Coming for from attend objective thank Phil, you today. of Hey, our for to the time for standpoint. and we you very K, taking everybody thank broad call outlined a off our pretty much a corporate XXXX
little being engineer XXXX for California. a that So you a understands objectives of of time we trying know, goals very I on progress clear for to made year want on some really a me particularly get for and to QX of those has to back I’m achieving a material the we’re what that on entered because just upside to really significant many going be this important market year right this focus that terms This challenging pretty as I in it’s with want is alone sized a like spend to towards And spend us. is some set everybody of that. transformative today. company. track going of to We’ve kind report and on us in bit time But and XXXX, we we year. said, think
is and the or the market. in between today the to if strategy, reminder company’s permit call, it That’s from that versus for trade public operating dislocation reduce trades. biggest between today gap I we our our the everything and one a outlined cap last new our true on our in of value company say standpoint liquidate shareholders, standpoint we the what frustrations as market were So a believe intrinsic true management would biggest included an the intrinsic value the frustration our the business we where
we changes value over things And the significant that’s year but us internally. we changes that that place, in further the make intrinsic showcase help what is true asset sheet, sure taking balance the profile value that believe so doing in to dislocation want not strategic the we’re only are will upsize make
locations better was can These non-dilutive locations well generate company. shareholders. essentially strategy return as non-operating the and capital to Our non-core, be investment identify assets some permits for on a that to for produce in strategic our sold as reinvested can
our For of for example, and that think again, what yielding footprint we’re significant focus is That’s the us do world California, now. we’re essentially largest for could one have the And on the $X, right sell buy for that’s something consolidate $X economy year. we is the is to upside, do, throughout of then value focus and an trying on we in fifth those if us some arbitrage have again, being believe to we that environments go markets and what else $XX trying that’s yielding to we $X. asset us
at that rebalancing in bit, morning, the singular arbitrage a company’s day. of first the talk a saw in kind of we’ll was able this to you we were end on conduct which As about step transaction the this portfolio the
focusing call, part XXXX; going and on over you to XX-K of XX%. those back be margin first objectives main that to the I of that So foremost, of for go increasing four minimum gross to weren’t the we’re a want
gross years margin far profit a as challenging had of as really For were XXXX and for operating XXXX, and we couple concern.
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to across entire the the while the improvement significant this the minimum is arbitrage rate So ones through margin throughout going of and revenue And the rebalancing. XX%, big increasing quarter-over-quarter. company of meaningful a and year is other increasing we’re gross obviously EBITDA the company these growth it one board of of
want if you we’re while ignore down So of battening don’t to either. growth will, kind hatches, the we
hopefully are online on. last end of we QX a now that of know able that is that be to right that to generating you $X.XX that So base under that QX in now for day. that growth Where achieve to that to going begin have sometime QX. that organic amount of year, liquidate, take revenue, to QX any asset been the in factoring come permits tremendous revenue, accretive some million revenue So off at we go or is our $XX.X course going have had development, rate rebuy on of and in the not that’s $X.XX be revenue come of for kind of from? going dollar the big any run $XX.X to we’re and But all, hit us at we the if of focuses think going XXXX over that year. the the for We we’re one million as to for
revenue. and will whatever So we whatever that we of base lose replace migrate we away from a standpoint, core again, transactional
coming that, a that will online that have handful this and are In come QX of almost be assets coming have into QX online, addition to online and year. we of
