Canopy Growth Corp (CGC) 2025 Q1 法說會逐字稿

Good morning. My name is Joelle . I will be your conference operator today. I would like to welcome you to Canopy Growth's first quarter fiscal 2025, financial results conference call. (Operator Instructions).

早安.我的名字是喬爾。今天我將擔任您的會議主持人。歡迎您參加 Canopy Growth 2025 財年第一季財務業績電話會議。（操作員指令）。

I will now turn the call over to Tyler Burns, Director of Investor Relations. Tyler, you may begin the conference.

現在我將把電話轉給投資者關係總監泰勒伯恩斯 (Tyler Burns)。泰勒，你可以開始會議了。

Good morning, and thank you for joining us. On our call today, we have Canopy Growth's Chief Executive Officer, David Klein and Chief Financial Officer, Judy Hong.

早安，感謝您加入我們。今天我們電話會議的嘉賓有 Canopy Growth 的執行長 David Klein 和財務長 Judy Hong。

Before financial markets opened today, Canopy Growth issued a news release announcing the financial results for our first quarter fiscal year 2025 ended June 30, 2024. The news release and financial statements have been filed on EDGAR and SEDAR and will be available on our website under the Investors tab.

在今天金融市場開盤前，Canopy Growth 發布了一份新聞稿，宣布了截至 2024 年 6 月 30 日的 2025 財年第一季的財務表現。新聞稿和財務報表已在 EDGAR 和 SEDAR 上提交，並將在我們網站的「投資者」標籤下提供。

Before we begin, I would like to remind you that our discussion during the call will include forward-looking statements that are based on management's current views and assumptions and that this discussion is qualified in its entirety by the cautionary note regarding forward-looking statements included at the end of the news release issued today.

在我們開始之前，我想提醒您，我們在電話會議中的討論將包括基於管理層當前觀點和假設的前瞻性陳述，並且本次討論完全符合今天發布的新聞稿末尾關於前瞻性陳述的警告。

Please review today's earnings release and Canopy's reports filed with the SEC and SEDAR for various factors that could cause actual results to differ materially from projections. In addition, reconciliations between any non-GAAP measures to their closest reported GAAP measures are included in our earnings release. Please note that all financial information is provided in Canadian dollars unless otherwise stated. Following remarks by David and Judy, we will conduct a question-and-answer session where we will take questions from analysts.

請查看今天的收益報告和 Canopy 向 SEC 和 SEDAR 提交的報告，以了解可能導致實際結果與預測有重大差異的各種因素。此外，我們的收益報告還包含任何非 GAAP 指標與其最接近的報告 GAAP 指標之間的對帳。請注意，除非另有說明，所有財務資訊均以加幣提供。在 David 和 Judy 發言之後，我們將進行問答環節，回答分析師的問題。

With that, I will turn the call over to David. David, please begin.

說完這些，我會把電話轉給大衛。大衛，請開始。

Thanks, Tyler, and good morning, everyone. Thank you for joining us today to discuss Canopy Growth's results for the first quarter of fiscal 2025. I'm excited to review the continued progress we've made as an organization, reinforcing our path towards sustained profitability and leadership in the global cannabis market.

謝謝，泰勒，大家早安。感謝您今天加入我們討論 Canopy Growth 2025 財年第一季的業績。我很高興回顧我們作為一個組織所取得的持續進步，鞏固了我們在全球大麻市場持續獲利和領導地位的道路。

This quarter demonstrates that our strategic focus is paying off, which is evident in the sustained improvement of our key financial metrics and profitable revenue generation across all of our business units.

本季顯示我們的策略重點正在取得成效，這體現在我們所有業務部門關鍵財務指標的持續改善和獲利收入的增加。

During our call, I'll cover three topics. First, our drive to profitability through focus on efficiency in our operations as well as profitable revenue generation over chasing market share at all costs.

在我們的通話中，我將討論三個主題。首先，我們注重營運效率和獲利收入的創造，而不是不惜一切代價追求市場份額，從而提高獲利能力。

Second, the well advanced actions within our commercial businesses that set the stage for growth in the second half of fiscal 2025. And third, I'll provide an update on the rapid advancement of Canopy USA. Following my remarks, Judy will review our financial results, including some of the market dynamics we're seeing and the actions we've taken to further strengthen our financial position.

其次，我們商業業務內部的先進行動為 2025 財年下半年的成長奠定了基礎。第三，我將介紹 Canopy USA 快速發展的最新進展。在我發言之後，朱迪將回顧我們的財務業績，包括我們看到的一些市場動態以及我們為進一步加強財務狀況而採取的行動。

Let's begin with our drive to profitability. In Q1 fiscal 2025, Canopy achieved a key profitability milestone. For the first time, thanks to the hard work of all of our teams, all of our business units delivered profitable quarterly adjusted EBITDA. We achieved this through continued work to enhance operational efficiency paired with strong cost management and above all, a resolute focus on driving profitable revenue.

讓我們從追求獲利開始。2025財年第一季度，Canopy 實現了重要的獲利里程碑。由於我們所有團隊的辛勤工作，我們所有業務部門首次實現了季度調整後 EBITDA 盈利。我們透過持續努力提高營運效率、加強成本管理以及最重要的是堅定致力於推動獲利收入來實現這一目標。

Against this backdrop, we've generated notable improvements across a range of key financial metrics, including a significant reduction in our overall cost of goods sold down 31% as well as a 24% reduction in SG&A expenses, [indiscernible] are year-over-year.

在此背景下，我們在一系列關鍵財務指標上取得了顯著改善，包括總銷售成本大幅下降 31%，銷售、一般及行政開支同比下降 24%。

On the revenue side, our focus on profitable revenue over market share is driving us to direct certain products into the higher-margin channels of Canadian medical and international markets. In part, this contributed to our Canadian medical business delivering its sixth consecutive quarter of growth and record top line within which is arguably the most attractive cannabis segment in Canada.

在收入方面，我們專注於獲利收入而不是市場份額，這促使我們將某些產品推向加拿大醫療和國際市場的高利潤管道。在某種程度上，這促使我們的加拿大醫療業務連續六個季度實現成長並創下創紀錄的營收，其中可以說是加拿大最具吸引力的大麻領域。

Additionally, this prioritization paired with supply challenges led to a softer top line for our adult-use business for Q1. We've already taken action to address these supply challenges, which we believe related to a strengthened foundation for growth over the coming quarters.

此外，這種優先排序加上供應挑戰導致我們第一季成人用品業務的營收表現疲軟。我們已經採取行動應對這些供應挑戰，我們認為這與未來幾季成長的加強基礎有關。

Looking to gross margin. We're pleased with the quarter, including the material improvement in our Canada cannabis gross margins which increased year-over-year to 32% despite paying close to $9.6 million in excise taxes during the quarter. This improvement drove Canopy's consolidated gross margins up year-over-year to 35% in Q1. Having demonstrated that Canopy can deliver consistent healthy gross margins across all our businesses, our sites are firmly set on driving top line growth.

