Good morning and welcome to Nova Cannabis's Q4 and full-year 2023 financial results conference call. Yesterday, Nova issued a press release announcing their financial results for the Q4 and year ended on December 31, 2023. This press release is available on the company's website at novacannabis.ca and filed on SEDAR as well. The webcast replay for the conference call will also be available on the Nova website. Presenting on this morning's call we have Marcie Kiziak, Chief Executive Officer, and Cam Sebastian, Chief Financial Officer. Before we start, I would like to remind investors that certain matters discussed in today's conference call, or answers that may be given to questions, could constitute forward-looking statements. Actual results could differ materially from those anticipated. Risk factors that could affect results are detailed in the company's financial reports and other public filings that are made available on SEDAR. Additionally, all financial figures mentioned are in Canadian dollars unless otherwise indicated. We will now make prepared remarks, and then we will move on to analyst questions. I would now like to turn the call over to Marcie Kiziak. Please go ahead. Good morning, everyone, and thank you for joining Nova's year-end and Q4 2023 conference call. Our results further solidify our strategic direction and underscore Nova's sustained growth within the Canadian cannabis retail sector. Our focus on fundamentals is central as we navigate market dynamics and reinforce Nova's standing. With over 25 years of experience in regulated product retail, our dedication to best-in-class and responsible retail experiences remains resolute. We are committed to implementing top-tier retail and operational best practices that continue to solidify both our shareholder and customer promise. This expertise comes entirely from our team, from those consistently delivering exceptional experiences in our stores to those in our corporate office who tirelessly enhance and innovate to advance our strategy. Our stability in a dynamic industry stems from their agility and resilience. Reflecting on this past year's achievements, I'd like to extend my sincere and genuine gratitude to the Nova team for being the cornerstone of our success. Looking at our full-year and Q4 results, we've seen continued improvements in revenue growth, Adjusted EBITDA, and margin expansion, and have achieved our third consecutive quarter of positive net earnings. Revenue for 2023 grew to CAD 260 million, an increase of CAD 33 million or 15% from CAD 226 million in 2022. In the Q4, we achieved revenue of CAD 67 million, marking a 10% increase from the same quarter in the year prior. Cam will cover the financial results in full, but I'd like to highlight our achievements in cash provided by operating activities and sustained gross profit growth. Cash from operating activities improved to CAD 12 million in 2023 compared to a negative CAD 0.1 million in 2022. This increase is driven by Nova's new stores, same-store sales productivity, and practical financial management and inventory control. Our gross profit has also seen substantial growth, reaching CAD 62 million in 2023, marking a 40% increase compared to the preceding year. In Q4 2023, we experienced a notable 34% increase from CAD 13 million in Q4 2022. This improvement in gross profit was driven by several key factors, including the stabilization of prices in the Alberta market, our strategic focus on private label initiatives, and the growth of our proprietary data licensing agreements. These efforts have contributed to a streak of nine consecutive quarters of gross profit enhancement, underscoring the effectiveness of our initiatives and our commitment to delivering shareholder value. In 2023, our margin expansion and increased cash flow from operations were significantly influenced by the revitalization and optimization of our data program, which yielded a 125% increase in the revenue year-over-year. Leveraging value-added volume and the company's access to high-quality analytics, we are well-equipped to drive sustained growth and incremental value to our program partners, while supporting top-line revenue. Our data licensing program is proving to be one of the most sustainable in the market due to our scaled approach, focusing on range and accessibility to ensure collective long-term success. Our data program is designed to be agile, ensuring accessibility for all partner levels. This inherent flexibility sustains our growth amidst market fluctuations, securing the sustainability of our data program. Adding to our margin growth initiatives, in 2023, we extended our private label offerings into the Ontario market, introducing large-format flower SKUs into the first half of the year. Our flower SKUs have maintained strong sales performance in December 2023. Value Buds Cookies and Kush 28-gram flower was the number two SKU in our stores nationwide. We expanded our product portfolio again towards the end of Q3 with the launch of our large-format vapes. The foundation of the Value Buds private label strategy is our consumer. From flavor to format, our offerings are directly tied to their purchasing behaviors and ensure that