Ladies and gentlemen, welcome to Rubicon Organics Annual General Meeting conference call. At this time, all lines are in a listen-only mode. If at any time during this call you require immediate assistance, please press star zero for the operator. I would now like to turn the conference over to Margaret Brodie. Please go ahead. Good morning, and welcome to Rubicon's Annual General Meeting 2023. We're going to proceed with the formal part of the meeting, and then after that, we'll close that off, and then we'll move into a management presentation and the opportunity for question and answers after. We have people here live in the room. We also have people on the webcast and on the phone, so, all of those will be considered as we progress. I believe in total, the meeting will be somewhere between 30 and 40 minutes. So I'm going to call the meeting to order. As a first point, the annual meeting for the year ended December 31, 2022, will now come to order. My name is Margaret Brodie. I'm the Interim CEO and CFO, and a director of the company. Pursuant to the articles of the meeting, I will be acting as chair, as chair of the meeting. With your approval, I will appoint Janis Risbin to act as secretary for this meeting. And with your approval, I will ask Leah Zlancic of Odyssey Trust to act as scrutineer at the meeting. I would also like to introduce other members of the board who are present here today and officers. So I've got two nominees, excuse me, Lenard Boggio, here in the room, and I have Melanie Ramsey, our Chief Commercial Officer, also in the room. Would the secretary please assure us that the annual general meeting has been properly called? I have before me an affidavit of a representative of Odyssey Trust Company, attesting that the notice calling the annual general meeting, together with the information circular and form of proxy, was delivered in accordance with the Business Corporations Act of British Columbia and applicable security laws. Therefore, the Chair of this annual general meeting has been properly called. I'm advised that according to the preliminary report of the scrutineer, a quorum is present. The scrutineer's report will be read later when it has been compiled in detail. I now declare that the annual general meeting is regularly called and properly constituted for the transaction of business. Before commencing with the business of the meeting, I would like to ask the secretary to explain the voting procedures to be followed at the meeting. There is one class of shares in the company, common shares without par value, which are entitled to vote. The holders of common shares are entitled to one vote for each common share held. Voting will generally be by show of hands. Each holder of common shares entitled to be present, is entitled to vote. The articles of the company allow any person present, who is entitled to vote in person or by proxy, to request a poll, in which case voting will be by ballot, with each shareholder or proxy holder having one vote per share. The chair can also request that a poll by ballot be taken on a resolution. Proxy votes will only be counted on a poll by ballot. Those of you who have not filed proxies will receive ballots if a poll is requested or required. The next item of business is the presentation of the audited financial statements of the company and report of the auditors thereon for the fiscal year ended December 31, 2022. Copies of the audited financial statements and auditor's report are available from the secretary. Accordingly, unless somebody specifically requests, the auditor's report will not be read at the meeting. Unless there are questions arising from the audited financial statements and auditor's report, I shall consider them received by the shareholders as submitted to the meeting. It is now in order to proceed with fixing the number of directors to serve on the company's board for the upcoming year. There are eight directors standing for election this year, and therefore the company wishes to fix the number of directors at eight for the ensuing year. I ask for a motion to fix the number of directors at eight. So moved. Is there any discussion on the motion? All those in favor, please signify by raising their hand. Opposed, if any? Carried. It is now in order to proceed with the election of directors for the upcoming year. The information circular, which was mailed to the shareholders, contains the names of and information about management's nominees to the board of directors. There are eight positions to be filled, each a one-year term until the next annual meeting of shareholders. It is proposed that the separate ordinary resolutions be passed, electing Margaret Brodie, John Pigott, David Donnan, Michael Detlefsen, Doris Bitz, Len Boggio, Ian Gordon, and Karen Proud as directors of the company, and hold office in accordance with the articles of corporation. Each of the nominees have previously consented in writing to act as a director. As no advance notice of any other nominations has been given to the company, in accordance with Article 11.3 of the Articles of Incorporation of the Company, there are no nominations, and I ask for a motion that nominations be carried. So moved. Is there any discussion on the motion? All of those in favor of the motion, please signify by raising their hand. All of those opposed, if any? Carried. I would ask that each shareholder signify their vote by following on the following by raising their hand. All those in favor of the appointment of Margaret Brodie. Withheld, if any? Carried. All of those in favor of the appointment of John Pigott. Withheld, if any? Carried. All of those in favor of the