Welcome, everyone. My name is Sir Marvin Yee. I'm the chairman of Greenfern Industries. It is now three oclock, and I declare our annual meeting of shareholders open. Thank you all for joining us here today and joining Greenfern on this exciting journey. We continue to seek to be the best-of-breed producer of New Zealand medical-grade cannabis, and we are the only cultivator with our own hydroelectric power plant. I'd like to take this opportunity to introduce you to the rest of my board members. To my right is the Managing Director, Dan Casey. T hat's Kirsten Taylor, and our Chairman of the Audit Committee, Simon McArley. Also present are our advisors. We have our auditor, Michael Lee, and our corporate counsel, Daniel Wong. I've received apologies from Philip Brown. Philip was unable to attend due to his mother's 92nd birthday. I've received 53 proxies, representing approximately 17% of all securities. I will now take that, the annual report has been read, and I'll pass on the meeting to Dan Casey, our Managing Director. Good afternoon, everyone. Thank you for attending the meeting. Nice, small, and intimate, but it's great for you guys to make the effort and turn up here. I'll just go through a bit of a presentation, give a bit of an overview on the company, where we're at, where we're heading, and what we're doing. GFI was founded in 2018. It was one of the first movers in the medicinal cannabis space here in New Zealand. As an actual medicinal cannabis scheme had not been written into law at this point in time, there were a number of assumptions and strategies that were evolved based on best industry forward-thinking scenarios. Fast-forward five years, and we are now at a transitional point in time where a regulation has been established here in New Zealand, and the workings of the regulation have been lobbied by industry for change and relaxation of the rules and standards to be more user-friendly and in line with international rules and regulations. We're now at a point in time where companies have cut their cloth to suit both the domestic and the international regulations and markets and are only just beginning to recognize clear pathways to success. We at Greenfern have always been a out-of-the-box thinking company. We endeavor to deliver our business undertakings with sustainability at the core of everything we do. This is exemplified by the use of our very own hydropower station that can provide power to our operation facility in Normanby, Taranaki, and our B Corp and Toitū net carbonzero certifications. Having these solid foundations of unequivocal dedication to sustainable and ethical business will set us in good stead and separate us from our peers in the years to come. Operational priorities for us. As the industry here in New Zealand and ourselves as a company have matured over the last 12 months, we're beginning to find our niche areas for future growth and revenue expansions. With this come corporate and business responsibilities to make sure we make the right decisions at the right moments in order to grow the Greenfern entity. One of those is New Zealand cultivation. It's always been at the core of what we've set out to achieve as we stand on the shoulders of giants, of those who have paved the way, and excellence of what New Zealand's agricultural prowess. New Zealand's recognized globally in other primary products such as kiwifruit, vines, avocados, and apples, for example. Medicinal cannabis should be no exception to New Zealand's proud story in the years to come. Many, like the establishment of kiwifruit and grape varieties that can take up to five years or more to bear fruit, the cannabis industry in New Zealand is not dissimilar, and we believe we're on the precipice of recognition globally in this space. To dig down a little deeper on this, and in order to be successful, you have to find the right genetics to suit market demand. You have to research and stabilize these genetics over a number of cultivation and drying cycles. These genetics in each batch need to be tested for multiple profiles in order to meet particular clients and also regulatory needs and requirements. Once you find a reliable and desirable genetic, then an appropriate market for this genetic needs to be sourced, business relationships developed, and contractual obligations set out. Supply chains and logistic partnerships, import and export partners in each jurisdiction found, and terms and conditions agreed upon. Supplier distribution and prescriber networks are formed in order to move products and acquire patients. This all takes a vast amount of time and energy, and many outside the industries may not appreciate this. With medicinal cannabis flower being a medicine, it's important to be able to stabilize these to such a point that each and every subsequent batch is essentially identical to the last. It's intended to be a medicine in its final dose form, so must meet a patient's needs for their particular ailment. Attaining this uniformity cycle after cycle is really only attainable in an indoor, fully controlled environment. This is virtually impossible to do in an outdoor setting or a greenhouse setting that is relying on the sun for light alone. At Greenfern HQ, we control the temperature, the relative humidity, the light cycle times and intensity, the temperature at particular life stages of the plant and at both day and night, the nutrients and the nutrient uptake, among other mediums. All of this is required in order to maintain homeostasis of the plant itself and in turn, producing a consistent and reliable medicinal flower. Understandably, all of this requires a large power input, therefore, I cannot stress enough that having our own source of power exemplifies our advantage here. To- date, there have only been a small number of commercial exports of medicinal cannabis flower out of New Zealand, with a number of these being facilitated by our export partner, Ampyl Sciences. I just want to make the point of having the correct partners that recognize and align with our values, our goals, our desired outcomes at each stage of the supply chain is critically important to our business's success. With a brand-new cultivation facility in Normanby, Taranaki, partnerships and agreements are in place, supply chains are sorted, strategic partners at the ready, and Greenfern is now poised to capitalize on the hard work that has already been done, and we look forward to