And now that we have free cash flow generation, of course, we want to keep in mind that we’re always free cash flow positive going forward, although, the delta is going to vary, the quantum is going to vary. We were — I was extremely happy that we got to $4.1 million this quarter, but I cannot sacrifice store growth going forward every quarter. And our whole recipe for success has been our size and scale. It’s like the chicken and egg. If we wouldn’t have built this past this efficiently, we wouldn’t get to free cash flow today. We wouldn’t have these exceeding EBITDA trajectory that we are on right now, right? So what we’re going to do is we’re going to be very disciplined and responsible in our approach. We are going to look at some M&A so we can start getting momentum on both sides.
You’ll see about four to six locations added this year, and then you’re going to see another 15, 20 organically next year, maybe a little more, but definitely another 10, 15, maybe in M&A next year.
Andrew Semple: Great. That’s very helpful. And then I just want to switch gears maybe with the loss of fire and flower in the marketplace. I’m wondering, if you’ve seen any inbound calls from the LPs on your data licensing business, given it’s now definitely one of the largest offerings in the industry. And maybe a bolt-on question to that too, would be whether you’ve received any early indications of interest from potential advertising partners for the new Cabanalytics consumer insights offering that you’ll be launching here in the near term?
Raj Grover: Sure, Andrew. So Andrew, Cabanalytics business and data insights has been an extremely successful program for us. But unfortunately, some of our customers, which are licensed producers mostly. A lot of them are facing CCAA, and there’s a lot of pressure on that end. Initially, when we were opening stores, we can generate data from all of these stores and we were really ramping up on our Business Insights platform. Well, that has really slowed down now and stabilized, although, I’m happy that it’s not got in negative territory because I can’t control what happens on our customer side. So what we did is, we decided to leverage our overall Cabanalytics ecosystem. We saw that we have 1.1 million members of the Cabana Club no one else does.
We have 4.6 million international customers no one else does. And the best way to solidify the loyalty loop with our club members is by constantly reinforcing Cabanalytics lowest price ecosystem that they’ve come to love and trust and also solidify our relationships with all of the brands and product manufacturers that would want to have a platform like CCI to showcase and promote their successful brands. So CCI is going to be a high-margin business for us, of course, subject to federal regulations because there’s a lot of federal and provincial regulations in play when it comes to marketing and advertising opportunities with licensed producers. But we can act on CBD, we can act on accessories today. We can act on seeds today. And we have so much consumer level data across the cannabis value chain through a diversified international cannabis ecosystem that this is going to be an exciting project for us, and I haven’t been so excited about a project in a while since ELITE.
So this is going to be our next winning project, and I feel that this is going to further make LPs very excited to work with us in CBD and accessory companies, very, very excited to showcase their success in this magazine-style publication that we are launching.
Sergio Patino: Raj, I guess the first part of the question was about the wholesale business. If we have seen any interest in the wholesale business due to fire and flower going out. And I guess I could answer the first part and is, no we haven’t seen it. And one of the things that I should highlight as part of the due diligence that we did through that potential acquisition — this is a line of business that we want to be very careful in terms of the margins, low margins, high exposure to AR. So we’re very, very careful there anyway. So you want to add something there on that part?
Raj Grover: No, you’re totally right, Sergio. Look, Andrew, the wholesale part of Saskatchewan is extremely tiny for us. It’s really facilitating the existing stores that we have in Saskatchewan, but we’re rapidly growing. But it’s not our focus, and it’s a low-margin business. So we’re not overly concerned one way or the other on this business coming our way in a very big way, and these assets were also purchased by a private operator, which was publicly disclosed. So it’s not like that the wholesale business is shut down and the LPs have stopped doing business with them. We are still growing in our wholesale business at Saskatchewan, but it’s a really tiny portion of our overall portfolio. And we’ve always been a retail-focused company, as you know, Andrew, from the very beginning. So it doesn’t matter to us one way or the other. And we continue to focus on our retail operations.
Andrew Semple: That’s very helpful. I’ll get back into queue. Thanks for taking my questions.
Operator: Thank you, Andrew. [Operator Instructions] We have no further questions at this time. So with that, I will turn the session back over to High Tide’s Chief Executive Officer; Raj Grover for final comments.
Raj Grover: Thank you, operator, and thank you to everyone for your interest and continued support for High Tide. We’re very proud of what we achieved this quarter and remain excited about the road ahead. With that, I will ask the operator to close the line. Have a great day, everyone.
Operator: This concludes today’s conference call. Thank you for your participation. You may now close your lines.
