Medicine Man Tech Inc

Good afternoon. My name is JP and I will be your conference operator today. At this time, I would like to welcome everyone to the Schwa's fourth quarter conference call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a live question and answer session. If you would like to ask a question during this 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. Thank you. Ms. Joanne Jobin, you may begin your conference.

Greetings and welcome to the 2022 fourth quarter and year-end conference call and webcast for Schwoz. We are being hosted by Justin Dye, Chairman and Chief Executive Officer, Nirup Krishnamurthy, President, and Forrest Hoffmaster, Chief Financial Officer. Following their presentation, management will take questions submitted via the web link found on Schwoz's Investor Relations website and in the earnings press release. I would also like to remind you that management's prepared remarks and answers to your submitted questions may contain forward-looking statements, which are subject to risks and uncertainties. Examples of forward-looking statements include, among others, statements regarding federal and state legislation and regulation, and Schwoz's future results of operations and financial positions. business strategy and plans, and objectives for future operations. Such forward-looking statements may be preceded by the words plan, will, may, continue, anticipate, become, build, develop, expect, believe, poised, project, approximate, could, potential, or similar expressions as they relate to Schwartz. Investors are cautioned that not all forward-looking statements involve risk and uncertainties that may cause actual events, results, performance, or achievements to differ from those anticipated by Schwoz at this time. Additional information concerning factors that could cause events, results, performance, or achievements to differ materially is available in Schwoz's earnings release made available before this call and available on Schwoz's investor relations website and in Schwoz's form 10-K for the year ended December 31st, 2022. In addition, other information is more fully described in Schwoz's public filing with the U.S. Security and Exchange Commission, which can be reviewed at www.sec.gov, on www.fedar.com, or on the company's investor relations website. Also, Schwoz may discuss non-GAAP financial measures during today's call. A reconciliation of the differences between the non-GAAP financial measure discussed during the call with the most directly comparable GAAP measure can be found in Schwoz's earnings press release made available before this call and available on Schwoz's investor relations website. I would now like to turn the call over to CEO and Chairman Justin Dye.

Hello and thank you for joining us this afternoon. I will provide a brief overall business review and our president, Nirup Krishnamurthy, will provide operational details before turning the call over to our newly appointed CFO, Forrest Hoffmaster, who will review our quarterly and year-end financial results in detail. I will then conclude our presentation with some final thoughts and afterwards we would then be happy to take your questions. I am pleased to report that for 2022, Schwoz once again outperformed the Colorado market. We successfully entered the New Mexico medical and recreational market and increased our total revenues by 47% year over year, with retail sales growing 92% over prior year. We also generated $11.4 million of after-tax cash flow from operations in 2022. Through hard work, diligence, our dedicated attention to detail, we continue to outperform our markets despite an ongoing challenging environment. I am extremely proud of the Schwoz team, which I believe is one of the best and strongest in the industry today. We've worked hard to continue to grow our market share. outperforming our markets in Colorado by 11%, increasing our profitability rate with ongoing improvement, and we continue to generate free cash flow from operations after paying taxes and meeting our capital spending and debt obligations. Our team continues to deliver on our vision to become the most admired cannabis company in the industry, providing trusted products, brands, and exceptional customer experiences. Schwoz continues to execute its strategy to go deep in our operating states and build customer loyalty and market share. Our long-term plans of building a regional powerhouse, delivering a wide assortment of high-quality products with exceptional customer service backed by our operating playbook is a winning combination for our customers, our employees, and our shareholders. And now I would like to turn the call over to our president, Naroop Krishnamurthy to take us through some of our accomplishments for 2022.