 The proposed spin-out, the payload tax bank, the lays or unforeseen costs incurred in connection with construction, the ability of competitors to scale operations in Northern California, the raised or unforeseen difficulties in connection with the cultivation and harvest of yield of raw material, changes in general economic, business, and political conditions, including changes in the financial markets. These risk factors are discussed in detail under the Heading Risk Factors and HALO's annual information form dated March 31, 2022, and HALO's additional disclosure documents filed on CDAR. New risk factors may arise from time to time, and it's not possible for management to predict all of those risk factors where the expense to which any factor or combination of factors may cause actual results, performance, or achievements to be materially different from those contained in fore-looking statements. Given these risks and uncertainties, investors should not place and do reliance of fore-looking statements as a prediction of actual results. Although the fore-looking statements contained in this presentation are based upon what management believes to be reasonable assumptions, HALO cannot assure investors that actual results will be consistent with these fore-looking statements. The company undertakes no obligation to update or revise any fore-looking statements, whether it results in new information, future events, or otherwise, other than as required under security. Transfer the call over to Phyllis Bandenberg, our chief. Okay, thank you very much. Under four months, the percent increases. We're at 381, and we're at 45% increases. The average next price decreased with 63, and 65% respectively. For the full year and three months, the proportion of flower sales was 3 million. The croissants give us a gross profit for the Q4 was 800,000 and for the year it was 7.3 million. The Q4 was minus 16.1%. For the year, and adjusted for impairments by those croissants, the gross margin was 9.6% in Q4 and 20.1% for the year decline. Two on two minus 35%, and for the full year it was 93,000. 2.1 million grams per year. For the three months, it was 50,000. 18,000, a big increase. For the three months, sales was 7.3 million grams. For the three months, there was a gross profit of 854,000 for the year. Adjusted for impairments, the gross profit was 91,000. For the three months of the year. Flowers gross loss for the three months was 523,000. 4 million for the year. Adjusted for 3.9 was no way acquisitions. In 2021, the like for like, all that was actually a 7.7 increase. Nearly it was more cash and like for like. Acamba was 3.6. They added in total 3.4 million to operating expenditures in Q4 and they added 30 million for the year. Acamba and the decline in production overheads was 3.3 million for what basis. It was 23.6 million for the year. That includes impairments. Long-pass items were 56.7 million and 69 million for the year. It was plus 2.9 million in Q4 and was a release of working capital of 7.6 million for the year. For the year, two acquisitions had a value of 54 million. There are impairments. 20 of and 21 of intensive losses were in that number were 40 million. Goodful impairments were 12.7 million and then acquisitions that hadn't closed were 1.4 million. And that is basically the two retail assets. That is actually you'll find that in the financials in deposits. So there was a figure of 7.4 million. In our capital structure, right now we have, at the end of the year, we have Acamba, which was deconsolidated in November. And at the end of the year, that investment is now a long term of 11 million. If I take today's IPO price, where the stock is trading, then in our capital structure, we have a facility with a debt provider of 14 million. Another one with the same group of 50 million. And then we still have a note with Acamba, which is worth about 6 million. So the company has a lot of resources to fall back on. In 2021, we did windberry, the two retail assets as I said, so there are management companies, Black and Trimps and POI. All that, like all those, they were actually ripped off. That's what the old third call was to do. Company 1307296, we did one acquisition, which was simply sweet by presentation. I'll go through them, read the question, and then direct it to the appropriate member of the manager. We're wondering about your health, just in terms of your voice is different. So, would you be able to comment on this? No, sure. My voice will be different from the next two to three months, and then it will return to normal. But I'm dealing by a standard. Regarding the cost of yet, in terms of what we're expecting at Solidify the answer, what is our explanation why the Acamba value is not reflected yet in Halo? The IPO Acamba happened when we ended up with the shares, and we had to be below 50%. We had to sell some shares. We sold those at $1, so therefore our position is valued at $1 and not $4, let's say at a year, because their IPO happened there after. So it comes to one, then we will do a market, and then the IPO price was $4, but right now the price is closer to, I think it's about $8, and that would value the stake at more than $100 million. But because we sold shares at $1, that was the last transaction price. We had to value it at that price, and therefore the stake was at $11. For you, one thing that we mentioned, maybe in the press release, during one of the interviews recently, is along the lines of the sale of Acamba and how that all came fruition. And you mentioned that Haley would consider selling any business if it makes sense for the shareholders. The question here is how will we determine whether that, in fact, makes any business sense? In the U.S. marijuana industry, equal to or higher than the book basis of our asset. You know, distribute the Acamba shares, under securities laws, we're looking at multiple ways, but one way to start giving shareholders a kind of value is maybe to put the shares in some sort of closed mechanism, which we're not interested in doing, and we're locked up for nine months. Three months and then half to 12 months, two shareholders, our meetings with Tage, my conversations with Louisa, is just setting out a path. We have a chance to be a dominant player in Europe with everything they have lined up. Okay, great. This next question is about the recent announcement of the Convertible Note financing and whether or not it will cause dilution. Retail shareholders were hoping that Acamba's ITO could trigger a turnaround with the stock price. They are concerned that the conversion of the note could mitigate that effect. So what are your thoughts on this and recognize that this is not a good strategy? Who is that for? That's for you, Karen. So I think our pace of acquisitions are a considerable amount of actually larger values than us. Example, if we find an asset, and this is just an example, worth 100 million, I would love to be able to pay 10 million in stock and 90 million in debt, secured solely by the assets we buy, sort of a leverage buyout that we're