Financial Data and Key Metrics Changes - The company reported record full year net revenue of $920 million, a 1.3% increase compared to the prior year [14] - Q4 2024 net revenue reached a record $257.7 million, a 3.7% increase year-over-year [11] - Gross profit for the full year was $240 million, reflecting a 26% growth compared to the prior year [14] - Q4 gross profit was $68.8 million, a 20% increase year-over-year, resulting in a gross margin of 26.7% [12] - Free cash flow for the full year was positive at $8.9 million, representing a $70 million improvement compared to 2023 [16] Business Line Data and Key Metrics Changes - The cannabis segment achieved a combined business growth of 16.5%, driven by the Indiva acquisition [11] - Liquor segment revenue was impacted by a market slowdown, with a decline of 3.4% in Q4 compared to the same period last year [21] - Cannabis retail reported Q4 net revenue of $83.2 million, a 10.7% increase year-over-year, and full year revenue of $311.7 million, a 7.5% growth [22][23] - Cannabis operations segment net revenue reached $37.1 million in Q4, with a 42% growth compared to the prior year [25] Market Data and Key Metrics Changes - The liquor retail segment faced a decline in same-store sales, with expectations for flat revenue in 2025 [42] - The cannabis market is experiencing strong momentum, with the company gaining market share and expanding distribution points [28][30] Company Strategy and Development Direction - The company is focused on long-term growth through strategic initiatives, including the acquisition of Endiva, positioning it as the largest manufacturer of infused edibles in Canada [7][29] - The company plans to continue building its infrastructure in Canada while exploring opportunities in core US markets [49] - The company aims to achieve $100 million in annualized free cash flow within the next three years [38] Management's Comments on Operating Environment and Future Outlook - Management noted a slowdown in liquor sales across North America, with expectations for a flat revenue outlook in 2025 [42] - The company remains optimistic about the long-term potential of its US investments despite current operational challenges [48] - Management emphasized the importance of operational improvements and cost efficiencies to drive future profitability [32] Other Important Information - The company ended the year with $218 million in unrestricted cash and zero outstanding debt, providing a competitive advantage for capital allocation [8] - The company announced its application for listing on the Canadian Stock Exchange, which will provide additional flexibility for growth [7] Q&A Session Summary Question: Outlook for liquor retail segment given weak same-store sales - Management acknowledged a slowdown in liquor sales across North America and anticipates flat revenue for 2025, with a long-term growth rate of 1-1.5% expected [42][44] Question: Performance of US investments and potential need for additional capital - Management indicated that while there are operational challenges, they see opportunities for improvement and are focused on capital deployment in Canada and core US markets [48][49] Question: Rationale behind CSE listing application - Management stated that the listing creates optionality for future growth, but emphasized that they are not currently positioned to engage in plant-touching activities [53]