Good morning, and welcome to the Q2 presentation with CS MEDICA. With us today, we have a full lineup of the management team. First, there will be a presentation, and afterwards, a Q&A where the management team will answer all questions submitted via Stock-IO. We have already received some questions on Stock-IO, and the Q&A is still open. I will now hand over the mic to the CS MEDICA management team for the presentation. Your line is now open. Thank you, Anders, thank you all for joining in for our webinar for CS MEDICA on Q2 report. Heidi, will you change the page? Yeah. Thank you. I will start with the headlines of Q2. In March, we successfully completed the clinical trials for CANNASEN® Pain Patch and the Protective Nasal gel. The Protective Nasal gel clinical trial was a single arm trial with 60 subject with history of hay fever. They were giving our product, Protective Nasal gel, to use in two weeks during high season of pollen. The result of the trial showed that none of the subjects showed any allergic reaction. This is great, really amazing result. This also moves on to the next great thing which has happened here in Q2, that we are the first company with a registered OTC product containing CBD approved for sale in Israel. This gives us a competitive advantage as a first-mover, a company combining research, technology, and nature within healthcare, where we have nine international launch products, six being CS registered medical device under the MDR regulation. We have now 13 products in pipeline, and we have fully conducted 10 clinical trials. We are now in process with the notified body and in transition to MDR prior to competition until 2028. We have reframed our strategies, priorities, and processes and consolidated and harmonized. Investment will help us fuel our growth and innovation, but low liquidity slows the impact. When looking at the financial statements, we are still affected by the macroeconomic challenges from 2022. Still, we reach an order intake of SEK 1.9 in this quarter, making a total order intake for the first half year of SEK 3 million. The net sales in Q2 was only at SEK 251,000 compared to last year of SEK 94,000. We are still experience long lead time in the production and in local markets. Previously, equally to the last quarter, we ended this quarter with a low cash and cash equivalent. This has subsequently been reinforced by loan and credit from shareholders and family of SEK 3 million, which together with our cooperation with our factoring company, Svea, will fund our day-to-day operations. The long-term funding is attained by our investment agreement, which in this quarter, after a year-long negotiation, has finalized with Inner Mongolia RongShi, with an investment agreement of SEK 60 million at a share price of SEK 28.13, which at the current state is a share premium of 500%, which we are really proud of in the current stock market. When we look at the outlook, we still expect to achieve our revenue goal of 2022 with a growth of 120% compared to last year with a net sales of SEK 10.5 million. This is the highlight of the Q2 report. Some of you have actually asked to do an update on new products and design, but also what it is actually that we have changed to increase some of the order intake and the interest. Our vision is still to bring change and relief to people's life worldwide. We have increased our insights, which we also work with in why we have our treatments, but also to match not only consumer needs, but with trials that actually demonstrate that it do work and the high repurchase rate, but also the positive feedback we get on Trustpilot actually shows that we're on the right path. That is something that really helps when we work with new customers. One of the things that we have changed is now we're working much more with categories, so it's easier for us to focus on what's specific to target. The pain and the skin is definitely our heroes, but Protect, especially in the allergy season, is really taking off as this moment. The competitive advantage is, of course, still that we are first on the market as a medical device with cannabinoids, and we're in the transition of the MDR. We are also very science-based, so even though we have medical devices, six products, we also have cosmetic products, but they are also with trials to back up. Everything we do is to match consumer needs. The big thing that has changed some of the takeoff is actually that we are approaching both pharma in regards to OTC and the clinical trials and medical device, but we also have a lifestyle that we work with with the CBD. Combining those two worlds and actually changing our focus to an efficient OTC alternative with CBD has actually also helped. I guess Mikkel is a little bit happy with this one because we can see it starts to really take off. That also means that we do approach our focus on potential in two different angles. We do look at pharmaceutical markets and of course down to OTC. That is what we are looking at as one point, and then another thing is that we're looking into the target markets. We're looking into how many people is having skincare problems, which one is having psoriasis and wounds and pain problems and arthritis. We're also taking the approach on symptoms, and especially knowing in terms of research but also all the relevant data that we have, that more than 50% of all the patients is actually actively seeking for alternative treatments. Combining those two angles is what we're targeting. Yeah. Thanks for that, Heidi. You're absolutely right. It, it definitely brings us more speed to the market, our new approach. In order to feature in a little bit on our initial midterm and long-term targets, what you can see here on the map are the target countries where we already are existing with sales and products in the market or where we're actually waiting for production or registration. Where we located partners already ready to go for the sales. Midterm are those that we're also looking into, also negotiating, but where we also see a little bit of a longer process in terms of registration. Still very interested for the near term, but also having some registration to be done. Yes. When you're looking to the strategy, updated sales strategy where we actually have these four legs to actually work with, then in the direct producer to consumer, we're actually working in our local markets, whether that could be the Amazon market, it could be the CANNASEN.dk where we sell directly to consumers. We have the retailers here in the Nordic countries. Then what we do when we go outside the Nordics, we actually have distributors and agents who we work with, where we have people with feet on the ground and local expertise. We have the