campus area and we’ll in considering bit the Blüm in stores opening up and of about but on in Beach, multiple event has in or into forth, top have population bit, we’re our of traffic revenue facility to will to capture avenues one considering do with to the be that going that Beach, that’s estimate a have that we’re limited facility Santa out density it a of We believe conservative retail acre that three division. more we’ll associated legalization a a cannabis That’s dispensary. turning a parcel store large alone, that year. million coming a licensing on talk retail scale considering able cities be just $XX revenue a very around an new about Ana County retail and high the foremost, like little a and the have no projects Ana, peripheral Santa so retail First Newport and Santa no Orange cetera Irvine, and Laguna et Ana, all big very
conservative from So million. that at we upside around $XX there is think but that very a we’re model putting significant,
run a think full $X addition, Blüm In rate. we will San Leandro be million
pass you that the the a as use. regulatory in got city We about adult we’ll us use legalized adult As know, with bit. talk standpoint a there worked many from of well and to
with to foundation of power increasing Hegenberger the that So significant to we’re Blüm we Leandro. are building support revenue weight and from we one going of day we’re no $XX to there. on think associated Dyer, million up year, $X in were for million the of the medical was one from adult that just to now San selling and use had to at pickup the ramp nice there out out so experience of longer cultivation, improvements a waiting make shore top we utility of we we remainder things a on continue the some a facility growth the facility, saw the
got and they’re output XX months upgrade admin through the there, that maybe time to next doing done that actually run and finish time. more the decent After city today, new of take long six days city a additional process. be amount should state fortunately anywhere had in off we that took electrical then Those it So facility the we’ve done a year. starting a to bigger in over and and We from SKUs few that days. application from go to got
cultivation cultivation, it $X.X So which inputs and revenue that essentially shortly. million one of Blüm NuLeaf is price when up the inputs, we’ve we that The of that for out pun Nevada number. conservative to $X.X bloom of coming in revenue we about there, extremely terms from of a that for attached price our out a that running associated we as very during of per well. pound with and number about marketplace. We retail believe behind and factors pound. there up on modeling there. a inputs back that’s yield that is conservative conservative conservative West coming target but stand in conservative QX standpoint, use that’s put a operating in partner, one run million – under full running the that modeling indoor. Grand intended, a estimated got store, think with the facility $X,XXX at Hegenberger, and terms inputs modality very that’s gram, million a should per that QX have low that rate in and We No the again, out The again, same $X.X per up we’re price we ounce, Nevada cultivation, price yield of We
not there we were and our cultivating high great standpoint. expectations. and some leverage a that we product outpaced modeling long We’ve from have we’ve yield per get quality And far the been with experience light got significant exceeding only that so partners expecting to team that a were experience but yield able what
within to then year from we’ve manufacturing the not an consumables of retail have the now the over facility, the facility. done other standpoint. now retail million we stores to $X.X use the out out stores, that So rate only expect able of of place. million start to $X.X Nevada new concentrates, the but adult the cultivation of a And the oils, stores, retail run distribution, producing that we’re gotten a Nevada market run other and rate lease We’ve for about estimate cards, our
I we going couple conservative on focusing added it’s that a And standpoint. sections extremely think this a then other to year. we’re modeling be from
and announcements the some capture up these in have too business how how coming to of and going rolling we’re two out about intend to We’re future additional areas distant these revenue. we not
tremendous to going special similar to Many throughout beer to of The marketplace from it. to amount garden California begin cannabis events. to allow First you beers Fridays, concerts event events a one is first name special opportunities are of these There’s street gardens.
