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Vireo Health International, Inc. (OTCPK:VREOF) Q1 2019 Results Conference Call May 31, 2019 8:30 AM ET
Vireo Health International，Inc。（[OTCPK：VREOF]）2019年第一季度业绩电话会议2019年5月31日美国东部时间上午8:30
Sam Gibbons - IR
Dr. Kyle Kingsley - Founder, Chairman and CEO
Amber Shimpa - CFO
Sam Gibbons - IR
Kyle Kingsley博士 - 创始人，董事长兼首席执行官
Amber Shimpa - 首席财务官
Good morning. My name is Denise and I’ll be your conference operator today. At this time I’d like to welcome everyone to the Vireo Health International First Quarter 2019 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers’ remarks, there will be a question-and-answer session. [Operator Instructions] Thank you.
Sam Gibbons, Investor Relations, you may begin your conference.
早上好。 我叫Denise，今天我将成为您的会议运营商。 在这个时候，我想欢迎大家参加Vireo Health International 2019年第一季度收益电话会议。 所有线路都已静音以防止任何背景噪音。 发言者发言后，将会有一个问答环节。 [操作员说明]谢谢。
Thanks Denise, and thanks to everyone for joining us this morning. My name is Sam Gibbons, and I serve as Vireo’s Vice President of Investor Relations. With me on today’s call is our Founder, Chairman of the Board and Chief Executive Officer, Dr. Kyle Kingsley; and our Chief Financial Officer, Amber Shimpa.
Today’s conference call is being webcast live from the Investor Relations section of our website and dial-in and webcast details for the call have also been provided on slide three of today’s presentation, which is also available on our website.
Before we get started, I’d like to remind everyone that today’s conference call may contain forward-looking statements within the meaning of North American securities laws. These statements are based on management’s current expectations, and involve risks and uncertainties that could differ materially from actual events and those described in such forward-looking statements. For more information on forward-looking statements, please refer to cautionary note regarding forward-looking statements in today’s earnings release.
Now, I’ll hand the call over to Dr. Kingsley.
Thank you, Sam, and good morning, everyone. Thank you all for joining us today. We appreciate your continued support of our mission to build the cannabis company of the future by bringing the best of science, medicine and engineering to the cannabis industry. I’ll begin today’s call with a brief summary of our first quarter business highlights, then, I'll spend a few minutes discussing our ongoing expansion initiatives across our geographic footprint.
Please keep in mind that all references to dollar amounts in today's call will refer to U.S. dollars, unless otherwise noted.
At this point, I’d ask you to please turn to slide five where we've summarized key highlights for the first quarter. As you can see, we continued to generate strong revenue growth of 57% year-over-year during the first quarter, driven by increased patient counts in New York and Minnesota, as well as a limited contribution of wholesale revenue streams in Maryland and Pennsylvania. On a pro forma basis, including total first quarter contributions from our recent acquisitions in Arizona and New Mexico, total revenue in the first quarter was approximately $7 million.
From an operating perspective, we increased SG&A spending during the quarter, as we prepare to enter new markets, and we also incurred transaction-related expenses related to M&A activity, as well as additional expenses related to our listing on the Canadian Securities Exchange. After adjusting for listing expense and share-based compensation, first quarter 2019 adjusted EBITDA was approximately $3.8 million, as compared to $273,000 in the first quarter of last year.
As we continue our transition to operating as a public company, we’re focused on optimizing our operations and maintaining reputation as a sound steward of capital for our shareholders. We are very well-positioned to secure our manufacturing and processing operations over time, and we expect our larger and scalable operating footprint will help create value for our shareholders as we continue developing new markets in benefiting from increasing demand.
While we're continuing to experience healthy demand growth in most of our medical-only states, it's important to be mindful that many of our existing medical-only states appear to be on the cusp of adult-use legislation, which could serve as a significant revenue catalyst for our Company. Our policy teams continue to believe that adult-use legislation is likely in New York, Pennsylvania, Maryland, Arizona, Minnesota and New Mexico over the next 24 months.
Just this past week, the state of Minnesota passed legislation that will double the number of dispensaries for the two licensed operators, as well as allow us to write-off certain business expenses and purchase hemp for CBD from local farmers. These developments will increase Vireo’s total number of dispensary licenses to 32 and continue to highlight Minnesota as one of the most valuable cannabis markets in the United States.
