Well, good morning to everyone who has taken the time to join our call. My name is Anita Ferris, and I'll be the conference moderator today. At this time, I'd like to officially welcome everybody who's taken the time this morning to join the Khiron Life Sciences Q1 2022 earnings conference call. You'll notice that you have been put on mute. You're able to participate, however, by asking questions. There's a chat function if you're joining us online or a question and answer tab that you should be able to access. You can type in any questions that you have. We'll try our best to get to them and hopefully they'll maybe already be addressed within the talk that will be given. I'd also like to quickly direct your attention to our forward-looking statements. These statements are being made on behalf of Khiron Life Sciences and all of its representatives on this call. The statements made on this call will contain forward-looking information that involves risks and uncertainties, including those introduced by COVID-19 pandemic. Actual results could differ materially from a conclusion, forecast, or projection in the forward-looking information. Certain material factors or assumptions were applied in drawing a conclusion or making a forecast or projection as reflected in the forward-looking information. Additional information about the material factors that could cause actual results to differ materially from the conclusions, forecasts, or projections in the forward looking information and material factors or assumptions that were applied in drawing a conclusion, or making a forecast or projection as reflected in the forward information are contained in Khiron Life Sciences filings with the Canadian and provincial securities regulators, which are available on the SEDAR website at sedar.com. If you'd like a forward link to SEDAR, please let me know in your comments. I'll happily provide it to you. At this time, I'm going to introduce. I'd like to now get a quick start. We're gonna be starting the discussion with the quarter financial results, and after that we'll dive into key catalysts in each market that will drive growth. We'll wrap it up with a Q&A session. Mr. Alvaro Torres, Khiron CEO, begin your conference. Thank you, Anita. Thank you everybody for joining us today. My name is Alvaro Torres. I am the CEO and co-founder of Khiron Life Sciences. Thank you so much for joining us today. We will be discussing our financial results for the first quarter of 2022. I think overall, these results continue to show how. How strong our patient-focused strategy is in Latin America and Europe. We are breaking significant revenue on gross profit milestones in the medical cannabis business. We have revenues exceeding CAD 4.6 million, including a record revenue of CAD 2.6 million in medical cannabis. That's a 470% increase year-over-year, and a 32% quarterly growth in the medical cannabis revenue, which is driven mostly by the strong demand in the U.K. and by the continuous post-holiday growth in Colombia during the first quarter. I think one of the unique aspects of our business is our high and sustainable gross margins, which are over 75%. One of the things we're most proud of this quarter is that not only our medical cannabis sales exceed 50% of the overall sales of the company, but also that Europe, which for now is the U.K. and Germany, represents 53% of all medical cannabis revenue, compared to only 10% in Q1 2021. This is a, I think a recognition to the entire strategy of being patient-focused of, thinking about how to improve the quality of life of patients, knowing how to export a sustainable model. Now that we're showing these, results and so such a diversified revenue, we are very confident coming into 2022 and beyond, how we can become or we are becoming, leaders in the international medical cannabis market. As we get closer to breaking the mark of 10,000 bottles per month in Colombia, we look forward to selling more than 150,000 bottles in Colombia. In 2022, we will continue to introduce new SKUs to our current portfolio and recover the recent growth in the U.K. and Europe. We expect to surpass 500 kilograms of sales for 2022. Today, we also announced the acquisition of our European EU- GMP certified German pharmaceutical manufacturer and wholesaler, which expands our European footprint and makes Khiron one of the very few companies that is licensed in Latin America and Europe. I will ask Franziska Katterbach to talk about our presence in Europe, talk about the acquisition and the amazing milestones we have reached in Europe. It's been, I think, a very good quarter. We are selling more. We have a larger gross profit. We're spending less cash. We are decreasing our expenses and we are on the path to profitability very soon. I think with the strategy that the company set out to do a couple of years ago of being able to be an optimal brand, we are doing that exactly as we thought we were going to do. I think the best times of the company are ahead of us. With that, Swapan, our CFO, will go over the financial review of the company for Q1, and