Good morning, everyone. Welcome to Rubicon Organics' second quarter 2026 earnings call for the three and six months ended June 30, 2026. As a reminder, this call is being recorded. At this time, all participants are in a listen-only mode. Following the presentation, we will conduct a question and answer session. Instructions will be provided at that time for analysts to queue up for questions. Before we begin, please refer to slide two for our caution regarding forward-looking statements and non-GAAP measures. Today's presenters are Margaret Brodie, CEO, and Glen Ibbott, CFO. I will now turn the call over to Margaret. Good morning, everyone. Thank you for joining us to review our second quarter results and provide an update on our progress in 2026. Rubicon is proud to remain Canada's number one premium licensed producer, and this quarter reflects an execution on many fronts. Our second quarter results demonstrate the strength of Rubicon's premium-focused strategy and the progress we are making across our expanding operating platform. We delivered record Q2 net revenue of CAD 18.5 million, representing 23% growth year-over-year and 35% growth sequentially, while continuing to gain market share in the premium category. Importantly, growth was achieved primarily through improved execution at our Pacifica facility. Targeted operational initiatives drove approximately 20% higher per-crop yields in the first half of 2026 compared to the prior year, supported by increased product availability across our portfolio. Growth was realized across all three of our key brands in Canada, while international markets also contributed to our continued momentum. Our new Cascadia facility also achieved several meaningful milestones during the quarter, namely hitting 1964 brand quality earlier than expected, and we were able to realize half a million dollars of revenue from Cascadia-derived product. While initial yields remain below our long-term target, yield optimization is a normal part of ramping up a cannabis cultivation facility, and we continue to refine cultivation practices, environmental controls, and genetic selection to support further improvement through the balance of the year. The yield growth that we've been able to achieve at Pacifica indicates to us that our goals at Cascadia are achievable. Internationally, our Cascadia facility has now received its IMC-GAP certification. Both of our facilities now have the required international certification, strengthening our readiness to serve regulated international medical markets as we build momentum from the April 1964 branded launch in the U.K. and support our broader strategy of bringing Rubicon's premium brands and genetics to a growing global customer base. Overall, we continue to review 2026 as a tale of two halves. Our first half reflected the significant improvement of our Pacifica facility and the remaining investment required to bring Cascadia online and support our next phase of growth. As production volumes increase and operating efficiencies reach our expectations, we expect the benefits of our expanded platform to become more visible through the second half of the year, and notably into 2027. With that, I'll turn the call over to Glen to review the financials. Thank you, Margaret. Good morning, everyone. Revenue for Q2 2026 was CAD 18.5 million, a record quarter for us, up 23% year-over-year and 35% sequentially. The disruption that we saw in Q1 from the lingering effects of the late 2025 BC distribution strike and the typical industry seasonality appear to be in the rear-view mirror. This revenue growth was driven by our increasing ability to supply the existing demand across our premium brand portfolio. In Q2, this was mainly supported by higher production yields at Pacifica, which are up 20% on average in the first half of 2026 compared to H1 2025. Importantly for future quarters, Cascadia has begun to move from a pre-revenue investment phase to a revenue-generating part of our platform, with its initial revenue contribution of CAD 450,000 realized late in the second quarter. Q2 revenue growth year-over-year was driven across both 1964 and Simply Bare by a mid-teens percentage increase in dry flower and over 40% growth in pre-rolls, as well as international sales, a revenue channel that did not exist for Rubicon in Q2 of 2025. For Q2 2026, 1964 delivered 64% of our revenue, Simply Bare contributed 25%, Wildflower was 6%, and international sales accounted for 4%. The launch of 1964 in the U.K. during the second quarter represents an important step in extending our premium brands beyond Canada. We expect international revenue to continue to grow in the second half of 2026 and to average approximately 10% of total revenue for the whole of fiscal 2026. Gross margin before fair value adjustments was 30% in Q2. Excluding pre-revenue Cascadia operating costs, gross margin would have been approximately 36% in Q2, our best gross margin since Q4 of 2024, and demonstrating the strong operating leverage of the business as we add top-line growth. SG&A in Q2 2026 was CAD 6.9 million, up by CAD 2 million compared to Q2 of last year and CAD 900,000 sequentially, reflecting planned investments in talent, brand development in Canada, international initiatives, and growth-related regulatory and insurance costs. Of the CAD 900,000 increase from Q1 to Q2 of 2026, 74% is marketing and sales initiatives and Health Canada fees, both a direct function of revenue growth. Adjusted EBITDA was positive at CAD 1.1 million in Q2 compared to CAD 1.4 million in the prior year period. This result reflects the costs associated with operating a larger platform ahead of realizing the full revenue contribution from Cascadia. Regarding liquidity, we ended the quarter with CAD 3 million in