appointment of David Donnan. Withheld, if any? Carried. All of those in favor of the appointment of Michael Detlefsen. Withheld, if any? Carried. All of those in favor of the appointment of Doris Bitz. Withheld, if any? Carried. All of those in favor of the appointment of Len Boggio. Withheld, if any? Carried. All of those in favor of the appointment of Ian Gordon. Withheld, if any? Carried. All of those in favor of the appointment of Karen Proud. Withheld, if any? Carried. I declare that Margaret Brodie, John Pigott, David Donnan, Michael Detlefsen, Doris Bitz, Len Boggio, Ian Gordon, and Karen Proud have been elected as directors of the company for the ensuing year, to hold office until the next annual general meeting of the company or until their successors are elected, are appointed. The next item of business is the appointment of the auditor of the company. It is proposed that PricewaterhouseCoopers LLP be reappointed as the auditor of the company to hold office for the ensuing year until the close of the next annual meeting of the shareholders of the company, and the board of directors be authorized to set their remuneration. I would ask for a motion with respect to the reappointment of PricewaterhouseCoopers. So moved. Is there any discussion on the motion? All those in favor of the motion, please signify by raising their hand. Opposed, if any? Carried. Will the scrutineers please re-submit their report on attendance to the secretary? The secretary will now read the scrutineer's report. A total of 1 shareholder is personally present. A total of 9 shareholders are represented by proxy, representing a combined total of 40,649,434 common shares. I adopt the scrutineer's report and declare accordingly that a quorum is present. Is there any further business? If not, all business for which this annual general meeting was called have now been completed. I now call for a motion to conclude the formal portion of the annual general meeting of the company. I move that this meeting be concluded. All of those in favor, please signify by raising their hands. Opposed, if any? I declare the annual general meeting of the company concluded. Thank you for your attendance and continued support, and thank you to Odyssey Trust. So that concludes the formal portion of our meeting. And I'm going to take a moment to present where Rubicon is at for this year. And thank you all for coming and bearing with us through the formal part of the meeting. I'm very excited for where we're going and who's in attendance today. So I'd expect, I expect that you have read in detail our disclaimer and forward-looking statements, and I would encourage you to, and I have my lawyers in the room encouraging you to as well, before we begin. Rubicon Organics is a leader in the Canadian cannabis sector in delivering BC bud in both premium and organic markets. Winners in Canada are emerging and competitors are falling away, and Rubicon Organics is consistently being identified on the winners. We have delivered five consecutive quarters of Adjusted EBITDA profitability and four consecutive quarters of positive operating cash flow. We did this through our three flagship brands, Simply Bare Organic, our super premium, flower-first product, and you can see some products here in the room today, which we'd love to share with you after the meeting. 1964 Supply Co, our premium flower-first cannabis product, and Wildflower, our topical and wellness brand, focused brand, where we have delivered consistent organic certified products that are recognized and meaningful to consumers. Each of our products delivers gross profit with every product sold, and we have brand distribution across all key provinces, where we cover over 97% of the addressable Canadian cannabis market. Our operation is organically certified, which means our plants and their flavors benefit from living soil and a larger expression of terpenes or flavors within the flower. How are we winning? We focus on choosing. Quality, the consumer cares, and we are delivering. And our people and team, who I'm really proud to work with, they have a passion for the quality and a focus on delighting the consumer every day. Our team is experienced in cannabis. We are operators who focus our efforts on where we can win rather than trying to be all things to all people. That competitive focus is how we got here. For those unaware, Rubicon is listed on the TSXV and tightly held with about 43% insider ownership, and you will have seen a historical, consistent pattern of insider buying. A few of our fundamentals are here. We have over 2% market share, but more meaningfully, we have over 5% of the premium market, which is the most profitable segment, and we are winning in topicals with almost 23% of market share. Our 125,000 sq ft facility is located in Delta, BC, and produces consistent, premium, quality, organic, certified products due to our proprietary methodologies and our strong operational execution. We have delivered almost CAD 7 million in operating cash flow for the twelve months ended June 30, 2023. And the foundation is laid for our brand and execution to build the premium BC bud leader in Canada. I'd like to say that we aspire to be the lululemon of weed. One of the notable items for us in 2023 was the results of an independent study of Canadian budtenders by the Brightfield Group. Budtenders are often the connoisseurs of the cannabis industry, very similar to a sommelier, and they carry a lot of weight with consumers' decisions. The survey results demonstrated that Rubicon's super premium, Simply Bare Organic and premium 1964 brands, held the top two of the top three spots of the most