I will return, give you some outlook on what's happening in Latin America. I will ask Franziska to do the same in Europe, and then I will summarize before we go to Q&A. Thank you everybody very much. Swapan, please, if you may, just talk a little bit about the financial results. Thank you, Alvaro. Good morning, everyone. I'm gonna start. My name is Swapan Kakumanu. I'm the Chief Financial Officer of Khiron. I'll try to go over some very high-level highlights and provide you some background of the recent completed Q1 2023 results. Our revenue and gross profit overall in Q1 2023, Khiron recorded revenue of CAD 3.6 million, a 60% increase from Q1 2021, and 28% quarter-over-quarter, as revenues from medical cannabis surpassed CAD 2.5 million for the first time. In Q1 2022, medical cannabis segment represented 57% of total revenues compared to 20% in Q1 2021, a trend that we expect will continue to increase over time. Gross profit before fair value adjustments grew to CAD 2.1 million, up 96% from Q1 2021. Driven primarily by its 10% gross margin medical cannabis business. In 2021 and in Q1 2022, medical cannabis represented 57% of total revenues and 92% of Khiron's total gross profits before fair value adjustments. Expenses. In this we include general administrative costs, selling, marketing, promotion, and research and development costs. Those expenses in Q1 2022 increased by 15% to CAD 6.1 million from Q1 2021, mainly driven by reduction in general administrative, corporate governance expenses, salaries, and share-based compensation. The corporation expects to see further reduction in costs of D&O insurance for the rest of 2022. The net change in cash and cash equivalents of a negative CAD 3.3 million for Q1 2022, so compared to a negative CAD 8.6 million in Q1 2021. At the end of Q1 2022, we ended up with CAD 1.1 million of cash in the bank. I will go a little bit into the segments or the product revenue lines. Medical cannabis revenues grew, as Alvaro said, 470% compared to Q1 2021 and 32% quarter over quarter, driven by strong demand in U.K. and continuous post-pandemic growth in Colombia during the quarter. In Q1 2022, medical cannabis revenue from Europe represented 52% of total medical revenues, compared to only 10% in Q1 2021. This growth is attributed to increase in new patient acquisition, patient retention, doctor prescriptions, and growing patient average spend on medical cannabis across all our markets. In the medical cannabis segment, gross profit before fair value adjustments grew to CAD 2 million, up 390% from Q1 2021 and almost double quarter-over-quarter. Gross profit in the segment is driven primarily by Latin America, which represented 57% of medical cannabis gross profits. Europe gross margins for medical cannabis were 60%, driven by higher purchasing power of European patients as compared to Latin America, offset by higher costs of cannabis production within Europe. Our health services. The corporation recorded revenue of CAD 2 million in the health services segment in Q1 2022, up 20% from Q4 2021, but 12% lower than Q1 2021 due to reduction of high-value, medium complexity neurological surgeries in Colombia. Appointments of such high-end services are subject to patient and insurance company availability and remaining COVID-19 restrictions. The corporation is actively engaged with institutional clients to increase availability of such procedures and looks to return to pre-pandemic levels during 2022. Looking at our health services segment, which includes the revenues and costs from ILANS and Zerenia health centers, the company got in Q1 2022 a gross profit of CAD 0.15 million, representing a gross margin of 8% compared to CAD 0.6 million gross profit and a 24% gross margin for this segment in Q1 2021. This reduction in gross margin is attributable to a 30% gross margin in health services in Colombia due to lower high-value, medium-complexity neurological services in Colombia and the initial cost of new Zerenia clinic in U.K. Throughout 2023, the corporation expects gross margins in health services to improve as scheduling of such procedures have shown increases in the past. Expenses. Expenses, again as I defined about general administrative costs, selling and marketing and research and development costs in Q1 2022 increased by 13% to CAD 6.1 million from Q1 2021. This is driven as explained by reduction in sales, steady growth in G&A costs compared to Q1 2021, largely through the significant reduction in corporate governance expenses and share-based compensation. The corporation expects to see further reductions in D&O insurance as I said above. This decrease is offset by an increase in professional fees, mostly related to the distribution and warehouse fees related to Khiron's distributions in Europe due to the growing sales of medical cannabis in that region and medical staff professional fees in Brazil. Although in Q1 2022, salaries expense was reduced to 20% compared to Q1 2021. This expense item increased 15% compared to Q4 2021 due to employee severance costs in Latin America and increases in sales and