everybody much to you Hey very for call the today. Thank on Phil, few the you hundred people thank introduction.
discuss and provide little through he bit little As through Tech’s business XXXX Today few and go we join call bit more. CFO, results quarter Terra deeper go dive the Mike minutes an updates. financials a third a will be James, and in a operational to and we the on the have call
me a up summary with though. start Let quick
we to in in industry. strong typically holiday four XX% think gross is quarter revenue increased segment, margin a focusing the excited the last I we in expansion, time QX promised, increased XX% over season, growth we XXXX. with as $XX In the the This sales probably which surpassed about for saw a a have to obviously. momentum of another are over Canada to increased terms have quarter of is with the compared the enter and year quarterly and cannabis expansion the margins higher This quarters little double-digit XX% over importantly associated in that’s we quarter in prior been And we year-over-year in pretty we year. XXXX as the have which compared quarter million we prior gross we as XX% XX% revenue the reported also third most on revenue, in we first had gross margin as
had for barrier to it quarter of quick. adult-use that with kicking Nevada actually our market and in market everybody interested up, running, I complete Let developments Nevada obviously was is medical addressable sales with first was said to exciting we running access really the our out up full Canada adult-use lot Nevada the dispensaries I gave me know state. turning medical us July kind had the facility is still dropped Xst at really July opened Nevada. of in the up the jump Company, of essentially adult-use steam developing a small, real commenced significantly. a We all as into point the huge as of was this program were with opportunity the that marketplace, that total in within the and we Prior open but now had and in
August there. our XX% MediFarm, During ownership is which also subsidiary XXXX, in we acquired
full have a remember, a not you Some ownership we position. of position, Previously owned majority ownership the Company but XX%.
the out going a So sales the XX, the as has mentality to similar but with an that operations marketplace, you Talking with Colorado went come Nevada really XX% We progress does a saw then of made opportunity out billion has ownership industry top-line hundred billion a very Nevada revenue. there as and think an XXXX, type of gate That has stairs said at the are of Company number million mature. we crossed about Retail the several is two. pleased that be early to gate. stage, in MediFarm the in adult-use traction to I of out coming subsidiary. now September of of that Colorado,
that’s attention retail kind put to something develop I and something This new in is in the wanted On been California really and homogenized our retail of to a is detail on a which industry, lot which marketplace. side, I the the a Nevada, facilities, this approach Blüm a to is said have operation lacking as said We retail specifically endower. of cannabis we ultimately calls. on
in that are of boards, wanted entirely is similar and where similar the go world one We in, the can that and budtender staff of have different offerings, manner. an different when only We in we entirely product. very order trained into month for same somebody experience think a and to customers, similar one can very product go so install the you they our come have industries the next I menu month in have we product
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Cultivation and On of the cultivation the read cultivation We Cannabis Medical to joint venture a production Sparks through square or process a for in extract Cannabis License you in Reno throughout Medical our in Reno NuLeaf. the well. conjunction demand foot XX,XXX have And increase in process constructing Nevada. Nevada XX,XXX products facilities Nevada facility NuLeaf also the product of holds with for side facility Production in extraction Sparks. Cannabis of Cultivation and is hold expanded as Cannabis support approximately NuLeaf as with License some constructing are that a then Cannabis the
stores. and IVXX introducing we for to but providers but the ramping retail our they reason we we We the the so of enter the also brands flower marketplace, Nevada have were with ours. NuLeaf also not marketplace, was transaction then The Nevada experience lot are the this both which and other facility closer expect finishing were California and partnership producing into brands to products the additional some in start of production in
foot licensing should able a a XX,XXX meet early lesser into to and So access that requirements start we XX,XXX our next we square a the recreational deal the essentially square us facility XX laboratory facility These facility foot extracts. online in days entered Greenfield produce the entered that to to on cultivation be cost. the provided should from pursuing gave were be at so, we huge head far or where builds, us and
saved we million think of close our been our have $X would I to going route. CapEx this what
brands, the market, those into of but www.ivxx.com. IVXX some at a So marketplace. you look haven’t who we was entry the you same accelerated medical the - initially have capital, of saved time took off for shareholders, again, the And although the kind pressure at medical if seen
the marketplace a really spirit of but going are to to You brands California applicable the into January only recreational Nevada are think get coming will they feel, not really in kind and to marketplace also of I XXXX. be
to So billion speaking hit to are Research the according an the our are and of conditions Adult-use growth billion XXXX online to by come expected market. California, California year. we last continue within in expected $X.X in try to from estimated sales $X.X up expect accelerate Market legal favorable state a to market sales XXXX, Arcview
people medical lot get barriers have So decades the California, and old of different could a reduce we concerns. to its cars a here, the lot two thing a really marijuana very for developed market of because it entry, about
into that XX the be for purchase So another think cannabis What license million XX a people of Again and mitigates the sales. market, occupying barrier their able here. provides state, come that’s We to they entry actually into XXX product. on the there to that is largest tourist, reduces adult-use significant going it to entry barriers recreational was front they have over annual it's million a show a We sixth very them to with to store an create and dropping or procure they to say globe. to market think to economy basis. doctor, don’t to market product on walk the access, big fifth planet. Again, in the developed anybody largest they on uptick California medical the medical significant and get have to the the don’t go age is cards, largest it's get the literally
few open dispensary a So position are different for obviously we are to the doing retail a operating things, ourselves marketplace. in that we
operating In the that in in but as the contribute September it's and previously we to are not and we to that, quarter, revenue transaction a addition one just own Santa dispensary beginning Ana prior starting for quarters. marketplace purchased again, now the happened to reserve. the this into That
and consummated. merger is in organic that we just piece growth acquisition from a So which there nice of coming
have that California a in XXXX recreational cannabis Blüm, and into up market, our We the rebranded as have Northern market so facility cannabis in we walking Oakland. store
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early meet the able to invested as adult-use facilities. in to California commence these be in So markets we XXXX. production have they in want to We pivot demand
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our So of growth top that's of one facilities out. own building our other of our mechanisms on growth organic
in for was that the race. we those East, the new the in election leading Tuesday Governor He had we Jersey know of of of poll was Phil elected New Governor significantly most for Jersey, state. as Murphy the for New on back are you a an
out for Terra York that are we what of time. I but not he has of is support several Jersey. extended only an expanded That's So medical, recreational period something also mean support Murphy of utilization going New in in not he's times, Tech? in said see New is for think to adult-use of
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about speaking next as Edible Garden So topic. our
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