time to as Phil, want everybody the the the little thank over few quarterly go you of for second I fiscal over and deeper the to Obviously, review. to normally want a a I bit a us you thank join numbers, we quarter for intro over things call. do. Mike today's today. We'll do dive quarterly go on taking XXXX go will
I our go to progress going And goals out that in both investors cover want operational core as year over for update in the the to market then, the want with what's and the over part weren't I restructuring goals of well marketplace. those on the our Nevada beginning new of I year, on want set as familiar to an obviously, report California, what beginning maybe the around are. not are we or run the that
from wanted and meaningful our more the the increasing while well. and markets towards access a some non-core the quarter consisted take we're rate some non-dilutive We capital After in the utilize We wanted work fourth so a that had we today. XX%. mitigate out to $XX.X permits basically market company some the to the a that, essentially million of reduce where We million assets liquidations XXXX. reason improvement and as financing. proceeds year. get at restructuring wanted caps we plan gross of non-core run selling And can ceasing one the to the toes the course is tranche the on margin has of to exit of sometime capital it's assets to of to $XX and non-core have nine points our point of the restructuring over of We those markets of the minimum company the and EBITDA
and operations governance, milestones, enhancing Streamlining these as stockholder launching achieves service to mitigate a and delivery branded headcounts retail operational pop-up corporate burn, management establishing better experiences. communication
as one we're into done on At of the going the well. call, our to the of end and each the over what first call back the end go phasing half anticipation points, is at the just with what those where year year as capture of we're of of of the the we've I'm kind half to in
in prior some strategy -- have the we're million the cap on operators had for So know, invested $XX I book value. that below we with shareholders, that to people company's a the that that gap we're the the new on implementing a I don’t trading markets. value call, We're, between and market public obviously, trades the reduce new company, but the day. calls, about And $XX trading cap million, our the of when talked market markets concerns want on accessing to I biggest capital one the depending is this as true
far and the that they in million, would the marketplace. off say just in feel $XXX of excess if hand. We we at look in of the is over I value permits trade the of And liquidation well peers have the some company as we
the and B, A, messaging correct of that; start We're dislocation. collecting ultimately we big a a able out going there's market this diluting mitigate put amount to And capital markets the to was are and and of wanted and to through the be reduce healthier So reasons the operational spot company shareholders. together and well-capitalized times. one is the in plan we're to; capital
flow increasing assets of we're some as the more a going well. opposite to bit by well. the kind these We're the retail as of coming non-core of through as out direction stores some in assets talk some to trying the liquidation move of about these are we So updates about of of little go cash coupled what non-core with operational
to of the operations there. at goal scale whole from and business Our healthier a the with create end day efficient is leaner
was nine the that let what those as We've know call. made standpoint end through the I'll a as one material and towards you of each And progression far progress go we've bullet again, concerned. of points from made
jump why that with compared XXXX was of to for increase XXXX. XX% Revenue million the with $X.X a million approximately quarterly into was in quarter first results. the XX, about June So compared don't we million the $X.X of quarter that, approximately $XX.X second
performance in goal So biggest increasing as margin EBITDA our we're line trending right wasn't top and it well. as revenue gross improvement line But again, and the direction. managing was, top revenue,
and primarily that revenue top Canada's now to online. back come manufacturing our over to The as is cultivation, as the in beginning increased was of production to line our development due on cultivation production, dispensaries years increase increasing well revenues prior and
XX% we've addition, seen ended June XXXX. was for of the XX.X% quarter Gross In margin approximately improvement the compared significant for margins. XX second gross in second to quarter
against quarter the Net to a $X.XX XX, million months three of company's loss level. addition that, for $XX.XX mitigate a are months $X.XX XXXX. loss the XXXX. the a or right June XX, Results compared net are trending in $X.XX ended losses three to the was That for direction. share June the million able ended share at or In the was we for
Nevada update, go market a discuss Again start about will core as with along. bit little we Operational our let's California. off
West cultivation Tech opening Grand of pending California. California facilities Terra still of So which the the just Avenue is California provisional starting for except operating for which up, with or the we're all licenses new issued cultivation, is state that
