Canopy Growth Corp (CGC) 2026 Q2 法說會逐字稿

Good morning. My name is Joanna, and I will be your conference operator today. I would like to welcome you to Canopy Growth's second-quarter fiscal 2026 financial results conference call. (Operator Instructions)

早安.我叫喬安娜，今天我將擔任你們的會議接線生。歡迎各位參加 Canopy Growth 2026 財年第二季財務業績電話會議。（操作說明）

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

現在我將把電話交給投資者關係總監泰勒·伯恩斯。泰勒，你可以開始電話會議了。

Good morning, and thank you for joining us. On our call today, we have Canopy Growth's Chief Executive Officer, Luc Mongeau; and Chief Financial Officer, Tom Stewart.

早安，感謝各位的參與。今天參加我們電話會議的有 Canopy Growth 的執行長 Luc Mongeau 和財務長 Tom Stewart。

Before financial markets open today, Canopy Growth issued a news release announcing the financial results for our second quarter fiscal 2026 ended September 30, 2025. The news release and financial statements have been filed on EDGAR and SEDAR and will be available on our website under the Investors tab.

在今日金融市場開盤之前，Canopy Growth 發布新聞稿，宣布了截至 2025 年 9 月 30 日的 2026 財年第二季財務表現。新聞稿和財務報表已在EDGAR和SEDAR上提交，並將在我們的網站「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.

在開始之前，我想提醒各位，本次電話會議的討論將包含基於管理層當前觀點和假設的前瞻性陳述，並且本次討論完全受今天發布的新聞稿末尾所附的關於前瞻性陳述的警示性說明的限制。

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 and GAAP measures are included in our earnings release. Please note that all financial information is provided in Canadian dollars unless otherwise stated.

請查閱今日發布的收益報告以及 Canopy 向美國證券交易委員會 (SEC) 和加拿大證券監管機構 (SEDAR) 提交的報告，以了解可能導致實際結果與預測結果有重大差異的各種因素。此外，我們的獲利報告中還包括所有非GAAP指標與其最接近的報告GAAP指標之間的調節表。請注意，除非另有說明，所有財務資訊均以加幣為單位。

Following remarks by Luc and Tom, we will conduct a question-and-answer session where we will take questions from analysts. With that, I'll turn the call over to Luc.

在盧克和湯姆發言之後，我們將進行問答環節，回答分析師們的問題。這樣，我就把電話交給盧克了。

Good morning, everyone, and thank you for joining us today. It's great to be with you again to share the continued progress we're making in building a competitive, profitable, and trusted leader in the global cannabis market. The second quarter was one of our strongest to date, reflecting real, measurable progress, driven by our continued disciplined focus on fundamentals.

各位早安，感謝大家今天收看我們的節目。很高興再次與大家分享我們在打造全球大麻市場中具有競爭力、盈利能力和值得信賴的領導者方面所取得的持續進展。第二季是我們迄今為止表現最好的季度之一，反映了我們所取得的實際、可衡量的進步，這得益於我們持續專注於基本面的嚴謹作風。

Q2 highlights included continued momentum in our Canadian adult-use cannabis business, consistent growth in our Canadian medical cannabis business, and a stronger and significantly healthier balance sheet. Together, these actions give me confidence in our ability to sustain progress and deliver results for quarters to come.

第二季亮點包括：加拿大成人用大麻業務持續保持成長勢頭，加拿大醫用大麻業務持續成長，以及資產負債表更加強勁、更健康。這些舉措讓我對我們保持進步並在未來幾季取得成果的能力充滿信心。

Turning to our Canadian adult-use cannabis business. Net revenue increased 30% year over year in Q2, driven by demand for our labor infused pre-rolls and our new all-in-one vapes from Tweed and 7ACRES. Stronger relationships with Canadian boards, large accounts and independent retailers drove continued distribution gains, including a 20% year-over-year distribution increase amongst Alberta independent retailers.

接下來談談我們在加拿大的成人用大麻業務。第二季淨收入年增 30%，這主要得益於市場對我們注入人工成分的預捲菸以及 Tweed 和 7ACRES 的新型一體式電子煙的需求。與加拿大董事會、大客戶和獨立零售商建立更緊密的關係，推動了分銷管道的持續成長，其中阿爾伯塔省獨立零售商的分銷額同比增長了 20%。

We also improved our service levels with eye on time iron full fill rates across key accounts, reinforcing our reliability with retail partners. For the six months period ending September 30, 2025, revenue is up 37% compared to the same period last year. This growth reflects the renewed momentum of our adult-use cannabis business following the actions taken earlier this year to tighten our product portfolio, streamline execution with boards and retailers, and refined our sales model.

我們也提高了服務水平，重點客戶的準時供貨率達到了最高標準，從而增強了我們對零售合作夥伴的可靠性。截至 2025 年 9 月 30 日的六個月期間，營收比去年同期成長了 37%。這一增長反映了我們成人用大麻業務在今年早些時候採取措施後重新煥發活力，這些措施包括收緊產品組合、簡化與董事會和零售商的執行流程以及改進銷售模式。

Looking ahead, we're building on this momentum with additional clear board innovation, new genetics across our core flower portfolio and PRJ brands, and plans to reach a broader group of consumers later this year. We're also elevating our cultivation standards. -- including manual and refined post harvest processes to deliver superior flower ensuring consumers experience the very best of what Canopy has to offer.

