Is not an earnings call, but rather a general introduction and overview presentation. We're only going to take questions through the web portal and encourage those questions to help you better understand the business. If you're listening over the telephone, please access the web link that we sent earlier today to ask that question. You can submit a question using the text box within the portal at any time. I'll ask the questions on the air for everyone to hear, and then Nick will answer. I will not 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 in time, and it has not yet been addressed during the call and can be, I'll come back to you by email. I won't read the forward-looking statements, but I do state that they apply, and I reference them on page 2 of this presentation. 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 Nick to start his part of the discussion and presentation. Thank you, Glenn. Good afternoon, everyone, and thank you for joining me today to learn more about Cannara Biotech. To frame today's discussion, I'll start with a quick overview of my experience and how I'm involved in the business. My experience covers from finance to accounting, sales, marketing, and product development across cannabis and real estate. Prior to joining Cannara, I served as VP Finance at a multinational real estate firm, where I led financial strategy, operational execution, and team development. At Cannara, my role extends well beyond reporting results. I'm actively involved across the organization, from R&D and cultivation planning to commercialization and capital allocation. That proximity to operation drives accountability, cost discipline, and execution speed. We built Cannara deliberately as a second mover. We watched early operators deploy significant amount of capital, expand too broadly, and prioritize scale over efficiency. We chose a different path, focused on growth, operational vigor, and concentration in markets where we hold structural advantages. That discipline has shaped a model built for sustainable margins, consistent quality, and measured expansion. Well, while many early entrants have retrenched, Cannara continues to gain share and strengthen its position in Canada. Let's walk through what we're seeing in the business and how that positions us for what's ahead. At the highest level, Cannara is built around a straightforward model. Three flagship brands that win at retail, supported by owned low-cost capacity and a track record for sustained profitability. That combination is what is setting us apart. On the brand side, you'll see Nugz, you'll see Tribal, and Orchid. These are our flagship brands. They're brands with a real consumer pull, and they give us coverage across multiple categories and price points while staying focused on quality. Operationally, we run two owned facilities in Quebec: Farnham and Valleyfield. And today, we're operating at roughly 50,000 kilograms of annual production, with an owned footprint that supports expansion toward 100,000 kilograms as we unlock the next stages of capacity. Commercially, we've built real national distribution. We're present across eight of our 10 provinces, and we've earned meaningful shelf space. And when I say shelf space, what I mean is we're not just listed. We're actually moving product through the stores, which is ultimately the only thing that matters. And then the key proof point, especially in our sector, consistent profitability. We've delivered 19 consecutive quarters of positive Adjusted EBITDA and 13 consecutive quarters of positive operating cash flow. That consistency comes from a repeatable operating system that's built on three core pillars. Let's walk through them. First is our market discipline. We stay focused on the categories where we can win. We're intentional with our SKU count, and we manage the business for velocity and inventory turns without SKU proliferation. In addition, we allocate capital with a cash-first mindset because in this sector, discipline is the moat. Second is our low-cost scale. We're producing around 50,000 kilograms today, and the path to the next phase is clear and capital efficient. The key unlock for the next 12 rooms that will generate an additional 50,000 kilograms is the Valleyfield post-processing facility, which is currently under construction and is expected to be completed by the end of fiscal 2026. While building out our post-processing facility, we have already made progress fitting out three additional grow rooms in order to be ready for activation in fiscal 2027. This represents 15,000 kilograms of incremental capacity for roughly CAD 3 million of capital expenditure. That's the type of ROI profile we like, and it keeps growth measured and aligned with demand. Third is our consumer-first approach. Our brands are clearly resonating with both consumers and retailers, and the strongest proof point is independent validation. At Canada's largest industry awards, voted on by budtenders, we have earned major recognition across our portfolio, with multiple category wins for Nugz and another standout year for Tribal. When the people on the front lines choose our products, it confirms that we are winning where it matters the most: at the shelf and with the consumer. While these three pillars of discipline, execution, owned low-cost scale, and brands that are winning are building our operational business, we're also upgrading our investment platform around it, with recent milestones that improve visibility and market access. In January, we achieved OTCQX qualification, which improves our visibility and accessibility with U.S. investors and supports a higher standard of market presence. This followed our October achievement, where