marketing employees in Europe. Now, EBITDA and net loss. The corporation recorded an adjusted EBITDA loss of CAD 3.1 million in the first quarter of 2022, compared to an adjusted EBITDA loss of CAD 4 million in Q1 2021, resulting in a reduction of 24% in adjusted EBITDA loss, and the lowest adjusted EBITDA loss ever recorded for the corporation. This is the result of continuous growth in the high margin medical cannabis segment and continuous decreases in the G&A, which will continue throughout 2022. The corporation recorded net loss of CAD 1.4 million in the first quarter of 2022. In Q1 2022, the corporation recorded higher revenues and higher gross margin profits due to fair value adjustments, as well as lower expenses than Q1 2021, which were offset by the positive impact of unrealized gain in fair value of financial assets in Q1 2021, and the negative impact of unrealized loss on warrants and higher finance costs in Q1 2022. Now quickly, I'll summarize the balance sheet and cash position. The corporation's cash used in operating activities in Q1 2022 was CAD 2.8 million, compared to operating activities use of CAD 8.2 million in Q1 2021, and a constant CAD 5.4 million increase Q4 2021. This has resulted us with a net cash of CAD 5.1 million on our balance sheet at Q1 2022. This is a result of active management and working capital cycle, improving collection times of the corporation's accounts receivables, and extending payment terms on its accounts payables while reducing overall G&A costs and increasing our high gross margin medical cannabis business. At the end of Q1 2022, the corporation had CAD 36.6 million in total assets excluding goodwill, which, with more than CAD 9.4 million in the land and buildings, high quality medical cannabis inventory of CAD 8.1 million, pretty good accounts receivable with good credit worthy clients in Colombia and Europe of CAD 4.4 million, and only around CAD 0.8 million in financial debt. With this in mind, I will return this back to Alvaro, our CEO, to provide the next details on our Q1 2022 operational highlights and financial and growth. Thank you. Thank you, Swapan. Thank you, everybody. I think the results of Q1 2022 continue to showcase the success of our very unique patient-focused strategy. I mean, the company continues to grow its high growth margin medical cannabis business in every market that we're in. We are diversifying our revenue, and we are now truly one of the real international companies, multi-licensed in Latin America and Europe. To that end, we will continue to grow across all our markets because we have and we sell high quality products that patients need. Every day, we acquire more patients than the day before. We improve our patient retention. We increase the monthly average expenditure for patients in all the markets, and we make very high growth margins by doing this. Our potential for growth with the infrastructure that we have invested on, that we have right now across Latin America and Europe is huge. Our high growth margin business is very unique. We have established our footprint in key markets where growth will be very high, like Colombia, U.K., and Germany. We are able to grow, and I think this Q1 of 2022 shows that that we're able to grow while we're reducing our cash outflow, and we continue to reduce our EBITDA losses. It gives us good visibility to a EBITDA neutrality in the short-term future. Every operational metric we use in our company continues to grow. We are really an international company right now. In our European sales, the fact that Europe is growing so much, in fact that it's more than 50% of our revenues. These are strategies that we set forth a couple of years ago, and it's very different to see the first stages of what can be accomplished with the strategy that we have. In Colombia, where we started our company, we will continue to focus on expanding the first-mover advantage that we have here. Insurance coverage is allowing access for more patients, and the company is building very strong evidence on the benefits of medical cannabis. As of April of this year, April 2022, Khiron has sold in Colombia more than 30,000 bottles at a price of CAD 57-CAD 60 an item, compared to almost 50,000 bottles sold in the entire 2021. In the context, 30,000 by April, 50,000 by the end. In the In the entire 2021. As Khiron continues to get closer to the milestone of 10,000 bottles per month, we look forward to surpassing 150,000 bottles by the end of this year, maintaining the same high growth margins and the same pricing structure. In Peru, we aim to introduce the first ever THC shelf-ready branded medical cannabis product, which will be exported directly from Colombia during 2022. Even though Peru only accounts for 5.5% of Khiron's Latin American sales, I believe that the introduction of this product is going to significantly increase sales in this country because patients will have more access and readily accessible products in any pharmacy across the country. In addition, we expect to obtain permits for both CBD and THC branded products, which are