cash and CAD 20.9 million in working capital. We spent approximately CAD 2.6 million on CapEx projects in the first half of 2026, all directed at achieving manufacturing efficiencies and yield and capacity increases. Looking ahead, we believe we are well-positioned to continue growing Rubicon's revenue as our ability to supply existing demand in both domestic and international markets improves. As we move into the second half of this pivotal year, with the additional capacity available from Cascadia, we expect revenue and adjusted EBITDA to progressively ramp through Q3 and Q4 of 2026. Steadily strengthening our gross margin remains a key area of focus and attention for Rubicon's leadership team. 2026 initiatives include ongoing work to increase cultivation yields at both Pacifica and Cascadia, expanding manufacturing efficiency through projects such as pre-roll automation, recently completed, and bringing our hydrocarbon oil production in-house by December. Finally, optimizing our product portfolio. Central to our margin approach is leveraging the increased scale from our growing operations to more efficiently absorb our fixed production costs over these higher production volumes. We expect these initiatives to contribute meaningfully to margin expansion and EBITDA growth as we move through the remainder of 2026 and into 2027. With that, I'll turn the call back to Margaret. Thanks, Glen. Rubicon maintained its leadership in the second quarter of 2026 as Canada's number one premium licensed producer, as supported by Hifyre market share data, along with continued recognition from both consumers and industry participants. Our brands are building trust. We continue to perform well across multiple categories. In premium flower, we achieved number one national market share at 10% for the quarter, up nearly two points compared to the same period last year. Despite the total premium category declining year-over-year, Rubicon is growing on a CAD dollar basis and taking a larger share of CAD dollars. In premium pre-rolls, our market share increased 5% for Q2 2026, up 2% from the prior year. This segment is one of continued growth for Rubicon and the entire market. During the quarter, 1964 Supply Co. was again recognized as brand of the year at both the 2026 High Buds Club Awards and the 2026 Grow Up Industry Awards, reinforcing the strength of the brand with consumers and budtenders across Canada. Our performance in flower continues to be driven by what we believe is one of the industry's leading genetic libraries, which we view as a key competitive advantage. Throughout 2026, we have continued to expand and refine our brand portfolios with new genetics and formats designed around consumer preferences for distinctive cultivars, premium quality, and consistent brand experiences. Our two-facility platform allows us to leverage our genetics program advantage more effectively than ever before. By matching cultivars to the cultivation environment where they perform best, we can continue improving yield, terpene expression, quality, and consistency on a cultivar-by-cultivar basis. While our vape category performance has not yet met our expectations, revenue continued to grow year-over-year. We're also continuing to refine our position within the vape category with a clear focus on delivering premium quality, relevant formats, and strong value for consumers. We expect recent portfolio and pricing adjustments to enhance our competitiveness and support improved performance through the balance of 2026. Turning to operations. We have been investing in our business in 2026, and we continue to make progress across several initiatives designed to improve efficiency, support future growth, and strengthen profitability through 2026, setting us up for 2027 and beyond. Both our cultivation facilities are in the middle of multi-year improvements. At Pacifica, these initiatives have already delivered meaningful results, contributing to a 20% year-over-year improvement in yields during the first half of 2026. This progress has been driven by a combination of cultivation enhancements, infrastructure upgrades, and process improvements, with additional initiatives currently underway. At Cascadia, optimization efforts remain ongoing. As a reminder, the facility was operationalized on budget and on schedule. We are encouraged by our results from our initial harvest, which are meeting premium quality standards required for our 1964 brand. In cannabis, there is a significant lead time between planting, harvesting, processing, securing listings, and ultimately realizing revenue. As a result, many operational improvements take time to work their way through the system and become visible in our results. At Cascadia, we are currently tracking below planned yield capacity, but we continue to assess our genetic library for the best cultivars suited for that facility, and we believe that the genetic assessment and full ramping process will last the remainder of the year. Along with adjustments to our cultivation plan, we have implemented a number of additional yield improvement initiatives, including a new lighting project currently underway to transform the facility into LED lights. This project is expected to be completed in the coming weeks, and we expect to see the benefits in crops as soon as this fall. We have clear visibility into the actions required to close the gap in yield expectations, and in time, with the right genetics and amendments to our existing infrastructure, we expect to surpass initial capacity expectations. Our current annual production capacity is approximately 15,500 kg across both facilities, but we see a clear pathway to increasing our output to 20,000 kg over the next 18 to 24 months as our investments continue to