Welcome to the Fire & Flower third quarter financial and operational results conference call. My name is Juan, and I will be coordinating your call today. If you would like to ask a question during the presentation, you may do so by pressing * one on your telephone keypad. I will now hand over to your host to begin, Trevor Fencott, CEO of Fire & Flower. Trevor, please go ahead. Thank you very much. Thank you for joining me today on our third quarter 2021 conference call. I'm Trevor Fencott, President and CEO of Fire & Flower, and joining me today is Judy Adam, our CFO. Earlier today, our company published its operational and financial results for the third quarter ended October 30th, 2021, and the results are available on the company's website and on SEDAR. Prior to beginning our call, I'll direct listeners to the cautionary statement regarding forward-looking statements that is on our news release, as well as the company's filings on SEDAR. Similar to previous earning calls, we'll be providing commentary on the fiscal third quarter of 2021 financial results, along with an update on the continued execution of our asset-light technology-driven business model that is driving our financial growth and the expansion of our cannabis retail footprint across North America. We'll conclude with a moderated question-and-answer period from equity research analysts that cover Fire & Flower. For our third quarter of 2021 intro, our recent results continue to demonstrate the unique value of our Hifyre digital retail and analytics platform as more and more of our partners turn to Fire & Flower in order to provide the strongest cannabis retail experience. We've established a strong foothold in the cannabis industry through our proven ability to collect and utilize real-time cannabis consumer preferences and purchasing trends. In the third quarter, we significantly advanced our market position by further leveraging this technology. I'll spend some time diving deeper into our quarterly operational highlights, first, I'd like to share our financial highlights for the third quarter of 2021 as all three of our business segments, retail, wholesale, and digital, contributed to improved top-line consolidated results. Most notably, our digital business segment continued to fuel our financial performance quarter-over-quarter. This is a strong testament to the power of our data-driven technology and the success we are achieving in advancing our e-commerce digital business strategy to further offer a unique value proposition for our customers. Financial highlights then. Total revenue for the third quarter of 2021 was CAD 45.4 million, representing a 37% increase year-over-year. We continue to report positive Adjusted EBITDA, making this our sixth consecutive quarter, reaching CAD 2.1 million in the third quarter, an increase of 5% compared to third quarter 2020. Most important this quarter was the strongest performance of our high-margin digital business. Driven by our Hifyre digital and retail analytics platform, not only did our digital platform revenue increase by 160% year-over-year to CAD 3.8 million. Digital platform Adjusted EBITDA increased to a positive of CAD 2.3 million from CAD 0.7 million in the prior year. Once again, these results speak to the success of our business model, which focuses on leveraging our data-driven technology platform across our evolving omni-channel retail network to strategically expand our retail footprint across North America in an asset-light way. Before Judy reviews these financial results in further detail, I'd like to discuss the key asset-light growth opportunities and progress that we've achieved during the quarter, and provide an update on the progress of our expanded digital strategy and what this means for Fire & Flower in the months ahead. With the net addition of 6 additional retail locations in the third quarter and 5 additional stores subsequent to quarter end, we now operate a total of 102 stores under multiple brands, all powered by our Hifyre digital retail and analytics platform. The success of these stores in Canada's fragmented and highly competitive cannabis market continues to be driven by the deep insights garnered from our data-driven technology, which efficiently allows us to connect our customers with products that meet their buying habits and interests. Our mission from the very start was to deliver a cannabis retail experience that's unmatched by any of our competitors. We've remained successful due to the value that we continue to deliver to our customers as we further leverage our data and analytics to offer a convenient, streamlined purchasing experience. As I dive deeper into our recent operational achievements, it'll become very clear how we further strengthen our business model to even more effectively serve cannabis consumers, and have transformed the cannabis retail experience into a true technology-driven consumer platform, from customer acquisition, to purchase, to delivery. Our financial and operational partner, Alimentation Couche-Tard, the parent company of Circle K stores, continues to work with us to strategically enter new markets in Canada. From their initial investment at Fire & Flower, ACT has recognized the unmatched power and value of our consumer data and analytics technology, as it has proven to be the key driver of our growth and our most powerful long-term competitive advantage. In July 2020, we embarked on a game-changing initiative for Fire & Flower with ACT to open two cannabis retail stores adjacent to Circle K locations in the province of Alberta. This co-location pilot program enabled us to utilize Circle K's existing lease footprint to build adjacent small-scale Fire & Flower stores that use our Hifyre platform to optimize their operations, delivering stronger economies of scale for both companies. Through this co-location program, not only are we delivering an unprecedented level of convenience to cannabis consumers at high-traffic Circle K locations, capturing a much wider consumer data set, we're opening new retail locations in an asset-light manner. We receive high-margin licensing revenue, and our partner contributes the capital, construction, and