Thank you, and good morning, everyone, from Vancouver. I'm pleased to share our 2025 results and provide an update on our strategy for significant revenue and EBITDA growth in 2026.

2025 was a transformational year for Rubicon as Canada's number one premium licensed producer. We achieved record financial performance, growing revenue by 22% and adjusted EBITDA by 25%, despite our constrained capacity and scale-up investments.

We swiftly operationalized the newly acquired, highly accretive Cascadia facility. This purpose-built facility will increase our existing cultivation capacity outputs by at least 40% and unlock our ability to service the large unmet demand for our national leading brand portfolio.

In 2025, we have made significant progress on our international strategy, and we are now ready to execute our branded strategic entry. We also advanced several other critical projects that will begin delivering further growth and operating leverage in 2026.

Before Glen takes you through the financial results, I want to again emphasize our focus in optimizing our existing operational profile and facilities, and driving further leverage into our 2026 revenue, margin, and operating cash flow.

Thank you, Margaret. Good morning, everyone.

In 2025, we deliberately invested to shift Rubicon from a capacity-constrained business to one with scale, flexibility, and clear operating leverage. Those investments weighed on near-term cash flow and earnings, as expected, but they set up a materially different growth profile going forward.

We deployed approximately $6 million of CapEx to acquire and operationalize the Cascadia facility. In the second half, we also expensed $1.1 million of Cascadia cultivation costs through COGS ahead of revenue recognition, and invested $700,000 in transformational costs, primarily people and systems, to prepare the organization for scale.

At the same time we were building for the future, Rubicon also delivered compelling growth and financial results for 2025. Net revenue reached a record $59.5 million, up 22% year-over-year, driven by strong performance across all core brands.

1964, the number one selling premium brand in Canada, remains the engine of the portfolio, representing 63% of sales, with revenue growth of over 30% year-over-year across pre-rolls, vape, and flower. With Cascadia coming online, we expect accelerated growth in currently under-supplied categories, particularly large-format flower and pre-rolls, where the 1964 consumer over-indexes.

Simply Bare, our nationally leading super-premium brand, represented 22% of revenue and grew just over 7% year-over-year, supported by strength in pre-rolls and capsules. We expect renewed growth in both flower and pre-rolls in 2026, driven by exciting new genetics and continued quality improvements.

Wildflower accounted for 7% of revenue and continues to deliver above-average gross margins. Revenue grew nearly 20% in 2025, led by the 60-gram Relief Stick, which remains the top-selling SKU in the topical category.

International revenue was under $1 million in 2025, as we intentionally focused on channel testing and market preparation ahead of our branded international launch in 2026. In the fourth quarter, net revenue reached a record $16.5 million, up 16% year-over-year, despite an 8-week strike by the BC provincial distributor.

We also delivered our highest monthly revenue ever in December. For the year, gross margin before fair value adjustments was 33%, and 32% in Q4.

Excluding temporary Cascadia impacts, gross margin would have been approximately 35% for the year and 36% in Q4. Margin improvement was driven by revenue growth on a largely stable cost base, pre-roll automation efficiencies, and a favorable product mix.

Q4 margins were temporarily pressured by the BC strike, which eliminated sales in our home market for 8 weeks and created broader market disruption that has continued into Q1 2026. During the strike, we successfully redirected product to other provinces, reinforcing that demand for our products continues to exceed our pre-Cascadia supply.

Looking ahead, we expect continued margin improvement in 2026, driven by manufacturing and cultivation optimization and the operating leverage unlocked by Cascadia's lower-cost, higher-yield profile. We're also encouraged by growth in Quebec, where we have five incremental listings that have been approved for 2026 across flower and pre-roll categories, with an expected positive margin impact.

In the first half of 2026, margins are expected to remain similar to Q4 as Cascadia operating costs precede revenue recognition. We anticipate a clear inflection mid-year with higher revenue, margins, and stronger operating cash flow in the second half as Cascadia ramps into branded sales.