mature, and we believe there remains significant opportunity to improve performance. We look forward to sharing more details on some of these program later this year. At Pacifica, we have recently completed the expansion of our pre-roll automation prog. Pre-rolls remain one of the fastest-growing categories in cannabis, and these investments are helping us lower labor costs, improve throughput, and enhance gross margins. The return on our initial automation investment supported the addition of further equipment, which is now fully operational and contributing to production. We are also excited about our in-house hydrocarbon extraction project, which we expect to see benefit into our vape profitability in the first quarter of 2027. Bringing this important manufacturing capability in-house is expected to reduce our reliance on third-party processors, significantly lower per-unit costs for concentrates and vapes, and provide greater operational flexibility and innovation opportunity as those categories continue to grow. Overall, we have made meaningful shifts in our operations in 2026, whether through automation, manufacturing insourcing, or cultivation optimization. These initiatives are all focused on the same objective: increasing efficiency, supporting growth, and positioning Rubicon for stronger margins and profitability. The benefits of these investments have not yet been seen in our financial results, but we expect to see the impact as we move through the latter part of 2026 and, most significantly, into 2027. For the remainder of 2026, our growth strategy continues to be anchored on three core drivers: yields, international expansion, and genetics. Yield remains at the top of that list. For several years, demand for our premium flower products has consistently exceeded available supply. With Pacifica now delivering higher yields and Cascadia now contributing to production, we are beginning to unlock additional yields needed to support new and undersupplied SKUs, increased international sales, and larger supply commitments. Importantly, increased production volumes also create the opportunity to better absorb operating fixed costs and drive margin expansion over time. Internationally, we are building on the launch of 1964 in the U.K. and now have the certifications in place across both facilities necessary for international export. What we consistently hear from international customers is a desire for premium Canadian cannabis that delivers quality on a consistent basis. As regulated medical markets continue to develop and grow at pace, we believe Rubicon is well-positioned to leverage its brand, genetics, and cultivation expertise to capture these opportunities. Underpinning both of these growth drivers is our genetics platform. Genetics remain one of Rubicon's most important competitive advantages and is foundational to everything we do. It supports new product development, drives cultivation performance, strengthens consumer loyalty, and allows us to optimize production across both Pacifica and Cascadia. As we continue to scale, we expect our genetics library to play an increasingly important role in both revenue growth and margin expansion. More broadly, Rubicon is entering an exciting new phase, where the focus of the business is beginning to shift from building additional capacity to maximizing the value of the multi-year investments we have already made. We have cultivation facilities, premium brands, proprietary genetics, certifications, and operational infrastructure required to support the next phase of growth. Taken together, these drivers reinforce our confidence in Rubicon's growth trajectory, building on the momentum established in 2025 and supporting our expectations for continued growth through the second half of 2026 and, more significantly, into 2027. With that, let's move to questions. Thank you. Ladies and gentlemen, we will now begin the question and answer session. Should you have a question, you may press star one on your telephone keypad. To withdraw your question, you may press star two. Once again, that is star one should you wish to ask a question. Your first question is from Neal Gilmer from Haywood Securities. Your line is now open. Thanks. Good morning, and congrats on the quarter. Maybe I'd like to start with the Pacifica facility. If you did half a million CAD in revenues from Cascadia, that means 18 million CAD from Pacifica, which obviously is a significant jump from where you used to be running at that facility. I know you talked about the 20% yield improvements, but maybe just elaborate a little bit more on how you've been able to tune that and get that much production out of the facility. Morning, Neal. Thank you. A couple of things. Yes, it's not all Pacifica biomass. We do have a vape portfolio and edibles, but the large portion and the largest driver of our increase was Pacifica yields. How have we done it? 18 months ago, a new team has come in. We have been working on several initiatives. They include cultivation enhancements in terms of our process, infrastructure upgrades. I won't go into all the details because some of them are proprietary, and really process improvements. But in addition to that, it's the genetic program that we've been working on and getting the right genetics into the facility that consumers love, that we can deliver consistent premium, beautiful quality from, but also that yield very well. We have more to come from Pacifica. As we get a bit further in the progress, we will update the markets, but we like to make sure that we are being clear and consistent and have it locked and loaded before we're releasing. We do believe that Pacifica has the ability to increase yield even further. As I said, together with Cascadia, we have in our sights 