called Alixen and Khiriox in Peru, that could open the possibility of exporting to other Latin American countries such as Brazil. Which would eventually reduce our operation costs, improve margins, and increase sales. As you all know, we started selling in Brazil last year. We are currently undergoing the construction of our first Zerenia medical therapy clinic in Rio de Janeiro. Initially, we were expected to complete this in the first half of 2022, but we aim to finish the initial phases of construction and inaugurate this facility in conjunction with the import or the current import of high THC into Brazil from Colombia. I think when those two things happen, we'll be able to look at Brazil as a very significant country for the company to be able to add a lot more patients, a lot more doctors, and a very unique product that has a lot of evidence that's been built in Colombia and Latin America and the rest of the world. For Khiron, as you know, Mexico represents a great opportunity to leverage our unique knowledge of medical cannabis. We have announced a partnership with Teleton, one of Mexico's most renowned medical cannabis networks, and we are currently undergoing similar partnerships with other health service institutions across the country of Mexico. Right now, we are constantly waiting for the import permits to be able to look for products that we can introduce to the market. Although some of these are not under our control, on the side of which we control, which is the partnerships, the go-to-market strategy that's so unique to Khiron, we continue to move forward on that. If we're able to deploy that strategy as we did in Colombia, Mexico and Brazil would be tremendous success markets for us, just like Europe is right now. We are actively managing the working capital cycle. We're improving collection times for the company's accounts receivable. We're extending payment terms on accounts payable. We're reducing overall general and administrative costs. We're increasing our gross margins by the more that we sell every day in Colombia, Peru, and Brazil, U.K., and in Germany. I think special attention is to be made on Germany and the U.K. and Europe as we continue to grow in the market that we started only a year ago or so. I think the team has been doing a tremendous work. Today we made a very significant announcement for us in terms of what it means for Khiron as a licensed producer and distributor in Europe. With that, I will ask our Franzi, the president for Khiron Europe, to talk a little bit more about our success in Europe, our success in U.K., and what our goals are with this new acquisition. Franzi, please. If you're good. Yes, of course. Thanks, Alvaro. I hope you can hear me all okay. Hello, buenas tardes, and guten tag, everyone. My name is Franziska Katterbach, and I'm the President of Khiron Europe. As Alvaro already mentioned, today is really an exciting day for us. Ja, I want to share some more information with you. Ja, let's start with the U.K. first. In the first quarter of this year, Europe, which means the U.K. and Germany, represented more than 50% of all the medical cannabis revenues of Khiron, compared to 10% in the same quarter of last year. Only this quarter, we surpassed our first CAD 1 million in medical cannabis revenue in the U.K. alone. What we did is we sold more than 110 kilograms of dried flowers in the U.K., and we increased the volume of our sell-outs in the U.K. in this quarter by more than 240% compared to the entire year of 2021. In the U.K., more than 95% of our Zerenia Clinics U.K. patients become medical cannabis patients. Our growing product portfolio in the U.K. includes our high-THC cannabis flower, the KHIRON 20/1, which is one of the best-selling high-THC flowers in the overall U.K. market. Now, finally, I'm very glad and excited to showcase our most recent announcement related to the improvement of our value chain in Germany through the acquisition of an EU- GMP certified German pharmaceutical manufacturer and wholesaler, Pharmadrug Production GmbH from Rostock in the north of Germany. This is a very exciting acquisition for us because for me it adds the final missing puzzle piece to our European footprint. This acquisition accelerates our growth strategy in Europe and enables us to control another very important piece of the value chain for our product by gaining direct access to the German pharmacies. This acquisition is a huge strategic milestone for us, comparable to the one we did last year, at the end of last year when we opened our Zerenia clinics in the U.K.. Pharmadrug Production GmbH is an experienced player in the European pharmaceutical market, and this acquisition will help us to significantly expand our Khiron footprint in Europe. Maybe summarizing it at a glance, what does this mean for us in Europe? On the one hand, on the regulatory side, this acquisition will provide us with an European importing, manufacturing, and distribution center for cannabinoid medicine with EU- GMP certification. With that, we will get direct access to the pharmacies. This is a very important