operational expertise. This program will be transformational for Fire & Flower as we effectively advance our technology-focused asset-light growth strategy. Due to the success of our initial co-located pilot program, in October, we announced a plan to open additional Fire & Flower cannabis retail stores adjacent to Circle K stores located in the Canadian provinces of Alberta, Saskatchewan, and Manitoba over the next several months. The important thing to note here is that we've moved from talking about a pilot program with 2 stores to filling entire provincial markets. We're in a position to build upon our established leadership position in Canada to collect more insightful consumer analytics and operate even more efficiently. Key to this program is our ability to operate these small footprint stores as distribution nodes rather than as traditional brick-and-mortar shops to serve as conveniently located outposts for servicing an expansive customer service base. These cannabis consumers are spending more and more time on cannabis e-commerce sites trying to find competitive pricing, and through a personalized cannabis shopping experience, we want to be able to meet their expectations. To meet consumer demand and further support our asset-light model, we've expanded our digital platform in the third quarter with the completion of the acquisitions of PotGuide and Wikileaf, two of the most visited cannabis websites and content providers in North America, adding a significant customer acquisition channel to our technology stack and increasing our opportunities for new high-margin revenue growth. Together, these online properties introduce a subscriber base of over 225,000 consumers and provide Fire & Flower with another scalable entry point for capturing new customers and Spark Perks members in both Canada and the U.S. Today, we have over 360,000 Spark Perks members, making up the largest cannabis member loyalty program in the world. Through these recent acquisitions, we've significantly expanded our online presence in North America, demonstrating the breadth of our e-commerce and convenient retail offering and the value that it brings in capturing the most extensive base of real-time cannabis consumer preferences and purchasing behavior through our Hifyre platform. We are continuously leveraging today's largest set of actionable data to innovate the cannabis retail experience and successfully enter new markets with unrivaled value for consumers. Combining e-commerce with an asset-light physical retail footprint has successfully laid the foundation for Fire & Flower's financial growth as we continue to expand across North America. While these operational achievements in the third quarter were instrumental in transforming Fire & Flower into a true cannabis consumer technology platform, it's what we achieved most recently that solidified our position as a convenience-driven marketplace for cannabis consumers. I'm pleased to now speak to our most recently announced acquisition, Pineapple Express, which closes the loop on our full cannabis consumer technology platform and allows us to maximize the value of our technology to efficiently drive each part of the cannabis consumer journey. Pineapple Express is the cannabis industry's leading logistics provider for the delivery of legal cannabis, and completes more than 40,000 deliveries per month to recreational and medical cannabis customers across Canada. With this acquisition, we're completing our proprietary technology stack to deliver a true end-to-end cannabis consumer experience, from customer acquisition through to personalized shopping, either online or in-store, and ultimately to fulfillment via same-day delivery to our customers. By integrating best-in-class logistics and delivery into our asset-light retail network of over 100 stores, we're driving even stronger operational efficiencies while delivering a seamless customer experience. This acquisition is transformational for Fire & Flower, as it's taken our technology-enabled cannabis consumer model full circle and delivers today's most aggressive approach to high-value, convenient retail. Delivering value to customers goes beyond achieving the lowest price point. By adding Pineapple Express to our arsenal as a best-in-class delivery service, we're differentiating ourselves from our competitors by offering a true value proposition to our customers: convenience. Through our analytics, e-commerce platforms, fulfillment nodes, brick-and-mortar stores, and now delivery, we can differentiate ourselves by offering competitive pricing and a personalized cannabis purchasing experience with unrivaled convenience. We've been quietly assembling all the components of our growth strategy in the background. This acquisition allows us to now unleash this high-margin strategy, not only in Canada, but across the U.S. as well. I cannot tell you how excited I am that we're now entering the next chapter of our growth armed with an integrated system of data-driven technology, e-commerce channels, brick-and-mortar physical touchpoints, and last mile delivery. To our knowledge, this complete cannabis consumer technology platform is the first of its kind in the legal cannabis industry and has the potential to not only elevate the cannabis retail experience in Canada, but lay the foundation for its successful expansion in the U.S. While regulations are still changing and evolving, the U.S. market is ripe for a streamlined cannabis technology platform to successfully and compliantly meet the demands of the U.S. consumer base. We're already a step ahead in our planned expansion to the U.S. given our data-driven technology, omni-channel retail offering, and partnerships with the industry's leading global players. With data being the most valuable asset of retail, we've already started building key data sets with our partner BDS Analytics. As part of our agreement with BDSA, they have integrated our Hifyre digital and retail analytics into their existing online U.S.