$TLRY Shines like a DIAMOND MINE Let's now dive deeper into each of our business segments. Starting with Tilray Beverages. Today, our Beverage division leads with 19 iconic brands, ten network manufacturing facilities and over 700 distributors, 20 brewpubs and restaurants, and leading sales and marketing teams across the U.S. Our beverage strategy is focused on growing our portfolio brands in selected states, regional markets and ensuring product excellence and innovation, driving focused scale, expanding targeted distribution to increase our market penetration and consumer access. In our Beverage segment we generated $56 million of net revenue in Q1. Across our growing craft brands, SweetWater is the No. 1 volume brand family in Georgia, multi-outlet and convenience stores. Montauk is the No.1 branded family in New York Metro, having increased at a rate of sale of 240 basis points year over year. And Tilray is the No. 1 craft supplier in the Pacific Northwest, thanks in part to the continued success of 10 Barrel's Pub Beer, Shock Top remains a leading priority as we relaunch the brand's No. 1 seasonal offering, Shock Top Pretzel.During Q1 and Q2, driving additional 5,000 distribution points in the last 45 days. The Pacific Northwest grew overall Shock Top distribution by 42% during the Q1, adding 1,100 new placements for the brand. In the Northeast, Montauk's flagship Wave Chaser IPA continues to post positive year-over-year volume distribution gains adding a net of 139 off-premise accounts during Q1. Three of SweetWater's top 12-pack SKUs, 420 Pale Ale, OG IPA, and the Hazy IPA all posted positive trends for Q1 trending a plus 7%, a plus 24%, and a plus 17%, respectively.As we've mentioned before, our ambition is far beyond our current reach, as we continue our focus to become a dominant leading beverage business by leveraging and are strengthening our portfolio of beloved local craft brands, recruiting new customers, and activating more occasions, driving new growth across these brands. Additionally, we are innovating across adjacent categories, including flavored malt beverages, ready-to-drinkcocktails, spirits, and also beyond alcohol, we will grow our non-alc beer category and expand further into water, energy, and other categories. Our powerful college sports partnerships across the country will be leveraged to bring new LDA consumers and fans into different brand families, especially Shock Top. Separately, our MLS music events and local community partnerships allow our brands to recruit and retain our core customers across different age groups.We have the manufacturing facilities, the distribution, the sales, and marketing infrastructure to drive tremendous growth in the Tilray Beverages business. In the non-alcoholic segment, Montauk non-alc craft beer is now sold in 650 counts, and new brand, Runner's High Brewing Company has launched in the Southeast with three brews; Runner's High Golden Wheat, Raspberry Wheat, and Dark Chocolate, with several expansionmarkets to follow. With over 700 beer distributors, Tilray is now a leading supplier in key regions across the U.S., with regional jewels in the Northeast, Pacific Northwest, Colorado, Texas, Michigan, and the Southeast. With each beverage acquisition we've made over the past few years, SweetWater, Green Flash, Alpine, Montauk Brewing, the craft acquisitions from ABI, and most recently, the acquisitions of our four brands in Molson Coors.We are laser-focused on operational efficiency, optimizing cost structure, and getting the margins of the acquired brands up above 40%, like SweetWater and our other legacy businesses, we've identified additional growth opportunities in our beverage business. Tilray Beverage is going after category diversification and we've identified four categories. We expect to generate $30 million in revenue by the end of fiscal 2025. These four categories include: light lagers, $117 million category; flavored malt beverages, a $4.7 billion category; sparkling water, a $12 billion category; and the non-alc brew, a $445 million category.With our recent launch of Tilray Alternative Beverages, we are focused on fueling the U.S. with Hemp-Derived Delta-9 beverages, which is an estimated $2.8 billion market in the U.S. We're beginning to launch our Hemp-Derived Delta-9 THC brands and products in key states including Florida, Texas, Louisiana, Minnesota, North Carolina, South Carolina, Ohio, Georgia, Alabama, Oklahoma, and Tennessee with distribution driven by our existing and robust beer distribution network. Our initial portfolio of HDD9 brands include Happy Flower, Herb & Bloom, 420 Hops, Fizzy Jane and we expect to launch additional brands by the end of this calendar year.Happy Flower is currently available online through Drink Happy Flower. The growth of Hemp-Derived Delta-9 THC drink business in the U.S. is remarkable. And we are excited to see its potential for our beer distribution network who are eager to jump into the business and already have begun placing orders.We look forward to sharing more updates on this development soon. Turning to Tilray Cannabis. In Canada, Tilray continues to lead the Canadian market share by almost 170 bps over the next competitor and have been consistently