I'm a little tall for this. So good morning, everyone. My name is Margaret Brodie, and I'm the CEO of Rubicon Organics, and I believe we're the only cannabis company here, or the weed company here, so thank you for attending. Interest in weed has waned in the investor segment, but I can tell you it has not in the marketplace. So we'll talk a little bit about what's happening, and hopefully at the back, you guys can hear me okay? Perfect. Great. So bear with me. It's been a busy week, so you're gonna hear some fun and games about weed, and if I lose track, we'll get back on track, and we'll do some questions at the end. I'm sure you have all sat here and in very much detail, read our disclaimer and forward-looking statements, as you all know the importance of it. So a quick company overview for you. Rubicon Organics is a leader in the Canadian cannabis sector. We deliver BC Bud nationally. Those of you who don't know about BC Bud, the Draft Dodgers came up from the U.S. and settled in British Columbia, through the interior, on the island, various places, and really brought weed to Canada in a big way. There's a big legacy here. It's one of the places known for its weed, as is California and the Emerald Triangle, Jamaica, the home of Bob Marley, and the Netherlands for their coffee shops. We're very proud of this industry, and I don't think I, 25 years ago, thought that I would be saying that at an investor conference at the hotel downtown. I'm a Vancouverite. We're based here in Vancouver. And, in a minute, I'm gonna invite you guys out to our facility. If you're based here, if you're interested in it, please reach out to us. Our CFO, Janis Risbin, is here also at the back, if you wanna catch her when you see her. Our operation is organically certified, which means our plants benefit from extra flavors of the soil. I think many of you probably have eaten a normal old strawberry and then an organic local strawberry, and the difference in that flavor. It's the same thing with weed, but not only that, our product is premium. So you can't just be organic to be better, it actually has to actually deliver a great quality product. We've delivered two years of Adjusted EBITDA profitability, and we did this through our three flagship brands: Simply Bare Organic, our super premium flower-first products, 1964 Supply Co, our premium flower-first products, and Wildflower, our topical and wellness-focused brand. Through these brands, we deliver high-quality products that are consistent and are winning and recognized with consumers. Why are we winning? We focus on quality. Quality, quality, quality from our plants, from our people, and from our products. Our team is experienced in cannabis, and we're operators, not promoters, I probably should be more of a promoter, who focus our efforts where we can win, rather than trying to be all things to all people. I think you'll probably agree that a number of the cannabis companies in the early days spent a lot of money trying to do that. We focus. Rubicon is listed on the TSXV under ROMJ and on the OTCQX under ROMJF, and we have about 43% insider ownership between management and our two largest investors. We are positioned, and we believe we are strategically positioned to have a valuation repricing similar to analogous industries in CPG, and I'll talk to that in a minute. So you're gonna hear about our growth opportunity and our positioning. In terms of growth, we hold the strongest premium house of brands, which is a proven launchpad for new products. In 2023, we launched something called Live Rosin edibles. Live Rosin is kind of like a freshly squeezed apple, which gives you that whole plant experience, much more similar to inhaling with flower, versus many of the gummies on the market are kind of from all the leaves on the floor, squished together, and put through a distillate process. We're taking the freshest live experience of the plant, and it gives the consumer a better full-bodied experience. We took that under 1964 and with minor cannabinoids under Wildflower, and in 12 months, became the number one premium edibles producer in the country. I will share a little bit more later, but in Q2 of this year, we launched our vape project, and within 2 months, we managed to achieve 40% distribution nationally, which is really just incredible. I can't speak to the latest numbers because we haven't released it, but that was coming out of our Q2, and what's next for us? We see large demand for Canadian premium cannabis inbound from international markets, most notably Australia, the largest medical market in the world, the U.K. now turning on, Germany, and in 2023, exports from Canada were CAD 220 million. I expect that number to be a lot higher this year. I don't know what it is. It started in 2009. It was only CAD 8 million, so you're receiving really rapid growth. Rubicon holds unique IP, and we are positioned as the world's leading scaled, certified organic cannabis company. We don't just deliver organic, as I said, we also deliver premium quality, and we have an extensive genetics library. Genetics are a little bit like fashion, and the cannabis industry does love some new fashion. You kind of always go back to your same old black turtleneck, but