looking at if we go forward with large investments. The other thing we have is we have policies at hand in our 2 o'clock to explore again and are coming down substantially and continue to come down. So we haven't pulled a trigger on anything major yet because it's like catching a ball at night as prices continue to compress. One area we're not seeing price compression right now or as much price compression is in retail. So our focus is dispensaries, dispensaries, dispensaries. For the first time I can say that we're open to also acquisitions in Oregon if they make sense of dispensaries. So this next question was for me, but I think we can all chime in on it. It was just, what is our case on business strategy for 2022? So to kind of piggyback on what Jordan was just touching on there, we're definitely focused on continuing to virtualize, particularly in California, but where it makes sense to do so in Oregon as well. In California, we're laser light focused on now that we have one of the stores open, opening the next two stores. In addition, because of market conditions, there are some attractive acquisitions, and we think of that because the retail prices are less sensitive to market conditions and wholesale, this is going to be a great way to just secure revenue and improve our margins. So, but in addition, and this is something that we touched on in assets that are either non-plant touching or standalone is a great way of creating value and we have a couple of those, one which is quite far along and so, Phillip, maybe you would like to talk a little bit about how we're executing this incubation strategy with Halo Tech. Sure. So put together in one new company called Halo Tech, and that company is we return to share almost as a return of capital. We have 20 million. We know what that represents as the boot value of the total. We actually then calculate how many shares of Halo that involves. Then we issue shares in Halo Tech, so you have a share exchange ratio and every investor in Halo collective will end up with shares in Halo Tech as a distribution. So shares are going to be listed and we're literally in the middle of signing off everything like we have had separate audits for the companies in Halo Tech. Halo Tech itself has an audit. So this company is now exists. It's going to be listed and we have nearly completed them from the prospectus which hopefully we will complete this week to get those shares listed on the CSE that's in progress. So this is different than, let's say, Acanda where Acanda is an outside company where we render the assets. In this case it's actually an outside company. Halo Tech is owned by Halo Collective and distributed to shareholders as a return of capital. Then it takes for the regulator the exchange it takes about two months to allow this to happen. So we expect that in two months time Halo Tech has its own listing. We can see this potentially playing out this year. Halo is also acquired or slash developed for non-plant-touching CBD. So non-plant-touching consumer package is good. And by that I mean HP gummies things of that nature including manufacturing and distribution agreements with employee energy corporations. So things of this nature we're realizing again they have a different supply chain different distribution and potentially could under the right set of circumstances flourish potentially as a standalone. So that's an example of another area for business for contemplating. And the only other one that I would say although it's a little too premature is things still need to kind of clarify with local licensing and in addition there's a market in California and just clarification of how much capacity there'll be this year but that's something in theory that we might look at doing with a triangle can of course as well. So these are just examples of Karen I don't know if you have any other examples that you would touch on. Geographical regions like we did in Africa and Europe we're going to run with that concurrent with our businesses. Related question Karen for you and the question is when would Halo potentially consider simply being a company for the Aconda shareholding or other standalone companies like Triangle and stop any further day-to-day operations? When we get good employment businesses we're going to be people are going to buy low and cycle will come out strong already or have investors are thinking just in general this whole incubation and what we've done with the condo has gotten them thinking a lot and so this next question relates to it as well which I will comment on which is whether it makes sense to bring Triangle public if the California cannabis market is so low and I would say we recognize that and sort of in hindsight we think it was a busting in disguise that Triangle didn't start up this year given what happened to prices in the California market really across the West Coast but certainly California is obviously mindful of that and you think that now is the time that we have learned is that there are potentially some encouraging trends changing regulatory licensing and requiring to convert for the annual licenses or only be granted annual licenses in California which is a much, much higher bar takes more time, energy, many resources and for cultivation it nearly always takes a sequel compliance which is a pretty onerous process it seems like the state is also moving towards limiting the U.S. acre meaning that large growth, large capacity unless they've already been in the pipeline will not be as fun to form in the future but all this means is that we believe although again we're monitoring it for the moment that supply chain could either not restricted per se but not as open and going forward prices will come back and at that point it may very well extend to a season under our belt potentially this year execute an IPO so again these are very this takes time, all of this takes time to but we agree that California this is not the right path Jared will be better than going forward prices for our annual in our reported and our annual filing we reported losses for 2020 however our output increase how is that possible is Canada's growing not a good business I think there are a few elements in there like one is if you go to it is gross margin overhead and then it is a little bit non-cash items but in our gross margins they should improve or first of all some things disappearing such as ICANDA which actually has no revenues so just by taking it away that costs disappear and no revenues disappear that's a good situation that's just one example but we have more of those we need to go down at the same time in a way the contribution margin of the projects that we produce and sell should actually not be affected it is affected because of production overheads and that's an area that we are looking at to bring costs down further and this will improve our gross margin and then we continue to look at overheads let's say the corporate overheads a lot has been done already one example is that all executives are no longer paid in cash with shares