Log in. Thank you for joining us today. Niel Marotta, President and CEO, will start the presentation in a few seconds. The presentation will last approximately 20 minutes, and then we'll transition into an interactive Q&A. You can ask questions during the presentation, no problem. Just type your questions in the bottom right corner in the question tab, and, once Niel Marotta concludes the presentation, we'll work through them one by one. With those housekeeping tasks in order, it's my pleasure to introduce Niel Marotta, President and CEO of Indiva. Niel, the stage is all yours. Awesome. Thanks, Neil. Thanks for joining me today, everybody. It's been a couple of months since we had one of these events, so it's great to be back with everyone here. Feel free to type your questions in the questions box, like Neil said, along the way. I'll answer them all at the end, but don't be shy. Happy to take all your questions. Some of you may know we reported our Q2 2022 results yesterday. For the year to date, we had record revenue and record gross profit. Our revenue was down year-over-year because some revenue slipped into Q3, due to some delays in some product launches and provincial deliveries. Our adjusted gross margin did improve to 33%, and we expect that to go higher. Really what I want to focus on today, and I'll get through this in the next 15 minutes or so, is the growth that we have ahead of us. A lot of companies talk about growth. We're going to show you tangibly multiple products, brands, and SKUs that are coming to market, that have already been accepted or listed with provincial wholesalers. We even have POs in hand. Some products we've delivered in July, some will get delivered this month, some next month. We've got a lot of growth ahead of us. I'll just get right into it here. On the cover here, you can see, our company's Indiva Limited. We trade on the TSX Venture under NDVA on the OTCQX, NDVAF is the ticker. We are the edible leader in Canada. We have over 30% market share. We've been the leader for over two years now of the edible market nationally in Canada. That share is actually good enough. I believe in July I don't think the July numbers are published in here yet, but we're 13th place overall in the five major provinces that we look at. That's BC, Alberta, Ontario, Manitoba, and Saskatchewan. Unfortunately, we don't sell edibles in Quebec other than through the medical channel, thanks to their provincial laws. One of the things I'll talk about a little bit, and can maybe focus on a bit in Q&A, is just how important it is for us to get the edible limits increased in this country to 100 mg. I've been very busy there, on a government relations side, working with the Cannabis Council and other LPs and retailers to try and get those laws changed. Here on the cover, you can see all the great products that we make. Wana is the number one gummy. Wana comes in a Quick and a Classic format. We also make Bhang chocolate. That is the number one chocolate in Canada. We're just launching down here at the bottom, you can see the Pearls by Grön. We have seven SKUs listed with the OCS. We delivered our first PO at the end of July, four SKUs. It was a pretty big PO, about a half a million bucks. Those products would have already been in market had we not had this cyber attack on the OCS distribution center. I'll save any comments on that for later, if I have any at all. We're all in the same boat. It's very frustrating, but it sounds like the OCS is getting back towards 100% now. We also have a strike in BC, but we've heard that that's going to end pretty quick. We're going to move a lot of great new products out, and I'm going to go through them here a little bit as we get through the deck. Forward-looking statements, I'll have you have a look at your own leisure, but these are pictures from our facility. You can see just how clean it is and the chocolates and the molds, gummies on the line, and capsules, pre-rolls, all of which we've been making for some time. Our market cap is at, I'll say, paltry CAD 22 million. We did CAD 32 million in net revenue last year, and this year we'll do well north of CAD 40 million of net revenue. I can't imagine that market cap stays down for much longer. The whole sector's had a terrible year. I mean, the average cannabis stock is down 60% year to date, and we're no different. Nobody likes that, but we've got our head down focused on getting to profitability here in the second half, and we expect to be EBITDA positive in the second half of the year. Our adjusted EBITDA was a loss of CAD 150,000 in Q2, so we're very close to being break even. That was despite lower revenue. With all the new products launching, we think we'll get into positive EBITDA territory in Q4 and probably Q3 as well. Our balance sheet, still CAD 2.5 million of cash. Our long-term debt, we've got CAD 20 million of senior debt that's due in 18 months. We've been very busy in the background meeting with lenders, doing site visits here at our facility