Afternoon, everyone, and welcome to TILT Holdings' second quarter conference call and webcast. Today's call is being recorded for replay purposes. A replay of the audio webcast will be available in the Investor section of the company's website approximately 2 hours after the completion of the webcast, and it will be archived for 30 days. I would now like to turn the conference over to your call for your host today, TILT's Head of Investor Relations and Corporate Communications, Lynn Ricci. Please proceed. Thank you, operator. Good afternoon, everyone, and thank you for joining us. Earlier today, we issued our second quarter 2023 earnings press release. The press release, along with our quarterly report on Form 10-Q, is available on the U.S. Securities and Exchange Commission's website at www.sec.gov, on SEDAR at www.sedar.com, and on our website at www.tiltholdings.com. Please note that during this afternoon's webcast, remarks made regarding future expectations, plans, and prospects for the company constitute forward-looking statements. Actual results may differ materially from those indicated by such forward-looking statements as a result of various factors, which we disclose in more detail in Amendment number 2 to the Form 10 registration statement filed by TILT with the SEC and on SEDAR. We remind you that any forward-looking statements represent our views as of today and should not be relied upon as representing our views as of any subsequent date. While we may update such forward-looking statements in the future, we specifically disclaim any obligation to do so, except as otherwise required by law. As of today's call, we are presenting our financial results in accordance with the United States generally accepted accounting principles, or GAAP. During the call, management will also discuss certain financial measures that are not calculated in accordance with GAAP. We generally refer to these as non-GAAP financial measures. These measures should not be considered in isolation or as a substitute for TILT's financial results prepared in accordance with GAAP. A reconciliation of these non-GAAP measures to their nearest equivalent GAAP measure is available in our earnings press release that is an exhibit to our current report on Form 8-K that we filed with the SEC and on SEDAR today and can be found in our Investor Relations section of our website. On today's call, our Interim CEO, Tim Conder, and Interim CFO, Brad Hoch. Following prepared remarks, we will open up the call for questions. During today's prepared remarks, we may offer metrics to provide greater insight into our business and/or our financial results. Please be advised that we may or may not continue to provide these additional metrics in the future. With that, I will now turn the call over to our Interim CEO, Tim Conder. Thank you, Lynn, and good afternoon, everyone. It has been just over three months since I stepped in as Interim CEO of TILT. Over that time, I have had the pleasure of meeting with our various teams across the country, along with key customers and partners. I am heartened by the energy and commitment from our teams, as well as the strength of our market position and the depth of our partnerships. Last quarter, I outlined a few key areas of focus for our team over the near- term. The first and arguably most important area of focus is to return TILT to profitability through a focus on operational excellence. Over the past few months, we have left no stone unturned to identify cost savings, opportunities, and efficiency gains. The most visible area of improvement for the company was rightsizing across our plant- touching and corporate business units, which will net an annualized savings of over $8 million. Though these were difficult decisions to make, given the impact on our team members, the reductions were necessary to get ourselves back on the path to sustained profitability. We expect to realize the full P&L benefit as we progress through the year. Another area of efficiency involved rationalizing our vendors across our business. This required a deep dive into our suppliers and processes as we looked to renegotiate contracts to improve pricing, establish consistent and repeatable SOPs for procurement, and eliminate expenses that don't support our core business initiatives. We are also more actively managing our cannabis inventory in Massachusetts. This resulted in the destruction of expired and otherwise unusable biomass, creating a write-down that Brad will cover in just a few moments. To minimize future write-downs from product destruction, we identified new product pathways and implemented robust S&OP processes. We also improved cycle time from harvest to flower pack out to ensure that the products we sell are of the highest quality and freshness when they hit retail shelves. These adjustments are powerful drivers of operational efficiency and sales velocity. The ultimate result we are seeking from these optimization initiatives is to improve our cash generation in order to pay down debt and position us for long-term growth, driven by the reinvestment of our own free cash flow. Strengthening our balance sheet is paramount, and we will continue to