Cronos Group Inc.

Good morning. My name is Michelle, and I will be your conference operator today. I would like to welcome everyone to the Kronos 2026 first quarter conference call. Today's call is being recorded. At this time, I would like to turn the call over to Harrison Aaron, Senior Director, Investor Relations and Corporate Development. Please go ahead, sir.

Thank you, Michelle, and thank you for joining us today to review Kronos' 2026 Q1 Financial and Business Performance. Today, I am joined by our Chairman, President, and CEO, Mike Gorenstein, and our CFO, Anish Limak. Kronos issued a news release announcing our financial results this morning, which is filed on our EDGAR and CDAR profiles. This information and the prepared remarks will also be posted on our website under Investor Relations. Before I turn the call over to Mike, let me remind you that we may make forward-looking statements and refer to non-GAAP financial measures during this call. These forward-looking statements are based on management's current expectations and assumptions that are subject to risks and uncertainties that could cause actual results to differ materially from those projected in the forward-looking statements. Factors that could cause actual results to differ materially from expectations are detailed in our earnings materials and our SEC filings that are available on our website by which any forward-looking statements made during this call are qualified in their entirety. Information about non-GAAP financial measures, including reconciliations to U.S. GAAP, can also be found in the earnings materials that are available on our website. Lastly, we will be making statements regarding market share information throughout this conference call, and unless otherwise stated, all market share data is provided by HIFIRE. We will now make prepared remarks, and then we'll move to a question and answer session. With that, I'll pass it over to Kronos' Chairman, President, and CEO, Mike Gorenstein.

Thanks, Harrison. Kronos delivered record net revenue and gross profit in Q1, 2026, as we continue to execute on our strategic vision. International markets delivered record net revenue, and our Canadian brands posted share gains across key categories, led by Spinach achieving the number one market share position in vapes. Starting with Kronos Israel, in Q1, we delivered our ninth consecutive quarter of record net revenue, growing 53% year over year. We extended our market share lead, powered by Peace Naturals, as the number one brand in Israel, according to pharmacy data collected by Kronos. This performance is driven by the quality of our genetics and the execution of our team on the ground. We were also very pleased with the initial performance of the Lord Jones brand in Israel. We launched a brand with a lineup of curated premium flower offerings, featuring cold-cured large flower buds in a series of limited-time drops. The initial reception has been strong, demonstrating that the Lord Jones brand's premium positioning translates across markets. We're looking forward to building upon this early momentum. Between Peace Naturals, Lit, and Lord Jones, we now offer Israeli pharmacies a comprehensive tiered product portfolio that addresses the spectrum of patient price points and broadens our market reach. Turning to Canada, our brands generated 18% year-over-year retail sales growth. relative to industry-wide sales growth of 2%, according to HiFire. The Spinach brand had an excellent quarter, with our product portfolio demonstrating the success of our innovation efforts through substantial share gains. Spinach ranked number one across all vape formats in Q1, capturing 9.8% total market share. In vape cartridges specifically, Spinach held an 11.1% share, also the number one position. Adding to that achievement, the three best-selling vape SKUs in the country this quarter were all spinach cartridges. This is a meaningful milestone that reflects our ongoing investment in product quality and innovation, while leaning on consumer insights to guide our product development pipeline. On that note, spinach puffers continue to build distribution and disrupt the market in Q1, broadening its presence across Canadian provinces after its initial launch in select markets late last year. Puffers reached the number two market share position in the all-in-one vape category in March 2026, just four months after launch. Puffers exemplifies what we mean when we talk about raising the bar on product excellence, design, and flavor, and the early consumer response has validated our conviction in the Puffers platform. In edibles, we maintained our number one position with 20.8% market share, with gummies at 22.7%. Sours by spinach remains the clear category leader in edibles. with the fully blasted multipack leaving the charge. Launched in mid-2025, the fully blasted offerings now occupy four of the top ten edible SKUs in Canada, including the number one SKU nationwide in Q1. In flour, quarter over quarter, we rose in the ranks from number four to number three, which is a direct reflection of the easing of our supply constraints following the completion of the GroCo expansion. We said last quarter that we expected supply constraints to ease in 2026, and we're starting to see that play out. In the pre-roll category, we introduced Spinach Sticks, the brand's first cylindrical-style pre-roll, responding to strong consumer demand for this fast-growing format. We launched three stick SKUs in GMO Cookies, Sarachem, and Space Cake, alongside new two-by-one gram pre-rolls in Sarachem and GMO Cookies. Together, these launches helped Spinach climb to the number eight market share position in non-infused pre-rolls in Q1. Turning to our other international markets, we delivered 97% year-over-year growth, posting record net revenue in the quarter, driven by sustained momentum in Germany. Our Peace Naturals and Lit Brands remain the engine of our international performance, and the breadth of our footprint across markets provides significant further growth potential and optionality as regulatory environments evolve. Building on our international momentum, we remain very excited about our pending acquisition of Cannadalar. We announced a definitive agreement in December and are prepared to close, subject to certain closing conditions, with completion of the transaction expected in summer of 2026. As a reminder, Cannadalar is the largest company operating within the Netherlands Legal Adult Use Cannabis Program and the only industrial-scale greenhouse cultivator. The Netherlands has a deep cannabis heritage, and we believe this market has the potential to serve as a model for other European markets. Acquiring a market leader in Europe's largest adult-use cannabis market is an important step in our international strategy and an opportunity to deploy our borderless product strategy at scale. We're excited to bring Canadalar into the Kronos family and build on the foundation it has established. Kronos maintains the strongest balance sheet in the industry, with no debt and $822 million in cash and cash equivalents. allowing us to continue investing in growth, innovation, and global expansion. And today, we announced our board's authorization of a renewed $50 million share repurchase program. This decision reflects our belief in the long-term value of our business and our commitment to delivering returns to shareholders as we execute on our strategy. Given our balance sheet and profitability, we have the opportunity to invest across organic growth, share repurchases, and M&A. Now, I'll turn it over to Anna to walk you through our first quarter financials.