展望未來，我們將在此勢頭的基礎上，進一步推進透明板材創新，在我們的核心花卉產品組合和 PRJ 品牌中引入新的基因技術，併計劃在今年晚些時候接觸更廣泛的消費者群體。我們也正在提升種植標準，包括採用人工和精細化的採後處理流程，以提供優質花卉，確保消費者體驗到 Canopy 所能提供的最佳產品。

In our Canadian medical cannabis business, net revenue grew 17% year over year, marking another consecutive quarter of growth. We're staying true to our medical strategy, offering the right products at the right price, consistently in stock, and for the right patient segments.

在加拿大，我們的醫用大麻業務淨收入年增 17%，連續第二季成長。我們始終堅持我們的醫療策略，以合適的價格提供合適的產品，並確保庫存充足，同時面向合適的患者群體。

During the quarter, our BC Georgia site became an exclusive medical cultivation facility, producing craft and small batch cannabis dedicated to spectrum patients. Doja is also exclusively and bucking at hand trimming all product, which is a deliberate investment to drive quality, consistency, and the spectrum patient experience.

本季度，我們位於喬治亞州BC的基地成為了一個專門的醫用大麻種植設施，生產精製和小批量大麻，專供各類患者使用。Doja 也堅持所有產品均採用手工修剪，這是一項旨在提高品質、一致性和全面提升患者體驗的有意投資。

We're also seeing continued growth among insured patients with registration of 20% year over year and almost tripling since 2021. This continued growth speaks to the reliability and care within our medical business. Looking ahead, delivering a superior patient experience remains central to how we will continue to grow in this business despite proposed government changes to medical reimbursement.

我們也看到投保患者人數持續成長，年增 20%，自 2021 年以來成長了近三倍。這種持續成長體現了我們醫療業務的可靠性和關懷。展望未來，儘管政府提議對醫療報銷進行改革，但提供卓越的患者體驗仍然是我們繼續在這個行業發展的核心。

In international markets, frankly, I'm disappointed with our performance during the quarter, where net revenues declined $3 million. Performance in Europe was primarily the result of supply constraint and internal process challenges. Lower stores from sales in Europe did not meet required quality standard, and internal process gaps limited our ability to deliver supply to Germany from our Canadian GMP facilities.

坦白說，我對本季國際市場的表現感到失望，淨收入下降了 300 萬美元。歐洲市場的表現主要受供應限制和內部流程挑戰的影響。歐洲銷售的低階門市產品不符合品質標準，內部流程的不足限制了我們從加拿大GMP工廠向德國供貨的能力。

I want to be clear. Canopy Growth is fully committed to the European market. We have already mobilized a dedicated effort to improve supply chain execution, which includes daily management oversight of logistics, product roadmaps, and licensing. We expect operations to stabilize and begin improving as we exit the fiscal year with international markets remaining a key part of our path to profitability.

我想把話說清楚。Canopy Growth 全力投入歐洲市場。我們已經投入專門的精力來改善供應鏈執行，包括對物流、產品路線圖和許可證進行日常管理監督。我們預計隨著本財年的結束，營運情況將趨於穩定並開始改善，國際市場仍是我們獲利的關鍵途徑。

At Storz & Bickel, the launch of the new easy vaporizer was received with great enthusiasm by consumers globally and generated early sales momentum, helping contribute to sequential quarter-over-quarter revenue growth.

Storz & Bickel 公司推出的新型簡易霧化器受到了全球消費者的熱烈歡迎，並迅速產生了銷售勢頭，有助於實現季度環比收入增長。

While the Veazy only contributed to three weeks of performance during the quarter, we're seeing positive signals into Q3 and together with holiday seasonality, expect continued growth through the remainder of the year. Looking ahead, I'm encouraged by the momentum at Storz & Bickel. The team's commitment to precision engineering, medical-grade quality, and design excellence continues to set the brand apart, and that's what will drive performance in the long run.

雖然 Veazy 在本季度只貢獻了三週的業績，但我們看到第三季度出現了積極的信號，加上假期季節的季節性因素，預計今年剩餘時間將繼續增長。展望未來，Storz & Bickel 的發展動能令我倍感鼓舞。團隊對精密工程、醫療級品質和卓越設計的執著追求，使品牌脫穎而出，而這正是推動其長期業績成長的關鍵所在。

On operating expenses, our SG&A savings program launched earlier this fiscal has delivered over $21 million in annualized savings, surpassing our $20 million target ahead of schedule. As we build a culture of fiscal responsibility, the team continues to identify additional savings opportunities while delivering top-line growth.

在營運費用方面，我們本財年早些時候啟動的銷售、一般及行政費用節約計劃已實現超過 2100 萬美元的年度節約，提前超過了 2000 萬美元的目標。在建構財政責任文化的同時，團隊不斷尋找額外的節約機會，並實現營收成長。

On profitability, we made strong progress this quarter with margin expansion and disciplined cost management that's moving us closer to positive adjusted EBITDA. We're also taking further steps to meaningfully lower our cost of goods sold through streamlining processes, smart investment to deliver improved yield and quality, as well as tighter supplier management.

在獲利能力方面，本季度我們取得了強勁進展，利潤率擴大，成本控制嚴格，這使我們離實現正調整 EBITDA 更近了一步。我們也正在採取進一步措施，透過簡化流程、進行明智的投資以提高產量和品質以及加強供應商管理，實際降低銷售成本。

Before I close, I'd like to touch on the Canadian federal government's recent proposal to reduce reimbursement for veterans who use prescribed medical cannabis. These proposed changes has the potential to seriously impact access and quality of the care and services that veterans have come to rely on. As one of Canada's leading medical cannabis providers, we believe consistency and fairness in access to care is critical. We're continuing to assess the proposed changes and are engaging across the country to ensure the needs of patients remain front and center.