-based market research platform. Most recently, data collected jointly between Hifyre, BDSA, and Deloitte has indicated the importance of understanding pricing in the cannabis market due to its volatility and complexity. Most notably, while price is a key factor in purchase decisions, consumers are willing to pay a premium for superior products and service. Now more than ever, having data analytics that provide deep insights about the market and customer purchasing behavior is essential for responding to competitive activity and achieving our profit targets. Knowing our customer and owning that relationship is mission critical, and with our ability to quickly employ our proven and compliant cannabis consumer technology platform to generate even more powerful cannabis purchasing behaviors, we're in a strong position for continued financial growth as we expand our geographic footprint and build on our established e-commerce channels. I'd now like to turn the call over to Judy to discuss our financials and provide a more detailed view of our progress in our key business segments that we've made in third quarter 2021. Over to you, Judy. Thank you, Trevor. Good morning, everyone. I'm happy to provide a financial overview of Fire & Flower and our operations as released to the markets earlier this morning. To begin, I'll remind everyone that Fire & Flower follows the retail calendar with every quarter consisting of 13 weeks. Today, I will be speaking to the third quarter ending October 30th, 2021. As Trevor mentioned, once again, we have reported another quarter of positive Adjusted EBITDA, reaching CAD 2.1 million for the third quarter of 2021, representing an increase of 5% compared to positive Adjusted EBITDA of CAD 2 million in the third quarter of 2020. Our Adjusted EBITDA performance continues to be driven by steady revenue growth from all three business segments and the continued monetization of our high-margin, Hifyre digital retail and analytics platform that saw 160% year-over-year revenue growth and delivered CAD 2.3 million in Adjusted EBITDA in the quarter. Consolidated revenue for the third quarter 2021 increased 37% to CAD 45.4 million, compared to CAD 33.1 million in the third quarter of 2020. Fire & Flower's total revenue is derived from three primary business segments. The retail segment, which sells cannabis products and accessories to the adult-use market out of 97 stores as of October 30th, 2021, in the provinces of Alberta, Saskatchewan, Manitoba, Ontario, British Columbia, and the Yukon Territory. Our wholesale distribution segment, Open Fields Distribution, that sells cannabis and cannabis-related accessories to both Fire & Flower stores as well to external accounts in Saskatchewan. In our digital platform segment, operating through the Hifyre digital retail and analytics platform, proprietary to Fire & Flower. It produces revenue from external clients of Hifyre IQ data and analytics platform, as well as industry-leading targeted digital advertising. All business segments individually contributed to the year-over-year increase in consolidated revenue. Of the total revenue of $45.4 million in the third quarter 2021, retail operations generated $33.7 million, Open Fields Distribution generated $7.9 million, and $3.8 million came from our Hifyre digital platform. Retail revenue of CAD 33.7 million for the 13 weeks ended October 30, 2021, increased by 27% from CAD 26.5 million in the comparable period of 2020. The increase in retail revenue is a result of Fire & Flower's expanded retail network of 97 stores at the end of Q3 2021 compared to 54 stores at the end of Q3 2020. Net 6 new locations opened in the current quarter. On a same-store sales basis, comparing the 54 stores with operations throughout the 13 weeks of Q3 2021 and Q3 2020, sales decreased by 27% year-over-year. This decrease in same-store sales is attributable to the surge in new store openings across Canada, particularly continued mass licensing in Ontario market and increased competition from deep discount retailers in the marketplace. In Ontario, during Q3 2021, the total provincial store count increased by approximately 262 stores or 27%, increasing from 981 as of July 31, 2021, to 1,243 stores as at October 30, 2021. Wholesale distribution revenue of CAD 7.9 million for the third quarter of 2021 increased 55% from revenue of CAD 5.1 million in the third quarter of 2020. Our wholesale distribution segment operates through our Open Fields business, which purchases cannabis products directly from licensed producers and distributes them directly to our retail stores and other third-party independent licensed retailers in Saskatchewan. Open Fields also purchases cannabis accessories and related ancillary products from Canadian-based and global suppliers and distributes them to Fire & Flower's retail stores and third-party independent retailers in Canada. Revenue in this segment increased as the Saskatchewan market continues to open up with new retailers sourcing inventory from Open Fields, incremental business from existing customers, and growth of Cannabis 2.0 products. This business unit continues to present a source of recurring revenue quarter-over-quarter. Digital platform revenue increased 160% to $3.8 million in the third quarter of 2021 from $1.5 million in the third quarter of 2020 as the company continues to monetize the Hifyre digital retail and analytics platform with increased digital platform subscriptions and recurring monthly services to external clients. During the quarter, we completed the acquisitions of PotGuide and Wikileaf, which contributed approximately $200,000 in revenues from the U.S. Total gross profit for the company for the third quarter of 2021 was CAD 15.7 million or 34.6% of revenue, compared to total gross profit of CAD 11.5 million or 34.7% of revenue for the same period of the previous year. All business segments individually contributed to the increase in gross profit dollars. Although gross profit percentage on a consolidated basis remained flat to the prior year, it reflects a shift in mix, with a larger portion of gross profit dollars coming from the higher margin digital business in the current period compared to the prior year. The digital business represented 24% of total gross profit dollars in the third quarter of 2021, compared to 13% in the