to we’ve the license. So applied exhibition
different dispensaries dispensary event throughout the year. work from with a of year. And We up set organizers experience sort to different the as to pop to up a events company some revenue standpoint ideology these start these to increase up just pop we’re of the the standpoint political a socialize a doing from have at throughout to working ability
of these have So Great great around to up we going as mostly from dispensaries input. throughout out of that year, And the of for name opportunity pop $X just which estimated sure We’ve got opportunity of we’re conversations and marketplace. and things experiences branding, get one jurisdictions at conservative the get actually – addition our very opportunity that, different is making great we products excited to there million for I marketplace. a the lot the our in then course of the is again different delivery in the model. a about lot can California sales, segment think over coming a
our be little through we’re all the not We’re then It’s there’s basically was because CapEx distant launching in There’s revenue down significant this going the place into a with first staffing. we other to and and going and bit here the a Delivery, roll and all an such from We move we marketing mortar that. standpoint. in licensing the want markets that here. right California have upside for and jurisdictions brick permits. allocated that There’s too in. vehicles that the retail Southern out of beta fact no Southern thought and than California expense a working the to think major of facilities to to associated scarcity is have foremost, of future extension already we and little that
billions that millions cities sure a of and putting in XX and to of that. developing the we’re amount people population people segment travel delivery California. do estimated ability of isn’t the for a very energy heavily million want to Over coming make presence into the have so going Brick into $X standpoint. We’ve of a we model the course that We branded over markets key beach the delivery of year of significant job, out year. the from of in we mortar capture these the some course to have million and
and that or any this than We that we that sold. million, of revenue Blüm manufacturing cultivation all different we $XX Dyer cultivation And of we are delivery replace QX inputs acquisition of Nevada utilized be Leandro we well. And Nevada asset only will million, in Nevada, the San $X.X revenue QX, none very cultivation $X.X the West in $X million, cost along discussions million the particular million Hegenberger and events creative to about $X $X.X, sell $X in online the throughout million, that aggregates potential $XX.X asset QX run any million, that and So we again, for or make special Grand in stages, again for million, think here way. rate. $X.X but the are less a a quantifies not as conservative, California may acquisitions, this handful and
on end XXXX. the – million – the this run accessing is EBITDA first achieving extremely markets improvement margin the again, that third another most one that important at So QX most year important half so the meaningful increasing And the of point, by focusing cease to point second gross capital $XX.X XXXX. important of of of is most rate we’re XX%, revenue
believe to operations. moving between company by $XX these assets to the going and $XX in of assets bring some that measure And the the recoup these to we’ve of of estimates, lost somewhere off sales. million we’re proceeds company’s Our that going we’re reallocate non-core revenue we underperforming assets into through million, then
believe one the be healthiest and trying to We rely of to and we Again, need we’ll amount shares trying upside that left be need focus out be the the manage markets. but tremendous we’re the the shareholders. don’t still of go anymore additional capital not of day at biggest, there we we’re the cash with a out for we day. So of can dilution to to issue and don’t on end at start to on the our end
quarterly to jump So want with to results. over I the that little snapshot,
overhang ended For for That primarily $X.X the excuse me, taxes cannabis sales, the depressed a million. California boon a which approximately XXXX, huge million regulation of of that quarter most in the was of XXXX, quarter decrease March market. the The the operators in for cannabis and $X.X was the in California, state legal quarter, our overall decrease first for XX compared placed approximately revenue level for space XXXX million due to a to on black of first market. significant was the it $X.X was
of get industry local level as are starting things allowing over starting at is enforcement a state chance to amount a there, at to XXXX Municipalities we starting foothold, Now to the shift. of progress and rates, have are some increase. I in we see I activity well the progress think level the And day. look XXXX end think reducing the to tremendous see the tax as a at
So what essentially that’s for. accounts
shops have significant A and there. business there retail lot in to out that and of the the of think of gray market, lot was papers in market. back a Weedmaps I a on the California still black with jurisdictions advertisements signages migration ads
gets of think healthier positioned to I to sure a doing to amount focus gray The day, objectives, tax the moving their getting of make and states some but see at we sucking market interest authorities the line There’s significant think states Some them down. end right I over time significant the them the long the shut level. increases store tax are But collecting full I it this on are, to municipalities year. organic progress some because we’re at out. they’re working think again, of same end not a business to the quick into able a the on and value take that down, well top shut and to size the some from time they’re that be some is
continue that year and same is sales aggressively capture just to the So for in to market of looking one our increases continue we’re types things. this that’s store objectives those of
an keep that the catalysts as that the the So from biggest year of out was everybody gate. we’ll activity line but one of the abreast on goes for of top standpoint, enforcement issue
see to is we’re what gross significant really in improvement importantly, More excited a margin.