20,000 kg over the next 18 to 24 months in our targets. It will require some capital improvements, and that's what we're currently assessing. That's great. Thanks. Yeah, that's interesting you can get that much more yield out of the two facilities. That's great. On the gross margin side, you commented that the gross margins, excluding the Cascadia pre-revenue cost, 36%, I believe last quarter was 29% on the same metric. That's a decent increase on a quarter-over-quarter basis. Glen, your comment suggested you have even more room to grow from that. Maybe if you could just jump in a little bit more on where you think you can take it and the timeframe you think you can get it there. Yeah. Thanks, Neal. There's a few things going on here. One, we've talked in the past about the operating leverage that we've built in the company. We've got largely, particularly the way we record our cultivation costs, got largely a fixed cost structure in our cost of goods. There is obviously some variable costs there, but the more we put on the top line, the more that our gross margin will increase simply because we're spreading those costs over more volume. Just adding to the top line will drive our gross margin up. But in addition to that, we've also talked about a number of initiatives to drive our gross margins further. Margaret and I both have targets that start with a four. It takes a little bit of time to get there. But surely, some of the manufacturing efficiencies, we've got three automated pre-roller machines now in production. That's all new this year. We talked about the hydrocarbon project. Juicing it ourselves internally, we'll move our margins and our vapes up significantly. Then finally, and you keep hearing us harp on this, but it's so impactful to a company like ours, is the yield initiatives. All of those things working together, they're all a major point of focus for the organization. But all of them working together, we do expect our gross margins to continue to improve over the next number of quarters. Quarter to quarter, of course, there'll be some variation. Finally, I'll say one thing the commercial team's working on is just fine-tuning the portfolio and just making sure we're allocating the right amount of product to the right SKUs. Absolutely, we've got lots of demand for our product, so we can be, I'm going to say, a little bit choosy in how much we allocate into certain channels and certain SKUs. Obviously, there's quite a difference even in a flower SKU in terms of a large pack format versus a smaller pack format in margin. So lots of levers, Neal. Yeah. Some of them underway and more yet to come. Great. Thanks, Glen. Appreciate that detail. Maybe just the last one from me. You are talking about various different things to improve those margins. What sort of comments on CapEx do you have for the balance of 2026? Glen, I am going to pass that one over to you again. Yeah. The major projects, Neal, we mentioned hydrocarbon, that is kind of in flight. I do not want to talk about specifically all the projects we have got underway because I think, as Margaret said before, do not want to give away all the secrets that we have got in terms of driving up yield and efficiencies. But they are directed in those two areas, yield and manufacturing efficiencies. That is the focus on the CapEx. I think in terms of Cascadia, there is a bit more that is underway in terms of lighting intensity and a few things like that. But for the most part, there will be ongoing fine-tuning of that facility, but we have put in the significant amount of CapEx that we had expected to. Okay, thanks. Appreciate it. I will pass to Lynn. Thank you. Your next question is from Pablo Zuanic from Zuanic & Associates. Your line is now open. Thank you. Good morning, everyone, and of course, congratulations on the quarter. Margaret, maybe this is a bit of a broad question, but can you talk about what is happening in the premium flower category? The Hifyre data shows some brands of your competitors falling by quite a bit, and I wonder if that is a function of production issues, consumer taste changing, or people allocating more product internationally. There is also a macro view that the premium consumer is being squeezed, so maybe there is an impact on the category also. But you are gaining share there. But just your read in terms of what is really happening with premium flower. Thank you, Pablo. Good morning. The premium category is very competitive and remains competitive, and we believe it is a very attractive segment. But you need to build trust with brand, consistent product quality, and be disciplined. A number of people and a lot of craft have come in and out, which tend to be less consistent to build that trust. It is often reliant on certain key individuals rather than building a team that can consistently deliver time and time again, and I believe that is what Rubicon Organics has done well. Whilst we are seeing total CAD dollars down in the Canadian premium category, I believe actually we are starting to see more brand loyalty begin to emerge at the early stages because there has been so much of that fluctuation that I just referred to. We are seeing the international patient begin to appreciate premium in a new way, and I do think that is a draw, but I do not think that is what is happening in the Canadian market. I think the macro probably is impacting it. We expect to continue to grow. We are growing all of our brands in dollar terms, not just growing share in the premium category. I do expect, we look at the long term, we are going to have two to four super premium brands in Canada, and I expect we will be two of them. Right. Thank you. Look, just to follow up, just a reminder in terms of obviously in standard pre-rolls, you're