看看毛利率。我們對本季的表現感到滿意，包括我們的加拿大大麻毛利率大幅提高，儘管本季支付了近 960 萬美元的消費稅，但毛利率仍同比增長至 32%。這項改善推動 Canopy 第一季的綜合毛利率年增至 35%。我們已經證明 Canopy 能夠在我們所有業務中提供持續健康的毛利率，因此我們的業務將堅定地致力於推動營收成長。

In Canada, we've made prudent investments to increase both our internal flower and pre-roll joint production capacity. We've also secured additional partnerships across a range of segments to fortify our supply chain.

在加拿大，我們進行了審慎的投資，以提高我們的內部花卉和預捲接頭的生產能力。我們還在多個領域建立了額外的合作夥伴關係，以加強我們的供應鏈。

Overall, we expect the higher flower yields from upgrades at our Kincardine facility. Our investment in Pre-Rolled joint production capacity, additional supply agreements and price actions already implemented to help drive stronger top line performance in the coming quarters.

總體而言，我們預計金卡丁工廠的升級將帶來更高的花卉產量。我們對預卷聯合生產能力、額外供應協議和價格行動的投資已得以實施，將有助於在未來幾季推動更強勁的營收業績。

Our team is also encouraged by the performance of the broad range of new products that we've delivered to the Canadian adult-use market in the latter half of the first quarter.

我們團隊對第一季後半段向加拿大成人用品市場推出的眾多新產品的表現也感到鼓舞。

This includes 17 new and exciting SKUs. To highlight a few, we've launched Quebec-exclusive flower strains from Tweed and Maitri; infused pre-rolls from Tweed and 7ACRES; beverages, including a Tweed sugar-free cola and 7ACRES Cafe Vanilla; and unique, All-in-One vapes from Tweed and 7ACRES with outstanding flavor profiles.

其中包括 17 個令人興奮的全新 SKU。其中，我們推出了魁北克獨有的 Tweed 和 Maitri 花卉品種；注入 Tweed 和 7ACRES 的預卷；飲料，包括 Tweed 無糖可樂和 7ACRES Cafe Vanilla；以及由 Tweed 和 7ACRES 生產的獨特的一體式電子煙，具有出色的風味。

We believe the innovation we're bringing to market, in addition to the pipeline of NPD landing later this year, will contribute to growth in our Canadian adult-use top line over the coming quarters.

我們相信，我們推向市場的創新，加上今年稍後的新產品研發管道，將有助於我們未來幾季加拿大成人用品市場的銷售成長。

Moving to distribution, our Canadian cannabis business implemented a new hybrid sales model during the first quarter with a mission to enhance distribution for key brands within our portfolio.

在分銷方面，我們的加拿大大麻業務在第一季實施了一種新的混合銷售模式，旨在加強我們產品組合中關鍵品牌的分銷。

This complements our in-house sales capabilities in a cost-efficient manner and has already delivered positive results with distribution increasing 7% sequentially to 61,000 points nationally. We expect these new points of distribution to support stronger brand and top-line performance in the second half of fiscal 2025.

這以經濟高效的方式補充了我們的內部銷售能力，並且已經取得了積極的成果，全國分銷點環比增長 7%，達到 61,000 個。我們預計這些新的分銷點將在 2025 財年下半年支援更強大的品牌和營收績效。

In our international markets, as well as Storz & Bickel, we continue to feel Canopy is well placed for leadership and growth. Backed by surging demand post legalization, Storz & Bickel posted revenue growth of over 100% in Germany within the quarter, which offset a decline in Australia due to the implementation of a regulatory change.

在我們的國際市場以及 Storz & Bickel 中，我們仍然認為 Canopy 在領導和成長方面具有良好的優勢。受惠於合法化後需求激增，Storz & Bickel 本季在德國的營收成長超過 100%，抵銷了因實施監管變化而導致的澳洲營收下滑。

Paired with expanding US distribution, we forecast sustained growth for Storz & Bickel in the coming quarters. For our international markets, in addition to an especially strong quarter in the Polish market, we are highly focused on seizing the opportunity for rapid growth in Germany. In line with our asset-light strategy and to meet the increasing demand for medical cannabis across Europe, actions are underway to augment our Canadian-grown flower with EU-based supply.

隨著美國分銷業務的不斷擴大，我們預測 Storz & Bickel 在未來幾季將持續成長。對於我們的國際市場，除了波蘭市場本季表現特別強勁之外，我們還高度專注於抓住德國快速成長的機會。根據我們的輕資產策略，並為了滿足歐洲各地對醫用大麻日益增長的需求，我們正採取行動，用歐盟的供應來增加我們在加拿大種植的大麻。

This preserves Canopy's flexibility, limits the upfront investments required to serve these growing markets, and will enable our international markets business to continue delivering robust gross margins. This work is already well advanced, and we've signed multiple agreements with EU-based flower suppliers to deliver new and exclusive high pH strains to the market.

這保留了 Canopy 的靈活性，限制了服務這些不斷增長的市場所需的前期投資，並使我們的國際市場業務能夠繼續提供強勁的毛利率。這項工作已經取得了很大進展，我們已經與歐盟的花卉供應商簽署了多項協議，向市場提供新的獨家高 pH 菌株。

As EU-sourced flower comes into our supply chain, we expect strengthened performance in our German medical cannabis business in the latter half of fiscal 2025. We also envision that over time our use of EU-based third-party supply will free up more of our Canadian-based supply for use domestically to the benefit of our Canadian business.

隨著歐盟花卉進入我們的供應鏈，我們預計 2025 財年下半年德國醫用大麻業務的表現將會增強。我們還設想，隨著時間的推移，我們對歐盟第三方供應的使用將釋放更多的加拿大供應以供國內使用，從而使我們的加拿大業務受益。

Next, I'd like to speak about the rapid advancements that Canopy USA is making and the resulting growth opportunities. Since our last discussion in May, Canopy USA has closed the acquisitions of Jetty and two of three Wana entities with a full acquisition of Wana expected by the end of summer.

接下來，我想談談 Canopy USA 正在取得的快速進步及其帶來的成長機會。自從我們 5 月上次討論以來，Canopy USA 已完成對 Jetty 和三家 Wana 實體中的兩家的收購，並預計在夏季末完成對 Wana 的全面收購。

In fact, Jetti and Wana are already leveraging a joint salesforce to engage retail in New York as the brands of Canopy USA begin to realize opportunities and synergies together. Focusing further on the performance of each of the Canopy USA entities, Wana has entered Connecticut and New York State while also launching three new hemp-derived edibles, which opens up a new national customer base.

事實上，隨著 Canopy USA 旗下品牌開始共同實現機會和協同效應，Jetti 和 Wana 已經開始利用聯合銷售團隊在紐約開展零售業務。Wana 進一步關注 Canopy USA 各實體的表現，已進入康乃狄克州和紐約州，同時推出了三種新的大麻衍生食品，從而開闢了新的全國客戶群。

Shifting to the West Coast, Jetty has expanded its Solventless vape product offering in California with the launch of a new All-In-One and Hybrid vapes. And as an indication of the strength of this brand, Jetty continues to occupy the Number one position in solventless vapes nationally.

