Plus Products Inc

Good day and thank you for standing by. Welcome to the Plus Products second quarter 2021 earnings conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star 1 on your telephone. If you require any further assistance, please press star 0. I would now like to hand the conference over to Col Stewart. Sir, please go ahead.

Thank you, operator. Good afternoon and welcome to the PLUS Products second quarter 2021 financial results conference call. A replay of this call will be archived on the PLUS Investor Relations website at plusproductsinc.com. Before we begin, please let me remind you that during the course of this conference call, PLUS's management may make forward-looking statements. These forward-looking statements are based on current expectations that are subject to a number of risks and uncertainties that may cause actual results to differ materially from expectations. For more information on the company's risks and uncertainties related to these forward-looking statements, please consult the company's MB&A, news release, and other regulatory filings available at CDAR.com. Any forward-looking statements should be considered in light of these factors. Please also note any outlook we present is as of today and management does not undertake any obligation to revise any forward-looking statements in the future. Any references to market position or market size from third parties during the prepared remarks have been cited in our news release disseminated this afternoon. In addition to the financial information presented in this call, please review the company's second quarter 2021 financial statements and associated notes filed on the company's CDAR profile at www.cdar.com. With me on the call today are Mr. Jake Highmark, co-founder and chief executive officer, and Ms. Tessa O'Dowd, chief financial officer. With that, I'd like to hand the call over to Jake.

Thank you, Cole. The year so far for Plus has been one of many different accomplishments. We have launched multiple new brands and products, addressing various consumer use cases. We have partnered with leading companies to collaborate on new products and market. We switched to a self-service distributor and we expanded our sales team internally. We significantly extended our debt obligations we have received awards, we have made our first products available internationally, and most importantly, we have continued to see this all translate to growing revenues here in our home state in California. The majority of our growth initiatives for the remainder of 2021 will continue to be centered around California, with close attention being paid to potential new markets as they develop. The gray market in California remains active, but we believe that our home state unequivocally remains the most valuable market for building a branded products company in cannabis. As recently as 2019, the state made up 38% of the global adult use cannabis market according to Arcview and BDS analytics. With a projected market size of $6.4 billion in 2025, California is expected to be over twice as large as the next largest US market. In the second quarter of 2021, with our attention specifically on the California market, we leveraged momentum from our distribution transition, expanded our sales team, and our special edition products combined to achieve record quarterly sales for Plus. Moving forward, we believe Plus is poised to further capitalize on the consumer brand foundation we have built here in the California cannabis market. According to a Brightfield brand health survey, conducted in December 2020, 63% of our consumers say that Plus is their favorite gummy brand. 42% of Plus consumers have been using our products for more than one year compared to the next highest brand at 33%. 67% of Plus consumers use the brand at least weekly and 88% of Plus consumers plan to buy our products again. In the second half of 2021, we look forward to expanding and solidifying our position as one of the strongest brands in the California market that we believe will be instrumental in shaping the long-term winners in the national and international cannabis market. With that, I will now pass the call to Tessa O'Dowd to go over our financial results in greater detail. Tessa?