Canopy Growth Corporation (CGC) 2027 Q1 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 first-quarter fiscal 2027 financial results conference call.

早安。我叫 Joanna，今天將擔任各位的電話會議接線員。歡迎各位參加 Canopy Growth 2027 財政年度第一季財務業績電話會議。

(Operator Instructions)

(接線員指示)

I will now turn the call over to John Vincic, Investor Relations. John, you may begin the conference call.

現在我將把電話會議交給投資人關係部的 John Vincic。John，您可以開始電話會議。

Thank you, operator. Good morning and thank you to everyone for joining us.

謝謝，接線員。各位早安，也感謝大家今天加入我們。

On our call today, we have Canopy Growth's Chief Executive Officer, Luc Mongeau; and Chief Financial Officer, Tom Stewart.

今天與會的有 Canopy Growth 執行長 Luc Mongeau，以及財務長 Tom Stewart。

Prior to the opening of financial markets today, Canopy Growth issued a news release announcing the financial results for its first quarter ended June 30, 2026.

在今天金融市場開盤之前，Canopy Growth 已發布新聞稿，公布截至 2026 年 6 月 30 日止第一季的財務業績。

The news release and financial statements have been filed on EDGAR and SEDAR; and will be available on the website under the Investors tab.

該新聞稿與財務報表已提交至 EDGAR 與 SEDAR；並將於公司網站「投資人」分頁下提供。

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，我們在本次電話會議中的討論將包含前瞻性陳述，這些陳述係基於管理層目前的觀點與假設；且本討論整體均受限於今日發布新聞稿末尾所載之前瞻性陳述注意事項。

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.

請查閱今日的財報新聞稿，以及 Canopy 向 SEC 與 SEDAR 提交的報告，以了解可能導致實際結果與預測存在重大差異的各項因素。

In addition, reconciliations between any non-GAAP measures to their closest reported GAAP measures are included in our earnings release.

此外，任何非 GAAP 指標與其最接近之已揭露 GAAP 指標之間的調節表，已包含於我們的財報新聞稿中。

Please note that all financial information is provided in Canadian dollars, unless otherwise stated.

請注意，除非另有說明，所有財務資訊均以加幣呈列。

Following remarks by Luc and Tom, we will conduct a question-and-answer session, where we will take questions from analysts.

在 Luc 與 Tom 發表談話後，我們將進行問答環節，屆時將接受分析師提問。

With that, I would like to turn the call over to Luc.

接下來，我把電話會議交給 Luc。

Thank you. Good morning, everyone. Thank you for joining us today.

謝謝。各位早安。感謝各位今天加入我們。

Fiscal 2027 is off to a strong start, and it's built on real momentum from fiscal 2026. I'm confident to say that our first-quarter results have us well positioned to build on that momentum all year long.

2027 財政年度開局強勁，這建立在 2026 財政年度的真實動能之上。我有信心地說，我們第一季的業績讓我們具備良好條件，能在全年持續延續這股動能。

Fiscal 2026 was all about sharpening our focus, tightening execution and positioning us for growth, including the strategic acquisition of MTL Cannabis. That work is truly paying off.

2026 財政年度的重點在於聚焦核心、強化執行力並為成長做好布局，其中包括策略性收購 MTL Cannabis。這些努力確實正在帶來成果。

Since I joined as Canopy's CEO in January of 2025, this is the first quarter we've reported year-over-year growth in every single business.

自我於 2025 年 1 月加入並擔任 Canopy 執行長以來，這是我們首次在每一個業務都繳出年對年成長的季度。

Fiscal 2027 is about growth and moving our focus to cultivation to improve yields and accelerate growth, especially in Europe. And it's, as well, about increasing our manufacturing efforts to improve margin and accelerate our journey to positive adjusted EBITDA.

2027 財政年度的主軸是成長，並將重心轉向種植以提升產量並加速成長，尤其是在歐洲。同時也將加大製造端的投入，以改善毛利並加速邁向調整後 EBITDA 轉正的進程。

In the quarter, net revenue was $81.2 million, an increase of 13% from Q1 of last year, with our Cannabis segment growing at 14% and Storz & Bickel growing at 6%.

本季淨營收為 8,120 萬加幣，較去年第一季成長 13%，其中大麻業務部門成長 14%，Storz & Bickel 成長 6%。

And, importantly, adjusted gross margin was up 600 basis points over last year, reflecting the efforts we've made across our supply chain to reduce our cost structure and improve execution. This gives us confidence our strategy is working.

更重要的是，調整後毛利率較去年提升 600 個基點，反映我們在供應鏈各環節所做的努力，以降低成本結構並提升執行力。這讓我們更有信心，策略正在奏效。

Our Cannabis growth was led by our Canadian medical business, which reported net revenue of $25.8 million, up 22% from Q1 2026. Strong year-over-year growth in medical was driven by a steady increase in patient count over the past year.