part because this means to us that we keep the distribution margin in-house by quote-unquote, "cutting out the man in the middle." This will obviously have a direct positive impact on our revenue growth and growth margin, as we will recognize the revenues from the sales to the pharmacies rather than the pre-wholesale price. This overall advanced setup from a regulatory side will expedite our build-out of our product portfolio to unpack the still huge European patient potential, and we will bring new products to the market very soon, starting with our full spectrum extracts to Germany and the United Kingdom. What does that mean? We expand our product portfolio to new dosage formats like oral solutions, because this will enable us to grow our patient base to patients who either cannot or do not want to use dry flower. Our European team is super excited to join forces with our new colleagues from Pharmadrug who will bring additional valuable expertise to the European and German pharmaceutical market. Taking a very careful look in the future, owning this complexity of the supply chain in Germany to thousands of pharmacies makes us very well prepared to any regulatory, changes of the future, be it on the medical side or on the recreational side. With that, I will hand over back to Alvaro. Thanks. Thank you, Franziska. Thank you so much for that information that we've been able to to Europe. I think particularly the last announcement continues to show that we are very serious about the region, that we know how to build the market there. As you said, Franziska, we're just adding the last mile that we needed to continue to grow our business in such an important market. Before we go into Q&A, I'd like to finish with the following, regarding 2021 and our financial results for this first quarter. As you all know, in 2021, we made decisions to dispose of non-core businesses, particularly Kuida and our lab capacity in Uruguay. I think that this has allowed us to focus on the profitable sales we built in Latin America and Europe. We are very focused right now on continuing to grow that and get to the cash flow neutrality that we have aimed for for quite some time. The more we keep selling high gross margin products in these markets, the closer we are to that. This quarter, we are selling more, we are creating more gross profits, we are reducing our expenses, and we are better managing our cash. As we continue to do this, we are focused on improving our collections from our accounts receivable, which is about CAD 4.4 versus a cash outflow of CAD 3.3. This is one of the first quarters where our accounts receivable are actually higher than the cash that we have to spend for the quarter. This is the lowest cash we've spent since the last three years. Most of our collections come from insurance companies in Colombia, and we need to continue to reduce our cash out and some expenses. I think for a company of like Khiron, with such little debt, with such healthy accounts receivable, with credit-worthy partners, with a good level of fixed assets that are unencumbered and with a diversification of revenue, it allows us to look for alternative ways to continue to work on our working capital and improving the availability of working capital, which we are looking for preferably in the form of debt. We are currently talking to several institutions to be able to continue working and increasing our working capital so that we can continue to grow as more and more institutions and more investors look at our revenue growth and look at our reduction in expenses. We start looking like a company that understands that being patient-focused is paying off. As you may or may not know, and we pointed out in our MD&A, ILANS, which is our company in Colombia, is already showing that our business model is very unique. That to continue EBITDA net income neutral and positive, by focusing on acquiring patients and retaining them. In this Q1 this year, ILANS has already become EBITDA positive. The second half of this year, we expect it to start becoming net income positive. The more that happens, the more options and availability we have to be able to improve our working capital, through instruments such as debt, which we are working on right now. Our company is doing really well in these difficult times, and we continue to do so because we are employing a strong financial discipline. We are focusing on achieving EBITDA neutrality very soon. We have assets, and we have operations, and we have revenue-generating operations with very high gross margins that will allow us to look for alternative ways to continue to increase our working capital. With that, I will begin on the Q&A. I want to congratulate all the team at Khiron has been doing a tremendous job, a fantastic. Q2 will be even better than Q1 because we sell more and more, because we have more patients, because we have more retention, because we can have the patients buying more and more every month, and they're doing in every region where we are working on. The more that we can continue to sell these high gross