in London. What I can say, without naming names, there's definitely appetite out there to lend to Indiva, and we are extremely confident we can refinance that CAD 20 million with a more traditional lender or non-bank lender, perhaps, at more favorable rates. That's something we're looking at. We don't see that as any existential risk of any kind. We've got a great team in place. All the folks, whether it's in sales, or ops, or finance, et cetera, are deeply experienced. Our ops team are all former General Mills, Nestlé, Cargill. We know how to make food. We're a food company, and on a units basis, we're fifth in the country in terms of the units that we ship. We're a very important supplier to all the big provincial wholesalers. We distribute our products in all 13 provinces and territories. I can tell you, I did a cross-country tour last week, myself and the sales team. We were in Vancouver, Calgary, Edmonton, and Winnipeg. Busy week. Probably visited 30 stores, key accounts, and provincial wholesalers. They're all very excited about all of our products, all the new stuff. Pearls, the Indiva Life cookies, chocolates, and lozenges. Very excited about the lozenges, and also the Dime vapes as well. This is a look at our last, gee, I guess at this point it's 12 or 13 quarters. You can see here our annual revenue's gone from about CAD 1 million in 2019 to CAD 32 million last year. We were at CAD 17 million of net revenue for the first half of the year, and we expect to do more than that in the second half, and so we do expect a record year on net revenue. Hopefully, the margins will keep trending up. We have a lot of automation we talked about for some time. There's been a lot of delays getting it in. There's been a lot of supply chain issues in the world. Some of this equipment's come from China. We would expect multiple pieces of equipment. Some have landed and are in place, but we'll be automating a lot of our production and processing. Whether that's the gummy kitchens, or the packaging of gummies and chocolates, we're moving to a much more automated system. That doesn't mean we're letting anybody go. We're growing like crazy, and so we need all the bodies we can get. We hope that this will be beneficial to margins. We certainly expect it to be. Look here at the cannabis market. I believe that I saw a headline for July. It was at $404 million. That's just shy of a $5 billion market, and the edible market continues to grow as well. Interestingly here, we see the edible market is still at about 5%, stubbornly in the 5% range of the total market. That is too low, and I'm going to jump right to the next page. This is Colorado, where you can see edibles are 15% of the market, and you can draw a straight line to the potency caps as to why that is. The short story is, on a $5 billion market, if edibles are 5%, that's about $250 million of retail revenue for edibles. If it was 15%, so if we can get this law changed, that goes to $750 million. I think it's also widely expected, looking at analyst estimates, that in the next five or six years, the market will double to CAD 9 billion or CAD 10 billion. This is where we see such a big opportunity. The overall market doubles and the category can double or triple, and this is where we see a 5x opportunity in front of us, which we intend to capitalize on, not just by continuing to license popular brands out of the U.S., but by innovating our own products. That's really our focus now. Here's some more market share numbers I'll let you look at at your own leisure, but Bhang and Wana are the number one edibles. This is really our house of brands. I put Indiva Life here, front and center. This is our new consumer brand. A lot of the innovation that we work on now will come out under Indiva Life. The lozenges, which come in two flavors and three pack sizes, those are coming out under Indiva Life, the sandwich cookies, as well as chocolates under Indiva Life. We have great relationships with the provincial wholesalers and as a result of that, the most recent OCS protocol, we received 25 new listings. That was against a base of 35. That is big growth coming ahead of us and we'll have new products from Indiva Life, from Pearls, as well as from Dime, coming out under that list. These are products that you've seen in market for some time. Indiva pre-rolls, and capsules, and Artisan Batch pre-rolls and flower, all the Wana gummy SKUs, all of the Bhang SKUs that are very popular, still the number one choc in the country. Now this is where we're getting into some of the new products. Pearls that you see here, this is a licensing deal we did with Grön out of Oregon back in December. Once again, to go from signing a deal in December to delivering products to a province in July, that's pretty quick, and that is really what we're known for, quality, innovation, and execution. The four Pearls SKUs that we are launching are very, let's say, have very robust cannabinoid profiles. It's not just yet another 10 mg THC gummy. Folks