Entourage Health Corp

Good morning, everyone, and welcome to the Entourage Health Corps third quarter 2024 results conference call. At this time, all participants are in listen-only mode, and the conference is being recorded. After the presentation, there will be an opportunity for analysts and members of the media to ask questions. To join the question queue, you may press star, then 1 on your telephone keypad. Should you need assistance during the conference call, you may signal an operator by pressing star, then 0. A replay of this call will be available on the Entourage Health website later today and will remain posted for the next 90 days. I would now like to turn the conference over to Catherine Flaman, Director of Communications with Entourage Health. Please go ahead, Catherine.

Thank you, Gaylene, and good morning. For copies of our press releases and supporting documents filed or to retrieve a recording of this call, please visit the Investor Relations page of our website. The replay will be available later this afternoon. Today, we will review the third quarter's business highlights and financial results and discuss recent developments. Following follow-up remarks, we'll open the floor for questions. During today's call, we will discuss our business outlook, which contains certain forward-looking statements. Actual events or results could differ materially from the expressed or implied by such forward-looking statements due to several risks and uncertainties, including those mentioned in our most recent filing in CDRs. These comments are made based on predictions and expectations as of today. Other than as required by applicable securities laws, the company does not assume any obligations to update or revise them to reflect new events or circumstances. I'm pleased to introduce George Gorsuch, Entourage Health CEO and Executive Chair. George, please go ahead.

Good morning, everyone. Thank you for joining us today to discuss Entourage's financial results and operational highlights for the third quarter of 2022. I'd like to begin by expressing my gratitude to our shareholders, employees, partners, patients, and consumers for their continued support. This quarter, we achieved a total revenue of $13.6 million, reflecting an 11% year-over-year increase. some of our accomplishments to date. We were pleased with our progress in improving EBITDA, which increased 70% this quarter and 65% year over year. This reflects our relentless efforts to manage costs, streamline operations, and enhance margins. SG&A expenses decreased by 32% year over year, representing significant savings. These were driven by advancements in pre-roll automation, optimizing our product mix, and enhancing production processes. For example, demand in this product category. These operational enhancements strengthen margins and enhance us to scale production more effectively. Our distribution strategy is designed to adapt to evolving consumer preferences, driving both market leadership and profitability. This alignment is reflected in our recent product launches in Alberta, Ontario, and British Columbia, where we unveiled a diverse range of innovative cannabis products. tailored to meet consumer needs. This year, we've expanded our portfolio significantly with 23 new SKUs across our core brands, Color Cannabis, Dimebag, and Saturday. These launches include new cultivars such as Luminous Lime, Jazzberry, and Almond Cloud, and innovative formats like infused pre-rolls and value-focused offerings under our newly launched Dimebag brand. The response has been overwhelmingly positive, with Dimebank leading our adult use portfolio, delivering $2.5 million in incremental revenue year-over-year and securing 2,000 new retail placements. Our strategy begins with the expansion of our distribution channels across Canada, recognizing that accessibility is critical to market penetration. Looking ahead, we're excited about our 2025 pipeline. We plan to launch a number of new products and formats, including pre-rolls, and our new 25.5-gram megapacks. Entourage is strategically positioned to lead Canada's medical cannabis market as well, introducing innovative, patient-centric product formats to our growing portfolio. With proven expertise in insurance coverage, While we are proud of our commercial and operational accomplishments, we are also acutely aware of the financial challenges facing the industry and our company. We have been working closely with Liuna, our key financial partner. Our partnership with Liuna is built on shared values, trust, collaboration, and a commitment to sustainable growth. Over the years, Liuna has consistently demonstrated confidence in our vision and operations, providing the support we need to adapt to the market shifts and remain resilient. We are laying the foundation for a stronger, more stable future. Before I hand it over to Vani, I want to note that despite these challenges, our financial performance continues to trend positively. Over the past nine months, we have demonstrated our ability to reduce costs while improving margins, enabling us to compete more effectively in an increasingly competitive market. Every step forward, from our solid production capabilities to launching innovative products has been made possible by the diligent efforts and resilience of our team. I want to thank our team for their contributions, which has positioned Entourage as a leader in the Canadian cannabis industry. Looking to the future, our focus is clear. We aim to close this year strongly, delivering results, reinforcing our commitment to growth and profitability. With the cannabis market stabilizing, we can lead the industry, provide value to achieve sustainable development. I will now pass it over to Vani.