Ladies and gentlemen, on behalf of Canaccord Genuity, it's my pleasure this afternoon to introduce and welcome Luc Mongeau, President and CEO of Canopy Growth, and Tom Stewart, CFO of Canopy Growth. Luc will lead off with the presentation, and then we will move into some fireside discussion. Fantastic. Thank you. Thank you very much. Good afternoon. Thank you very much for joining us this afternoon. I'm Luc Mongeau, CEO of Canopy Growth, and I'm joined by Tom Stewart, our CFO. Luc Mongeau, CEO of Canopy Growth for 18 months. I come from the world of CPG, sales, marketing, supply chain, general management with companies such as Procter & Gamble and Mars, Incorporated. Joined Canopy as an observer to the board, then a board member about three years ago. When I was asked to step in the CEO position about 18 months ago, I jumped at the occasion for two reasons. First reason's very rare. As a general manager, as a leader of an organization, that you get the chance to work in a category that's just on the threshold of exploding and becoming one of the largest CPG categories in the world. In 2016, 2017, when people were talking about cannabis, people were giggling. People are still giggling because of the impact of the products. But cannabis is a real economic force that's out there, and it's here to stay. It is in its second generation, because we're looking now at a category that will be over CAD 100 billion by 2030, a category that does good, and a category that creates a lot of value. There's a second generation of cannabis leaders out there globally, real adults in the room creating real value. I jumped at that. The second reason why I jumped at the chance, the opportunity of being CEO of Canopy, is I was an extremely frustrated board member. Canopy used to be managed as a bank, and a bank that burnt a lot of cash, and not as a real cannabis consumer goods company. I strongly believe in the potential of the company, of its assets, and its people. 18 months ago, we set out to really unleash the potential of Canopy Growth. I joined in, beefed up the management team. We completed the management team last month with the last addition. We set up very quickly to cut costs. We swiftly cut over CAD 30 million worth of costs. We took it out of the business, and we are still ongoing. We cleaned up the balance sheet, refinanced the organization, acquired MTL Cannabis, and in the process, created a lot of momentum. Where we are today, we are really taking the next few critical step to position Canopy Growth to really win in the global cannabis market. Canopy Growth can win for a lot of these reasons that are on the slides right now. We are well-positioned in the largest cannabis markets in the world. We are number one in Canadian medical. We recently became number one and are quickly distancing ourself from the number two. Very profitable market that is still growing. We are present in the Canadian recreational market, and there is lots of stuff that has been said about this market. At the end of the day, the Canadian rec market is a CAD 5 billion market with companies who have proven that they can drive superior margin, and it is a market that is still growing at 3%-5%. We were number 10 when I joined. We streamlined operation, got to number eight very quickly. We acquired MTL Cannabis. We are now number six, and our aim is to be a top three in the near future. We are present in the European market. Last year, we spent our efforts streamlining, resetting our operations in Europe, and we are now building momentum. We are present in the U.S. We have dipped our toes in the market, and we have options when we are ready. We have the money to do it. We have the money, we have the options to really expand quickly once we have really exploded our presence in Europe. On top of that, we own Storz & Bickel, the leading medical vaporizer company. We love this asset. It really drives our medical credential. Storz & Bickel right now is number one in herbal medical vaporizers, and we are taking many steps to accelerate innovation for Storz & Bickel to go into concentrate vaporizers. Keep in mind, for every herbal vaporizer sold, there is five concentrate vaporizer sold. A world of opportunity for that brand to expand. On top of that, we have got a great, robust portfolio of brands with some of the most well-known cannabis brands in the world. Tweed is one of the brands with the highest unaided awareness brand that has the highest unaided awareness in the world and recognized by patients in Canada, in Germany, in Poland, and soon in the U.K., as one of the leading brands. I am going to skip this. As I said, we are really building the foundation in 2026. We are building momentum. We are proud of our results that we achieved in 2026, but we are not there yet. We saw 20% growth in Canadian adult use. It was a return to growth for Canopy Growth. Medical business grew by 18%. We dramatically changed our P&L. We are really ready to take off right now. This is the money slide. My team, the entire organization, is focused on three areas to unleash value. One is elevating cultivation. As I said earlier, Canopy used to be more of a bank than a real cannabis company. With the acquisition of MTL, we really brought on board the passion, the knowledge, the know-how of how to grow great flower. Not only great flower, but with the highest yield possible. Teams are really focused right now on putting down the right CapEx investment, the right system, processes, changes to increase our yield, increase our production by up to 30%. 