one to of QX levels. a for XX%. were to was of the increase said, points XX% out able park the gross ball our I margin to As to minimum the of hit We
for So, bit I activity was offline the coming that XXXX. wholesale as manufacturing to offline the All of start We – most in of of aggressively wholesale had in still to we Nevada was QX QX XXXX and want minimal QX. but again, cultivation then hitting market coming revenue QX place, well. had very people quarter the little of in for out QX, cultivation are going facilities the understand activity and a
So kind associated model. the strategic understand timeline the can people progressing through of
was gross quarter again, XX.X%. I the So, as for said, margin
compared $X.XX over that share XXXX, first was the $XXX March a both $XX.X Results to $XX Garden XXXX. increase $X.XX It as the Shareholder million a The $X.X ended an We’re to increase million. That’s due was nice loss right a quarter. margin share with $XX loss as The another for that. segment. segment across extremely to quarter experienced from Edible the compared the improvements million XX, million. of for well the went in March equity million ended trending of direction. operational XX gross we reduced pleased are or improvement to net XX.X% quarter the in cannabis to approximately first or of
number our we So asset this QX this two. was did step gross sizing first number QX liquidation was first one, the was step margin step, that right morning in
you’re the begin to QX to at additional of the the of we’re of that the markets next can soften both permits to operations, end into our to those over non-operating – day. non-core XX, the turn utilization of to into in the start about. arbitraging coming tremendous load the in able equity think days, a things we so end XX the two cash going see company’s of I really progress the excited We’re achieve And again, amount
support The let’s strains. let’s power with than had room know for Avenue a So are of went the West deeper upgraded the dive California. more larger do updates. quarter before. to operational through starting of redesigned couple the list from rates go Grand environmental a but of cultivation little a for when bit renovated facility. jump that’s I into variety bit output, cultivation newly went allows a cannabis Features to rooms XXXX, capacity vegetation that facility, The little by and we a controls I run that and greater into feet better revenue incorporate we the of of let’s
So made high for the or we bulbs, to XX we year. productive the of made facilities and regulations when shut sure facility rebuild XXX more flowering pressure light sodium pounds we room that about cannabis per is with equipped X,XXX had per that down This more particular efficient. of new capable
expansion, the and fully but temporary We from going we reduces allow from being one for for facility are the to led have led to which efficient margin now. Again, sustainable environmentally gross licensing. licensing we operational, contributes lights licensing After anticipate flowering we’re that our there. up to growing operating the received under start focuses that indeed led. all state, inside also our our XXX% and this in We your more licensing. right goods interim primary lights the need to the is all replace cost light final of model, We aim XX perfecting cultivation. we of received Again,
yields facility. starting are that So out pull to we of
the strains about out XXXX. that IVXX hybridizations different excited that other push facility pretty we’re produce play we retail to and additional now through genetics and of to opportunity the with throughout products stores So can the
in retail That the is Grand. facility Blüm that’s to Oakland. that’s attached the So West downtown store
we the South of airport, have Hegenberger there facility. by the
keep – finally. finishing XX state the an additional mentioned, And as And our our producing premium XX ramp there. facility we an That between at process quality city Blüm product in retail the and of cannabis or applications just somewhere we I of then days getting to coupled the wholesale the capable then we’re in annual facility well. basis progress about with IVXX the to and out for everybody put abreast That of have high brands facility. of top-tier facility as construction upgrade attached X,XXX IVXX point of going on that that level final As power X,XXX pounds and store is California. and facility then our well; we’ll enable to it’s a indoor admin at to us and production
we as basically in QX, it activity in reminder, bore, earlier, that about. a none we Jumping actually be in over open It knows, bit have to dispensary everybody of which as said and particular had online open. last stores of was very by retail full there; excited QX, coming medical-only QX We Blüm and we’ll store little So Leandro its first in permit this a again of little South we’re activity as then year the the opened and San to in Leandro, doors. January last issued first that More in the more I San and everything QX. market. medical will were to
stop very market. have South They of Hayward San been earlier, shortly that that. users brand adherence So the with And adult have we’re the in use. great an else. approval said regulations that captive to On to starting passed away to we’ve use a got and fortunately, pleased and going traffic we’re Oakland we’ve either But and close amendment there medical to a turn adult understand having adult uptick and recognition the marketplace. there a to San of think and we use sales in allow week started Leandro San on wherever that to more location facility foot that Leandro significant just received average had And a there as or I build brand pleased from experience a have We’ve serves and there an start for consistent May city that over people them that number council like traffic. at had XXX a to they more are I and X, we’ve ramp to January. Jose, adult after say audience
