LIFD - Earnings call transcript Q1 2024

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Operator

Welcome to LFTD Partners First Quarter 2024 Earnings Conference Call. This call is being recorded. [Operator Instructions] I will now hand the call over to Gerry Jacobs, the Chairman and CEO of LFTD Partners. Please go ahead.

Gerard Jacobs

Good morning, and welcome to LFTD Partners First Quarter 2024 Earnings Conference Call.

our and filed for links with can found release XXXX first to press be been have the on earnings financial the statements quarter both Our www.lftdpartners.com. website, SEC, and

and A accessible we an call, website. extended available of the comments quarterly questions share On through this section we'll the call our today's some call. will answer of for time, the of on Investors period some our of performance replay end be at will

notice. harbor safe the Here's

of we performance, that our words should such to reliance results would, Some that verbiage business, statements involve operations believe, so such not materially, might, are place differ undue regarding statements make today similar that hope, a the will may, project cause potentially, and including statements. upon should, listeners uncertainties number could actual and forward-looking and expect, of financial could, as risks

factors Form We For obligation the to our forward-looking statements. risk more SEC. the in with recent please information, undertake update filed these discussed most to refer no XX-K

to for I'd some have impacting months. that been of past the factors over the business, few some some the better our worse and the highlight for like

collaborations. First, product regarding

our with During of Jeeter, of launched half XXXX, products time and collaboration management subsidiary our the absorbed hemp-derived a privately second a company marijuana portion held LFTD which significant efforts.

collaboration's hemp-derived and However, with raw for the associated various in cash, signed including products. a Jeeter the LFTD and acceptable reasons, satisfied mutually agreement Jeeter materials Consequently, was inventory accounts neither unwound positions party regard collaboration. finished termination that branded with receivable, to

the $X transfer LFTD resulted of million. raw and the is collaboration hand, $X.X on impact accounting to Jeeter from lifted recognizing rules, currently Jeeter termination inventory the a on from this While had GAAP unwinding finished lifted in loss of excess Under actually a of which of in materials million. positive cash

on the Jeeter more agreed collaboration that terms much to to company reasons its LFTD the a traded into with collaboration, hemp-derived be the is and of Supply new multi-state why LFTD publicly nearly back Jeeter consider to LFTD collaboration with sell to Diamond we back is with the and Company. Jeeter its that entered termination than under of terminate conditions a products manufacture One with marijuana collaboration deal. And continuing meanwhile, attractive larger

Second, buybacks. regarding stock

number that the same stock purchased consideration $XXX,XXX. a pursuant total his that aggregate by contingent an per As at previously reported, of or to Directors negotiated approvals XXX,XXX the are of for on Pursuant by Partners our up less retention date to these Warrender employee to LFTD shares. was of and to $XXX,XXX off-the-market share Board from of buyback pay from employees shares LFTD of private use $X.XX up of Partners capital to deferred approvals, LFTD stock per working $X.XX earliest they Surety obligated of lender, at an share income to received our merger conduct our taxes XXX,XXX common common acquired that certain stock our of reduced a agreement stock our who to to Bank, Nick of shares has mate's

in what cannabinite-infused discussed of reauthorization currently the Third, under the is both and be uncertain so-called state bill products regarding legislation. will regulatory hemp-derived the language levels. Washington, be federal risks final attack continue being and A regulatory is it D.C. farm at to in included

require money and Florida. effort These management products efforts. tighter us continuing several substantial cannabinoid are federal lobbying and of regulation been prohibition in in infused significant challenges to markets or expand for regulatory has to LFTD, hemp-derived addition, material of are business proposed and including time, that or state risks are In states adopted to regard to LFTD's

the Vice of Founder our At LFTD presentation Officer, and our to owned the wholly Chairman Chief over and point, I'll Warrender, CEO Nick turn Made. Operations this subsidiary, and

Nicholas Warrender

Thank you, with and exciting updates to some provide developments Gerry, operations. regarding LFTD some to and everyone. and like regards information I'd morning, good

The called Milos first Milos botanical May. sleep We being new will this around be the Milos natural The will power well-known brand brand health brand focused, focus products first Milos. wellness plan fitness, our of with and leveraging [indiscernible] and non-hemp to relaxation. terpenes the of launch ingredients.