30% more tonnage, really allowing us to distribute out there, especially in Europe, additional flower to really drive our growth. Second area of focus is streamlining our operations. You'll see in our latest quarterly results, we showed we achieve a gross margin of 31%, which was a 600-basis-point improvement versus last year, which was great. But best in the industry achieve 50% gross margin. We know we have a lot of potential for expansion. We have the plan, the actions are on the way to really accelerate the improvement, our gross margin, which will really create a lot of value in turn. Finally, it is really transforming our supply chain to allow us to really take advantage of the growth that is happening in Europe right now. Canopy is really well-positioned to win in Europe. We are building one of the most robust supply chain, end-to-end supply chain, from cultivation to export, import into Germany, repackage and distribution. We own the supply chain end to end, and this entire supply chain is EU GMP, allowing us to capture margin from end- to- end and really maximize value creation. As I said, in the last year, our team have been working very vigorously in resetting our supply chain, our system, and our processes, and we're starting to take off right now. Q1 2027, we released our results last Friday. We're truly building momentum. We saw consolidated growth of 13%, 10% growth in Europe, 10% growth in Canadian rec, 22% growth in Canadian medical. We saw Storz & Bickel grow by 6%. This is just the beginning. Obviously, we're not satisfied with these results. That's why we're adding more fuel to our growth by focusing on the three elements above. We strongly believe, we are convinced, we have a high level of conviction that we are well-positioned to win in this fast-growing global cannabis market. I went as swiftly as possible through the slides to really leave room for questions. We're opening it up for questions right now. Thank you. Well, let me lead off with the first couple and then can turn to the floor. Luc, you are looking to and will become increasingly competitive in Europe at the exact same time as Europe is becoming increasingly competitive. How do you think through and differentiate your offering in Europe? How do you intend to take share in Europe against the backdrop, which continues to evolve perhaps quicker than some had expected? Yeah, very good question. Europe is the biggest opportunity for us right now. We have been in Europe for many years. Sadly, we have had a bunch of false starts, and these false starts are driven like we have a start because we have flower, we run out of flower, start again and again. The systems, their supply chain is not robust enough. What we have shown, though, is that we have built distribution network, we have built a sales team, we have built awareness of our brands that every time we are in stock, we win because we have invested behind the relationship with the pharmacists, with the doctors, behind our brands. The best example is recently we were back in inventory in Poland, and we shot out, sorry, straight up to number three position, and now we are going after Aurora, who is number two in Poland. So when we are stuck, we can win because we know the doctors and patients alike know we have great brands, we have great products. So that is why we took the time over the last year, really set up robust supply chain, robust sales and operation planning to make sure that when we restart the machine, it is very solid. Right. You touched on MTL Cannabis and its importance within your flower and flower capabilities. But for those not as familiar with the story, maybe back it up a moment in terms of how and why did flower become such an issue for Canopy, and then walk us through what MTL Cannabis solves in terms of flower for Canopy. Yeah. As I said, I was half-joking when I said Canopy was more of a bank than a cannabis company. Cannabis was really, cultivation was a second priority for Canopy, but there was so much attention pushed to cash flow, cash generation, managing cash, and being distracted by chasing everything around the world. At one point, Canopy was present in so many countries and playing in so many possibilities where we really focused the organization against what really matters. We took care of the balance sheet, we took care of the financing. We are at a great place. Now we focus on the fundamentals, and in the end, it is all about flower. You need great flower consistently to win. Medical patient turn to us, I mean, for products that they consume, they either inhale or they consume if it is a soft gel or other products. I mean, long term, you cannot win if your flower is not good. For us, that is why we were really attracted by MTL. MTL was founded by two brothers. They have been growing cannabis well before it was legal. They have been growing cannabis since they were 14 years old, they will tell you, and they are a bit younger than me, but they have been doing it for a long time. These are individuals that have the passion for the plant, and they have the understanding of what different lighting, different spacing, different trimming can really have on the plant. Now we have got this know-how within the organization, it is a real cultural transformation of Canopy, where our business reviews, all our operating systems are built around superior flower. We have proven when we have great flower, our brands just take off. That is why it is a number one priority for us. Right. Then just I think Europe or Europe more broadly, you spoke to sort of potential into the U.K., your share gains and the likes