Lowell Farms Inc. (PNK:LOWLF) Q4 2023 Earnings Call Transcript

Lowell Farms Inc. (PNK:LOWLF) Q4 2023 Earnings Call Transcript March 28, 2024

Lowell Farms Inc. isn’t one of the 30 most popular stocks among hedge funds at the end of the third quarter (see the details here).

Operator: Good day everyone, and welcome to today’s Lowell Farms Inc. Fourth Quarter 2023 Earnings Conference Call. [Operator Instructions]. Please note this call is being recorded and I will be standing by if you should need any assistance. It is now my pleasure to turn the conference over to Bill Mitoulas.

Bill Mitoulas: Good morning, and welcome to the conference call to discuss Lowell Farms Incorporated financial results for the fiscal fourth quarter and year ended 2023. Before we begin, please let me remind you that during the course of this conference call, Lowell Farms Incorporated management may make forward-looking statements. These forward-looking statements are based on current expectations that are subject to risks and uncertainties that may cause actual results to differ materially from expectations. These risks are outlined in the Risk Factor section of our Form 10 filed on EDGAR and our listing statement filed on SEDAR. Any forward-looking statements should be considered in light of these factors. Please also note that in the outlook we presented as of today, and management does not undertake any obligation to revise any forward-looking statements into the future.

A close-up shot of a cannabis leaf on a cannabis cultivation farm.

The call includes Ann Lawrence, Chairperson of the Board for Lowell Farms; Mark Ainsworth, Co-Founder and Chief Executive Officer; as well as Chief Financial Officer, Jamie Schniedwind, will go into detail about the company's financial results for the quarter later in the call. The Q&A portion of this call will be open to analyst questions to provide further insight into the company's performance, operations, and go-forward strategy. For those of you who may happen to leave our call before its conclusion, please be advised that this conference call will be recorded and archived on our Investor Relations website page. With that, I'll turn the call over to Ann. Ann, please go ahead.

Ann Lawrence: Thank you, Bill, and thank you all for joining Lowell Farms' earnings call today. The past year has undoubtedly presented us and the California cannabis industry as a whole with numerous challenges and obstacles, testing the resilience and determination of our entire team. I shared throughout last year's earnings call. 2023 was a year spent focusing on restructuring the company in order to respond to the continued decline in legal cannabis retail sales across the state of California and ongoing tax and regulatory costs impacting the entire industry. We are now at the tail end of the restructuring process and we expect to see the benefits of our strategic decisions in the coming quarters. Now that brings us to who we are as a company today.

As we enter into 2024, Lowell is refocused on our core competencies that have been the foundation of this company since 2014. Manufacturing, distribution and sales for owned and third-party cannabis brands, including best-in-class operations and logistics. Our manufacturing infrastructure is tailored to the demands of the California market and features advanced automation capabilities. This focus on lean manufacturing standards allows us to address market needs with great adaptability, ensuring we maintain the highest standards of quality and innovation. We process raw cannabis materials at every stage of the cannabis plant lifecycle, beginning with our best-in-class drawing and curing rooms with the capacity of processing up to 80,000 pounds of wet weight flour and moving through trimming, processing, packaging and extraction capabilities.

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