comparable period in the prior year. This helped to offset the year-over-year decline in retail's gross profit percentage to 30.3% in Q3 2021, reflecting price compression and actions taken to protect market share and grow gross profit dollars. Total Adjusted EBITDA for the company for the third quarter of 2021 was CAD 2.1 million, compared to total Adjusted EBITDA of CAD 2 million for the same period of the previous year. All business segments individually delivered positive Adjusted EBITDA in the current quarter, with digital platform segment leading the way with CAD 2.3 million in Adjusted EBITDA. The continued growth in consolidated revenue and Adjusted EBITDA reflects the benefits of being a tech-enabled retailer with a diversified segment portfolio, is a clear testament to our ability to outperform in a highly competitive market. The company reported a net loss of CAD 2 million, or a loss per share of CAD 0.06 for the third quarter of 2021, compared to a net loss of CAD 25.7 million, or net loss per share of CAD 1.51 in the comparable period of 2020. In the third quarter of 2021, the company incurred restructuring, impairment, and other costs of CAD 9.7 million, resulting from restructuring efforts as we pivot towards our asset-light digital strategy. Of this total, an CAD 8 million non-cash impairment charge was incurred relating to certain acquired licenses for operating stores in British Columbia, as we have lowered our expectations of future performance at our physical retail stores as a result of the competitive landscape, including both private and government-operated retailers, and the uniquely challenging regulatory environment in the province, which impacts anticipated profitability of private cannabis stores. In the third quarter, we repaid in full our obligations under our previously announced secured debt facilities provided by ATB Financial. We held a 2-year revolving credit facility in the amount of CAD 5 million and a term loan in amount of CAD 5 million, of which we had CAD 2.3 million outstanding and maintained CAD 3.9 million in restricted cash and collateral. Following this repayment, our sole long-term debt obligations have been reduced to principal of CAD 2.4 million of 8% unsecured convertible debentures to ACT. As a result, we have a strong balance sheet, and as of October 30, 2021, the company had cash and cash equivalents of CAD 16.5 million. Thank you, and I'll turn it back to Trevor, and look forward to questions from the participants on the call. Thank you, Judy. We're strongly positioned to take our next steps as a cannabis technology player in the markets we serve and the markets we're planning to enter. With streamlined operations connected and empowered by our Hifyre technology platform, we are compliantly changing the landscape of cannabis retail. The significant progress made this quarter is in line with our planned listing on the Nasdaq, expect this to be done in the coming weeks. Fire & Flower is employing a growth strategy unlike any competitor to compliantly shape the future of cannabis retail while delivering shareholder value through the successful implementation of our high-margin tech-focused strategy. I'd now like to turn the call over to the operator for questions. Thank you. If you would like to ask a question, please press * followed by one on your telephone keypads now. If you change your mind, please press * followed by two. When preparing to ask a question, please ensure your phone is unmuted locally. Our first question comes from Jason Zandberg from PI Financial. Please, Jason, your line is now open. Thanks for for taking my question. Congratulations on the quarter. I wanted Trevor, I wanted to just dive into the Hifyre component. Just wanted to see if you could provide any color in terms of specific revenue growth amongst, you know, within that group, whether you saw a growth in ad revenue growth or analytics. If you can provide any sort of color in terms of where that growth is coming from? I can provide some sort of general color there. As you may know, the Hifyre platform has a number of different components. It's kind of Hifyre ONE, Hifyre Reach, which is our compliant digital advertising platform, Hifyre IQ, which is our data analytics part of the platform. Amongst all these different products, or digital products, we continue to see growth on all fronts. Not just on the subscription-based data and analytics platform, but also on the compliant digital advertising platform. Now, in fact, we're even adding another revenue stream through sort of PotGuide and Wikileaf monetization. I mean, I would expect for us, and I think we talked about this in a previous earnings call, where, you know, each of these products that we're developing, either in-house or acquiring, is going to be an additional layer of revenue. Each of those layers of revenue, we expect growth from. We haven't maxed out at any one of these channels yet. Okay. You mentioned the acquisition of Pineapple Express and sort of completed your tech stack. Just wanted to kind of get an idea of acquisition outlook in that. Are you in that Hifyre area? You know, what's your expectation in terms of acquisition activity over the next 12 months? Are you focusing more on customer acquisition channels? Do you expect to take a break in terms of acquisition? Just any sort of color would be helpful. Thanks. Sure. Yeah. I mean, I think that we now have a complete vertical stack from customer acquisition through purchasing, then to last mile delivery. It's completed now. I would expect us to look, you know, at opportunistic acquisitions on the customer acquisition side of the funnel, because obviously if you can monetize customers, if you know what your lifetime value of customer is, and you can acquire them at a certain value, and that acquisition is lower than the lifetime value, you've got a good arbitrage opportunity there. We'll continue to keep our eyes out for those kinds of opportunities. In terms of the bottom of the tech stack, in terms of delivery, what we liked about Pineapple Express is that it has a technology component too. CannDeliv is the software that runs a lot of the compliant delivery