we announced that Cannara shares are DTC eligible in the U.S., expanding access by reducing trading friction and cost for our U.S. investors. In addition, we recently received conditional approval to be listed on the TSX. This is an important step for us that broadens our investor base, improves our liquidity and visibility, and positions Cannara with a more comparable peer group, supported stronger long-term access to capital. In February, we announced a CAD 6.3 million strategic non-brokered private placement at CAD 2.10 per share, led by Phoenician Capital, a long-term value investor and supportive partner, at a 16% premium to our prevailing share price. This strengthens our balance sheet to support the next phase of our execution and serves as a meaningful third-party validation for our investors. Moving on to our brands. Our brand portfolio is intentionally simple: three brands, three roles. We're not trying to be everything to everyone. We're focused on categories where we can win and where we build clear brand roles around that. Tribal. Tribal is our flagship innovation platform. It's built around our genetics, product credibility, and premium execution, and it anchors our leadership in flower and live resin. The reason it matters is that it sets the standard for quality in our portfolio, and the data backs it up, with Tribal holding number one position in mass premium flower and number one position in premium live resin. Nugz is the velocity driver. It's built for repeat purchases and scale in bulk flower, infused pre-rolls, and rosin. This is where we can grow volume while staying disciplined on quality and SKU strategy. Nugz continues to lead key categories as well, including having Canada's number one infused pre-roll, number one hash rosin, and number one live rosin vape. Orchid CBD is about portfolio diversification into wellness. It expands our reach into CBD-rich flower and brings in a broader consumer set while staying consistent and focused. Orchid still remains the number one CBD brand across Canada today. With brands as the engine, this slide is our scoreboard. Starting at the top, our national retail market share has moved from a 2.9% in fiscal 2024 to 3.8% in fiscal 2025, and we're now at roughly 4.1% in Q1 2026, with January 2026 trending even higher. The key point is that this isn't a one-month spike. It's a sustained step up, driven by velocity, distribution, and a portfolio that's doing what it's designed to do. Quebec remains the foundation. We're in the mid-teens on share, and in December of 2025, which I'm very proud of, marks our highest reported level, including achieving number one retail market share in Quebec. That leadership matters because Quebec is our home province. It's where we have structural advantages, and it's where we prove the model before scaling it elsewhere. What's also important here is that the gains are not limited to just Quebec. You can see continued progress in provinces like Ontario and Alberta, and steady contribution across the rest of the country. And that's exactly what we want, a Quebec base that stays strong and incremental gains coming from expansion markets. The second box is a helpful cross-check. National retail penetration, which is essentially how broadly we are distributed across Canada's available store listing. National penetration has continued to increase, now at 3%, which tells you something important. Our share gains are not just coming from flooding the market with SKUs, they're coming from better sell-through and velocity on a disciplined set of products. So in summary, we're gaining share with discipline, and the next slide will break down how we're performing relative to our competitors and where those gains are coming from. Cannara delivered the strongest quarter-over-quarter growth in national retail sales among Canada's top 10 licensed producers. Looking at estimated national retail sales, comparing Q1 2026- Q4 2025, Cannara increased retail sales by roughly CAD 1.6 million, or 3% quarter-over-quarter, while the majority of our peer group declined over the same period. What matters is how we achieved it. It's the same playbook we've been walking through, brands with consumer pull, disciplined execution, and improved velocity across a focused set of products. In a market where the top tier was mostly contracting quarter-over-quarter, Cannara was the one moving forward the fastest, and that momentum is translating into sustained share gains as we scale. Beyond top-line momentum, what matters is translating it into margin, cash flow, and a stronger balance sheet. Here's our snapshot. Starting on the left with market data, we're trading under LOVE on the TSXV, with an average closing share price over the last 30 days of CAD 1.84, implying a market cap of around CAD 178 million. On the balance sheet, we have approximately CAD 22.8 million of cash after CAD 6.3 million received from our raise, and roughly CAD 34.9 million of debt, which puts our enterprise value at around CAD 190 million. The main point is the company has a real operating base with cash that supports continued execution. In the middle table is our capital structure. Basic shares of roughly CAD 98.8 million, with an additional equity instrument, including RSUs, options, and a fully diluted share count of around 108 million, depending on the treatment. I highlighted this because we're mindful of dilution, and we're focused on compounding per share value as the business scales. On the right is our ownership mix, and you can see meaningful insider ownership between Java Private Equity, which is owned by our CEO, Zohar Krivorot, and Olymbec Investments, owned by Derek Stern. In addition, other management