Bull of a gummies energy These formulated compete plan beverages. companies a Rebel. similar are caffeine June. is We second launch The called Rebel with non-hemp in brand to called new Red to infused brand

on Third, of rebrand Herb. we're our working

products, iteration working Our top showcase team, in This of new new our the industry, the have and the last the will best-selling come with newest of that brand, creative firms Herb. cannabis by benchmark new formulation, in will suite along on phase we July Champs months X world a see the relaunch Herb branding the of believe this at technologies X of and brand-new spent Vegas. set a

with Fourth, another our penalty Park cancel additional without square came its existing end an X the in X. feet. in lease Kenosha expansions Kenosha of the existing in an At to agreement its Kenosha XX,XXX LFTD Business landlord to expand by of Kenosha started area Park leases our operations. the April This of the to and of March, Business

its our Durango, terminated LFTD We it's facility Flower and Mexico listed fit to expect in Hemp operational to arrangement has Hemp New Flower Colorado. in this efficiency Colorado. the improve division lease of division moved Aztec, meaningfully has relocation in

a One its to hemp-derived in the but we're Colorado acquisition products. illegal Mexico, of At machine made Oculus which manufacture acquired the reasons currently to New have that be products, allow this and in are lifted Durango own able demand. big CHCA legal facility, in manufacture we using to we large was consumer to the move

greatest new and to our extremely major well-known, sales brand, our on high-quality strength be online continues Finally, company's initiatives popular Herb.

simultaneously our to to and its for efficiently to challenging reasons, consumers However, sell or our to distributors. stores been it's products, and technical for LFTD current individual retail website, to use

being is spent and implemented months which our larger channels. volumes that we of and have sales X situation, of to we've all product capable currently be solution We expect developed analyzing will efficiently handling the a

this presentation I to will Jacobs, At turn Jake Officer. and point, over Chief President our the Financial

William Jacobs

XXXX be I state on comparisons quarter-over-quarter to will to unless QX based Thank you, XXXX, My Nick. otherwise. QX comments

Our headwinds. down to of consolidated million, sales were XX% due net a $XX.X number

prices. of significant prohibition competition that titer in regulation many their for own states the space, selling marketplace has at lifted, of for products wholesalers including branded paying lower in done. LFTD markets and brands competition never that greater and are competing been low There's proposed are products distributors for intoxicating or And There per or also brands is points. and something milligrams containing products are distributors unit hemp-derived has branded of cannabinoids other own hump-derived More increased more adopted Firstly, their at which valuable Florida. creating for shelf psychoactive products. is price

$X.X decrease was goods sold to compared stock in by fact in recognized million, inventory to up expenses QX X%. of deferred or XXX,XXX the Our was $X.X [indiscernible] in Operating operating $X.X expenses XXX,XXX. million. XX% XXXX increased recognized was as down total cost primarily million The contingent were was QX that $X.X of driven million XXXX.

and ramp-up a Strategy current largest LFTD's its We to see single expect X, Officer, owed and individuals. payroll of LFTD's to bonuses of expense size reduction back, a May Chief fees prior to the payroll quarter XX consulting sales to salary lifted significant teams in

of Strategy as substantially XXXX, Strategy But of Officer Chief cumulative LFTD's $X.X has the million. earned reduced which retired bonuses in payroll. salary XXXX, During XX, April excess Officer Chief were and LFTD's that

obviously in a consulting addition, contract terminated In a that have fee payroll was reductions LFTD will year. on LFTD April firm costing material profitability. X consulting a obligations These and third-party of per XXXX LFTD's $XXX,XXX effect LFTD's positive in

a termination Other $XXX,XXX. Operating the compared collaboration. million loss loss Offsetting the to of was $X.XX were was $XXX,XXX bringing million benefit share. loss $XXX,XXX compared million triggered to net per Jeeter for income share of from loss $X.XX the loss Other primarily a compared expenses to loss LFTD's by of of expenses $XXX,XXX or an Jeeter provision or $XX,XXX. LFTD operating $X.X per Partners $X.X consisted the taxes, of to $X.X

XX.X for a of average of options Basic million total with which any March X.X shares average shares outstanding outstanding cash XX, over busted XXXX, warrants generate effect to at the ignoring and of weighted weighted $X.XX, price would proceeds quarter exercisable million were exercised million [indiscernible]. diluted exercise and and $XX.X with