infrastructure, and that is sort of exportable. That we do expect organic growth in that opportunity. That we can expand on our own. Customer acquisition at the top of funnel is always something that you should be looking at, you know, other channels. We are gonna build out that organically ourself, but we're always gonna be open to opportunistic acquisitions top of funnel. Okay. Perfect. Just a final question, then I'll get back into queue. Just when you look at the breakdown of EBITDA, corporate costs had a bit of a larger impact on the downside relative to our Q2 corporate costs. Wanted to get an idea. It looks like there might be some one-time items in there. Just wanted to sort of flesh out what the those costs the reason for the increase in costs in Q3 and sort of what would be sort of a better number to maybe to model going forward or any sort of forward clarity would be helpful. Sure. Yeah. Judy, do you wanna handle that one? Sure. Hi, Jason. Yeah, we did incur some higher costs in corporate this quarter. A lot of it very much one-time related. As we invested, we've been working on a new ERP system, so you saw some costs related to implementation of that, as well as preparing for our Nasdaq listing and some other business development initiatives. You know, Q4, I would say, you know, we'll continue to have some of those costs running through in Q4, particularly as we get closer to listing on the Nasdaq. Okay, great. Thanks so much. Thank you. Our next question comes from Andrew Semple from Echelon Capital Markets. Please, Andrew, your line is now open. Great. Good morning. Just wanna ask first and first off on the early days of the e-commerce programs being online, how has that rollout gone? I guess as you look at that side of the business more long term, you know, directionally, how large do you think e-commerce sales of cannabis in Canada could be as a percentage of your overall cannabis sales in the country? Yeah, actually that's a great question. This really ties into kind of the Pineapple Express acquisition. E-commerce on the top end, you know, being able to actually transact in stores is just one piece of it. You have to be able to fulfill last mile to consumer, like that's sort of the Amazon model. That's why it works. You know, we certainly see e-commerce as becoming increasingly significant. It's not just a pandemic issue. I think it's just how people are consuming cannabis, particularly now that they can sort of get it on an app and look at price across categories. You know, we think it's gonna be significant. The other sort of kind of fact, and I'm... again, I need to check this one, but if you look at the illicit market, which I think is still 50% of the sales potential in the market, and certainly in the U.S., in the legal market, I believe it's something upwards of like 33% of transactions in cannabis are happening sort of using e-commerce, which is, again, it's not just the transaction capabilities, but it has to be fulfilled. I think if you have a strong fulfillment layer, that last mile delivery to consumer, you're going to kind of maximize your opportunity in the e-commerce space because it's convenience based, right? You know, layering that on top of, I think, the overall potential for e-commerce, both in Canada, you know, addressing the illicit market, and in the U.S., sort of powering the legal market even, you've got a pretty big market opportunity there. We're quite bullish on, we're bullish on e-commerce, and we're particularly bullish on e-commerce as it relates to delivery and fulfillment. Great. Good color there. Just staying on that topic, you know, there are some added costs, when you're doing that last mile delivery, you know, to the consumer. Just wondering if you're expecting any margin difference with e-commerce sales relative to brick-and-mortar, that happen in stores? Yeah, that's also a good question. I think that we're currently doing delivery, and a lot of people are doing delivery because of the, you know, the pandemic. They've been forced into kind of a, I'm gonna say, like, a early stage e-commerce model. What we're particularly excited about with Pineapple Express is that they are doing this at scale already. With 40,000 deliveries a month, current, you know, steady state, they already have the scale and the efficiency. It actually makes our operating model more efficient because right now, for any sort of Canadian cannabis retailer, you're staffing, you know, in store, you're adding sort of FTEs on there, but it's not in a, an optimized way, whereas if you have a dedicated logistics and delivery infrastructure, which Pineapple Express, you know, clearly has, that's going to allow you to streamline some of these costs. The costs are already being incurred currently by every participant in the market. It's about optimizing and streamlining those so that you can, you know, again, get that efficiency. Great. Another question, if I may. Just on the gross margins for the retail business, they seem to have come down within the quarter. I think they're about 36% earlier this year, now around the 30% level. Where, where do you think the brick-and-mortar retail gross margin normalizes for Fire & Flower? Then maybe as a function of that, do you have any plans or any updates on how you plan to address the discount retail strategy that's in the marketplace? Sure. Maybe we'll answer it in two parts. I want Judy to also to weigh in on this. I think we are going to see, you know, retail margins face significant pressure over the kind of, you know, certainly the rest of Q4, and I think into, well into next year as things sort of stabilize. I would say that deep discount, in our view, is right now it's more category killing. It's sort of it's disruption rather than an actual value strategy. The way we look at it is if you discount everything in your store, consider, you know, if it's champagne and it's 20% off and it's, you know, discount beer and it's 20% off, that's not really a strategy. That's kind of a, that's a, that's a disruption for market share, which has an early sort of, I think, advantage, but it has to normalize. You still have to run a profitable business. Our