and insiders own a stake in our business, and we've attracted long-term capital alongside the public float. Now to the financials, because this is where Cannara differentiates. In fiscal 2025, we delivered CAD 150.053 million in gross revenues and CAD 108 million in net revenues, with a 41% gross margin before fair value adjustments. We posted an 86% increase in our Adjusted EBITDA compared to last year, generating CAD 28.1 million of Adjusted EBITDA at a 26% margin. The business for fiscal 2025 generated approximately CAD 20 million of operating cash flow, and after capital investments into our facility, posted a free cash flow of CAD 13.5 million for the year. Going to our latest quarter, Q1 2026, which ended in November thirtieth, 2025, net revenues were CAD 30.1 million, a growth rate of 20% year-over-year. Gross margin was 45%, and our adjusted EBITDA hit another record high of CAD 8.8 million, a 29% EBITDA margin. Importantly, this isn't just accounting profitability. The model is converting into cash. We generated operating cash flow consistently, in fiscal 2025, including meaningful free cash flow, even while investing in capacity and process improvements. In summary, we're growing, we're profitable at scale, and we're funding expansion in a very, very disciplined way. Turning to our balance sheet, we're well-capitalized and positioned to fund our plan internally without stretching the company. As of November 30, 2025, we had CAD 16.5 million of cash and CAD 53.5 million of working capital, up CAD 5.5 million, or 11.5%, versus August 31, 2025. That improvement is important because it reflects a business that's scaling while keeping control over working capital, not one that's consuming cash to grow. Total assets were approximately CAD 174 million for the year, and net assets were CAD 111 million, which reinforces that we have a real operating company. From a leverage standpoint, we remain conservative. Total debt is approximately CAD 34 million at a blended average interest rate of 5.3%, with Bank of Montreal as our senior lender. Importantly, we remain undrawn on the CAD 10 million CapEx credit facility, which gives us additional flexibility as we execute our Valleyfield project. So when you put it all together, we view the balance sheet as a strategic asset: strong liquidity, improving working capital, simplified structure, and a clear capacity to fund high ROI growth. With the balance sheet in a strong place, the focus becomes on how we deploy our capital, our facilities, the Valleyfield post-processing unlock, and the staged path to scalable growth. The foundation of our operating platform is our owned infrastructure. 2 Quebec-based mega facilities built for low-cost production, integrated processing, and staged expansion. Let's start with Valleyfield. This is the main scalable lever. It's a 1 million-square-foot, purpose-built cannabis facility designed around modular growth. The way to think about Valleyfield is in zones. There are 24 independent grow zones, and 12 are currently activated, which is what gives us the runway to scale inside an existing footprint. At today's activation level, we're running around 50,000 kilograms of annual output, and the roadmap will take us towards 100,000 kilograms to unlock the next phase. The key point here is capital efficiency. We're expanding by activating existing zones, not by building new facilities from scratch. Farnham, our original facility, complements the scale with integration and capability. It's a 600,000 sq ft facility that includes R&D, pheno hunting, tissue culture center, analytics, and key manufacturing capabilities like pre-roll manufacturing and solventless extraction. It also generates CAD 3.8 million of annual non-cannabis rental income from our tenants, which helps offset fixed costs and supports our overall efficiency. So together, Valleyfield and Farnham gives us a hard-to-replicate platform. We own it. It's scalable and fully vertically integrated, all within Quebec, where we benefit from real cost advantages in electricity and labor. And this is where the capital deployment ties in. The next dollars we spend are not about more footprint, they're about the Valleyfield post-processing unlock and stage activations that let us scale with capacity in a disciplined way alongside demand. What we're looking here is our capacity plan, and the most important point is that discipline and demand is aligned entirely within our existing Valleyfield footprint. As I've said, we've grown, and we've shown that we can scale from 22,000 kilograms to 50,000 kilograms, and by 2026, we'll be scaling from 50,000 kilograms to 2030, all the way up to 30,000 kilograms. Beginning in fiscal 2027, we plan to activate 3 additional cultivation rooms, moving from 12 rooms to 15 rooms and increasing capacity to roughly 65,000 kilograms. Those rooms are already built. Activation CapEx is modest, mainly HVAC, lighting, and tables at a roughly CAD 1 million per room, which is why this expansion is so capital efficient. From there, the roadmap is a continued measure play. 18 rooms, 21 rooms, ultimately 24 rooms, taking us to the 100,000-kilogram goal over time, pace by pace. The point isn't to rush the 100,000 kilograms. The point is that we have a clear runway and controllable levers, and we can pull them when the market is ready. You've just seen our capacity roadmap, the step-by-step path from today's run rate towards the next stage of production. But the most important question after that is: how do we deploy the capital without getting ahead of demand? And this is the framework we use. First, we prioritize the gating item, which is post-processing. If you want consistent quality at higher volumes, throughput