Charlotte's Web Holdings, Inc.

Good morning, ladies and gentlemen, and welcome to the Charlotte's Web Holdings, Inc. 2023 fourth quarter conference call. At this time, all lines are in listen-only mode. Following the presentation, we will conduct a question and answer session. If at any time during this call you require immediate assistance, please press star zero for the operator. This call is being recorded on Thursday, March 21, 2024. I would now like to turn the conference over to Corey Pala, Head of Investor Relations. Please go ahead.

Thank you, and good morning, everyone. Thank you for joining us for our 2023 fourth quarter and year-end 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-K report for the 2023 year is also available and has been filed on cdrplus.com in Canada and in the United States on EDGAR with the SEC. CEO Bill Marajnik and CFO Jessica Saxon are leading our call this morning. Jared Stanley, co-founder and chief commercial officer, is also with us for the Q&A portion of our call. On this morning's call, we will review the financial results for the period and provide some color around the business and outlook. 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. Additionally, a webcast replay of this call will be available for an extended period, accessible through the IR section of our website at charlottesweb.com. As a reminder to our listeners, certain statements made on today's call, including 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 outlined in detail within the company's regulatory filings. In addition, during the call, we'll refer to supplemental non-GAAP accounting measures, including adjusted gross profit and adjusted EBITDA, which do not have any standardized meaning prescribed by GAAP. Please refer to the earnings release that we filed this morning for description of these non-GAAP measures, as well as a reconciliation of such measures to the respective and most directly comparable GAAP financial measures. I'll now hand over the call to Charlotte's Web Chief Executive Officer, Bill Morashnik.

Thanks, Corey, and good morning, everyone. So let's jump right in. I've been with the company for almost seven months now, and there are four key things that we've been focused on. One, deploying our resources to reverse our trends and return to revenue growth. Two, vastly improving the overall consumer journey. Three, identifying the key data and analytics that should be driving our business decisions. And four, kick-starting the groundwork to profitably scale the business. Michael Jordan once said that talent wins games, but teams win championships. So we have not wasted any time restructuring our teams, recalibrating our shared goals, and strategically planning how we reach them. And all of this is fueled by a clear purpose, our commitment to education, advocacy, and innovation, which has never wavered. With this, we realized it was time to update our mission to reinforce our legacy and leadership position. and define our path for tomorrow. I'm excited to announce that we've updated our mission, which is to unearth the science of nature to revolutionize wellness. So what does that mean for our shareholders? It means Charlotte's Web is more than just CBD. We'll talk about that in just a little bit. Let's first start by laying out the foundation of our business vision. With all the changes we're implementing, what better way to describe where we're going than calling our reimagined business vision True North. This is a company-wide turnaround initiative that every employee has a stake in, working as one unified team. So why are we calling our turnaround True North? Because we know our direction, and moreover, we know our destination, long-term growth. As referenced in our previous quarter, True North's high-level goals are first to transform the consumer experience end-to-end. Central to our mission is building stronger connections with our consumers by understanding their needs and preferences through data and analytics. That requires agility through the right tech stack and marketing strategy. We are achieving this by a multifaceted approach to amplify consumer engagement, acquisition, and loyalty. We aim to propel growth through meaningful customer interactions and ultimately inspire consumers to return to CW time and time again. Second is to be the most trusted and valued partner among our retailers and distributors. By optimizing our partner onboarding and shopper marketing strategies, we reinforce Charlotte's web status as a preferred brand, resulting in heightened store traffic and accelerated sales velocity as the top CBD choice for consumers and partners. Third, reinforce and amplify CW's influential voice. Charlotte's Web has been the undisputed thought leader in the CBD market since its inception. Now it's time to cut through the noise of this oversaturated market and put more space between us and our competitors. We are doing this through new content strategies that put bolder messaging, education, science, and consumer advocacy at the forefront of our brand communications. Lastly, Continue to identify costs and operating efficiencies. We are continuing to use data and analytics to drive decision-making, arm-in-arm with finance embedded in every corner of the company to ensure stringent cost management and operational performance. So what is our ultimate goal? It's increased value for our customers, partners, shareholders, and employees. We know that aspects of these goals are long-term, while others are short-term. With True North as our touchstone, we will be using our call today as well as future calls to report on both. So before I share some of the progress we have made in our top priorities, I will turn the call over to our Chief Financial Officer, Jessica Saxton, to speak more on our 2023 financial results.