Good morning, and welcome to Canopy Rivers Financial Results Conference Call for the Quarter Ended December 31, 2021. I am joined this morning by Narbe Alexandrian, President and Chief Executive Officer; Eddie Lucarelli, Chief Financial Officer; and Matt Bundy, Chief Strategy Officer and General Counsel. Mr. Alexandrian and Mr. Lucarelli will make some formal remarks, following which, we'll conduct a question-and-answer session. [Operator Instructions] This call is being recorded on February 10, 2021. For your convenience, the press release, MD&A and condensed interim consolidated financial statements for the 3 and 9 months ended December 31, 2021, are available on the Investors section of Canopy Rivers website at www.canopyrivers.com as well as on SEDAR. Before we start, please note that remarks on this conference may contain forward-looking information within the meaning of applicable securities laws about Canopy Rivers and its investees' current and future plans, expectations, intentions, financial results, levels of activity, performance, goals or achievements or any other future events, trends or developments. To the extent any forward-looking information contained in the remarks constitute financial outlooks, this information may not be appropriate for any other purpose, and you should not place undue reliance on such financial outlooks. Forward-looking statements are made as of the date hereof based on information currently available to management and on estimates and assumptions made based on factors that management believes are appropriate and reasonable in the circumstances. However, there can be no assurance that such estimates and assumptions will prove to be correct. Many factors could cause actual results to differ materially from those expressed or implied by forward-looking statements. Financial outlooks are also based on assumptions and subject to various risks and the company's actual financial position and results of operation may differ materially from management's current expectations. As a result, Canopy Rivers cannot…

Thank you, Narbe, and thank you again to everyone who has dialed into the call this morning. As a quick reminder, there are explanatory materials posted on our website at www.canopyrivers.com that provide a more detailed explanation on how to interpret our financial statements, given that we do not report financial metrics that are typical of Canadian LPs or U.S. MSOs. Before I dive into our financial results for the quarter, I would like to briefly comment on the impact of the Canopy Growth transaction on the financial results released today. Several of our assets, including all of the assets that are being sold or transferred to Canopy Growth in connection with the transaction, are remeasured at fair value each reporting period. While the Canopy Growth transaction was announced during the quarter, the full financial impact of the transaction will not be reflected in our operating results and financial position until the transaction closes, which we anticipate occurring in the coming weeks. The fair value estimate that we are reporting for the period ended December 31 were determined using valuation methodologies that are consistent with IFRS and that we have used in prior reporting periods, and are based upon inputs and assumptions that reflect current circumstances as of the date of the financial statements. As a result, the fair value estimates reported as at December 31 may be different than the actual values ascribed to the individual assets pursuant to the plan of arrangement with Canopy Growth. We expect that the full impact of the Canopy Growth transaction on the company's financial position and future outlook will be reflected in our financial results for the period ending March 31, 2021. Turning to our results for the quarter. I will begin with our operating results. Net operating loss before consideration of…

[Operator Instructions] Your first question comes from John Zamparo from CIBC.

I wanted to start with a comment you made earlier on, Narbe, about U.S. businesses lacking cessation access to capital. It does seem like there's increased competition for these U.S. assets, whether it's in the form of stacks or otherwise. So I guess, first, would you agree with that assessment? Is that what you've seen? And then second, in your M&A discussions lately, what can you say about quantity of assets available, quality of assets and valuations you're seeing in the private space? Narbé Alexandrian: Yes. Great question. When we're looking at the U.S. market, it is a big market with a number of states that have legalized for medical and adult-use marijuana. And we do see that there are a number of parties out there that are private in nature that don't have the same access to the public markets as some of the larger public players do for grabbing headlines with large raises. And through discussions with many of them over the past 6 months, it seems like there's a need for capital, there's a need for growth, there's a need to compete against some of those larger players and set their own foothold in a proper state or multiple states. So there's a lot of opportunity out there as well. We also noticed your second question that on the private side, the multiples that we're seeing based of the valuations to the revenues or even some of the projected EBITDA that some of these companies have are on the lower end or even much lower than what we see in the public market today. So there is a bit of a multiple arbitrage opportunity of looking at private businesses, acquiring them, taking them public and seeing that lift in terms of valuation from that strategy alone.

And John, one thing maybe I could just add on the supply of capital point you mentioned. I think it's important to -- just like with any other supply and demand scenario, the demand is going to be influenced by the quality of the capital that's available. And so when you compare a situation that we anticipate to be in against some of the other opportunities for capital deployment out there like it's back, the non-dilutive nature of what an acquisition by our company could offer, we think, puts us in a lead position just with respect to the demand for that capital as well.

Got it. That's helpful. I just like to get a better sense of what the game plan is once you get this Canopy Growth transaction closed and you do switch exchanges. Is there a preference at this stage on making just one acquisition and essentially undergoing kind of a reverse takeover? Or are you looking to make multiple investments? Narbé Alexandrian: Yes. It's a great question, John. At this point, we're looking at a number of options, looking at both of those options in particular, looking at either making a platform investment or making a 1 to 3 smaller investments that we can then put together and inform some sort of a larger single-state operator or a multi-state operator. But we're still working through the details there, and we expect to announce and invest in our acquisition approximately 6 months following the close of this transaction.

Okay. Got it. And I don't suppose you're going to share specific details on this, and that's fine. But are there particular segments of the industry, you are looking at? It sounds like, like you said, single-state operators, MSOs. Is there 1 vertical that you like, in particular, whether it's retail or distribution or processing? Is it certain states with certain attributes you want? Or are you kind of agnostic at this point and just looking at what might provide the best return? Narbé Alexandrian: I think what attracts just looking at the U.S. market are those -- are areas of the U.S. where you're seeing a tremendous amount of growth that is to come in the future. And these typically relate to those limited license states, typically on the eastern side of the U.S. where there's not -- there's no new licenses coming out, whoever has license has the first-mover advantage. They can vertically integrate and take more of the market share of that state. The state is big enough from a population and penetration perspective in order to become a multibillion-dollar industry in that state alone. And the legislation and some of the regulations behind it are favorable to cannabis companies going forward. That's kind of our view at this standpoint, and we've looked at all 36 states that are medically legal to shortlist that into a smaller number of states that we're digging deeper on at this point. And again, we're not disclosing any details regarding what that strategy is, but we expect to announce that investment or acquisition within 6 months of the closing of the Canopy Growth transaction.

Okay. That's helpful. And one more for me. Are you in any active discussions to try to monetize any of the remaining portfolio investments? Narbé Alexandrian: Yes. I mean, we continue to pursue exit opportunities when we believe that they're in the best interest of our shareholders. So there are some disruptions on some names. There are -- but other names we intend to hold on to until a more natural form of exit through M&A or go public take form.

[Operator Instructions] Okay. So there are no further questions. With that being said, ladies and gentlemen, this concludes your conference call for today. We thank you for participating and ask that you please disconnect your lines.