank that Paul referenced earlier, we have a total of unused credit facility of CAD 21 million, which includes an uncommitted CAD 10 million credit facility at the discretion of National Bank. Finally, we ended the... Finally, we ended the quarter with CAD 82 million in assets against CAD 60 million in liabilities, which equates to an asset to liability ratio of 1.4x compared to 0.9x as at September 30, 2020. I'll wrap up by encouraging listeners to visit our website at investor.goodnaturedproducts.com, where you can download our MD&A for additional commentary on our Q3 2021 financials. I'll now turn the call back over to Spencer. Thanks, Ken. Operator, could you now please give instructions for the Q&A section? Absolutely. If you would like to ask a question, please press star one on your telephone keypad. Again, that's star one to ask an audio question. Your first question comes from the line of Steve Hansen with Raymond James. Please state your question. Yeah, good morning, guys. A couple questions for me, if I may. Paul, let's focus just on what the optimal balance is between your industrial and your packaging mix. We've seen that swing pretty hard here in recent periods due to the M&A, and then it sounds like we're gonna swing back with the new customer acquisition, et cetera. I'm just trying to understand where that optimal mix might lie. Yeah, I mean, our model is based on a balanced mix, right? Right now, with the completion of the two acquisitions in the industrial segment, we really would set the stage for future packaging growth, right? We really wanted to show off our capacity and capability to create sheet extrusion while being able to continue to serve and grow with our industrial business group customer base. That optimal range is, you know, I would say across all the business groups, not just, you know, between packaging and industrial. I'd like to see the industrial to be kind of in that 35%-45% overall mix contribution at the most. You know, we feel like we've set that stage, as you highlighted, you know, with that U.S. food producer, which is gonna bring in that $13 million. We're also, you know, our team is doing a great job in acquiring that new customer. Like I feel based off of our marketing capability, having that large national food producer in the U.S., along with strengthening our packaging capability with the new high-speed thermoforming machine, I think we're set the stage for some pretty explosive growth going into next year. Okay. No, that's good. That's a good color. And just on that, on that customer that's coming on board, the $13 million, I mean, do you just want maybe describe how you see the journey with that customer progressing, if the $13 million is a good concrete baseline number? Is there an ability to grow that? And is it by product set? Is it the same products? How do you think about growing that customer, if at all? Well, I think first, you know, this customer we're already shipping. We've started shipping to them in Q3. We are in flight on delivering on that $13 million. Obviously, there's a level of when you're onboarding a customer that's equal to the size of last year's, you know, total annual revenue. It's actually gonna take a little bit of time, but it's ramping up now. We're really positioning it to, you know, to achieve that $13 million, starting next year here on January first, which is not that far around the corner. Just to be clear, we are not. That does not represent the full potential of that customer. We're very much focused not only on that U.S. national customer, but on all of our customers to service them through this supply chain disruption. This is one of the very, very important mandate here at good natured, is we're very customer centric. You know, just like everyone, they're going through a hard time through all this disruption. It's not just, you know, this disruption is just not happening in the packaging or segments we do business in. It's all across, right? Food, ingredients, et cetera. We believe we do a great job with this U.S. food producer from that perspective and all of our other customers. We're just getting more business from everyone. We're hearing that candidly. We're hearing customers are indicating to us, we may be doing, you know, whatever, certain portions of business. Some of them are importing other parts of their business, and they're kind of fed up with it, and they're looking for reshoring options. We're in a great spot position, as they say in hockey, to take that business because the team's delivering or minimizing the amount of disruption that we're bringing to them. We're gaining a lot of confidence during this supply chain situation with our customer base. I think we're really trying to gain more business across all of our customers. Really well. That's encouraging. Just on the price increases, Paul, and supply chain challenges. Sure. That we're all seeing out there across all industries, you know, it's encouraging that it sounds like those have largely been executed now, the price increases. You know, do you view that as being beneficial to margins in the coming quarters as a bit of a catch-up effect? Or how should we think about that? I know the challenges continue to persist. Well, I think just a in a general statement from an industry perspective, I think Q3 kind of represented us getting our hands around the current situation, this inflationary supply chain situation. I think now, we're you know, I'm seeing some unbelievable entrepreneurial spirit out there, not just within good natured, but within all of our customers, basically adjusting to the environment. I