Gold Flora Corporation (PNK:GRAM) Q4 2023 Earnings Call Transcript

Pablo Zuanic: Thank you. And look, if you don’t mind, I want to add just one last one on that last point, right? You have made significant, I think, you’ve made adjustments to your portfolio, the brand portfolio. There’s been some pruning, some brands doing very well. As you think about other states down the road, would it make sense to build beachheads by start licensing those brands that are doing well for you in California into other states? But, again, would not make sense right now?

Laurie Holcomb: No. I think our immediate goal right now is to get to free cash flow positivity here in 2024 and with that brings optionality. And at that point, I think, once we achieve that goal, we start looking at potentially working with other groups to take our brand out of state.

Pablo Zuanic: Got it. Thank you very much.

Laurie Holcomb: Thank you, Pablo.

Operator: Thank you. And your last question comes from the line of Howard Penney from Hedgeye. Please go ahead.

Howard Penney: Thank you for taking my question. Is it safe to assume that if there were other stores or licenses that need to be sold, that would have come out this quarter as you went through the process of determining that that store needed to be sold?

Laurie Holcomb: Oh! Have we — yeah. Are you asking, are we going to shut down any more stores?

Howard Penney: Yes.

Laurie Holcomb: Yeah.

Howard Penney: Not so directly, but yes.

Laurie Holcomb: We didn’t hear that very well. So, no, we — yeah, we are where we need to be. That was part of the merger. So we knew when we took over that was what we had to implement in 2023 and we are 90%, 95% through, our goal is to be completed with that merger by 12/31/23 and we’re there.

Howard Penney: Awesome. And then what will capital spending be in 2024?

Marshall Minor: From a plan perspective, it’s very de minimis. All the cultivation is built out. So any kind of plan spend beyond the one store that we’re bringing on is pretty much on a maintenance basis. So pretty de minimis.

Howard Penney: Thanks so much.

Laurie Holcomb: Thanks, Howard.

Operator: Thank you. Ms. Holcomb, there are no further questions at this time. Please proceed.

Laurie Holcomb: Thank you to everyone who joined us on the call today. We appreciate your continued support. I also want to express our appreciation to all of our Gold Flora team members. Their work over 2023 has been phenomenal and they have truly set us up for success in 2024. I look forward to sharing our progress over the coming months. Thank you and have a good day.

Operator: Thank you. That concludes our conference for today. Thank you for participating. You may all disconnect.