at the top of the industry for the past three years. From a regional perspective, Tilray is No.1 across British Columbia, Alberta, Ontario, and Quebec. These provinces combined include over 86% of the Canadian population. We've also led in all other markets combined. In adult-use recreational cannabis, we focus on margin improvement across our portfolio brands and products resulting in improved adjusted gross margin by 500 basis points in Q1 versus last year.The margin improvement, partnered with efficient utilization, production, and further cost savings initiatives will allow us to grow our revenue, profitability, sustainability well into the future. In Q1 20% of our net sales revenue came from new innovation. Our mainstream Flower business continued to grow, because of our strong genetics. Our Redecan brand moved up to the No.6 position brand in Canada as reported by Hifyre data. In Beverages, Tilray continues to dominate the beverage category with a 45% market share, and at the end of August, with XMG, Mollo, THC beverage brands being the No. 1 and No. 2 brands, respectively.Tilray shipped 78 metric tons of biomass, or approximately 25% of the implied Canadian market volume in Q1. We continue to leverage the wholesale channel where contribution margins are better and supply is starting to balance. On an adult-rec, we shipped 16 million pre-rolled cones and over 2.1 million cans of beverages in Q1. Turning to our International business in Q1, we continue to execute against our three basic initiatives.First, the acceleration of growth in Germany. In Germany, since the Cannabis Act went into effect on April 1st, 2024, we've seen a 50% increase in medical flower sales, as well as a 22% increase in medical cannabis extracts, where we already have a dominant share of the market, and we believe that our current positioning in Germany provides us with several unique competitive advantages to capture a significant share of the expected medical cannabis market, which is projected to be approximately $3 billion in the medium term. We expect to continue our growth in this very important market through commercial excellence and increased supply. We will continue to leverage the expertise and relationship of our CC Pharma/Tilray Pharma distribution business in Germany, which supports our medical cannabis business through its network of 13,000 pharmacy and wholesalers.Second, the bifurcation and differentiation of physician-led and patient-led channels. As a market leader in the physician-led channel, we're turning our focus to accelerating our growth in the patient-led channel. One of our major initiatives in this regard is improving the availability and the quality of our medical cannabis supply to meet needs of patients-led channels by creating a flexible and diversified supply chain focused on high-quality flower and new innovation. At Aphria RX, our German cultivation and processing facility, we received the very first commercial cannabis cultivation license and commercial distribution license issued in Germany under the new regulations.These new license granted Tilray the ability to cultivate, produce, and distribute premium quality medical cannabis, with the ability to increase our production by approximately five times. Aphria RX can now fully utilize and maximize its growing capacity while also expanding its genetics to a total of 31 approved strains from the previously approved three strains. We've already completed our first harvest under new cultivation license. We expect to commercialize these products in Q2.We've also begun to supply our international markets with EU GMP-certified medical cannabis products from our Canadian facilities. With medical cannabis from Aphria Diamond launching in Poland and Broken Coast and Redecan launching in Australia. We expect to launch additional cultivation from Broken Coast and Aphria Diamond in the coming months. And finally, we'll continue to identify and enter new markets with the potential to generate material revenue and profit opportunities.We expect European opportunities could represent a potential $45 billion medical market over the long term. And with our presence in Europe, it allows Tilray to grow our global brand portfolio to a base of over 700 million people in Europe, which is twice the population in the U.S. Finally, let's discuss our Tilray Wellness business, focused on improving people's lives through the power of hemp. Tilray Wellness is represented mainly by Manitoba Harvest, our leading hemp brand with over a 53% market share in branded hemp products.Wellness is also comprised of Happy Flower beverages and HiBall energy drinks. In Q1, Tilray Wellness delivered 11% net revenue growth compared to the prior year, driven by strong core business sales coupled with hemp innovation and the expansion into wellness beverages. A strong focus on cost helped the business improve margins, delivering a 300 basis point increase in gross margin to 32%. As Tilray Brands has transformed, expanded, and completed numerous acquisitions to get where we are today, our mission has evolved to be a leading premium lifestyle company with a house of brands and innovation of products that inspire joy, wellness, and create memorable experience.