Over the next several years, Rubicon has a significant opportunity to leverage manufacturing operations, cultivation yield, and scale efficiencies to drive ongoing revenue growth and gross margin increases. Operating expenses increased $3.7 million year-over-year, but remained stable at approximately 34% of revenue.

The increase reflects targeted investments in talent, brand-building initiatives in Canada, early international activities, and growth-related regulatory and insurance costs. Adjusted EBITDA reached a record $5 million, up 25% year-over-year.

On a like-for-like basis, excluding transformational investments, adjusted EBITDA increased to $5.7 million, representing approximately 42% growth. Importantly, this improvement was achieved on an identical cultivation base, highlighting cost discipline and successful high-margin product launches.

2025 also marked our first year positive operating income and net income, a meaningful milestone for the business. From a liquidity perspective, we ended the year with $4 million in cash.

Operating cash flow was an outflow of $3 million, driven primarily by intentional working capital investments to support our plans to increase velocity of vape sales with launches in both 1-gram 510 and all-in-one formats in the second half of 2025, and by higher receivables following a record December, since fully collected. In Q4, we secured $4 million of additional debt financing at a 7.6% blended interest rate, and we continue to evaluate non-dilutive financing options to support accretive growth initiatives.

As I reflect on nearly a decade as CFO in this industry, Rubicon stands out as being uniquely positioned and one of the few companies delivering consistent organic growth with a clear path to scale. I'm excited to execute the revenue, margin, and cash flow expansion plans we've set up for 2026.

With that, I'll turn the call back to Margaret.

Thanks, Glen, and great to have you on the team. Rubicon has maintained its leadership in 2025 as Canada's number one premium LP, evidenced by Hifyre market share data, and further supported by the continued industry recognition and awards received.

We continue to perform well across multiple premium categories, growing faster than total market as well as key premium categories as follows: in premium flower, we grew category share to 8.5% in 2025, up from 7% in 2024; in premium vapes, we saw category share increase to 18%, a 4% increase year-over-year. Wildflower ranks as Canada's number two topical brand, despite large-scale competitive SKU proliferation, and holds more than 26% market share, driven by the strong performance of its 60-gram Extra Strength Relief Stick, the top-selling SKU in the category nationwide.

Our continued success in premium flower is rooted in one of our core strengths: our genetics. With our genetics strategy, across our portfolio we continue to refresh strains and expand formats in 2025 that align with consumer demand for unique cultivars, industry-leading premium quality, and consistent, dependable brand experiences.

Notable 2025 flower launches include BC Organic Pink Drink, launched under Simply Bare, which took home the Ride-In Budtender Choice Awards, as well as Flower of the Year in the 2025 KIND Awards. 1964's launch of Apples and Bananas continues to impress by delivering our highest ever terpenes on record, over 5.8%, which reflects our commitment to quality and consistent operational improvement.

We remain a leader in genetics, an incredibly important aspect of the premium flower category, and with two different facilities and grow strategies now operating, we plan to take our premium category leadership even further. We now have even greater flexibility to refine our grow plans and optimize each cultivar for yield, terpene profile, and overall quality.

Historically, we've kept this proprietary strategy under wraps, but you can expect more insight into our genetics roadmap in 2026. While this focus may not resonate with every consumer, it is critical to our most discerning customers: true premium consumers who are willing to pay for industry-leading quality.

For them, our leadership in genetics is a key differentiator. Our all-in-one vape products launched in May of '25, delivering incremental growth to our vape portfolio, demonstrating consumer interest and the category's potential.

In 2026, we are focused on strengthening our value proposition in the premium vape segment and accelerating adoption of our all-in-ones. Importantly, in 2025, our quality leadership continued to be recognized by the industry.

We saw an impressive performance once again at the 2025 KIND Awards, taking home seven awards, including Brand of the Year for 1964 and Craft Brand of the Year for Simply Bare, both for the second year running. Now for an update on the Cascadia facility's progress to date and our 2026 revenue activation strategy.