As you can see on slide six, we're one of only two licensed operators for the entire state of Minnesota, which has a total population of 5.6 million people. Our teams are already in the process of identifying optimal locations for our four additional dispensaries in the state, and we continue to believe there is significant revenue upside in Minnesota.
Arizona Supreme Court also recently ruled that marijuana extracts are legal under state law, which is another positive development for our business, as we look to augment our presence in that market with product offerings that complement our manufacturing and processing expertise.
As most of you are already aware, the first quarter of 2019 was a historic one for Vireo Health, as we became a public company and began trading on the Canadian Securities Exchange on March 20th, after executing a successful reverse takeover of Darien Business Development Corporation.
At that time, we simultaneously raised approximately $51 million from the sale of subscription receipts through brokered and non-brokered private placement. These events enabled us to accelerate our growth trajectory with the acquisition of several highly cost effective strategic acquisitions, which resulted in Vireo becoming one of a few -- one of few multistate operators with licenses in 10 or more states. These developments have also allowed us to continue investing in world-class talent.
And earlier this week, we are pleased to announce the addition of Harris Rabin as Chief Marketing Officer of Vireo Health. Harris started at Vireo earlier this week on May 28th, and will be responsible for overseeing Vireo’s brand, marketing, e-commerce, retail and other sales initiatives.
Harris is an accomplished marketing leader with two decades of experience, and most recently served as Global Vice President of Marketing at Anheuser-Busch InBev, where he oversaw a multibillion dollar global portfolio of core beer brands. He has also held other senior leadership roles in the consumer healthcare and beverage industries. So, we're very much looking forward to Harris' contributions, and are glad to welcome him to our growing team.
We now have more than 340 employees across our footprint, and over the last few quarters, we have added other leaders across our team, who previously held leadership positions at FedEx, Amazon, Diageo and Johnson & Johnson. We're thrilled with the caliber of candidates that we're continuing to attract to Vireo. And we believe that our best-in-class CPG, retail manufacturing, marketing and distribution expertise coupled with deep domain, science, medicine and engineering capabilities, give Vireo long-term advantages in its core multistate cannabis business and beyond.
On last quarter’s call, we discussed our ongoing development projects and the rollout of Green Goods dispensary concepts. Today, I'm pleased to confirm that we are still on scheduled to open the first Green Goods location in Scranton, Pennsylvania late in the second quarter. And since last quarter’s call, we finalized an aggressive build-out schedule for our other states markets. Mockups at one of our dispensaries that is currently under construction are provided on slide seven of today's presentation. And over the next few quarters, we intend to rebrand our entire portfolio of dispensaries as Green Goods, subject to regulatory approval.
正如你们大多数人已经知道的那样，2019年第一季度对于Vireo Health来说是历史性的，因为我们成为一家上市公司，并在成功反向收购Darien Business Development Corporation后于3月20日开始在加拿大证券交易所进行交易。 。
当时，我们同时通过代理和非经纪私人配售来销售认购收据，筹集了大约5100万美元。这些事件使我们能够通过收购几个极具成本效益的战略收购来加速我们的增长轨迹，从而使Vireo成为为数不多的少数几家之一 - 拥有10个或更多州许可证的少数多家运营商之一。这些发展也使我们能够继续投资世界一流的人才。
本周早些时候，我们很高兴地宣布Harris Rabin成为Vireo Health的首席营销官。哈里斯于本周早些时候于5月28日在Vireo开始，负责监督Vireo的品牌，营销，电子商务，零售和其他销售计划。
This will create a powerful cannabis retail brand, serving customers across the age and lifestyle spectrum. Amber will provide a complete overview of existing development projects shortly, but as a preview, we currently expect that we’ll exit fiscal year 2019 with at least 20 operational dispensaries across our geographic footprint.
Please turn to slide eight for a brief update on branding and new product development. During the summer, we intend to formally launch our 1937 cannabis brand in the Pennsylvania market, which is currently pending regulatory approval. This brand is expected to include the sale of flower and we’ll be looking to introduce 1937 to additional states later in the year. Soft gel product offerings are also expected to be launched in Pennsylvania during the second quarter and we are continuing to explore, both near and long-term opportunities to drive revenue growth through new product development throughout our various state markets.