recommended brands by budtenders. I'm proud of the progress of our 1964 brand, which achieved national recognition after its launch in 2021, achieving the number one premium brand status of Canada, in Canada in April of this year. This success is a testament to the robust brand foundation we established with Simply Bare. It illustrates the significance of budtenders in the Canadian cannabis landscape. They recognize the quality and credibility of Simply Bare, which paves the way for the introduction of our secondary brand, 1964, further solidifying their trust in the parent company's products. A few of our summer highlights I'd like to share as well. Firstly, Simply Bare Organic has launched new and unique flavor-forward genetics, BC Organic Harlequin, Scotty the Scotty, and Jelly Breath, which are things you never think you're going to hear in a corporate presentation. Next, our 1964 brand has been busy with a raft of new offerings, including Rubicon's first edibles products, where we have successfully launched 1964 live rosin gummies, now with five flavors in market. Beyond edibles, 1964 has launched Gelato 41 flower, rosin, and juice pre-roll under our award-winning comatose strain. Excuse me, we are very excited, and again, I can't believe I'm saying this in a presentation, but the reception that our Death Soda has had in the market being rolled out in the last few weeks. In addition, 1964 flower was recently voted by the KIND Summer Fair in July, the number one flower experience by budtenders. Again, just that budtender love is so important to our business. And I'm always happy to share that, I won't name names, but a few notable celebrity cannabis-associated celebrities have requested our brand by name in Vancouver store system . So very excited about that. We have worked tremendously hard to develop the operational processes and consistently deliver, in our opinion, the best premium flower in the market, and we are pleased to see that when users are looking for flavorful, high-quality experience, they look to Rubicon's brand. The remarkable journey of our brands, accompanied by their strong reputations, signals our readiness for growth. So beyond our flower business, our Wildflower brand has become Canada's favorite topical. It holds the number one topical positioning in Canada with an incredible market share of almost 23%. The product is targeting those consumers seeking the benefits of CBD wellness rather than the THC-focused experience. After purchasing the Wildflower brand in late 2023, Rubicon has been building the offerings available under this brand, and this summer we launched the new Wildflower Extra Strength Relief Stick and Wildflower One-to-One CBD to THC Relief Stick. We are excited for the opportunity to further expand this brand and engage with the everyday wellness consumer that Wildflower brand targets. You can expect to see some new product offerings coming out to the market before the end of 2023. Rubicon believes that our products, quality, operational execution, and processes are key to our success. We aim to be the leading premium cannabis company in Canada through our competitive advantages. Firstly, we cultivate in living soil, excuse me, organic living soil, which provides that more flavorful and terpene-rich experience that consumers love. We have a premium hang, dry, and cure process to make sure that the great flower we cultivate is processed with care, and we deliver consistent, premium-quality flower. Our Delta facility has the benefit of delivering indoor quality products with greenhouse costs, and we have industry-low inventory loss or inventory write-offs, as you can see from our financial statements. Rubicon's operations team on an endless pursuit of the standard, and to set the standard for premium products in Canada. We are constantly evaluating data, trialing improvements in new genetics, and we believe that steady incremental improvements in our quality are demonstrated in the market with recent drops such as Simply Bare Organic Flavor Forward White Rainbow, which our team and many on our team believe is some of the best flower and genetics we've ever produced. Our new strains drop regularly, and we are monitoring legacy market trends to deliver new news into the market, into our brands, very similar to a Cookies or Alien Labs strategy in the U.S. Our team is always looking for opportunities to win, with looking to win with the consumer and with the recent launch of Simply Bare BC Organic Harlequin, and I'm glancing over to my right because we do have some here today. It was looking for a demand, high demanded gap in the market where we launched Canada's first super premium one-to-one under Simply Bare Organic. BC Organic Harlequin has a balanced ratio of 11% CBD and I believe around 8% THC, and this product has quickly demonstrated high repeat sales ever since its launch in BC, and it will be going more across the country. This launch proves that a targeted consumer insight, coupled with both high-quality products and operational execution, drive brand performance. With brand awareness and foundation laid, we are set for expansion with more profitable product formats, and given our capacity constraints, we look to focus on selling our most profitable products, coming out of our Delta facility. The support we have received from the community has been very notable. The cannabis community, as, has a lot of heart and soul, and it's very important that we are part of that. We received two awards just this year, or just in the last, I guess, nine months. The first BCAR Cannabis Cup in 2023, where Simply Bare Organic, you can see here, oil, BC Organic Oil