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good morning thank you for attending today's acreage holdings third quarter conference call my name is megan and i'll be your moderator for today's call all lines will be muted during the presentation portion of the call with an opportunity for questions and answers at the end if you would like to ask a question please press star 1 on your telephone keypad i would now like to pass a conference over to our host steve gertz with acreage holdings steve please go ahead

Good morning, everyone, and welcome to the Acreage Holdings Third Quarter Conference Call. Joining me today is Peter Caldini, our Chief Executive Officer. Today's call will be archived on our Investor Relations website at investors.acreageholdings.com. Before we begin, I would like to remind listeners that today's call contains forward-looking statements subjects to various risks, uncertainties, and other factors that could cause actual results to differ materially from those forward-looking statements. Any such information and statements should be taken in conjunction with cautionary statements in our press releases and risk factor discussions and our public filings found on CDAR and EDGAR, as well as our investor website. Any forward-looking statements reflect management's expectations as of today's date, and we assume no obligation to update them other than as may be required by applicable securities law. I will now turn the call over to Peter.

Thanks, Steve, and good morning, everyone. Over the third quarter, we once again saw a positive impact from the transformational changes we have made to our company over the past two years. Despite considerable economic and industry-specific headwinds, Revenue was up 28% year-over-year to $61.4 million, with positive adjusted EBITDA of $8.8 million. This adjusted EBITDA performance represents a 36% increase over the third quarter of 2021 and puts us on track for two full consecutive years of positive adjusted EBITDA. Over the course of 2022, our results have undoubtedly been impacted by significant pricing pressure across several markets, placing strain on our margin profile. Additionally, inflation has had the dual impact of continuing to reduce the discretionary spending of our consumers and increasing our cost of production and operating expenditures. Yet, despite these challenges, we are pleased to have once again delivered a solid quarter due to the strength of our core operations. I'll now provide a brief update on our core markets. In Connecticut, we have continued to experience pricing pressure, which has negatively impacted our revenue in this key market where we hold a leadership position in retail. Additionally, volume has declined as patients have decided to forego renewals of their medical cards and wait for the upcoming transition to adult use. In anticipation of this, we have begun the process of transitioning our existing three dispensaries to adult use. We were also excited to announce that subsequent to the quarter end, our social equity joint venture in Connecticut was approved for both a cultivation license and an adult use cannabis retailer license. We look forward to providing you with further updates as we build out our infrastructure in Connecticut and move towards adult use. In Maine, the completion of the acquisition and conversion to adult use of the one remaining dispensary from our partner has led to continued solid performance. Our strong operations and our retail brands combined with an integrated cultivation operation allowed us to continue meeting customer expectations and demand in a state that has seasonally improved revenue performance during the most important summer months. Next, in Massachusetts, we have experienced intense pricing pressure, which has continued to impact revenue in this market. However, we are confident that our strong operations and the continued expansion of our high-quality brands, the Botanist and Superflex, provides an encouraging pathway for future growth as the market matures and pricing levels out. In Pennsylvania, prior to this quarter, our innovative and premium products have helped insulate us to some degree against the aggressive pricing pressure that have become commonplace in this market. Unfortunately, during the third quarter of 2022, this pricing pressure began to have a negative impact on our revenue performance. Additionally, we found that many of the integrated operators in Pennsylvania have been placing a greater focus on their own internally produced brands and products at the expense of third-party brands. Since we only operate as a wholesaler in Pennsylvania, we were unable to respond with similar action. Fortunately, though, our products remain very much in demand in this key wholesale market and so we expect improved revenue performance in future periods. In Illinois, we continue to experience steady growth, particularly within our wholesale business, and we believe that the wholesale market will open even further for us as additional dispensaries come online in the future. To aid in our growth in Illinois, we launched the botanist vape cartridges and disposables as well as Superflux cured concentrates to build on the reputation of our key national brands. Further, our Superflux brand won the best vape pen and cartridge category in the Illinois High Times Cannabis Cup with our live resin cartridge. In New Jersey, we have made great strides on our cultivation improvement plan. The quality of the growth has significantly improved since last quarter, And we are beginning to supply products consistent with the quality that we've expected for our premium botanist brand in that market. Now that the quality issues are being addressed, we have turned our focus to ramping up the quantity to improve our yields and solidify our position as one of the top tier wholesalers and retailers in New Jersey. We continue to be very satisfied with the retail sales performance at our two adult use dispensaries in Egg Harbor Township and Williamstown. And we look forward to operating a third adult use dispensary in New Jersey, the timing of which will be determined once we have all the necessary approvals. In New York, we are thrilled with the growth of our whole flower sales at both retail and wholesale. Our whole flour is produced within the state's strict microbial limit, making acreage one of the only producers in New York with the capability to supply non-remediate whole flour in the market. Our first phase cultivation expansion in Syracuse was complete in the second quarter, and we will continue to review our network of retail dispensaries in the state to ensure that we have a solid footprint for the anticipated increase in activity that will come with the introduction of adult use. And finally, Ohio continues to be a very strong market for us as we maintain our leadership position with our five dispensaries, which is the max in that state, and a strong wholesale business. While we've seen more competition in the state recently, we are confident we will be able to maintain our leadership position and drive revenue growth through continued innovation in our core brands, the Botanist and Superflux, as well as through growth in our wholesale business as more dispensaries come online. Despite many category challenges, we have had many successes during the quarter, and we are extremely well positioned to play a leading role in our core markets thanks to our disciplined growth strategies. I will now turn the call over to Steve to discuss the financial results for the quarter in more detail, after which I will briefly discuss our US strategic arrangement with Canopy that we announced subsequent to the third quarter. We will then open the call to questions.