The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Luke Hannan - Canaccord Genuity - Analyst
: Thanks and good morning, everyone. Can you will start with, can you give us a sense of the magnitude of the price reduction that you took across
the portfolio in Q1 of this year? Was it similar across all price points? Or were there some use or channels maybe that were more impacted than
others?
Question: Luke Hannan - Canaccord Genuity - Analyst
: That's great. And maybe we'll shift gears a little bit. The upgrading of the e-commerce platform, it sounds like there's a lot of good stuff going on
there. How far along is that process? I guess, when might we expect that to be completed? And I'm not sure if it's concurrent or if it's sort of an
all-at-once situation, but to the extent that it's the former, any notable trends that you're noticing with some of the changes that you've made to
the platform so far?
Question: Luke Hannan - Canaccord Genuity - Analyst
: Great. Last one for me, and then I'll pass the line. But just on your cost base here, where else within your cost base, do you see potential to take
dollars out?
Question: Scott Fortune - ROTH MKM - Analyst
: Good morning and thank you for the questions. Just want to follow up. Lots of initiatives and priorities, obviously, with True North, but I want to
dig into kind of sequential quarterly pickup in 4Q. I guess since how much of the top line of 11% growth was seasonal versus kind of the initiatives
you put in place to drive that incremental growth, just get a sense of -- you spoke about a little bit on the e-commerce initiatives and the focus of
increasing traffic and engagement there. But I wanted to just kind of -- obviously, there's still challenges to remain in category, but are you seeing
or expecting continued pickup sequentially B2C as you revamp the e-commerce platform in place here? Or will 4Q really strong because of the
holidays and such that just provide additional color on the progress you guys are making expectations as you move through 2024 here.
Question: Scott Fortune - ROTH MKM - Analyst
: Great. I appreciate the color there. Real quick on the MLB extension through 2027, congrats on that, but can you provide any additional color there
and kind of expectations with the partnership moving forward? That does kind of smooth out your costs over the next 4 years from that standpoint,
correct?
Question: Scott Fortune - ROTH MKM - Analyst
: Got it. And I'll follow up on that kind of -- you're doing a lot of rebranding here or kind of rationalize the brand, whatever you call, but kind of what
Recreate, but the overall product portfolio, you continue to expand that with the CBD and (inaudible) offering there. But you've always had
high-quality products and it really serves the health and wellness.
But more the health care practitioner channel, step us through kind of consolidation of CBD Medic and CBD Clinic brands under SeaWeb, and are
you looking to put more emphasis on medical channel, or can you expand there? And just kind of follow up around the Recreate and the strategy
for that price product now to further penetrate kind of the sports and lifestyle that you mentioned on MLB side that would be helpful.
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