that are launching products like that are going to have a tough time competing when we're launching products with CBG and CBN really to address need states. This product will be priced significantly lower than Wana. We see it at about a CAD 5 retail price in Ontario. We're certainly hoping we'll gain some of the market share back that we've lost to some of the other value product out there. I wouldn't call Pearls a value product per se. The royalty's significantly lower on that deal than on our Wana deal, and so it's just enabled us to price the product more competitively. On the left here, you can see a disposable Dime vape, which we'll launch probably late in the year. In the meantime, we have 510 carts and batteries that we're accepting, and you should see them in Ontario and other provinces before too long. Now we've got here, I'm going to spend a little minute here on the Indiva Life products. You can see, these are all products that we've innovated on our own. We don't pay royalties. These aren't products that we found in another market. These are products that we innovated based on our in-market knowledge all across North America. We do spend time in market in the United States to see what's available, try and pick up on trends. We also look at white space in the market, and we've talked about baked goods for some time. I think we're moving away from the Slowr ide Bakery Cookies, for certain reasons. The Indiva Life sandwich cookies, the vanilla and the fudge-flavored double stuffed cookies, those will retail at about CAD 5. They're going to be 10 mg per cookie. I think this is really going to be a game changer. I think it's going to actually grow the baked goods category. Might be a bold prediction, but I think the price point, the flavor profile, and also the freshness profile given. This is not a typical baked good that will go stale. Oreo cookies are hard wafers. We have a proprietary mold and wafer that we're using. Believe it or not, you can Google it if you don't believe me, but there's 52 kinds of Oreo cookies that Nabisco makes. When we look at this format, we think there's almost endless possibilities for new flavors, for seasonal and limited time offerings. Once you start adding in different cannabinoid profiles and different onset profiles, we think this is a product that could have legs in Canada for years to come. Next to that, you see the lozenges. Lozenges are not an edible. This qualifies as an extract. As a result, while each lozenge is 10 mg, we're offering the lemon and the cherry in 10, 25, and 50 packs. I can tell you from the two or three dozen stores I visited across the country last week, every budtender is very excited to have 100, 250, or 500 mg lozenge product on their shelves. The lozenges that are in market currently, and there's not too many SKUs, just a handful, one or two, really, they sold very well. If they were listed in the edible category, they would be one of the top five edibles on a monthly basis. I think that's yet another smoking gun, that consumers really want the potency. That's what we're bringing with those lozenges. They also taste pretty good too, even though they contain no sugar or food coloring. Moving down below here to the Indiva Life chocolates. Again, a 10-mg THC chocolate. Maybe not a huge appetite out there in the market, but we're combining ours with original flavors, CBN, CBG, and trying to really innovate the kind of cannabinoid profiles that we bring to the subcategory of chocolate. Not happy just to introduce a new flavor anymore, but trying to make something that actually addresses a need state that excites consumers and budtenders. We've got some examples here of our trade marketing in market. This is a bit of a mock-up of our facility. This is not what it looks like on the outside, but we are in London, Ontario. We have coverage from Echelon. Actually, Raymond James recently dropped four or five cannabis companies. I think they lost an analyst. I don't think it's any comment on the prospects or future for Indiva. If you do want to learn more about Indiva, you don't have to take my word for it. You can call Andrew Semple at Echelon. I'm sure he'd be happy to chat with you. I think, and Neil, with that, maybe I'll jump to the questions. Yeah. Excellent. Perfect. We already have seven questions. There is one in the chat tab. Okay. Just a reminder to everyone, just type your questions in the question tab and we'll work from the bottom up to the top. Did you want to just tackle the one in the chat tab first? Yeah, sounds good. I'll do that one first. So the question is, "Understanding the current regulatory..." and I'm reading these real time, so bear with me here. "Understanding the current regulatory framework around edible potency maximums for THC, do you believe the edibles category can still grow total category size, or should we expect a street fight for share until changes come down?" Yeah. Good question. We always expect a street fight, regardless of how the regulations