uninterrupted continue operations next the ensure be XX going These licenses to licenses issuances They valid a manner The and to compliance. for that are are months. require able year. for lawful a these one metric of in
cannabis promote the starting be to in regulated efficiency. proud get record State system to to inventory, We're some objective get see California track software safe, traceability, started system and market a that And using we're market. to and is hold advances conscientious the of metric
starting the see throughout black is we've a state. And the We're is, beginning what California marketplace, wanted and see lid the to platform, cap we market. the municipalities the multiple action mitigating black stages in with the and healthy which take, with governor to pretty the on market, putting of things on distribution aggressive a I think that coupled enforcement a seen
we actually variety of cultivating. And is discussed. little now, of a We're and Grand Coupled we cultivation cannabis were just year, with that more a granular, of allows greater getting that, strains. cultivation for West which capacity, facility, of for down a featured right which vegetation upgrade power support output bit majority renovated larger room an last the more the to shut
We anticipate of this fully wholesale of IVXX cannabis the enable brands in our premium state. being to the receipt ramp California. operational, approval production from will our upon us This
addition added rebuild company, reminder retail are entire for market. the the year And last a with in new We wholesale as were basically had the and regulations. we conform that as year everybody facilities to cultivation in we to market, these to those new the for investors to
we surviving to come it's cultivation any that. to as basically we didn't to manufacturing have whole back beginning add retail year. a So were year This And a or last whole online. organization
in The both we're Nevada facility backbone will great. we and West the cultivation associated that And of the manufacturing first planted the Hagenburger be to see and of Brand, with some with on marketplace, that. is revenue California which starting the
dinner open a our senior We've programs. established our to several pop-up product latest flagship merchandising will plans We with outreach County, enhancements. store retail which assortment, hosted Orange in experiences completed visual marketing, parties, reflect
concept, foot with stores, mainstreaming balloon to we've penetrating L.A. traffic outreach the obviously Market; that that the California fostered of delivery revenues as job Northern hosting increased service both has brand our associated County, the to great addition behind really ideology branding to the pushing have a our our it's of done has been forward great in All markets a and well. retail and Orange and
and if get announce, what feel some our Channels, social of, to to our these parties, look pleased look parties they're that these what adherence build again, want we're you if as opportunity with products you But look a we're consumer So consumers, the at outreach socialize a like. consumers to media for to and for looking and can you want great to YouTube at dinner senior brand channels, with programs that the socialize well.
say, to little little city south was most adult bit the San a We Oakland, Jose. was early north know, changed of I store, year, over, Leandro, use. cannabis. selling tracked as opened Blum only of They this in bit in medical January that of San May. store, want you retail The fast a that's it
nice and top The which revenue, hockey we began upwards was stick traffic, retail use adult store commencing a three We well city sales in facilities. approved line as saw great. as
However, is given anybody advantage just anytime a we're is our mover We opening is vacuum which up the of marketplace don't South think when that to retail able to us first Oakland company competition open. coming don't know occupy. But store there. first in I soon, has the great that
quarter use in for of couple strong even revenue May as we there. full first also sales addition But get was operations part to sales revenue a about QX, of start for growth we as increased that ramp-up, as quarter. to seen for the great and and we this Leandro were a San kicked well. full didn't a the Really use to adult a We've Leandro's took really continue excited from the since weeks driver quarter from retail ramp-up it capture adult San of where of again, sales have
moment. Ana to jump Let's for down Santa a
there. have one dispensary operational We down
retail obviously frontage focal additional location on This two main freeway. footprint. the have being We Dyer, a largest is permits, most
itself significant is XX,XXX it's, best -- of parcel a so. It's personally, parking. amount square think or seven-acre all in feet; California, the the going facility X,XXX of to retail feet building a I the square is Southern about on occupy location
at breaking spending just as at the we time well level we most and get finally needed and And tremendous as permits local ground diagrams. to architectural the received municipality's building and a importantly, state of amount approvals after we're engineering working both
But that we be progress as the on of out end prior that to environment. will, investors and anticipate of are we maintain to We year, we ground done breaking obviously, inform facility the Monday.