take action to improve our margins, achieve profitability, and generate cash. In addition to exerting measures of control and accountability over our operations, we have also been evaluating our brand partner lineup and overall brand strategy with the goal of maximizing margins, increasing sales volume and velocity, and ultimately developing a unique and differentiated portfolio of cannabis products. As I mentioned last quarter, we must ensure that we are selling the right products, in the right markets, to the right consumers, at the right price. Through the course of this evaluation, one thing has become glaringly obvious: we are significantly under-realizing the opportunity that exists through the brand partnerships and hardware innovation taking place in our Jupiter Research subsidiary. Jupiter is one of the largest developers and distributors of vaporization hardware in the world, working with many of the leading brands in the vaporization category. Going forward, we will deepen our moat with existing and prospective hardware customers by helping them expand their businesses into new markets through our cannabis operations. We will continue to have a presence across all categories, but inhalation will be our primary focus. Currently, we work with two of the top 10 U.S. vape brands across the entirety of our platform. We sell them hardware, cultivate and manufacture their products in certain states, and sell these products to licensed retailers. We are in late-stage negotiations with others to expand our partnership beyond just hardware and bring their products east to Massachusetts, Pennsylvania, and Ohio. We look forward to sharing more as we further optimize our brand portfolio to better support our long-term strategy. Focusing in on our plant-touching business, I would like to discuss the market positioning of our retail stores. Today, we have 3 retail cannabis locations, plus a kiosk within New Dia's store at Fenway Park, all in Massachusetts. Going forward, our stores will serve a specific purpose: to showcase our brand partners and increase the sell-through of their products, as well as providing a controlled environment to R&D new hardware products and test their associated go-to-market strategies. Having our own retail footprint in certain markets provides other benefits as well, such as enabling us to sell through slow-moving or aging SKUs by utilizing in-house promotional and pricing programs. As we think about Pennsylvania and Ohio, where we only have wholesale cannabis operations currently, we may determine that verticalization is similarly important for the reasons I just outlined. We are excited about these markets as both inch toward adult use, and we will position ourselves accordingly to capture the upside of the eventual transition from medical to adult use sales. We are also evaluating other markets across the U.S. to expand our cannabis operations. With the right brand partner mix, we not only capture the revenue that is generated from cannabis sales, but also the increased volume of hardware sales. As one part of our business expands, it triggers growth for the other. That is our flywheel. Lastly, New York. The regulated adult use cannabis market in New York State has experienced a number of hurdles during its delayed rollout. Our partnership with the Shinnecock has been impacted by certain statewide challenges, including unlicensed operators selling cannabis on Shinnecock land and the inability to bring in or sell cannabis products across sovereign and New York State lines. Due to these challenges, we are undergoing a deep analysis on the economic viability of this partnership. During this analysis, construction has been put on hold. We are grateful to our partners for their cooperation and understanding through this evaluation period to ultimately bring the Shinnecock and Little Beach Harvest to the next phase of their journey. We will communicate more as we determine next steps for TILT in New York. Turning to our Hardware business, Jupiter continues to support the leading inhalation brands in North America through innovation, consistency, reliability, and industry-leading customer service. In addition to the cross-platform work we are doing in the U.S., Jupiter is also deepening its customer relations in Canada. We have partnered with many of the top brands and producers in the Canadian market. In certain cases, our customer relationships have evolved to include custom hardware product development and exclusivity periods for those products. This gives our customers a distinct advantage over their competitors and exemplifies our ability to deepen our customer relationships through innovation. We are proud of the brands that we have supported through their meteoric growth in such a competitive market. As we look to the second half of the year, we will continue to execute against our operational refinement plan by further optimizing our brand portfolio and product assortment, creating greater operating leverage, and focusing on business fundamentals. We are committed to strengthening our financial foundation to prepare for growth driven by the reinvestment of cash from operations. We are excited to better