將業務轉向西海岸，Jetty 在加州擴大了其無溶劑電子煙產品供應，推出了新的一體式和混合式電子煙。作為該品牌實力的體現，Jetty 在全國無溶劑電子煙領域繼續佔據第一的位置。

Additionally, following its credit challenges, Acreage is focused on execution across the highest potential states in the US, including in the Northeast and Midwest, where they hold an incumbent position.

此外，在面臨信貸挑戰之後，Acreage 將重點關注美國潛力最大的州的執行情況，包括他們佔據主導地位的東北部和中西部地區。

As I mentioned on the last call, Acreage's operations are well-positioned in Ohio, likely the most exciting US state right now for adult-use cannabis with botanist dispensaries located in the largest population centers in the state and a Tier 1 cultivation and processing facility with significant expansion potential. This is critical as despite a slow start to this year due to large due, in large part, to their credit challenges, we feel that Acreage is capable of returning to their previous run rate which saw them generate significant adjusted EBITDA.

正如我在上次電話會議中提到的，Acreage 的業務在俄亥俄州佔據著有利位置，該州可能是目前美國成人用大麻最令人興奮的州，植物學家藥房位於該州最大的人口中心，並且擁有具有巨大擴張潛力的一級種植和加工廠。這一點至關重要，因為儘管今年開局緩慢，很大程度上是由於他們的信貸挑戰，但我們認為 Acreage 有能力恢復到之前的運行率，從而讓他們產生了顯著的調整後 EBITDA。

I'd like to quickly congratulate the Acreage team on their preparation for the launch of non-medical sales in Ohio, which commenced on Tuesday of this week, and we look forward to seeing their growth in the state.

我想迅速祝賀 Acreage 團隊為本週二開始的俄亥俄州非醫療銷售所做的準備，我們期待看到他們在該州的發展。

We remain upbeat about Canopy USA and look forward to sharing future updates on this platform as we provide Canopy shareholders with this unique exposure to the US cannabis market. As we close the quarter, Canopy stands on a firm foundation, and we're showing progress in every corner of our operations. We have robust core businesses, significantly strengthened financials, and a unique strategy for seizing the opportunity of growth in the US, via Canopy USA.

我們對 Canopy USA 保持樂觀，並期待在這個平台上分享未來的更新，因為我們為 Canopy 股東提供了進入美國大麻市場的獨特機會。隨著本季的結束，Canopy 站穩了基礎，並且我們營運的各個角落都取得了進展。我們擁有強勁的核心業務、顯著增強的財務狀況以及透過 Canopy USA 抓住美國成長機會的獨特策略。

Our focus remains on leveraging this foundation to achieve multimarket cannabis leadership, and we are more prepared than ever to navigate the complexities of the global cannabis market while delivering substantial value to our shareholders and customers.

我們仍致力於利用這項基礎實現大麻多市場領導地位，並且我們比以往任何時候都更有準備應對全球大麻市場的複雜性，同時為我們的股東和客戶提供巨大的價值。

I'll now turn the call over to Judy, who will discuss our financials in greater detail.

現在我將電話轉給朱迪​​，她將更詳細地討論我們的財務狀況。

Thank you very much, David, and good morning, everyone. I'll start by reviewing our first quarter fiscal 2025 results. I'll then discuss continued progress we've made on our balance sheet and cash flow, followed by a discussion on our priorities and outlook for the balance of fiscal 2025.

非常感謝，大衛，大家早安。我將先回顧我們的 2025 財年第一季的業績。然後，我將討論我們在資產負債表和現金流量方面取得的持續進展，然後討論我們的優先事項和 2025 財年餘額的前景。

Let's begin with our first quarter results.

讓我們從第一季的業績開始。

Q1 FY 2025 demonstrated continued progress in our financial performance as evidenced by significant year-over-year improvements in gross profit dollars, adjusted EBITDA, and free cash flow. Canopy delivers consolidated net revenue of $66 million in Q1, a decrease of 13% or down 3%, excluding the impact of divested businesses compared to Q1 of last year. The consolidated gross profit dollars grew 67% year-over-year.

2025 財年第一季度，我們的財務表現持續取得進步，毛利、調整後 EBITDA 和自由現金流較去年同期大幅提升便是明證。Canopy 第一季的綜合淨營收為 6,600 萬美元，與去年同期相比下降 13%，扣除業務剝離的影響則下降 3%。綜合毛利較去年同期成長67%。

Consolidated gross margin in Q1 was 35%, again a significant improvement, compared to 18% last year. Following a dip in gross margin in Q4. I'm pleased to report a return to solid gross margin performance in Q1, which I'll provided additional details later on the call.

第一季綜合毛利率為 35%，與去年的 18% 相比再次大幅提升。繼第四季毛利率下降之後。我很高興地報告第一季的毛利率恢復穩健，我將在稍後的電話會議上提供更多詳細資訊。

Q1 adjusted EBITDA was a loss of $5 million, an improvement of 77% versus last year. Free cash flow was an outflow of $56 million, an improvement of $52 million compared to Q1 of last year. Note that we typically incurred negative working capital in the first half of the fiscal year with improvement in the back half due to the timing of certain payments. I'd like to now review the results of our key businesses in more detail, including progress against their path to profitability.

第一季調整後的 EBITDA 虧損 500 萬美元，較去年同期改善 77%。自由現金流流出 5,600 萬美元，比去年第一季增加了 5,200 萬美元。請注意，我們通常在財政年度上半年產生負營運資本，但由於某些付款的時間安排，下半年情況會有所改善。現在，我想更詳細地回顧我們主要業務的業績，包括其盈利方面的進展。

Starting with Canada. Q1 net revenue was $38 million, a decline of 6% compared to a year ago. Canada medical had another record revenue quarter, increasing 20% compared to last year, continuing to benefit from customer mix toward a greater number of insured patients and larger product assortment in the Spectrum online store.

從加拿大開始。第一季淨營收為3,800萬美元，較去年同期下降6%。加拿大醫療再創季度收入記錄，較去年同期增長 20%，這繼續受益於客戶結構向投保患者數量的增加以及 Spectrum 在線商店產品種類的豐富化發展。

We're pleased with the outperformance of our Canada medical, which is also a high-margin business for us. Our adult-use business was down 22%, which was softer than planned. We continue to be disciplined in the highly competitive adult-use segment in Canada by not chasing market share at all costs.

我們對加拿大醫療的優異表現感到滿意，這對我們來說也是一項高利潤的業務。我們的成人用品業務下降了 22%，低於計劃。在競爭激烈的加拿大成人用品市場中，我們持續嚴守紀律，不不惜一切代價追求市場佔有率。

In Q1, revenue was impacted by supply constraints in certain products due, in part, to lower fulfillment by our CMO partners who are facing financial difficulties. We're working to expand our pool of CMO partners.