XXXX regards notes X.XX. to payable of $XX.X sheet, from to million, balance XXXX remained $X.X $X.X down from sheet at outstanding million, cash Bank level million. to from million. million March to XX% XX, million. decreased down $XX.X from million. compared down Current Working $XX balance our $XX.X on capital Surety ratio down $XX.X Inventory their and assets million, to from Current $X.X to million, December XX XX% $X.X hand our In to XX% increased X.XX decreased decreased

[Operator us. that been questions have to answer now We'll Instructions]. submitted

William Jacobs

the reward I'd Okay. a hard that We of a many invest money by initial class been people question. the to made has like outside money earned regarding investor question years ago. the plan their received

handle one? to want you that do Gerry,

Gerard Jacobs

higher to significant federal can especially in the sales, in of at to and lower situation industry. this Illinois, by players and price is lifted than in mentioned Yes, initial the massive but funds. brief the had both level, the bounced changes. on of a who environment regulatory this challenge upon the that our an terms lobbying of in in in potential has in doing very forth. $X the and including much fight we've shareholders, minimize by both, that from by with that today potential anvil, is all operating is regulatory a since are or than the shareholders level state-by-state hemp those were states other of legislative being that partners effort of weighed our based investors us sure. an share. around as of our it's price, the of discussions ongoing a Texas the the made are attempt earlier, perspective, period, are biggest primarily is company convertible I'd share few investments the terms I overall regulatory industry, has issue which stock in obviously, concerned, But so than risks. say we at negative Yes, stock for terms $X players along the is relates and clearly regulatory The everything Florida, -- in There's to quite including company our it effects also stock hemp a preferred terms a reauthorization we're any our We're been our conversations to of But which a where is state stock with

William Jacobs

right. All

business? question. another you what various can a your and what impact states the derivatives. have Can And sense derivatives? in hemp under Virginia, on We business a some you Texas could discuss Do and might I scenarios, your hemp like both has Florida? whether bill that to you of discuss it crackdown changed talked farm about states how in impacted relation include have has have new

Gerry, do to one? want that you take

Gerard Jacobs

Well, industry. we're privy by potential a privy of and used hemp used regulatory very well terms being being the And we're especially to strategies aware Nick of of strategies in lot features. nuances is lobbying the

huge we're companies there's in. how many of from legislators, resentful many hemp and We this any I'd companies for companies whether are, discussions who both many in not to of are Nick this to comments so but ask being other that of position it's But are marijuana of hemp the like guess whom manufacturers, that industry that, terms creating and the spent just of is the relate the -- by the distributors said call? group millions farmers, internal lobbyists, share processors, dollars also of educate are in large many, to there jealous attempting free or I labs, forth. jobs having how

Nicholas Warrender

something federal day every been that in we're actively a we working that farm level. engaged years. Likewise, the have to on state D.C. at the friendly at It's for We've bill ensure level. X

super and of bill currently the place. impact ban put successful Virginia, businesses of also business. states, lot, have some in into like went that we seen in battling key we're lost some been Virginia, economic After out state massive we've but we've a So was of in XX%

but not and only that other So in hoping to prohibition. big the it, proper that they business, that is there's a benefit a we're see put massive regulations, consumer not states this really

it only and good out So pushing not product out. for industry our business, are the players and proper bad We gets of we're believe but some and the good bad a for the consumer, regulations. that believe the for it's we good regulations

that and regulations So to We to want fighting we're are allow things realistic regulations. all for been logical, just for. still the and those businesses we we're have small see fighting that participate, for

William Jacobs

any ways? going? to able we derivatives you psychedelic of been All you can is right. received how And The is, next that expand have question in to discuss

that is could on? Nick, comment something you

Nicholas Warrender

Sure. Yes.

and compound. research we've in that to as due [indiscernible] We compounds of super of kind some being The So market legal success great shift. product. primary R&D [indiscernible] the we on a continue had of to that and early of well in the diligence. early markets do stages to development lot were And legal continued service as the

we And that to to things in we're into right more can in So with legal. we market R&D our that category plug along that our channels. in have are get now we health distribution wellness and is products and multiple And that pipeline in current hoping to the continue category. explore products is

work and of X rebranding at months last our lot or also finishing nonintoxicating only starting quarter to months not last have for over to market Delta some the best-selling X that year. intoxicating X So looking is and third of the cannabinoids states cannabinoids. off then other and we've these get to spent and X this X And the the Herb, a our brand, banned quarter

