Organigram Global Inc.

Good morning. My name is Matthew, and I'll be your conference operator today. At this time, I'd like to welcome everyone to the Organigram Global Third Quarter Fiscal 2026 Earnings Conference Call. After the speaker's prepared remarks, there will be a Q&A session. Please limit yourself to one question and one follow-up. You may recue for additional questions. Thank you. I'll now turn the call over to Max Schwartz, Director of Investor Relations.

Thanks, Matt. Good morning, everyone, and thanks for joining us today. As a quick 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 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 Q3 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 disclosure materials. Unless otherwise noted, market share data is sourced from high fire, weed crawler, provincial boards, retailers, and our internal sales tracking. Discussing our results today are James Yamanaka and Greg Guyatt, CEO and CFO of Organigram Global. I once again welcome you to today's call. And with that, I'll turn the call over to James.

Thank you, Max. And good morning, everyone. Thank you for joining us today. Q3 represents an important milestone for Organigram. For the first time, our financial results include almost a full quarter of contributions from Sanity Group, providing a clearer picture of a larger, more diversified, and increasingly international cannabis business. Before I discuss the business, I'd like to recognize our teams across Canada and Germany. Together, they delivered the highest quarterly net revenue and adjusted EBITDA in Organigram's history. Organigram today is a fundamentally different company than it was earlier this year. We are larger in scale, broader in geographic reach, and better positioned for long-term profitable growth. This quarter demonstrates that our strategy is beginning to translate into stronger financial results, which we believe reset the trajectory of the company to achieve higher margins and profitability in the coming periods. I'll begin with Canada where I'll discuss the progress we made recovering share in vapes and infused pre-rolls following the challenges we experienced in Q2 before turning to our international business and the integration of sanity. Greg will then walk you through the financial results in greater detail. Starting us off with Canada, as of quarter end, Organigram held an 11.1% share of the Canadian recreational cannabis market. Several of our core categories continued delivering strong growth, while the corrective actions we implemented during Q2 related to vapes and infused pre-rolls began gaining traction in June. At the same time, we've become more disciplined with our portfolio. Compared to last year, we've reduced our SKU count by roughly 10%. Rather than chasing shelf space through product proliferation, we're positioning ourselves to gradually invest behind fewer, stronger brands with clearer consumer positioning and less overlap. We believe this approach reduces complexity, strengthens execution, improves operational efficiency, and ultimately creates more durable brands. Beginning with vapes, we completed the rollout of our new all-in-one hardware platform and higher potency liquid diamond products near the end of Q2. These products are now broadly distributed across Canada alongside the enhanced quality control processes we discussed on our previous call. The earlier results have been strong. During June, our all-in-one vape share increased by 1.1 percentage points month over month, while declines in the 510 segment began to reverse. While one month doesn't establish a trend, We believe it provides encouraging evidence that the product improvements we've made are resonating with consumers. Infused pre-rolls also returned to growth, gaining 0.3 share points month over month, while regular pre-rolls also improved, resulting in overall pre-roll growth while the category has become Canada's largest and most competitive segment, representing more than 36% of total industry sales. as quality, consistency, and potency continue improving, we believe there is opportunity to expand our share further. Box-hot infused pre-rolls were a particular highlight this quarter, growing 0.8 percentage points year over year. Our strongest performance, however, continues to come from flour. Driven by continued advances in cultivation, genetics, and plant science, Organigram ended the quarter with a 12.5% share of the flour category, up two percentage points year over year. We also achieved our highest ever share in the important 3.5 gram format. These gains reflect years of investment in cultivation excellence. During Q3, average THC potency from Moncton reached a record 30.4%, while harvested kilograms remained above 30,000 per quarter, up approximately 25% year over year. Outside of flour, we also delivered strong growth in beverages and concentrates. In beverage, Organigram ranked fourth nationally with an 8.6% category share, up 3.1 percentage points year-over-year, and exiting June above 10% share as shreds, sodas, and shots continued gaining consumer traction. In concentrates, we strengthened our leadership position as Canada's number one LP, finishing the quarter with 17.9% share, up 3.3 percentage points year-over-year, driven by continued