Operator

Good morning, and welcome to the New Lake Capital Partners First Quarter 2026 Earnings Conference Call. Today's call is being recorded. I will now turn the call over to Valter Pinto, Investor Relations. Please go ahead.

Valter Pinto
Kanan, Corbin, Schupak & Aronow, Inc.

Thank you, operator, and good morning, everyone. Welcome to the New Lake Capital Partners First Quarter 2026 Financial Results Conference Call. Joining me on the call today are Gordon DuGan, Chairman; Anthony Coniglio, President and Chief Executive Officer; and Lisa Meyer, Chief Financial Officer.

Before we begin, please note that certain statements made during today's call may be considered forward-looking under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, and actual results may differ materially due to a variety of risks and uncertainties. During the call, we'll also reference non-GAAP financial measures, including FFO and AFFO. Reconciliations to the most directly comparable GAAP measures are included in our earnings release.

With that, I'd now like to turn the call over to our Chairman, Gordon DuGan.

Gordon DuGan

Thank you, Valter, and good morning, everyone. 2026 is shaping up to be an important year for the cannabis industry. With the recent rescheduling of medical cannabis we've reached a meaningful regulatory milestone and are beginning to see tangible progress after many years of uncertainty.

Moving cannabis to Schedule III is a historic moment and begins to address one of the industry's most