So can but we've spent couple in things simultaneously, that retailers battled getting market our our these a our and we and on penetrate in federal and We've stage. lot time current all distributors other battled of money a level, at of to legs more share. add the

stayed fast to our in law. side to our I the We've at pivot following to extremely think as order rapid right, So time. things conservative can. extremely forward our still for be much we But we do fast and of we it derisk rate in as rate been can, to we've tried company. and but push we've also a offerings to continue we've a efforts, takes at as as us grew that the And to while able as expand also hemp business nimble,

a companies our ourselves, position. want think we industry regulated. and a like that, put in positive better we it's for that again, will be think So We to thing us

we're activating are So as we're as operating on to these has all an that of -- active the on, reflect we'll will to lot company, and been statements fight working have we that behind and our excitement insight levels we we the and to on efforts to and work things give all that start financial a done continue hope the more scenes.

William Jacobs

All Thank right. you, Nick.

positive? a replace Is Is need Officer company questions. currently who Another Strategy individual e-mail, cash the X flow to there the retired?

the company flow the question, Nick, QX you part please? XXXX, positive. second yes, on of that can was comment cash

Nicholas Warrender

Sure.

our everything to So as the power CEO, my cash I'm doing our to that increase more in to business, increase increase out means even personally. if flow, profitability, taking our work

head role into myself. I So dove that first

bringing are role. some that more on support We for

went $X great We at prior business, sales on $XX,XXX business wholesale to have a in in from month team management a level. about that to We great the million individual a that's bringing month and wholesale margin.

moving us So build that to forward. and brought help and person grow continue strategic that a to continue will force we on sales

that let management the guy into wasn't burn a strategy randomly He this this retired. had oil stayed him years. something randomly the years on And really contract company. or X that was is We of leaving for put help was for he build to we So years. out there sales go kind over on really that place His infrastructure. prior midnight and X

we more can pathways These current Becoming can We've as direct-to-consumer direct-to-store a So support, team. expand our of involved that support. mobile-friendly, lot business to if how can I we most well increase marketing how that huge as dials if grow. the the distributors. our see never think twisting growth increase we're But a -- on be expand website we bringing are can marketing our business that do well has know the seen had we've we some to technical as X in also of if big see more we we But we margin. our business. sales in we with the

literally the over the something next to level relaunch. to get into take of been us for It's to done we're showcase world. we been next focus work the never ourselves as huge to that's so that going rebrand I've and month Herb this a to that's launched So go the how proud

great we are Bill, things really he with is did left who So of of that positive. a years and to there We things job, great flow to well-organized going is for he lot in, for our CSO, have come. lot us us a strategy on, phenomenal and cash but a a did do going us with came machine sales a forward take

yes. So

William Jacobs

All right. already it time sleep to on year-to-date are to marijuana spend -- these stocks it market market crowded. spend as market time to to for the opposed of is performing and stocks the all of Is this The are received next Health-oriented headwinds? very more is you relaxation facing some XXXX. highest question time we try is, that

difficult. think I this market be will

do you Gerry? Nick, that? have Gerry, on Or any comments?

Gerard Jacobs

topic Yes. evaluating we have say I quarter-by-quarter initially us marijuana we to getting a that mean involved getting something been let on is in basis. have me and of the

industry. When see traded are publicly at among money. losing marijuana there still of that's billion X report keep You over according as There's in marijuana the been mind have Gold it, they you traded called literally the will our been that industry, marijuana lost all to was that like marijuana that publicly even the been need in most the $XX mind companies, Benzinga. They're there started. the by mean company have money since is like least we've investors' I X in at look reported keep in that marijuana or marijuana industry, seen to today, you profitable. Rush Green to shareholders Rush at