and finishing capacity have to scale first. That's why post-processing is the unlock, is in the play. Second, we grow through modular room activations, not new construction. The facility shell already exists, so expansion is staged inside own footprint. That keeps capital needs modest and gives us control. And third is we keep investing in the operating system, things like automation, QA, process discipline, because scaling only works with quality staying consistent. In terms of pacing, the rule is simple for us: demand-led activation. We target a measured cadence, roughly 2-3 rooms per year, and we will pull those levers as the market justifies it. The guardrails are what you'd expect from us: protect our margin, protect our cash flow, and deploy capital where the return profile is compelling. With our balance sheet and our undrawn CapEx capacity, we are confident we can fund this plan. Before we wrap up, I want to highlight the leadership and governance behind Cannara, because execution at this scale only works with the right team and oversight. Cannara is led by Zohar Krivorot, our founder and CEO, who has built this platform with a clear focus on scalable, disciplined execution and long-term value creation. From a governance perspective, Donald Olds, our lead director and chair of the Audit and Governance Committee, brings deep public company experience and strong financial oversight, which is critical as we scale and expand our capital market profile. We also have meaningful strategic alignment at the board level through Derek Stern, including operational and real asset expertise, and Mary Durocher, who brings extreme deep knowledge in regulatory and compliance leadership, which is a real competitive advantage in our industry. Most recently, we added Justin Cohen, who has strong experience scaling CPG-based businesses and building out a real marketing engine. Before we open up for Q&A, I want to pull all of this together in one simple message. Cannara is built for profitable growth, and we're executing a repeatable playbook that's already showing up in our results. Our strategy is extremely straightforward. We deliver premium quality at scale, and we do it with a structural cost advantage that lets us offer a price-to-quality value that wins at retail. At the same time, we expand capacity in a disciplined way with high, high ROI activations inside an already owned footprint. The differentiator for us is our execution. We're fully vertically integrated from cultivation through extraction and packaging, which gives us full control, especially how important it is in cannabis, over quality, consistency, and margin. We keep the profile fresh through genetics and product innovation, and we build our brands through real community-led pull, not short-term promotional noise. Our results are clear. In our latest quarter, Q1 of 2026 this year, we delivered another record quarter and strong profitability, extending our track record of positive Adjusted EBITDA and operating cash flow, and we achieved a major milestone of reaching number one retail market share in our home province of Quebec. Importantly, we see a clear runway from here. On the demand side, our retail penetration still has room to expand relative to our market share, which support continued distribution upside. On the supply side, Valleyfield gives us a staged, capital-efficient path to really grow our capacity. Cannara is a scalable, cash-generating platform with a proven model to keep compounding profitably in line with our demand. With that, I thank you for your continued support and interest in Cannara. Let's open it up for some questions. Super. Thanks, Nicholas. To our audience, again, if you have a question, please use the question-and-answer text box down at the bottom of the presentation portal. We do have quite a few questions in the queue already, so I'll get going, Nick. Can you comment on whether your strategy or general outlook on your specific business has changed at all over the last 12 months? We've been saying the same message over and over again. We're laser-focused on the Canadian opportunity, on our owned assets, on the whole platform we created here at Cannara. We have a plan till 2030, and the last 12 months, and we don't foresee in the next 12-24 months, the plan changing. Okay, super. Thank you. How much forward visibility do you have on demand as production increases? Are you seeing any signs of category saturation? So we see, you know, the overall market at this point is growing single digits. It's still a CAD 6 billion market overall. So you know, we're, we're... Our growth is going to come two factors, the single digits growth year-over-year, but it's also, you know, just taking distribution, taking market share, climbing up market share in the markets that we're focused on. And that's gonna, that's gonna happen over time, and we see a lot of runway for us. We're outside of Quebec, you know, we're huge in Quebec, 15% market share. Outside of Quebec, we range between 2% and 3.5%, right? So there's a lot of room to grow. We're seventh player in outside of Quebec, so we see a runway to double our growth within the current existing framework. Great. Thank you. Which product categories do you expect to drive the most growth and margin expansion as you grow the business? I think we're gonna say we're gonna be consistent. We see with the way the model has been, the way we generate our model is, you know, we're fairly vertically integrated. We focus on genetics, so that ultimately focuses on dried flower. And then from the dried flower, that leads into pre-rolls and infused pre-rolls and live resins and rosin. So, right now, we have, like, plus or minus some