Good afternoon, ladies and gentlemen, and welcome to Cansortium's third quarter 2022 conference call. Joining us today are the company's CEO, Robert Beasley, and the company's interim CFO, Liora Boudin. At this time, all participants are in a listen-only mode. After the company's prepared remarks, the management team will conduct a question- and answer session, and conference call participants will be given instructions at that time. As a reminder, this conference call is being recorded and will be available for replay in the investor section of the company's website at www.getfluent.com. Please note that certain subjects discussed on this call, including answers the company may provide to questions, may include content that is forward-looking in nature and therefore subject to risks and uncertainties and other factors which could cause actual future results or performance to differ materially from any implied expectations. Such risks surrounding forward-looking statements are all outlined in detail within the company's regulatory filings, which can be found on SEDAR+. The company does not undertake to update or revise any forward-looking statements except to the extent required by applicable securities laws in Canada. During this call, the company will refer to supplemental non-IFRS accounting measures, including Adjusted EBITDA, which do not have any standardized meaning prescribed by IFRS. As a final reminder, on today's call, unless otherwise indicated, all dollar amounts are expressed in U.S. dollars. I would now like to turn the conference over to Mr. Robert Beasley, the company's CEO. Sir, please go ahead. Thank you, Charisse. Good afternoon, everyone. We continue to generate strong growth and profitability in Q3, highlighted by yet another consecutive quarter of year-over-year revenue and Adjusted EBITDA growth. We continue to reap the benefits of our investment in Florida and Pennsylvania, with now the added benefit of Michigan no longer weighing down our bottom line as we exited this state earlier this year. In Florida, while we had 12 stores closed temporarily due to Hurricane Ian at the end of the quarter, we nevertheless continued to see an impressive ramp in sales, with the total revenue in Florida up 39% year-over-year, driven by improved store productivity as well as the addition of two new stores. As I've mentioned in the past, our increased store productivity is almost entirely a reflection of the improvements we made in our cultivation in Florida. Compared to the year ago quarter, yields are up dramatically, and we are consistently producing higher quality and higher THC products that resonate with our customers and patients. This is why we continue to pull market share from our competitors. That said, we did experience some setbacks with our Sweetwater cultivation facility as a result of the hurricane. Our Tampa and our Polk City facilities were largely unaffected. In Sweetwater, we experienced damage to our HVAC and fertigation system that resulted in the loss of material from the mother and pre-flowering rooms. We had to early harvest five rooms, which put the facility out of its continuous production cycle. We have been remediating and repairing that facility since, and have seen steady improvements, but do not expect to return that facility to its previous continuous production levels until early February 2023. All things considered, the fact that the facility was even standing when I arrived there two days later was a pure miracle. We were very fortunate to have salvaged most of the harvest, and the greenhouse crop was entirely unimpacted by the hurricane. The facility has continued operations continuously, although will remain in a lower throughput from now until the end of the year. Looking ahead in Florida, we now expect to open one additional store in Q4, and that will be in Pensacola, Florida, on Nine Mile Road, and an additional three locations to open in the first half of 2023. Should have those remaining three open, and that'll be Crestview, Florida, another Pensacola store, and the Jacksonville store by March of 2023. We previously expected to have all of these locations open by December 2022 or January 2023, but construction delays, some permitting delays, and of course, the hurricane pushed our timing back just a bit. We also expect to locate and construct a large greenhouse facility to be completed by the end of 2023. We are currently under contract with two potential sites and have bids for construction ongoing at this time. Going over to Pennsylvania, our most recent store opening in Annville has been ramping nicely with consistent growth each month. In fact, in October, we had record monthly sales for that store, and we expect to continue driving organic growth across all three Pennsylvania locations in 2023 as we further improve our sales and marketing efforts. We're excited and prepared for the possibility of Pennsylvania going to adult-use. In Texas, as I mentioned in our last quarterly update, we now have a go-forward plan approved by DPS to build out our footprint in the country's second most populous state. In 2023, we hoping to open our first delivery center. All packaging, all product formulations, and other necessary components have been approved by DPS at this time. We have began staffing for the delivery center. We hope to have that location under construction soon. Before I hand the call over to our new interim CFO, Liora, I want to acknowledge the entire Cansortium team