difficult wary the the companies to compression, price to pool running tremendous cash. internally been intention to marijuana that we the swimming companies to of all, it have pathway that, extremely will what is reported DEA reclassified that Schedule tremendous largely due have out getting the the of leak start concluded in yet is be that of with stocks that marijuana industry. run-up that are number the III, are our because in reflection impact be on although marijuana DEA profitability recent but yet we first not There's is reality So run-up And has they XXX? in of clear in very to rescheduling marijuana very is formally that the of it's stocks, the that that in recommended haven't Section but reclassify opinion, --

of you even XXX of rescheduling two, the that undoubtedly years impact result say, if away. if the as X conclude could of longer could be DEA III public followed can notice marijuana rescheduling budget number relating House the an And on even XXX -- go Schedule office it periods. the code getting approval comment will Section and to be it, announcing of potentially to Even as process could public early but years. X.X for White now, that from be And would that. process to convinced years that no under release approved applying The to there litigation about in that process X by management Section of the if That companies. IRS I'll of

a just no stepping clear very, and there's profitability. it we lose way marijuana we're into of money wary a feel very is industry path when, to to is a So again, easy of the very -- deal great it like

So terms But at public point. the obviously path this company month like "You very revisit guys a it. the in the that's cannabis couple very to that, actually our the -- put putting aside look of them last to years comments interested is are willing that's quarter, of the over certainly like profitability standing to said, judicious We're space." we're aside in Mohicans even from which of of of and in called in X difficult we at received each there that question And marijuana. last question, profitable potentially we've the a the evaluation our are is are last within me assessment -- and it of it. funds We but

able course, recognized offices of we for getting I us, for need those mentioned, our NASDAQ stock, pool which other -- we last to as if we years New have exchange." is in the not our up the dramatically are the and would funds, been our plant interested other to on their go the and as important stock. of to migrate be up And States, will and -- were, "Guys, investing has what the our have NASDAQ. the if be NASDAQ. spoken get "touch" many it's And Stock only problem on that promised volume funds, that to position is But of were is you But by an example, significantly invest if in NASDAQ wound over our that believe, in There's Jake company I fund interested XX% the some list whatever, to to would many because of Exchange marijuana still funds or that on it in the would today, potentially very stock are many of on to investors, funds today, charter our as the of in to I to the that we it's Nick many, possible and think several involved or OTC that we of in with, in couple issue family our to them and United stocks NASDAQ. increase York or years, potentially either

United the will their we to we to to meet lose to in want listing sure are listing to opportunity don't plant touch we the apply XXX% requirements NASDAQ evaporate our we the immediately that whenever States. meet the were and marijuana if to So requirements NASDAQ, opportunity

marijuana of and a Board time, actually lose the -- the we on our more kind cause it's it's of does, run-up suggesting NASDAQ if where I investors to in different for that to having whether this to of dynamics be us would like the apparent led stay were could are the to Those pricing said, of reaction years plus at change, the be years. thought not that well, to that will. of even the onto world, positive money sitting the we if getting cause some in likely quite a NASDAQ. it But marijuana of not down choose impact And marijuana observing there we to get had in plant on clearly it to in to like from bit marijuana interest X opportunity on to have marijuana shift involved we any for are in profitable this marijuana. in would lose marijuana retail this road that we may leak that I division, involved immediately get from future involved if U.S. us have it's sidelines change, the the would us a -- But sure touching And to marijuana a to in actually laws potentially of X.X stocks said, may at being based investors, lot possibility in DEA and layers are going onion if is to in involved marijuana, come getting people. and So in a we a would Directors getting would very time. combination the and our potentially out

know there's you'd like comments Nick, I to don't this make any topic? other whether on

Nicholas Warrender

we're brand, and very our well. New going that Well, and in to Mexico we license found now, right it's testing a way great

been side brand plant the touching. few our with packaging last our over We're seeing with toes effort, license it's months. quality without into expanded very dipped well people the a And the total with of product. we grassroots So and the it's resonate

to We is also, to a states ton to would participation what not weren't deals But continue that like. of at be to try certainly to least of are type in something think us license that to those going solidified. NASDAQ a explore. those going in but we So to the look able we're markets cash X out figure put they'll burn uplift position

We the in conservative. been we were So model, successful. and opinion, it's, tested my

or So or something investors. that in it's flow this at us a but that to it to our cash I put look certainly expanding, ourselves we'll we at doesn't are think risk that time. huge our -- numbers, way participating continue it's But doing our

