Hello, and welcome to the Fire & Flower Fourth Quarter Financial and Operational Results. My name is Katie, and I'll be coordinating your call today. If you would like to ask a question during the presentation, you may do so by pressing star one on your telephone keypad. I'll now hand over to your host, Trevor Fencott, the Chief Executive Officer of Fire & Flower, to begin. Trevor, please go ahead. Thank you very much. Thank you all for joining me today on our fourth quarter at fiscal year 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 from the fourth quarter end of January 29, 2022, and the results are available on the company's website and on SEDAR. Prior to beginning our call, I'm going to have to advance the slide here. I'll direct listeners to the cautionary statement regarding forward-looking information published on the news release for the fourth quarter and fiscal year 2021, as well as our company's filings on SEDAR. Today, we'll be providing a commentary on the fiscal fourth quarter of 2021 financial results, along with an update on the continued execution of our asset-light technology-driven business model that's driving our financial growth and expansion of our cannabis retail footprint across North America. We'll then conclude with the moderated question-and-answer period from equity research analysts that cover Fire & Flower. Our fiscal 2021 highlights. To begin, fiscal 2021 was a year of significant growth and advancement across the company. The results continue to demonstrate the unique value of the Hifyre consumer technology platform and progress across all business segments. Total consolidated revenue across the segments of digital, retail, and wholesale increased 37% to a record of CAD 175.5 million for the fiscal year. Given retail headwinds that occurred in the fourth quarter of the year, adjusted EBITDA was essentially flat for the prior year at about CAD 5.1 million. Driving the growth in the business was a significant increase in year-over-year revenue in our Hifyre consumer technology platform segment, with an impressive 129% increase year-over-year. In this segment alone, the company generated CAD 14.3 million in revenue at an extremely high margin. Despite an increase in retail store licenses in all jurisdictions, which Judy will speak to in her comments, our retail business segment increased revenue by 29% to CAD 130.8 million for the fiscal year. At the end of our fiscal year, Fire & Flower represented one of the largest cannabis retail store networks in Canada, with more than 100 stores open and operating. One of the most exciting progressions of the fiscal year was driven through a number of our acquisitions in our e-commerce and asset-light business unit. We refined our vision to a consumer retail and technology platform with the mission to deliver cannabis to the world. Executing upon this vision, we added cannabis, consumer web traffic into our platform through the acquisition of PotGuide and Wikileaf at the top of our funnel, which also marked the opening of our Hifyre office in Denver, Colorado. We also acquired the largest cannabis delivery business in Canada, Pineapple Express, which now delivers more than 40,000 packages per month across many Canadian provinces. Pineapple Express provides the necessary technology and scale to cost effectively deliver cannabis packages direct to consumers in a manner that those shopping in the legacy markets are accustomed to. In addition, this business provides us with enhanced operating leverage through offering medical delivery services to our existing licensed producer partners as well as logistics within the cannabis industry. The results and progress that we've achieved this year uniquely position Fire & Flower to compete in the evolving Canadian market and advance our strategy in the United States and international markets. For fourth quarter 2021 and those recent highlights. During the fourth quarter of fiscal 2021, we continued to see headwinds driven by both a significant increase in the number of licensed stores as well as competitive price pressures within the market. We've taken steps to address competitive challenges by playing to our strengths, ensuring that we focus on the long-term sustainability of the business. For the quarter, we saw a modest re-decrease in revenue to CAD 42.7 million, with a negative adjusted EBITDA of CAD 2.4 million. Despite the consolidated performance, our highest margin, most growth-oriented, and most scalable business segment, the Hifyre consumer technology platform, reported a record quarterly revenue of CAD 4.1 million, again at an extremely high margin. This represents a sequential quarter-over-quarter growth of 7% over the past record quarter for this business segment. We continue to focus on innovation, growth, and commercialization within this business segment to propel the company forward. One of the questions that we get for most investors is the timing of our Nasdaq application. Recently, we completed the filing of our Form 40-F registration and DTC eligibility, which are amongst the final stages of our Nasdaq application. We understand that investors are eagerly anticipating the Nasdaq listing, especially as we are positioned as a technology-driven consumer cannabis platform, which is a natural fit for a listing on the Nasdaq exchange. We believe the timeline for our listing is measured in weeks at this point, and we're excited to be listed on this exchange, which will bring greater visibility to U.S.