for their hard work and dedication, particularly as we persevered through the disruptions from the hurricane. We had many heroes step up within our ranks. I'm grateful that all of our employees remained safe, and I would like to thank each and every one of them for working so tirelessly to help get our business closer to normal and operations returned as quickly as possible. Finally, I wish the best to our former CFO, Patricia Fonseca, as she moves on to the next stage of her career, and to Liora, many thanks for stepping in to fill her role as we search for a permanent replacement. We look forward to continuing our expansion in the final weeks of 2022 and into 2023 and are excited to share further updates in the spring when we report Q4 and full year results. With that, I'll pass the call over to Liora to walk through the details of our financials, and then we'll open the call up for Q&A. Liora? Thank you, Robert, good afternoon, everyone. Please note that all figures are in U.S. dollars and all various commentary is on a year-over-year basis unless otherwise specified. I'll jump right into results. Third quarter revenues increased by 42% to $22.1 million compared to $15.6 million. The increase was largely driven by a growth of Florida and Pennsylvania as we have more stores open in each market compared to prior year. Florida revenues increased 39% to $18.2 million compared to $13.1 million in over a year ago period. Our adjusted gross profit in Q3 increased 71% to $16.7 million or 75.5% of revenues compared to $9.8 million or 62.7% of revenue in a year ago period. The increase was primary driven, sorry, primary driven by improved productivity and cultivation yields for the quarter compared to prior year. Third quarter operation expenses remained flat at $8.5 million compared to same period in 2021. As a percentage of revenues, operating expenses decreased significantly to 38.2% compared to 54.6% in 2021 as we continue to focus on operational efficiencies. Third quarter net loss totaled $5.6 million or loss of $0.02 per share compared to net income of 4... Sorry, of $7.4 million or $0.03 per share in the same quarter of 2021. Adjusted EBITDA increased by 140% in the third quarter of 2022 to a record of $11.7 million or 53.1% of revenue compared to $4.9 million or 31.3% of revenues in Q3 2021, with an increase due to improved productivity across our cultivation, more stores and better operational efficiencies. Turning to the balance sheet at September 30, 2022, we had $9.1 million of cash and total debt of $69.4 million. Regarding our outlook for 2022, we are revisiting our previously issued revenue guidelines given some of the impacts of our Florida business from Hurricane Ian. Our now expected revenues for the year to range between $85 million-$90 million, which compares to our previously issued guidelines of $90 million-$95 million. This reflects an approximately 37% increase from 2021 at the midpoint of our guidance. We now expect Adjusted EBITDA to exceed our previous issued guidelines between $25 million and $28 million, reflecting an approximate increase of 35% from 2021. Operator, we now open the call for Q&A. Thank you. We will now begin the question- and- answer session. To join the question queue, you may press star, then one 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 two. We will pause for a moment as callers join the queue. The first question comes from Jon DeCourcey with BTIG. Please go ahead. Hey, guys. Congratulations on the quarter. Some continued solid execution here, which is a good thing. To just jump into a couple questions on Florida, wanted to just touch base on the drag in Q3 from Hurricane Ian. You know, I think it was in the release, it said that you would have had growth in the quarter on the top line. If you could care to elaborate on that at all, that would be great. Additionally, what did that kind of look like from a cost standpoint? Any sort of increased costs related to reopening things and to, you know, kind of shearing up things? Sure thing. Thanks, Jon, for the question. It's good to hear from you. You know, you had two things. You had drag and cost. I'll talk about drag first. The facility at Sweetwater is our high-quality flower production facility. As you know, it's got 11 rooms. The fertigation room is kind of an out parcel room adjacent and attached to the facility which included our charcoal filtering system, our SmartFog system, and basically the filtering system that filters the well water going into fertigation. That room was completely removed from the premises and is yet to be found with all the equipment. Unfortunately, when it departed, the roof impacted the roof of the main structure. It flipped over the main structure and impaled in three different locations. Other than that, the main structure held on pretty well. We got those roof leaks fixed almost immediately. Had a little struggle with generator power. Our main impact from the Hurricane Ian on that facility was the failure of our rented Ring Power generator set to function properly, causing what would have been two days of power outages to go into four. Those rooms sitting dark for four days was a problem. We did some temporary lighting. Ultimately, the flower that was in the more mature stage, which was two rooms we harvested, went ahead and harvested it early, sent all that to extraction, and then tried to survive the remaining three rooms once we got power back on. Those three rooms could not be