Forrest Hoffmaster: Thank you, Justin. As we reflect on our performance in the first quarter of 2024, we acknowledge the challenges we faced in a rapidly evolving market. Despite these challenges, we are pleased to report a 4% increase in total revenue to $41.6 million, driven by new store openings. However, we did experience a decline in gross profit due to pricing pressure and a higher mix of medical sales. Operating expenses also increased, primarily due to personnel costs and the expansion of our store count. As a result, we reported a loss from operations of $2.7 million, a decline from the previous year’s income of $5.6 million. Adjusted EBITDA also decreased to $7.3 million from $14.5 million compared to last year.
Looking ahead, we have outlined strategic plans to enhance retail differentiation, focus on pricing and promotions, expand wholesale penetration, and optimize our assets for a return to strong profitability. We plan to close underperforming stores and consolidate cultivation facilities to improve our overall financial health. While we recognize the challenges ahead, we remain committed to long-term growth and competitiveness in the market.
In conclusion, while the first quarter presented its share of challenges, we are confident in our ability to navigate the evolving landscape and emerge stronger. Thank you for your continued support, and we look forward to updating you on our progress in future earnings calls. We will now open the call for questions. Thank you.