own-label solution, not on our own, direct to consumer, but on retail distributor and agent. We also got the own-label, which is accounting for more and more of the sales, which is actually pretty good. Yes. This actually means that the entire growth path that we're looking into, just to summarize, because some of you have asked also what is your main goal, if we could summarize it in this meeting, it has not changed in that sense. We have just tried to visualize it slightly different. In 2021 we believe still that we revolutionized in terms of going in with OTC product or medical device with CBD. We did our growth in 2022, and for this year we expect to do a compound growth. This is where we are focusing on intensifying market expansions. It's also where we're looking into new segments. As you saw before, we have the vet and we have the Sport gel in pipeline. It's actually products we have invested a lot in that we're just capitalizing on in new segments. It will not be produced unless we have orders in, but nevertheless, we are able to expand in these terms by utilizing what Lone has already developed in all her trials. 2024, of course, we want to be more resilient, as Gitte was also talking about. We need to be stronger on liquidity. We need to have stability. Nevertheless, what we see is that we are definitely taking in a growth path. Combining those two, we believe not just in growth or compound growth, we believe to be resilient. Of course the biggest goal is still that we wanna move even further into pharma. The growth strategy also has not changed in that sense. We are focusing on five different areas still to staying high growth. Market, as we talked about still, it's coming in. Mikkel hopefully have some more information we can share with you when it's in a PM and not in this call, but we can't wait. The new segment as well. Lots of ideas, lots of passion, but we're keeping the track on it. The only thing that we have changed slightly here, as we're also communicating in the Q report, we will only go in in new production when we have orders and commitments. The MDR, as we also said, is in progress. It's very important for us. Operational excellence is what we're focusing on in everything. I think Mikkel, you will touch a little bit about it also in regards to lead time. Of course the funding is essential as some of the questions is also we're coming back to later. Yes. I'll just briefly go through the plan of the JV and the growth journey we have together, is that in June we expect to have our first application ready for the Chinese FDA on our medical device Protective Nasal gel. In June, we are going to CPHI in Shanghai in China to exhibit via our JV to show all our CANNASEN CBD products. In July, RongShi will visit us here in Denmark, in July we also expect to have the first medical device we approved at Chinese FDA, which furthermore gives the first expectation of the first tranche of DKK 30 million from RongShi to be received here in Denmark. In September, the four last medical devices, the application will be Expected to be submitted to the Chinese FDA. You see there is one medical device lacking there, and that is the Nasal Night Spray due to the fact that it contains a CBN which is not allowed in China. In September, we will again join in on the CPHI and exhibit through our JV with our CANNASEN CBD, and the first net sales is also expected on cosmetics sales through the JV in Asia. October, we expect that the application on the four medical devices will be approved, and in December we will start the installation of the production, the feasibility studies and everything around the production. In December also, we will expect to have the first delivery of medical device for sales in Asia. January, we'll commence on the production installation in the high-tech zone of Aarhus. Based on our yearly report next year in October, we expect to receive our second trance of SEK 30 million from RongShi. Furthermore, it's planned that we will finalize the production in March 2026, and the validation will be ongoing until September, where we will start the production, expected the production of our CANNASEN CBD in JV Aarhus high-tech zone for deliveries of products in Asia area. This was the presentation of the Q2 report. Again, we refer to press releases on session for further news in regards to some of the subjects and also, more information is included in the Q2 report. Now we will go to the questions that we have received as Anders introduced in the beginning from participants to this Q2 web call. Heidi, will you start reading? I will. First of all, we're very, very happy to be in this new setup. We've had a lot of technical issues in the previous conference calls, but we're very happy. We hope it works right now, it also means that now we actually have questions that you can add in before time. We can go through and you get also everything will be taped. The first question that's coming in is, where in the process is the approval of the products in China and so on for the first trades on RongShi? I think with the go through the plan of our JV, journey, I think those question are answered, but we expect the first application to be sent in here in June, to the Chinese FDA and then move on from there. There, that means that based on that, we are expecting the first trance in August. The next question is, in a press release on March 1st of 2023, it appears that the CEO, CFO and COO have purchased shares. On March 26th, a press release arose stating that the deal with RongShi, which was canceled in January, is now done. When did the planning of RongShi deal resume after it was canceled on 18 day of January? What date did the contract with RongShi resume? I think, Gitte, would you maybe refer on that one? Yeah. Yeah. First of all, the share purchase followed the Q1 web conference where Heidi was told that she was extremely enthusiastic but had not bought shares. Although it is part of our salary package for Heidi, she bought shares at this time to show will and faith in the company and eliminating all the conspiracies that was going on at that time. Regarding China, we got an invitation to renegotiate with them in China at the end of March. Knowing that we did not want to change our terms from our previous breakdown of negotiation, we went there and only the very last day we managed to get all our terms included in the investment agreement, and it was signed this day. Yeah. A comment to that, Gitte, I can only say from a personal point of view, it only make me more passionate having the critique on the previous call. Anyway, the next question is, what date was the loan on the SEK 3 million taken out? What is the terms? In the press release on February 13, you state