approach to this is really look, use the data and analytics that we have, the knowledge of what value is to our consumer. In some cases, it is going to be, you know, like rock bottom prices on a particular product. In other cases where you can demonstrate, well, look, actually there isn't price sensitivity for this particular product, it's just not in the nature of that product, well, you know, why discount that to, you know, super low margins if you don't have to? Knowing your customer is going to be key to responding to value. Also we would say that, you know, if you look at other parts of the value chain, which are, for example, convenience, if you could offer that, then I think that that's a compelling, you know, that's a compelling counter to what we're seeing in the deep discount space without having to kind of say, "Look, it's just a blanket deep discount. That's the strategy." Right? We have to, you know, we have to come through this, and I think that a compelling service offering, and I think that, you know, recognizing what needs to be value, what competition do you need to address directly on price and what competition do you directly address with service offerings to come through this. Thank you. Judy, if you're on the line. Yeah. Yeah, no problem. Sure. You wanna address sort of some of the other technical pieces? Sure. Yeah. I would just add also that, you know, we're gonna be really focused on more so on growing revenue and gross profit dollars as opposed to just on gross margin percentage. You know, focusing on growing gross profit dollars will come from, you know, a combination of a couple of things. First of all, you know, we'll, you know, continue to have expansion in our store network, but it'll be much more weighted towards co-location sites with Circle K going forward. As Trevor already talked about, you know, as our e-commerce strategy solidifies, we should be able to drive further traffic and sales volume and expand revenue and gross profit as well. Great. Thank you. Congrats again on the results. Thank you. Thanks. Thank you. Our next question comes from Justin Keywood from Stifel. Please, Justin, your line is now open. Good morning. Thanks for taking my questions. On the PotGuide, Wikileaf, and Pineapple Express offerings, how far along are these assets from being integrated, if that is ultimately the goal? Yeah. That is the goal. Pineapple Express has just started, that's really just we announced that last week, that's going to be over the coming months. In terms of PotGuide and Wikileaf, those are much more advanced. You know, I think that we've got our team that's down in Denver now. We've had, you know, them communicating with us up here. That's much more advanced, but even then, it's a complicated technical infrastructure to integrate. We're still probably about halfway through that in terms of Wikileaf and PotGuide. Okay. I missed how much these assets contributed in the quarter. I think Judy mentioned that in her opening remarks. It was, it was modest contribution. Sure. It was, it was quite modest. As you know, we only closed on the transaction in mid-September. It's really, you know, about a month worth of revenue. It was around CAD 200,000 that we recognized in this quarter. Okay. Not a full quarter yet. No. For PotGuide and WikiLeaf, is there an option to launch these products in Canada, or is it just specifically for the U.S. market? Actually, it's both markets. If you were to go on PotGuide, you know, today, you would be able to transact compliantly e-commerce in Canada and the U.S. The idea is that these things are going to be in all jurisdictions where cannabis is legal. The other sort of point, I think to your earlier question on contribution for PotGuide and WikiLeaf, part of this is not just taking the business and saying, "Well, what is it as a standalone?" It's how do we augment it? PotGuide, actually prior to our acquisition, did not have e-commerce functionality embedded in it. PotGuide was sort of more about, you know, like a dispensary listing type site that had a lot of traffic, whereas we've added e-commerce functionality in Canada for that to allow it to happen. You know, we're expecting to grow those businesses, not just sort of acquire them and let them be what they were before. Just heading into Q4, I know it's always been seasonally strong for Fire & Flower, but there's also some other factors at play here with the price discounting going on and market saturation, but any indication on how you're seeing Q4 play out just given the early indications? I mean, I think I'd like to hear Judy's hear-view on this as well, but I think Q4 is going to be challenging for all retailers because, you know, as I said, it's not just the mass licensing that we're seeing in Ontario because the queue that existed before, these mom and pops have to launch. They have no choice but to launch. We're gonna see that. Also looking at the I'm gonna call it sort of blanket, the discount players, which is not a strategy as we think, but it's a disruption that's actually going on. It's gonna be tough for all retailers, including Fire & Flower. Judy, do you have any other color you wanna add to that? Yeah. I would agree with all of that as well as, you know, in terms of retail, Q4 will be probably similar to Q3. We'll see maybe a little bit addition as a result of having some increased store network where we have another couple of stores that we're gonna be adding in Q4, so we'll benefit from that. Yeah, it'll still be a pretty challenging environment for retail and continued downward pressure on the gross margin. Okay. That's helpful context. Finally, just on the Nasdaq listing, any timeline there? I know that you're in the process and we saw that reverse share split, but could that happen in calendar Q1? Would that be a reasonable target? I don't think it's going to happen in calendar Q1. There are, you know. Of course, anything is possible, but just given the kind of traditional holiday slowdown of things like processing and turnarounds, I don't think that's super likely. I think for us, we're looking at it in terms of like the early parts of January. It could happen in December