Cascadia is now fully operational, significantly enhancing our ability to meet premium demand by adding approximately 4,500 kilos of annual premium production capacity, or an increase of 40% over our existing footprint. Further upside in yield is possible as we adapt our genetic selection and grow processes to the facility, and we expect to provide an increased production capacity in the autumn once crop data has been assessed.

Cascadia received full licensing in October 2025, and the facility's first crops were planted during the fourth quarter of '25. These crops were successfully harvested in February, and we are beginning a regular cycle of harvest.

As noticed in previous calls, we intend to strategically monetize initial harvests while our expert team continues to optimize the facility and grow strategy. A GACP audit required for export to an international market was recently completed, and certification is expected in Q2.

We anticipate rapid progression towards our premium brand standards at Cascadia, and expect the facility to deliver 1964 quality by the midpoint in 2026. Cascadia is Rubicon's first indoor hydroponic facility, a cultivation strategy very different from our Pacifica facility.

Operationalizing a new, completely different facility and strategy is not easy. Many facilities take many turns or even years to ramp up to their full operating potential.

I am very pleased that our first operational quarter with Cascadia facility has beaten all our initial targets, with flower quality and yields beyond our expectations for first harvest. I would like to thank our incredible team for their effort in successfully executing on this very difficult task.

We remain committed to delivering on our guidance that we have communicated. Looking to 2026, our growth strategy is anchored around three key priorities.

First, capacity expansion remains critical as demand for our leading premium brands continues to exceed supply. Cascadia will materially improve our ability to serve this demand, while also enabling larger formats, new SKUs, and more favorable low-cost input structure as we scale.

Second, we see growing opportunity in international medical markets, specifically within the premium category. As regulatory frameworks mature and patient populations expand, we believe our premium products and well-established leading brands are well-positioned to capitalize on this opportunity because of the trust and consistency we have offered in Canada.

GACP certification for Cascadia will be a major milestone supporting Rubicon's entry into international markets and further validating our quality standards. Finally, genetics remain a core competitive advantage.

Our proprietary genetics library allows us to continually release new and exciting cultivars, improve yields, and enhance quality without compromising brand standards. This is an incredibly overlooked aspect, but potentially the most foundationally important operating strategy for any premium flower brand.

Turning to our outlook for 2026, in the first half of the year, we will continue to reflect investment in growth initiatives, including yield optimization at Pacifica, the ramp-up of Cascadia, as well as internalizing certain processing costs to reduce third-party costs, which all together support margin improvement. In 2026, we expect capital investments of around $5 million, which are supported by the additional $4 million in debt financing secured late last year.

Additionally, this spring, we may increase our operating line up to an additional $2.5 million at similar rates as we invest in the business this spring in advance of cash receipts from incremental production. This would provide the runway to execute on our forward-looking priorities without constraining the rest of the business.

We are anticipating an inflection point in the business in the second half of '26. As Cascadia reaches steady-state production and we begin full branded portfolio sales, we expect to see a meaningful improvement in revenue as we begin to capture the previously unmet demand for our leading brands.

Alongside that, we are projecting growth in net revenue, gross profit, adjusted EBITDA, operating cash flow, and overall margin and cash profiles, driven by operating leverage generated by Cascadia against our established cost basis. We exit 2025 in the strongest strategic position in company history.

We delivered double-digit revenue and adjusted EBITDA growth, significantly expanded capacity, delivered portfolio-wide market share growth, and have proven our expanded team capable of executing at an even higher level. The underlying business continues to demonstrate its strength, and we believe the investments made through '25 create scale opportunities and clear visibility into future revenue growth and margin expansion.

I want to thank our team for delivering another year of record performance, continued operational improvement, and I commend their efforts in preparing Rubicon for our very significant next stage of growth. We have thoroughly proven our dedication to our premium craft, the leading quality of our products and brands, and the clear demand and reputation that we have established in the Canadian and international markets.

