I did, here is my unedited/unfiltered notes as I was listening and watching TV (so take them with a grain of salt):
CO
690+ outlets
Market decrease 15% YoY
Outpaced the market
$750/lb
Lowell Preroll #1 preroll in CO
Shakeout year for Colorado
Expect margin pressure in the market to continue to shakeout competition.
NM
675 total stores
Store closures are increasing
Flower price slightly up compared to CO
Rest of metrics on par with CO
Introducing Lowell to NM in April
License count challenged SHWZ business, but that is changing.
GENERAL
18% YoY wholesale growth both states
Wholesale generation up 27% YoY
Closed 301 grow in NM, consolidation
Implemented new ERP system in Q4
Rev up 8%
13.1M product consolidation of which
5.7M was fair value price converting Everest inventory
Op ex decreased Q4, due to lower impairment costs
Loss from Op, 16.2M, noncash inventory adjustments
3.5M positive cash flow for the Q...2.5M for the year
Q&A
Future M&A? Retail up 50% 2023-2024.
Looking to unlock liquidity and capital to take advantage of the shakeout.
280E approach-- conservative view. 2-3Q lag in payments. Have extended the lag to 5-6 quaters based on federal optimism. Other companies lagging 10-12 quarters. Possible know more about S3 news in the next few months.
Refinancing opportunities? Tactically skirted
Actively looking for additional opportunities similar to Lowell Farms
Bioscience Unit - viewed more of a product development unit to work with vendors and incorporate products into the business. More focused on Quality and less R&D.
2024 - CapEx spend - probably lower than 2023 spend. Investment mostly inside store base, storytelling, other improvements.
Pablo - question about how CO has controlled the illicit market. Tax dollars flowing into enforcement. State has been proactive in enforcing rules.
How quickly the CO market is consolidating.
7.8% above market in CO
Revenue per store of operation? 112K avg dispensary and SHWZ is above that.
Retail forward organization, focused on wholesale and asset lite. Investment is more sales force and promotions.