-based investors who are already interested in our story. Last week, our strategic partners, Alimentation Couche-Tard, the owners of the Circle K convenience store chain, provided us with their intent to exercise the Series B Warrants, which will take their ownership stake in Fire & Flower to more than 35%. I'll speak further to our progress with Circle K and other strategic initiatives in the next slide. Most recently, in response to the needs of the rapidly growing value-oriented consumer segment, we've announced the expansion of the industry-first Spark Select pricing program. This expansion of our strategy is designed to attract additional value-oriented customers, which are driving competitive pressures in the market. As always, our strategic focus has been on capturing valuable customer segments and preserving the highest possible gross margin through using data to understand our customers and meet their product and pricing needs. Further details on the expansion of Spark Select program will be forthcoming on our website, social media, and through digital and retail engagement channels with our customers. For Circle K strategic update. For those of you on the call today who are new to our story, Fire & Flower has a strategic agreement with retail giant Alimentation Couche-Tard, the owners of the Circle K convenience store chain. This is a company with an impressive story and a retail scale of more than 14,000 stores in 26 countries around the globe. As of today, Couche-Tard has a market capitalization of more than $60 billion. Through a warrant structure, Circle K has the potential to take up to a 50.1% ownership stake in Fire & Flower, which I'll provide an overview of in the next slide. Couche-Tard holds a board position with Fire & Flower, and we've worked together on many strategic initiatives, including a co-located store program, which was proven successful on every metric. Based on the pilot program, Fire & Flower entered into a strategic licensing agreement where the Hifyre technology, Fire & Flower brand and operating procedures will be used in cannabis dispensary locations owned by Circle K adjacent to convenience store location. This is an important part of our strategy. A potentially large number of convenience store locations not only provide traffic and consumer engagement to the Fire & Flower brand, but also serve as distributed pickup points for e-commerce delivery to cannabis consumers through the Pineapple Express Delivery service and logistics. It's important to note that we continue to work with Circle K on improving operational efficiencies and real estate site selection across our retail network. There are also significant opportunities for the Hifyre consumer technology platform globally as Fire & Flower and Circle K become more closely aligned. Sort of a summary of our warrant action here. We thought that it's important this slide to call to provide an overview of the strategic agreement and warrant structure between Circle K owner Alimentation Couche-Tard and Fire & Flower. First, I draw your attention to our disclosure on this topic that the warrants are held through a numbered Ontario company, of which details can be found on SEDAR. I'll also note that the warrant numbers referred on this slide are post consolidation. It's a bit of history in the warrant structure. Up until March 2, 2021, Couche-Tard held 19.9% ownership in us, which was achieved through an initial investment, which is a conversion of A.1 and A.2 warrants, as well as a conversion of some debentures. From there, in June 2021, Couche-Tard exercised the Series A-3 Warrants, which took the company up to 22.4% ownership in Fire & Flower. Last week, Couche-Tard provided us notice of an early exercise of the Series B Warrants, which will be completed 2 days from today. The next series of warrants after the Bs are the C warrants, which, if exercised, will take Couche-Tard up to 50.1% ownership in our company. The timeline on these warrants is between October 1st, 2022, and June 30th, 2023, at an outside expiry date. It's very important to understand that these warrants are exercisable at 125% of the 20-day VWAP to a maximum of CAD 30 per share. I'll underscore this again, that these warrants are at a 25% premium to market with an outside expiry date of June 30, 2023. We thought it's important for these, those people that are new to the story to provide an overview of this structure. If there are any questions about the warrant structure of our strategic relationship, we encourage you to reach out directly to our investor relations team. Leading the way in our growth has been the Hifyre cannabis technology platform, which has delivered success in high-margin revenue channels. As we continue to build our business as a complete consumer technology and retail platform, Hifyre will build and maintain our competitive advantage. In fiscal 2021, we acquired PotGuide and Wikileaf, driving top-level cannabis consumer traffic. The acquisition of PotGuide brought us a U.S. presence for Hifyre with our office in the technology hub of Denver, Colorado. In addition to driving revenue in PotGuide, Hifyre is also generating revenue through the amended strategic agreement with Fire & Flower U.S. Holdings, formerly American Acres Managers. Through our data and analytics business, Hifyre IQ, we are also continuing to grow our strategic partnership with U.S. data leader BDSA in offering integrated Canadian and U.S. data, where subscribers include major U.S. financial institutions, beverage alcohol companies, tobacco companies, and international players looking to grow in the cannabis industry. Our core products of Hifyre IQ and Hifyre Reach enjoy very significant market share and have built a base of strong monthly recurring and annually recurring revenue that you'll see us refer to as MRR and ARR. The direct-to-consumer branded e-commerce channel enabled by Pineapple Express Delivery has launched in pilot with branded dispensaries online for key Canadian licensed producers, including Tilray, Auxly, and Organigram, to name a few. We see a significant opportunity to leverage our existing customer and vendor relationships in expanding medical delivery and logistics through Pineapple's industry-leading