在第一季度，收入受到某些產品供應限制的影響，部分原因是我們的 CMO 合作夥伴面臨財務困難，履行情況不佳。我們正在努力擴大我們的 CMO 合作夥伴範圍。

But given the evolving market dynamics and landscape, it is taking some time to ensure we have redundancies in place. With an improved cost structure, we've also taken targeted pricing actions and increased promotions in select categories where we still expect to see good margins.

但考慮到不斷變化的市場動態和格局，我們需要一些時間來確保裁員到位。透過改善成本結構，我們也採取了有針對性的定價措施，並在特定類別中加強促銷力度，我們預計這些類別仍將獲得良好的利潤。

We also launched a number of new products toward the latter part of Q1 with additional new products launching in the fall. All-in-all, we do expect modest improvement in revenue in Q2 with stronger year-over-year growth in Q3 and Q4 for our Canada cannabis business. Despite a decline in revenue, Canada gross profit dollars increased to $12 million in Q1 of fiscal 2025 versus under a million in Q1 of last year. Canada gross margin in Q1 was 32%, and cash gross margin, adding back noncash depreciation costs and costs, was 45%.

我們也在第一季後半段推出了多款新產品，秋季也將推出更多新產品。總體而言，我們確實預計第二季加拿大大麻業務的營收將略有改善，第三季和第四季的營收將比去年同期成長更強勁。儘管收入下降，但加拿大的毛利在 2025 財年第一季增至 1,200 萬美元，而去年第一季還不到 100 萬美元。加拿大第一季的毛利率為 32%，加上非現金折舊成本和成本的現金毛利率為 45%。

Let me provide key drivers of Canada gross margin performance in Q1. First, we continue to see the benefits from cost-reduction program that was completed during fiscal 2024 with significant year-over-year reduction in COGS.

讓我來提供一下加拿大第一季毛利率表現的關鍵驅動因素。首先，我們繼續看到 2024 財年完成的成本削減計畫帶來的好處，成本成本較去年同期大幅下降。

Second, the growth in our medical business, which carries higher margin than our adult-use business, also contributed to stronger gross margin performance. During Q1, our medical business accounted for approximately half of revenue in Canada.

其次，我們的醫療業務的成長也促進了毛利率的提高，醫療業務的利潤率高於成人用品業務。第一季度，我們的醫療業務約佔加拿大收入的一半。

Third, Q1 saw improved utilization in our manufacturing operations, which also positively impacted gross margin. We continue to target Canada cash gross margins to be in the mid-to-high 30% based on the historical channel mix and are focused on further improving Canada gross margins, driven by increase in our cultivation yields in the winter months, following installation of new LED lighting at Kincardine in the first half of fiscal 2025 strategic sourcing of flower supply at favorable cost; and increased throughput in pre-roll production and reduction in labor costs with a new and flexible pre-roll machine now up and running.

第三，第一季我們的製造業務利用率有所提高，這也對毛利率產生了正面影響。根據歷史通路組合，我們繼續將加拿大現金毛利率定為 30% 中高水平，並專注於進一步提高加拿大毛利率，這得益於我們在 2025 財年上半年在金卡丁安裝了新的 LED 照明後冬季種植產量的增加，以鮮花優惠的成本戰略性地採購供應；隨著新型靈活的預捲機的投入運行，預卷生產的產量不斷提高，勞動成本不斷降低。

International markets cannabis net revenue of $10 million in Q1 was down 1% compared to Q1 of last year. We saw strong double-digit growth in Europe, notably in Poland, which was partially offset by the decline in sales in Australia and US CBD, which had been winding down ahead of transitioning the business over to Canopy USA.

第一季國際市場大麻淨收入為 1,000 萬美元，較去年第一季下降 1%。我們在歐洲（尤其是波蘭）看到了強勁的兩位數成長，但這被澳洲和美國 CBD 的銷售下滑部分抵消了，在將業務轉移給 Canopy USA 之前，這兩個市場的銷售額一直在逐漸減少。

International markets cannabis gross margin was 36% in Q1 fiscal 2025, up from 34% in Q1 of fiscal 2024, driven by a favorable shift in country mix with higher-margin Poland contributing to a greater portion of sales this year as compared to the prior-year period.

2025 財年第一季，國際市場大麻毛利率為 36%，高於 2024 財年第一季的 34%，得益於國家結構發生有利變化，利潤率較高的波蘭今年的銷售額貢獻率與去年同期相比有所上升。

Storz & Bickel revenue of $18 million in Q1 was up 2% compared to last year. We saw continued healthy consumer demand for new Venty portable vaporizer that was launched in Q3 of last fiscal year, as well as strong sales from its Mighty vaporizer this quarter.

Storz & Bickel 第一季營收為 1,800 萬美元，較去年同期成長 2%。我們看到消費者對上個財年第三季推出的新款 Venty 便攜式氣化器的需求持續旺盛，且本季 Mighty 氣化器的銷售也十分強勁。

Sales increased in many of its key markets, including over 100% growth through the combined B2B and B2C channels in Germany. This was partially offset by a significant decline in shipments in Australia following a recent regulatory change.

其許多主要市場的銷售額均有所增長，其中德國的 B2B 和 B2C 綜合通路銷售額增長超過 100%。近期監管變化導致澳洲出貨量大幅下降，部分抵銷了這一增幅。

We note that Storz & Bickel medical vaporizers, the MIGHTY MEDIC, the MIGHTY MEDIC+, and the VOLCANO MEDIC, are the only whole cannabis vaporizers on the market in Australia, and we believe that this positioned Storz & Bickel devices very well in the medical channel of that market. Storz & Bickel gross margin was 40%, compared to 43%, driven primarily by higher rebates on certain product lines.

我們注意到，Storz & Bickel 醫用霧化器、MIGHTY MEDIC、MIGHTY MEDIC+ 和 VOLCANO MEDIC 是澳洲市場上僅有的全大麻霧化器，我們相信這使得 Storz & Bickel 設備在該市場的醫療管道中佔據了非常好的位置。Storz & Bickel 的毛利率為 40%，而去年同期為 43%，這主要得益於某些產品線的回扣提高。

Looking at our SG&A expenses for Q1 of fiscal 2025, sales and marketing and G&A expenses declined 24% year-over-year, primarily due to cost-reduction program undertaken during fiscal 2024. In Q1 fiscal 2025, adjusted EBITDA was a loss of $5 million, an improvement of $18 million, compared to a loss of $23 million a year ago. We estimate that our three business units achieved positive adjusted EBITDA with all of the Q1 adjusted EBITDA losses driven by unallocated corporate overhead costs, including public company costs.

