Charlotte's Web Holdings, Inc.

Good morning, ladies and gentlemen, and welcome to the Charlotte's Web Holdings Inc. 2023 3rd Quarter Conference Call. At this time, all lines are in listen-only mode. Following the presentation, we'll conduct a question-and-answer session. If at any time during this call you require immediate assistance, please press star 0 for the operator. This call is being recorded on Thursday, November 9th, 2023. I will now talk to turn the conference over to Corey Pala, Investor Relations. Please go ahead.

Thank you, and good morning, everyone. Thank you for joining us for our 2023 Third Quarter Earnings Conference Call for Charlotte's Web Holdings, Inc. Our earnings press release was issued this morning and posted on the Investor Relations section of our website, along with our financial statements. Our 10-Q report for the third quarter is also available and has been filed on CDARplus.ca in Canada and in the U.S. on EDGAR with the SEC. Leading our call this morning is CEO Bill Marachnik, CFO Jessica Saxton, and Chief Commercial Officer and Co-Founder Jared Stanley. On this morning's call, we'll review the financial results for the third quarter and provide some color on operations. We will take questions from our analysts at the end of our prepared remarks. A replay of this call will be available through the next week, accessible via the details provided in our earnings release. And a webcast replay of this call will be available for an extended period, accessible through the IR section at our website at charlottesweb.com. As a reminder to our listeners, certain statements made on today's call, including some answers we may provide to certain questions, may include content that is forward-looking in nature and therefore subject to risks and uncertainties and factors which could cause actual future results or company performance to differ materially from implied expectations. Such risks surrounding forward-looking statements are all outlined in detail within the company's regulatory filings on CDARplus.ca and SEC.gov. In addition, during the call, we will refer to supplemental non-GAAP accounting measures, including adjusted EBITDA, which does not have any standardized meaning prescribed by GAAP. Please refer to the earnings release that we filed this morning for description of adjusted EBITDA, as well as a reconciliation of such measures to their respective and most directly comparable GAAP financial measures. I would like to start by introducing Bill Marashnik, our incoming Chief Executive Officer. Bill has been with us for two months now and has quickly immersed himself into the business. He's a proven entrepreneur, skilled in creating and managing strategies for consistent and sustained growth. In his short time, he has demonstrated constructive leadership across our business and has already begun enacting positive change, which we will discuss further shortly. And with that, I will now hand over the call to Charlotte's Web Chief Executive Officer, Bill Maracene.

Thanks, Corey. And good morning, everyone. It is really a true honor to join you today for my first earnings call as CEO of Charlotte's Web. I want to start by thanking the board for entrusting me to steer this visionary company and its mission. I am truly energized by this challenge and the potential of this company and the CBD and botanical wellness industry overall. So I came to Charlotte's Web because I have a passion for building premium mission-based brands and leading companies through transformative change. While there are current industry challenges such as regulatory, This company has held a true leadership position for the last decade. Charlotte's Web continues to set the standards, but simply put, it's time to rip off some band-aids. Band-aids that were meant to be temporary, and they are now burdening our team's progress. It's not unusual for a brand with a 10-year history to shake things up a bit, and that's precisely why I'm here. Simplify, focus, and sharpen so that Charlotte's Web can get back to doing what it has always done best, which is leading by example. Now, this doesn't mean taking away the essence of Charlotte's Web. It means streamlining processes and updating technology for a more agile and effective approach. It means upgrading the consumer experience so that we will not miss any valuable touch points to monetize our marketing efforts. And lastly, it also means revisiting our brand. The emotional connection consumers have to Charlotte's Web brand is priceless. It is one of our most valuable assets It needs evolution and upkeep. In my first 60 days with the company, I've worked very closely with an impressive depth of talent on this team, and we're going to shake things up together. I am immediately putting the necessary actions into motion, and we'll speak more about this in a few minutes. But first, I'd like to turn the call over to our Chief Financial Officer, Jessica Saxton, to review our Q3 and year-to-date financial results, and then to Jared Stanley, recently appointed Chief Commercial Officer to share the latest on the regulatory front.