在結束之前，我想談談加拿大聯邦政府最近提出的減少使用處方醫用大麻的退伍軍人的報銷的提案。這些擬議的變更可能會嚴重影響退伍軍人所依賴的醫療保健和服務的取得和品質。作為加拿大領先的醫用大麻供應商之一，我們認為獲得醫療服務的一致性和公平性至關重要。我們正在繼續評估擬議的變更，並與全國各地的各方合作，以確保患者的需求始終是首要任務。

In closing, Q2 demonstrated a continued progress across our core businesses, including positive momentum in our Canadian medical and adult-use businesses and expanded product lineup at Storz & Bickel, and a clear action plan on the way to improve execution in our international markets to drive future success. As we further sharpen our focus on quality, patient and consumer experiences and disciplined execution, I'm confident we have the right strategy, focus and team to become a trusted global provider of elevated cannabis experiences.

綜上所述，第二季我們的核心業務持續取得進展，包括加拿大醫療和成人用品業務的積極發展勢頭，Storz & Bickel 擴大了產品線，並製定了明確的行動計劃，以改善我們在國際市場的執行力，從而推動未來的成功。隨著我們進一步加強對品質、患者和消費者體驗以及嚴謹執行的關注，我相信我們擁有正確的策略、重點和團隊，能夠成為值得信賴的全球高端大麻體驗供應商。

Thank you. I will now turn the call over to Tom to walk through the financial results in more detail.

謝謝。現在我將把電話交給湯姆，讓他更詳細地講解財務表現。

Thank you, Luke, and good morning, everyone. I am proud of our disciplined execution, including stronger financial performance, rigorous cost-saving initiatives, a significantly deleveraged balance sheet, and sustained cash flow improvements. Our adjusted EBITDA loss narrowed significantly year over year, driven by growth in the Canadian cannabis business, along with lower SG&A expenses and efficiency gains.

謝謝你，盧克，大家早安。我為我們嚴謹的執行力感到自豪，包括更強勁的財務業績、嚴格的成本節約措施、大幅降低的資產負債表槓桿率以及持續的現金流改善。受加拿大合法大麻業務成長、銷售、一般及行政費用降低以及效率提升的推動，我們調整後的 EBITDA 虧損同比大幅收窄。

As a result of the progress made, we have eliminated the conditions that once raise substantial doubt about the company's ability to continue as a going concern. This is a significant accomplishment for Canopy Growth. We had $298 million of cash and cash equivalents as of September 30, 2025, which exceeded debt balances by $70 million. During Q2, we prepaid USD50 million on our senior secured term loan, capturing roughly USD6.5 million in annualized interest savings. As a reminder, the company has no significant debt maturities prior to September 2027.

由於取得了進展，我們已經消除了曾經對公司持續經營能力產生重大疑慮的種種因素。這對 Canopy Growth 來說是一項重大成就。截至 2025 年 9 月 30 日，我們擁有 2.98 億美元的現金及現金等價物，比債務餘額多出 7,000 萬美元。第二季度，我們提前償還了 5,000 萬美元的優先擔保定期貸款，每年節省約 650 萬美元利息。再次提醒，該公司在 2027 年 9 月之前沒有重大債務到期。

Moving to our detailed segment results and starting with cannabis. Q2 cannabis net revenue was $51 million, up 12% compared to a year ago. This growth was led by the Canadian adult-use business up 30% year over year, primarily driven by strong consumer demand for our Claybourne-infused pre-rolls and our new Tweed all-in-one vape offerings.

接下來我們來看詳細的細分市場結果，先從大麻產業開始。第二季大麻淨收入為 5,100 萬美元，比去年同期成長 12%。這項成長主要得益於加拿大成人用電子煙業務年增 30%，這主要歸功於消費者對我們 Claybourne 注入式預捲菸和我們新推出的 Tweed 一體式電子煙產品的強勁需求。

Canada medical also continued to perform well, up 17% from the prior year supported by growth in patient registrations, larger order volumes, and a broader assortment of products on our Spectrum Therapeutics store. International cannabis sales underperformed during Q2, decreasing 39% from the prior year, which was driven by supply challenges. While we expect this decline in sales to improve in the back half of the year, we are proactively identifying opportunities to mitigate the near-term impact on revenue and preserve our focus on consolidated profitability.

加拿大醫療業務也繼續表現良好，比上一年增長了 17%，這得益於患者註冊量的增長、訂單量的增加以及 Spectrum Therapeutics 商店中產品種類的擴大。第二季國際大麻銷售表現不佳，比去年同期下降了 39%，主要原因是供應的挑戰。雖然我們預計下半年銷售額下滑的情況會有所改善，但我們正在積極尋找機會，以減輕短期內對收入的影響，並保持對綜合盈利能力的關注。

Cannabis gross margin in Q2 was 31%, down year over year but up sequentially from 24% in Q1. The sequential improvement in cannabis gross margin primarily reflects the impact of price increases on select Canadian products, improved sales mix within Canada, and improvements to flower and fulfillment costs. These improvements were partially offset by the previously discussed European underperformance and inventory provisions.