查看我們 2025 財年第一季的銷售、一般及行政費用，銷售和行銷以及一般及行政費用同比下降 24%，這主要歸因於 2024 財年實施的成本削減計劃。2025 財年第一季，調整後的 EBITDA 虧損 500 萬美元，較去年同期的虧損 2,300 萬美元改善 1,800 萬美元。我們估計，我們的三個業務部門都實現了正的調整後 EBITDA，所有第一季的調整後 EBITDA 損失都是由未分配的公司間接費用（包括上市公司成本）造成的。

And as we indicated during our Q4 call, we've identified an additional $10 million to $15 million of cost-reduction opportunities, mostly in corporate G&A, including savings and professional fees, legal, and other public company costs that we expect to realize by the end of fiscal 2025.

正如我們在第四季度電話會議上所指出的那樣，我們已經發現了額外的 1000 萬至 1500 萬美元的成本削減機會，主要是在企業一般及行政費用方面，包括儲蓄和專業費用、法律費用以及其他上市公司成本，我們預計到 2025 財年末將實現這些成本。

I'd like to now review our cash flow and balance sheet. Free cash flow was an outflow of $56 million in Q1, an improvement of 49% compared to the prior year. Cash used from continuing operations was $52 million. This included cash interest payments in the quarter of $18 million, down from $30 million in Q1 of last year.

我現在想回顧一下我們的現金流量和資產負債表。第一季自由現金流流出 5,600 萬美元，比上年同期成長 49%。持續經營所用現金為5,200萬美元。其中本季的現金利息支付為 1,800 萬美元，低於去年第一季的 3,000 萬美元。

And as expected, we had negative working capital in Q1, driven by timing of certain payments, as well as the buildup of bulk flower inventory to ensure supply continuity in Canada.

正如預期的那樣，由於某些付款的時間表以及為確保加拿大的供應連續性而積累的大量鮮花庫存，我們在第一季的營運資本為負。

CapEx of $4 million in Q1 was also an increase versus the prior year due to LED lighting investment in Kincardine that will drive improved cultivation yields and lower costs over time. All-in-all, we expect free cash outflow to narrow significantly in the second half of fiscal year versus Q1 run rate to reflect the timing of payments and phasing of working capital.

第一季的資本支出為 400 萬美元，較上年同期增加，原因是金卡丁的 LED 照明投資將提高種植產量並降低成本。總而言之，我們預計，與第一季的運作率相比，本財年下半年的自由現金流出將大幅收窄，以反映付款時間和營運資本分階段的變化。

Cash flow from investments was an outflow of $33 million in Q1. This included net cash use of $67 million to fund the acquisition of Acreage debt during Q1 and an inflow of $10 million of additional distribution from biofuels restructuring process.

第一季投資現金流出 3,300 萬美元。其中包括第一季收購 Acreage 債務的 6,700 萬美元淨現金使用額，以及來自生物燃料重組過程的 1,000 萬美元額外分配流入。

Turning to the balance sheet, as of June 30, 2024, we had $195 million in cash and short-term investments and total principal debt balance of $585 million. The principal debt balance declined $40 million in Q1 versus Q4, and the major drivers include reduction of USD8 million of term loan principal balance resulting from paydown from asset sale proceeds, elimination of CAD100 million of the promissory notes held by Constellation, and net addition of USD50 million from the convertible note transaction in May.

談到資產負債表，截至 2024 年 6 月 30 日，我們擁有 1.95 億美元現金和短期投資，總本金債務餘額為 5.85 億美元。第一季的本金債務餘額較第四季度減少了 4,000 萬美元，主要原因包括因資產出售收益償還導致的定期貸款本金餘額減少 800 萬美元、消除 Constellation 持有的 1 億加元本票、以及 5 月份可轉換票據交易淨增加 5,000 萬美元。

This morning, we announced an amendment to our credit agreement with a senior secured term loan that extends maturity out to December of 2026 with an option to further extend maturity out to September of 2027.

今天上午，我們宣布對我們的信用協議進行修訂，其中優先擔保定期貸款的到期日延長至 2026 年 12 月，並可選擇進一步延長至 2027 年 9 月。

Pursuant to this agreement, we will be making an initial cash payment of USD97.5 million to reduce the principal by USD100 million by December 31, 2024, with an option to pay down additional USD97.5 million to reduce the principal by 100 million by March 31, 2025. We are pleased to come to this agreement with our lenders that will provide us with cash interest savings and improved balance sheet flexibility.

根據該協議，我們將在 2024 年 12 月 31 日之前以現金支付 9,750 萬美元的首期付款，以減少 1 億美元本金，並可選擇在 2025 年 3 月 31 日之前額外支付 9,750 萬美元，以減少 1 億美元本金。我們很高興與貸方達成此協議，這將為我們提供現金利息節省並提高資產負債表的靈活性。

In early June, we also launched an at-the-market equity offering program of up to USD250 million. During Q1, we issued 4.7 million shares for total proceeds of CAD46 million.

6月初，我們也啟動了一項最高規模2.5億美元的市場股票發行計畫。第一季度，我們發行了 470 萬股股票，總募款為 4,600 萬加元。

Subsequent to Q1, we have issued an additional 3.7 million shares for total proceeds of CAD33 million. Following a significantly reduced debt balance and extended maturity of the term loan, the ATM program provides us with flexibility to invest in strategic growth initiatives.

第一季之後，我們又發行了額外 370 萬股股票，總收益為 3,300 萬加元。隨著債務餘額大幅減少以及定期貸款期限延長，ATM 計劃為我們提供了投資策略成長計劃的靈活性。

I would like to now briefly discuss Canopy USA. This is the first quarter that Canopy USA's financials have been deconsolidated from Canopy Growth results. And as a result, Canopy's non-controlling investments in Canopy USA is now presented as equity method investments and in other financial assets on our balance sheet.

現在我想簡單討論一下 Canopy USA。這是 Canopy USA 財務狀況首次從 Canopy Growth 業績分離出來的季度。因此，Canopy 對 Canopy USA 的非控制投資現在在我們的資產負債表中列為權益法投資和其他金融資產。

As David mentioned, Canopy USA is advancing with its acquisition of Wana, Jetty, and Acreage. Canopy Growth currently does not have audited financials for the consolidated Canopy USA entities and is not disclosing the financials of each entity at Canopy USA at this time. Let me provide some commentary on financial performance of each entity.

正如 David 所說，Canopy USA 正在推進對 Wana、Jetty 和 Acreage 的收購。Canopy Growth 目前尚未擁有合併後的 Canopy USA 實體的審計財務報表，並且目前尚未披露 Canopy USA 各個實體的財務報表。讓我對每個實體的財務表現提供一些評論。

In the first half of calendar 2024, Acreage has seen revenue and EBITDA decline compared to last year due to its credit challenges. Acreage management is now focused on improving performance in its core markets, including Ohio, where Acreage projects revenue to double by end of calendar 2025 versus current run rate. Wana is also focused on expanding into new states while maintaining an attractive margin in a highly competitive edibles category. There have been delays in New York and Ohio due to market dynamics, and Wana's performance has also been impacted by price compression, retail inventory destocking, and SKU rationalization in Colorado.