saved, and those were early harvested. The result of that is, you know, the way we set up our facilities is what we call continuous harvest. Once they're running on all cylinders, if you would, they're harvesting every week, essentially. Sweetwater is a little different 'cause it's a little bit more harvest to order kind of scenario, but there's still a window of harvest. Now that facility is off cycle, if you would. We did lose a good bit of the mom stock, so we had to restock that out of existing crops. The benefit of having two or three different facilities, we were able to move product and mom stock from facility to facility. The main drag is essentially being off production cycle. As I said, we will remain off cycle in kind of a wobble, if you would, until mid-February, and then we'll be back on cycle. We're supplanting those five rooms with some autoflowers. You know, we're kinda growing some outdoor, you know, extraction quality material, but indoor. It gives us a cycle because steady feed is the important part of it. Out back in the greenhouse, it was a sheer miracle. The roof was rated for 65 mile an hour. It's a poly roof. The high wall set on that facility for almost an hour and a half at 114 miles an hour, and the roof held. Not actually sure how that occurred. The crop inside was completely unimpaired, and we went ahead with a normal harvest cycle there. Lucky is the best word I could tell you for how it impacted that facility. The cost, the main cost was the fertigation skid, the SmartFog system that was inside of that fertigation room. That cost us about $250,000. Luckily, there was a used one on the ground in North Carolina, and we had it coming the day after the hurricane. We're about a $500,000 into repairs right now. There's a little bit of repairs in the electrical system. We had some shortages. We had a good bit of power fluctuation in the lines through the storm, which is pretty typical of a hurricane. It shorted out some electrical components, some ATS switches. We're still trying to track those down. They become a little bit of ghosts and goblins at some point. We're looking at between $500-$650 of total repair cost. Most of those repairs are done. Still working on the HVAC system, AC system. One of the chillers was flooded, working off of two out of three chillers right now, but the third chiller was kind of a backup. We're up and running. I think we're seeing the end of the repairs as far as cost. Go over to Tampa and Polk City. Polk City is a small greenhouse. It was completely unscathed, Tampa had a little bit of water in the parking lot. Those facilities, although they went on to generator power for about 12 hours, those facilities were completely unimpaired and unimpacted by Hurricane Ian. Our biggest loss was the five rooms that put us out of production cycle. Of course, the mom stock was a pretty good loss for us. Luckily, we had a belts and suspenders system. We have duplicate moms at the various facilities just for this type of event. Okay. No, that's great. That's really helpful color. You know, it seems like by looking at the OMMU data that, you know, there hasn't been any sort of fall off in Q4 in terms of Florida demand. You know, kind of how are things either for you guys or kind of on a... You know, I know for you guys, the guidance wasn't changed much, but just kind of from a general demand in the state, you know, are you thinking that things are tracking to kind of where you expected, as it seemed when the hurricane hit, that there might have been a longer term drag for Q4 as well, but it doesn't seem to be the case. Right. And again, go back to our Q3 expectations, and I was asked this at the end of Q2, which is our Q2 was so great, why am I, you know, why am I not adjusting guidance? It's because we anticipated Q3 to be flat. We were hoping for it to be flat or slightly up. I think we would have been slightly up, but for a hurricane, no one could predict that. You got to remember, we're in Florida and our patients all leave town in the summer because it's hot. We traditionally see decreased sales in August and July. We knew that was coming, and we were hoping to hold on to flat. We would have, but for the hurricane. Now coming into Q4, sales have taken off. We have had, pre-Thanksgiving, we had two or three days in a row, which was our second and third best, Fluent's days ever. We've had, you know, a top five day, three days of the week, coming into Q4. You know, it did start a little slow. Now it's ramping kind of as we expected, and we anticipate it to go strong. The holiday period from here into the end of the year is a very strong period for sales for us. Okay, great. How's the pricing environment in Florida? You know, I hear a lot about discounting and, you know, not quite as bad as maybe last, I think it was Q3 when some folks flooded the market with some excess inventory. You know, still I'm hearing that there's a lot of discounting. How are you seeing the competitive landscape in the state? Yeah, you're right. Q3 of last year was a tough time for us because we had that liquidation event. We have not seen anything like that going into this year. Pricing was very competitive coming into Q3, and stayed competitive, but actually eased a little. You know, we keep seeing these, what I call media splash events, where, you know, Cookies or Jungle Boys, they'll roll out a big sale. They'll roll out a big rollout, they go out of material, and they go away again. While they're good