第二季大麻業務毛利率為 31%，年減，但較上季高於第一季的 24%。大麻毛利率的持續改善主要反映了部分加拿大產品價格上漲的影響、加拿大境內銷售組合的改善以及花卉和配送成本的降低。這些改善被先前討論過的歐洲經濟表現不佳和庫存撥備部分抵消。

I will now speak about the performance of our Storz & Bickel segment. Storz & Bickel net revenue in Q2 was $16 million, up 5% sequentially, driven by strong consumer demand for the new Veazy vaporizer. Year over year, revenue declined 10% as the prior-year period benefited from strong Venti and Mighty sales as well as strong performance on the back of favorable German regulatory reforms.

接下來我將談談我們Storz & Bickel業務部門的表現。Storz & Bickel 第二季淨收入為 1,600 萬美元，季增 5%，主要得益於消費者對新款 Veazy 霧化器的強勁需求。與去年同期相比，營收下降了 10%，因為去年同期受益於 Venti 和 Mighty 的強勁銷售以及德國有利的監管改革帶來的強勁業績。

Storz & Bickel gross margins increased to 38% in Q2 compared to 32% in the prior-year period. Gross margins in the prior year were adversely impacted by discounts provided to clear out the remaining Mighty stock which was retired in favor of the MIGHTY+ device.

Storz & Bickel 第二季的毛利率增加至 38%，而去年同期為 32%。上一年的毛利率受到折扣的不利影響，因為為了清理剩餘的 Mighty 庫存（這些庫存已被淘汰，取而代之的是 MIGHTY+ 設備），我們提供了折扣。

Moving on to operating expenses. SG&A expenses in Q2 declined 13% year over year, reflecting disciplined cost management and the benefits of our ongoing restructuring program. The decline in SG&A expenses year over year was primarily driven by reductions in headcount and professional fees, partially offset by higher investments in advertising and promotions made in support of new product launches that occurred during the quarter.

接下來是營運費用。第二季銷售、一般及行政費用年減 13%，反映了嚴格的成本管理以及我​​們正在進行的重組計劃帶來的好處。銷售、一般及行政費用年減主要是因為人員減少和專業費用降低，但部分被本季為支持新產品上市而增加的廣告和促銷投入所抵銷。

Since launching our cost-saving initiatives in March, we have achieved $21 million in annualized savings, exceeding our initial $20 million target. We are continuing to identify and implement additional cost reductions to further improve our structure while ensuring no disruption to our core capabilities and ability to execute in key markets.

自 3 月啟動成本節約計畫以來，我們已實現 2,100 萬美元的年度節約，超過了最初設定的 2,000 萬美元目標。我們將繼續尋找並實施額外的成本削減措施，以進一步改善我們的結構，同時確保我們的核心能力和在關鍵市場的執行能力不受影響。

Turning to adjusted EBITDA. Our Q2 loss was $3 million compared to a loss of $6 million a year ago. The year-over-year improvement was driven in part by the positive impact of our lower cost base and improved margins, partially offset by the negative impact of lower international cannabis revenues and inventory provisions.

接下來看調整後的 EBITDA。我們第二季虧損300萬美元，去年同期虧損600萬美元。與去年同期相比，業績的改善部分得益於成本基礎降低和利潤率提高帶來的正面影響，但部分被國際大麻收入和庫存準備金下降帶來的負面影響所抵消。

I'd like to now review our cash flow. Free cash flow was an outflow of $19 million in Q2 fiscal '26 down from an outflow of $56 million in the same period last year. The year-over-year decrease in free cash flow is primarily driven by a reduction in cash interest payments as a result of our debt paydowns as well as year-over-year improvements in working capital. For fiscal '26, we expect to achieve significant improvement in free cash flow driven primarily by a reduction in cash interest costs due to lower debt balances, tighter management of working capital, and improved financial performance.

現在我想審核一下我們的現金流。2026 財年第二季自由現金流出 1,900 萬美元，低於去年同期的 5,600 萬美元流出。自由現金流較去年同期下降的主要原因是債務償還導致現金利息支出減少，以及營運資本較去年同期改善。2026 財年，我們預期自由現金流將大幅改善，這主要得益於債務餘額減少、營運資本管理更加嚴格以及財務績效改善，從而降低了現金利息成本。

I'd like to now provide our outlook and priorities for the remainder of fiscal '26. In our cannabis business, we expect improved performance in our Canada adult-use channel over the remainder of fiscal '26, driven by a robust innovation pipeline of focused product formats and tight alignment with cannabis boards and retailers. We will continue to monitor developments around the Canadian federal government's proposed changes to the medical cannabis reimbursement program for veteran and RCMP patients.

現在我想介紹一下我們對 2026 財年剩餘時間的展望和優先事項。在我們的合法大麻業務中，我們預計在 2026 財年剩餘時間內，加拿大成人使用管道的業績將有所改善，這得益於我們強大的創新產品線（專注於特定產品形式）以及與大麻委員會和零售商的緊密合作。我們將繼續關注加拿大聯邦政府提議修改退伍軍人和皇家騎警患者的醫用大麻報銷計畫的相關進展。

As more information becomes available and should the budget pass, we will assess its impact on our business and what our next steps may be. Excluding any impact of these potential changes, we would expect we would expect Canada medical cannabis top line to continue to grow in the back half of fiscal '26.

隨著更多資訊的公佈，如果預算獲得通過，我們將評估其對我們業務的影響以及我們下一步可能採取的措施。排除這些潛在變化的影響，我們預計加拿大醫用大麻的收入將在 2026 財年下半年繼續成長。

In international markets cannabis, we are focused on stabilizing and realigning operations in Europe. For the remainder of fiscal '26, we expect revenue in the region to remain generally consistent with the second-quarter levels with growth expected as we exit the fiscal year. In Australia, we anticipate that our recently launched flower products along with upcoming new format introductions will support continued sequential growth in the second half of the fiscal year.