During the remainder of 2019, we will continue to pursue strategic M&A opportunities that will enable us to leverage our strengths to drive profitable, long-term growth. In addition to acquisitive growth opportunities, we believe Vireo is extremely well-positioned to continue growing organically through merit-based license award processes in new states. We secured our first five states licenses through merit-based awards, and we believe our medical and scientific expertise has helped us perform well in these application processes.
Many of the remaining states in the U.S. that have yet to allow for medicinal use of cannabis are more socially conservative, and thus likely to implement highly regulated programs, where our medical and scientific focus should be attractive in merit-based application processes.
We're also very excited about the real potential we see to drive significant IP development within the cannabis industry. We believe that our substantial and growing MSO footprint will be the engine that drives the bulk of our short and intermediate-term opportunities. But, our vision for the future of the industry is based on a belief that meaningful intellectual property developed out of our operations and expertise will optimize our ability to compete as an MSO and drive disproportionate long-term opportunities and shareholder value.
Our current IP is focused on areas where we anticipate cannabis industry impacting and driving change in the pharmaceutical alcohol, tobacco, agricultural product, cannabis and CPG companies that wish to enter cannabis industry in the coming months or years. We’ve summarized many of these opportunities on slide nine of today’s presentation. Current opportunities include next-generation cannabis products including new purchase and concentrates, next-generation packaging, novel vaporizer technology, and cannabis harvesting and manufacturing equipment and processing.
Many of these concepts are right for partnership or licensing, and may lead to meaningful revenue generation in the next 12 to 24 months. Our multi-channel vaporizer, for example, is in the final stages of manufacturing ready design and we’re evaluating beginning small scale market introductions of this technology as early as quarter four of this year. Cartridges make up a substantial portion of the cannabis market today. And we believe our multi-channel vaporizer could have a potential to be quite disruptive in this marketplace.
Our approach to intellectual property is bold and expansive and are team’s mandate is to pursue intellectual property that can be monetized in the short term like the multi-channel vaporizer or that is potentially so significant that at it warrants a longer term investment of time and capital. Our recently granted patent from the U.S. PTO to reduce the harmful and toxic tobacco with cannabis additives falls within the second category and many people have asked us about this opportunity since it was announced. Moving forward with research related to the commercialization of this patent is a priority for our teams, and we’re currently in discussion with several organizations that may be suitable partners for this work.
Once we determine an appropriate scope of engagement, we expect research efforts will likely focus initially on in vitro assays to quantify harm reduction with plans to rapidly move into in-vivo models. And the Company’s management team has made acquisitions. [Ph] We’re interested in cannabis as a replacement for opioids, tobacco and alcohol. As we continue to build products and applications that help us achieve these replacement objectives, we believe it will add validation not just to Vireo Health as a premier science-focused cannabis company but also to the cannabis industry as a whole.
That concludes my prepared remarks for this morning’s call. Now, I’ll turn over the call to Amber for a more detailed review of our financial performance for the first quarter.
一旦我们确定了适当的参与范围，我们预计研究工作可能会首先关注体外分析，以量化减少危害，并计划快速进入体内模型。公司的管理团队已进行收购。 [Ph]我们对大麻作为阿片类药物，烟草和酒精的替代品感兴趣。随着我们继续构建帮助我们实现这些替代目标的产品和应用程序，我们相信它不仅会使Vireo Health成为首要的以科学为重点的大麻公司，而且还会对整个大麻行业进行验证。
Please turn to slide 10 where I’ll begin with the review of key financial metrics for the first quarter, and I'm going to provide an update on our liquidity position before ending discussion of the ongoing development projects that we have in process. Please note once again that all these numbers are stated in U.S. dollars.
Revenue for the first quarter totaled $5.8 million, a 57% increase over Q1 2018. Revenue growth was driven by continued increases in the patient count and demand in both Minnesota and New York as well as wholesale revenue generation in Maryland and Pennsylvania during the quarter. On a pro forma basis, including total revenues, from our recently completed acquisitions in Arizona and New Mexico, total revenue in the first quarter was approximately $7 million.
Retail revenue was approximately $5.2 million in Q1 2019, an increase of approximately 40% compared to $3.7 million in Q1 2018. Wholesale revenue was $610,881 in Q1 2019 and reflected revenue contributions from wholesale markets in Maryland and Pennsylvania. We did not operate in any wholesale revenue channels during Q1 2019.