believe now, whether it's passing on communication between us and our customers, helping one another through these situations, getting creative, communicating, we're better at anticipating these pricing cost increase. We're trying to get our pricing out in front of it. It's really you know, impressive to see what's happening in the marketplace, like the marketplace is adapting to the environment. I feel just overall the industry is more accepting of the situation and is more creative in addressing, tackling, and taking on the challenges that the disruption has placed on all businesses. Now for good natured specifically, I do believe we're in a much better spot in getting our pricing out than we were in Q3. There was constant changes on a weekly basis. Some of those costs have normalized. However, I do believe that, you know, this is an environment that's gonna continue into 2022, and we're much better positioned in how to handle that and how to anticipate it. I feel quite confident and, you know, like I believe we highlighted in our prepared remarks, like, you know, we're still on the high end of our range in our variable margins and gross margins. We need to deliver on our year-end. We focus on year-end performance. I think, Steve, just to summarize kind of my perspective is costs are gonna continue to move, and I think our company has done an unbelievable job now in adapting and preparing for 2022. We should keep our pricing in front of these costs the best we can. Great. Just one last one, Paul, and I'll jump back with you. Just as you know, from an inventory standpoint, I know you guys. I think if I recall correctly, you had positioned wisely earlier this year with some decent inventory of your feedstock. How does that inventory position sit today relative to the order book, which continues to grow? I'm just trying to understand whether there's any constraints from you guys pulling feedstock in from offshore. Thanks. We do not have any restraints. If you go into the you know, we encourage everyone on the call to take a look at our footnotes around our inventory, like we've really strengthened our material. We've tied up a lot of our owners' cash in building up our inventories, and we're gonna benefit from it, not only in onboarding that large customer we mentioned earlier, but ensuring that our customers don't get any disruption in their supply chain. We're out there flexing our balance sheet, and National Bank gives us that ability to flex it even more to get out there and to not only secure, but get the best possible pricing on our input costs. I think right now we're doing a great job of that and in avoiding spot markets where we're seeing crazy pricing out there. We're way out of the spot markets, and we're out there, you know, proactively procuring. We're well into 2022 in our procurements. Appreciate the color, guys. Thanks. Your next question comes from the line of Ahmad Shaath with Beacon Securities. Please state your question. Hey, guys. Most of my questions have been asked, but maybe, Paul, if you can give us an update on the capacity expansion and CapEx programs at IPF. How is that tracking, and what do you hope to see from it in 2022? I appreciate the question. Well, I think, you know, when we look into 2022, we still feel very optimistic in the demand in the market for plant-based products. You know, you layer in the supply chain dynamic of existing customers and potentially new customers contemplating reshoring or rebalancing between North American and outside of North American production. I think we're set for a very big year. In anticipating that, you know, we put that sheet extrusion line at the IPF facility, which is an hour away from our Shepherd facility. That increased our sheet extrusion capacity by 50%. Then we acquired Ex-Tech, which strengthened and further grew our overall capacity. Now we need to balance that. As Steve had asked, like we intend to balance our mixing revenue going into the new year. We demonstrated that by acquiring a U.S. customer, and now we're putting in this high-speed robotic thermoforming machine at the Shepherd. That's gonna almost double our packaging capacity at the Shepherd facility. And that is designed to, you know, support our existing customers and the rate at which we're growing our customer counts. You know, it's pretty humbling for me who has been in the development of good natured. I remember back in 2015 when we had a whopping couple customers and here we are at, you know, 850 in our customer count. You know, we intend to continue to double down on our organic growth levers, and we wanna make sure that we have that packaging capacity to support it. But also, you know, with this high-speed equipment, we're able to do a lot more business with our existing or close to our cost base. This is also a way for us to, you know, support our customers' supply chain and lead times, but also to attack the cost base of our products because, you know, we're really still centered on the affordability aspect of our plant-based products. These high-speed robotic technology that we're putting in that facility is really centered on that affordability aspect, right? We're pretty excited about it, and I just hope it indicates to all of our owners listening to this call that we position for a pretty big packaging growth for 2022. You know, we're providing all those leading indicators saying it's gonna be a big year next year. That's great. Maybe, one more follow-up on one of Steve's questions. Sure. Regarding your ability to kind of win the new contract with the new U.S. client, how much flexibility do you have in your