profit margin products, the more that we can continue to acquire, retain patients, that is the key to a sustainable growth and sustainability and profitability for the company. I think we are all seeing it very close. The more that we can continue to improve our working capital, our accounts receivable, our collections, and look for ways, such as debt instruments to be able to improve our working capital. We will be able to get to the point where we want to be, where it's becoming a leader in Latin America, a leader in countries like the U.K.. Now with this acquisition in Germany, one of the leaders in Germany. We're doing it in a very unique way, being able to create a fantastic brand, which is one of the few brands that's selling now in multiple countries, in different continents. With that, I will begin on the Q&A. I apologize we don't get to all the questions today, but again, as usual, we are pleased for you to reach out to our investor relations at investors@khiron.ca. We will promptly relay any unanswered questions you may have. Thank you, Alvaro. With that, I'm going to allow a few people to speak. We do have a few analysts on the call. We've got Vanessa, and I do apologize, I've mispronounced that, from Research Capital. I'm gonna be adding you to the line. We have Aaron Grey, who's from A.G.P., and Frederico from ATB Capital. I'm gonna be moving in. You'll be able to speak. I just ask that you try to take some turns and give everybody a chance to answer. If you see your name move over, you could unmute yourself and ask the question. Hello. Hi. Hi, Venkata. How are you? Hi, Alvaro. Thanks for taking my questions. I have some questions about Pharmadrug. As you mentioned, Khiron is getting direct access to pharmacy stores in Germany. Do you have any idea about the number of pharmacy stores involved in this redesign? Yeah. Thank you. Happy to answer that question. In Germany, as you might know, it's a very fragmented market in terms of pharmacies. We don't have the Boots or something like that. The actual number of pharmacies last year was between 18,000 and 20,000 pharmacies. Mostly independent pharmacies. There is not a chain of pharmacies in Germany. This is the access which we want to have with Pharmadrug. Okay. Thank you, Vanessa. I have one more question about the new regulation related to mandatory insurance in Colombia. I think this quarter, most of the revenue growth is coming from Europe, specifically U.K.. When do you think the positive impact will be felt in Colombia? Oh, okay. We're already feeling it. As you can see in the MD&A, we are closing right now the 10,000 patients per month. To put it in perspective, when we started in March 2020, we sold 9 units. Obviously insurance is having a big impact. I think Q2 will have a lot more growth than we saw in Q1. Of course it's all because it's a lower January month where most people are on holidays. As you know, Colombia, Catholic country, people take more than 15 days of holidays in January. We are now in the middle, ending the second two-thirds of the month, insurance coverage is becoming a tremendous important part for our business. I mean, more than 80% of the patients today get it through insurance. What that increases is of course patient retention. What you'll see in Q2 is that continuous impact, that positive impact. I think Q1 we grew particularly because of the return back from February and March. January was also usually always a slower month because of the holidays, but that I think just has a reflection on the nature of vacations in Colombia. This quarter and onwards, insurance coverage will continue to play a big role. I mean, if you look at, not only are we more enabled, we have 40% of the patients that come to the clinics left with a prescription. Almost every prescription, every patient that left bought 2 units per month. That's compared to a year ago, it was almost 25% of the patients with only 1.2 bottles across. Every day, because of insurance coverage, more people come to the clinics, more people leave with a prescription, and more people are buying more units per month. You're seeing that more of an impact this quarter as particularly because we opened a new clinic, but also taking into consideration that January is half a month. That usually has somewhat negative impact. Even with that, you know, in the month of March, we almost doubled what we sold in December. I think just a minor tiny setback that probably is gonna happen every year. We're a very seasonal type of business, but of course because of insurance coverage. Okay. That's it. That's all from me. Thanks. All right. Aaron Grey, would you like to pose your question, sir? Oh, yeah. Hi, can you guys hear me okay? Perfect. Hi, Aaron. How are you? Yes. Hi, how are you doing? Thanks. Thanks for the question. I wanna piggyback off that last one a little bit, just speaking towards, you know, Colombia, the competitive marketplace. Often when we think about Khiron, one thing that, you know, we look at is how it kind of controls, you know, more of the value chain than you really might see in other