2024 年上半年，由於信貸挑戰，Acreage 的收入和 EBITDA 與去年相比有所下降。Acreage 管理層目前專注於提高其核心市場的業績，包括俄亥俄州，Acreage 預計到 2025 年底俄亥俄州的收入將比目前的運行率翻倍。Wana 也致力於向新的州擴張，同時在競爭激烈的食品類別中保持有吸引力的利潤率。由於市場動態，紐約和俄亥俄州的業務出現了延遲，而 Wana 的業績也受到了價格壓縮、零售庫存去庫存和科羅拉多州 SKU 合理化的影響。

However, trends are expected to improve later this year on the back of New York and Ohio launching. And in addition, as David mentioned, Wana has introduced its hemp-derived offering with its own marketplace website set to launch this month. Jetty is seeing good underlying momentum for its Solventless vape products with expanded offerings. Jetty is currently in the process of also changing distributors in California which will improve routes to market and lower cost over time.

不過，隨著紐約和俄亥俄州的推出，預計今年稍後趨勢將會改善。此外，正如 David 所提到的，Wana 已推出其大麻衍生產品，其自己的市場網站將於本月上線。Jetty 發現其無溶劑電子煙產品具有良好的潛在發展勢頭，且產品範圍正在擴大。Jetty 目前也正在更換加州的經銷商，這將改善市場管道並降低成本。

This change is expected to create some noise to its shipments in the near term. Once Canopy USA closes on its acquisition of Wana and Acreage and with expected revenue contribution from Ohio's non-medical sales for Acreage, we expect that Canopy USA has the potential to generate annual revenue of upwards of USD300 million.

預計這項變更將在短期內對其出貨量造成一些影響。一旦 Canopy USA 完成對 Wana 和 Acreage 的收購，並考慮到俄亥俄州非醫療銷售對 Acreage 的預期收入貢獻，我們預計 Canopy USA 每年有潛力創造超過 3 億美元的收入。

I'd like to now provide our key priorities and outlook for the balance of fiscal 2025. In Canada cannabis, we remain focused on driving growth and profitably gaining market share in both the adult use and medical channels.

現在，我想提供我們 2025 財年的主要優先事項和展望。在加拿大大麻領域，我們仍然專注於推動成長並在成人用途和醫療管道中獲利地獲得市場份額。

We expect Q2 to be impacted by continued supply challenges with certain third-party-produced products with stronger growth in the back half of this fiscal year, driven by expanded distribution, improved sales velocity, and new product launches.

我們預計第二季將受到某些第三方生產產品的持續供應挑戰的影響，但受分銷擴大、銷售速度提高和新產品發布的推動，本財年下半年將出現更強勁的增長。

In International markets cannabis, we're focused on accelerating growth in Europe, including in our key markets of Germany and Poland. We're focused on ensuring consistent supply of high-quality products, as well as launch new products into these markets in the near term. For Storz & Bickel, we're focused on accelerating growth in the US and other key markets, as well as opportunistically expand distribution into new markets. Note that for SMB, Q2 is historically the lowest revenue quarter of the year.

在國際大麻市場，我們專注於加速歐洲的成長，包括我們的主要市場德國和波蘭。我們專注於確保持續供應高品質的產品，以及近期向這些市場推出新產品。對於 Storz & Bickel，我們專注於加速美國和其他主要市場的成長，並抓住機會將分銷擴展到新的市場。請注意，對於中小企業而言，第二季度歷來是一年中收入最低的季度。

And finally, the impact from divested businesses will continue to negatively impact reported sales growth throughout FY 2025. Q2 FY 2024 revenue of $69.6 million included approximately $8.3 million of revenue from divested businesses.

最後，剝離業務的影響將繼續對 2025 財年報告的銷售成長產生負面影響。2024 財年第二季的營收為 6,960 萬美元，其中約 830 萬美元來自剝離業務的收入。

From a phasing standpoint, we continue to expect stronger year-over-year growth in the second half of our fiscal 2025, driven by increased supply and ramp up of new products, as well as lessening impact from divested businesses. We believe, we remain firmly on a path to achieve positive adjusted EBITDA at the consolidated level, inclusive of corporate costs, driven by sales growth, improvement in gross margins, and additional G&A savings.

從分階段的角度來看，我們繼續預計 2025 財年下半年將實現更強勁的同比增長，這得益於供應增加和新產品的推出，以及剝離業務的影響減弱。我們相信，在銷售額成長、毛利率提高和額外的一般及行政費用節省的推動下，我們仍堅定地走在實現合併水準的正調整後 EBITDA（包括企業成本）的道路上。

In closing, we intend to build on the improved financial performance in Q1 and drive profitable growth while continuing to strengthen our financial position over time. This concludes my prepared comments.

最後，我們打算在第一季財務業績改善的基礎上，推動獲利成長，同時繼續加強我們的財務狀況。我的準備好的評論到此結束。

We'll now take questions.

我們現在開始回答問題。

Thank you. (Operator instructions)

謝謝。（操作員指令）

Aaron Grey with Alliance Global Partners.

聯盟全球合作夥伴 (Alliance Global Partners) 的 Aaron Grey。

Hi, good morning and thank you very much for the questions.

大家好，早安，非常感謝您的提問。

Hi, Aaron.

你好，Aaron。

So first one for me. Good morning. You guys have done a lot in terms of cleaning up and simplifying the story in terms of divestitures and with Canopy USA. So as we look forward, Canopy USA, you're waiting for some, I think, audits to be finished where you can consolidate and also for Acreage to close.

所以對我來說是第一個。早安.你們在清理和簡化資產剝離以及與 Canopy USA 的故事方面做了很多工作。因此，我們展望未來，我認為，Canopy USA 正在等待一些審計完成，以便您可以進行合併，並等待 Acreage 結束。

So just if you can give us some more in terms of the timing, Acreage. I think you said first half of calendar 2025. So just more color in terms of what you're waiting on for that to build to close in terms of -- I think it might be some state approvals or otherwise. And then how we should think about everything built to come in terms of additional disclosure in terms of the financial performance there and when you'll be able to disclose that fully? Thank you.

所以，Acreage，請您給我們一些關於時間安排的更多資訊。我認為您說的是 2025 年上半年。因此，就您在等待什麼來完成建設而言，還有更多的細節——我認為可能是一些國家批准或其他。那麼，我們應該如何考慮即將建立的一切，包括財務業績的額外揭露，以及何時才能完全揭露這些內容？謝謝。

Okay. I'll start, Aaron. So from a timing standpoint, as David mentioned, during Q1, Jetty is fully closed. So Canopy USA owns approximately 75% of Jetty at this point. Two of the three entities under Wana have already been closed, and we expect to complete Wana acquisition or Canopy USA expects to complete the Wana acquisition by end of this summer.