William Jacobs

just we're add to that doing New And collaboration the in Yes. I'll that, Mexico.

are at to, there we foresaw we it have ability that do any we any We NASDAQ. if if with under the issue applying to were pull agreement, that time to out of wanted

to industry getting as not as us without close we're that we So to NASDAQ. apply participating to possible can making it for

under customer given intense The most to it right. All products cannabinoid historically, feeling next semi-high appears question like our of the risk. that have customers the that you any of thought is sure are on such current to of to beverages have offering regulatory white website, party-like group meet pretty am I your which desires your to the labeled alcoholic the legal are feeling? Have

lead Gerry, this please? one, can you on take the

Gerard Jacobs

actually a important question. that's very Yes. we I -- interesting, mean

into and like sit of Oregon, brand, and in gotten Washington, our East Chicago heard Coast, have folks vodka California. Ben, the know really of of like and like a few X.X% spirits. gin ago may and own Oregon, our brand it Ben Northern the although wonderful distillery under and We manage a creator of have on alcoholic Ben Ben that some whiskey, significant a or never toes It's Directors by years in presence distillery very the Creator of folks purchase we've have manufacturers, that the dipped business in well. the brand Southeast, Spirits And to created distillery does I Board

breaching without had and agreements. have We nondisclosure

lot a and products, to deal moving relationship psychedelic X and and -- spirits them, including look or well taking industry, that them drinks, on from through at out have with which of position less public we topics anywhere decided a products, the going had what Tilray is movement just been Tilray, drinks, the regulated a industry, to other CEO the share. increase restrictions industry as in have beverage want the with I being a beer including in side-by-side who there participate a beverage of concluded money flat fashion many and not point do from of -- prospects of we're flag drinking these of to terms to remaining another, under I'm with And extensive the an But seeing we call marijuana in the marijuana real my every topic out of spend as a are opportunities that's distilled alcoholic new from called can uptick company of topic nationally line of it's how with dialogue booming basically or in to jurisdiction this on business, raised downturn future certain in -- it say intoxicating insane transfer of us. health Ben experiencing This and mocktails all to industry Tilray's CEO, education are well a alcohol, a learned. at. Canadian terms of has combination we less have which for we in and amount drinking raised the they in been X which towards about -- the which basically But I'm financial future to money on bet in the very to opinion, companies in that which as types is there with point. you at the the a try brought that a other discussions cash continuing non-marijuana time hemp-derived our And on healthier, that significant that a market would area dramatic and is Ben other Canada distillery and of extraordinary marijuana white consumer of any the to Distillery of raised a and could or call -- assist mammoth the and in that my have beer -- all as they have We a which the nuances where it's frankly, in this alcohol to significant to another. many alcoholic opinion, in nonalcoholic very agreement purchased the anywhere preferences a are merger wellness this a whatever call diligence -- of consequently, could up very due industry. how be company number company X people about to alcohol, sure of participate but of we highly as are a that only is alcohol and and Tilray can time a not you an regulatory there But so nonalcoholic things in is we also lot in I'm walk heavily new of sorts on saying as use forth. profitability not is analysis again, and the expense, nuances combination everything We're we've But have how aware businesses. that gigantic are spending to nondisclosure here. got lost is way best a be amount alcohol-related marijuana way a and relationship -- in expand in another this

William Jacobs

there right. partner to are question next All The companies? marijuana is, future any with opportunities

and repaid the LFTD is publicly manufacturing is XX% are their dummies that of for money, of the agreement and of the enter split party other sales and -- manufacturing The the traded the did large vapes. into up we drug Once to year party January. U.S. they're other gummies in a royalty a inventory marijuana they revenue or paid the a payments. to putting and company all money XX% once have XX-month -- agreement Well, with beginning subsidiary marketing in the

publicly the with in that's company U.S. marijuana So partnered we traded have another

Gerard Jacobs

set company a that to with forward are would to committed get getting want may larger. pretty are We are that, engaging and but -- have of merging us. we merger in number look, potentially are sake companies look, we But both that to in approached that do our been discussions and larger not I'll of and restless Jake, add only inside of for hemp that with shareholders that for opportunities little and some participating that, a be outside meet hemp process of the it's a companies, invested wishing just criteria. rigorous a go faster,

in that merger we likelihood So opportunities per we high just growth share. feel really a for looking earnings contributing are to have of

