As I mentioned in my remarks, we have some product that is already being transforming through GMP in Portugal that will have a landing spot in Australia and in Germany, and we’re excited about the opportunity to activate those markets and increase exponentially our exports as the quality and standardization of our product in Colombia continues to normalize. With that being said, we are very carefully evaluating what’s happening on the regulatory landscape. We know there’s a meaningful regulatory change in Colombia. Colombia is very close to legalizing cannabis for recreational purposes, which would immediately open up a market where we would become the leader or one of the top three companies inside the Colombian market, which is massive in its own.
And we’re also evaluating geographies like Germany, of course, since we have a tremendous interest in that part of the world.
Jessie Casner: Thanks, Luis. It looks like we lost Aaron, but we appreciate those questions, Aaron. So I’m going to move to Steve Silver of rGuest. Good morning, Steve.
Unidentified Analyst: Thanks for taking the questions. My main question just surrounds the company’s view now that we’re a couple of months into 2023. Just your thoughts about the company’s capital position. I know that you guys mentioned late in 2022 that the company had built up inventory with the expectation that it was going to be sold through over the coming months. Just hoping that there was any color you could provide in terms of where the company stands on that, whether that will be more of an across 2023 goal? Or is there any color you can just provide about the company’s overall views on the capital position? Thanks so much.
Luis Merchan: Yes, I’m going to provide a couple of commentary, and then I’ll give it to Elshad to complement. So Steve, good morning, and thank you so much for that question. I would say, first, there’s a couple of elements here in terms of capital usage. Of course, there was the outflows of cash in 2022 that were related to the acquisition of JustCBD, that was the most meaningful one. We also had about $1 million to $1.5 million worth of CapEx investments that were deployed to ensure that we completed the infrastructure for not only North America but also Colombia. And then there was an increase in inventory position from one year to the next and that increase in inventory position is for a number of reasons. The biggest one is that we acquired these companies, and they have high working capital needs in terms of inventory.
From a positive standpoint, they have high inventory turn as well. So we need to ensure that we have that inventory in place to ensure that we can meet our revenue growth And then from a cash perspective, we closed the year at around $9.5 million in cash. That was a question that was completed with – for a number of reasons. Of course, the deployment of the cash that I mentioned, the usage of working capital for inventory and CapEx, but also we had a raise in the beginning of December of $5 million. And we expect that there will be not significant outflows on CapEx this year, but we’re going to continue to invest from a working capital standpoint on inventory that we know is turning incredibly fast, like the one that Jessie mentioned in our House of Brands product like our plus line that is working really well, our vape line that is working really well.
Accessories in some of our core accessories in Vessels are performing at an exceptional level, and we’re going to continue to invest dollars in inventory that is turning and is providing us with high margin. Elshad, anything else?