Tanker, won best gas, to the KIND Awards in December, a national awards, where our 1964 Supply Co, Comatose, won Indica of the Year. Our success is driven by exceptional products, customer-centric approach, and a strong operational execution by our team. Our next step is to take the brand platform that we have, that we have built, so Simply Bare, 1964, and Wildflower, and grow, build, build off of that platform to grow revenue.... So how do we grow our business? Firstly, we have organic growth. We are working to maximize our yield and our quality from Delta with the installation of tables in the remaining 50% of the facilities that doesn't have them. Those tables will increase our yield up to 10%, but it will also increase air circulation and space for plants, meaning better plant health, which leads to higher terpene levels and higher portion of our highest quality flower. More high-quality flower, in turn, provides further opportunities to strengthen and grow our highest margin Simply Bare brand. Then we target the most profitable products to deliver the highest return on our fixed cost base. The growth in our overall, in the overall premium market segment, means there's more opportunity for us to sell in our strongest price point of Simply Bare Organic over the coming years, where there's only about a third of our sales this time. Once we have the remaining tables installed in Delta, Rubicon will have maximized the flower capacity within our current facility, and we've been seeking... We are seeking to leverage the power of the brands that I've just talked about and use them to drive more volume. Firstly, we've taken steps to achieve incremental gross profit beyond our production capacity at Delta, and in April, we launched 1964 single-strain live resin edible. Again, it's got some here today. This asset-light strategy has allowed us to enter a new category using contract manufacturing to use the platform of our brand recognition that has been built with 1964 brands, with minimal impact on the Delta capability. Our opportunities for further growth in other categories, and we've just talked about the Wildflower brand, with co-manufacturers exist beyond edibles and many brands and categories we see potential to build our brand, and we are going to leverage on this strategy. Recognizing the flower constraints through the first half of 2023, we've been evaluating and establishing high-quality partnerships to contract for both contract growth and co-manufacturing. This is an asset-light model in order to complement the premium production that we have to satisfy the demands for our brand. This effort has been a thorough process, because Rubicon has standards that we want to hold, and to ensure partnerships meet those quality standards and the operations are up to our standards is absolutely critical to us. So yes, it takes a minute, but we believe in that, and we believe that the long-term brand health, that's absolutely critical. This means an asset-light approach, taking advantage of knowledgeable cultivators that are already out there are not looking for the complexity of managing the provincial board, sales and marketing teams, et cetera. They just want to grow great weed. With over 1,000 cultivators in BC, or excuse me, in Canada, I'm sure there are 1,000 in BC, but maybe not all legit. We have lots of choice with solid premium cultivators existing. The first contract is coming up here in the Q4. We'll be able to see the results of that. We're testing, and we expect to expand that and really have a larger scale adoption of that program in 2024. Lastly, we are opportunistic, and I think that is the word of the day. When the right options arise for our business to grow, we are going to take them, and you will see in our guidance, an operating cash flow positive year. We're in an opportunistic position. We see a growing marketplace, demand for our loved brands and assets in the market getting cheaper by the day. This is a fun chart. In the last 12 months to June 30, 2023, Rubicon has seen consistent rolling 12-month growth, with a 68% increase in net revenue and an over 300% increase in gross profit before fair value adjustments. We have achieved a consistent positive trajectory of revenue growth, profitability, and positive cash flow. This is in contrast to most other Canadian companies that have continued operating cash flow losses with high cost bases. In the rolling twelve months, our adjusted, our results stand out in the Canadian cannabis landscape, delivering positive Adjusted EBITDA of CAD 5.1 million and almost CAD 7 million of operating cash flow. I would like to note that our Adjusted EBITDA calculation is very clean and only adds back the fair values, non-cash, adjustments for cannabis plants and share-based payments, not inventory losses, R&D, and other types of costs. In Canada, only a handful of companies have demonstrated consistent growth without costs out of control, and we watch our costs very carefully with monthly budget actual reviews within each department to make sure that our business is limited to surprises. That sounds very simple, but it's not done across this industry. We are the right size and right structure to deliver continued profitability and cash flow, as well as to react to industry volatility. So this is interesting. The overall cannabis market continues to grow, as you can see here from the gray bars in the back, and in 2023 came out of 2022, excuse me, with CAD 4.5 billion, according to Statistics Canada, and an estimated 40%-50% still in the illicit market. That means that the Canadian market is over CAD 8 billion market. In 2023, the premium market continues