the products are additive and aligned with the Value Buds experience. Our private label portfolio remains a significant differentiator, and we intend to enhance our SKU lineup for 2024 with pre-rolls and edibles. Looking at our national store footprint, while we have developed stability in today's market, we continue to take a measured approach on store growth. Nova currently operates 96 retail locations, primarily in Alberta and Ontario. As we look to expansion opportunities, our focus remains on accretive growth, returns, and the quality of real estate to ensure store productivity. We will continue to prioritize quality over total store growth. Our focus is on the key markets of Ontario and British Columbia, as well as further expansion in the Prairie provinces in the near term. Nova will continue to prioritize fundamentals over tactics that fail to impact key financial metrics. We remain measured in our approach to ensure we navigate the current market landscape in an agile way that preserves the momentum we've built this year. I will now pass the call to Cam to further cover Nova's full-year 2023 and fourth-quarter results. Thank you, Marcie, and good morning, everyone. Let's discuss Nova's Q4 and year-end 2023 financial results. I want to remind you that all amounts discussed today are in Canadian dollars unless otherwise stated. Certain of the quarterly and yearly comparisons I will be referencing are for the prior quarters or measured against the previous year, as sequential quarterly and yearly comparisons may provide additional context considering Nova's rapid growth and expansion. In the Q4 of 2023, as Marcie highlighted, sales increased 10% compared to the Q4 of 2022 to CAD 67.4 million. Year-over-year revenues have increased by CAD 32.9 million or 15%, resulting in total revenue of CAD 259.3 million for the year ended 2023. Nova now operates 96 retail locations, an increase of eight stores through 2023. Buds stores are among the most productive in the country, resulting in 2023 annual revenue of approximately CAD 2.7 million per average number of doors open in the year, further validating our business model and strategy. Gross profit was CAD 17.1 million in the Q4 of 2023, a 34% increase from CAD 12.8 million in the Q4 of 2022. Gross profit for the year was CAD 61.6 million, up 40% from CAD 43.9 million in the prior year. Gross margin in the Q4 of 2023 was 25%, up from the Q4 of 2022 where gross margin was 21%. Gross margin as a percentage of sales was 24% for the year ended 2023 compared to 19% in 2022. Sales revenues for 2023 include CAD 12.4 million from data licensing sales, which have no direct associated cost and represent a 125% increase from 2022. Adjusted EBITDA, defined as earnings before depreciation, impairment, transaction, restructuring, and other costs for the three months ended December 31st, 2023, was CAD 6.4 million compared to CAD 3.2 million for the Q4 of 2022, resulting in an improvement of 100%. Adjusted EBITDA for 2023 was CAD 21.8 million compared to CAD 9.2 million in 2022, an improvement of 137%. These increases are primarily a result of the increase in sales and improved gross margin for the quarter and year ended December 31st, 2023. For the Q4, net earnings increased by CAD 5.2 million to CAD 400,000 from the Q4 of 2022. For the year ended 2023, the company recorded net earnings of CAD 3 million compared to a loss of CAD 11.2 million in the prior year. Now turning to liquidity and capital resources. Cash provided by operating activities in the Q4 of 2023 was CAD 5 million compared to CAD 2.8 million in the Q4 of 2022. For the year ended December 31, 2023, cash provided by operating activities was CAD 11.7 million compared to cash used in operating activities of CAD 100,000 in 2022. The change in year-over-year cash used and quarter-over cash provided from operating activities reflects the success of our strategic plan to sustainable profitability. During the year, cash used in investing activities was CAD 2.3 million, a CAD 6.1 million decrease from CAD 8.4 million used in investing activities in the prior year. This decrease resulted from a reduced level of construction related to new store openings year over year. Nova's revolving credit facility is currently fully drawn at CAD 15 million. The revolving credit facility matures on March 31, 2024. Nova currently has approximately CAD 11 million of available cash. Discussions are ongoing with the company's lender with respect to extension of the credit facility. In the full year of 2023, cash used in financing activities was CAD 600,000, reflecting cash provided from the revolving credit facility offset by the principal portion of lease payments. Balancing growth with greater profitability and cash flow generation remains a key priority for Nova in 2024, and we are extremely pleased to have achieved another year and quarter of ac creative growth, including positive net earnings and continued margin expansion. Now I would like to turn the call back to Marcie for closing remarks, and then we will open the floor for analyst questions. Thank you. In closing, Nova's results for the period emphasize our focused approach to ensure continued revenue growth and