you want every once in a while to spiff it up with something neat. That's probably what we're doing. God, I sound like my mother! These things happen to all of us, don't they? We're also disciplined operators, and we're focused on delivering consistent premium quality. We do not compromise on our quality for our consumers. When someone takes their hard-earned dollars and puts them that trust into our brands, we wanna make sure that we're delivering that experience for them. We often say, just because somebody's a premium cannabis consumer, doesn't mean that they're a wealthy individual. Kind of like somebody who maybe has a 2003 Honda, but has a CAD 15,000 mountain bike, that would be akin to a lot of cannabis consumers. What this means is, we actually pay a lot of attention to delivering on-time, in full, to the provincial boards here in Canada, and we're a top-ranked supplier with them, which then has a knock-on impact with our ability to get listings, which can then be what can be purchased by the retailer and on shelf. So it's really important that operational execution goes all the way through. It's not just growing great weed. The route to market, as we said, national distribution across the country, and we cover 97% of the addressable market. Our house of brands together make us the number one premium licensed producer to June 30th this year. Lastly, we have a stable financial profile. We haven't gotten out over our skis. We spend our money on our quality and on our people, and you can see if you come out and tour our facility, we work out of trailers and have the used office equipment. We take a lot of pride in that because it's actually about building our business first. And so as a result, we delivered two years of Adjusted EBITDA profitability. When I say adjusted, it's not because we're trying to be cute. We've actually got, we have a non-cash item that occurs with, the plants, biological assets. We take that out because it really, it really swings our results, and same thing with our share-based payment. Otherwise, it's a very clean calculation. You can go in and look at that yourself. And we do have some debt on the balance sheet. It's due this year. It's $8 million, and we're refinancing that in the second half. We are currently at 7.5%. We expect to refinance at or similar rates, and we're deep into that process. So our competitive advantage is that we're the world's leading certified organic company, cannabis company, and we have IP and systems and operations and real know-how. You know, we don't want to go out and patent that. It's what we're building and developing internally. What we do to grow our plants is more like traditional agriculture, in that we make data-based decisions, not gut-based decisions, on when we make changes with our plants. And we use that organic approach of living soil, which really benefits everything you do. I mean, you, we all. As I said earlier, you all taste the difference out of your garden or out of the local produce farm. Our customers taste that experience difference, too, and that helps us to deliver a premium product. A quick background on where the magic happens. We have a 125,000 sq ft facility. It's about 40 minutes from here. If you're interested in a tour, as I said, I would welcome any of you. When you go there, we're on a 20-acre property. It's fully owned by us. We offer indoor quality production at greenhouse costs, and we have industry-low loss rates. So if you hold up our financials against our competitors, you're gonna see that we really have full plant utilization. As the meatpacking industry would probably say, full carcass utilization. We prefer the term full plants, and we use everything, and we sell everything in one form or another. Now to speak to our brands, the quality that we are delivering from our IP genetics and our operations get to the product to the customer, and it leads to a brand promise, and those brands are here, and I'll run through them in a minute. Simply Bare Organic and 1964 were two of the top three most recommended brands, as I mentioned, by budtenders in Canada. We've held that ranking. I believe the 2024 report is now out. I think we're two of the top four now, but that's gonna move around. We just want to be in the top. We wanna... We want budtenders, because it's over a counter, to be able to purchase product, to be recommending our product and to be proud to recommend our product. That's very important to us. We also have a wellness-focused brand, which is Wildflower, and it has a dominant market position. It's the number one topical in Canada with around 28% market share to June thirtieth, and more importantly, by the Oscars of Cannabis, as they are so-called, the Kind Awards, we won Cannabis Company of the Year in 2023. I was more proud that from all the budtenders, and I can't remember if it was 800 or 2,000 that voted, 1964 won Budtenders Choice Best Weed of the Year, and that really matters because it's about the consumer pool. Firstly, I'm gonna show you a quick flash. I could have put lots of fun videos. We've all got. You can check our social media. That's very weed-focused. I don't think that this is that, for that group, but it is lots of fun. Simply Bare Organic, you're