to grow faster than total markets, but this summer, both the overall and premium markets had experienced lower growth in dollars relative to units sold. In other words, price compression. We attribute this price compression to the financial strain faced by numerous competitors, compelling them to offload inventory at reduced prices to alleviate debt burdens. We expect the scenario to rebalance post-2023, probably into the middle of 2024, and there'll be bankrupt... Continued bankruptcies, with excess capacity and competitors coming offline over the coming year. Unfortunately, for the timing, we've also seen consumers feeling inflation in their wallets and impacting their purchase decisions, indicating recessionary pressures out there. While I expect price compression and recessionary pressures faced by consumers will impact our growth in the very short term, we view this as transient and don't believe... and we really believe that it will rebalance by mid-2024. And in 2024, we expect the landscape will have evolved. So a much more balanced supply and demand model within cannabis in Canada and strong enterprises like ours in 2024 will, it'll be, will be in a great position and opportunity. After 2023, 2024, current studies indicate that over the next three years, the premium market is expected to grow by over CAD 300 million on the basis that the premium market in Canada still accounts for only about 19%, of the total market, wherein the U.S., in the more advanced states such as Colorado, California, those are sitting at 25% of the market. So we really believe in that CAD 300 million dollar growth that we expect to see in the next three years. And we believe also firmly that Rubicon's product consistency, superior quality, and unique full-bodied flavors are expected to drive brand success in future and take part of that category. So we've all heard the news. The landscape of Canadian cannabis has evolved very differently than the federal government envisioned, and in 2022, over 41% of CCAA filings in Canada were cannabis companies. As expected, there's no letup in 2023, and you've just seen that from the chart in price compression. It continues to be a very challenging year for the Canadian cannabis industry, with several cannabis companies in insolvency proceedings. Rubicon did an internal assessment, excuse me, an external assessment of Canadian cannabis producers, and we expect conservatively, 6% of total market will come as companies will go insolvent this year of 2022 numbers. We've already seen over 3% of that come out, and they're in insolvency proceedings. I expect this will continue over the course of the next six months, while companies struggle with cash burn or are unable to raise funds or access debt. But that's not all doom and gloom. A group of Canadian cannabis companies are emerging as winners, and Rubicon Organics is on the list. Many companies in financial,, well, with many companies in financial stress, we've got short-term price compression. But on the other side of that, we see a Canadian cannabis industry with a strong surviving and growth opportunities in a more balanced supply-demand equilibrium. And the size of our operation and asset-light model, the strength of our brands and our operational execution, means with our focus, we can win. There are also some other challenges going on out there, but, I do believe that the federal and provincial governments are going to take those into account. And I think as those challenges come through, the government's actually waiting for the industry to settle itself out a little bit more before they make the changes. I do think we're going to see some significant regulatory reform in the next few years. So I'd like to take a moment to highlight and welcome Rubicon's new directors, just voted in this morning, and thank them for their patience as we waited through an extensive Health Canada security clearance process. The incumbent independent members of the board, John Pigott and David Donnan, drove an extensive board search process with an external search firm, and they have found an exceptional and experienced group of leaders named Len Boggio, Doris Bitz, Michael Detlefsen, Karen Proud, and Ian Gordon. Together, this group brings expertise in brand management, manufacturing, government relations, strategy, finance, and governance, and I know the business will benefit the fresh energy and eyes that they will bring to deliver our goals. I'd also like to note that the CEO role will be determined by the new board, and I have a high degree of confidence in our new board making the right steps for Rubicon as a business. For the time being, I will continue as interim CEO and CFO, and the leadership team is focused on continuing our strategy and delivering on our next milestones. I'd also like to take a quick moment to acknowledge that our Vice President of Operations is just in the process of retiring. Peter Doerksen has been a huge part of Rubicon for the last number of years, and I wanted to thank him for his dedication and all his hard work. And he has been a really solid set of hands for us. He has been gracious enough to find his successor, and Chris Johnson has just started July first. We've had a nice transition period, and September first, Chris is fully enrolled and excited about the future. The last point on governance that I'd like to point out is watch out for our 2022 ESG report. We don't just call it ESG. It's not about the environment. It's about the environment, the social and the people, and governance. Those are equally as important to us to deliver on our business. So in summary, Rubicon remains focused on our business