manufacturing capacity to do a repeat with another big client and switch over some of your industrial into another types of product? Would you wanna do that? Do you have any restrictions in the field you can do that in switching the industrial into packaging? Do you have a kind of preferred timeline to do that switch? Yeah. I think I'll start with the capacity question. As we're growing our capacity, which we reference as insource, right? Insourced is we use that language to say that's our facility. We've made those investments, despite you know, not being at 100% production capacity. We're layering on this new growth of high speed production in conjunction with open capacity at these facilities. Remember, we also have some great outsource partners, you know, and they have been with us for many years. Some are owners of good natured, and they are making capital investments and are bringing online new capacity to support our growth, right? You know, our partners are very excited, and they're exceptionally you know supportive on you know providing us capacity as we look to accelerate our growth. They've done that, and they have plans, and they intend to do that in 2022. I think the combination of our insource with our outsource, I believe will further, you know, give us the ability to onboard many customers, large and small, going into 2022. That's great. I appreciate it, Paul. I'll jump back in the queue. Appreciate it. Your next question comes from the line of Devin Schilling with PI Financial. Please state your question. Hi. Good morning. Good morning. I was wondering if you could speak to the impact from the rising cost environment on the Ex-Tech acquisition being layered in. When we completed our acquisition of Ex-Tech, done back in, call it June first, obviously, we began our integration process. We have a very kind of purposeful process in that integration exercise that focuses on high leverage points related to our procurement and our serving our customers. When you look at, we did not complete our procurement integration till the end of Q3, where now all the raw materials associated with any production for any customer from that acquisition is now integrated into what we call our enterprise procurement. That has really enabled us to get out in front on our material procurement and better position our great leaders inside Ex-Tech that operate that business. We've got some great people inside that business unit. Prior to that, we were put in the position of doing more spot buying, and I think that played a role in impacting our variable gross margin rates, along with the fact that you gotta remember, like, Ex-Tech serves a lot of big customers, a lot of what we call national accounts that have a tendency to have a lower margin rate. You know, we believe that that's been addressed, and the team's gone through a great exercise in sorting that out. We've integrated it into our enterprise procurement, and we've set the stage now for, you know, Ex-Tech to gain the benefits of this kind of group purchasing that's taking place. I hope, Devin, that answered your question. I'll see if there's any follow-up. Yeah. No. That's definitely helpful here. Just on another subject here. Maybe can you provide a bit of an update on the M&A pipeline? Are you guys seeing more opportunities right now, given this difficult operating environment? Yeah. We are seeing our M&A pipeline continues to be very active. We've actually seen an interesting uptick of activity and interest. I think as we've just pointed out, it's due to some of the challenges that are out there. We still have a very strong, active, M&A activity, and we're seeing more interest of people selling their business out in the market due to the conditions. You know, we're, you know. I know I sound like a broken record, but we're staying on course on our strategy relating to half of our growth coming from organic initiatives like that U.S. food producer and increasing our customer counts and staying active in our M&A activity, which is represented by the Ex-Tech IPF acquisition revenue contribution. We're staying true to that. Nothing's really changed. Internally at good natured despite this, we just think this has just opened up more opportunity for us. It's opened up a wider range of companies prior to the global supply chain disruption. It's actually a positive indicator for us on the M&A front. Okay. Yeah. No. That's good. Last one for me here. Yeah, you talked about the equipment addition at Shepherd here. Are you able to provide what the expected cost is? Yeah. I mean, I can't, I'm not gonna disclose the exact capital cost, but I can tell you how we finance our fixed capital is we kind of set up internally. Obviously, we completed the National Bank financing, that total finance package. We tend to use these credit lines to finance this equipment. What we do is we have, like, we call it a good natured internal bank that people take that National Bank credit line, fixed capital line, and then make a purchase. What we do is we set our pricing through a payback mechanism from that, and we pay it back on a per pound basis. This is why we closed that deal, not the only reason why, but it's obviously, you know, one of them. We'll just continue to use these lines and structure an internal payback mechanism to pay down the equipment financing. Okay. No, that's great. I'll jump back in the queue. Thanks. Thanks again, Paul. Your next question comes from the line of Lisa Springer with Singular Research. Please state your question. Thank you. Good morning. Most of my questions have been answered, but, I just wanted to ask Paul very