CannDelive technology and network of more than 40,000 deliveries per month. Moving on, I'll provide an update on our retail network and the expansion of the Spark Select program. Our retail network continues to be one of the largest across the country, with more than 100 corporately owned stores across major prime retail markets. Given our large corporate-owned retail footprint, we will also focus on how to drive consumer touch points in an asset-light way through the co-located store program with our partners at Circle K. With the addition of a significant number of retail stores and licenses across the country and the emergence of a growing value-oriented customer segment, it's important for us to respond to the needs of this rapidly growing segment. This is especially true in the largest market of Ontario. Last week, we announced the expansion of our Spark Select member pricing program to our more than 420,000 Spark Perks members. Within the expansion of this program, there will be a large number of products offered, with the top products discounted to address the needs of this highly competitive market. Fire & Flower will leverage the deep insights garnered from our proprietary Hifyre IQ analytics program to establish a competitive pricing and product strategy that provides our customers with products that meet their buying habits and needs. Anticipated benefits of the expanded Spark Select program include driving higher overall retail sales, increased engagement from our Spark Perks members, new Spark Perks membership benefits, all while addressing this rapidly growing consumer segment. I'd like to now turn the call over to Judy to discuss our financials and provide a more detailed overview of the progress of each of our key business segments has made in the fourth quarter and the full fiscal year 2021. 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 remind everyone that Fire & Flower follows a retail calendar, with every quarter consisting of 13 weeks. Today, I will be speaking to the fourth quarter and year-end results for fiscal 2021, which ended January 29th, 2022. For the current fiscal year 2021, consolidated revenue was CAD 175.5 million, an increase of 37% compared to CAD 128.1 million in the prior year. All three business segments individually contributed to the year-over-year growth in consolidated revenue. The retail segment generated revenue of CAD 130.8 million. The wholesale distribution segment generated revenue of CAD 30.3 million, and the digital platform segment generated revenue of CAD 14.3 million. Total gross profit for the fiscal year 2021 also increased 37% year-over-year to CAD 62.1 million, and gross margin percentage was 35%, consistent with the prior year. Total SG&A expense for the current fiscal year was CAD 63.2 million, compared to CAD 45.8 million in the prior year. SG&A expense, excluding share-based compensation and acquisition strategic initiative professional fees for the current fiscal year 2021 was CAD 57 million, or 32% of revenue, compared to CAD 40.3 million, or 31% of revenue in the prior year. The year-over-year increase is attributable to growth across all operating segments. This includes an increase in operating costs associated with the company's expansion of its retail network from 73 stores at the end of fiscal 2020 to 105 stores at the end of fiscal 2021. Expansion of the warehouse distribution operations to support growth from new retailers sourcing inventory from Open Fields in the province of Saskatchewan, continued investment in the Hifyre digital platform as we expand its virtual presence, and incremental headcount in our corporate shared services to support the company's strategic growth initiatives. As well, professional and consulting fees increased by CAD 1.9 million over the prior year, primarily due to business development activities, preparation for Nasdaq listing, implementation of a new ERP system, and developing the co-location program with ACT. Consolidated adjusted EBITDA for the fiscal year was CAD 5.1 million, consistent with the prior year. All three business segments generated positive adjusted EBITDA for the full fiscal year ended January 29, 2022. Given the challenges we faced this past year with prolonged changes in operating conditions due to COVID-19 and an intense competitive retail landscape, the continued growth in consolidated revenue and adjusted EBITDA in fiscal 2021 reflects the benefits of scale and being a tech-enabled retailer with a diversified segment portfolio. In particular, revenue from our proprietary Hifyre digital platform more than doubled that of the prior year and delivered adjusted EBITDA of CAD 7.7 million, compared to just CAD 1.8 million in the prior year. For the fourth quarter of fiscal 2021, our overall financial performance was soft when compared to the strong results we posted in the prior year and compared to the previous quarter. This highlights the accelerated pace in which the cannabis retail industry is evolving as a result of license saturation and increased competition. As Trevor mentioned earlier, we have already undertaken a proactive expansion of the Spark Select product and pricing program to capture additional customers in the fast-growing value cannabis consumer segment. Consolidated revenue for the fourth quarter of fiscal 2021 was CAD 42.7 million, down modestly from CAD 43.2 million in the prior year comparable period. Retail generated revenue of CAD 31.7 million, wholesale distribution generated revenue of CAD 7 million, and the digital platform segment generated revenue of CAD 4.1 million. Retail revenue of CAD 31.7 million for the 13 weeks ended January 29, 2022, decreased 5% from CAD 33.2 million in the prior year comparable period and decreased CAD 2 million or 6% sequentially from Q3 fiscal 2021. The retail network expanded to 105 stores at the end of Q4 fiscal 