好的。我先開始，亞倫。因此從時間角度來看，正如 David 所提到的，在第一季度，Jetty 已完全關閉。因此，Canopy USA 目前擁有 Jetty 約 75% 的股份。Wana 旗下三個實體中的兩家已經關閉，我們預計將在今年夏末完成對 Wana 的收購，或者 Canopy USA 預計將在今年夏末完成對 Wana 的收購。

And then Canopy USA is in the process of acquiring Acreage. So that is really a regulatory process. It's a state-by-state regulatory approval. Our expectation is sometime in the spring of next calendar year, we'll get all of the state approvals required for Canopy USA to complete its acquisition.

目前，Canopy USA 正在收購 Acreage。所以這其實是一個監管過程。這是各州監管部門的批准。我們預計明年春季某個時候我們將獲得 Canopy USA 完成收購所需的所有州批准。

In terms of financial disclosure, as we sit here today, Canopy USA obviously has not fully closed all of its entities under Canopy USA. So once we do have Canopy USA fully closing on Wana and Acreage, we would intend to share audited financials and also provide some supplemental financial metrics of Canopy USA that will likely to be sometime after the Acreage acquisition closes.

在財務揭露方面，截至今天，Canopy USA 顯然尚未完全關閉其旗下的所有實體。因此，一旦 Canopy USA 完全完成對 Wana 和 Acreage 的收購，我們將打算分享經過審計的財務數據，並提供一些 Canopy USA 的補充財務指標，這些數據很可能會在 Acreage 收購完成後的某個時候公佈。

Yes. And Aaron, just to add to that. So all of the -- so the gating item really on closing the final component of Wana as well as Acreage is, in fact, the regulatory approvals at the state level, all of which have been applied for. So now we're just working our way through each state's process, and we'll close as soon as we get all of those approvals in place.

是的。還有 Aaron，我想補充一下。因此，完成 Wana 和 Acreage 專案的最後一項關鍵事項實際上是州一級的監管部門批准，所有這些批准都已申請。因此，現在我們正在按照每個州的程序進行，一旦獲得所有批准，我們就會結束。

In terms of financial disclosure, Judy outlined in our script just a rough view of what CUSA believes they'll be able to achieve from a top line standpoint. And we believe that you can look at other MSOs to understand EBITDA margins, also keeping in mind that as we're -- as Acreage is operating as a standalone public company. Today, we'll be able to realize a fair amount of public company synergies when that business becomes part of the CUSA platform. So yes, we'll provide detailed financial statements through CUSA as soon as soon as we can, but I think that just provides a good kind of outline as to where that business is today.

在財務揭露方面，朱迪在我們的腳本中粗略地概述了 CUSA 認為從頂線角度能夠實現的目標。我們相信，您可以查看其他 MSO 來了解 EBITDA 利潤率，同時記住，Acreage 是作為獨立上市公司運營的。今天，當該業務成為 CUSA 平台的一部分時，我們將能夠實現相當多的上市公司協同效應。所以是的，我們將盡快透過 CUSA 提供詳細的財務報表，但我認為這只是對該業務當前狀況提供了一個很好的概述。

Frederico Gomes with ATB Capital Markets.

ATB Capital Markets 的 Frederico Gomes。

Hi, good morning and thanks for taking my questions. Just on the Canadian Medical Cannabis segment, quite impressive growth there. And sequentially six quarters of sequential growth. So can you give a bit more clarity on what's driving that growth? And how much more upside do you think there is to that segment, just given that I think we've seen that the overall market is sort of flat on the medical side in Canada. So how much more growth do you think can come from that segment? Thanks.

大家早安，感謝您回答我的問題。僅在加拿大醫用大麻領域，其成長就相當令人印象深刻。並且連續六個季度實現成長。那麼您能否更清楚地說明一下推動這一成長的因素？鑑於我們已經看到加拿大醫療方面的整體市場比較平穩，您認為該領域還有多少上漲空間？那麼您認為該部分還能帶來多少成長呢？謝謝。

Yes. So we've had several quarters in a row of growth in that market. We expect that to continue. And it's really coming as a result of strong execution by our medical team. We -- it is a marketplace, so it's not just Canopy products. It's a marketplace with products hand-selected by our team. And we give what we believe is best-in-class service to the participants in that channel. And it's just day in and day out execution on the medical side, that's really driven much of our growth.

是的。因此，我們在該市場已經連續幾季實現成長。我們預計這種情況將持續下去。這確實是我們醫療團隊強力執行的結果。我們 — — 它是一個市場，所以它不僅僅是 Canopy 產品。這是一個由我們的團隊精心挑選的產品的市場。我們為該管道的參與者提供我們認為一流的服務。正是日復一日在醫療方面的執行，才真正推動了我們的成長。

Yes. And to your point, Frederico, the market is stagnant to declining just because of the shift into the adult-use channel. But we're gaining market share, as you can see in the numbers, and we think we're well positioned to continue to gain market share with continuation of really offering high-quality products to patients, not just our products but even third-party products that really provide patients with a very broad assortment of offerings.

是的。正如您所說，弗雷德里科，市場停滯甚至下滑只是因為轉向成人用品管道。但正如您在數字中所看到的，我們的市場份額正在不斷擴大，而且我們認為，透過繼續為患者提供真正高品質的產品，我們有能力繼續擴大市場份額，不僅僅是我們的產品，還包括真正為患者提供非常廣泛產品的第三方產品。

Michael Lavery with Piper Sandler.

麥可·拉弗里和派珀·桑德勒。

Thank you, good morning.

謝謝，早安。

Good morning.

早安.

I just wanted to understand the supply dynamics a little better. You said you want to source more EU origin products from third parties. I guess can you just maybe help us understand if that -- if Germany or the broader market there if so is growing and so attractive, who has excess product? And I guess really at what cost? And it seems like that's kind of the place where project is a little bit more scarce. Is that maybe a misunderstanding.

我只是想更了解供應動態。您說您想從第三方購買更多歐盟原產產品。我想您能否幫助我們了解一下——如果德國或那裡更廣泛的市場正在成長並且如此有吸引力，那麼誰會有過剩的產品？我猜真正要付出的代價是什麼？看起來那裡的項目比較稀缺。這或許是個誤會。

And then when you talk about freeing up some supply back in Canada, certainly oversupply has long been the problem there, did you overcorrect? Do you need more supply in Canada? How do we just think about both sides of the ocean there?

然後，當您談到釋放加拿大的一些供應時，供應過剩肯定一直是那裡的問題，您是否過度糾正了？您需要更多加拿大的供應嗎？我們如何看待海洋兩岸的情況？

No. So Michael, so I'll kind of take it in two points, and I'll start with Canada first. I think in Canada, we have some supply constraints during the quarter that were driven by performance with some of our third-party suppliers, right? And so we're making our supply chain more robust in Canada. And you're right, there is product available However, we just remain focused on when we do a product in the market, we're simply putting it into the higher-margin channels.

