Beena Goldenberg: Yes. I just want to say that, listen, we recognize that we have an opportunity to continue to invest, to drive significant efficiencies in our operations where some of our competitors who don’t have the cash balances that we have, have had to stop that kind of investment, which again provides us with an opportunity of a competitive advantage as we continue to see our cost program go down through this investment of automation and other enhancements. So, this is again, a long term play. We’re here for the long term, and we believe these are the right investments now to make us on continued ongoing improvement in our profitability and really be a leader in the space.
Frederico Gomes: Okay. Thanks for that. And then in terms of pricing in Canada and your average selling prices. So I know that in the past, Beena, you have mentioned that, you saw and sign off stabilization here in Canada in terms of pricing, but at the same time in terms of net average selling prices that you report, we continue to view decline there. So could you talk about that dynamic what you’re seeing in the market right now and how you expect that to evolve going into2023? Thank you.
Beena Goldenberg: Sure. So thanks for that question. Listen, our average selling price per gram did go down this quarter. And that really is attributed to our mix. So, a little bit more of, of our SHRED flower really as opposed to Edison flower that mix does drive the lower average selling price. But overall, we didn’t take any price reductions in the market in Q4. This was simply the impact of mix. There is a drive to more value offerings in the marketplace, right? It’s back to the comment earlier about. We’re in a high inflationary market right now. While consumers are not going to use less cannabis, they’re going to look for the best value they could buy. And so, we have to be aware that that’s out there and there’s going to be a push to more larger format so that 1 ounce or 28 gram formats is growing and it’s going to be pricing compression there while consumer, while companies are trying to attract that consumer.
We’re comfortable that we have the right cost structure that we could compete in that space and offer competitive 28 gram offerings. At the same time, as we talked about, we launched the Holy Mountain offering to provide value in some of the smaller formats as well. So, the smaller formats are going to obviously be priced a little bit higher than the large flower format, so, we’ll have that benefit to our pricing. But we also have a strong program planned on Edison on the revitalization of that brand. And that’s important to us. It was delayed this past year because again, we had our flower demand was outstripped for our supplies, so we had to delay some of the work we’ve — but we expect that will improve as well. So, I guess for us, average selling price is important, but it really, it will depend on the mix of our brands.
And then, our portfolio, obviously derivative have higher prices, so, the more we could sell of our Tremblant hash, — our overall margins will go up. And we’ll continue to operate like that. I think you a more macro answer to your question in terms of what we see in the marketplace, we’ll see some further challenges on especially the large format flowers, simply because there is still excess capacity in Canada. And so, while there’s excess capacity companies might do different things. But what from our perspective, we’re comfortable with where we are.
Operator: And there are no further questions at this time. Ms. Beena Goldenberg, I turned the call back over to you for some closing remarks.
Beena Goldenberg: Perfect. Thank you, operator. And to everybody who congratulated us quarter, thank you for that. We did have a great quarter and a great year. So thanks for joining the call today. And I do look forward to providing an update on our fiscal ’23 progress in the New Year. Thank you.
Operator: This concludes today’s conference call. Thank you for your participation. You may now disconnect.