2021, compared to 97 stores at the end of Q3 fiscal 2021 and 73 stores at the start of fiscal 2021. On a same-store sales basis, comparing the 73 stores with operations throughout the 13 weeks of Q4 fiscal 2021 and Q4 fiscal 2020, sales decreased by 33% year-over-year. Despite the increase in store count in this current fiscal year, the decline in y-revenue year-over-year and from the prior quarter is primarily due to the highly competitive retail landscape resulting from mass licensing, particularly in Ontario, as well as aggressive price discounting by value-based retailers. In Ontario alone, the total provincial store count increased by approximately 169 daily licensed stores, or 14% from October 30, 2021 to 1,412 stores at January 29, 2022. This also represents a year-over-year increase of 245%, or 1,003 newly licensed stores since last year. In the fourth quarter, the decline in same-store sales was most significant in Ontario, Alberta, and Saskatchewan as a result of the surge in newly licensed stores in these provinces and aggressive discount-based pricing tactics by value retailers as it intensified. While we saw a strong lift in total sales in December over November because of our promotions around the holidays, January sales declined significantly compared to December, similar to the market overall, which declined 8% nationally, according to Statistics Canada data. From the sales trends we have seen over the last several months, it's clear that the value-oriented cannabis consumer segment is growing at a more rapid pace. In response, we announced last week that we are launching a new pricing strategy that will focus on competitive and member-based pricing. With the expansion of our industry-first Spark Select member pricing program, there will be a larger number of products offered, with top products discounted to address the needs of this highly competitive value-oriented cannabis consumer segment. Wholesale distribution revenue of CAD 7 million for the fourth quarter of fiscal 2021 was comparable to the prior year as the Saskatchewan market becomes stabilized. We recently announced that Open Fields Distribution is expanding into the Manitoba market with cross-docking services and leveraging Pineapple Express Delivery services. Extending these services into an additional province creates further scale and efficiency for the wholesale business segment going forward. Digital platform revenue increased 33% to CAD 4.1 million in the fourth quarter of fiscal 2021 from CAD 3.1 million the fourth quarter of fiscal 2020. As the company continues to monetize the Hifyre cannabis technology platform with increased data and ad network subscriptions, recurring monthly services to external clients and standalone data and analytics projects. The year-over-year increase also reflects the acquisitions of PotGuide and Wikileaf in Q3 of fiscal 2021, as well as Pineapple Express Delivery, which was acquired in late January 2022. Additional revenue was driven from channels within the U.S. and the medical cannabis market as part of Hifyre's strategy to increase engagement with its B2B customers. In the fourth quarter of fiscal 2021, the digital platform segment generated approximately $600,000 in revenue from the U.S. market. We continue to look for opportunities to drive aggressive growth in the U.S. market. Total gross profit for the company for the fourth quarter of fiscal 2021 was CAD 13.7 million or 32.1% of revenue, compared to total gross profit of CAD 16.4 million or 38% of revenue for the same period of the previous year. The year-over-year decline in gross profit of CAD 2.7 million is attributed to the retail segment, which saw a gross profit decline of CAD 3.8 million year-over-year and gross margin reduction to 25.8% compared to 36% in the prior year. The decline was offset by an increase in gross profit of CAD 0.9 million from digital platform segment. In the fourth quarter of fiscal 2021, gross margin percentage on a consolidated basis benefited from a shift in mix, with a larger portion of gross profit coming from the high-margin digital business in the current period compared to the prior year. The digital platform segment represents 29% of total gross profit dollars in the fourth quarter of fiscal 2021, compared to 19% in the prior year comparable period. Total SG&A expense for the company for the fourth quarter of fiscal 2021 was CAD 17.9 million, compared to CAD 15.2 million for the same period of the previous year. SG&A expense, excluding share-based compensation and acquisition strategic initiative professional fees for the fourth quarter of fiscal 2021 was CAD 16.1 million or 38% of revenues, compared to CAD 13 million or 30% of revenues in the prior year. The increase was primarily due to higher store counts, driving increased associated operating costs, combined with a reduction in same-store sales. Total adjusted EBITDA for the company for the fourth quarter of fiscal 2021 was negative CAD 2.4 million, compared to positive adjusted EBITDA of CAD 35 million for the same period of the previous year. While the digital and wholesale segments delivered positive adjusted EBITDA and year-over-year growth in the current quarter, this was not enough to offset the decrease in adjusted EBITDA of negative CAD 2.1 million from the retail segment and increased SG&A expense at corporate. The company reported a net loss of CAD 19.5 million or a loss per share of CAD 0.54 for the fourth quarter of fiscal 2021, compared to a net loss of CAD 11.4 million or net loss per share of CAD 0.55 in the comparable period of fiscal 2020. In the fourth quarter of fiscal 2021, the company incurred restructuring, impairment, and other costs of CAD 14.5 million resulting from restructuring efforts as we optimize our retail portfolio and strategy. Of this total, a CAD 10.9 million non-cash impairment charge pertained to