Marimed Inc

second quarter 2023 financial results conference call. All lines have been 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 that time, simply press star, then the number one on your telephone keypad. If you would like to withdraw your question, please press star, then the number two. I will now turn the conference over to Mr. Steve West, Vice President of Investor Relations, to begin the conference. Please go ahead.

Good morning, everyone, and welcome to Merrimed's second quarter 2023 earnings call. Joining me today are John Levine, our Chief Executive Officer, Tim Shaw, our Chief Operating Officer, and Susan Vallaire, our Chief Financial Officer. This call will be archived on our Investor Relations website and contains forward-looking statements. Actual events or results may differ materially from these forward-looking statements and are subject to various risks and uncertainties. A discussion of some of these risks is contained in the risk factors section of our 10-K 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 measures on this call, which are reconciled in our earnings release and our supplemental slides located on the investors page of our website. Finally, our third quarter 2023 earnings release is tentatively scheduled to be issued after markets close on November 1st, 2023. And our analyst call is scheduled to be held the morning of November 2nd, 2023 at 8 a.m. I will now turn the call over to John.

Thank you, Steve. Good morning, everyone. I'm pleased to report that Merrimed had another strong quarter. which was the result of continued expansion in our core state of Massachusetts, Illinois, and Maryland, and into new state, which was Ohio. For the 14th consecutive quarter, we reported positive adjusted EBITDA, and we remain on track to generate our fourth consecutive year of positive operating cash flow. We had a very busy second quarter, and I would like to briefly highlight four of our key achievements. First, we received GMP certification of our production kitchen in Maryland, as well as approval to produce and sell high-dose edibles once again, which we are selling extremely well. In fact, Betty's Eddie's in Maryland are selling at record levels, and that was before adult use began on July 1st. Second, we finally received the long-awaited regulatory approval to open our adult use dispensary in Beverly, Massachusetts, marking our third operating dispensary in this state. Third, we launched a limited edition Betty's Eddy fruit tube called Beach Time Betty's. This fruit tube was introduced into select dispensaries throughout Massachusetts, Maryland, and Delaware, and has been a hot seller all summer. And fourth, I'm excited to report we opened our first medical dispensary in Tiffin, Ohio, marking the 11th dispensary Merrimet owns or manages across its footprints. Subsequent to the end of the second quarter, we began adult use sales in Maryland on July 1st. As expected, sales have been very strong, with our Annapolis dispensary trending more than two times what it was before adult use. Additionally, Our wholesale business is setting new monthly records. Both high-dose edibles and now adult-use sales are growing virtually every day, and we are working feverishly to meet the increased demand. We could not be more excited for Maryland's long-term adult-use potential, which we have always believed could be bigger than Massachusetts. With that, I will now turn the call over to Tim for his operational update.