starting get out. word’s So to
to before, starting and think remainder going said Santa experience down to ramp down we’re we Jumping a retail our year. aggressively to We’re development of we’re there facility you there. in I as the over market the of significant Ana,
Our in that’s October the finished expectation timeframe. is
pulling and only built to be project we through pretty going a not big it’s permits. a going there, a again, parcel. We’ve pretty We’re building on amazing facility – are city. with planning building three the been retail, a acre It’s retail
So area congregate, brand cannabis. concert the event we’re outside series, and And fashion it us collaborate in, where other bring then in events, it’s an we build with different developing into not becomes can a area. nights, have artists that thing other themed to movie for ability summer symposium to to basically an a that only to musical the area monetize and type brands over place excellent facility to this but get above and a destination for retail, of an opportunity to recognition
Fortunately, home Santa attractions. Anaheim to some Ana are destination major and
and the venues building the something together ourselves we’re people have of this this the way Berry the I water Disneyland, and forth, et we’re cetera some basis. here we’re have is why become acts will the way destination million this this a Knott’s so and out, and national location. think XX some putting Farm, spot which that that we think facility We annual parks, traveling we get it with will get recognition aligning of have We an on
dispensary and I in location the The retail marketplace. this ramp best the have there. and great traffic into we’re the is get feel visibility at QX Ana. the I So We’ll southern and Santa we’ll parking think a upcoming available, California about entire really excited
of end the So we’re to looks the into performance it floating coming the year. like excited really what of see there, out is
let’s to So jump Nevada. over
on strategy. Picksy company, embarking valuation lock who restructuring Road we for morning announced this Blüm dispensary the this selling agreement has are asset this return. we’re into in additional of our we location return earlier, The with to Nevada of the In the assets monetize sheet Inn on with fundamental an Selling strategically Inn asset strategy mentioned increased a some the strategically fuel is be $XX entered liability to limited since aligned Nevada Desert million. dispensary the the we That’s leverage this maximize growth. location, I on As our this a significantly Desert we’ll by to redeploying Will balance investment. asset, opened LLC. selling
focusing and I We for the pleased below with in market The we very primarily evaluation got. The of by $X.X in the San marketplace. that we the selling. consists asset cash or we’re bearing, areas secured in payment of million form California the what on the that we’re no Diego LA market. said, were interest $X.X promissory, very million XX-month As X% two that looking and opportunities arbitrage
jurisdictional So within of days, was local on transaction’s all day. completely pending of approvals collateralized at That the the that close state end it expected to XX side the equation.
County bit but in exceeded cultivating full is coming and we’ve at with way little say is NuLeaf product be. facility long and to our a Thanks manufacturing formula, have better that, expectations. amazing and partnership out. history to growth California to thought The addition and new in now production, going facilities yields our were we concerned In we cultivation Northern That Nevada again Washoe cultivations again, that pleased to Nevada why modeling as That’s was area the it I the products, about well. we’re Reno, to XXX% earlier, but said than their LED. up we a not adapting as in only
to that, as well. all licensing addition facility, final the we In our got manufacturing
as as for cultivation extracted those in the to continue trim going to buying now products so to full our products the that’s as market. oils well we’re on concentrates ramp us material effect produce open and get and utilize And we the producing leftover biomass
full in are XXXX. QX, into QX, operation, facilities QX those coming now and be So will contributing
Southern in the Northern Southern and to special addition again, really migrate delivery, but opportunity California, rediscuss Southern for of big said, the events expand California ideology, to a California, like that, that, we in from delivery to us just going we’re start to there’s marketplace, capture. In to kind up I and California there’s
gross margin but more of delivery releases as some shareholders, ahead. model a be will here think and updates not that be upside, revenue tremendous commence weeks to public well we’ll and doing from I the through the amount executing as only
to strategic come some do that, and up financials. there. from with turn questions answers over it’s wrap things bit update. James, of So back, Mike the dive I’ll kind of a into do and a deeper little We’ll