because again, we are waiting. It's not in our kind of court, but we do expect it in the coming weeks. I think it's more likely though that it's an early January endeavor. Okay. We'll look forward to that. Thank you for taking my questions. Thank you. Thank you. Our next question comes from Frederico Gomes from ATB Capital Markets. Please, Frederico, your line is now open. Yeah. Good morning, Trevor and Judy. Thanks for taking my questions. Just first on delivery, you guys were building, you know, a fulfillment network using your store footprint, but could you provide some color on the economics there? How do you expect that to impact your business, maybe in terms of sales per store as well as margins and the cost of delivering product here in Canada? Thanks. I think this is probably a two-part answer as well. Kind of at a high level, one of the reasons things that was attractive to us about this is their operating scale. Obviously with scale, you get efficiency, cost efficiency. You know, we are expecting that to be positive for the company overall. It, of course, depends on each provincial regime. You know, for example, Alberta is about to convert to that system, whereas in Ontario, we can kind of it's already working and we can de-deploy it. In terms of the economics, we're still integrating it into the store. We're going to have to integrate their distribution nodes into our network. You know, again, stay tuned on that. Overall, if you think about the economy of scale, this absolutely has scale. 40,000 deliveries a month means that they're doing it, you know, at a, at a significantly reduced rate than people that are trying to do it off the side of their desk or doing it on an individual store basis. I don't know, Judy, if you wanna add any more color to that. Yeah. The only other color I'd add was, you would have seen in our press release, we highlighted that, you know, Pineapple Express already delivers revenues of approximately $10 million annually. That was the trailing twelve months revenue. And yes, as Trevor mentioned, you know, this is a very highly scalable business. And as we integrated into our, you know, into Fire & Flower and in our retail network, we do anticipate operational efficiencies to occur and margin expansion. Okay. Thanks for that. maybe on your Spark Perks program, you know, just curious on how do you think that, it's different from other loyalty programs from other retailers out there? We've seen that, you know, many competitors are mentioning, you know, membership metrics there. just how is Spark Perks different, for you guys? Yeah. That's a great question. We started from the origin of the company, we knew that the loyalty was going to be a key part of it. When you outsource loyalty, if you use third-party loyalty software, our view is that you've lost a bit of that customer relationship, that sanctity of that. You're sort of being disintermediated to some extent. We decided to build it ourselves. It's very, very core to what we're doing, and we built it as an actual customer engagement platform. You, you know, it's not simply just getting email addresses and putting them into a roster or buying email addresses. It is, it is really a customer management and relationship management platform. For us, we started with the end in mind, this is not just a discounting platform, which is I think that's what some of the things that we're seeing now, which is it's almost like a member program, which is like a discount card. We would argue that discount card is not actually loyalty. Discount card is a discount card, and the two are very different things. Loyalty is about brand loyalty, you know, increased number of transactions. It's about, you know, someone continuing to be with the, with the brand, whereas discounting is very transactional, and doesn't actually, in our view, indicate loyalty. It just indicates a discount, right? If you happen to shop at a certain grocery store because it's close to you, they might get the idea that it is, you know, that you're loyal to them. When in fact if there's a store that opens up closer to them, they'll just go to that store. That's actually not loyalty, that's transactional. That's kind of how we view it, the difference between the two of them is our investment in that process, which is being, you know, predates legalization in Canada, and we continue to invest in it heavily, you know, over the preceding years. That's how we think of it as different. Okay, thanks for that, Trevor. Just maybe a last one for me. Just more big picture here. You know, looking at data from Hifyre, we saw a significant decline month-over-month in November, like overall industry sales. Would you have any insight on what drove the decline, and how do you see the industry sales growth going forward? Thanks. Yeah, I mean, that is an interesting question. You know, traditionally there would be sort of higher sales heading into kind of November and into the kind of holiday season. That is still something that we're kind of looking into. You know, I suspect that some of the things that are going on though are, you know, increased activity in the illicit market. We have to always remember that our key competitor here. You know, we can talk about other legal retailers, but really the biggest competitor for all of us is the illegal market. You know, there's a lot of activity and increased activity in the illegal market to regain their market share. Just because they're illegal doesn't mean they don't view themselves as competitors. One of the key pieces of the illegal market is very rapid delivery, you know, and all these sort of different pieces that we're trying to compete in the legal market. You know, I'd suggest that anecdotally that that may be sort of part of what's going on there. I don't know, Judy, if you have any other views on that data as well. no, nothing really further to add. Thank you. I'll hop back to Nico. Thank you. As a reminder, to ask any further question, please press star followed by one on your telephone keypads now. Our next question comes from Aaron Gray from Alliance Global Partners. Please, Aaron, your line is now open. Hi, good morning, and