bringing these successes to yourselves along this next stage of our journey with us. We currently have two new cultivation rooms in flower, with the first commercial harvest, due to take place this coming week. This is both daunting and exciting. We're expecting to produce somewhere in the vicinity of 40 kgs-50 kgs of dried medicinal cannabis flower, ready for sale into the international markets once all testing and regulatory requirements have been satisfied. The next stage of this journey is to look into the feasibility of implementing GMP, this is good manufacturing practice, to our cultivation facility. In cultivation of medicinal cannabis, this process commences at the drying and packaging stages of the process. This would mean implementing quality measures for both production and quality control, along with general measures that ensure that the processes necessary for drying and packaging of our products are clearly defined, they're validated, reviewed, and documented, and that the correct personnel, premises, and materials are used to meet a pharmaceutical standard. There, of course, is a cost to this, but in layman's term, the outcomes would mean that a premium price for our medicinal cannabis flower in the domestic and international markets would be sought. As I've said previously, we've not wanted to put the cart in front of the horse and are being measured and strategic in our incremental growth steps. The markets will dictate our future and strategic directions. Market expansion. The New Zealand domestic market is an area that we strive to have a market presence in. While the regulatory environment has been slow and tardy, it is now maturing and changing, and is one that we'll look to enter in the next 6-12 months with our medicinal cannabis flower. We set out nearly two years ago through our Australian partners at Cannvalate to get a foothold in the larger Australian medicinal cannabis prescriber market. To- date, this has seen us generate revenues as we grow in this area. We continue to develop partnerships as the industry evolves and hope to have new partners and supply chains in this sector in the next 12 months. The Australian medicinal cannabis prescriber market produced revenues of AUD 41.6 million in the second quarter of 2023 alone. This shows the market size is currently. Greenfern wishes to maintain and grow its admittedly small share of this with our trans-Tasman partners. We're in discussions with a number of new offtake partners to complement our existing ones, and we'll update the markets accordingly as these new partnerships develop. As we've always said, once we're growing the medicinal cannabis crop to the required standards, the buyers will be there. To- date, the demand for premium cannabis flower continues to grow globally, and we are ready to move. Environmental and corporate responsibility. We maintain the only certified net zero carbon certified company in New Zealand and maintain our B Corp certification. This reiterates the group's mandate to be the most ethical and sustainably minded medicinal cannabis company in the country. We believe this, along with exemplary governance, will sit us in prime position to partner with top international and domestic companies who demand the best. So we've come a long way. Here you see we've got a bit of a timeline. A lot of this you will know, so I won't dwell on it too much. You know, we started out back in December 2020, when we acquired the hydro power station. We listed in October on the NZX via compliance in October 2021. Now today, in August, we commissioned our new facility, which we've been working on the last year and a bit, and we had the first crop in the rooms on July 31st this year. As mentioned, we're due to harvest this first room in this coming week, and we would hope to recognize, pending all regulatory and testing requirements, export of this crop either late December or in January. So just a few key revenue channels. So medicinal cannabis. We continue to maintain our license with the Ministry of Health as we move to execute on our commercial offtake agreement that is currently in place. We have stabilized genetics that are desirable to our buyer for distribution into the German market, which is one of the largest medicinal cannabis markets in the world. Moving into our new cultivation facility opens up space for our pilot facility to enable further and ongoing research of plant genetics and various growing techniques in order to keep pace with the ever-growing and evolving industry. We have a number of unique genetics in-house that we'll now be able to undertake intensive research on in order to see if they are suitable for future markets. We're in ongoing discussions with several medicinal cannabis buyers and manufacturers in established and emerging markets, and we're on the verge of executing on one or more of these agreements. It's important to maintain these discussions in order to make sure we're always demand the best and most stable prices for our premium grown medicinal cannabis flower in what is an ever-evolving industry. The hard work has been done over the previous years, and now we move into the next phase. We will begin to bear the fruit of our hard work. It really begins now. GFI Pharma. So recognizing that prescriber space in Australia was a more advanced, mature, and larger than New Zealand, and acting on this was pivotal to recognize real revenue. We made advancements through our partnership with Cannvalate in Australia, who were early movers in the prescriber distribution space, and we connected with them in late 2021. To- date, we've acquired nearly 2,000 patients to our brand of our contracted manufactured GMP oils, and we have a return patient rate month-on-month of 39%. This is one area that we believe has great growth potential in the future. We're hoping to introduce our cannabis flower into the space in the near future via our partners in a white label scenario or under our own label, and are investigating the most optimal channels to facilitate this. Having cannabis flower medicines, which make up a large percentage of the prescription products currently sought after by Australian patients, will complement our already available oil medicines that are on prescription. The repackaging of our flower in Australia under GMP should give us the opportunity to then bring it back to New Zealand and global markets at a premium price. Electricity generation. A