Marimed Inc

Good morning, my name is Michelle and I will be your conference operator today. At this time, I would like to welcome everyone to the MariMed Inc. 4th Quarter 2022 Financial Results Conference Call. All lines are being placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star then the number 1 on your telephone keypad. If you would like to withdraw your question, please press the star and then the number two. Thank you. I will now turn the line over to Steve West, Vice President of Investor Relations, to begin the conference.

Good morning, everyone, and welcome to Merriman's fourth quarter and full year 2022 earnings call. Joining me on the call today are John Levine, our Chief Executive Officer, Tim Shaw, our Chief Operating Officer, and Susan Valera, our Chief Financial Officer. This call is being recorded and will be archived on our investor relations website. Today's call contains forward-looking statements. Actual events or results may differ materially from these forward-looking statements and are subject to various risks and unknowns. A discussion of these risks and other factors is contained in our SEC filings and our earnings release, which are available on our website. Any forward-looking statements reflect management's expectations as of today and we assume no obligation to update them unless required by law. Additionally, we will refer to certain non-GAAP financial information. A reconciliation of these non-GAAP financial measures is included in our earnings release and our supplemental slides. Finally, our first quarter 2023 earnings release is tentatively scheduled to be issued after the market closes on May 8, 2023, and our subsequent analyst call will be held the morning of May 9, 2023. I will now turn the call over to John.

Thank you Steve and good morning everyone. I'm pleased to report that Merrimet had a another solid quarter of financial and operational results. Our revenue continues to grow year over year and quarter over quarter. We invested in our core foundation throughout 2022. Positioning us for long term growth. We reported our 12th consecutive quarter of positive adjusted EBITDA. And we are very proud to share that for the third consecutive year, we generated positive cash flow from operations. Quite simply, Maramed has set itself apart as one of the most financially sound companies in the cannabis industry. From an organic perspective, Maramed constantly outperformed competition throughout 2022 in terms of sales growth in the markets where we operate. In addition to our strong organic growth, we were very active in M&A with the acquisition and consolidation of our Maryland vertical operation, which allowed us to open our dispensary in Annapolis in the fourth quarter. The acquisition of an Illinois craft grow license and dispensary license, and the acquisition of a Missouri processing and distribution license. We also completed the construction of an adult use dispensary in Beverly, Mass. And finally, we applied for and we were awarded a new medical dispensary license in Ohio. We are very excited for Ohio and Missouri. Two newest high growth markets, Merrimed was also very active in marketing in new product development in 2022. We launched in-house a full suite of high-quality products at affordable pricing, which has already grown into one of the largest brands in our portfolio. We also launched Vibations, a high-energy drink mix, which gives customers a convenient and affordable way to enjoy cannabis as a beverage. And we continue appealing to our core high-end customers by innovating our award-winning premium brands with new products, such as Betty Zeddy's Ice Cream and Nature's Heritage Life Flower. Looking forward, in 2023, Maramed will continue to focus on going deeper in our core footprint by expanding our existing facilities and into new ones. Our 35 million credit facility provides us with capital necessary to accelerate our growth. Susan and Tim will give more detail, but we expect meaningful acceleration of growth in the back half of 2023, which should continue to build throughout 2024. We continue to have one of the strongest balance sheets in the industry. In addition to growing our existing footprint, we are well positioned to grow through transformational acquisitions if we choose to. Our philosophy and approach have always been that any transaction must be accretive and improve long-term shareholder value. I am very excited for the next couple of years as MarinMed strengthens its position as a leading cannabis company. With that, I will turn the call over to Tim for his operational update.