在國際大麻市場，我們專注於穩定和調整在歐洲的業務。在 2026 財年剩餘時間內，我們預計該地區的營收將與第二季的水平基本保持一致，並預計在財年結束時實現成長。在澳大利亞，我們預計最近推出的鮮花產品以及即將推出的新規格產品將支持本財年下半年的持續成長。

For Storz & Bickel, we expect stronger performance over the remainder of fiscal '26, driven by the successful launch of the Veazy at the end of our second quarter as well as strength coming from the holiday selling season. However, the year-over-year comparisons are likely to be challenged due to the ongoing economic uncertainty that exists, particularly in the US and the negative impact this is having on consumer sentiment. While US tariffs have created pressure on Storz & Bickel profitability, we remain focused on mitigating their impact through disciplined cost management and operational efficiencies.

對於 Storz & Bickel 公司，我們預計在 2026 財年剩餘時間內業績將更加強勁，這主要得益於我們在第二季末成功推出 Veazy 產品，以及假日銷售季的強勁表現。然而，由於持續存在的經濟不確定性，特別是美國的經濟不確定性及其對消費者信心的負面影響，同比數據可能會受到挑戰。儘管美國關稅給 Storz & Bickel 的獲利能力帶來了壓力，但我們仍然專注於透過嚴格的成本管理和營運效率來減輕其影響。

Turning to cannabis gross margins. Excluding the potential impact to Canadian medical reimbursement levels, we expect sequential improvement in cannabis gross margins over the remainder of fiscal '26, driven by top-line growth and additional production efficiencies and cost savings. In our outlook for Storz & Bickel gross margins, we expect sequential improvement over the remainder of fiscal '26, driven primarily by top-line growth and cost-saving initiatives.

轉向大麻毛利率。撇開對加拿大醫療報銷水準的潛在影響不談，我們預計在 2026 財年剩餘時間內，大麻毛利率將逐年改善，這主要得益於營收成長以及生產效率和成本節約的提高。我們對 Storz & Bickel 毛利率的展望是，預計在 2026 財年剩餘時間內將環比改善，主要得益於營收成長和成本節約措施。

As we move into the second half of the year, our priorities remain firmly grounded in execution, efficiency, and disciplined financial stewardship. The deliberate actions we have taken to improve our operations launch exciting new products in core categories, strengthened the balance sheet and reduced costs have materially reinforced Canopy's foundation for long-term stability and growth.

進入下半年，我們的工作重點仍是執行力、效率和嚴謹的財務管理。我們採取了一系列有意識的措施來改進運營，在核心類別中推出令人興奮的新產品，增強資產負債表，降低成本，這些措施從根本上鞏固了 Canopy 的長期穩定和增長的基礎。

This concludes my prepared remarks. We will now take questions.

我的發言稿到此結束。現在開始回答問題。

(Operator Instructions) Bill Kirk, Roth Capital Partners.

（操作員說明）比爾·柯克，羅斯資本合夥公司。

Good morning, everybody. Luc, you talked about the supply chain challenges impacting international. I know you mentioned quality standards. But what specifically do you have to change to reopen that pipeline and is the solution going to be more costly than the prior product pass into the German market?

大家早安。盧克，你談到了影響國際供應鏈的挑戰。我知道你提到了品質標準。但具體需要做出哪些改變才能重新開放這條管道？而且，這種解決方案是否會比之前的產品進入德國市場的成本更高？

Good morning. Thank you for the question. Let me just give you a bit more context. So I've been the business with nine months. We pretty much started the transformation on the organization on day one. I'm thrilled overwhelmingly with everything that's happening in the business, and we see it in the results today. So we're driving growth on Canadian medical and adult-use business. Margin is improving sequentially. Cost control, we're well ahead of targets and chasing for -- or supply chain is improving. As I said, Europe, sadly, I'm disappointed. And I told we would be ahead in the transformation.

早安.謝謝你的提問。我再補充一些背景資料。所以我從事這項業務已經九個月了。我們幾乎從第一天就開始對公司進行變革。我對公司目前的一切發展感到無比興奮，而我們今天也從業績中看到了這一點。因此，我們正在推動加拿大醫療和成人用業務的成長。利潤率環比提升。成本控制方面，我們遠遠領先於目標，並且正在努力追趕——或者說，供應鏈正在改善。正如我所說，歐洲，很遺憾，我感到失望。我曾說過，我們會在改變中走在前面。

That being said, we're on it. We've moved to, as I mentioned, a daily management oversight of the situation. We're retooling the route to market end to end, and we're making significant progress.

話雖如此，我們正在著手處理。正如我之前提到的，我們已經轉為對情況進行日常管理監督。我們正在對整個市場管道進行全面改造，並且取得了顯著進展。

Let me get now to the specifics of your question. So we're retooling to a place where we will be able to satisfy European demand for the foreseeable future from our Canadian GMP facilities. So Tom, please feel free to jump in while I'm done, but I do not see any increases in the cost of the flower that we will be providing to Europe.

現在讓我來具體回答您的問題。因此，我們正在進行改造，以便能夠在可預見的未來，利用我們位於加拿大的符合GMP標準的工廠來滿足歐洲的需求。所以湯姆，在我講完之後，請隨時插話，但我沒有看到我們將提供給歐洲的鮮花價格有任何上漲。

So we should be able to achieve superior margin there in the quarters to comment as we -- I see us -- the outlook for me is a much stronger position as we exit the fiscal year. So Tom, anything to add?