percentages, we're pretty even across our category, our categories. You know, a third in dried flower, a third in pre-rolls, and a third in concentrates and vapes. And, we see, you know, just genetic innovation propelling that and keeping that product mix intact. Okay. Until the U.S. reschedules, you and other Canadian LPs have the large cost of capital advantage over U.S. operators. Can you talk about what you're doing today to take advantage of that cost of capital disparity to best position Cannara in what could become a global cannabis market? Yeah. So I mean, as you see from, you know, our capital partner, BMO, the interest rates, the premium we did with Phoenician Capital, we're diligent in our capital raise. You know, as we build the business, we'll have access to more capital, but it's not about just bringing capital to businesses, it's having a sound strategic plan to generate ROI for the investors in a short term, right? So I think for Cannara, what we have on the plate for the next two, three years of doubling our growth, is our focus. As that opens up, we'll definitely look at different opportunities to get into, and having a platform like ourselves will generate, you know, favorable capital terms going forward. Okay. Are you exporting today to any other markets? And if so, which? And if not, what are your plans around this topic? Yeah, no, so we're not exporting anything to outside of Canada. Less than 10% of our business is wholesale, so products that we sold to other LPs that might get distributed internationally. But we don't export at this point in time. We do have the required licenses. We are building out the processing center to be EU-GMP, to have the European license as well. But that's for the future, and potentially, you know, as a stopgap plan as we continue to expand and focus on Canada. You know, there might be opportunities, international opportunities that we might look to, if it makes sense, but it cannot derail the main focus. It cannot derail the supply that's allocated to Canada. What's super important is that our customers are the government. We sell to the Quebec government, the Ontario government, B.C., Alberta. They want a consistent supplier. They want a supplier that if demand goes up, if they need a new innovation SKU, that there's a supplier that's there to handle that demand and that task. And if you start building your business outside and focusing international, there's gonna be a tension that's gonna happen between, you know, the supply that's allocated for recreational and the supply that's allocated for international. And that's where, you know, teams could struggle and make wrong decisions 'cause they're thinking too short-sighted and not the long-term benefit of dealing with a business that deals with the government. Thank you. How sustainable are your 45% gross margins as capacity scales, and what are the biggest risks to margin compression? Absolutely. So, you know, I think we've scaled it up to a point where I think we're extremely comfortable that we won't be under 40%, going forward. Forty-five percent is, of course, what I would consider, you know, the sweet spot of where I'd wanna be. And it could go up to 50% as we scale up. Where we want to have the flexibility of, you know, it's our margin safety comfort zone is between 40%- 45%, is we wanna have the flexibility as we grow, to be more price competitive, without affecting our margins. So if we see margin improvements, we might decide to lower down our pricing to be able to, you know, sell more volume without affecting the quality, the consistency, and the price of the product. So, you know, we're looking, you know, I think, a healthy, reasonable margin, sustainable margins between 40%-45%. And as we scale up, the economies of scale is huge, and the complete unknown factor, which is why I can't give a number set in stone, and which changes the whole profile, and, you know, that's what we're laser-focused, is genetics. If I'm growing a plant, you know, my biggest cost is the cost per gram, is the cost to grow a gram of cannabis. If a plant, a certain genetic gives me 50 grams, you know, to 3 months to grow and gives me 50 grams a plant, but then that another genetic takes the same amount of time and gives me 100 grams a plant, I don't have the same margin profile at all. Those are the types of what we're looking for. We're looking for high-yielding genetics that, you know, check all the boxes from the consumer standpoint, as well as from the growth standpoint, as well as from the margin standpoint. If we do our, our work well, and we find over time, over the next 5 years, all these genetics that tag all the boxes, and we're getting consistency over 100 grams per plant, well, that's gonna significantly change my, my, my margin profile. Thank you. How defensible is your premium quality and disruptive pricing strategy if larger LPs become more aggressive on pricing? So yeah, I mean, the challenge for other LPs is consistency. And you know, we've started Tribal and Nugz 5-6 years ago, and Orchid 6 years ago, and we've been in market ever since. You know, no other brand, no changing to the brand ethos. It's been the same brand over and over again, and the same quality of products and consistency of products. So if you're not growing the product, if you're just trying to source it from different, but it's impossible to have the consistencies. It's impossible to have that profile. It's impossible to be the leading, you know, the trendsetters in the industry with genetics innovation, if you're not growing it yourself. Then there's the whole work on genetics and the intellectual property that goes behind genetics. And, you know, I think that is a significant