cbdMD, Inc.

Good afternoon. Welcome to CBDMD's third quarter fiscal 2025 results conference call. This afternoon, the company issued a press release that provided an overview of its third quarter results, which followed the filings of its quarterly report on Form 10-Q. Today's conference call is being recorded and will be available online along with our earning press release covering our financial results and non-GAAP presentation. at cbdmds.com in accordance with CBDMD's retention policies. All participants on this call will be in a listen-only mode. The call will be followed by a question-and-answer session. At this time, I would now like to turn the conference over to Brad Whitford, the company's chief accounting officer. Brad, please go ahead.

Thank you, Ranju, and thank you all for joining CBDMD's June 30, 2025, third quarter fiscal 2025 earnings call and update. On the call today, we also have Ronan Kennedy, our CEO and Chief Financial Officer. We'd like to remind everyone that various remarks about future expectations, plans, and prospects constitute forward-looking statements for purposes of safe harbor provisions under the Private Securities Litigation Reform Act of 1995. CBDMD cautions that these forward-looking statements are subject to risks and uncertainties that may cause our actual results to differ materially from those indicated, including risks described in the company's annual report on Form 10-K, for the year ended September 30th, 2024, and our other filings with the SEC, all of which can be reviewed on the company's website at www.cbdmd.com or on the SEC's website at www.sec.gov. Any forward-looking statements made on this conference call speak only as of today's date, Thursday, August 14th, 2025, and CBDMD does not intend to update any of these forward-looking statements to reflect events or circumstances that would occur after today's date, except as they may be required by federal securities laws. With that, I'd like to turn the call over to Ronan.

Good afternoon, everyone, and thank you for joining today. This quarter was a mix of continued transformation, important progress, and some short-term challenges that we were addressing head-on. While our financial results didn't meet our own standard, the actions we've taken over the past several months are already showing encouraging signs that our trajectory is improving. The big picture is this. We spent the past year making structural changes to reverse a multi-year revenue decline, streamline operations, and strengthen our capital structure. Those efforts have positioned us with a healthier balance sheet, nearer, more agile organization, and more focused growth strategy. Our third quarter was about putting those changes in motion, rebuilding our marketing execution, expanding OASIS distribution, and navigating an unusual active regulatory environment that affected parts of our wholesale business. On the operational front, our OASIS brand continues to be a focus of our growth strategy. Since the end of Q3, we added Tennessee and Minnesota to our distribution footprint, bringing distribution up to seven states with several others in the pipeline. These are high-potential markets with consumer demographics aligned with our target profile for functional alcohol-free social beverages. Shipments to these states are scheduled for August with in-market availability in September. OASIS is an entry in one of the fast-growing segments of the beverage market. The THC Salesforce category is growing rapidly and we remain encouraged by the feedback we're getting from distributors and consumers. Our direct-to-consumer sales releases began to accelerate in July and helped by a more focused digital marketing approach, stronger influencer partnerships, and optimized e-commerce funnels. In wholesale, we faced some short-term disruptions from shifting regulations in certain states, which caused hesitation or delays in orders from some accounts. We view this as temporary, but it did have an impact on Q3 revenue. In response, our sales teams have been proactively securing new retail commitments, deepening relationships with our most supportive accounts, and adjusting our geographic focus to prioritize states with stable regulatory environments. Across our legacy CBDMD and POS CBD lines, we continue to optimize our SKU mix, streamline our supply chain, and focus marketing on high-margin, high-velocity products. Our ATX functional mushroom line remains a smaller contributor but has a long-term strategic role as the category matures and provides a platform to diversify into other NANC non-cannabinoid botanicals. Regulatory activity has been unusually high in recent months, both at the state and federal level. In some states, proposed or enacted changes have created confusion in the market, which in turn impacted wholesale order patterns. Rather than be reactive, we've been proactive. BBMD is actively engaged with industry associations, lobbying directly in key state capitals, and mobilizing our customer base to communicate with lawmakers. Our message is clear. Responsible regulation that protects consumers also protects legitimate businesses and supports economic growth. At the national level, we're encouraged by signs of progress on the Farm Bill and by recent statements from the White House regarding cannabis scheduling. If enacted as expected, these changes could create clearer, more stable operating environment and expand market opportunities. In the big picture, we believe heightened regulatory scrutiny will benefit well-prepared and regulatory-compliant companies such as CBDMD. We believe brands with deep compliance expertise, robust quality systems, and the ability to adapt quickly will gain share as weaker players exit. This environment could also accelerate industry consolidations, something we see as potential growth lever for CBDMD, given our clean balance sheet and improved financial flexibility. One of CBDMD's key strengths is our ability to operate across multiple categories. CBD wellness products, pet CBD, functional mushroom supplements, and now hemp-derived THC beverages. This multi-category approach gives us diversified revenue streams and the ability to shift resources toward the highest growth opportunities. Operationally, we believe our gross margins remain among the strongest in our peer group thanks to disciplined cost control and scalable supply chain and efficient go-to-market strategy. Financially, the elimination of preferred dividend obligations and simplification of our capital structure means we can focus more attention into growth activities. I'll now turn things over to Brad for an overview on financials.