gonna see the terracotta jar on shelf. It stands out, and that is a flavor-rich, beautiful experience for those who are interested in it. We've recently launched edibles under it, which I would personally recommend the Fruit Loopz edibles and our Fruit Loopz Flower. If you're really nice to me today, I did bring some, and we can always run out and grab you some more edibles as well. We also encourage safe and adult use, safe consumption and adult use, so please don't drive after. But then we've got 1964 Supply Co. 1964 was the year that Dr. Mechoulam discovered the THC molecule. But it was also an era, and it was a time, this is our brand that recruits the legacy consumer, and we are almost in every category now with our vape launch that's just occurred. Then lastly, our Wildflower brand. It's holistic and wellness. It offers best-performing CBD products. The Relief Stick I personally use every day, very similar to a Voltaren kind of experience, but not paying, giving the money to Big Pharma. But we have a lot of people recommending this product. Once they try it, they stick with it. We've expanded that into minor cannabinoids, so focused on sleep, pain relief, and anxiety. Now, onto what's next. How do we grow our business? If you look into our financials, I haven't put it in here, we are growing our revenue consistently every year, and we are very focused on growing our business. And it really starts with the house of brands that we've built. Firstly, our vape launch this year is our largest near-term growth driver, and very short term. It has achieved, as I said, over a thousand points of distribution in its first two months since launch. That's really incredible. After that, we've got our flavor-forward and legacy genetics that are bringing consumers into our brand. We've just launched some great ones. The latest one is called LA Kush. People are very interested in that, and it's selling very well in Ontario and across the country. And then next, we expect to grow the premium segment of the edibles market. As I described, that full-flavored experience. You also get the full-bodied experience when you have a better premium product. But if you go and pick up a Simply Bare edible, it's CAD 9 versus a bottle of wine or something like that. So we're talking about a much more manageable price point for people, and we're seeing a massive shift in consumption. If you look at data out of the U.S. and Canada, alcohol is down, and weed is on the rise. It's cheaper. There's typically not a hangover. There shouldn't be if you're having premium, and, you know, people are living healthier lifestyles, and there's been a lot of data on alcohol out there. So we encourage a moderation in moderation, would be probably my personal motto, but we encourage a responsible lifestyle, and we also encourage people to have a little fun. So, as I said, with edibles, we're already 30% of the premium market, and we do expect the edibles market to continue to grow. So lastly, you know, how do we grow our business? Because we are capacity constrained in Delta. We looked at our balance sheet, we looked at the, the industry, and we realized that there are great growers out there that do not have the infrastructure around brand that we've got. So we are leveraging off of other existing facilities and great teams, using contract manufacturing to grow our business. We've done that with our vape launch, our edibles, with our Wildflower brands, and we expect to continue to do so to grow our business. In time, we may look at how those businesses play with ours, but for now, it's a, it's a de-risk way for us to, to grow our business without, you know, buying a facility for CAD 20 million bucks and all the working capital risks that could entail. So to our biggest growth driver in 2024, results of our vape launch. As I said, it has been really tremendous, and we're very proud of it. In 2023, the vape category alone was CAD 800 million in Canada. It's the fastest growing segment, and we're here to take our share of that. To June 30th, that segment had grown to 15%. I know it's grown further since then. I don't have the stats. We expect it to be about 30% of the overall Canadian market. It's not there yet. Why we expect it to be 30% is because in Colorado and in California, it's around that number, and those are much more established markets, and what we see is consumers that are weed consumers moving to using vape as and when it suits them, and then new consumers going into vape. Millennials and Gen Z are really driving the category demand for this, and something like 50% of them have consumed cannabis in the last year. Notably, they're really not that interested in alcohol as a group, and this is well documented. You can go have a look, but they are all very open to weed. We currently have three SKUs in market. We just launched the third SKU, our Gelato 41, in the end of August. I'm looking at Janis. End of August? Yes, and we are launching two more SKUs that will be in market before the end of the year. So, you know, let it, let it keep growing, and, and we're excited to see where we can go with that. Next, just to give a quick snapshot of where we sit in market overall, here are some of our statistics. I