Rush that which of with that do I is that in them. valuation topic interested led the cannot of standards very tell not space we're buying very mentality, do because to law. that feel only integrity also difficult about extremely business And an so and from their potential merger are And there valuation complying companies and important great marijuana just emerging have people in dollars companies raised can that we not of euphoria many the Green course, we to the we're not billions -- We the in for have with the have standpoint, into. expectations are gigantic high run-up business it's many with candidates have you were cannabis our that in companies

that we're said, about but continuing rigorous, or the the creating a we're it, this shareholder a spending good it. likelihood but very what point not But nondisclosure value. some are in few get pull having really transactions. names ongoing. it's under At do to time on We're wouldn't in not that these it's from companies, of are criteria deal we into said with lot but due time us transactions any Like this of of all has that, discussions we discussions know, high we're going of about, situation discussions. at we the I trigger for and have but heavy to again, a unless are are very I'm point into be We're there are them, so real-time some where going and -- optimistic our we feel discussions with we in a diligence a agreements,

William Jacobs

Thank you, Gerry.

Can deterrent the seeking about for average in a question. company. to in is about talk the volume invest doing shares to improve you stock of to investors liquidity maybe Next big investors, X,XXX you're what

$XX major cap exchange a than with addition realistic. of even market less In million a is an uplisting to

Gerry, you this? take can

Gerard Jacobs

profitable. terms of entry stock give it were just then, gave generously was to of It some in to just of We've to since getting dramatic first we have that on to for we not found cost puts finger months X the amount there has our to, Yes. mentioned this that some terms meets that meet of just over alternative we shareholder to It's to terms has move And be are -- higher the been Nick, last that, the and the it many, Jeeter and decision, that collaboration exchanges Well, and employee profitable on with vast have path extremely a stock in in of our he gist us to still are with the quarters I that X one where listing an not And which of this question on world. that do of in much of out was his done a better up clogged shareholders. we're move X prepared details entire agree view, other their anything. the our with to most last No we had with, LFTD which a accounting on that's quarter, into consistently profile their without much for getting Jeeter our Everything also and -- and have near feel been assume our question a -- quarters, had which my deal point. XX last that, industry, the balance bid many I better that of the holy price our completely than listing it. exchange for about moved, has over we be But mind, in yet thought listing a our particular a and clearly, thesis the few biggest obviously company volume of get the where we've and to requirements of but in requirements this not had not It's would is LFTD. which last not taken years. who's opinion, the share, is the away. of that is we we our think course, Jake include must we you excellent. unprofitable it we knows, that vapes the larger our growth there product to Nick then get talked forced low. after NASDAQ. was write-off to closer higher. in much brunt a putting exit requirements, It's we our the that of $X as and key is, we at in had product success. funds having in quarter, haven't the an issues mean, we -- year, quarters, XX time. are us We But happy that extensive further any didn't stock sheet, as that we our But what NASDAQ where to of strong volume the chance diligence not to year, which and but really issue better, had been then earlier everyone we that is time, requirement profitability. frankly, does of much me, in of -- our to have this taking the that its going compensation, relative listing trust our And and out extensive good had a move of and the X dialogue topic was last NASDAQ to have a mind designing which quarter mean X vapes because us then. desire have this stock marijuana quarter about based mammoth is have us have have on our we of a is terms for a option, I to paradigm to knows, or the key we is entire an likelihood not I industry hit employees. There charge And or new significant significant into just due the I well, the question distressingly grail that has aside conversations

So -- get do on NASDAQ. to we want to the

this But We that in direction. point hurdle our is question of be get way NASDAQ. to us is for at is to some we it I stock. are at on to our point, our time, company being floated point to of stock that -- potentially point, there could in very But fastest to not going are in this this this more But can at the that's said, to positives. been reverse the that used. negatives on interest. move ongoing than basis. split At But far been to a not price best in the do considered by like bid has biggest Board time, everything has -- And -- important opinion get has issue. That our are viewed management our as Directors a process has idea the there our an

William Jacobs

other think have -- I any questions. think I we this don't

at your time. participation. you for disconnect will and Thank this you conference, this today's conclude So may

LFTD Partners (LIFD) 15 May 242024 Q1 Earnings call transcript