change. We're fine with that. Look, I think. Just I'll back up a few slides. The trend is still up. Sorry to give everyone a headache going through this quickly, but. Whoops, skipped over it. The trend is still up generally with the edible category. I think, sure, you're going to see some trading back and forth, but the category is growing. I think the onus is on all of us as producers, to come up with unique products that grow the market. I think our sandwich cookies are an example of that. It remains to be seen if that's true, but that's what I think will happen. I think we'll actually grow, let's say, the subcategory of edibles, of baked goods, with the sandwich cookies. Beyond that, I do expect it to continue to trend up, but we're not going to see a big jump up until we get that regulatory change. I think the good news is that it's not 10 years away. It's not five years away. I can't say if it's only one year away, but the Cannabis Act should have already begun a statutory review. We know that's a couple of years, in terms of process and going through Parliament. I would say that's the outside date. Another way I would think about it, this is how I think about it on a daily basis. When you look at the optionality baked into the cake with Indiva, given 90% of our revenue comes from edibles, and you look at the likelihood of this law being changed, let's say, in the short term rather than in the long term, and you compare that with U.S. legalization prospects, which feel very far away right now. I think the biggest regulatory catalyst is with Indiva, and we're actively working to educate policymakers and their staff about the problems of having edible limits this low, the public safety issue it causes, and the fact that the biggest winner in this will be the potential wholesalers and the governments, both because of the markups and the excise taxes. An incremental CAD half a billion to CAD 1 billion of retail revenue annually puts another CAD quarter billion to CAD half a billion of tax revenue and let's say revenues in the pockets of the provinces and federal government. This should be a layup. There's no reason to keep the limit at 10 mg. We've never had one complaint, ever, that we sold 16 or 17 million packs of edibles in this country in the last two years from a parent saying, "My child ate one of your gummies or chocolates." That has never been a complaint that we've received. I think there's all the reason in the world to increase that limit. I think it will go up. In the meantime, I think any trading of share will be a result of innovation, and we focus pretty hard on that. All right. I'll back up to the question tab here. First one is, "Who makes the packaging and where is it sourced? What percent is the packaging of the product?" For competitive reasons, we're not going to give out our packaging suppliers. What I can tell you is that was actually a pretty major benefit for us in the quarter. We were sourcing pouches. We've been able to reduce the price by about, let's say, 30% or 40% from where we were at. We went to tender with that. In terms of how much is the packaging, if you're talking about just the pouch, as a percentage of retail, it's 1% or 2%. It's not a huge piece. If you're talking about as a percentage of our cost, obviously it's significantly higher. When you start adding in the labels, the excise stamp, et cetera, it goes higher still. What I can tell you is this, the packaging costs more than the cannabis at this point, right? I mean, 10 mg of THC costs about CAD 0.02. This is the other reason, frankly, why if the edible limits go to, let's say, 100 mg, we won't need to increase the price tenfold. A CAD 8 pack of gummies might go to CAD 20 or CAD 25 because there's only an incremental CAD 0.20 worth of cannabis in that pack. Sure, there's going to be more gummies or more chocolate or more food and maybe a slightly larger pouch. The margins should go up. It should actually be a more profitable product. One last point on this, maybe as a bit of a segue, when you talk to retailers and say, where are your highest margin products? Edibles are right up there. Without giving away the exact percentages, the margins that they get on edibles are sometimes greater than 2x as big as the margins they'll get on, say, flower. These are high-margin, high-velocity products, and that's why our distribution, I think, is so broad. Next question. Well done on managing cash. Thank you. Is there any thought to again entice warrant holders to exercise? Yeah, I don't think so. I think we went through that exercise previously. Certainly, it's a possibility, but I would say the feedback that we've been receiving from potential lenders, and as the term sheets roll in, we'll have a better idea what that looks like. But I'm not even sure that the warrants. I don't know that it's necessary to do that. I'd like to think we can get the stock price going north here if we get into profitability, and then we can reassess. Next one. Canopy, on their