Before biological adjustments required by IFRS, the Company generated Q1 2019 gross profit of $2.1 million or 37% of revenue, as compared to $1.9 million or 50% in the same period last year. Gross profit after fair value adjustments and net gains on growth of biological assets was $7.2 million or 124% of revenue, as compared to $2.3 million and 64% in the same period last year. The year-over-year increase in gross margin after fair value adjustments of biological assets was attributable to significant improvements in cultivation yields as compared to the prior year quarter.
Total operating expenses in Q1 were $3.7 million, as compared to $3.3 million in the same period last year. Total operating expenses include SG&A expenses of approximately $1.4 million compared to $735,000, last year. The increase in SG&A was primarily attributable to increased salaries and wages, share-based compensation, professional fees, and general and administrative expenses to support the Company's growing business, as well startup expenses related to the build out and pre-revenue ops in the states of Maryland and Ohio.
Other expense was $4.6 million during the first quarter. These non-operating expenses primarily reflect listing expenses related to our recent RTO and a subsequent listing on the CSE, as well as interest expenses associated with recent sale leaseback transactions of certain cultivation facilities.
The Company generated a net loss of $3.4 million in the first quarter, compared to a net loss of $2 million in the first quarter of last year. After adjusting out listing expense and share-based compensation, adjusted net income for the first quarter was approximately $219,000 compared to an adjusted net loss of $0.9 million in the prior year quarter.
On an adjusted basis, the Company generated adjusted EBITDA of $3.8 million in Q1 2019 compared to $273,000 in Q1 2018. I refer you to the reconciliation of non-IFRS items in our financial statements, for additional details regarding these metrics.
Now, I'll turn to review of our liquidity and balance sheet. As most of you know, we completed an RTO transaction in March, which raised $51.4 million. Approximately $15 million of those proceeds were utilized to fund the cash component of our recent acquisition with the balance available for general corporate purposes and development costs over the coming years.
Since the end of the first quarter, we have entered into a sale leaseback transaction for our processing facility in Ohio. We sold this facility for net proceeds of approximately $1 million, and the transaction also provides a tenant improvement allowance of approximately $2.5 million to build out and improve that facility. We ended the quarter with total assets of $146.4 million, including cash on hand of approximately $40.4 million. Total long-term liabilities were $37.1 million as of March 31 2019, with $1 million of debt currently due within 12 months.
As of March 31, 2019, there were 21,641,441 equity shares issued and outstanding, and 109,360,128 shares outstanding on an as converted and fully diluted basis.
Now, I'll review our ongoing development projects and expectations for the remainder of 2019
- As Kyle mentioned, we’re on schedule to open our first Green Goods dispensary in Pennsylvania late in the second quarter, and we expect to finish fiscal year 2019 with at least 20 operational dispensaries across our national footprint.
A significant number of development projects are currently underway including the following. To start, in Minnesota, we’re in a process of doubling square footage of our Bloomington dispensary to approximately 3,000 square feet. This expansion is expected to be completed during the third quarter of 2019 with additional renovations planned for other dispensaries across the state by the end of this fiscal year.
In New York, we’ll soon begin exterior work at our dispensary in Queens related to the Green Goods rebranding. This remodel and expansion to over 7,000 square feet of that location is expected to be completed during fourth quarter of 2019. And we also expect Green Goods rebranding initiatives at our White Plains, Binghamton and Albany locations will also be completed by the end of 2019.
In Pennsylvania, construction of our Green Goods dispensaries in both Scranton and Bethlehem is expected to be completed very soon, and we recently identified a location for our third dispensary in Strasburg [ph] where design of our company is underway. In Maryland, we recently identified a location for dispensary in the town of Laurel. And following final regulatory approvals, we expect that facility to open sometime this coming fall.
Next, the Massachusetts, all entitlements are in hand and design work is underway for our cultivation and practicing facility, which will sit on 73 acres of owned lands off of Interstate 84 which is near the border of Connecticut. We believe we could have two operational dispensaries in the state before the end of calendar year 2019 followed by a third location during the first quarter of 2020.
In New Mexico, we expect the existing dispensaries in Gallup and Santa Fe will be rebranded to the Green Goods concept by the end of the third quarter of 2019, subject to any necessary regulatory approval. And we do expect that two additional dispensaries in Albuquerque and Las Cruces will be opened during the fourth quarter.