for media events, they're just not presenting enough stable, steady competition to our shelf to really impact pricing. Pricing has relatively stayed stable throughout the end of Q3. A little bit of competition coming in. Right now, pricing is kind of back to Q1 levels. We're not seeing any major price competition at this time. I expect we will see some by the end of Q2 next year. That has to do with some of the competitor stores, you know, construction schedule. Luckily, we're all constructing at the same time with the same challenges. So they're just as behind as we are sometimes. I do not see any price compression being an event between now and the end of the year. Okay. One last question for me, and then I'll jump back in the queue. You know, as you guys look at Pennsylvania, you know, you've talked in the past about wanting vertical integration there and, you know, seeing that as a potential investment. Given the, you know, really discounted pricing environment there and cheap wholesale product, is that still a focus or, you know, especially in the near- term? You know, kind of how are you thinking about next steps to grow in that state? I'm sticking to the plan I told you before, which is to kinda try to get some grow relationships in place. There's still quite a few of the mom and pops out there that need a relationship. They don't have access to a shelf. The competition hurt the wholesale market last year more than it hurt the retail market. In fact, I'm getting on a plane to Pittsburgh tomorrow morning to go look at and talk to a grower. you know, I really like Pennsylvania as A-market. It's a good, solid consumer market, a good, solid blue-collar market for us. We're not in the best regions. We, you know, we have the three the region and the three stores in the South Central region. What we're really trying to do is get a better margin on the shelf because there's a little bit of compression there 'cause we're now buying from our competitors, who have competing stores, that's always a precarious position. Trying to get our own products on the shelf to kind of pick up our margins and then just hold tight to see what this regulatory environment's going to do as they move into adult-use. I think the Democratic turn there has really supported going to adult-use. We believe that has to necessitate the opening up of more store opportunities. Even a grow relationship for us is a little bit constrictive if we do not get more shelf space. You know, we can only push so much out through three stores. We're gonna hang in there. Pennsylvania, we're retooling a lot of our sales strategies. We're understanding the market much better. And if we could get our own product on the shelf, that would be great. Otherwise, the plan is to keep hanging in there and see how we can grow with the state market. Okay, great. Well, thanks for all the questions answered. Okay. Thanks, Jon. Talk to you soon. The next question comes from Russell Stanley with Beacon Securities. Please go ahead. Good afternoon, and thanks for taking my question. Congrats on the quarter and the EBITDA margins in particular, you're at or near the tops in the space. I'm just wondering, you know, how sustainable you think these margins are outside of the repair costs associated with Ian, what kind of headwinds do you foresee over the next few quarters? I guess related to that, how meaningful a drag might start-up costs in Texas be? Okay. Hey, good to talk to you, Russell. Thanks for the question. EBITDA margins. Yeah, it was a bit of a surprise to me, in watching our EBITDA margins, EBITDA develop as it is. As you know, we elected to adjust guidance because we're gonna be a little under on revenue, but we're gonna be over or right on EBITDA. That just means that the efficiencies we put in place are continuing to be seen in the EBITDA line. We are reaching, I think, our maximum efficiencies in some areas. There were several target areas, and as you know, this company has come up a very steep slope of improvement since 2020. You know, the low-hanging fruit is gone now. We're working on the fine-tuning. You know, we really focused this last quarter on overtime. Overtime and temp help. Temp help and overtime. We're still suffering from labor shortages in some of our areas. That was a big add-on savings this year. I'm sorry, this quarter. As far as Texas goes, it's not gonna be much. We've already got the facility. We're already stacking distillate. You know, we went right to THC, right when the legislative changed, effort changed. We've been stacking distillate now. We've got, you know, we've got good manufacturing and lab equipment out there, even though it's a small cultivation footprint. The real challenge with Texas is figuring out how to navigate the legislation hurdles that were put on us. We have DPS as a partner out there. They really wanna do something. We've worked with them to remove or navigate around some of the many obstacles. Now what we've come out with is the opportunity to have a delivery center, which is not a store, because a store is not allowed. Product cannot maintain on those shelves for longer than 24 hours, and so the truck has to take them back every day. We've identified A-market in Katy, Texas, which is about an hour from Schulenburg, which is where our facility is. Got a couple good sites there. You know, from the consumer's point of view, it's gonna look like a store. We've got some really neat edibles coming in. We've got all our formulations