acquired retail licenses for certain locations in Ontario, Alberta, Saskatchewan, and BC as a result of a carrying value exceeding the expected recoverable amounts of these assets. In addition, impairment charges of CAD 2.5 million for property and equipment and CAD 0.9 million for right-of-use assets were incurred associated with certain retail locations that the company intends to no longer operate in. Our balance sheet remains strong, and as of January 29, 2022, our cash balance on hand was CAD 19.8 million. During the fourth quarter of fiscal 2021, the company entered into a loan agreement with Couche-Tard for a maximum aggregate amount of CAD 30 million, which could be drawn in three separate tranches of CAD 10 million. As of January 29, 2022, a total of CAD 20 million was withdrawn under the loan agreement. As Trevor mentioned earlier this week, we announced ACT's intention to exercise all of the Series B Warrants outstanding, T trading dates following the release of our fiscal 2021 financial statements. Following the exercise of the Series B Warrants, the outstanding CAD 20 million loan and accrued interest will be repaid in full, and ACT's ownership of Fire & Flower will increase to approximately 35%. Thank you. I'll turn it back to Trevor and look forward to questions from the participants on the call. Thank you, Judy. Some concluding remarks before we move on to questions from research analysts covering Fire & Flower. Fiscal 2021 was a year of significant growth for the company as we advance our mission to deliver cannabis to the world. We're uniquely positioned as a cannabis consumer technology and retail platform with significant ability to scale in the U.S. and internationally as new opportunities emerge. Our Hifyre digital business segment has demonstrated continued impressive growth and is at the core of our strategy to compete in retail while demonstrating leadership in e-commerce and delivery channels, where we aim to capture a valuable, significant number of customers from the legacy cannabis market. On the retail front, as the industry-first leaders in member pricing will expand the Spark Select program to meet the needs of the rapidly expanding value-driven customer segment. We view this customer segment as important in building audience size that we've proven the ability to monetize through ancillary revenue channels. Fire & Flower is unmatched with our strategic partner Alimentation Couche-Tard, whose next series of warrants, if exercised, will be at a 25% premium to market and positions Fire & Flower with ample capital for expansion, both domestically and internationally. Our vision is aligned with Couche-Tard and investors and customers can look forward to many more Fire & Flower stores adjacent to high-traffic Circle K convenient stores. From the standpoint of public markets, we look to our Nasdaq listing to bring greater exposure to our story and a broader U.S. investor base to our market in the coming weeks. Lastly, and importantly, I'd like to offer a sincere and heartfelt thank you to all the employees of Fire & Flower at every level of our company for their tremendous work of propelling our shared vision forward, particularly through a pandemic and challenging times. I'm going to end with sharing our newly refined vision. For those that have not had a chance to review our most recent corporate presentation, our vision is to become the largest cannabis consumer platform by using technology to focus on customer needs by transforming the way people learn about and purchase cannabis. We'll own the relationship with our customers from acquisition through to purchase, either in store or online, to fulfillment to their doors by optimizing and simplifying their consumer experience. With that, I believe we're going to take questions. Thank you. If you would like to ask a question, please press star followed by one on your telephone keypad now. If you would like to remove your question, please press star followed by two. When preparing to ask your question, please ensure your phone is unmuted locally. We take our first question from Frederico Gomes from ATB Capital. Please go ahead. Good morning, Trevor and Judy. Thank you for taking my questions. My first question is on your gross margin at the retail segment, you know, close to 26%. We've seen some of your competitors with margins of 16%, 17%, 18%. Just considering the expansion of your pricing program there, should we expect your margins to decline to that same range at the retail level? You know, would you say that's sustainable over the long term, or is it just a short-term strategy to compete and gain market share? Thank you. Maybe I'll provide some high-level commentary and have Judy jump in as well because I think two perspectives on this. By the way, great question. That's I think really on everyone's mind. For us, we started as a data-driven company, and, you know, we view the competitive sort of landscape as employing kind of sort of blunt tools like blanket discounting, which is simple to execute. You can do it sort of quickly, and it's effective in sort of gaining things like market share. We really wanna lean into our competitive advantages. We have better data than our competitors. We have better tools than our competitors to understand what products need to be discounted and at what price is necessary to satisfy the demands of a consumer cohort. For us, I think we wanna be a lot more sort of choosy in where we need to compete and where we don't, because you're leaving a lot on the table, in our view, if you're simply just executing a blanket discount strategy, which might make for some press releases, but ultimately, you know, I think it's going to be challenging to be sustainable. Maybe, Judy, do you wanna add some extra color to that? I would just add to what Trevor was saying. I mean, I think we are definitely