And finally, in Puerto Rico, we expect our pending acquisition to close in the coming weeks and remain really excited about the long-term opportunities we see in that market. We expect three dispensaries will be opened by the end of calendar year 2019, pending the closing of this transaction.
We’re also actively expanding cultivation and processing capacity in Arizona, Minnesota, New Mexico, New York as we prepare for increasing demand and we’re continuing to work to operationalize the facilities in Massachusetts, Nevada, and Rhode Island.
And now with that, we’ll now open up the call for your questions.
[Operator Instructions] Your first question comes from Graeme Kreindler with Eight Capital. Your line is open.
[操作员说明]您的第一个问题来自Graeme Kreindler和Eight Capital。 你的线是开放的。
Good morning, everyone. This is actually Patrick calling on behalf of Graeme. I just wanted to say, with respect to the Minnesota medical program expansion, I know you said -- you gave timelines for when dispensaries could be expected to open. Could you potentially provide any update on how patient count has grown in the state?
大家，早安。 这实际上是帕特里克代表格雷姆打电话。 我只是想说，关于明尼苏达州的医疗计划扩展，我知道你说过 - 你给了药房预计何时开放的时间表。 您是否可以提供有关该州患者人数增长的最新信息？
I can give you update here, this is Kyle, in broad strokes. Generally speaking, we’ve seen approximately a 100 to a 150 patients enter the program on a weekly basis, and that’s really continued for quite some time. This increased access by doubling number of dispensaries may lead to an increase in that number. There's two major complaints that folks have had. It's generally price which is secondary to the fact that we do not have -- are not going to sell flower in Minnesota. And the other thing is just limited access to dispensaries. As you may know, there's eight for the entire state, there's doubling to 16, is definitely going to increase the access, and we're hoping it'll lead to an increase in patient adoption rate.
我可以在这里给你更新，这是凯尔，广泛的。 一般来说，我们已经看到大约100到150名患者每周进入该计划，并且这种情况持续了相当长的一段时间。 通过将药房数量增加一倍来增加访问量可能会导致这一数量增加。 人们有两个主要的抱怨。 这通常是价格，这是我们没有的事实 - 在明尼苏达州不会卖花。 另一件事就是限制进入药房。 你可能知道，整个州都有8个，有16个加倍，肯定会增加访问，我们希望它会导致患者采用率的提高。
Okay, great. Is there any incremental licenses talks to be given out besides the two licensed operators right now?
There is not. The changes that have occurred or doubling of the existing dispensaries for current licensees, there -- two other significant changes were able to input hemp, CBD derived from hemp into the medical market, which is very helpful on the expense side. And then, also, we did establish state based 280E reform, which will allow us to deduct standard business expenses in Minnesota. Obviously, that’s humble compared to federal change of the 280 side -- 280E side, but we're pretty excited about getting that through in Minnesota.
那没有。 现有许可证持有人已经发生或加倍的变化，其他两个重大变化能够输入大麻，CBD从大麻进入医疗市场，这对费用方面非常有帮助。 然后，我们确实建立了基于州的280E改革，这将使我们能够扣除明尼苏达州的标准业务费用。 显然，与280方面 - 280E方面的联邦改变相比，这是谦虚的，但我们对在明尼苏达州实现这一目标感到非常兴奋。
Yes. That's really great. I wanted to say thank you for providing the waterfall chart. It’s very helpful for seeing where revenue contribution is coming from. With regard to PA and the cultivation and processing ramp-up, I was wondering if you guys could provide any sort of operating metrics that you have in the state, whether or not it's annual yield or flow-through?
是。 那真的很棒。 我想说谢谢你提供瀑布图。 这对于了解收入贡献的来源非常有帮助。 关于PA以及种植和加工的增长，我想知道你们是否可以提供你在该州拥有的任何运营指标，无论是年收益率还是流量？
Sure, Patrick. Hi. This is Amber. Specific to PA, we have first up an ethanol extraction lab is going to be completed by the end of 2019. And stock shelves and cleanroom will be completed during Q3 of 2019. Planning is underway to design and build out an additional 35,000 square feet of cultivation space there. And from a processing standpoint, specific to PA, I can -- I'll share that our current capacity is approximately 17,000 square feet of space. We do about three turns there a year. And our extraction capacity, which I would note as kind of grams per month of oil production is about 7,500.