increasingly key financial metrics. We continue to focus on retail best practices to drive long-term growth, customer engagement, and optimize processes. Our approach is simple but tactical, tailored to the customer journey and delivery of sustained shareholder value. I am incredibly proud of the results the team has delivered this past year, and we have set the stage for continued growth in 2024. Thank you, and I will now pass the call back for analyst questions. Thank you. We will now begin the Q&A session for analysts. To join the question queue, you may press star then 1 on your telephone keypad. You will hear a tone acknowledging your request. If you are using a speakerphone, please pick up your handset before pressing any keys. To withdraw your question, please press star then 2. We will pause for a moment as callers join the queue. Our first question comes from Ty Collins of Eight Capital. Please go ahead. Hey, good morning, Marcie and Cam. Thanks for the question, and congrats on capping off a great year here. Just for my first one, in your outlook, you mentioned that you're expecting another year of more measured growth. Just to put a finer point on that, does that imply a new store cadence similar to what you did in 2023, about eight new units? And do you expect that your growth plans can be fully funded through internal cash flow? Morning, Ty. Thanks for the question. I'll take the first half of that question. So the same message as you often hear from us is that we expect to continue to grow, but again, expansion for us can't come at the risk of good operational efficiency and good retail. So we continue to look at the right opportunities for us to grow. We completely appreciate and agree that growth is important for us is important for us. We will continue to see growth. We continue to look at other markets, look to see where there's potential opportunity, provinces where we're not quite operating yet or not operating at scale yet. So we'll continue to focus on growth there. Cam, go ahead. Oh, I think we might have lost him. Okay, that's fine. I can move on to the next question they're at. Sure. Yeah. So just wanted to follow up on Cam's remarks on the credit facility, maybe looking for a little more detail around the conversations you're having with Sundial on that, given that it is due next week and then it sounds like you don't quite have enough cash on hand to pay that down. Are you expecting that that'll get extended again, or is there maybe some other financial arrangement you're seeking to bridge the gap there? Just any more color you can give around the facility and the dialogue around that. Sure. I mean, really, the response is the same as we've noted in the docs, is that we're in continued discussions. We do look forward to updating as soon as we can, but we look forward to an additional communication from us on that. Okay. And if I can sneak in one more, I'm just wondering if I could maybe get your view, Marcie, on excise tax reform, given some of the recommendations we've seen in recent days coming out of the Cannabis Act review and the federal budget. How do you see that impacting your business, and how are you handicapping the likelihood of that actually going through this year? Yeah. I mean, it's certainly a question probably more relevant for the LPs, but I'd say we're looking forward to some more consistency. I mean, there's a couple of things that we think are going to be helpful that may happen. First is being able to portability throughout provinces. And so depending on how excise is handled moving forward, if we're able to move products or products are able to move more freely throughout provinces. So that's one thing that we're looking at and can certainly be quite helpful to the organization. Hello? Ty, did we lose you? No, I'm still on the line. I heard that as well. Sorry, there's something happening with our lines today. I'm so sorry about that. We're kind of coming in a note. So first of all, it's portability of the product, which is going to be helpful. And then secondarily, it'll be in terms of what happens from a wholesale price perspective, and if we see some decreases there as we start to see the LPs be able to with the being able to offer some lower wholesale prices. Do we see that translate to the store level? We certainly hope so. But that's how we see excise. Great. Thanks, Marcie, and I'll jump back in the queue. Of course. Our next question comes from Frederico Gomes of ATB Capital Markets. Please go ahead. Hi, good morning. Thanks for taking my questions. First question is just on, I think industry growth has slowed down a bit recently, and that's sort of reflected in your same store sales growth as well, roughly 2% this year. So could you comment on that? Is this somewhat related to macro pressures, just the overall economic environment, or is it just a result of the industry maturing and your stores reaching a more mature phase? And I guess just going forward for this year from a sales growth standpoint, what are your expectations? Thank you. Sure. I mean, we're seeing the industry stabilize, for sure. And so when we talk about growth slowing down or even staying level, I think what we're really