因此，我們應該能夠在接下來的幾季中實現更高的利潤率，因為——在我看來——隨著本財年的結束，我們的前景將更加光明。湯姆，還有什麼要補充的嗎？

No, I think the only thing I would say, Bill, is there's not a lot of additional investment. This is about execution with the assets that we have today. So we also need to make sure we're -- we have a proper supply coming out of, but overall, this is a story of execution, and Luc and I are managing this quite closely.

不，比爾，我想我唯一要說的就是，沒有太多額外的投資。關鍵在於如何利用我們現有的資源來執行。所以我們也需要確保——我們有充足的供應，但總的來說，這是一個執行的故事，我和盧克正在密切管理這件事。

Absolutely. And if I may add, as you can see by the amount of time we're spending up this, this is extremely important to us, and we're extremely close to the situation. We're expanding the number of strengths we are growing for Europe, which allows us to broaden our portfolio of products significantly. At the same time, we are broadening our distribution, retail offering in Europe, which as well will open up the market for us quite significantly.

絕對地。我還想補充一點，正如你們從我們花在這上面的時間可以看出，這件事對我們極為重要，而且我們與事態發展非常接近。我們正在擴大為歐洲市場培育的品種數量，這使我們能夠顯著擴展我們的產品組合。同時，我們正在擴大在歐洲的分銷和零售業務，這將為我們顯著地開拓市場。

And then, Tom, the ATM was used pretty aggressively in 2Q. Can you talk about the decision to use it now and in that size -- and then given the magnitude in the quarter, how should we think about issuance going forward? Is it done?

然後，湯姆，第二季自動櫃員機的使用量相當大。您能否談談決定現在以這種規模使用它的原因？鑑於本季的規模，我們應該如何考慮未來的發行計畫？完成了嗎？

So I would say we're continuously evaluating our capital requirements and funding strategies to ensure we have an optimal capital structure and the balance is cost efficiency with financial flexibility. You're aware we launched the new program at the end of August.

因此，我認為我們一直在評估我們的資本需求和融資策略，以確保我們擁有最佳的資本結構，並在成本效益和財務靈活性之間取得平衡。您已經知道，我們在八月底啟動了這項新計畫。

Ultimately for us, we want to make sure we have that optionality in the market. But I think it'd be -- it wouldn't be appropriate to speculate on how it would be used. We have the program in place to the extent we need to draw on it, but we're acting prudently with those proceeds.

最終，我們希望確保在市場上擁有這種選擇權。但我認為——現在就猜測它將如何使用是不合適的。我們已經制定了相應的計劃，以便在需要時動用，但我們會謹慎使用這些資金。

Aaron Grey, Alliance Global Partners.

Aaron Grey，Alliance Global Partners。

Hi. Thanks for the questions. First question for me. I just wanted to double back a bit on international. I know we've talked about it in the past. I just wanted to bring it up again in terms of your current supply can -- are they still happy with some reliance on third-party products? You guys have some of your own products you can also export internationally.

你好。謝謝大家的提問。我的第一個問題是：我只是想稍微回顧一下國際方面的情況。我知道我們以前討論過這個問題。我只是想再次提及您目前的供貨情況—他們是否仍樂於依賴第三方產品？你們有一些自己的產品，也可以出口到國際市場。

Do you feel like there's any need to increase the verticality that you have to supply the international markets because of some of the supply chain issues? Or do you feel like there's still a lot of opportunity to find quality product to sufficiently meet the potential demand in international markets? Thanks.

您是否覺得由於供應鏈方面的一些問題，有必要提高垂直整合程度，以便更好地服務國際市場？或者您認為，在國際市場上仍有許多機會找到優質產品，以充分滿足潛在需求？謝謝。

Yeah. Some of our -- thank you for the question, Aaron, and good morning. Some of the challenges came from flower source out of Portugal. So we're out of this right now. As I said earlier, we have plenty of capacity within our own GMP -- Canadian GMP facilities.

是的。謝謝你的提問，亞倫，早安。部分挑戰來自葡萄牙的花卉貨源。所以我們現在擺脫困境了。正如我之前所說，我們自己的GMP（加拿大GMP）工廠擁有充足的產能。

So we're confident that we will be able to supply from our own source grown flower. We're not writing off having third-party flower in the future. But right now, we're really retooling the entire route to market with our own growth flower, which we have enough capacity for the foreseeable future.

因此我們有信心能夠供應我們自己種植的鮮花。我們並未排除未來向第三方供應商採購鮮花的可能性。但現在，我們正在利用我們自己的生長花卉，對整個市場管道進行徹底改造，而且在可預見的未來，我們的產能足夠。

Okay. Great. Thanks for that, Luc. Second, you made some nice progress on the profitability. You mentioned continued progress towards positive EBITDA. Any updates in terms of some of the key levers and timing of when you might expect to get to profitability? I know it's something that you guys have stopped in terms of price timelines. But fair to say you'd be disappointed if you didn't achieve it in some time of calendar 2026, our fiscal year either back half or front half of '27? Thanks.

好的。偉大的。謝謝你，盧克。其次，你們在獲利能力方面取得了一些不錯的進展。您提到在實現正 EBITDA 方面持續取得進展。關於一些關鍵因素以及預計何時實現盈利，是否有任何最新進展？我知道你們在價格調整方面已經停止了。但公平地說，如果你在 2026 年的某個時候，也就是我們財政年度的 2027 年下半年或上半年未能實現這一目標，你肯定會感到失望？謝謝。

I would say, Aaron, we're controlling what we can control. And right now, the cost savings measures were taken, we know will empower us to get to an improved adjusted EBITDA performance.