approved. We've got all our packaging approved. You know, we're picking all this up, supporting it from Florida. A lot of the work is being done in Florida to support Texas, and because of that, it's just kind of an add-on to the existing labor and product pool that we already have going. Not a lot of cost there. The big cost will be, I'm about to add a staff member. I need a sales director for that market, and that'll be a pretty expensive add. Of course, getting this, the TI for the physical facility to get open, couple hundred thousand dollars there. I think $500,000 will be the Texas entry at this point from here. Of course, we've already put in a decent amount up to this point. Not a big amount. I've asked the board whether we would consider a capital call or not on that. We are cash flow positive. We do have cash now at this point. It's, you know, it's a, it's a concerning amount from an entry point, but considering we're opening up a new state, it's just not that large of an amount to worry about. Great, thanks for the color. If I could, pardon me, add one more, with respect to Florida. You know, you've got your next several sites already mapped out and under development. Just more generally, given, I think almost 500 dispensaries in Florida at this point, how are you finding or approaching site selection at this point? Is it becoming any more difficult to identify white space for new locations, given the competitive efforts to expand their retail footprint as well? Yeah. The three that are going to be completed by March have been in queue now for some time. In fact, they are, you know, they are behind schedule, quite frankly. I wanted them open in November and December, now we're looking at, you know, one coming out by the end of the year, one in January, two by March. Those have been in queue for a while. I'm now locating three more. Of course, the trick that I always preach is balance. In our existing cultivation square footage, if I follow the throughput full forward, I still have three more stores that I could feed without worrying about inventory at all. Maybe it could go to five more. That's why you heard me say I'm now starting on the expansion of the cultivation side, because once one silo of this business is starting to max out, you have to go to the other silos to feed it when you're vertical. We've got three slots open. I've just started re-locating those. We've developed a store locator model over the last year or so, and it's an average model. It's not perfect, but it does help us. To specifically answer your question, my next three, I'm gonna go for two open spots. I have a hit them where they ain't policy. We've got two more open spots to locate. There is space there. They're B- market spaces. As we've learned with our Hanover store in Pennsylvania and some of our Florida stores, being the only game in town is not a bad place to be, even a B-market. Florida is a big state. There's still a couple real opportunities in B-markets. They are no longer clean or easy. Some of them are empty parcels. We're gonna have to do a build. We've got those two narrowed down to five possibilities. I'm gonna come back into one of the two A-markets. We've got two A-markets in Florida that I've identified in our own store sales. One is Orlando and one is Jacksonville. Those markets have good competition in them. Really, to be honest with you, Orlando could use more stores, at least on our side, and more coverage. We're gonna go two B-markets and one A-market for our next three stores. And then I'm gonna sit tight and get cultivation increased again and then add. I can be set to add another 10 stores. That's great color. Thanks. I'll get back in the queue. Congrats again. Thank you, Russell. The next question comes from Phill Larson with Millstreet Capital Management. Please go ahead. Hey, Robert. congrats on a great quarter here, especially given, you know, some of the quite literal headwinds that you guys faced. most of my questions have been addressed. I was just wondering on the hurricane, if you can kind of quantify like the lost sales or EBITDA impact from, you know, having the 12 dispensaries closed. I could try. We had 12 dispensaries kind of blink closure. If you remember that storm, it almost traversed the entire state. For the last minute when it jetted out into the Atlantic, it turned, went in, and then went up the center of the state. We thought it was gonna roll all the way to Georgia, but luckily it exited. Almost everything in its path was closed or in advance of its path was closed for some period of time. You know, as far as revenue impact, you know, we were talking in the $200,000-$300,000 was a revenue impact from that, what I call the blink of those closings, because most of those closings were early closures in anticipation of the storm. As you know, you know, the most important thing in these storms is your people. What happens is that well in advance, the schools close. When schools close, the concern for their children outweighs the concerns to, to work in our stores, and it outweighs it for us, too. We're pretty aggressive about our closure times. We, we closed those. We had the two stores that were actually impacted. Those two stores were closed for about one week or so. Here's the phenomenal thing. They, they obviously registered zeros during those stores, during those closure times. Right before the storm, we had a tremendous spike in those sales in those stores. In every impact zone, we had