seeing here is we're seeing stabilization in the market. We're starting to see trade areas start to make more sense. We're starting to see stores show up in the right areas and not necessarily in the wrong areas. So we're starting to see it all stabilize. We're starting to see stabilization and a little more consistency in terms of what customers are purchasing and what customer patterns look like, which is, again, giving us continued ability to be able to look at stores, look at geography, look at categories, and make really good decisions in terms of how we're managing how we're managing our price files and also where we're putting stores and what we're doing with different locations, different sizes, different core assortments. So I'd say really, it's a matter of just this is fairly expected and fairly normal. We do continue to see more and more people shopping in the legal market rather than the illicit market. So we're seeing a change in terms of categories, and we're seeing a change in terms of how people are purchasing and what they're purchasing. But really, this is what stability looks like. Thank you. And I guess you mentioned price stabilization in Alberta as one of the drivers there for the gross margin. But I wonder if you're seeing the same sort of trend in Ontario in terms of prices stabilizing as well and maybe potentially improving? Yeah. I mean, Ontario is certainly not as different as it used to be. You used to hear us talk over the last couple of years about how there was a considerable difference between the two provinces. We're starting to see a lot more leveling out in terms of product supply, in terms of the assortment, and also a bit more of better data around what customers are purchasing. And so I think we are going to continue to see that improve. I think we're continuing to use a very focused, data-driven approach to watch and monitor how people are buying and try and get ahead of some of the trends with innovation and how we're planning our categories. So I do think that we're going to see it. I mean, Ontario is always a little bit behind Alberta simply just due to how the markets are growing and stabilizing. But I do think that we're absolutely going to see improvement in Ontario. Perfect. And then just a last question just on excise taxes, but maybe from a different perspective. We recently saw reports about the CRA getting tougher on the LPs in terms of their unpaid excise tax balance. So do you think that could impact your data licensing program and how the revenue is progressing from that data licensing fees? Thank you. Yeah, it's a great question. The answer, quite honestly, is not really. It's no. We've built a program that we believe is built on the same principles in which we've always built Nova, which is really sustainability and shareholder value and a strong foundation for all parties involved. So we've built a program that we think is accessible to the entire industry. And so there's many opportunities for people or for different LPs to join it depending on who is currently in play. And so no, I don't see a breakthrough in the data program as a result of the excise tax issue. Perfect. Thank you very much. Congrats on the quarter again. Thank you. Our next question comes from Ty Collins of Eight Capital. Please go ahead. Hey, guys. Thanks for entertaining a couple more questions, more so just some housekeeping items here. Could you comment on the timing of the 4 new store openings that happened during the quarter? Just trying to calibrate my model. Yeah, they were all actually fairly close to the end of the year, which we don't normally do, but they were all in December. I can send you those dates. Happy to do that. Okay. No, that's really helpful. And then on the SG&A margin, it looks like that did tick up a little bit over the last couple quarters. Are there any trends or one-time items to call out there, or is that more so just quarter-to-quarter gyrations? I would call it. I've got some thoughts. Cam, go ahead. Quarter? Go ahead, Cam. I would call it more quarter-to-quarter. Ty, they tend to be weighted towards third and Q4 as the year-end approaches and some of the administrative things that surround that. Mostly, it's related to that item. Okay, great. And then, Cam, since it sounds like you're back on the call here, I just wanted to circle back on my earlier question about whether you are expecting your internal growth or your organic growth plans, rather, to be funded through internal cash flow this year? Yes, entirely. If you look at our current cash position and the fact that we're actually generating positive cash every month and I think we've talked before about what the cost of a new store is, and so we can fund that from organic cash flow. Okay, great. Appreciate the follow-ups, guys. Congrats. Thanks, Ty. That's all the questions we have for today. I would like to turn the conference back over to the presenters for closing remarks. Perfect. Thank you. Just a quick thank you to everybody for your time today, and we look forward to talking to you all again after Q1. This concludes today's conference call. You may disconnect your lines. Thank you for participating, and have a pleasant day.