当然，帕特里克。你好。 这是Amber。 特别针对PA，我们首先要在2019年底之前完成乙醇提取实验室。库存货架和洁净室将在2019年第三季度完成。正在计划设计和建造另外35,000平方英尺的 在那里种植空间。 从处理的角度来看，特定于PA，我可以 - 我将分享我们目前的容量大约是17,000平方英尺的空间。 我们一年做三轮左右。 我们的提取能力，我注意到每月石油产量的克数约为7,500。
Your next question comes from Dale [ph] with Cannacord. Your line is open.
你的下一个问题来自Dale [ph]和Cannacord。 你的线是开放的。
Hi, guys. Thanks for taking my call. I just had a question as well on the amendment to the medical cannabis program. I was wondering whether there's any limitations to kind of where you can build out your dispensaries. My understanding is that you guys are hopeful of implementing home delivery service in the states. Perhaps you can shed some color in terms of what cities or counties you will be targeting and provide some color on that. Thanks.
嗨，大家好。 谢谢接听我的电话。 我刚才对医用大麻计划的修订提出了一个问题。 我想知道你可以在哪里建立你的药房有任何限制。 我的理解是，你们希望在各州实施送货上门服务。 也许你可以根据你将要瞄准的城市或县来提供一些颜色，并提供一些颜色。 谢谢。
Yes, happy to. So, right now, home delivery is not allowed under state law, just a clarifying point there. We are limited to the existing congressional districts. So, right now, the congressional districts are split between the two manufacturers. We have access to the odd congressional districts. We have identified potential locations in multiple cities here for our next expansion dispensaries. It will be a combination of metro locations and outstate cities. Most desirable locations from our standpoint our South Minneapolis, Mankato, Bemidji and Maple Grove as far as suburb several locations, they are all located in each of the four congressional districts that we have access to. So, two metro locations and two outstate locations.
是的，很高兴。 所以，现在，州法律不允许送货上门，只是澄清一点。 我们仅限于现有的国会选区。 所以，现在，国会选区分为两家制造商。 我们可以进入奇怪的国会选区。 我们已经确定了我们下一个扩建药房的多个城市的潜在地点。 它将是地铁位置和郊区城市的组合。 从我们的南明尼阿波利斯，Mankato，Bemidji和Maple Grove到郊区的几个地点，我们最理想的位置，它们都位于我们可以访问的四个国会区中的每个区域。 因此，两个地铁位置和两个州外地点。
Okay, great. And do you happen to have any timeline in terms of -- or perhaps any comments on the petition process for kind of implementing new product forms in the market in Minnesota or how’s that going?
好，太棒了。 您是否碰巧在明尼苏达州市场上实施新产品形式的请愿程序方面有任何时间表 - 或者可能有任何评论，或者这是怎么回事？
Yes. So, inclusion was of flower was considered legislatively this year as was as adult-use. We are confident that -- or we’re hopeful at least that we’ll be able to get flower next legislative session, while slightly less confident in the possibility of adult-use for the next legislative session because there won’t be any significant change to the makeup of the legislature. But the best case scenario is we would see adult-use with an ongoing limitation of licenses but I think flower is more likely to not next legislative session. It is very substantial obviously to go from an extract-only state to inclusion of flower. Our general working theory is that we’ll at least have to double biomass production. Inclusion of flower obviously leads to flower sales but also increased sales of the other products. So, that’s pretty exciting. And as you may know that there’s some consideration in New York right now for the inclusion of flower for expansion of that medical program.
是。 因此，包括花的包装在今年被认为是成人使用的立法。 我们有信心 - 或者我们至少希望我们能够在下一届立法会议上获得成功，同时对下一届立法会议成人使用的可能性略有不足，因为没有任何重要意义 改变立法机关的构成。 但最好的情况是我们会看到成人使用持续限制许可证，但我认为花更有可能不会在下一个立法会议上。 从仅提取状态到包含花，显然是非常可观的。 我们的一般工作理论是，我们至少必须将生物质生产加倍。 花的包含显然导致花卉销售，但也增加了其他产品的销售。 所以，这非常令人兴奋。 正如你可能知道的那样，现在纽约有一些考虑将花用于扩展该医疗项目。
Okay, great. That’s all that I have. Thanks for taking my questions.
好，太棒了。 这就是我的全部。 谢谢你回答我的问题。
[Operator Instructions] Your next question comes from [indiscernible] with PI Financial. Your line is open.