competitive advantage to us. Being in Quebec with low cost of electricity and labor, which is, you know, 75% of our cost of input of a gram. Those are all the cost advantages that we feel, you know, are going for Cannara that would compete and win against the competition over time. Okay, and I guess, on that same theme, what is your biggest opportunity to gain market share across Canada? Is it taking it from smaller LPs that are struggling financially, or is it some of the larger players that are distracted with international opportunities? It's probably the latter. Just because the you know, there's companies that are holding on to 2, 3, 4, 5% market share that are hard to see the future of the company, or you know, are getting out of recreational cannabis and focused on different aspects of cannabis or the US or international. And you know, that opens up 2%, 3%, 4% in the market overnight. And that's gonna happen over these you know next 4 years multiple times. And it's gonna happen at you know that at the top, and it's gonna happen at the bottom. Plus, you have, you know, the single-digit growth year-over-year, which is why we're confident, you know, why can't Cannara be an 8% share when other LPs have proven it in a less profitable way? Why can't Cannara do it disciplined over the next 3-4 years and achieve that 8%-9% national market share? Thank you. Can you talk about your capital requirements for 2026? Should we expect that level of CapEx to continue in 2027 and 2028? Yeah. So it's about CAD 30 million to complete the project. We have CAD 10 million CapEx on the processing building, and then about CAD 12 million to complete the next 12 rooms, CAD 1 million per room. And then the balance is gonna finish off the processing building and, you know, capital equipment, processing equipment, to handle the increased capacity. So CAD 30 million, CAD 10 million spend this year, and then you saw the... I presented the how we're turning on our rooms, so that's CAD 1 million per room that we turn on. And then balance will be spent over those next 3 years to support the operation. Thank you. And, on the same topic, what returns or payback periods do you expect on incremental CapEx tied to expanding towards 100,000 kilogram capacity? What kind of returns do we expect? Yes. The payback period? Yes. I mean, the payback period is in, is less than a year, right? Each room has the potential of generating 10-12 million dollar, 12.5 million dollars of net revenue, and it's a million dollar. It's at 45% margins, 40% margins, you can choose your number, and it costs CAD 1 million to open the room. So Okay it's extreme, high, high payback, high ROI, short payback period. Thank you. How are you managing inventory risk as cultivation scales, particularly given changing consumer preferences? Great question. Inventory is a number that we have different metrics and benchmarks to make sure that we're growing in line. We control the growth, so if we see that our inventory is ballooning and, you know, we have enough growth space to grow, then we don't open rooms. If we see that, you know, there's a gap between our inventory and the demand, we open more rooms. Then it's building processes, really working on the S&OP process between your sales team and your operations team and your marketing team, to really create a process that streamlines the sale of our products. So we've got to stay on top of market trends. We've got to continue innovating. We've got to make sure that we're not overproducing. It's 4- to 8-week production inventory. And then you have to have stopgaps to be able to, if a product gets delisted or expires or doesn't come out the way you want it, you have to have stopgaps, so that's our 9%-10% B2B to other licensed producers. There's a potential international opportunity that we look at, that we can look at. We could look at a medical opportunity, a medical platform for Cannara, that allows us to liquidate certain products to be able to, you know, stay on top of inventory. So there's many things that we haven't done yet. We're just, you know, managing inventory, selling it through, any excess goes to B2B, as we scale up and, you know, as we change genetics. But, it's really it's the S&OP plan is critical to that, and it's having a team that's not working in silos and working together, that understand the business, understand cannabis, the products, and can create that whole plan to be able to sell those products and not have, you know, inventory write-downs. Thank you. With the latest new SKUs being accepted by SQDC and Cannara not getting any new listings, is there a reason for this, and did you miss out on any products? So I believe it was a small exceptional 3.5 flower listing that was put to market in Quebec. It was on an off-cycle listing. We didn't get any products on that one. We did submit, you know, unfortunately, they don't provide much clarity on the whys and the whens. But our understanding or from my understanding, perception would be that, you know, we did get a lot of vape carts. So, you know, Quebec is good at dispersing reasonably their product portfolio. So I think it was just a balance game for them. And there's a new product call that's opening. We'll be knowing in a couple of days for launching in the later half of the year, and we're confident there will be new Cannara products on that. Thank you. Congrats on your 30% market share in the newly created vape category in Quebec, 3 months- Thank you. After the launch. Are you able to estimate the size of this new category annually, and what kind of revenue contribution Cannara could expect? Yeah. So I think right now it's about, and it changes month to month. I'm gonna give a, you know, a