a tremendous spike. As soon as we got them open, we had a tremendous spike. It just goes to prove that clean water, drinking water, toilet paper, and cannabis are the three things that you need in front of a storm because the sales were tremendous. So what happens is if you level those out, over a week or two period, it really wasn't that big of a sales impact because we had such tremendous buildup before. The St. Pete store was open on generator power with a line around the block. People just really wanted to get in there even though they didn't have power. Because we had the pre- and post-storm spikes, you know, our total loss was under a half million dollars of revenue at that time. We just didn't have that much of a store sales impact. Our real impact was in production, and we saw that production impact kind of decrease our inventory available to be competitive in the weeks following the storm. Of course, as you know, we had a storm right behind it. We determined that our first storm event was not an anomaly because sales right behind it on that East Coast, they spiked right around the Melbourne area again before the impact of that storm. Interesting. It's interesting to see with that kinda, you know, consumer staple impact. Really appreciate all the color and, you know, again, congrats on a great quarter. Thanks a lot, Phill. The next question comes from Daniel Hung with Contrarian Capital. Please go ahead. Hi, Robert. Congrats on a great quarter, and thanks for taking the question. Maybe to follow up on the hurricane impact, in terms of being off cycle in the production now, what might that impact be going forward? Would we see that on revenue, margin, maybe both line items? Do you have access now, I guess, to the wholesale market due to lost crop? Thank you, Daniel. Yeah. The DOH was very generous. They immediately contacted us and said, "You know, from the, from the storm track, you appear to be the most impacted company." They did not know, nor did I know. I was not able to physically get to the Sweetwater facility until day two after the storm because the roads and bridges were out, and so it took a long time to get in there. Of course, we expected it to be completely flattened, and it wasn't. The DOH said to us, "You know, do a rough calculation of what your losses could be, and you can go ahead and buy." We had this extraordinary scenario where we had multiple competitors reach out and say, "Hey, if you need to buy from us, we'll sell to you." That's, that's unusual in Florida. We're not a wholesale market, so we're not wholesale oriented, the idea of selling to your competitors is just not something that is available here. For them to reach out, it was just a tremendous, generous move on their part. However, because we early took down those rooms and because two of the rooms were already in an advanced stage and because the greenhouse survived, we actually did not see an immediate impact. While we were cleared by DOH to do some buys, we kinda held back and didn't do those wholesale buys. Florida allows a crop loss purchase, which means if you have an approved loss of your crop by the DOH, you can replace that crop through wholesale purchase. It's the only exception in the rule. We went ahead and manufactured and produced and got that crop into production, just to see before we panicked, if you would, and started buying. What we've seen is that we're continuing to be strong in inventory, and we have not made a crop loss. We now have gone through the process of getting our crop loss certified. It's not yet certified. Again, DOH said we could, as an interim, go ahead and purchase, but we didn't need to do it. I anticipate we will see the results of this in January. If I look at the charts that are coming out of production, we're gonna still continue to be on an upward inventory build through December, and then we're gonna start to peak, and we'll need to start doing some supplementals probably in January, and I'm anticipating one or two supplemental buys. Although, quite frankly, I thought it was gonna be December, and then now it's pushed to January. Sometimes that's what happens in production, is plants come in a little stronger than you thought. You know, you have, I don't know, a little bit less demand. So we will feel it internally, but here's the beautiful thing. We're no longer living hand to mouth here. Because of our increased production capacity and our increased inventory, you know, we still suffer all the same casualties, not hurricanes, but all the same casualties that every company does, but we're inventory rich at this point, to the point where we can afford a one or two-day impact, something in manufacturing or even a hurricane with some limited impact without the customer seeing it on the shelf, 'cause we now have a robust inventory. That was one of my goals. My goal was to get to the point where everything that happened on the inside was not directly felt by the customer on the shelf. This hurricane tested that, and as a result, we took an impact from a hurricane, and we might not even see the effects until January, when we need one or two small supplemental buys. That's how it's laying out right now. It's a very fluid scenario. If you would've asked me this question day after the Hurricane, 10 days, 30 days after the hurricane, I might have given you a different answer. Right now I'm looking at making it through the end of the quarter of the year without any need for supplementation. That's