doing quite well and growing there. That's what the Hifyre data shows. Are you also going to go after IPRs, or it's mostly just standard pre-rolls? Just a quick answer. Infused pre-rolls, just for those who aren't aware. We found a sweet spot with pre-rolls. Our pre-rolls are fully made with flower. We've developed and delivered a consistent format there. Consumers love it. It's a great price point. Notably, when the consumer is feeling tighter with their pocketbook, a pre-roll price point is very appealing. Pending the mix, we really like it from a profitability perspective. IPRs are an important segment of the market, but it's not our bread and butter. We're always looking at improving our products, but we do expect to see continued pre-roll growth. We now have three pre-roll machines automated and operating. I could see a situation where that is expanding even further. We are going to have more biomass available for pre-rolls, so I think you'll continue to see us compete heavily in that segment. The consumer Thank you. May I add a couple of more, if I may? Yeah, go ahead. Yeah. Thank you. That's good color. Look, if I can add just one more. Obviously, congratulations on the 20% increase in yields in Pacifica. I know maybe this is nitty-gritty, but is the yield what I would call like for like in terms of your current strains yielding more? Or is it more about an issue of rotating strains and new strains coming in that give you more yields? Yeah Separate from that, if I can add, if you can just talk about, are you also making progress in terms of terpene content, potency, besides yields. Thank you. Great questions. The first question on the 20% increase, is it like for like, same genetics? Yes, and on our new genetics. We've seen it consistently across both. We're very pleased with that. I believe it shows us the confidence that, and demonstrates the confidence what we'll get out of Cascadia. With Cascadia, we've focused on getting the quality there, making sure we can sell all the product. Second part of your question on terpene content and potency. Absolutely. Quality is a full function. We have seen an improvement in more consistency in our terpene results across our entire portfolio of flower. I can even say we've had some both at Pacifica and at Cascadia. So very, very pleased with the results and the quality that's coming out of our facilities. Good. Thank you very much. That's all for me. Thank you, Pablo. Thank you. Your next question is from Nicholas Cortellucci from Atrium Research. Your line is now open. Morning, team. Congrats on the great quarters here and the strong execution. I wanted to ask about the operating expense levels and how you see that move through the next two quarters here, and are these the levels that are going to stabilize or are we going to see a decline, and if so, which specific lines and what levers are you pulling on? Glen, over to you. Yeah. Thanks, Nicholas. Our operating expenses right now reflect, as I said in my prepared remarks, some purposeful sort of scaling up of the organization to be able to serve a more complex organization and serve international markets, et cetera. So yes, there has been an increase. We've tried to maintain it, and I think we've been fairly successful as a percentage of sales. Over the last couple of years, it's been in the mid-30% range, and this quarter was 38%, just pre-Cascadia revenue. But we do think we've got our operating expenses at a level that we can maintain for a bit. Now, there's one caveat in there I'll get to in a second. But we've scaled it up. We think we're at the right spot to continue to grow the company without having that significantly add to our operating expenses. There is a couple of lines, particularly within our sales and marketing, that are a direct function of our revenue line, and those will continue to grow. I think I pointed out in my prepared remarks, sequentially, OpEx grew by about CAD 900,000. If you didn't hear it clearly, about 74% of that were costs that were directly related to revenue. I'm not saying that OpEx is going to continue to grow at that rate, but there is a line in there that is a direct function of revenue growth. So we've got a good platform. We think we can continue to put top line on the P&L without growing that. So I should see that percentage of revenue coming down over the next year, and that's the plan. Got it. Okay. I also wanted to ask about these international certifications that you recently achieved. What does that unlock for you in terms of new markets or new partners when you're trying to expand that international revenue base? Thanks, Nick. Great question. The international markets are beginning really to look towards Canada in a new way, not just for volume of product and tonnage, but looking for operators that can bring consistency, quality, and trust. That's something that we've demonstrated consistently in the Canadian space. What the international certifications, to be clear, we already have them at Pacifica. It's for Cascadia. It unlocks the ability for us to sell biomass from there into an EU GMP facility, which is effectively a port into most European countries. For us, what are we looking for in relationships internationally? We're looking for multiple relationships. We don't want to have any one single supplier or customer risk, excuse me. We are actively in discussions with a number of international participants and we're very pleased with the progress we've made so far. We have said historically, and today again reiterated, we expect our 2026 revenues to be about 10% from international sales, and I expect that to expand. We're still looking at the numbers for 2027. Right now, we've got agreements into two international markets, one of which is branded. I