rough average rate here. It's about 10% of their current sales. So we've seen in markets, in more mature markets, it's 20, 25%. That's with, you know, no restrictions on the THC vape. So Quebec has a 30% THC restriction, versus outside of Quebec, you can go to 99.9999% THC. And consumers are looking for high THC product. It's that's the number one selling product outside of Quebec. So that's putting a little bit of barrier on it, and plus, there's only 25 products, versus outside of Quebec, you have hundreds of SKUs, if not thousands of vape SKUs. So, I think it's pretty healthy, and it's just the first launch, they want to do it slower. It's 10%. Will it get to 20% in more mature markets? I think so. I don't know exactly when the time is, but 10% and you know, last quarter was, it's a CAD 220 million retail market in Quebec, right? So, an extra 10% there is CAD 20 million per quarter, that's generating. Thank you. You showed a chart of your capacity growth up to 2030. 2025 to 2026 looked flat at 50,000 kilograms. It was the only flat part of the curve. Can you talk about why? Yeah. So we were planning to be at 50,000 capacity in 2026, but we achieved that in 2025. So we decided, so, and then 2026, we were supposed to, 2027, we were supposed to start the processing building, but we advanced it all a year and kept 2026 to focus on the processing building. Thank you. How are you prioritizing capital allocation between expansion, balance sheet strength, and potential shareholder returns, which I assume means dividends? Yeah. So we have the capital allocated. We know what the spend is gonna be for the project. We've laid it out. We've laid out the plan of what we need to execute it. You saw the kind of operating cash flow we generated last year, CAD 20 million, and I need CAD 30 million for the next 3-4 years to complete the project, but we generated CAD 20 million last year. So the funding is coming from our own capital. And we're going to, you know, we're gonna build that war chest to allocate it so that we're not trying to find this money at some point in time. So we're gonna allocate it so that we have this, the capital ready for the deployment over the next 2-3 years, to build the project. And we're going to make sure that, we take care of, you know, the have a healthy amount of debt. You know, we're probably not completely pay off our debt, but there is an advantage, you know, of being debt-free and being, you know, to see what other opportunities there are out there. There's gonna be M&A opportunities. There's gonna be other, maybe not a Valleyfield acquisition, 10 cents of the dollar. Valleyfield, we bought for CAD 27 million, built for CAD 250 million. But, you know, we're gonna have our eyes to-- our ears to the ground for acquisitions, discounted acquisitions that make sense to the Cannara story. And then we're gonna, you know, we're that's gonna, that o ver the next three, four years, we're gonna make sure that we're focused on the operating business. And then there's gonna be a point in time where, you know, if depending on where the share price is, does it make sense to buy back shares to re- you know, to, to reduce the share count? And if everything's aligned, and the project and the share price and everything is perfect, then it goes into, and dividends and, and return to capital. But again, we're in a really new industry, right? We're focused on Canada. One, that's phase one. After that, we're gonna have a, you know, a potential company generating up to CAD 300 million of revenue at the margins and cash flow margins that we've presented, coming from the government in a landscape that's gonna be hard to get into. A lot of barriers to entry at that point in time, and, you know, if we fast-forward four or five years. So we see that as a position of strength that could be created, a platform where we have a genetic roster. We know how to grow cannabis at scale. We have quality. We have brands that work. We have a process that's built out. I keep on saying, like, why, you know, myself and the CEO are so involved is there's no phone number that we can call a consultant, no amount of money, that person that we can give to, that could come to our business and say, "This is the plan. This is how you grow cannabis at scale. These are the genetics you need to run. This is the products that you need to create. This is the roadmap." There is no roadmap. We're creating that roadmap, and that's an important roadmap and a lot of intellectual property, a lot of intelligence going into that platform. I think that's gonna be replicable or there's gonna be synergies or a way to scale that into the U.S., or scale that internationally, or, you know, bring that concept internationally. So fast forward five years from now, that to answer that question, who I want to build a cannabis business, who do we call? Well, the vision would be calling Cannara because we'd have built the story. We'd have built this in Canada and executed in Canada and shown that. So that's. There's a lot to our story, and but we have to stay. For now, we have to stay laser-focused on deploying the strategy that we've presented to you. Thank you. You touched on two topics that are part of our next set of questions. First one is, what debt level would you like to run at? It's a good question. I don't have the exact answer. It depends on so many factors. You know, the, the as we go, Canada, the, the industry is, you know, going where we are. Are we at a very healthy level position now? Absolutely. Like, I'm super happy with where we are right now. We don't, like, we don't need to, you know, the interest cost is bearable, and, you know, the principal payments are not making a big