Tilray Brands, Inc.

Good morning, everyone. Thank you for joining us to discuss Tilray Brands Inc.' 's financial results for the 2022 fiscal third quarter ended February 28th, 2022. Joining me on today's call are Erwin Simon, Chairman and Chief Executive Officer, Carl Martin, Chief Financial Officer, Denise Valtashek, Chief Strategy Officer and Head of International, Blair McNeil, President of Tilray Canada, and Barron Arata, Chief Corporate Affairs Officer. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session for analysts and investment firms conducted via audio and participating retail shareholders conducted through the SAIT Technologies platform. Question submission and uploading through the SAIT Technologies platform has already been concluded, and the company will read aloud and answer the top questions. Ms. Narada, you may now begin the conference.

Thank you and good morning. By now, everyone should have access to the earnings release, which is available on the investors section of Tilray's website at tilray.com and has been filed with the SEC and CDAR. On today's call, please note that we will be referring to various non-GAAP financial measures, which can provide useful information for investors. Thank you. However, the presentation of this information is not intended to be considered in isolation or as a substitute for the financial information presented in accordance with GAAP. Today's earnings press release contains a reconciliation of each non-GAAP financial measure to the most comparable measure prepared in accordance with GAAP. In addition, we will be making numerous forward-looking statements during our remarks and in answering your questions. These statements are based on our current expectations and beliefs and involve known and unknown risks and uncertainties which may prove to be incorrect. Actual results could differ materially from those described in these forward-looking statements. The text in our earnings press release issued today includes many of the risks and uncertainties associated with such forward-looking statements. And now, I'd like to turn the call over to Tilray Brand's Chairman and CEO, Erwin Simon.

Thank you very much, Barron. And hello, everyone. We thank you for joining us this morning. We're pleased to again have several members of our senior leadership team on the call, including Denise Polticek, Chief Strategy Officer and Head of our International Business, who will update us on the strength of our global operations at the heel of international growth and legalization across Europe. Blair McNeil, president of our Canadian business, who will update us on our Canadian business and the Canadian market and our plan. I will then walk you through our U.S. CPG business and the progress we are making against our cost optimization plans. And finally, last but not least, Carl Merton will provide us with an update on our financials. Turning now to Tilray Brands, recent performance and the quarter highlights. We're pleased to have delivered a profitable quarter with year-over-year revenue growth and achieved our 12th consecutive quarter of positive adjusted EBITDA. And while Denise and Blair and Carl will discuss these results in detail, I want to spend some time outlining how we get to our ambitious goal of $4 billion in revenue by the end of Fisco 2024. The first is the potential we articulated in December of 2020 when we first announced the Tilray-Afria merger. We are a global CBG cannabis growth story backed by organic growth and acquisition opportunities in adult use, medical and other cannabis, and CBG adjacencies, as well as synergistic opportunities that we continue to realize from merger and operational excellence delivered by our world-class team. We have the infrastructure, people, brands, and strategy in place across three main markets. In Canada, the adult use industry is only now entering its fourth year, and this means that the first mover has the infrastructure and resources coupled with a consumer-first approach to brand building innovation that will win. We have the leading brands in Canada. We are investing in new strategies and brands to build upon the leadership position and aggressively gain back market share as Blair will expand in a minute. Recently in Canada, we announced a proposed acquisition of convertible notes in a partnership with HEXO that advances multiple objectives. The proposed transaction will be immediately accretive. creates a pathway to a meaningful equity position in HEXO, generates substantial shared operational efficiencies of approximately $80 million, allows us to partner for product innovation that we would benefit from in Canada across the globe as legalization continues to gain traction. With Europe, We continue to believe the European market is on the cusp of broad-scale adult-use legalization. And you can be certain of one thing. Companies with EU GMP-certified operations like Tilray Brands possess a significant advantage as legalization spreads. We have a great foundation and an unmatched infrastructure in those markets, as Denise will explain soon. On the medical front, we recently unified the global medical divisions of Tilray and Afria under a cohesive strategy and mission. And now, Tilray Medical is the premier global supplier of portfolio of high-quality, effective medical cannabis brands and products for patients in needs around the world and across 20 countries and five continents. As I said before, we believe the EU alone presents a potential $1 billion opportunity in our $4 billion strategy. Denise will also address international developments beyond Europe that are compelling and moving very quickly. And in the U.S., legalization would be a milestone for Tilray Brands and the industry. Given uncertainty as to actual legislative reform, we are pursuing the next best thing, optionality. Our investment in MedMen is the best example of this approach. And with our strong balance sheet, leadership experience, operating profitable CPG businesses, and growing brands that consumers love, we see a clear path to additional acquisition opportunities across the U.S. and remain optimistic that recent health passage of the MORE Act will provide additional momentum for legalization. Another key factor on our path to $4 billion is that the best-in-class, high-quality cannabis CPG brands platform. In turn, it means that we are ideally positioned to disrupt the global medical, health, and wellness consumer products market, an opportunity that McKinsey has estimated to be more than $1.5 trillion today on a global basis with annual growth 5% to 10%. and why I will discuss our CPG segment performance in more detail later on in this call, I do want to reiterate highlights of this business, which include a key U.S. and global assets of Sweetwater, Breckenridge Distillery, and Manitoba Harvest. Together, our current U.S. CPG platform represents a portfolio of highly sought-after brands that bring people together in a memorable and positive way a strong and robust infrastructure, a broad global distribution footprint, and hands-on CPG expertise with operational expertise. Utilizing our current footprint in the U.S. today, we're able to leverage these strong brands and their distribution system to parlay into CBD beverages, CBD personal care products, and related adjacencies. and they may later be translated into THC products upon federal legalization in the U.S. as well. I am confident that the unique experience of our executives will help Tilray Brands build on the lessons of Better For You, CPG, and beverage alcohol to accelerate our market growth. Now, to hear about that in detail, I will turn the call over to Denise Faldichek, our Chief Strategy Officer and Head of International Business. Denise?