I look forward to continued leadership of the premium category and execution of our already operational, large-scale expansion opportunity. Now to questions.

Operator, we would now like to open the line to questions.

Good morning, and thanks very much. You've provided lots of details on the Cascadia facility in your prepared remarks.

Obviously, with the first harvest in February, we can look for, or I'm assuming we can look for first revenues from the facility sometime in Q2. In 2025, you used some third-party contract grows to help support some of your revenue growth there and market penetration.

How should we be thinking about that with respect to the Cascadia facility coming online? Do you tend to continue to use those throughout the year here, or the second half of the year you'll be transitioning over to the Cascadia facility?

I assume the more you move to the Cascadia facility, that would have a more positive impact on your gross margin line.

Good morning. Thanks, Neal.

Firstly, yes, on Cascadia, the margin improvement is very notable as we get to that. In terms of use of third-party contractors for contract growers, we will continue to do that and use that, and it will stay at about the same amount as last year, we think, on average, about 2,000 kilos a year.

That being said, it will become a smaller part of the total biomass that we're selling.

Fair enough, as you grow up the Cascadia operations. On the international side of things, you talked about the GACP certification for Cascadia.

Can you remind us, do you have one already from Pacifica? Can you start international exports prior to receiving that certification for Cascadia?

Yes, last year, as we start our initial exports, we do have GACP at Pacifica. We don't have EU-GMP, which is something that we need to look to our future.

GACP, the audit is now complete at Cascadia. We're amending a few what we think are relatively minor items.

In fact, some of the items were that we hadn't actually done the processes yet, we were just completing them as we go through the month of March. Looking forward, we believe we have what we need in place to be able to monetize that from an international channel as well.

Okay. Sorry, I forgot about you do your test processes last year to the international market.

I wanted to follow up on something in the press release and briefly mentioned in the prepared remarks with respect to the BC market. You sort of referred to in the press release some near-term headwinds that occurred.

I know about the strike obviously impacted Q4, but what are some of the near-term headwinds you're seeing so far in 2026?

We've seen a market that hasn't necessarily had the right product on shelf, and the retailers have talked about that a lot. Post-strike, the BC distributor has confirmed they've been down week-over-week since the strike.

We didn't see the large load-in because there was ability to do direct delivery from those that were under 3,000 kilos of production, licensed producers, and we were locked out of the market, and there was a lot of that able to be delivered. In that happening, a lot of the product that got on shelf to retailers wasn't necessarily the right assortment for their shelves, and they're still seeing that clear out.

We've seen heavy discounting from retailers that can afford it. We also think that anecdotally there's been a shift back to the legacy market post-strike, both from a price, they don't pay excise tax and all the other taxes that we've got, but also because of convenience and selection during the strike.

Glen, did you want to provide any color on that?

Neal. I think we would generally see Q1 historically as being a slightly softer quarter in the cadence of our quarters.

Although we are tracking to growth year-over-year, the BC strike is a headwind that will impact us a bit in the quarter. We do see it, Margaret, I think it's fair to say we're starting to see some relief now as we sit in March.

I think, for the year and as we go forward, it should track properly. It is a reminder of the importance of the central distributors, and the fact that we need alternate channels should they ever think of striking again sometime in the future.

We need to work with the province and others to make sure that we and the retailers don't get in this sort of situation. I think one of the strengths of Rubicon absolutely is the ability to direct product to other channels.

We did that. We did that to other provinces, and certainly took a little bit internationally.

It does show plenty of demand for our products in other provinces because we were able to deliver a record quarter despite that BC strike.

That was certainly the silver lining of a proof point for us with respect to the biomass coming from Cascadia, that we can be out of our second-largest market for 6 weeks all together and still deliver a record quarter. I would also add, I've been speaking to a number of our competitors in the BC market.

It is experienced across the board in all categories, and at the distributor level. Look, we're going to see this as an opportunity of how can we get on more shelves, and get more distribution to win out of it.

Yep, fair enough. I appreciate you sharing that color.