quickly about, it wasn't that long ago that production for the company was almost entirely outsourced. How does that balance look today between in-house production versus outsourced, and where do you see the direction of that? Yeah, that's great. That's a great question because you're exactly right. We aim for that 60% outsourced, 40% insourced. We clearly have swung to the absolute opposite of that, which, you know, I've done my best to communicate, it's gonna ebb and flow. We still continue to look to grow our outsourced capability. It's an important role for us to bring on, you know, more additional customers. It's a great complement. We've got a great partner, partners in that space, and they're looking to add more capacity, and we're looking to, you know, grow and do more business with them. We still kind of remaining in that kind of 60/40 split. You'll see some swing taking place. Some of that swing is not just packaging or industrial group related, like all of our consumer goods that we sell through our general merchandise is through outsourced partnerships. We're pretty excited about our zipper bags and bin liner bags. We call our, I like to refer to them as our trash bags. You know, all that is through outsourcing. We grow that business unit, you'll see that balance begin to, you know, mix back into target. Nothing's changed in the target, but you know, we think between our general merchandise products, our current partners, how we look to grow the business in 2021, that will obviously bring some, you know, some balance. Now I do think it'll take us a good year, you know, to kind of bring that balance potentially back into the mix, but because we've added so much capacity with these high-speed machines, but we're still aiming for that 60/40 split. Okay. Thank you. It's kind of our target. We do have a follow-up question from the line with Steve Hansen with Raymond James. Please state your question. Oh, yeah. Hey, Steve. Just one more on the capital allocation decisions. You know, you've got, I think as you described already, really good organic growth opportunities ahead of you. You're adding capacity there. You've also got an uptick in the M&A pipeline. But how should we think about the relative risk reward versus internal capital deployment for capacity versus M&A? I'm trying to understand the risk profile in particular right now. Presumably, everyone else is going through the same challenges on supply chain, et cetera, out there. You know, do you think about, you know, is there benefits to perhaps multiples you pay out there? Because ultimately, there could be some additional risk if you're acquiring right now. I'm just trying to understand that relative trade-off. Yeah, I think the reward is quite high. You know, we partnered up with. I'll start maybe with the capital formation component of that. We partnered up, you know, with National Bank on the credit facility side. You know, what's really exciting about that is they're gonna grow with us, right? They can play a big role in sizing up our facilities as opportunities present themselves. You know, we did our best to indicate that partnership commitment with the additional CAD 10 million in accordion in operating lines. You know, National Bank is doing this to grow a very large company, and they have that obviously, you know. For folks in Canada know National Bank is a very, very big bank out here. For folks listening from the U.S., like, they're, you know, they're top-tier, top 5, you know, bank in all of Canada. We think that should give our owners comfort. As those opportunities present themselves, we can flex and take strike at these opportunities, whether it's organic or whether it's through M&A. While other privately held family operated businesses may not have that capital flex to tackle on these challenges or to even take advantage of the opportunities that are out there, or they're just restricting their position and serving their current position. For us, that's an opportunity. Obviously, we have to be mindful, right? Like we balance that risk. Risk is all associated with the partners you surround yourself with. In order for us to take advantage of these opportunities, I think we've done that. That's just not in the with National Bank. I think we've got a very strong partners in the capital markets with firms like yourself and others. I feel like we're in a really good spot. I think there's more opportunity. I've never been more confident in the company's history than I am now. Like, the amount of opportunity that's out there is tremendous, both organically and through M&A. It's up to us as my operating team and I to take advantage of these opportunities while serving our current customer base properly. If that means we need to go out and buy an extra CAD 2 million of raw goods for the month of June in preparation for it, we're gonna take that risk, because that's the right thing to do to continue to accelerate our growth and serve our customers. Okay. That's it, Paul. Appreciate the call. Thank you. Ladies and gentlemen, we've reached the allotted time for questions. I would now like to turn the floor back to Spencer Churchill for any additional or closing remarks. Thank you, operator. For anyone who didn't have the opportunity to ask a question or wishes to ask a question offline, please send these to invest@goodnaturedproducts.com with your contact details, and we'll respond as soon as possible. I'd just like to thank everyone again for joining us today, and have a great rest of your day. Thank you for participating in today's conference call. You may now disconnect your lines at this time.