success in whipped diamonds and hash. One category where performance softened modestly was edibles. While share remained relatively stable year on year, we experienced sequential pressure from lower price live rods and competitors. Our response is a broader rollout of our ingestible innovation platform across the edibles portfolio beginning in September. Looking ahead, We are entering what has historically been our strongest seasonal period, supported by successful summer retail programs, improving category momentum, and positive consumer response to our refreshed vape and infused pre-roll portfolios. Overall, we're gradually shifting the orientation of our Canadian business toward increased competitiveness and efficiency, and are progressing initiatives to reinforce revenue and margin stability here as we expand into more emerging markets internationally. Now turning to the international part of the business. Q3 marks the first quarter of consolidated financial results from Sanity and the business demonstrated strong performance. As we indicated when announcing the acquisition, we expected Sanity to average approximately 25 million of quarterly revenue. Since consolidating on April 15th, The business delivered 24.5 million euros, contributing more than Canadian dollars, 40 million of net revenue to our consolidated results and generated 25.5 million euros during the full fiscal quarter. While Canada remains the foundation of our business, approximately 35% of our consolidated revenues were generated internationally this quarter compared to roughly 10% prior to the acquisition. This represents a structural evolution of Organigram's business model and significantly diversifies both our revenue base and future growth opportunities. We believe Europe increasingly represents the largest near and long-term growth opportunity for the company, and we now have a vertically integrated supply chain from Canada to Europe. Demand across Sanity's distribution platform continues to grow. Our priority is expanding access to compliant product through our own production improvements and additional supply partnerships. In Moncton, we're continuing to improve our international flower pass rates while standing up EU GMP compliant remediation pathways. Facility-wide pass rate initiatives have been implemented while we simultaneously identify cultivars that have high levels in a residence to microbes. Sanity also continued expanding its platform throughout the quarter. The business continued preparations for an additional Swiss recreational pilot project, advanced its entry into Poland, launched branded products in the UK through new strategic partnerships, established a new Swiss medical partnership, and recorded its first medical cannabis sales in Switzerland. Regarding the recent German regulatory changes disallowing medical cannabis reimbursements, We expect minimal impact on sanity as approximately 1% of historical sales were reimbursed through government insurance programs. Outside Europe, Australia remains an attractive long-term growth market. Our Australian portfolio is now broadly available and we're focused on driving physician adoption and prescription growth as the market continues to develop. In the United States, the regulatory environment remains uncertain in light of the upcoming ban on hemp-derived THC products. Though there are efforts to delay the ban by four weeks to December 11th, which we view as a positive step, our business development activities in this segment are effectively paused until we receive regulatory clarity. That said, we are bullish on rescheduling and federal legalization efforts in the U.S., and we continue to closely monitor opportunities for OrganiGAN to participate and many more. Our primary international focus right now, however, will remain Europe and Australia, where we believe the opportunities are both larger and more visible over the medium term. To summarize, Q3 demonstrated three important things. First, the integration of sanity is progressing according to plan, and it's already meaningfully reshaping Organigram's financial profile with record net revenue and adjusted EBITDA and an improving margin profile. Second, the corrective actions we've taken across our Canadian business are beginning to produce encouraging results, particularly in categories where we experienced temporary execution challenges earlier this year. And third, Organigram today is a significantly larger, more diversified, and more internationally positioned company than at any point in our history. While execution remains our priority, we're confident in the opportunities ahead as we continue building a cash generating global cannabis business. Finally, I would like to recognize Paolo De Luca, who will be departing Organigram after nine years of exceptional leadership and service During his tenure as both Chief Financial Officer and Chief Strategy Officer, Paolo played an instrumental role in many of the company's most transformative transactions, helping lay the foundation for Organigram's evolution into a global cannabis company. On behalf of everyone at Organigram, I thank Paolo for his many contributions and wish him every success in the future. With that, I'll turn the call over to Greg to walk through the quarter in more detail.