Thanks very much, I'll pass the line.

Thanks, Neal.

Hey, Margaret and Glen, good morning. Thank you for the prepared remarks there.

I just wanted to ask you guys a bit about the growth outside of BC, and if you could give us some more color on how market share is developing outside of your home market.

Look, I actually don't have that data in front of me right now. We can have a look at it and provide it further.

We do look at Ontario is our largest market. We're very happy with our positioning in Ontario.

It is a robust and competitive market, to do well there is extremely important. We've found Alberta more of a value-focused market, where there's been a proliferation of key accounts without store caps and a consumer that's a little bit different, more similar to alcohol than the rest of the country.

Then Quebec, we'd like to do better in Quebec. We've been around 2% market share.

We'd like to grow that share quite a bit. There's an advantage to being a Quebec-based licensed producer.

We're thrilled that we've recently incrementally won five in total incremental listings. As part of that, not all of them have come on board yet.

The three most significant listings will actually come in July, and we'll see that into our numbers then. Those listings are in flower and in pre-rolls, that are key categories.

In particular, getting pre-roll into that market with our Comatose flower. We've been pitching that SKU for a number of years.

We're absolutely thrilled to have won that listing, and we think it's going to make a meaningful difference to our revenues in Quebec going forward.

Great. Then I think you mentioned something about other critical projects, whether at either of the assets.

Can you walk us through those and provide some more information?

In terms of our CapEx projects of the $5 million, I'm going to pass it over to Glen to cover that question.

Good morning. In 2026, we're going to spend about $5 million.

Our current budget is $5.2, a little bit of wiggle room on that one. Of that, $1.5 is to insource a part of the vape production process, and that should help us do two things.

It should help with our margins, or we certainly expect to help with the margins significantly. As it's a big growing category for us, so that's very important as we drive towards higher margins.

It'll also give us more control over the quality of the product. We're looking forward to that.

That should be implemented this year. Another $1.5 for a number of other efficiency projects that we expect to drive margins, or automating a little bit more of the pre-roll lines, those sorts of things.

Big categories for us looking to squeeze some costs out of the manufacturing process, a few other similar type projects. Then we have a base level between the two facilities of at least $2 million a year for ongoing maintenance to keep the facilities in good operating order.

It could be everything from just minor lighting changes and other similar maintenance projects. That's the $5 million plan for this year.

We are examining other major projects and that could have significant impact on yield and margins, but when we define the timing and the magnitude of those, we'll come back to the market and inform you.

Got it. Okay.

Then last one for me was just, I think you guys said before your long-term gross margin target was in the mid-40s. Are you guys still comfortable with that?

Do you think we'll be at a kind of an exit run rate of that at the end of 2026, or is that more of a 2027 item?

We've got a lot of work to do this year. We expect as a premium company, with the premium market segments that we want to win in, that we should be delivering margins as you described long-term.

This year, there's a number of projects that move us towards that, I can't give you a specific run rate target as we exit 2026 right now. We certainly have our internal objectives, but there's plenty of work to be done there.

We are excited. The levers we have to pull are certainly some of the automation projects we've got, but also a lot of work being done on our facilities to increase yield.

We need to maintain our quality standards absolutely, but we think we've got some great opportunities to get more cannabis out of the same facility. All of that drives margin and our ability to supply the market.

Amazing. Okay.

Thanks for answering my questions.

Yeah.

Thank you, and good morning, everyone. Look, just going back to the cadence question, I don't know, Margaret, if there's a way to try to quantify the unmet demand you've talked about.

When I think of the ramping in production versus ramping in sales, for example, by 4Q, would you be able to produce the 15.5 tons? Based on your visibility, do you think you'll be able to sell all of that in 4Q, plus the 2 tons that you're buying from outside?

Just to have some visibility. Thank you.

Great question, and good morning, Pablo. Look, we know we have unmet demand.

You could see it in the proof point that we were able to divert our BC volume elsewhere and still deliver a record quarter in Q4 '25. We believe that that unmet demand is not only in larger format, mostly under our 1964 brand, the engine of our business.