[操作员说明]您的下一个问题来自PI Financial的[音频不清晰]。 你的线是开放的。
Hi. Good morning, guys. Thanks for taking my call. I just wanted to get an idea of how many dispensaries are for your wholesale operations in Pennsylvania and Maryland? And sort of what it looks like going forward for the remainder of the year?
你好。 早上好家伙。 谢谢接听我的电话。 我只是想知道你在宾夕法尼亚州和马里兰州的批发业务有多少药房？ 还有什么样的今年剩下的时间呢？
I'm sorry. Could you repeat the question one more time? It was a little muffled to understand.
对不起。 你能再一次重复这个问题吗？ 理解它有点低沉。
Yes. Sorry. Just wanted to get an idea of how many dispensaries will you aim for your wholesale operations in Pennsylvania and Maryland? And sort of what it looks like going forward for the rest of the year?
是。 抱歉。 只是想知道你将在宾夕法尼亚州和马里兰州的批发业务中瞄准多少药房？ 还有什么样的今年剩下的时间呢？
Sure. This is Amber. In Pennsylvania, in our Green Goods dispensary, we’ll open at the end of Q2 2019 in Scranton, followed by a second location in Bethlehem and then a third in Strasburg. [Ph] Construction is underway in both Scranton and Bethlehem, and again, design work is being done Strasburg. For Maryland, we’re looking at a 3,500 square-foot dispensary in Laurel, which is planned to open subject to regulatory approval in Q3 of 2019. Kyle?
当然。 这是Amber。 在宾夕法尼亚州的绿色食品药房，我们将于2019年第二季度末在斯克兰顿开业，随后在伯利恒开设第二家店，在斯特拉斯堡开设第三家店。 [Ph]施工正在斯克兰顿和伯利恒进行，同样，斯特拉斯堡正在进行设计工作。 对马里兰州来说，我们正在考虑劳雷尔的一个3,500平方英尺的药房，该药房计划在2019年第三季度获得监管部门的批准。凯尔？
Yes. I can speak to the -- kind of on wholesale side in Pennsylvania. We’re not quite at 100%, but it’s a quite solid percentage. And we can dig into that and give you the exact number.
是。 我可以在宾夕法尼亚州的批发方面说话。 我们不是100％，但这是一个非常可靠的百分比。 我们可以深入研究并给出确切的数字。
Yes, sounds good. Could you also talk about the timeline for your wholesale operations in Arizona and Massachusetts, and when do you plan to commence the operations there?
Yes. As far as Massachusetts, we don’t anticipate any significant wholesale revenues in 2019. There is some fraction of the Arizona revenues that are derived from wholesale at this point. I don’t have those exact numbers here.
是。 就马萨诸塞州而言，我们预计2019年不会有任何重大的批发收入。亚利桑那州的收入中有一小部分来自批发。 我这里没有那些确切的数字。
Yes. That’s fine. Last question, just regarding New York. What is your outlook for the revised version of the adult-use legislation?
是。 没关系。 最后一个问题，仅针对纽约。 您对成人用法的修订版有何展望？
Yes. I don't have a ton of clarity as far as what most likely legislative outcome in New York is at this point. It's really hard to say. I tried to give out the business prediction in New York. It's -- we're monitoring this with our policy team. I'm more hopeful for the supersizing of the medical legislation there with an increase in -- number of dispensaries and flower. But it's really hard to predict New York. And so, it would just be pure conjecture on my part.
是。 就目前纽约最有可能的立法结果而言，我没有太多的清晰度。 这真的很难说。 我试图在纽约发布业务预测。 这是 - 我们正在通过我们的政策团队对此进行监控。 我更希望通过增加药房和花卉的数量来扩大那里的医疗立法。 但预测纽约真的很难。 所以，这对我来说只是纯粹的猜想。
Got it. Thanks. I’ll go back into queue.
得到它了。 谢谢。 我会回到队列中。
There are no further questions queued up at this time. I’ll turn the call back over to presenters.
All right. Thank you all for joining our call today. We expect 2019 to be another successful year of growth for Vireo Health. And we'll look forward to seeing many of you at upcoming conference events throughout the summer. Thank you.
行。 谢谢大家今天加入我们的电话。 我们预计2019年将成为Vireo Health的又一成功增长年。 我们期待在整个夏季即将举行的会议活动中看到你们中的许多人。 谢谢。
This concludes today's conference call. You may now disconnect.
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