unify our hardware and plant-touching businesses as we return to both adjusted EBITDA profitability and positive operating cash flow. I'd now like to turn the call over to Brad to review our financial performance in more detail. Brad? Thanks, Tim, and good afternoon, everyone. As a reminder, all results today are presented in U.S. dollars and on a year-over-year basis, unless stated otherwise. Jumping into our results. Revenue in the second quarter of 2023 was $41.6 million, compared to $47.1 million in the year ago period. For our Hardware business, we generated $28.7 million in revenue, compared to $34.8 million in the year ago period. In our Cannabis operations, revenue in the second quarter increased to $12.9 million, compared to $12.2 million in the year ago period. The decrease in revenue for the quarter was primarily driven by supply constraints in our Jupiter business. In fact, Q2 orders were higher on a year-over-year basis. The orders were back-end loaded, so we were not able to fulfill delivery within the quarter. Gross margin in Q2 was 9.7%, compared to 23.3% in the year ago period. The decrease in gross margin was mostly due to one-time write-down of inventory across our markets. Excluding the write-down, gross margin would have been 21.4% for the second quarter. Operating expenses, plus non-cash adjustments for stock compensation, depreciation and amortization, and impairment charges in the second quarter decreased to $10.7 million, compared to $12.5 million in the year ago period. The decrease was driven mainly by lower legal fees associated with litigation activity and lower headcount as the company realigns resources to align with strategic goals. Net loss in the second quarter was $26.9 million, compared to a net loss of $7.1 million in the year ago period, with the increase primarily driven by $15.7 million of non-cash expenses related to inventory, investment, and loans receivable write-downs. Adjusted EBITDA in Q2 increased to $1.5 million, compared to $1.1 million in the year ago quarter. The increase was mostly driven by early progress with our strategic refinement and optimization initiatives. This marks a return to positive Adjusted EBITDA, and we expect to remain positive in the second half of this year. Cash used from operations in the second quarter of 2023 was - $3.3 million, compared to - $0.4 million in the year ago quarter. The consumption of cash was primarily related to pay down certain vendor payables. At June 30, 2023, we had $4.1 million of cash, cash equivalents, and restricted cash, compared to $3.5 million at December 31, 2022. Notes payable, net of discount at June 30, was $57 million, compared to $59.7 million at December 31, 2022. With that, I'll turn it back to Tim. Thank you, Brad. The first 90 days as Interim CEO have been a great experience. While I am not underestimating the challenges for our industry or those that we face at this stage of stabilization, I am encouraged by the opportunity we see before us, and I believe we have the right people in place to execute on our strategy and return to profitable growth. With the refinements we are implementing to course correct where we have stumbled, I believe we will enter 2024 as a new company with a strong financial foundation, a unique and differentiated strategy rooted in innovation and partnership, and the battleground experience that comes from successfully navigating one of the most challenging macroeconomic environments our nascent industry has ever faced. I want to thank our stakeholders for giving us the time to evaluate the business and make difficult decisions. We are committed to long-term success, and we are doing what it takes to achieve it. With that, we will open up the call for questions. Operator? Thank you. We will now conduct a question- and- answer session. If you would like to ask a question, please press Star one on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press Star two if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. One moment while we pull up our first question. Our first question comes from Aaron Grey with Alliance Global Partners. Please proceed. Hi, good evening, and thank you for the question. Tim, you laid out, you know, a couple of things that you're looking to make changes on since you came to the helm. I'm just curious, as we look towards the next six months, you know, what do you think are some of the low-hanging fruit, you know, as you've been going on and things for the operations of, of what you think can be achieved, either from a, a top line or, or, a cost-saving side, and what to expect, you know, in the next six months from some of the changes that you've laid out? Thanks. Yeah, thanks for the question, Aaron. We really appreciate it. Like we discussed through the script, a lot of those changes were made in Q2, and we'll see, you know, the benefit of those flow through in subsequent quarters, in the back half of the year. We'll continue to sort of evaluate our operations holistically to see where we can reduce expenses and also where we can increase revenue. I think it's an important differentiation for us that top line growth in and of itself is not our focus. Profitable