Aaron Grey: Hi, good morning, and thank you for the question. So, just regarding the EBITDA and EBITDA guidance, you guys held it now despite the beer brands acquisitions, it will be accretive. But if we just look at the quarter, excluding the small HEXO advisory fee, so call it about $10 million or so. So, can you walk us through how we think of this step-up to get to that $68 million to $70 million for the fiscal year? And maybe you can talk about the drivers and how we should think about the sequencing of the EBITDA step-up to reach that guidance? I think it’d be very helpful in any puts and takes. Or I think that could be more through top-line generation for more margin improvement via cost efficiencies or otherwise, I think that’d be appreciated. Thank you.
Carl Merton: Thanks, Aaron. That question kind of reminds me of some of the questions we had last year when people asked the same questions on phasing when we ultimately did get to the EBITDA guidance number. We traditionally have stronger performance in our spirits brand in Q2 every year. That’s because it’s the buy-in for the Christmas holiday season that happens and so we see strengthening in that quarter in that business. And then as we as we evolve through the year, we have a significant outperformance in Q4 traditionally in our distribution business, as people — as pharmacies buy-in for their customers going on vacation in the summer in our distribution business. And then, we see significant buy-in on our beer business in the fourth quarter in the lead up to summer.
Overlaying that this year is the synergies that we’re achieving at HEXO — sorry on the HEXO transaction and our other open cost saving plans that we’ve had throughout the year. And so we’re going to see a bigger jump in EBITDA next quarter, in Q2, you may see Q3 flat to down a little bit versus Q2, and then, you’ll see a bigger Q4.
Irwin Simon: I think the big drivers here is top-line. And you saw our top-line in our first quarter, and you heard me mention, we sold 20 million pre-rolls. Our beer business, both SweetWater and Montauk, were up. And that is the big thing, is getting the new distribution, but getting the new products out there. Ty and team launched a product called Gummies, which is a new product for us. And it was a big percentage of our growth of new products. Getting Montauk into other states, whether it’s New Jersey, Pennsylvania, Georgia, is going to be a big part of our growth. In our international business, growing our medical business in Poland, Germany, Italy and places like that is going to be a big part of our business. And the big thing you got to remember, which I talked about, we did three acquisitions.
And we’re looking to take $27 million of cost out of HEXO. We’re going to be looking to take tremendous amount of costs out of the ABI and it’s going to take time. And with the acquisition of Truss that we bought from Molson’s, we’ll be moving those products to our London facility and we have an excellent facility in Belleville, Ontario that we’re going to look to do non-alcoholic drinks and energy drinks, some other types of drinks there. So, we’re looking for a big year on organic growth in new products, innovation, new distribution. We’re focused on taking more and more costs out of the business. In regards to our facility in Masson, you heard me talk about that, where we’re converting that to vegetables, and that should be online by the end of the year and taking tremendous amount of costs.
So, the drivers here are going to be top-line growth, taking costs out, which ultimately improve margins and drives profitability to the bottom-line.
Aaron Grey: Okay, great. Thanks very much for the call. I’ll drop back into the queue.
Operator: Thank you. Our next question comes from the line of Matt Bottomley with Canaccord Genuity. Please proceed with your question.