Today, we're confident in being able to produce and sell the 15.5 this year. Part of that, I think, will be about how do we take advantage of opportunities in other markets as well to start planting some flags around brand.

There's more to come on that from us, but today in Canada, we feel confident in the demand profile that we've got.

Right. Sorry maybe to restate what you just said, but so you're saying that even not factoring international, based on domestic demand, you believe that your recreational sales could be served with those 17.5 tons by the fourth quarter, and those could be your sales?

Correct, in this year. Now, the one caveat that I would put on that is the formats may be different.

We haven't been able to have enough product to prove the full demand on the larger formats for 1964, but we know when the product is available, it moves through. We're going to find out, but right now the demand signals are very strong.

Right. Thank you.

Then just moving on to international, it just seems that even despite this 40% capacity increase, plus the 2 tons you buy from outside, you will still not be in a very good position to supply international because you have this very strong, unmet domestic demand. Correct me if I'm wrong, and if you can talk about inbound calls or visits from Germany or other countries in terms of trying to buy your 1964 product for the overseas market.

Thanks.

Another good question. Look, I think this is going to be about margin optimization and not only, first we want to satisfy the largest, most loyal consumer in Canada and build the brand with them.

Secondly, there is an opportunity as the premium markets are, I believe, just really beginning in these international markets. The premium consumer or patient is there, but they haven't necessarily had consistent access.

It has tended more towards value weed. I can give you an anecdote, which is last spring, I met with a large international group in the country in which they represent, and they said, "Premium is not going to be a thing in our market."

6 months later, they called me back and said, "The consumer is shifting. Can we buy anything that you're selling wholesale, we'll buy it."

I think, as we've seen in Canada and the US and like other markets, whether it's tobacco, alcohol, cosmetics, etc., the consumer does move across the spectrum, and there will be a premium element. We still believe it's early days in those markets, there's lots of time for us to begin.

Look, we've got big plans in terms of what we can do from incremental facility over the next 3 to 5 years to fill the demand.

Thank you. Let me just add one more.

Obviously, I think I've heard that one of the Lana Del Rey songs, she sings about hydroponic weed, right? We call it hydroponic cannabis.

Can you just give more color of what's so unique about hydroponic cannabis and whether there's a lot of hydroponic cannabis available in Canada at the moment? I'm just trying to understand what's the big difference and how unique is it what you're going to be offering.

Thank you.

In fact, the inverse is true, that the product from Pacifica is living soil organic with the power of the sun as well as incremental lighting. That is more unique, we believe, builds a wonderful terpene-rich experience, in particular for our Simply Bare Organic lines.

Most weed in Canada is grown hydroponically, which is effectively where rather than using the soil and the fertility in the soil as the engine to feeding the roots, you actually provide liquid fertilizer so that you can titrate much more closely the plant's needs and react to it. We've seen almost all of our competitors in Canada, other than small hyper-local ones that are doing organic, using hydroponic.

We believe that the quality of the product will be exceptional coming out of there. We're very excited to showcase that.

I can anecdotally tell you, we haven't had the initial certificate of analysis back yet, but from the look and the smell of the first crop down, we're very comfortable and confident. It will take a moment to get the whole facility hitting our standard.

I am optimistic that in the second quarter we'll be monetizing it, and ideally, I'd like to beat that we're monetizing it into 1964 in the third quarter. Again, I'd rather under-promise and over-deliver for you, and make sure that we're hitting those quality standards for our customers.

Thank you. One very last one.

I know we talk a lot about flower and vape, but according to Hifyre data, pre-rolls are your largest category, and I think in 2025, or at least in the fourth quarter, they drove a good chunk of your growth. I'm just trying to understand, that category has seen more price competition.

Some of the growth has been in infused pre-rolls. I don't think you participate in infused.

Can you just give more color in terms of what you're doing in pre-rolls and the opportunity there for premium pre-rolls? Thank you.