conference calls, has talked about their liking contract manufacturing. Is that of any interest to Indiva regarding Wana? Look, I think the short answer is yes. That's a conversation that we'll have to have with Canopy. We obviously do talk to them. I think that's something that they would consider as well. I don't think that's controversial to say that. There's certainly nothing in place right now. There's no agreements in place or understanding. We're certainly capable of doing it, and we would be open to doing it if Canopy had interest and they decide to move forward and close the Wana acquisition, which I just remind everybody, is contingent on U.S. federal legalization. Any progress on a TSX listing? I think the short answer is no. We are looking at the up-listing. I think we might have missed the window here of when the best time to do it is. It seems like the springtime is the best time to do it. It's not that we're not ready for the up-listing for any technical reason. I think it's just a question of bandwidth. Being on the TSX, your reporting window is 45 days on the quarter, 90 days on the year. I think we're pretty much there. We just reported Tuesday morning, and we filed on the 16th, so that would have been, I guess, 46 or 47 days. We run a pretty tight ship here. Our G&A is very low. We do not have a floor with 35 people on the finance team here. We're in favor of the up-listing. We will pursue it, but we just need to be, I think, 100% sure that we're going to be able to meet those reporting timelines without having to add staff unnecessarily. Next question. Any thoughts on the possibility or probability of a recession versus product demand and Indiva's current growth projections? Yeah. I don't know that the industry has gone through. We went through a pandemic, and we made it through that fairly well. I would say I'm less concerned about a recession. I don't know that this industry's gone through any kind of tough recession since legalization, right? I don't think we've actually had a recession since 2019. I guess we'll see, but so far, I can't say that there's any real negative impact on demand, or that a recession would necessarily create it. Look, you could argue that if people have lower disposable income, they're going to spend less money on cannabis. What I would say is that cannabis certainly has the possibility to be a trade-down option, right? Rather than, let's say, spending CAD 15 or CAD 20 on a bottle of wine. For CAD 20, you can buy a seven-pack of pre-rolls that might last you longer than one evening. I would imagine. I actually think there's a potential that in tough times, people might substitute in favor of cannabis, but again, remains to be seen. Next question. Indiva's thinly traded with less than 100,000 shares traded daily, and when fully diluted shares are 180 million. Is there anything you attribute that to? It's a good question. Look, I mean, we've increased our analyst coverage. Our conference calls seem to be better attended. I'd like to think that profitability will bring more people, let's say, into the pool. The overall market's been very tough. The cannabis industry is not profitable. None of the LPs are profitable, none of the retailers are profitable, and none of the MSOs seem to be benefiting much either in the United States. There's almost no catalyst on the horizon that the market seems to be excited about. By way of example. Not to go back to using Canopy in any example, but if I'm not mistaken, when Constellation made their large investment in Canopy, the market cap there was somewhere around $30 biilion-$35 billion. Well, today, the entire North American market cap for all MSOs and LPs is about $25 billion. That's a really tiny keyhole. Most industries don't have a total market cap of $25 billion. That's small, across the entire continent. Look, I think we need probably a better, let's say, I don't want to say better actors, but better profitability across the industry, to bring mainstream investors back into it, so it's not just cannabis funds and specialists that look at this space. Some positive regulatory change north and south of the border wouldn't hurt either. Until then, we'll keep meeting with investors and doing the best we can to broadcast the message, about what we're doing, why we're doing it. I think when we get to profitability, and start showing a real return on assets. I'll give you another example. We looked at our total asset base is around CAD 38 million, and this year we expect our net revenue to be greater than that. I don't think there's any other publicly traded Canopy. Pardon me, companies, that can say that their net revenue is greater than their asset base. That's not a conventional metric, but if you can't get to that kind of level, it's very difficult to understand how a company's going to earn a real return on equity or invested capital or return on assets. We've intentionally built a great machine here in London, Ontario, where we can be profitable on an asset base