亞倫，我想說，我們只能控制我們能控制的事。而現在，我們已經採取了節省成本的措施，我們知道這些措施將使我們能夠實現調整後 EBITDA 績效的改善。

I think it's too early to speculate at this point in terms of when that would be. But I think as you can see from the results, this has been our strongest quarter. While albeit a loss, it's our narrowest loss that we've had to date in my recent memory. So I think your -- the changes we're making in the organization is going to fully support that. And we'll keep pushing as much as we can here.

我認為現在推測具體時間還為時過早。但我認為，正如你從結果中看到的，這是我們表現最好的一個季度。雖然輸了，但這是我記憶中我們輸得最惜敗的一次。所以我認為，我們正在組織內部進行的變革將完全支持這一點。我們會繼續盡我們所能地努力。

Yeah. If I may add on top of this. Positive adjusted EBITDA is our main and remains our main priority. That's why we're over-indexing and really retooling Europe to make sure we fire on all cylinders.

是的。如果允許我補充一點。實現正的調整後 EBITDA 是我們的主要目標，並且仍然是我們的首要任務。這就是為什麼我們要加大對歐洲的投入，並真正地對歐洲進行重組，以確保我們能夠全力以赴。

(Operator Instructions) Federico Gomes, ATB Capital Markets.

（操作員說明）Federico Gomes，ATB Capital Markets。

Good morning. Thanks for taking the questions. First question, just given the growth that you're seeing in your Canada's platform, the outlook for [an adult-use] Canadian medical, International Medical as well, how are you looking at your capacity right now? Do you foresee any need to invest on additional capacity, I guess, in the near future like meaningful investments if the business keeps growing?

早安.謝謝您回答問題。首先，鑑於您在加拿大平台看到的成長，以及加拿大成人用醫療和國際醫療的前景，您目前如何看待您的產能？如果業務持續成長，您預計近期內是否需要對產能進行任何重大投資？

Good morning. Thank you for the question. As I mentioned, we're doing smart investment to really unlock yield and quality of the flower that we're growing in our own facilities. We've looked at this large and wide. We're confident with limited investment that we can meet the demand and meet the growth targets that we have. Tom?

早安.謝謝你的提問。正如我之前提到的，我們正在進行明智的投資，以真正提高我們自有設施中種植的花卉的產量和品質。我們已經從宏觀和宏觀的角度對此進行了研究。我們有信心在投資有限的情況下，滿足市場需求並實現既定的成長目標。湯姆？

Yeah. Thanks for the question, Fred. Yeah, we believe our footprint, primarily with our cultivation in Kincardine, is sufficient to meet our needs. A lot of the focus and investment that we're making is really to improve our yield and the quality of our flower coming out of that facility, but we wouldn't expect a significant amount of additional capital investment needed to meet the demand. So I think it's -- again, it's executing with the assets that we have and improving utilization across the board.

是的。謝謝你的提問，弗雷德。是的，我們相信我們在金卡丁的種植規模足以滿足我們的需求。我們投入的大量精力和資金確實是為了提高該工廠生產的花卉的產量和質量，但我們預計不會需要大量的額外資本投資來滿足需求。所以我認為——再說一遍，就是利用我們現有的資產，全面提高利用率。

Thank you. And then just a second question, just on the -- I guess related to that balance sheet now in a net cash position. You obviously, you have access to capital and your good position here. But I guess, if you could talk about the capital allocation priorities that you have now that you have now significantly reduced the debt. Thanks.

謝謝。還有一個問題，是關於──我想這和目前的淨現金部位的資產負債表有關。很顯然，你擁有資金，而且在這裡處於有利地位。但我想，如果您能談談您目前大幅減少債務後的資本配置優先事項就好了。謝謝。

Yeah. So from my view, Fred, in the $300 million of cash with no near-term debt obligations, it really provides further optionality for us when it comes to evaluating our capital structure and evaluating potential investment opportunities to grow and strengthen our business.

是的。因此，在我看來，弗雷德，這 3 億美元的現金，而且近期沒有債務義務，確實為我們評估資本結構和評估潛在的投資機會以發展和加強業務提供了更大的選擇。

The cash also provides us with flexibility to capitalize on these potential opportunities, but also mitigate risks as the market conditions fluctuate. As we all know, cannabis is a highly volatile space. So I think for right now, we're evaluating potential accretive options that are out there. But ultimately, we want to make sure we remain resilient and stabilize this company and focus on the business that we have today.

現金流也讓我們能靈活地掌握這些潛在機遇，同時也能隨著市場狀況的波動降低風險。眾所周知，大麻產業是一個波動性極大的領域。所以我覺得目前我們正在評估各種可能帶來效益的成長機會。但歸根結底，我們希望確保公司保持韌性並穩定發展，並專注於我們目前的業務。

Pablo Zuanic, Zuanic & Associates.

Pablo Zuanic，Zuanic & Associates。

Thank you and good morning, everyone. Look, I will ask my two questions upfront. One, on the vape, launch, I mean, obviously, the Claybourne launch in pre-rolls has been very successful. Can you give more color in terms of the vape launch? Is it just in all-in-ones? Or are you also planning 5/10 cartridges?