think it's important to understand. We're gonna move around in this ranking as people... you know, the, the right flavors and various things. We're now into CPG market management, and we're here for the fight, and we're, we're proud and excited to show what our products can do. But I think taking a minute to see that a small company of a 20 million market cap can hold this position and be profitable is pretty incredible in a market like ours, where we've seen billions of dollars lost. Next to speak to that is financial discipline. We watch our costs and our cash closely, and you're gonna see that if you look back on our records. We also you know, it's easier to do the right thing in these cases, and the reputation of us paying our suppliers allows us to be able to work with really good suppliers. We're probably pretty tough on due diligence with our partners when they come to work with us, but then we're very loyal as they come through. We want them to be successful with us, and we think that's part of building a really strong business. You look at the McDonald's models and some of the other things, like President's Choice as a brand here in Canada, doesn't manufacture any of its own products, but has great reputation. That's very important. It's an approach we take. And if you look at our board, you're gonna see people that have come from contract manufacturing, grown big businesses, and also come from the likes of Loblaws, et cetera. We take this very seriously, and our supplier and the internal workings are as important as the flash on the outside and the product quality in which we do. So I mentioned our debt. We are expecting that will be refinanced and announced before the end of the quarter. Very excited to hopefully bring debt that will show when it's closed. I'm a CA, so I know that it takes a minute. Things aren't done until they're closed. But we are. That will set up the business. We expect it to set up the business for the next five years to be in a really great position for growth. Now, the Canadian cannabis industry, many of you have probably taken a ride on the journey that we've seen, and you know, from the beginning, quality and the products were all over the map. We obviously saw that in the investment community as well. We're currently seeing a tightening of the market. We believe that we're in a transitional phase. Product quality is stabilizing. Provincial boards are rationalizing issues. They've actively announced this, so that goes to being a good supplier, and in turn, they're demanding from us more professionalism in the sector. They're tired of dealing with people that aren't showing up in the way that they should be showing up and being respectful to their staff and being respectful of their time, but remembering all of these things are all about us leading to a brand promise and a reputation around what we do, and that matters to our consumers, which ultimately is the most important thing. In this sector, we see a shift coming in the next two to five years to become much more managed like CPG, and if you look at our team, you're gonna see both deep legacy cannabis backgrounds, but you're also gonna see deep CPG backgrounds. And we're gonna move to brand power, and that's just starting to emerge, that brand promise. So again, people aren't gonna take the risk. When you open up a bottle of Heineken, you expect that product to be the same every time and of a consistent quality. You don't need to see the inside of a box often when it comes. That's important that we deliver that in cannabis, so we focus on it every day. Next, we're seeing a separation of the pack in the cannabis industry, and there's been a death spiral of weak balance sheets, negative working capital, but the winners are emerging, and they're emerging right now, and real operators are coming through. There's a lot of companies under financial distress. The way the excise tax works in Canada, we invoice to the provinces. We invoice them with the excise tax. They actually pay it to the company, who then has to remit it to the federal government. Many, many, many companies, to the tune of, I believe, currently it's over CAD 300 million, have not been paid to the federal government, which is, the feds are now have moved in. They've stopped excise tax licenses, they've halted businesses, they have garnished directly from the provinces the revenue, and they've also gone into bank accounts and taken the money out. So we're really in an interesting time, and these are the times when if you're in a good position, you ride out the storm and you get yourself to the other side in a good spot. We also see on the flip side of that, there's, you know, we had a lot of price compression in the market last year, and a lot of it was selling out inventory at any cost to try and survive, but the market is still growing. It was CAD 5 billion last year in Canada alone. We know it's growing probably in single digits because the base is much higher now. Demographically, cannabis use is highest between 20 and 24 year olds, and we really starting to see a decline in the number of licensed producers here in Canada. Also, we're starting to see tremendous inbound international demand, and that's a bit of a sneak