revenue growth? Absolutely is. Where can we invest to, to grow revenue profitably, and where can we continue to cut to increase our, you know, increase our margins by reducing expenses? I think we still have some room in certain markets on the plant touching side of our business. Mostly through sort of like, operational refinement and just getting as efficient as possible in growing, harvesting, packing out, and distributing products throughout our network. Okay, great. Appreciate that. Second question, you know, you talked about potentially getting into new states. Could you talk about maybe what part of the supply chain you'd want to be? Would it be more, you know, I imagine not, not cultivation, but would you want to be on the processing, manufacturing, also some retail? It does seem like you're more willing to get vertical. Can you talk about some of the initiatives you might have, to get into new states, and how key is that to essentially drive growth so that you can have your current brand partners and, and extend those into new states versus the limit you might have in terms of deepening those partnerships in the existing states that you're in? Thank you. Yeah, absolutely. No, it's a great question, Aaron, and it's a hot topic of conversation internally. You know, we see our core competency as hardware, cultivation, and manufacturing, and distribution. I would include retail in that sort of distribution arm, right? Because not only are we distributing our in-house products and our third-party branded partner products throughout our retail network in the states that we serve, but also through the three retail locations that we run ourselves. You know, that's what we see as our core competency. I mean, today, Jupiter sells product into essentially every legal cannabis market in the U.S., or actually every legal cannabis market in the U.S. So we see a huge opportunity to support our brand partners in other markets, like you indicated, and we'll be evaluating what are the best markets for us to enter. I can tell you that, you know, we believe that we can be top five for all of the products that we distribute, and it's important for us as we grow market share, to grow into new states, to sort of capitalize on the success that we've had historically in the markets that we currently serve. How we evaluate those states is really gonna come down to market size, market maturity, and the opportunity that we believe exists, not just for us as a whole from a cultivation, manufacturing, and distribution standpoint, but for our individual brand partners as well. Okay, great. Thanks for the color. I'll jump back in the queue. Thank you. Our next question comes from Pablo Zuanic with Zuanic & Associates. Please proceed. Thank you. Tim, maybe along the same lines, focusing on Jupiter. First, a couple of housekeeping questions. Can you talk about what the decline in sales in Jupiter would have been sequentially or year-over-year if we X out these supply chain issues? Related to that, if you can remind us in terms of, you know, the competitive environment in hardware, right? I suppose that the context, a lot of your customers are facing price inflation, so they're probably trying to push prices down, and at the same time, you may have new competitors in hardware that are also bringing prices down. Just a reminder of the competitive context there and the demand side of things for the business. Thank you. Absolutely. Thanks for the question, Pablo. We appreciate it. Those, those things go hand in hand. I believe, you know, we've lost some market share year- over- year due to the increase in competition at the hardware level. But we still believe that today, our Hardware is best in class from a reliability, sustainability, and innovation standpoint. However, I think there are two areas of focus for our Hardware business as we move forward through this year and into next year, and that's really gonna be, you know, how do we get more price competitive? How do we increase our speed to innovation? You know, we believe we can be the most innovative as it relates to hardware, not only sort of iterating on existing products, but bringing new products to market that ultimately grow the pie for inhalation and vaporization. We have some things in place that should come to fruition next year that will help us from a pricing standpoint, as our competitors have really tried to sort of bottom out the market from pricing to gain market share. We believe we can be competitive and remain best in class, in, in all of those aspects. And do you want to quantify the impact from supply chain issues on sales in the quarter or not? No, don't have to if you don't have the numbers in front of you. No, I don't think I'll quantify that, Brad, unless, unless you want to. What I would say is our sales remain strong. Revenue has seen some lumpiness due to supply chain issues, but we're looking for that to sort of normalize in the back half of this year. Okay. Thank you. Just staying on Jupiter and just trying to understand the opportunity, right? Between your current states, Massachusetts, Ohio, Pennsylvania, maybe remind us of how untapped is that opportunity or you're already