謝謝大家，大家早安。好的，我先問兩個問題。第一，關於電子煙的上市，我的意思是，很明顯，Claybourne 的預捲菸上市非常成功。可否詳細介紹一下電子煙產品的發布情況？只有一體機才有嗎？或者你們也計劃推出 5/10 支裝的墨水匣？

Are we talking all-in-ones just in distillates or also live resin or live rosin liquid diamonds? If you can just give more color on how you think about the category, especially in terms of room for innovation and also the price competition there. There's been a bit of a race to the bottom, it seems, on all-in-one. That's in terms of vape.

我們說的是全效合一的蒸餾物，還是也包括活樹脂或活松香液態鑽石？如果您能更詳細地闡述一下您對這個品類的看法，特別是關於創新空間和價格競爭方面，那就太好了。看來一體化產品市場出現了一場競相壓價的惡性競爭。這是就電子煙而言。

In terms of -- my second question is more in terms of the US business. I know that you said, Luc, the US is more of a long-term opportunity, and I understand that. But it would help if you can give an update in terms of where things done with kind of USA, especially in terms of any help you had to give to Acreage in terms of balance sheet or guarantees.

關於——我的第二個問題更多是關於美國業務的。我知道你說過，盧克，美國更像是一個長期的機會，我理解這一點。但如果您能提供一些關於美國相關事宜的最新進展，特別是您在資產負債表或擔保方面為 Acreage 提供的任何幫助，那就太好了。

I think in the past, the company bought debt from AFC Gamma. I don't know what happened recently in the June quarter or September quarter in terms of help Acreage operate, especially from a balance sheet and cash perspective. Thank you.

我認為該公司過去曾從 AFC Gamma 購買過債務。我不知道在六月季度或九月季度，Acreage 的營運情況如何，尤其是在資產負債表和現金方面。謝謝。

Hey, good morning. Hope your are doing well. Let's start with the vapes and Tom will jump in for the US. So we're thrilled with the early results we're getting with our all-in-ones. So as I mentioned, we launched Tweed and 7ACRES. We did really well. We actually ran out of stock. So we had to accelerate replenishment of first wave.

嘿，早安。希望你一切都好。我們先從電子煙開始，湯姆將代表美國發言。我們對一體化產品目前的初步成果感到非常興奮。正如我之前提到的，我們推出了 Tweed 和 7ACRES。我們做得非常好。我們實際上已經售罄了。因此，我們不得不加快第一波物資的補充。

As I mentioned, we're launching -- we're about to launch Claybourne and all-in-one vapes as a first entry. We're very encouraged by the gross margins that we're able to achieve with these products. So we're putting out there product of superior quality. So we're pricing them appropriately. And they've been margin accretive for us. As it comes to the full spectrum of live resin and so on, distillate and certain liquid diamonds and everything, there's more developments to -- that will come there. We're committed to being a leader in all-in-one vapes.

正如我之前提到的，我們即將推出——我們即將推出 Claybourne 和一體式電子煙作為首款產品。我們對這些產品所能達到的毛利率感到非常鼓舞。所以我們推出的是優質產品。所以我們定價合理。它們為我們帶來了利潤成長。至於各種活樹脂、蒸餾物、某些液態鑽石等等，還有更多發展——這些都會有的。我們致力於成為一體式電子煙領域的領導者。

So it is a key market, key growing market. So more news to come there. And make sure to try the new Claybourne all-in-ones as they come out. I was able to sample that this week. And it's what we stand for superior elevated experiences with quality products and those deliver on all of that.

所以這是一個關鍵市場，一個快速成長的關鍵市場。所以，後續還會有更多消息。別忘了在克萊伯恩推出新款一體式洗髮精時試用一下。我這周有機會品嚐了一下。而這正是我們所堅持的：提供卓越的品質產品和高品質體驗，而這些產品確實能夠滿足所有這些要求。

Tom, do you want to give some insights about the US?

湯姆，你想分享你對美國的見解嗎？

Yeah. Sure. So, Pablo, a couple of points for the US question there. So there are no guarantees between Canopy Growth and Canopy USA. So Canopy USA is an independently run and managed enterprise. They did have new financing over the summer from their lender. And the team has been working diligently to deploy that capital in the areas where they see the highest return.

是的。當然。所以，巴布羅，關於美國的問題，我有幾點要說。因此，Canopy Growth 和 Canopy USA 之間沒有任何保證。所以 Canopy USA 是一家獨立營運和管理的企業。今年夏天，他們從貸款方獲得了新的融資。團隊一直在努力將這些資金投入到他們認為回報最高的領域。

Overall, their focus now is on execution and really bringing the three companies together and executing well in the US space. But to be clear, there's no funding new or otherwise with Canopy USA and Canopy Growth.

總的來說，他們現在的重點是執行，真正將這三家公司整合起來，並在美國市場取得好成績。但需要明確的是，Canopy USA 和 Canopy Growth 並沒有獲得任何新的或其他形式的資金。

This concludes Canopy Growth's second-quarter fiscal 2026 financial results conference call. A replay of this conference call will be available until February 5, 2026, and can be accessed following the instructions provided in the company's press release issued earlier today. Canopy Growth's Investor Relations team will be available to answer additional questions. Thank you for attending today's call.

Canopy Growth 2026 財年第二季財務業績電話會議到此結束。本次電話會議的錄音回放將保留至 2026 年 2 月 5 日，您可以按照本公司今天早些時候發布的新聞稿中的說明進行收聽。Canopy Growth的投資者關係團隊將解答其他問題。感謝您參加今天的電話會議。