gonna leverage our Hifyre technology and the very sophisticated algorithm that we have available to us to really target products and formats of different products that are most wanted by our consumers. We're taking a really targeted sort of price reduction approach, and we feel like this is, you know, our competitive advantage is to have the technology and the ability to use it towards a very sophisticated pricing and product strategy program. And in that way, we, you know, we're not looking to have our gross margins or trying to protect our gross margins as much as we can, and feel that, you know, while we'll see some compression for sure over the near term, ultimately, as we increase traffic and sales volume, we'll see that start to stabilize. Thank you. My next question is on your number of stores. You had 105 stores open this quarter, but, right now you have only 101 stores as of today. Could you provide more color on the stores that you closed? Were they in any specific geography? I know that some of them were accessories, and other portion in cannabis. What are your expectations for total number of stores for this quarter, Q1, as well as for the reminder of 2022? Thank you. Sure. Again, maybe we'll sort of double-team this question as well. I mean, we've been very public yet that we have a shared service agreement with Couche-Tard. We actually, you know, share a lot of information with their real estate team and our real estate team. We've been, you know, obviously undergoing portfolio, continued portfolio review, and looking at our entire breadth of our portfolio. Yeah, some of them are accessory stores, I think that I think we closed. We, we need to always be evaluating the landscape and using the most sophisticated tools we have, which is, you know, Couche-Tard has a tremendous amount of information on, you know, where to place stores and, you know, evolving geographies and stuff. We're gonna always have that as part of our arsenal. I think we are gonna see some pairing in markets where, you know, we don't feel we can be competitive and then sort of moving into markets where we feel there is still a competitive advantage to be had. You know, that's sort of the one piece. The other piece is, you know, our goal for growth is largely driven by an asset-light model. We have corporate-owned stores, which are important as hubs. You've heard me talk about hub, spoke, and delivery as part of our model. Spoke locations, co-located locations, are actually utilizing Circle K real estate, which is very asset-light to us and very efficient. They serve as distribution nodes that can service a market, and maybe service a market where an experienced store, like a full, you know, standalone store is not warranted, you know, given the market pressure. Those are the two things I think to keep in mind. Judy, do you wanna sort of add anything to that on kind of a specific store level or strategy? Sure. Yeah, hi, Fred. We definitely did, we closed a couple of stores in Q1, a couple of accessory stores and other corporate stores. It was sort of all across Canada. In terms of the go forward, I mean, we still have, approximately planning to build approximately around 20 corporate stores still, in fiscal 2022. We've been much more selective in our real estate, as Trevor mentioned, really focusing on, you know, filling in gaps, in areas in territories, but also looking at sites that will make, you know, will add to our delivery strategy as well. Really it fits well in terms of being delivery nodes. You know, we'll continue to expand our retail footprint as well. It'll be more focused on our co-located sites with ACT. We're, you know, scale is important for us in retail as well. You know, you'll see our store footprint continue to expand, but it'll be more tailored towards co-located sites with ACT. Thank you. Appreciate it. That's really helpful. I'll hop back to the queue. Thank you. We take our next question from Aaron Grey from Alliance Global Partners. Please go ahead, Aaron. Hi, good morning, thank you for the questions. Just wanted to talk about Spark Select, right? You guys talked about having to be very choosy on where you look to discount. Just at a broad level, you know, as you look at, you know, some of your consumer base, you know, maybe you have some, you know, that have shifted away to other retailers, others that, you know, might be going to other retailers for select products. You know, given you're only gonna have it, this discount model for select products and not all, how do you think about, number one, the retention of the existing consumer base that you still have, and then maybe bringing back some consumers that might have left back into the fold, and how that might play into just having some s elect products at discounts versus, you know, the whole store as some of your competitors might. Thank you. Yeah. I mean, again, this goes back to our origin story. From the very beginning, we've always been tech-focused, knowing that this was going to be the end state. We built the company knowing that this was going to happen. We were the earliest to have a loyalty program. We got the data from day one. We've engaged our program, you know, our customers from literally the onset of legalization here. We've got a lot of information about what consumers' preferences are, individual preferences are, and we can cohort those groups very efficiently. This is really no different than any other kind of, you know, tech-enabled business like mobile gaming or any sort of subscription-based sort of tech platform, those kinds of things. There's always win-back strategies. You have to always be adapting your strategy because really your job is to service your customers' needs and wants. Like, that's it. That's the, that's the job, and that's what the tech was built to do. You know, we have very, very good insight on kind