so although you see a large number of overheads like 50% of that is basically paid in shares to consultants, to people who work in a company so it's all cash outflow and then that's just accounting like we did a lot of accounting and then it depends on when you do those acquisitions you do it later in the year and there are no revenues yet then you have to have every strong substance otherwise the oldest firm tells you you have to repair them because they marked it down that's what has happened many of those acquisitions that we did I give you an example it was last year that we had to write down LHA which is the old Hollywood dispensary that dispensary opened two weeks ago and it's doing really really well so we may have to write them down in terms of accounting but in the end they do come back with revenues every time once they're up and running and that's how they start contributing and that is reflected in I think in the market cap so yeah it is you're running very hard in a way to stand still in this business and that's what we do we're continuously looking at opportunities we're continuously looking at how to break that cost and how we can turn this into profitability and although I know that there are a lot of groups every day like it's 60 million dollars of more cash which is really just environmental acquisitions that we did you take all that away and then we are pretty much on target but yeah it is a tough business an example of what we acquired this question is about the story that we will open so how is the business in North Hollywood doing? I was touching on the first part of that question which is which store will open next we anticipate that the Westwood store will be open next to the Atlantic Boulevard this past week we actually passed local inspection which is encouraging the state application has been submitted although it has not been fully approved yet it's still in process and then the local government will have to complete the equity share document because we are a social equity license essentially ready to go from a construction standpoint just some finishing touches so we are pretty confident that this store is going to open in future other than that though the North Hollywood business is doing well the first two weeks are more of a soft open while the team is fast and trained and product mix and just make sure everything was in place and we had two grand opening days on Friday and Saturday this past week and the store was just packed and customers were coming in and filling up their baskets and hitting their maximum limits for the day in terms of what they could buy and we are very very pleased to report that's actually the best selling excuse and the stores were the best branded products North Hollywood best for and we anticipate building on it in fact this whole month of April we'll be doing events on Friday and Saturday so we hope that everyone will come by and we're open every day and staff has been great and so in this team has really done new buildings and momentum on the North Hollywood opening so it's the last one of our new dispensaries so let me just tackle this one as he branded the data as well so our STP retail is definitely considering doing this we realized that these stores already have a brand and market they operate under Kishmar this was the rollout as I was mentioning as they did branding in LA thus far the local consumers have reacted well to it's value and we think that that's a great selling proposition wherever you go we're not rushing to make that decision but we're certainly taking a look at and rolling this brand out to Canadian dispensaries but any other market we choose to basically through most of these questions I guess the next question one for each of you still prices have not dropped so precipitously I think depending on the product segments prices were down 25 or 30% or perhaps even more what are your thoughts on what we do see in recovery what would that mean we reduced have come down more than that we thought and I think that we haven't seen the end of that yet I mean we as we know we look at this long term charge for prices in different states some time ago and that doesn't really show yet that we're at the bottom we just we just keep working at bringing our courses down and also with the price of trip being down as well that is the way to maintain your margins but if prices haven't come down then we wouldn't be possible on target but the reality is the prices continue to decline and they may well continue to decline so all we can do is just bring our course down and we have to be prepared for the worst and potentially Oregon may be more prone to back in California with some of the attrition and the licenses but even Oregon is making some potential changes in new licensing and something that we have to track but it's also why it's important and why we decided it's so important to get to scale because retail prices are much sensitive to market conditions and buying in prices are experienced more on the manufacturer but Phillip's absolutely right we should always look for ways to streamline and cut costs if possible. So this last question is for you and so the question is if all of the data is open if we are non-corrosive but really are standalone or are there values better recognized outside of the company when will the value in Hilo come to light financially when we file our date we'll be marked to market pretty much right Phillip will there be any discount applied I don't think so like that will add $19 million like that was $11 million the year end that's the biggest I worth more than 100 million so we when we do mark to markets we will have a gain in our book value of $19 million which we're trading at $20 million in the US discount to our book value pretty much in my past history don't last very long I don't see that lasting very long especially as the economy walked up with a number of shares because we're doing a share dividend so we're actually I don't see de-dialuding anti-dialuding and so using that share dividend technique may actually work well with other deals we have on the table but effectively you're going to see a company by the end of the year operation in California are recovering are recovering in Oregon under two more holdings on the obvious at Q1 that we're trading at an 80% discount to a book anything else that you'd like to add for the presentation so people are asking about the traversable note financing with top line number of $65 million $25 million per month to keep that pollution down people have thought that there's a volatility instrument so they make money when there's more volatility in the stock under 9.9% they're keen to see the stock go up to be a little bit more conservative execute on the dispensaries and implement bring that book value substantially up I think that does it you can always feel free to reach out to us our contact information is on the investor relations page or contact us on one of our social media channels and we look forward to hearing from you and thank you for joining us