that's not in the billions. Look, I hope the volume will follow profits, and people will get more attracted to the stock over time. Next question here, the 25 new SKUs is great, but is this sign that generally the OCS is allowing too many SKUs overall? It seems like the overall number of products on the OCS has gone up exponentially in the past year alone. I don't know that there's too many products on the OCS. If you look at the LCBO, which for those that don't know, the Liquor Control Board, this is basically the spirits monopoly in Ontario, and wine and spirits, pardon me. There's something like 10,000 SKUs. When you look at consignment and other SKUs, it's tens of thousands. For the OCS to be somewhere around 2,000 SKUs, is it too much? I'm not sure it's too much. Certainly, when you get a big change in the number of SKUs, like we've seen in the last 12 months, there were less than 100 edible SKUs at the OCS. Now there's over 200 a year later. You're going to get some dilution in market share. I don't think it's any surprise you add that many new SKUs. Stores are going to buy them, customers are going to try them. People are still trying to figure out their preferences, and so we've had some share loss. We like when the OCS accepts new SKUs. I don't think, let's say, stemming the tide of new SKUs into the OCS is going to benefit the market. I think what we need over time is just some rationality. We need producers to stop bringing product to market in loss. That's irresponsible behavior that hurts everybody. We probably need provincial wholesalers to also hold firm to not allow that to happen. We need retailers to behave rationally as well. A huge amount of the retail stores that opened up in Ontario were opened by folks that were brand new to retail, period. Not just new to cannabis, but new to retail. There's going to be a shakeout. We were already seeing it out West, and we're already seeing it to a certain extent in Ontario. I mean, if you said to me, what is the perfect number of SKUs? I don't know that I have that answer. What I can say is that if we went from under 100 to over 200 edible SKUs in the last year, I find it really hard to believe that we're going to get to over 400 edible SKUs 12 months from today. That's just far too much growth. Not all SKUs are created equal. When we look at the POs that are rolling in for some of the SKUs that we've launched, it's certainly not equal from SKU to SKU. When we launch a new product like cookies, actual cookies, not the brand, but our sandwich cookies under Indiva Life, we basically accept what the initial orders look like. If the sell-through is robust, we're going to see those orders increase. I don't know that we need to agonize too much about what will the final SKU count be. I don't think anybody knows. We need to focus on our revenue per SKU and our distribution, and breadth of distribution in the country of those SKUs. Next question. Cash on the balance sheet seems stable quarter to quarter. How do you feel about the current capitalization of Indiva and a need to raise capital in the near term? We don't have any pressing need to raise capital in the immediate term. As I said earlier on, we are working already on refinancing our senior debt and trying to be in a position where we have options early. I would say that's where we're focused. Obviously, our appetite to issue equity down here is pretty much zero. I think we're horrendously undervalued and, yeah, I wouldn't expect that anytime soon. Next question, to be clear, in Q3 with all the Pearls, Dime and Indiva Life cookies and lozenges will be in Ontario retail. Many of them probably will not make it to the stores before the end of September, but we will deliver all of those products to the OCS before the end of September. That is how we recognize revenue. When it basically hits the dock at the OCS, we recognize it. It'll impact our net revenue, but if you're looking to buy Indiva Life cookies, lozenges, or Dime vapes in Ontario, it probably won't be till mid-October. Next one. Based on the conference call yesterday, EBITDA looks probable in Q3 and Q4. Is profit a good target for Q4? This is all kind of changing real time. Now that we're getting POs rolling in from the provinces for all the new products, we can actually have a better amount of certainty. Can we hit a CAD 5 million a month revenue run rate by the end of the year? I'd like to think so. If we get there, it's very hard to see how we wouldn't. That would imply CAD 15 million a quarter of net revenue. It's almost double what we reported. I don't expect any big changes in G&A. Sales costs will go up, and I wouldn't expect our marketing costs to rise at all. If anything, they're going down. Look, I don't want to guide anyone to the idea that we're going to print earnings, but that's the goal. I think we have a path to get there, and we'll just have to see how, not just the original purchase orders, but the replenishment orders and the sell-through, and that's going to take