Organigram Global Inc.

Hello, everyone. Thank you for joining us and welcome to the Organigram Global Q1 Fiscal 2026 Earnings Call. After today's prepared remarks, we will host a question and answer session. If you would like to ask a question, please press star 1 on your telephone keypad. To withdraw your question, press star 1 again. I will now hand the call over to Max Schwartz, Director of Investor Relations. Please go ahead.

Thank you very much, Cara, and good morning, everyone. Thanks for joining us today. As a brief reminder, this call is being recorded and a replay will be available on our website within 24 hours. Today's call will include forward-looking information, forward-looking statements, and actual results could differ materially due to a number of risk factors outlined in our filings and the cautionary statements included in our Q1 fiscal 2026 press release and MD&A. We'll also reference certain non-IFRS measures, such as adjusted EBITDA, adjusted gross margin, and free cash flow. Definitions and reconciliations are available in our disclosed materials. Unless otherwise noted, market share data is sourced from high-fire, weed-crawler provincial boards, retailers, and our own internal sales tracking. Discussing results today are James Yamanaka, CEO of Organigram, and Greg Dyett, CFO of Organigram Global. And as a reminder, any investor inquiries not addressed on today's call can be directed to investors at Organigram.ca. And with that, I'll now turn the call over to James. Please go ahead, James.