in Poland. Maybe provide a quick overview for how you see the European market more broadly evolving, specifically as it relates to tightening up of EU GMP standards and/or the tightening up around the whole greenwashing into Europe discussion. Because I think that will also potentially, maybe not level the playing field, but certainly change the angle on the playing field. Yeah, there's a couple of things there. Europe is a 500 million individual market. We know it's just a matter of time, Europe will fully open, first medical, then it'll be a matter of time before it becomes recreational. For us, EU GMP, more regulation, elimination of the washing, we love it because, listen, we're taking, we're 24 months behind, now we're 6- 12 months behind. But we're cutting three times. We're measuring three times to cut once. What's taking us a bit more time? Our entire supply chain is EU GMP, from seed to our growing facilities, to importing in Germany, to repackaging, to distributing. We're all EU GMP. We don't have to do business with a third party. We don't have to go to a distributor to do this. We capture margin end-to-end. We're in process right now actually of qualifying our Smiths Falls facility to do 2.0 products. So soft gels, oils, concentrate distillates, vapes, and eventually PRJs. We will be able to bring these products to Europe in an EU GMP qualified. So bring on the regulation. We welcome regulation. We're a medical player at our core, so we're really well positioned to expand that. But further building on this, for us, we've got a run rate in Europe right now of about CAD 10 million a quarter. Obviously, we're not satisfied with this. Eventually, we'd like this business to be CAD 100 million annually, CAD 150 million annually. We can see the pathway to get there. That's why we're focusing so much energy on elevating cultivation quality and yield. When you look at the German market right now, German market will be about EUR 2 billion in cannabis really soon. It's starting to flirt with these numbers. I mean, EUR 100 million-EUR 150 million, it's not that big of a share, and we know that EUR 100 million-EUR 150 million, our P&L will look completely different. So we're just going after a very profitable share of Germany. We're well positioned in Poland, as I said, we're number three. We're doing our first shipment to U.K. this quarter with sales. The sales will show in Q3. So we're very well positioned. I think it goes to your question there. Sorry, we'll come to you in a second. Can you clarify for us, just because [inaudible]- No. We're cul- and then [inaudible] and getting their stamp? No, we're cultivating in Canada in a facility that's certified EU GMP. Certified EU GMP. Yeah. What percentage of your growth cultivation is in Europe versus on the facade or out? We are all indoor now. [inaudible] We have three facilities. We had a facility that was hybrid, that we are now converting to fully indoor. And by hybrid- What percentage of your cultivation is being exported? Is it just 10 divided by 80? No, at this time. What's the percentage exactly? I know that it's higher price, right? Yeah, it's a lower percent. I would say it's sub 20% of the flower is going externally right now. Right now. Yeah. Yeah. Well, I think that maybe builds on the discussion around, you highlighted the fact that while you've had a big improvement at your gross margin profile to that 36-ish percent most recently, best in class is a 50% type marker. I think what's not perhaps as very well understood is the margin opportunity or the relative margins of Europe versus Canada. So perhaps speak to that in isolation, and then perhaps, Tom Stewart, you could pick up on the levers and the specific actions you can take to help narrow that gap versus saying, "Well, we have this target, this aspiration." In cannabis, that's sort of seen as being a bit of a fascinating, but move on. So maybe some details there. Yeah, I think overall, when you look at the price points in Europe today, as everyone's aware, it's definitely the most attractive market, relative to the Canadian space. So I think for us, a lot of the efforts that we're putting in to increase our cultivation capacity, the quality of our flower, the consistency of our flower, that gives us ample opportunity to capture some of those higher price point sales. And for us, when we think about the quality of the MTL Cannabis flower, we also think we're well positioned to play in that premium category that will continue to thrive in Germany and in Europe more broadly. I don't think we want to chase the value game. To some degree, we need to lean into our flower capabilities and really have that premium product offering. Yeah. And then just specific sort of corporate level actions that you can be taking there to help outside of a mix impact, narrow that gap against best in class kind of margin plan peers. I would say from the transformation project, coming off the back of the MTL Cannabis acquisition, we are looking at integrating our facilities. So really just overlap between two organizations. When you think about synergies, public company costs, we think through just operational footprint, like where we're producing flower, where we're making hash, where we're doing PRJ production. Really bringing those two businesses together to pull costs out of the ecosystem, while also elevating the quality of the end product that's going to the consumer and the patient's hand. So when we think about bringing the two organizations together, we do have a robust set of assets across the globe that will help drive