increased baskets core seeing open that's ticket is as traffic Our associated dispensary patient seeing customer accounts with and that currently well. increased
associated that the of. building look looking of so we're divest far. of going discuss been assets one is those I'm there permit to to economics about third non-core Carnegie those the of out the We're excited tail a that's pretty well. The with those with call, what to some we're the ultimately think we at non-core what recoup capital as coupled around of asset assets the like standpoint end from ideas transactions liquidation or going an of some appetite from
juncture, addition a to our Santa kinks. Ana, the working all gate We've there, seems had service. the seamlessly be backbone nice In ramp out The that, to and software of launched the think, we Leandro branded delivery I that worked this out with from up to now it Oakland to marketplace obviously delivery of service at looking San expand we're moving and then there. the both confident, point and
reception to marketing in the increasing we're traffic County, up as again going that well as that great Orange So good out brands effort socializing efforts on agenda putting be Northern gate, marketplace the to Blum an core well. in increased California market, delivery and as the pushing of
a over bit. Nevada jumping little for to Vegas, Las
retail at to diligently to a We that than very little a and decided it to was pivot have building; at the store. we that behemoth, Street get end bit, permit day location. of a location The worked we're the fighting gaming Xth that rather so against that corridor over cannabis converting only CBD pretty we
want Experience; location, Street Las is the the downtown up close as that It's the it's adjacent burger, to on we about to know area, if Street. That can of that traffic North you to just look don't foot of Maps Google you White it Castle get those Xth as in Vegas. XXX amount unbelievable Fremont for
not it's million to going Experience move novelty a sees when year, to also significant But it's great of but about we're downtown great to that opportunity a there. only to so consume we Hoodies, and able Street area. visitors a XX opportunity people every visit for Fremont amount like the socialize swag, hats, they Sweatshirts, product Brand, the Blum items think annual around T-shirts, be
of CBD continue only ground, PR similar about both look and get So, up. closer put store that, so opening very facility design It's page. be We're going out but smaller, we to around construction the the location on that the topicals, reflective to et can opening. in beauty, you products, concept, a to That'll little wellness our to that bit servicing obviously we're obviously as opening Facebook some be see will excited that We're injectables, as phase. cetera Bloom forth. new we're products, and to well. Dyer This going which breaking
Jumping to the to quarter there. a of Taxation Terra We Nevada by Blum XX% Reno we little interest been the our from XX% that had in XX-XX acquire additional Department were wrap-up litigation bit some That remainder partnership approved the Tech. to buying agreement Reno, last north has a our over transferred able had to dispensary. partner. We
us the own now Reno in that future productive of we XXX% we're the marketplace has very well, area. excited up in Reno So been store as about for facility That well. as and
now to area, Washoe Reno, down. out traction getting We're of the of some some the full square marketplace as better see Cultivation foot oils yields product bore starting our XX,XXX pull facility, we're we and as cultivation and well. than well. wholesale in starting now We're on in LED get the expected to extraction as upticks County production
For another extraction more retail in which issued out litigation general, the XX-plus years retail significant of you to going but next be Nevada, the makes few even around in ultimately there's the a don't some permits, There's those activity increase cultivation over attractive. wholesale marketplace, Nevada in stores of the those know, that permits.
well. and to we're arms Nevada that increased the opportunities as about retail our the footprint marketplace So manufacturing would those potentially in excited afford cultivation
update in standpoint, for investment other around of Hydrofarm operational Hydrofarm. for from those a has a know, made company an $X to we that only million called decades. you The been
distributor independent the out there. one left hydroponic only only So of think, -- the I they're company
company this think the bought Sunlight where X specialist Bill likely of updates that trending the out and the raise, of the of be markets towards was was we That Hydrofarm $X million was We're a we and forward the going million at Toler, looking by year. day, you Hostess. end who invested at coming Supply some Scotts At turnaround million moving options. taken million Miracle-Gro. shares company. company the to $XX over public to another of own by end is
into But we be a company upside whole to opportunity as the think other there's significant capital and that investment with well. a associated going non-dilutive coming for
be we're monetize and made posted a to we everybody that last in as company investment keep we'll makes that So, well. as year late that updates announcements, and to position able
So with, that was the operational update.
into over jump card, report Let's the essentially.
the So that I focused went over at the beginning points of nine call, we on. were
through level little of today run at to those. retail like the would we're discuss need are some let's the What more to So that forward we're do on some where place go work. making, and the we about I from focusing most taking bit importantly. a trends that traction
growth, top operational off what financials an gross most only of are with standpoint starting dependent, line we left because So think heavily what P&L is revenue obviously the over not after our with on for the most margins. but integrity is and we important one, importantly our
already were couple significant a we gross of over ago, not and improvement to blew we water. trying to out of XX%. a a XX%. very the years. XX%. and in goal had again objective We margins the in We made of margins, too now that to over We're double-digits, were gross low number So last long get hit We've little
north So now of we're to XX%. even harder get pushing
QX already. going and So we we're the made XXXX. we've very happy hopefully intending And make and We're with the that trend our there. we improve into of QX that to goal shareholder we're increase promised progress coming were that to achieved that
of additional online first coming think EBITDA coming the the presence so so improvement, we've cetera more improvement and even cultivation et Dyer, the EBITDA extraction see some EBITDA online, significant with to We half significant some made back with coupled year, but improvement. going we're already Meaningfully in with forth. retail
of going revenue. to capital sell And one use accretive to the buy made was markets, these that we're more of instead the capital assets to promises shareholder of non-core going ultimately some base we to our
assets, whatever going of buyback hope to So, ultimately lot from is more going a revenue. lose what non-core revenue to ultimately these we're sale the we're we
So, can Those say, for sell buy the or let's transaction a yielding and that's have $X there that's portfolio go something opportunities for exist out yielding are something the in back I the $X. that if it $XX, and I I are, $X $X can types accretive of and arbitrage marketplace. in
a markets to top uses continue to on significant that maintaining in reserve, not That's of capital ultimately be go the the have one that forth capital growth of so ability to to operations. extend capital we back going to and of that can to fund non-dilutive
So, more be back doing on we we've made, to but work that performance want the we made fulfill to to the to half to get lot we're EBITDA a where with we've happy promise got to be shareholders.