markets, more specifically being your clinics. Whereas you see in other markets a lot of effort is used towards, you know, educating the physicians and otherwise, and it's really an expensive and slow ride to growth, whereas the clinic model in Colombia seems to have gained traction. With that, I wanna know in terms of how do you think the competitive landscape has evolved in terms of other competitors looking to utilize clinics, as you've seen some kind of go out of the prescription route, going straight to the doctors in Colombia. How do you feel like that kind of somewhat of a moat you guys have now will kind of hold in Colombia or if others might try to encroach, especially as you see maybe some of the international merchants like Walgreens and Costco, they might like your product on-hand in Colombia? Thanks. Sure. That's a very good question. I hope when I'm answering I'm sounding as real as I can because what happens today is when the market, particularly since we are the ones who created that being the first company to sell it, this clinic approach that we came up with is not something that is being replicated all across. As you're selling now 10,000 units a month, plus it becomes harder for anybody else to try to replicate that model to have success at which I think today what happens is that we are, as you know, very focused on how can we keep the access to patients in every value chain. It's also how do you deliver it at home? What's the service level like? How do patients feel when they go to the clinic in-person or digitally? Why do we open a new clinic in the outskirts of Bogotá? It's to improve the patient's quality of life, so they don't have to take an hour and a half bus back and forth to go to the doctor. The more we think about that, we're always trying to get ahead of what that patient's going through so we can improve that life. I think in Colombia, even though it's been covered by insurance, to go through that extra mile takes today a lot more money than it did prior, and certainly is gonna take a lot longer than it used to possibly. I mean, in the end, I think the expectation is that one day cannabis medicine products will be so mainstream that, you know, we will be able to sell and everybody will be able to sell to general doctors. I don't see that happening in the next year or two years to be significant. Our key relationship is with insurance companies. I think the one relationship we've been able to build is to showcase cannabis, not just as another product, but as a real disruptor to the high cost of particular patients using opioids. That is a different type of conversation that we're having. It's not about how cheap can you sell cannabis. It's how well you can improve the economics and the health of your patients. We still have the first mover advantage. We have to work very hard to make sure that stays there. It stays there because we continue to think about how to make it more accessible. The Colombian market is very big. It's another 16 and older with chronic pain and neurologic conditions. Our clinics still have a capacity of 400,000 consults per year. Last year we did 110,000, with 40% of them being with cannabis. We have a lot of room to grow. That way we can sort of just keep thinking about being the leaders in the market. It's a very big market. We know there's many other companies who are looking and trying to look at our business model. Our business model is really all about an obsession with service, and that is sometimes very difficult to recreate. Thanks, Alvaro. That was really helpful. Well, that was my question that I had. I'll go and jump back in the queue. Appreciate that. Thank you. Frederico, please. There you go. Thank you. Congrats, Alvaro and team. Great quarter there. I guess my first question, just coming back to the Pharmadrug acquisition. You know, what kind of impact can we expect, your SG&A and also your margin profile? I understand that you're gonna capture more margins just by owning the distribution, but and then that you're also providing services to other companies in terms of distribution. What can we expect in terms of the impact on your financial growth? Thank you. Yes. Maybe I can start answering that. With Pharmadrug, we, as you correctly pointed out, have the ability to capture all the margin in-house. What that means in terms of numbers, when we sell our product, every gram we're selling, 20%-30% we have to pay to our distributor. This margin will be kept in-house. The SG&A profile of Pharmadrug is they're very asset light, so they fit perfectly into our asset-light strategy which we have and all over. You know, what we're thinking is we will capture the margin of our own product, but on top of that, Pharmadrug is already distributing products like Bedrocan, which comes out of the Dutch government. We also have the ability, whenever it makes sense, to also carry other products of other LPs and bring them to the market and get their distribution margin as well. Okay. Thanks for that, Franziska. Last question from me. I guess just on your capital decision, how