of, you know, what matters to the various cohorts of our consumer base, and we can reach out directly to them. That's why, you know, in the early days, you would have heard me talking a lot about, you know, this direct line of communication to your customers, the most important thing in cannabis, the thing that was missing in cannabis. We invested heavily in that. I think now it's, you know, it's definitely paying dividends because that deep knowledge, which is beyond just an email address or phone number or some kind of, you know, transactional touch point, this relationship is something that can be bolstered for win-back strategies, but also to know what's important to people. Not everyone's price sensitive on all products, or some people are very price sensitive on certain ones and then not others. You have to know that about your customer to win in this environment, but that's why we built the company this way. Okay, great. Thanks for that color. A second one for me, just as you're pushing out the Spark Perks, like, offering of your existing customer base, you know, they'll become knowledgeable of it, but how do you look to then market it out to a broader consumer base, hopefully bring new consumers into the fold? Just maybe some of the marketing tactics you guys look to unfold with it. Thank you. Yeah, that's an excellent question. Again, we've always been concerned about what I call the cannabis echo chamber, which is like, look, you can, you know, you can talk to customers in this sort of environment, but it's very difficult to get the voice outside the cannabis community. You know, this goes to our program of things like, you know, selling gift cards, you know, gift cards at Circle K stores. Those kinds of things are outside the cannabis echo chamber. They're things where it's an automatic sale. When you get a gift card, it has to be done online, so it's a way to ingest people into the Spark Perks program. Things like our acquisitions of PotGuide and Wikileaf, and I often talk about the top of funnel. That is the way to get people more engaged, to have them understand. For example, our brand store in Palm Springs, there are Spark Select members in Palm Springs, local to that market and that particular store there. You know, we totally agree that you have to get outside the cannabis echo chamber, but we've made those moves proactively with PotGuide, with Wikileaf. You know, those are ways to kind of get the word out there, and we've invested in them. You know, word of mouth is also very important, and we know that that's going to be part of the Spark Select program as well. Again, we've invested pretty heavily in getting the word outside the cannabis ecosystem. Okay, great. Thanks for that color. I'll jump back to the queue. Thanks. Our next question comes from Andrew Semple from Echelon Capital Markets. Please go ahead. Hello. Thank you for taking my question. I'm wondering if you have any comments on the planned use of proceeds from the exercise of the Couche-Tard Series B warrants. Sure, yeah. I mean, the first thing we're going to do is pay down the line of credit, CAD 20 million line of credit, and clean up our balance sheet, which should leave us, you know, with net proceeds. You know, if you had to estimate since the 20-day VWAP, we think that the proceeds are certainly north of CAD 40 million minus CAD 20 million. That leaves us with, you know, rough math of CAD 20 million net proceeds from this, which will significantly enhance our balance sheet as well. That's the short answer is we'll just pay off the line of credit and keep the rest of the cash deployed for strategic purposes. Great. Thank you. A follow-up, if you don't mind. I'm curious about the consolidation of PotGuide and Wikileaf into the digital segment and how much contribution you saw from these two companies in the first full quarter of consolidation. Okay. Yeah, that's a great question. I'll speak to kind of at a strategic level and then, you know, Judy can come in with the numbers. Again, strategically for us, it's very important to own that customer journey and relationship from acquisition, which is top of funnel for us, things like PotGuide by Wikileaf, all the way down to delivery to their door. That completes the vertical integration. For us, it's a lot about kind of eyeballs, outside traffic, outside influence, bringing people into the system, mobilizing our Hifyre Reach ad technology, you know, outside the cannabis echo chamber. In that sense, it's been very successful bringing people in. In terms of economic contribution, maybe I'll flip to Judy because I think we had a stub. They were only integrated for a bit of the quarter. Yeah, no, Hi. Actually, yeah, we had a full quarter for PotGuide in Q4. I mentioned earlier in my remarks that our U.S.-sourced revenue is now around $600,000 for Q4. Half of that would have been from PotGuide, and the other half would have came from licensing fees in Hifyre into the US, primarily from our, you know, amendment to the FAF US agreement. Great. Thank you. That's helpful. Thanks a lot. Our next question comes from Jason Zandberg from PI Financial. Please go ahead. Thanks very much for taking my questions. Just looking at your retail sales decline on a same-store sales basis. You know, the number in the fourth quarter, you know, was a little bit worse than what it was in Q3. I'm just wondering whether, you know, whether we should read into this and assume that that retail market will continue to get worse in terms of same-store sales growth. Do you believe that you've hit the bottom and you're now moving up? I know one of your competitors had said good things about their January, their month January sales. Just wondering if you can give any insight in terms of, you know, what that retail same-store sales growth, you know, we should expect moving forward. Yeah, I mean, I think