great point of difference in our business model of growing premium-grade, finished dose form medicinal cannabis in a wholly indoor environment, has been having our own source of electricity via our on-site hydropower station. As mentioned earlier, we believe that the very high standards from a regulatory and testing perspective can only be achieved using controlled indoor cultivation environment. However, there is a high cost of power for such a facility, b ecause of this differentiation, we're able to grow and operate using our own electricity when it's available, which will allow better margins on cultivated products and also allow cost savings to the end user, being the patient. We've been in close talks with our partners at Vortex Group, whom we have had a heads of agreement contract in place to upgrade the current station. While these have gone on far longer than we would have anticipated, with some factors outside of our control, we are confident that we can still finalize a construction agreement based on the heads of agreement terms. This is quite a complex undertaking, and we need to make sure that we have it completely right and on our terms, that GFI's board are 100% comfortable with. There are many benefits to undertaking this upgrade, with the most obvious one being the luxury of having larger amounts of surplus electricity to not only power our future and expanding operations, but to also allow for further excess amounts to be sold back to the national grid as revenue. Upon completion of this upgrade, we'll be in a much stronger position to recognize more favorable offtake terms with energy retailers in what is an ever-growing and more demanding market from the clean energy perspective. We currently operate in and around the spot markets rather than a fixed price model, as this will allow the flexibility when undertaking an upgrade. However, once settled, we will look to engage in longer-term and more stable agreements for excess energy sales. In the meantime, we continue to operate this existing plant as often as we're able. Poor spot electricity prices earlier reduced our revenue received, compounded by a drier than anticipated winter in Taranaki. We've also recently experienced some reliability issues with the aging equipment, but we have almost completed these repairs and testing, and we hope to be back using the water available to us for generation in the next few weeks. Quick financial overview. In this year's annual report for the period of 31 March 2023, the company exhibited favorable financial progress, reporting a substantial revenue increase to NZD 551,000. This was a 240% increase over the previous year. This growth stems from the implementation of our successful strategic plan, putting emphasis on operational efficiency along with investment in product development. This places us ahead of many industry peers in terms of revenue generation in what is still considered very much a sunrise industry. Anticipated growth plans in the next fiscal year as we expand our medicinal cannabis flower products into international markets. As the business stabilizes, matures, and begins to recognize revenue from the New Zealand-grown medicinal cannabis products, we expect this trend to continue into the future. We've spent substantial amounts on capital expenditure and building and fitting out our new cultivation, drying, and packaging facility, and we'll now look to leverage the spend utilizing our offtake contract, along with our research and development IP that we have already dialed in over the previous years. Moving to a consistent revenue model as we harvest and sell successive crop rotations will then allow us to maintain a production-type business structure, seeking to meet consumer needs, while management then focus on growth and new markets to enable further growth and stability of the GFI business. In summary, while it's been a substantially slower process than we would have liked or envisaged to get to this point in time, we really feel as a company that we are now at the start line with a clear path forward to profitability. While our stocks may be down, along with many others, including the NZX 50 that has been on the decline since early 2021, we've managed to weather the storm through some particularly trying financial and economic times, not just in New Zealand, but globally. While we see small share trades daily affecting our share price and market cap, it's somewhat understandable that a shareholder may require cash in their own pockets during these times, and we can understand that. While this can be frustrating, as there have been a lot of opportunities lost and many others put on hold due to our market cap size, we've persevered as best we can to get to this transitional point now. Hopefully, once we are harvesting and selling ongoing crop rotations from our completed stage 2 facility, this will turn around. This is still a new, exciting industry with new and ever-evolving laws, regulations, and opportunities, both locally and abroad, and we plan to maintain focus on our clear tasks at hand and continue to implement strategic steps to success. The opportunities present themselves almost daily, so it's a matter of maintaining stability and being able to plan and execute on the correct opportunities at such a time they come to light. Timing is everything. That's my wee overview. I'll hand you back to Marvin to get into the regular business of the meeting. Thank you. Thank you, Dan. We will now proceed with the formal business of the ASM, which is the resolution. We only have one resolution. I put that resolution. Do I have a seconder? Kirsten, thank you. Shareholders would have received a document as they came inside. I would like to remind you to fill that out, and the people from Link Market Services will be collecting that during the meeting. I now move to the general side of the business, and also open the floor up for questions. All shareholders are able to ask questions. There's no automatic right of questions for non-shareholders. Having said that, we will try to accommodate all that we can. Do I have any questions from the floor? Well, that's excellent. Well, we are now at 3:25, and I declare the meeting closed. I invite shareholders to continue to interact with us. After this, we will have some refreshments, and directors look forward to speaking more with you. Thank you.
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