comfortable are you with it? In terms of obtaining some non-dilutive financing, I guess you talked about that before, but just how confident are you in terms of getting that over the line? Thank you. Well, Frederico, I think today overall as a company, we are comfortable with being very disciplined in our cash management. We know we are getting our revenues. We know it takes time for us to collect them, but we also know that we're showing the right trends, regarding growth, regarding profitability. As I said to you, Colombia and ILANS already in the first month have positive net income. That means that today, now that we have stability and profitability and neutrality, we can look for non-dilutive solutions. We can be very encouraged that we will, we are obtaining, preliminary term sheets, so that we can look at those different types of financing for working capital. As I said to you before, now that this is a company that this quarter spends less than it owes, and if we were in any other industry, this would have been solved a long time ago. Just any other industry already has very different ways to fund the working capital. We are in the cannabis industry. It's always very tough, and we are expected to show more results than other industries. Now that we are showing that, now that we're doing it, now that operations in certain countries are starting to be profitable and starting to show positive net income, we can have comfort regarding our ability to look for non-dilutive financing that is gonna help us to get to where we want to be. Now, of course, that means that we have to continue to be very disciplined and very conservative. I always think that's very good for business. If we can be conservative, we can be disciplined, we can keep growing ourselves. We don't go crazy, get expensive. We can show lenders and show investors that there's a path to have neutrality and profitability. I think better times will be ahead. We don't have a large cushion, where we can just sit and say, "Well, what can we wait for?" This is a moment of execution. This is a moment of sales. We also have to look to the future. We also have to be bold, which is why we did these acquisitions. I think that we know that with discipline and with boldness, we can be a very important player in the future. Without losing sight that we need to continue to fund our working capital, that this company sells more every day than the day before, and that we really have no debt. This is a company that's been able to fund itself through equity, of course, and been able to sell now. The last four months has shown that we know how to sell high gross margin products. The more we sell of that, the less losses we'll have and the less cash we'll have to burn. We just have to be more disciplined about it. The fact that we are already in discussions with lenders that are looking at our business in a serious manner gives us a lot of comfort that we are in the right business and we just have to continue to be disciplined. Appreciated, Alvaro. Thanks a lot. Álvaro Torres, with that, I believe if you'd like to make any closing comments or answer any of the questions that are in the Q&A. No. Thank you, everybody, again. Thanks, Sunita. Thank you to everybody who asked some questions. Again, I would just reiterate that this quarter, this company continues to show that we have a unique strategy, that we have always talked about the power of patient acquisition, and that power shows every month. We are acquiring new patients in every market. We are retaining more patients the day before. They're spending more month-on-month. We maintain tremendously high gross margins that are very difficult to see outside our company. If we are prudently managing our cash, we'll be able to get to the cash neutrality that we have thought about. Lastly, I think this acquisition that the team has managed to close, it's going to be very transformational for our company. We are now one of the few companies that's fully licensed in both countries to sell medical cannabis. We are not a growing company. We are not interested in expanding or going for this. We're interested in getting to the last mile to make sure that those patients who are looking for these alternatives have a better solution. That obsession with access that we have in Colombia, in Peru, in Brazil, in U.K., and now we have it in Germany. I think we're gonna have a lot of work to do in the quarters ahead of us. We are very motivated with the results that we're seeing, with the stories from patients that we see, that this cannabis is not a fad, it's not a trend, it's here to stay. I think in that conversation internationally, Khiron will be and is becoming a key international player. Thank you, everybody, for your time today. Thank you to everybody in the team at Khiron. Have a great day, everybody. Thank you. Thank you. Thank you. Thanks a lot. Thank you, everyone. If you have any questions, please don't hesitate to go to our website and submit a question or do so on this link, and I'll check and try to email you back. Have a good morning.