great to hear, and hats off to the team for making that happen. As a quick follow-up, you talked about some plans, a larger greenhouse in Florida, and I guess you addressed Texas. Is there a sense of CapEx for those build-outs in the next year? We, you know, we've been blessed with investor groups that support us through various types of scenarios. We have avoided the sale- leaseback scenarios that some of our competitors have gotten into. It's not the right answer for us, so we look for other alternatives. We are cash flow positive. That helps us now build our stores without the need for any type of capital raise or any kind of loan funds. This next project, we're looking. We've got three investment groups that are interested in being involved. We've actually talked to our lenders about being involved. I feel like a greenhouse project, which is, it's a $10 million-$15 million project all in, that's a very digestible CapEx amount for a part investment partner or even a loan. I think we can get that done pretty easily. We're not talking about one of these $30 million, $40 million, $60 million, 90 million indoor projects that you hear about. The type of feed I need, 'cause if you remember, we have the BHO came online, and so we have now switched over to BHO. We're soon to ramp in full production on that, and we have Live Rosin that's come online. Those two product lines, they really need high-quality, but not indoor high-quality flower. They need B- plus flower. So you get a high-yielding, high-quality flower so that we can make those derivative concentrate products. That's really our focal point right now, because these are product lines that we don't yet offer, and the ones we offer, we sell out pretty quickly. I need my in-feed, my biomass feed to match my output expectations, which isn't high-quality flower. We have enough high-quality flower. We have two facilities dedicated to that. Because of that, I don't need to build a big indoor facility at $30 million, $60 million, $90 million. A good environmentally controlled greenhouse at $10 million will get me there. Plus, I could put a lot more square footage. I'm looking at probably 70,000sq ft, 75,000 sq ft of cultivation space, which will then, of course, push us to that next level. Thanks as always for the detailed response. Thank you. The next question comes from Adam Wilk with Greystone Capital Management. Please go ahead. Hey, guys. Thanks for taking my questions. I appreciate it, and congrats on the incredibly impressive results. Really phenomenal, especially when taking into consideration what's taking place across the industry and given the hurricane, et cetera. I'm sorry if I'm not following this correctly, but I was hoping maybe you could reiterate or help me understand your commentary surrounding Q4 EBITDA as it relates to the guide. I appreciate the revised guidance, especially on that line, the EBITDA line, but can you maybe give some additional color or let me know what I'm missing in terms of where you'd expect to end up? Revenue seems to be coming in flat or slightly above sequentially. I was maybe thinking we would see similar profitability to Q3. That comment around 30%-35% EBITDA growth from fiscal year 2021 would maybe imply that Q4 is down. Am I off there? How should we be thinking about that? Well, I don't expect Q4 to be down. I expect it to be right on guidance. You know, if you look at where we've been on Adjusted EBITDA, you know, we have, of course, the biological inventory, which continues to grow, and that factors into the adjustment as you bring on the new facilities. Our efficiencies realized throughout Q3 helped us have a much higher EBITDA than we anticipated. We'd anticipate that trend to continue, but slow a little. We're gonna, you know, we're already sitting at, I think they suggested we're at 28%, so we're already sitting in the mid-range now. I don't expect it to change much from that. I think we'll probably increase at that point a little higher. We, we don't expect a major downshift at this time. Okay, that's helpful. Thanks. In line with some of the efficiency improvements and increased cultivation, you did talk about some of the puts and takes on gross margins, which are appreciated. Is that mostly related to the cultivation improvements? Is exiting Michigan a factor there? You know, is there a way we can kind of peg maybe a normalized number at this stage or moving forward? I think exiting Michigan was an anomaly. You know, Michigan was a drag for us. We, you know, we had a series of events in Michigan prior to my arrival. We gave it one more good try. The Michigan market is too volatile to be competitive in the situation we were sitting in. An exit was the right answer. I think everyone sighed relief in the markets when we finally pulled the plug on that. If you take that out a little bit, I think what you're gonna see is Q4 will be normalized. Again, a lot of the low-hanging fruit on efficiencies now, we've realized that. I think we're starting to settle in now. You know, there are a few more things we can do, but we're kind of getting to the top of the improvement pyramid as to those efficiencies. I think what you're gonna see out of Q4 is really going to be this normalized scenario for us. Okay, perfect. I think I've sort of at a high level have heard a lot of things on this call that I didn't expect to hear in a good way. That's great as it relates to you mentioning that the low-hanging fruit is sort of, has been addressed