there's a couple of elements to that. I mean, the first thing to watch is obviously going to be new market entrants. You know, when we continue to add, I think Judy Adam had the stat, it was like 1,000 stores were added in Ontario in the past 12 months. If that pie continues to grow at such an aggressive rate, and again, we don't expect it to grow as aggressively as that because I think that that sort of represents the last of the queue that the pent-up demand there. If it did continue to grow, and there's nothing stopping people from opening stores, that's going to have an effect on same-store sales across the industry. That's the industry sort of base expanding. I think there's the other piece of it, which is where we go with price compression and, you know, what the customer sort of wants. There's moving between retailers based on that. I mean, I think with our visibility, we're launching our Spark Select member pricing program, which we think is going to be, you know, competitive and kind of retaining and winning back customers and sort of market share. But again, the X factor is how many more licenses come out there. I think what we're also seeing now, though, is actually store closures. If that's the case, if store closures start to outpace new store openings, like new licenses being granted, I think we can expect, you know, reasonably expect that the market's sort of starting to stabilize. Again, there's no question in our mind that this year is what we call a shakeout year. This is gonna be a lot of, a lot of companies are going to kind of, I think, suffer. At the end of it, we're gonna reach a position of equilibrium where the strong players emerge at the other end, and we certainly think we're gonna be one of those strong players. I know it's kind of a, it's a roundabout way of answering it, but the key data factor I think is going to be new market entrants versus market exits. Okay, great. Thanks very much. As another reminder, if you would like to ask a question, please press star followed by one on your telephone keypad now. We take our next question from Justin Keywood from Stifel GMP. Please go ahead, Justin. Hi, good morning. Thanks for taking my call. I'm just wondering the impact of inflation if that's possible to be priced through in any type of price increases going forward and how the company is managing that? Well, price... inflation actually hits a number of different parts of it to varying degrees. In terms of like the product costs, we haven't seen that come in, yet, I don't believe from the production standpoint. We haven't seen that reflected in product prices, although it's possible. In terms of like price at retail, you know, the sort of the conventional thinking is that this is more our product. It's more like sort of an alcohol or, you know, consumable in that sense. I think where, you know, where there's certainly things that we watch very carefully are things like inflation indexed to things like wages, right? We have a large labor force. You know, those are things we keep careful tabs on, but I think it's kind of early in the piece for us in terms of like a prolonged inflationary period. I don't know, Judy, if you wanna add any sort of color to that, but that's sort of certainly my kind of high-level thinking. Yeah. Nothing further to add to what you said, Trevor. I think you covered it. Yeah. I appreciate that color. Then, I wonder if you just take a step back. Obviously there's some competitive pressures in a saturated market. I heard the expansion initiatives earlier in the call, but I'm wondering if this is a time to be a bit more aggressive. I assume Couche-Tard is well familiar in operating in hyper-competitive environments. I'm wondering if you have any, you know, feedback as far as how Couche-Tard is viewing the current landscape and if there's perhaps a strategy to, you know, acquire and get a bit more aggressive on market share gains. Yeah. I mean, well, we both share the same view, right? Which is, you know, we need. That market share is important. We need to capture that. At these times, as, you know, disruptive as they are, and as I keep saying, it's a shakeout period, there's a lot of opportunities during shakeouts. If you're well capitalized, if you have scale, and if you have the staying power and strategy to kind of get to the end. Look, we are very confident that we get to the end of this disruption cycle and come out the other side, you know, a lot stronger. That could mean things like there's gonna be opportunities for acquisitions that, you know, that are perhaps priced appropriately at this point. You know, there's going to be lots of opportunity in a shakeout year. You know, we're not blind to that reality. I know that a couple of key competitors as well that are, you know, are also strong and looking at things. Yeah, no, I absolutely agree that there's opportunity in adversity. We're big fans of that. You know, I listen, our track record sort of speaks for itself. We're getting, you know, cashed up with a Series B warrant exercise. We've got a strong, aggressive partner who understands that acquisition in adverse times, if you can afford it, if you're strong enough, that it can really make an outsized difference on the other end of the disruption. Absolutely. Thank you for taking my questions. No problem. Thank you. As a final reminder, if you would like to ask a question, please press star followed by one on your telephone keypad now. We currently have no more questions registered, so Trevor, I will hand it back to you for any closing remarks. I just wanna thank everyone for taking the time to listen to our story and tune in again and ask your questions. It's much appreciated. We look forward to talking to everyone in the next quarter. Thanks so much. Thank you for joining today's call. This now concludes the call. Please disconnect your lines.