不。邁克爾，我會從兩點來談，首先從加拿大開始。我認為在加拿大，我們本季遇到了一些供應限制，這是由一些第三方供應商的表現所致的，對嗎？因此，我們正在使我們的加拿大的供應鏈更加健全。你說得對，確實有產品可用，但是，我們只是專注於將產品推向市場，只是將其投放到利潤更高的管道。

As it relates to Europe, there is product available. That's really not the issue in the European channel. And that's available from Canada, but it's also available from end market producers. And so the point of the comments in the script is that over time as we bring on the European producers, we would then free up product out of our Canadian supply chain which would allow us to optimize margin across our total business.

就歐洲而言，有產品可供使用。這其實不是歐洲通路的問題。這款產品可從加拿大購買，也可從終端市場生產商購買。因此，腳本中評論的重點是，隨著時間的推移，隨著我們引入歐洲生產商，我們將從加拿大供應鏈中釋放產品，這將使我們能夠優化整個業務的利潤率。

And the thing I think that -- the way we're thinking about this is that every single market that has opened up broadly in every geography we've seen start to have supply constrained, then goes along in supply, then prices compress and then people have assets that they don't know how to deal with.

我認為——我們對此的看法是，我們看到每個地區廣泛開放的每個市場都開始受到供應限制，然後供應隨之減少，價格隨之壓縮，然後人們擁有了他們不知道如何處理的資產。

We're actually managing our supply chain in Canada to be an asset-light supply chain. And admittedly, we have some things that we need to do to optimize that asset-light supply chain, but we're all over that. We’re thinking about Europe the same way. And so instead of going in heavily with investments, which will potentially compress our margins going forward, we're deploying our strategy into Europe and based on what we're seeing at the moment, we're quite happy with that approach.

我們實際上正在將我們在加拿大的供應鏈管理成輕資產供應鏈。無可否認，我們需要做一些事情來優化輕資產供應鏈，但我們已經盡力了。我們以同樣的方式看待歐洲。因此，我們不會進行大量投資，因為這可能會壓縮我們未來的利潤率，而是將我們的策略部署到歐洲，根據我們目前看到的情況，我們對這種方法非常滿意。

Bill Kirk with Roth Capital Partners.

羅斯資本合夥公司的比爾‧柯克 (Bill Kirk)。

Hey thank you for taking the questions. Mine is related to the last topic, because margins seem to differ a lot by market, very different margins in each market. So how do you determine where your available supply goes? Like how do you balance that maybe immediate margin potential for some of the sales with the longer-term potential that some markets may have that aren't profitable just yet?

嘿，謝謝您回答這些問題。我的問題與最後一個主題有關，因為利潤率似乎因市場而異，每個市場的利潤率都非常不同。那麼你如何確定可用供應的去向呢？例如，您如何平衡部分銷售的即時利潤潛力與某些目前尚未獲利的市場的長期潛力？

Yes. I would say, Bill, that's a good question because we haven't interrupted supply into the European markets from Canada, right? So when we say that we're going to allocate to the highest margin areas, we're not doing anything that's choking off supply into Europe and don't intend to do that in the near term, meaning supply coming from Canada. It's within Canada when we're when we -- if we have any sort of supply constraints, we allocate amongst the provinces effectively or the channels, meaning medical versus rec in Canada, in a way that optimizes for profitability.

是的。我想說，比爾，這是個好問題，因為我們沒有中斷從加拿大到歐洲市場的供應，對嗎？因此，當我們說要分配給利潤最高的地區時，我們不會採取任何措施來阻止歐洲的供應，短期內也不打算這樣做，這意味著來自加拿大的供應。這是在加拿大境內，如果我們有任何供應限制，我們會在各省或管道之間進行有效分配，也就是加拿大的醫療與娛樂，以優化獲利能力。

So -- and I also want to make sure that the comments that we made in our script too around the entity that's coming to market is really -- it's not -- it's really just launches of new strains and a few new offerings that we think will be really attractive that we're already getting listings for that will drive revenue growth in Canada later in the year.

所以 - 而且我也想確保我們在腳本中對即將上市的實體所做的評論確實是 - 它不是 - 它實際上只是推出新的菌株和一些我們認為非常有吸引力的新產品，我們已經獲得了上市資格，這將在今年晚些時候推動加拿大的收入增長。

So, I think it's -- the supply allocation is really mostly related to Canada. And then we -- as I said, we have activities underway to improve the supply chain in Canada and make it more robust. And we also have new products coming down the pipeline.

所以，我認為供應分配其實主要與加拿大有關。然後，正如我所說，我們正在進行活動來改善加拿大的供應鏈並使其更加健全。我們還有新產品即將上市。

The only add I would have would be just when you look at the flower supply in Canada, we have a bit of a hybrid model, right? So, we've got our internal internally sourced Kincardine facility and DOJA and then we are looking at partners. So, whether it's strategic sourcing of power or -- at this point, I think we're doing a bit more spot buying, and the market is a little bit funny to be honest. And I think over time, we do think there will be more of the strategic sourcing opportunities that will come online. And really, we're focused on capturing favorable costs so that we can have good margins even from third-party sourced flower across our Canadian adult-use business.

我唯一要補充的是，當你看看加拿大的鮮花供應時，我們有一種混合模式，對嗎？因此，我們有內部採購的金卡丁設施和 DOJA，然後我們正在尋找合作夥伴。因此，無論是策略性採購電力還是——在這一點上，我認為我們正在進行更多的現貨購買，老實說，市場有點奇怪。我認為隨著時間的推移，我們確實認為將會有更多的策略採購機會出現。事實上，我們專注於獲取優惠的成本，這樣我們甚至可以從加拿大成人用品業務中的第三方採購花卉中獲得良好的利潤。

There are no further questions. I will now turn the call over to Mr. Klein for closing remarks.

沒有其它問題了。現在我將請克萊恩先生致結束語。

Great. Thank you for attending today's conference call. And as you enjoy the rest of the summer, I'd encourage you to try some of our outstanding products from our innovative brands, including beverages like Tweed Sugar Free Cola as well as our new All-In-One vapes from Tweed and 7ACRES. Our Investor Relations team will be available to answer additional questions. Thank you.

偉大的。感謝您參加今天的電話會議。在您享受剩餘的夏天時，我鼓勵您嘗試我們創新品牌的一些優秀產品，包括 Tweed 無糖可樂等飲料以及 Tweed 和 7ACRES 的全新一體式電子煙。我們的投資人關係團隊將隨時解答您的其他問題。謝謝。

This concludes Canopy Growth's First Quarter Fiscal 2025 Financial Results Conference Call. A replay of this conference call will be available until November 7, 2024, and can be accessed following the instructions provided in the company's press release issued earlier today. Thank you for attending today's call.

至此，Canopy Growth 2025 財年第一季財務業績電話會議結束。本次電話會議的重播將保留至 2024 年 11 月 7 日，您可以按照本公司今天稍早發布的新聞稿中提供的說明進行存取。感謝您參加今天的電話會議。