expect by the end of the year, we'll have up to four, and be looking beyond that for where we do our next branded play. Amazing. Okay. Those are my only questions. Congrats again. Thanks, Nick. Thank you. Your next question is from Josh Felker from CB1 Capital. Your line is now open. Hey. Good morning, Margaret and Glen. Thank you for taking the questions. Just trying to parse out where demand is. Interested in how large the current U.K. market opportunity is. Should we look at the current revenue base as the expected revenue base going forward, and you will kind of grow with the market as it grows from here? Or do you think that there is additional opportunity for you to scale the U.K. market and maybe capture some of that market share and grow irrespective of market growth? Thanks, Josh. Good morning. The U.K. market is a very exciting one. It is a medical patient that understands the value of premium, and we have seen that already in our initial launch. We are on approximately 60% of the platforms in the U.K., and we are expecting continued strength in demand in that market. I think the question is how fast are the patients growing. The patient base is growing faster than I think anybody anticipated. So I think we are going to plan to scale with that. We obviously want to manage so that we are. As I said earlier, we do not want one single customer. Of the 10% of our revenue internationally, about a third of it is going to the U.K. I expect that will hold about the same, but the percentage will grow of our business next year. Super. Thank you for that. Maybe a question for Glen. Just because this industry is kind of a black box in how we all view ROI, so maybe a tricky question, but should be pretty simple. What is the ROI from capital deployed internally? Then maybe to simplify it for one specific narrative, to increase the yields by 20% at Pacifica, how much did that cost and how much will it cost to replicate that strategy at Cascadia? Yeah, I understand why you are asking the question. It is not a straightforward answer because there is so many different things you have to do to tune in a facility. So the increase of the 20%, as Margaret described earlier, you will probably get from her comments, was a combination of some, I would say modest CapEx, very modest CapEx to make some changes within the grow bays, but then also just sometimes growing techniques or the medium, the changes in the formulas, et cetera. So I cannot tell you what drove, say, 10% of the increase and what drove the other 10%. It is just a mixed bag. As we look forward, then there are opportunities. I am going to say modest CapEx investments and larger CapEx investments, and we are doing the business cases on all of them to determine how to stage them and what makes sense, and again, sometimes when to do them. I can't give you a direct answer because driving yield improvements in particular is just a combination of a bunch of factors, and sometimes it doesn't cost much at all. No, that helps. Changes within the operations kind of gives me an idea that maybe it wasn't fully CapEx focused, maybe it was some operational changes. I appreciate that, Glen. Maybe to sneak in one more question. Glen, you mentioned you're fine-tuning the portfolio allocating the right product into the right SKUs. Could you just give us a little more detail on the strategy there along with any potential benefits you expect to derive? Yeah. I think, particularly within the domestic adult use industry, province to province, there's pricing differences within a particular product, different product sizes. A 28 g bag has a significantly different profit profile than the 3.5 g. It's that. We're fortunate that we've got demand across many of our SKUs, and there's reasons to serve some. There may be a product or a province that's a little less profitable, but there's long-term strategic reasons to continue to serve it. I guess what I'm really getting at is just balancing all of those considerations, and making sure that we're getting the most out of a g of cannabis, while continuing to serve our really important customers and budtenders and final consumers, and continuing to stand behind the value of the brand. There's some trade-offs as we go through that. That's all I'm getting at, is just some of those decisions, and they can make a few points of difference on your gross margin. Yep, absolutely. Definitely understand that narrative. Okay. Thank you, Margaret. Thank you, Glen. Have a great day. Thank you. There are no further questions at this time. I will now turn the call back over to Margaret for the closing remarks. Thanks for joining us today. We remain Canada's leading premium cannabis company, and we continue to invest with discipline to expand our production platform, strengthen our brands, and capture growing demand across both domestic and international markets. We are encouraged by the progress made during the second quarter. Record revenue, continued market share gains, and the successful turn on of Cascadia reinforce our confidence in the investments we have made and the opportunities ahead. While we still have some work to do continuing optimizing Cascadia, we remain focused on execution, and we believe we are well-positioned to drive further growth opportunities in margins, revenues, and cash flow through the second half of 2026 and beyond. Thank you again for your continued interest in Rubicon, and I like to end these calls with my personal recommendation. Today it's our BC Organic Tangerine Sunrise under Simply Bare, the brand. It's a fantastic new genetics, and it's a great example of innovation coming out of our genetics program. Thank you. That concludes our conference call for today. Thank you all for joining. You may now disconnect your lines.