a couple more months to be more certain about. Next question is, are we going to launch any new Jewels flavors? I don't think so in the short term. Jewels has probably been one of the least successful product launches we've had, and I don't think that speaks nearly as much about Jewels not doing well as much as Wana and Bhang have done exceptionally well. I think a problem with the Jewels product is that while it's nice to talk about microdosing, there's not a lot of people that really like to microdose. The biggest problem in the edible category is that the potency limits are too low. I don't see us investing a lot more in Jewels in the short term. What I would say is that if the regulations do change in the next year or two, for instance, where we can have, let's say, 10 Jewels in a container at 10 mg each instead of 1 mg each, I think that's going to become a very popular product. I think it's got legs in the future. I don't see us introducing much more in the short term. I think that's all the questions that are listed here for the moment, Neil. I'm happy to give it another couple of minutes if anyone has any further questions. Yeah. Maybe briefly highlight the event schedule for the fall, where you'll be at the trade shows, and we do have one more question up there now. Sure. Yeah. I'll be speaking at Benzinga in Chicago in mid-September. We will be attending MJBiz in Las Vegas in November. Not speaking at that conference, but that's probably the biggest conference of the year. Pretty much everybody goes. We have a lot of U.S. partners, obviously, between Grön and Dime and Wana and Bhang. It's a great opportunity for us to reconnect with all the senior folks at the partner companies, our licensors. Those are the two big ones for the fall. I'm also speaking at an event, Cannabis Conference in Toronto, late September. Obviously, we'll report our Q3 mid to late November. Hopefully we'll have another one of these sessions. I don't know if I'll wait as long as November, but hopefully we'll maybe have one halfway between now and then, Neil. Excellent. Nolan has a question up there for you. Nolan, yeah. What is the current outlook on the CBD edible category, given there are no limits? Yeah, it's interesting. THC outsells CBD basically 20 to 1. I think we're seeing CBD become more prevalent. Our biggest seller is Pomegranate Blueberry Acai from Wana. We call it PBA for short, because that's a mouthful. That's got 50 mg of CBD to 10 mg of THC. Line priced with the other products, perhaps not surprising, it's the number one seller from a value perspective. We're seeing more large format CBD products, and we're certainly starting to put those into the market. Not sure what the future is for our 10-pack of Wana gummies. I don't think it's priced appropriately, but we have submissions for multi-pack Pearls, going into provinces. I would say stay tuned there. There's a very specific kind of consumer, I think, that likes the multi-pack CBD. We'd be happy to produce more of it, but I think, fortunately or unfortunately, the lion's share of demand out there is for the highest potency edibles people can find. On this page right here, the lozenges are kind of the smoking gun. If I were given the choice between a lemon lozenge, a vanilla sandwich cookie, or a chocolate, I probably would choose the cookie or the chocolate from a flavor point of view. If you're looking to dose, whether it's medically or recreationally, and you're trying to get to 20 mg or 30 mg, three lozenges is going to be a cheaper way to get there, and maybe a less offensive way to get there than, say, eating three cookies or three chocolates. Although I'd be perfectly happy to eat three cookies too. I hope that's a helpful answer. We'll continue to offer multi-pack CBD. Just not sure if it's ever going to be a big component of the edibles category. It's still pretty small. Okay. I think that's it, Niel. I think we can wrap it up now. I just posted that you're going to be presenting with Bruce on the 18th of October, and then we'll host one of these in November, like you said, after the Q3 results. Right. Perfect. That's right. Great. Good stuff. Well, thanks everyone. Feel free to reach out to us anytime. Our Investor Relations contact is on the last page of the deck. Anthony would be happy to chat with you. Yeah, hang in there. I know it's tough when the sector is washed out to this extent. I think if folks take a good hard look at the numbers, we've kept our margins in the 30%+ range for a while, and we weren't happy with the revenue number in Q2, but we're certainly feeling really bullish about Q3 and then Q4 having a full quarter of all these new products. Yeah, I think we're on track to be one of the profitable cannabis companies and get there first. Stay tuned, hang in there, and we're just going to get right back to work. Wonderful. Okay. Thank you everyone for joining us. That concludes the session. Have a great day and have a good couple remaining weeks of the summer. Bye everyone.