the growth, both in Canada and in Europe. Again, the know-how, it's tough to put a number on the know-how and the cultivation expertise that you've acquired, but we're starting to see very early good signs indicating that that elevation is coming. Yeah, we spent a good period of time, really, I overuse measuring by three times and cutting once, and really looking at our end-to-end distribution manufacturing network in Canada. We brought in the right experts in the industry, and now we have a clear set of actions that has actually been activated, and we have a clear cadence that gives me really great confidence that we can see more gross margin starting to float with what we're seeing in the best in the industry. And yes, margins are really good in Europe. There are players in Canadian rec that achieve very healthy gross margin. That's what gives us a great level of confidence. There's a lot of potential for growth there. How do you think within the context of the Canadian market, Canadian rec is not a growth market in and of itself. We are talking numbers bracketing 1%- 3% number over time. How do you think about within that market, whether it is the capitulation of the weaker players or the consolidation of players, what do you think that landscape looks like three years out? There is a lot changing capital allocation. You have seen certain competitors exiting the rec market, others who have finding their form in the rec market. What does Canadian rec look like, or how different does it appear a year to three out from the last five years of Yeah. Yeah, so again, a CAD 5 billion market growing at about 3%. It is all into consolidation. There are over 1,000 LPs playing in Canadian rec. It is not sustainable. We are seeing the same thing. Retailers are consolidating. You can see players dropping out who no longer have access to capital. They cannot keep up with innovation. They cannot keep up with the market continuing to shift from flower to pre-rolls to vape. We are starting to see a consolidation where there will be probably seven big players who will make the bulk of the market, and we definitely intend to be one of the top three. Would you qualify the exit of certain players as being net positive or something of a wash with what has happened to certain of the larger operators who have moved to just exit the Canadian rec market? How do you think about that as well? I think it is more of a wash. Okay. Yes. Fair enough. Maybe just quickly back to Europe. We focused on Germany, Poland, the existing large known markets, but we do have pilot programs that have been stood up in Switzerland, in the Netherlands, and do not get as much air time as the German or Polish discussion. Speak to how you think about and how you will address the opportunities in those markets. What we pride ourself at Canopy and what we are building right now, we know where the market is going, CAD 100 billion. Everything, all the steps that we are taking is to build the right foundation, a foundation that will endure, and that will build something for the long term. When we reset our operations in Germany, it is with the eye to really win in Europe. Every step we take, very well measured. With that being said, we are still 6- 12 months behind competition, so we are laser focused on the opportunities that are right in front of us right now. We know we can grow from a run rate of about CAD 40 million a year in Europe to a run rate in excess of CAD 100 million just with Germany alone. Playing in very premium segments of the market with the flower that we need, and we know is coming down the pipe and with our sales team. We laid a foundation for a broader future with the eye on the near-term price. Tom, anything to add? I would say all the activities that we are talking about are kind of improving the foundation. That benefits all markets as they come online. Right. Our end-to-end EU GMP supply chain, we see as being kind of the engine that will drive growth as new markets open up. It's not so much running around planting flags today. It's being well-positioned and entering when it makes sense. Exactly. You touched on, just closing out here, the Tweed and the Tweed brand relaunch in Germany. I don't think it's necessarily well understood that while the pricing pressures get all the headlines in Germany, just how price insensitive that premium segment has proven. Within that context, speak to why the Tweed relaunch as a premium-focused product matters in Germany for you. Yeah, for us, it's both Tweed and it's Spectrum. Spectrum is our Canadian medical brand that we've taken to Europe. As I said earlier, Germany, a market that will soon be EUR 2 billion. There's a lot of noise in prices coming down, but there's still a very healthy, large price band that is five, six, seven euros. This band is not going anywhere. The market's growing faster because the value segment is developing, and we saw that in every segment in the world. That's when the power of brands, the power of relationship with pharmacists, with doctors, with patient eventually, is really important, and that's why we've invested in the past, and we continue to invest in developing these brands. Recent market research in Germany showed very positive attitude toward not only Tweed and Spectrum, but the MTL brand as well. As I said earlier, going from a CAD 40 million run rate to a run rate in excess of CAD 100 million, when you go after a very precise price band with strong brands, is definitely achievable. Luc, Tom, thank you very much. Thank you. Appreciate the time. Thanks, guys. Thank you, folks.