We think the pre-roll opportunity is tremendous. Our pre-rolls are all from flower.

What we do is we group our flowers after trim into large, medium, small A, and the smaller pieces of flower are what goes into pre-roll, which creates a premium experience, also the quality of the pre-roll itself. Then it's the flower and genetics.

We've earned that trust with the consumer. We've seen a rise in convenience form factors through '25, including the rise of all-in-one and pre-roll.

Pre-roll is the fastest growing part of the market. We expect that to continue.

Last year, we invested in two pre-roll automation machines. We are running a third shift right now with pre-roll.

We expect that to continue. In fact, from my earlier remark in Quebec, we're very thrilled to have won the Comatose 5x0.5 listing, which we expect to do very well as well this summer, get that in for summer.

I think there'll continue to be that trend, and I think it's a great and profitable part of our business, we're thrilled to see that go that way. Thank you.

Hey, good morning, Margaret, Glen. Congrats on the quarter and on the year.

First question I guess would be on Cascadia, trying to model in kind of what operating costs on an annual basis look like versus last year. Do you have any ballpark range on what Cascadia facility operating costs will be additive to '25?

What we can say, Josh, is that we're currently operating at full capacity right now. You saw an add-back for EBITDA in Q4 that I'd say is not a bad approximation as a quarterly operating run rate, maybe a little bit more than that.

We're going to dial it in for sure during the course of the year, but we've just taken down our first harvest. We can give you more information as we proceed during the year.

It is I'd say a lower program cost facility than Pacifica, and that's the opportunity, especially with yield improvement, to really drive that program cost down. That's the equation I'm looking at sort of long-term is what's that program cost rather than the absolute cost right now.

Got it, appreciate that. On Cascadia, would that facility be used for anything other than cultivation, any other strategies involved there in the future?

Not at this stage. Our expectation is to grow, trim, and cure there, and then send bulk pack to Pacifica so that everything's packaged out of the same facility and we've got one distribution hub.

Very confident in that. There we're using every inch of that space, and that will be part of us looking at increasing the production capacity later in the year as we've done a full assessment of what we can do out of there.

Super. Then maybe to tack on a third one regarding Cascadia, just interested, now that you've pulled the first crops, what have you learned from Cascadia?

What has, hasn't worked? Any change in strategy versus pre-revenue strategy?

Actually, I would say team is the number one thing, and closeness of proximity to your existing facility to turn something on is more likely to breed success. Very pleased with how the team has coalesced.

We've got a fantastic leader there as well. We've brought people from the Pacifica facility over there.

We've integrated with the town. We had a grand opening with the mayor.

Really thrilled to be in the town of Hope. I would say bringing in master growers from other facilities that know indoor hydroponic together with our existing team—we had seven people go out there—has been a really key part of the success.

Where you put your focus as a leadership team is where you get results, and I'm very, very happy with how this has gone to date.

I love that. I'm going to break the rule and try to sneak in a fourth question, but I might have missed it.

Do you have any anticipated volumes for the international channel for fiscal year '26?

I don't believe we have that in that level of detail that we can disclose today. I think it will be less than 10% of our business, would probably be around or less than 10% of our top line, and we'll be looking to grow that in future.

Riffing off of Pablo's earlier question about we've got the demand in Canada, why would we do that? This is about also growing our reach and strength of our business.

You saw the impact of the British Columbia strike. Having large single customers is not always the best approach.

Actually, a bit of being able to compete in multiple markets will give us more strength of the business overall as we grow.

Super. Thank you so much for the answers.

Congrats on the quarter.

Thanks, Josh.

Thank you for joining us today and for all the thoughtful questions. Rubicon Organics is Canada's premium cannabis leader, and we're investing today to build enduring brands to last.

I'd like to leave the call with my personal recommendation, and today, I would suggest a dog walk with our brand-new BC Organic Tangerine Sunrise, which smells absolutely incredible with fruity terpenes that will absolutely tickle your senses.