peek in terms of what you're going to see from Rubicon in future. But we are positioned with quality, execution, a house of brands, to continue our position as the leading house of brands in Canada. A premium house of brands, I should say. There are some other brands out there, but premium is where it's at, and everybody, everybody's going to want that. As I started this position, I said, "We're in a unique position relative to our peers," and I'm going to summarize that here. We're the only organic certified cultivator on this scale that also is doing premium, and we hold unique in-house IP. We have a national route to market, and we have a winning house of premium brands, and compelling market share, and we're gearing up to satisfy tremendous inbound international demand. As we look forward, we expect that the future of the cannabis industry, there's going to be a shift to brand power, and that's going to impact our valuation, and there's some catalysts out there that we're waiting for. You know, time will tell when they come, but we believe that we're going to start to see this occur over the next two, excuse me, few years. And so lastly, I'm just going to throw up our market information. We've got 56 million shares outstanding. We're trading today, I think, low, I think around CAD 22 million with about a CAD 0.40 market cap. Oh, sorry, a CAD 0.40 share price. And we've got, as I said, 43% insider held. So we're ready to go. We're building our business, and so we want to deliver return for our shareholders. We want to deliver a profitable Canadian cannabis industry with brands that will be in here for 20 or 30 years in whatever form that looks like out of Delta. So, questions? Yeah, go ahead. Absolutely. We have never knowingly not paid. Now, maybe if they disagreed on a calculation for CAD 100 bucks, fine, but yes, we are current with all of our fees, and we publicly say that, yes. Yeah, go ahead. It's about 25% of our very top line. So we talk about our net sales value, but really, that's the. Our revenue line is a lot higher than that. Total revenue, gross revenue. Yes? Oh, one second. Let me give you the mic. Oh, sorry about the questions for those online. Thank you for the presentation. There was a small dip in edibles in the past three, four years. Yes. Perhaps that's an industry trend. Can you please- Yeah. Shed some light on that? That's a great question. Edibles actually have, this year, retracted a bit, which surprised us. The strength of the black market with a cap on the amount of THC that, in the legal market you're allowed to put on, I believe, is a major factor in that. We need to see more enforcement from the government, in particular in the major centers with legacy market sites that look legal and can deliver to you within 45 minutes, and that's very frustrating. Ontario, in their budget this spring, announced a CAD 30 million enforcement task force to tackle the legacy market. And we'd like to see the legacy market move into the legal market, full stop. Yeah. Yeah, go ahead. You spoke about rationalization in the different provinces. Have you guys been subject to some SKUs being rationalized? Yeah. How do you expect that'll impact the business moving forward? I would say, you know, from time to time, you put a SKU out there where you do it in a certain format that doesn't hit with consumers, and that's a normal part of our business, and that's a normal part of CPG management. We haven't seen major SKU rationalizations at all, and we don't expect them, given the rate of sale with our products. If we have products sitting at the provinces, that aren't performing, we'll actively bring them back, put them, maybe into our tactical lower price brand to turn it into cash. We want to see rate of sale and turn. That's very important to us. It's more like the fashion industry. We also have a product that freshness is important, and the way you cure and keep that product quality is important to our customers, so we manage it. But, yeah, it's all part of CPG management. Yeah. It's going to be interesting, though, because I think that's going to hit a lot of small producers very hard in the next year. The recent announcements are going to be quite devastating for some people. Anything else? Yes. How much percentage of revenue you see growing from vape? Sorry, from which? Vape category. So the- Vape. Oh, the vape category. Yeah. I actually don't know the percentage offhand, because I think about it in units. I'm going to have to get back to you on that. Okay. I also think we haven't disclosed our information in that way, which is why I don't... We intentionally don't, for a few reasons. We run a premium company. We don't like to talk about our cost base, and people can maybe identify all the costs- Okay. -For our consumers. Because you don't want to know how much the bottle costs versus the liquid in the Johnnie Walker Black, do you? Is there any room from current Delta specifically to grow the production? Not at Delta, no. That's why we're using contract manufacturing. Yeah. Yeah, good question. All right. Please reach out to me. You can. Janis is here. Callan is also here to help me out with the presentation clicker. Thank you very much for your time. Yeah, bye.