working with partners? Separate question on the same topic. You know, a lot of your - you're selling, I think, in 39 states, the hardware, right? Your, your partners are already there, I suppose, with other companies. How, how do they switch into you? By the same token, you know, if I'm a vape company that wants to enter Maryland, why would I want to partner with you if you're not present in Maryland? I'm just trying to understand the opportunity and, and, and the challenges as you try to do this. Thank you. Pursue that strategy. Yeah, absolutely, Pablo. I'll start with the second question. I might need you to sort of repeat the first 1, partners would want to work with us in new markets because we're performing in our existing markets, right? The, the less sort of operators that brands have to manage in order to not only bring their products to market, but accelerate their market presence and capture market share is, you know, it, it sort of less is more, right? Work with, you know, 1 partner that's successful in every market is easier than working with, you know, 10 or more partners that have varying degrees of success by market. You know, we believe that we have an opportunity with our brand partners, not only to continue to serve them in the markets where we currently operate, but to expand our cultivation, manufacturing, and distribution footprint into new markets to serve them in states that they want to go into. Yes, you're right. In certain cases, our, our third-party brand partners are already in those markets, but not in every case. I mean, we have conversations regularly with our brand partners who are looking to expand and asking us whether or not, you know, we see a near-term opportunity in a state that's sort of an expansion target for them. We'll continue to work closely with them to identify market opportunities and maybe align our strategic growth so that we can sort of capture market share together. We believe, and we hear from our brand partners often, that we are an operator that they want to continue to work with in the markets that we currently serve, and the ideal market, cultivation, manufacturing, distribution partner in markets that they may be anticipating entering. I'm sorry. Can you repeat the first question? Yeah, I will. The first part was more in the, in your existing markets, right, Massachusetts, Pennsylvania, Ohio? How untapped is the opportunity with the hardware partners, or it's already fully tapped because you're already working with them there? Thank you. No, I think there's a, there's a very large opportunity. I would say there's a number of powerful and, you know, sort of industry-defining brands from the West Coast that are still looking to make the move east. Not everybody has, and, you know, they're timing that, to align with sort of their, their, their internal strategy. We see an enormous opportunity with some of those partners that have yet to do so, and we see even more, and we see, accretive opportunity for the brand partners that we already have in market. You know, I think, in Q2, we saw a brand like Old Pal go from 25th in the market for flower to number five. So we see opportunities like that with other brand partners, and it's, you know, paramount for us to have them really in the top five of their category in each market, which not all of our brands are today, but we're working sort of diligently in cooperation with them to achieve. Thank you. I'll add one more, and thank you again. In terms of a kiosk strategy, I think you mentioned the Fenway store there from another vendor, another company. You know, Massachusetts, as you know, has a cap of three stores, but, you know, to my knowledge, there are no caps on kiosks. I mean, is that a big opportunity, or, or we shouldn't exaggerate the opportunity in that sense? Thank you. Yeah, absolutely. No, thanks for the question. Absolutely. I mean, we're seeing retailers get creative about how they meet the consumer at their point of purchase, and how they bring new consumers in to grow the pie and convert those, those new consumers into sort of, you know, recognized sales. New Dia at Fenway is doing exactly that. I think they're a great example of it. We don't see this just in cannabis, right? We see it outside of cannabis. Companies like Sephora or M·A·C have turned to stores within a store, which is sort of similar to the sort of kiosk, the sort of kiosk model, to really allow brands to better connect with consumers and ultimately help them as a retailer, drive sales. We're super excited to be a part of New Dia as they at launch and going forward. I think that you'll start to see more of these types of sort of creative solutions around retail pop up, not just in Massachusetts, but beyond. It's something that we'll always explore because, like I said, distribution is one of our core competencies, and channels for distribution will be obviously paramount as we look to, to grow that part of our business. Thank you. Thank you. Absolutely. Thank you, Pablo. At this time, there are no further questions in queue. I would like to thank you for joining today's conference call and webcast. You may now disconnect your lines and have a great day.