revenue Achieving a well million juncture. this $XX we’re XXXX, QX at run million run $XX.X rating rate over within at sometime
as our possible. of the we're and much number one the cultivation because activities increasing onset out progress we putting stores sales, been and as that a is revenue of plus far about the well. some amount and our effort So, online, and that we've number plus into absolutely We're that as the trending much way right as we're Dyer cash growth of excited getting additional we're of has coming the tremendous flow on to on direction each in that other same-store of have as concerned made retail revenue year-to-date
of year a month to have in of well tranche to the CapEx $XX marketplace. Nevada capital end did tranche the Once have the million asset million we and that from accessing financing two the the of so, capital markets one in Ceasing OpEx, coming retail take final half by we $XX over stores fund the first coming we the is sale in in of ago. the done next or sometime XXXX
net somewhere asset Management sale the assets, I of million -- non-diluted between goal $XX non-dilutive coming is $XX should million and from or non-core say. to proceeds assets
We out marketplace. what kind of that feel Hydrofarm of proceeds very performance has on whatever receive including not in comfortable the we sale depending target, public that with the
cash So, sale assets in going as of far coming the liquidity year, non-core position of of the out with coming be we should are that phenomenal as the coupled because end of a into investment. the reserves
need tremendous buy we go growth, that a have will really having capital and to for level, of capital amount to put a again, position that without And but that company's the us replace those revenue at access back in to markets.
in So, headcount to performance operations one good operational burn lot and is job addition our that, operational to EBITDA streamlining a the we've mitigate reasons done a we've of mitigating of burn. of seen
a internally made that of we as the in amount tremendous pleased progress job well. done very with the of upside as half the great a we're have concerned far to the half going we're streamlining in first as the operations year, so and year that's we've of We've and second more think well as
Enhancing MSO the many committees, comp may you year, set SOX or out other compliance have passed we I corporate know know, committees, of there the audit that's do most may SOX of Sarbanes-Oxley, the any we formalized And up. as this all not compliance, we corporate governance, today. don't have importantly, governance committees
juncture. SOX for that's to position we're compliant obviously excited a up about and being listings potential necessary this where in we're And at exchanges future
have feat as that that we're showcase company, For corporate was and governance us a for a our be for efforts. able huge small to a to excited
Launching service. delivery a branded
surrounding We're into results a day-over-day, we've growth putting the I We're a marketplace. because great California California jurisdiction density retail. that covered of As just footprint amount said, Southern seeing here, energy licensed population amount not in there's mortar tremendous by week-over-week. It's marketing and the Santa of only the in had delivery areas. down Ana everybody, in out of brick tremendous any especially is and
there's great So opportunity Southern for a delivery California. in
We’ll expand down We're going we're we're have south we up. San as the we're a model our when backbone shareholders excited Oakland, Leandro of highly Leandro to start built, marketplaces. updates the up service market the the the Area give continue to probably dense with about software now, those to But operations that the with now well. that on model to the built, San opening of work dates good going marketplaces and Bay Oakland to and back delivery penetrating built,
several year. I pop a Establish earlier as said of over on call, those the the of retail up experience had course the we've
Our to expect as is we outreach do the -- to penetration can't goal our people door. continue just are to and expecting much possible. up brand objective get as at that We and show want by
pop socialize There's as experiences, products over to we talk what a still So retail lot understand, a don't so people of that to what order up how to etcetera and of this whole to still anxiety dispensaries community for have great is lot bystander, us new market a and a so industry. the see people well. to the a for introduce are. that product – opportunity products that the the segments new again outreach do these There's
Mike's I'd our financials. Mike come going in on dive for deeper a the on with juncture that now had, additional James. points well. earlier you. it call open do come Mike, like the some that up finish With CFO, back, up we then some turn as I'll at we'll call this to and questions to over the to to