that you entered into an agreement with Kapital Partner as a financial advisor. What is the part of their mission to assist you on a short-term financial solution? If yes, why was Kapital Partner unable to arrange an external solution? Gitte, I think that's you as well. Yes. Yes. Yeah. To answer this briefly, first of all, we are very happy and proud of having being able to finalize the agreement with RongShi, due to the current stock market with a share premium of 500% ending at a share price of SEK 28. This was really undoubtedly a really huge opportunity. We achieved this goal. We got criticized when we started talking about China. Again, we refused to compromise and to close the deal, we were criticized again. Now we are criticism again because we actually managed to finalize and sign the agreement, including our terms. It has been challenging, but even so, we managed to do so. Even though that we are happy and proud, it has shown that in short term we are able... We are not having the same possibilities in the market for short-term financing due to the Chinese agreement, due to us having to non-dilute RongShi at the share price of SEK 28.13. The speed of growth has been affected due to us not having the short-term funding secured immediately, and that's also why we went it with the short-term loan of SEK 3 million from the two founders and family, which was obtained during for this current quarter, during the quarter and again now. This is obtained after this quarter with the SEK 3 million just obtained here following this quarterly report. Yeah. I think that- Internal commitment. Yes. Cool. Do you stand by the forecast for the full year of 2022, 2023, because this is not a calendar year, that you gave in the press release on January 18 this year? In that case, you must have sales of at least DKK 21 million during second half. Is that realistic? I think, Mikkel, that's for you. Yes. Yes. As already communicated in the Q2 report, yes, we do stick to the current outlook. Again, as previously communicated, as part of the funding strategy, we will. When we get the long-term funding, we will use this to reduce lead time as well, which among other thing, we will produce to stock, which means that we will be able to reduce the current production time dramatically. Yes. Of course we monitor, we look at everything, what we see. This is what we communicate. The minute, of course, that we have anything else, we have shown a track record that we actually spam the market sometimes with press releases to give an update, and that of course is something that we will look into. But as stated, we stay with what we have communicated in all PMs. It also means that the next question coming in is very close to the, to the last ones. Maybe you can take a twist on it, Mikkel. It's, do you still experience high production lead time and lack of stock? When do you expect to be able to make the first big delivery again, and do you maintain the full year guidance? It's kind of linked questions, but maybe you can kind of highlight a positive angle to it, why we believe the track record. Yeah. As we've seen before, previously we had a long lead time, and that was both on our own production and own label. We actually managed now to reduce lead time on own label by two months, which is not only important to us and our own liquidity and setup, but also equally important to our customers who want to take advantage of the first mover products and want to be first in the market. That's a real positive thing. That is due to optimized and harmonized processes, not only internally, but also with the customers that we are collaborating with. Cool. I have a question that says, can you provide some more context in regards to the Israeli approval and the following order that you can now start delivering? How will the order be delivered over the time span of the contract, and how much will be invoiced this year and next year? Lone, I think you're the lucky one here. Yeah. Thank you. Regarding Israel, we are not able to say more than what we have written in our press release last year and in this year in May. I will refer to these two press releases for more information regarding Israel. Okay. I can see some new questions are coming in right now. First is, how do you see the valuation of the company at the market at the current price, and are there any plans for more insider buys? I think that's up to you. That's interpretational. I think that due to the MAR rules, we are not really it's not really possible to elaborate more on that one. Obviously, RongShi have just made an investment agreement based on a valuation of SEK 343 million. From that point, obviously we see it as very low, as an opportunity to buy, but that's due to simply having the fact of the valuation based on the RongShi investment agreement. Furthermore, the joint venture is a huge possibility that is now showing through these activities that Lone also explained in the JV for the coming three years ahead. Okay. Then there's one here saying, I wonder about all the orders that you got last year, approximately SEK 40 million. I think, Mikkel, that's one for you. Let me read finished. If my calculation is right. I just wonder about the revenue result this year. What is happening to these orders, and how is possible the revenue is so low and a bit disappointing, like a lot of in other investors, there's a huge gap of expectation in revenue and actual revenue of the last report. Just before you start, Mikkel, I think we have gone through a lot of this. It's also explained in the Q report why we are delayed, and we also talked about it here. Maybe, Mikkel, you can take a twist in regards to- Yeah. Yeah. What we are able to refer to. Yeah, I think, registration process in countries outside EU are sometimes may taking longer than expected. In general, we see most of those agreements finalized last year are already in progress. Products are already on the market. Yes, that is true. We experienced something with a hiccup on the legislation and access into the Hong Kong market. Next to that, the rest is moving on as planned. I think that was the questions we have so far. I don't see any further. We almost on time as well. I don't know, Gitte or Lone, you are the ones that if you have a final word. I- It's time to wrap up. I think that. And say thank you. Yeah. Yeah. I think I have... I think we covered very well the Q2 report. Again, for more information, I would say, please dig into the Q report and also follow our press releases as Zisha, where we try to keep everything updated, as we go forward. Yeah. So I think- Yeah Maybe this is, a thank you, Lone, more. I think, thank you very much. Thank you all for joining in. Thank you for today. Yeah. Bye.