Thank you, Max, and good morning, everyone. Thanks for joining us today. This is my first earnings call as CEO of Organigram, and I've been encouraged by what I've seen so far. The scale of our operations, the quality of the team, and the depth of capability across the business make it clear why Organigram has grown into Canada's leading cannabis company. Over the past month, I've focused on understanding where Organigram is genuinely strong and where processes can be fine-tuned. I've traveled to our key facilities, met with colleagues across the organization, and I'm learning a great deal, while also noting where my 20 years of experience in global strategy within highly regulated markets can be applied. Being part of a leading company in a developing industry is genuinely exciting for me. Unlike in more mature industries where the market dynamics are less fragmented and tend to move more gradually, cannabis is still very much taking shape. Canada sits at the center of that evolution with global leadership in research, product development, cultivation science, quality, and export activity, areas where Organigram has built meaningful strength while thoughtfully managing the risks associated with maturing markets, regulatory uncertainty, and fragmentation. I'm optimistic about the long-term growth of the cannabis industry, and I'm confident in Organigram's ability to compete and lead as that growth continues. With that, let's turn to some of the developments since last quarter. In Canada, we continue to hold the number one market share position with 11.3 total share in Q1 and 11.7% over the past 12 months. Compared to last quarter, we saw market share decline of approximately 500 basis points, largely due to the impact of the eight-week BC general employee union strike, which ended on October 26th. After a brief period, brief inventory restock period, our recovery in BC is now complete, and we've regained historical distribution levels. Competition in vapes and the IPRs also contributed to the fluctuation in market share, partially offset by growth in flour and concentrate. Nationally, three of our brands, Shred, Foxhawk, and Big Bag of Buds, maintain their top 10 brand status in Q1, generating over $67 million in retail sales. In Canada's largest markets, we continue to compete strongly, holding the number one position in Ontario, British Columbia, and Alberta. In Quebec, we moved up to the number three position with 9.9% market share for the quarter, exiting December at 10.1%, driven by the success of our vape launches. We also continue to outperform in most other provinces in Q1. Notably, we held 33.1% market share in New Brunswick, 21.9% in Newfoundland, 13.4% in Saskatchewan, and 12.2% in Nova Scotia. Category performance varied during the quarter compared to the prior year period. Vapes and IPRs remain the most competitive segments. we maintained the number one position in overall vapes with a 20.4% market share, while in overall pre-rolls, we moved to the number two position at 7.7%, primarily reflecting increased competition in IPRs. In beverages, market share increased 80 basis points year over year to 5.9%. In concentrates, BoxHop whipped diamonds and Organigram innovation, became the number one dabable concentrate in Canada, contributing to a 15.5% category share. In edibles, we gained 2.4 points year over year to reach 17.9% share, with Shred becoming the number two gummy brand in the country in December. Finally, in whole flour, market share increased 90 basis points year over year to 7.3%, driven by continued strength in our big bag brands. Our new innovation pipeline is beginning to reach distribution in the second quarter. This includes new competitive coded IPRs and the launches of Shred Soda and Shred Shots, powered by a fast-acting soluble technology developed in the product development center. A key differentiator for Shred Shots relative to comparable products is our on-package claim of a 15-minute onset. We believe this meaningfully lowers the barrier to trial for consumers, supports retailer decisions around shelf space, and with a smaller liquid format paired with a fast, predictable dose, position shot as a discrete and convenient option that competes effectively with other ingestible categories, including gummies. Turning to operations. Operations, we continue to make progress in plant science and scale. we harvested over 28,000 kilograms of flour, representing a 43% year-over-year increase. This growth was a result of improving yields driven by our LED lighting conversion project, which was partially funded by Opportunity New Brunswick, as well as ongoing refinements to our nutrient programs. Alongside these gains, continued progress in our breeding efforts drove average flour THC levels to a quarterly high of over 29%. Achieving that level of potency at our operating scale is meaningful. In addition, 38% of lots tested in Q1 exceeded 30% THC. Today, we are also announcing a proprietary breakthrough in powdery mildew resistance. Our plant science teams have identified a genetic marker that can be screened in early seedling populations allowing us to avoid investing time and capital in plants that will never express this resistance trait. Previously, confirming mildew resistance required approximately 90 days. With this discovery, screening can now occur within 10 days, enabling early removal of out-of-spec populations and reducing downstream crop loss and waste. This screening tool is proprietary and applicable across a wide range of genetics, unlike existing markers that are limited in scope. When combined with our seed-based breeding initiatives, which represent approximately 30% of harvest in the quarter, these advances support more stable genetics, higher realized yields, and improved cost efficiency, contributing to our expected margin expansion over time. On the manufacturing side, we continue to optimize our hydrocarbon extraction and pre-roll production 100% of our extraction is now hydrocarbon-based with capacity of 87% year-on-year and lower associated COGS. Focusing on hydrocarbon extraction allows us to meet increasing derivative needs internally while expanding B2B opportunities. In Winnipeg, we have completed commissioning of our beverage line and are beginning in-house production for a portion of our beverage portfolio to support its expansion. As we move further into fiscal 2026, the benefits of these improvements should begin to flow more meaningfully through our P&L as lower cost inventory moves through a more efficient distribution due to the ongoing optimization of our recent ERP upgrades. Moving to our international business, In Q1, we generated $5 million in international sales, up 55% from Q1 fiscal 2025. We did see an unanticipated sequential decline in the international volumes during the quarter. This was primarily driven by a higher than expected proportion of flour that did not meet international specifications. While some level of outer spec product is expected, we've taken steps to remediate this temporary issue, return to normal operating parameters, and reduce the risk of future variability. We remain optimistic about international momentum and continue to expect meaningful international sales growth in fiscal 2026 as demand remains elevated. Regarding our expected EU GMP certification, We are preparing follow-up responses and information from the regulator in response to feedback received in January 2026. Following provision of this information, the company expects to await confirmation of certification or any required next steps. On international branded sales, we continue to make progress. In Australia, we shipped input materials for vape production and distribution in December, completing the first production run in January. and now are in the process of launching. In the U.S., we launched collective project and fetch in Illinois and Wisconsin through new distribution partners, expanding our retail footprint to 11 states. We are also continuing to pursue marketing and distribution expansion for our happily gummies. In both cases, our penetration in the U.S. has been slower than anticipated, reflecting a rapidly evolving market with increasing competition and ongoing regulatory developments. With collective product, fetch, and Hapley products collectively available in over 20 states through D2C and retail channels, we do anticipate the incremental growth in line with the market, but we are not relying on the U.S. market for growth. We continue to closely monitor regulatory changes in the U.S. and are closely following recent efforts from lawmakers to amend or extend existing limitation on intoxicating hemp products. So overall, We are pleased with our year-over-year growth, and despite sequentially lower international sales, typical seasonality, and the impact of the BC labor strike, we maintain adjusted gross margins in line with our record-breaking Q4 and fiscal 2025. As the year progresses, we remain confident in our ability to deliver against our previously issued guidance. With that, I'll turn over the call to Greg to walk through our financial performance. Greg?