and is sort of behind you, and then talking about the potential greenhouse build, which is really interesting. We spoke about this previously, I'm wondering if you can just kind of talk about maybe at a high level, your desire to keep growing the dispensary count and whether you feel like you're kind of stuck at this stage, you know, cycling between working on the cultivation growth and improvements and then trying to build the footprint. I'm aware of the strategic plan in terms of cultivation improvements and then footprint growth and vice versa. Given where the industry is right now and your guys' competitive position in the state of Florida, and the fact that most operators seem to be actually pulling back on things like expansion, CapEx, M&A, et cetera, it seems like a really attractive time to sort of pivot toward more store growth, so you can really sort of press the gas on market share gains. I mean, you guys are finally generating significant cash. I'd just love to hear maybe what sort of gives you the confidence to maybe make these increased investments right now or any thoughts there would be really helpful. We've come a long way. In coming from where we were to get to where we are, you know, we learned a lot about efficiencies, and we learned a lot about balance. This company and many companies back in the day were way out of balance. Because we are in Florida and Florida is our primary revenue producer, we are strictly vertical. As I said before, in the most strict sense, if you don't grow it, you can't sell it. Because of that, you have to stay in a balanced scenario where you have adequate inventory compression in your stores to drive your sales. If you get too many stores, you can't feed them. That's where Fluent was the day I arrived. We had more stores than we can feed. We were 12 to 14 hours from truck to the customer bag. That sounds like a great thing, it was a terrible thing because the company was in constant volatility as far as inventory and demand. Staying in balance is very important to me. Right now, we have, we will continue to increase cultivation output based on an annual realization of what's already in place. Let me tell you that specifically. When we finish Q4, we will only have two crops coming out of Polk City. Polk City is 24 sq ft greenhouse. Because we brought Polk City online mid-year, it will only have two harvests in all of 2022. 2023, Polk City is gonna realize its, you know, its full harvest ratio, 5.5 harvest. Same thing with what we call New Tampa. It's about 8,000 sq ft of high-quality flower. Its first harvest was only in October, only in this last part of the year did you see any benefit or contribution from that. Those two facilities coming into full production rate in full and giving a good annualized contribution are gonna cause growth in 2023 anyway. Now I need to make sure I have the stores online to fully realize that potential. That's why I've picked, in addition to the four, the next three are already ready for siting. If I site those three now, we get those sited in the next few days, you know, we're looking at August, September of opening those stores if everything goes right. Once those stores are open, maybe up to five, then we're in perfect balance. We will realize the benefit, the annualized benefit of those two new facilities at the same time we're putting the new stores on, at the same time the other four stores are coming up to speed. Because remember, I've got those four to feed as well. At that moment, we are in perfect balance. The company is solid, it's cash flow positive, it's in perfect balance, which is really my goal from Day 1, is to get to this moment. Well, now we've got to grow. You know, start low and go slow is kind of the industry motto, and I believe that's the right answer for us as well. We already did the overexpansion and the over horizontal expansion game, and that was no fun, and pulling back from that was a tremendous effort. Let's just grow in sequence and grow in balance. To grow in balance at that point, you don't need more stores. You've got to feed more stores. You've got to go back to the other end of the stream. Our prior investments on the middle segment, which is manufacturing, extraction, and packaging and labeling, all of that, is still capable of handling more cultivation in feed. Think of it as three distinct silos. We have the manufacturing segment, which still has plenty of capacity. I can add about another 70,000 sq ft of cultivation into that facility to hand, and the manufacturing facility will handle it. My stores are now balanced. I'll go back to cultivation, get the cultivation up and running, move that cultivation through the stream. I can open up more stores. That cultivation add that I mentioned to you allows me to go to 42 stores. Just by math, if you guys wanna know it, at 42 stores with the additional cultivation, that puts us. We're number six in the state right now. That puts us as number three in the state. That's the plan. It's not even a secret plan anymore because I just told it to you. All right. Well, yeah, you hit on the key things I was looking for, and I really appreciate all the tremendous color. Thank you for taking my questions, and keep up the great work. Okay. Take care, Adam. As there are no further questions on the phone lines, this concludes the question- and- answer session and today's conference call. You may disconnect your lines. Thank you for participating, and have a pleasant day.