strategy and to deliver positive results to ultimately drive shareholder value. We are aware that the Canadian cannabis industry is hampered by very short-term issues, oversupply, short-term price decisions by competitors. But all of that aside, we are in a winning position in the industry, and we are focused on building the platform right. Few companies in the cannabis sector are positioned as we are. We have a premium market position, we have a balance sheet and positive trajectory, and we expect to deliver continued growth in our net revenue, resulting in an increase in gross profit and Adjusted EBITDA on the full year 2023, as well as positive operating cash flow. Our brands are established, recommended, we are ready for growth. The table is set for us to leave our office and grow a larger business. So thank you all for coming, and I'd really like to open up the line for any questions. We've got people in the room, people on the phone, and people on the webcast, but I would move probably first to the phone if there are any questions. Yes, thank you. Ladies and gentlemen, should you wish to have a question, please press star one on your telephone keypad. Once again, that is star one, should you wish to ask a question. There are no questions on the phone lines. Please proceed. Oh, go ahead. Is that over to me? ... Yes, we have no questions on the phone lines. Thank you. So I would love to see if there's any questions in the room or on the webcast. Eric, Mr. Savics, you've got a question. From what you've been describing here, what were the results, given the lack of interest in the stock market, considering the share buyback? Good question. You should repeat the question. I'm going to repeat the question. Thank you. The question asked was, given the lack of interest in the cannabis sector and the stock markets, and the position that Rubicon Organics is in, are we considering a share buyback?, at this stage, it certainly always,, all of those items in terms of looking at where the valuation of the company is, in terms of the market versus what we believe it's delivering and where we believe the valuation is, needs to be taken into account. But to be frank, I think at this time, with the amount of volatility that we have still happening in the market, we'd like to build the cash balance up a bit, and make sure that we can be opportunistic. But I do think it's something that the business should always be aware of and considering. Thank you, Blair. Yeah. Two questions. First question, where is the industry with regards to lobbying efforts and the government providing tax approaches? First question was, where is the industry with respect to its lobbying efforts on, with the federal government and lobbying on excise tax? Actually, it has been very active. So in February, I was in Ottawa. We met with a series of ministers and offices, I should say, with respect to, including the Prime Minister's office, with respect to the excise tax. There is another big movement and paper going out now through an organization called C3, which represents a number of the largest companies in the industry. There had been a lot of expectation by a number of people that there would be a change in the March budget. I think that was unrealistic. I think, to be frank, the government is not focused on the marijuana industry. They will let it shuffle out. I do believe the provinces understand the issue. We have an interesting challenge where companies are not remitting to the federal government the excise tax that they receive from the provinces, but the provinces are being made whole, backed by the federal government. So they're taking the law. So when that comes, there's a big negotiation that needs to happen between the federal government and the provincial government, and that's where I think the sticky point is. There was a push in the last two weeks for the Conservatives to have medical excise on medical cannabis abolished. On the weekend at their conference, it was not passed in the policy paper, but it is starting to get that trajectory. I don't expect it for at least another year. We would welcome it. It would change the economics significantly, but to be frank, Rubicon will survive through that period, and it will clean up the industry as time goes on. My second question is, given all of the things that have been accomplished over the last year, what would you say is your most proudest? Oh, that's a great question. So the question was, what is my proudest achievement through everything that we've been through in the last year? Look, to win in this business, you need to win with the budtender. The budtender is the decision point, the single point of decision on, at a store that can influence, a shopper. And when you walk into a store, unlike a liquor store in Canada, where you can pick up the bottle, you have to actually have a conversation behind the counter. So winning with budtenders, winning that survey as two of the most, top three most recommended brands, and then winning this summer, with the best experience that they had was with our sample product, really shows me that we're doing something right. And we need to hold fast and stay true to that as we look at a,, continued volatility in this market. Great question. Any others? Okay. Well, I'd really like to thank everybody for coming today. It has been a very big journey in the last year, and more continued change in the cannabis sector in Canada, but very proud and excited about where we're going to go, and thank you for the opportunity to speak with you. Ladies and gentlemen, the conference has now ended. Thank you all for joining. You may now disconnect.