thank you for the question. First question for me, you know, want to talk a little about the brick-and-mortar shakeout. You know, Trevor, it's something, you mentioned pressure continuing into next year. We've spoken about the need for shakeout at retail, especially, in Ontario, like Toronto, for some time now. Want to get your feeling in terms of whether or not you see that on the horizon, whether or not you feel maybe differently about the timing of the shakeout now than you did six months ago, especially with some of these mom and pop and discount stores that you mentioned. Just kind of get an overall view of where you feel like the market is. Thank you. Sure. I mean, this is also probably like a two-part question. I mean, we definitely see it continuing through, you know, 2022. It's going to be something like the shakeout is going to be, I think, you know, pronounced. It's happening. It's going to happen across the board. Look, even I said before, so deep discount is a interesting term. It's like if it is actually a strategy, a value-based strategy, then it's sustainable. If it's simply deep discounting for market share, then we would argue that it is not sustainable. It's designed for short-term impact, but it has to rationalize and has to become sustainable at some point. That we think happens over 2022. In terms of the underlying kind of economics though, with driven by, you know, over-licensing in many of these provinces, we've seen this. I think it took about 12 to 18 months last time to kind of work itself through the system. The difference now though is that, you know. We have all these stores that are out there, I would say, you know, probably larger footprints than needed, and many of them with legacy leases that are, I'm gonna call kind of green rush-oriented. These are not, you know, these are leases that are predicated on very high store economics for many of them. Our strategy and our response to this is, look, let's drive growth through an asset-light fashion where we have a, you know, wonderful partner in Alimentation Couche-Tard, Circle K, who have existing lease footprints. Those leases were negotiated, you know, decades ago by a convenience store giant. You can imagine their economics are probably better than, you know, a cannabis company that was trying to get in the market in 2017, 2018. That's our kind of way to respond to this, and we think it's got a lot of longevity because as you start to shake things out, things like, you know, how much square footage you have in a store becomes meaningful. That's an operating cost. That's a fixed cost. You know, you can reduce staffing, but you can't reduce it to zero, and your store footprint is your store footprint. For us, smaller store footprint, leveraging our partner to do an asset-light and leverage our technology to get that high margin revenue is how we kind of get through the shakeout. I think the shakeout is happening, and it's going to continue to happen, and it's gonna happen more rapidly to groups that have, you know, inefficient store operating models. If you've got a very large store and a lease that reflects, you know, very high expectations of the cannabis industry, that's gonna be a challenge. Unfortunately, that is a lot of mom-and-pop stores where, their, you know, individual stores, you know, haven't perhaps done the same math on foot traffic or competitive analysis or don't have the tools that we do with our partnership with Circle K. I mean, it is unfortunate that that's, I think, going to be the reality, but I think that's where a lot of the rationalization is going to take place, just like it did in Alberta when we saw that over licensing two years ago. That's a really helpful color. Thank you for that. Second question from me on delivery? I know a couple of questions asked about Pineapple Express. One more question. 100 stores now using as delivery nodes, do you connect enough to kind of capture the entire Canadian market, or how many more stores you think you'd need as distribution nodes? Just trying to get a better, you know, idea of the growth that you expect, maybe where the company is today versus where you'd like to be in the next 12 months. Thank you. I mean, these are the active discussions we have with Circle K, which is like, how do we, how do we look at our entire, you know, kind of combined network to service customers? You know, what experience stores do we have, like existing legacy stores do we have, and what could be augmented by a smaller 700 sq ft co-located store, you know, perhaps 3 km away to optimize the delivery time in that area, right? To try to get it much more like pizza delivery and much less like, you know, other types of delivery. That's how we're kind of looking at it. You know, I think that we will continue to expand as long as the economics make sense. You know, Circle K is a highly rational actor with a very disciplined capital allocation plan. You can imagine those kind of discussions that we're having, you know, are pretty data-driven. There is room in the Canadian market for expansion. There's significant room, particularly in non-core markets, to be able to make a difference. Again, the suggestion there, I think, is going to be that it's really an asset-light expansion rather than, you know, continuing to try to negotiate, I think there are retailers, cannabis retailers, that are trying to negotiate, you know, individual leases with landlords that, you know, they don't have leverage on. I think those are gonna be much more challenging to operate successfully. Okay, great. Thanks so much for the call, and I'll drop back in queue. Thank you. We currently have no further questions. I will now hand over back to Trevor for any final remarks. I wanna thank everyone for joining us today. It's really been a pleasure to sort of share the next part of our strategy here and our, you know, transition to a cannabis consumer technology platform from our earlier model of technology-enhanced retail. We look forward to continuing to share the results with you, and we'll see you next quarter. Thank you very much. This concludes today's call. Thank you for joining. You may now disconnect your lines.