dent. And, you know, it's a healthy debt, so we're extremely happy with where we are now. But then again, it comes down to how we're gonna evolve and what opportunities or what's the next leg for Cannara. Because right now, technically, we don't need any cash to execute the story and really, you know, double the size of our business. We don't need any of extra debt or anything like that. Okay, thank you. The other question that you touched on is M&A opportunities. I know you mentioned it, maybe you could expand on it and the type of businesses that you could potentially look at down the road. Absolutely. There's many opportunities. I think cultivation assets, I mean, we're not, we're not looking at cultivation assets now, but you could imagine that when we're closer to the 100-kilogram target, is there other assets that we want to acquire? I think hubs. There's shipping cost is huge in cannabis, having, you know, shipping across Canada, from Quebec. So having hubs where we could have, warehouses with products that are shipped just in time to the different provinces, so we can improve, our pricing, our costing on shipping, and, and our execution and relationship with the government is, is interesting. Yeah. I haven't seen far and few, but brands and businesses that, you know, maybe that cohesively work with Cannara, could be on the docket. It's not something that we're ex- like, that I see or exploring, but you never know what could come down the pipeline. So we're open to a lot of opportunities, where we really sit down and look at the synergy and model. And right now, at this point, for the next 4, 3, 4 years, it's things that are accretive without disrupting the plan. Okay, thank you. One of your slides and one of your recent news releases mentioned the TSX uplisting. Can you give a sense of timing around that announcement? I have to be careful with timing, but I mean, it was conditional approval, so it's paperwork. It's regular paperwork, no hurdles. You know, the average from conditional approval to actual uplisting is 30-40 days. So, we'd be in that average. Okay, thank you. You recently announced a financing that you, you had completed. Given the strong nature of your balance sheet, what was the rationale behind that capital raise? Yeah. Phoenician Capital is a strategic investor. Really appreciated their investment thesis. They only invest in, you know, value public companies that are value-based, and there's a real opportunity for them to grow. They make investments, and they continue to support the company through, you know, further investments. And because they only buy on the public market or public companies, it's interesting for us to have a partner. They have many connections as well to institutions as well, and, you know, other family offices that make it increase the investor base for Cannara. It's just so that we got it at a premium as well, and it's 3% dilution, so very minimal dilution for a really good strategic partner. And, it also provides additional capital right now. Like we've been, we've been, you know, most cannabis companies are opening with CAD 40 million, CAD 50 million, CAD 60 million, CAD 100 million in the bank. We've been operating with CAD 10 million, CAD 14 million, CAD 12 million, so we've been very, very lean. My excise tax bill right now, every month to the government, is CAD 6 million, so you can imagine the cash flow that needs to be managed. So the CAD 6.3 million will help on working capital. We'll be in a position to, you know, fund the capital expenditures that we're doing for the Valleyfield project, that CAD 30 million war chest that we've been talking about. And, yeah, and it was a good investment from our point of view. Super. Thank you. Again, to our audience, if you have a question, please use the question and answer text box. We've got one more question in the queue, unless others come in. This is sort of a capital markets question, Nick. Can you talk about, I guess, your current presence in the market? Is there any research coverage on you? Do you expect that research to increase as you continue to grow? Just whatever commentary around this you'd like to offer. Absolutely. Research Capital is covering us. They provided initiation and covering all our quarters post that initiation report. That's currently the only analyst that's covering us, but we've been working on more analyst coverage. It's a process, and there's a lot of interest in the company. We have a good story. So I think in due time we should be able to bring in more interests and more liquidity, especially with going into the TSX in the coming days. We're extremely excited about the profile for Cannara. It's exciting, and it's just gonna take a little bit more time to get more eyeballs and liquidity and analysts on our stock, and we're off to the races. Perfect. There are no more questions in the queue, Nick, so I'm gonna ask you for some closing remarks, and then we'll end the presentation. Absolutely, then. First of all, thank you for hosting, and thank you everyone for joining us today and hearing the Cannara story. If you're new to the Cannara story, I hope you enjoyed it. We've been on this mission since 2019. And same founder, I've been joining the company in 2019. We're 450 employees strong today with a solid execution story here in Quebec. So please, if you do have any further questions, email me at nick@cannara.ca. It'll be my pleasure to answer any and all of your questions. And for the existing shareholders and investors in the Cannara story, I thank you for your continued support, and I wish you a great day. Thank you, everyone. Thank you, Nicholas. This concludes our presentation. And again, thank you to our audience. Bye-bye.