Green Thumb Indus Sub Vtg

Ladies and gentlemen, thank you for standing by and welcome to the Green Thumb Industries Inc. Q4 2020 earnings call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star 1 on your telephone. We ask that you limit yourself to one question and one follow-up. If you require any further assistance, please press star 0. I would now like to hand the conference over to your speaker today, Jennifer Dooley, Chief Strategy Officer. Thank you. Please go ahead, ma'am.

Jennifer Dooley Thank you, David. Good afternoon and welcome to Green Thumb's fourth quarter 2020 earnings call. I'm here today with Founder and Chief Executive Officer Ben Kobler and Chief Financial Officer Anthony Giorgiannis. Today's discussion and responses to questions may include forward-looking statements, which are subject to various risks and uncertainties that could cause our actual results to differ materially from these statements. These risks and uncertainties are detailed in the company's reports filed with the United States Securities and Exchange Commission and Canadian Securities Regulator, including our quarterly report and annual report on Form 10-K, which we expect will be filed tomorrow. This report, along with today's earnings press release, can be found under the Investors section of our website. Greensum assumes no obligation to update or revise any forward-looking statements to reflect events or circumstances that may arise after the date of this call. Throughout the discussion, GTI will refer to non-GAAP financial measures, including EBITDA and adjusted operating EBITDA. A reconciliation of non-GAAP financial measures to the most directly comparable GAAP measures is included in our earnings press release and SEC and CDAR filings. Please note all financial information is provided in U.S. dollars and must otherwise be needed. Thanks, everyone, and now your sentence.

Thanks, Jen. Good afternoon, and thank you for joining our fourth quarter and year-end 2020 earnings call. What a year. While we've kicked off 2021 with incredible optimism, I'd be remiss not to acknowledge what a test 2020 was on so many fronts. But the essential business designation of cannabis by local governments and communities across the country was a strong vote of confidence amidst great uncertainty. It said, cannabis is for the people. Cannabis job creation is meaningful and communities benefit from cannabis tax dollars. 2020 was also a test of adaptability as Americans found new ways of living and learning And businesses across the country, Green Thumb included, innovated RapidZ to meet customer needs in a dynamic marketplace. From the first day of 2020, when we kicked off Illinois Adult Use, and nearly every day in between, our team was there for our customers when they needed us most. In 2020, we completed almost 4 million transactions. That's 4 million one-on-one consumer interactions. That's more than double 2019. We opened 11 new stores last year, plus several remodels and expansions. We acquired a third store in Connecticut and have already started 2021 with three new openings, making 54 stores open across the country. We are investing in new ways to strengthen our customer relationships that reinforce what consumers love about our product and retail experiences. And we continue to build our team to support our growth, hiring throughout the pandemic with 1300 people joining the team in 2020. All the while, Our commitment to our communities remains steadfast. We have several active programs and partnerships. One example is the Dog Walkers Animal Rescue and Shelter Support funded by purchases of Dog Walkers brand pre-rolls. We also have a program where we donate our first day profits to community organizations with each new dispensary opening. We're thankful for the support of partners like Community Shelter Services in Erie, Pennsylvania, Florida Rights Coalition and Restoration in Kendall, Florida, and most recently, Paramus Children's Health Foundation with our opening this week in New Jersey. We are privileged with the opportunity to have a seat at the table as a new industry unfolds. And it is my special privilege to say 2020 was a very productive year that delivered outstanding results for our shareholders and more cannabis to more people across the country. Fourth quarter revenue increased 13% over third quarter to $177 million and for the full year reached $557 million, more than double 2019. For those of you on the call that we met along our roadshow in May of 2018, we estimated back then that our 2020 revenue would be just under $400 million. So we are pleased with over $550 million. We delivered $22 million of positive gap net income in the quarter and achieved our second consecutive quarter of positive EPS, 11 cents in the fourth quarter, more than double Q3. Increased scale and operating leverage from expanding production capacity drove 66 million of adjusted operating EBITDA. That's 26% above third quarter. And stepping back, fourth quarter to fourth quarter, we grew revenue 100 million on the core business, or 134%, while we grew EBITDA 52 million, or nearly 5x. It's a pretty amazing situation year over year. We continue to make disciplined, high-return investments into the business. The outlook for U.S. cannabis remains strong, and we are pleased to be riding the wave. We are still in the early innings of the great American cannabis growth story, as the consumer, social, capital, and political landscapes line up for change. The political stage is set for action with the new administration that is committed to advancing comprehensive cannabis reform. In the capital markets, there was over $1 billion raised across U.S. operators in just January alone. At Green Thumb, we remain focused on driving down our cost of capital, and to start the year, we completed our U.S. IPO and sale of SEC-registered shares directly to U.S. investors. This is an important milestone, and we view it as one step closer to listing on a major U.S. exchange, giving us equal footing to our Canadian peers. We completed the financing without any fees, so gross equals net, and $156 million goes straight to the balance sheet. This transaction was a big win for two reasons, our shareholders and the industry. For shareholders, it's dry powder for Green Thumb to invest and capitalize on high return growth opportunities that drive shareholder value. And for the industry, we see it as a leading indicator of strong institutional appetite for U.S. cannabis. There are a lot of ways to both grow and slice the pie simultaneously. And we like our position as the green wave unfolds. We believe what is happening in Illinois with over one billion in year one adult use sales and nearly 200 million of tax revenue is actually a preview of what's to come across New England, the Southeast, and the Midwest. And if you think about it, Illinois is just starting. In fact, our stat of the day is The state of Illinois collected more tax dollars from cannabis than alcohol this February. The lines crossed. Illinois cannabis contributes more tax dollars than Illinois alcohol. More growth in Illinois cannabis than in Illinois alcohol ahead. Momentum in markets like Connecticut, New Jersey, New York, and Pennsylvania makes sense because there are a lot of consumers who live there that want a lot of cannabis. As the details of these programs are worked out, we hope lessons from the Illinois adult use rollout are noted, especially regarding social equity licenses that still remain unissued. And that is not good. The industry is in a place that it can enable new wealth and new opportunity for those that did not have access to it before. And DreamThumb wants to help make that happen. At Green Sun, we're actively studying, planning, and building our boat because, as I hope you can see by now, the tidal wave is real. We opened our first California store in Pasadena this month, giving us firsthand experience inside the country's pioneering cannabis market. Through a recently announced partnership, we're expanding access to California's number one cannabis beverage, Cannes. by bringing it to Illinois this spring. This is an entirely familiar format, sparkling beverages, yet totally untapped in cannabis. We're excited to invest in the nation's leading cannabis beverage and to introduce a compelling alcohol alternative to tens of millions of Americans. The Green Thumb team loves the white space opportunities to connect with consumers with safer alternatives such as an incredible Snoozeberry instead of an Ambien, Dr. Solomon's Rescue Lotion instead of Icy Hot, a bong hit of Rhythm's Brownie Scout instead of Xanax, a Bebo Pastille instead of a Wine Hangover, and now a can instead of a White Claw. Above all, we have a solid foundation, a really fantastic team, excellent products, very high-quality flour, which really is the start of it all, and a proven track record of doing what we say we will do. There's no exact blueprint for how the world, the country, or the industry will evolve in a new post-COVID world, but the American consumer guides us, and the Green Thumb team remains as energized as ever to serve them. With that, I'll turn the call over to Anthony to dig into our financial results for the fourth quarter and full year. Anthony?