我們的大麻業務成長主要由加拿大醫療業務帶動，該業務淨營收為 2,580 萬加幣，較 2026 財年第一季成長 22%。醫療業務的強勁年對年成長，來自過去一年病患人數的穩定增加。

Our medical business was recently strengthened by the addition of MTL Cannabis, with its Canada House Clinics And ABBA Medix online-distribution platform.

我們的醫療業務近期因併入 MTL Cannabis 而進一步強化，並納入其 Canada House Clinics 以及 ABBA Medix 線上配送平台。

As a combined company, we continue to add patients and increase the number of orders we filled during the first quarter, helping to cement our position as the number 1 Canadian medical-cannabis provider.

作為合併後的公司，我們在第一季持續新增病患並提高完成訂單數量，進一步鞏固我們作為加拿大第一大醫療用大麻供應商的地位。

Our Apollo Cannabis Clinics were recently voted Best Medical Cannabis Clinic in the Toronto Star Readers' Choice Award. This recognition reflects our commitment to positive patient outcomes and to making medical-cannabis care accessible.

我們的 Apollo Cannabis Clinics 近期在《Toronto Star》讀者票選獎中獲選為「最佳醫療用大麻診所」。這項肯定反映我們致力於提升病患治療成效，並讓醫療用大麻照護更易取得。

We are trusted by patients, and we'll strive to continue to earn that trust.

病患信任我們，我們也將努力持續贏得這份信任。

Even with these successes, given our significant focus on veteran care, we have felt the impact of the reduced reimbursement rates for our products from Veterans Affairs Canada.

即便取得這些成果，鑑於我們對退伍軍人照護的高度投入，我們也感受到加拿大退伍軍人事務部（Veterans Affairs Canada）下調我們產品給付／補助費率所帶來的影響。

We have done our utmost to mitigate the impacts of these changes on our patients and veterans; and continue to work to broaden our patient base to build on our leadership position.

我們已盡最大努力降低這些變動對病患與退伍軍人的影響；並持續拓展病患基礎，以在既有領先地位上再接再厲。

Despite this headwind, we remain strongly committed to our medical patients in Canada. We continue to offer the best product assortment, consistent availability, and a best-in-class service experience for veterans and all patients alike.

儘管面臨這項逆風，我們仍堅定承諾服務加拿大的醫療病患。我們持續提供最完整的產品組合、穩定供貨，以及對退伍軍人與所有病患皆同樣一流的服務體驗。

We strongly believe staying true to our core values will enable us to continue to add new patients and ensure the ongoing expansion of the business.

我們深信，堅守核心價值將使我們能持續新增病患，並確保業務持續擴張。

Our Canadian adult-use net revenue of $29.7 million was up 10% from Q1 of last year, building on the impressive 20% growth rate we delivered in fiscal 2026.

我們加拿大成人用（娛樂用）業務淨營收為 2,970 萬加幣，較去年第一季成長 10%，延續我們在 2026 財政年度所達成的亮眼 20% 成長率。

Our recreational business has benefited from ongoing strengthening of our product portfolio, including the addition of the popular MTL Cannabis brand. We plan to leverage Canopy's distribution capabilities to further expand the reach of the MTL brands across the country.

我們的娛樂用業務受惠於產品組合持續強化，包括加入廣受歡迎的 MTL Cannabis 品牌。我們計畫運用 Canopy 的通路配送能力，進一步擴大 MTL 品牌在全國的觸及範圍。

The most recent market-share data shows that Canopy is now ranked at number 6, overall, up from number 8. We also moved into the top 2 position in premium flower and infused pre-rolls and number 1 in softgels.

最新市占資料顯示，Canopy 目前整體排名第 6，較先前的第 8 名上升。我們也在高端花（premium flower）與注入式預捲（infused pre-rolls）躍升至前 2 名，並在軟膠囊（softgels）排名第 1。

We are confident this growth will continue the other progress we are making in cultivation and the additional flower we plan to bring to market, as well as planned innovation around the Claybourne and Tweed brands.

我們有信心，隨著我們在種植端持續推進的其他改善、以及計畫推出更多花類產品上市，再加上圍繞 Claybourne 與 Tweed 品牌的創新規劃，這股成長動能將得以延續。

In international cannabis, net revenue rose 10% year over year, as we reset our operations and continue to lay out the end-to-end supply chain to grow in the European market.

在國際大麻業務方面，淨營收年對年成長 10%；我們在重整營運的同時，也持續建構端到端供應鏈，以在歐洲市場實現成長。

Europe remains a major catalyst for our growth, driven by, particularly, robust sales performance in Poland during Q1, where we are now a top 3 supplier.

歐洲仍是我們成長的重要催化劑，尤其受惠於第一季在波蘭的強勁銷售表現；我們目前已是當地前三大供應商。

This was our third consecutive quarter of sequential growth in international, driven by solid execution -- in particular, our ability to consistently supply high-quality flower.

這是我們國際業務連續第三個季度呈現季對季成長，主要來自穩健的執行力——特別是我們能夠持續穩定供應高品質花類產品的能力。

We also plan to begin shipments of flower to the UK imminently, with revenue contributions expected to start in the second half of the fiscal year.

我們也計劃在近期開始向英國出貨花（flower），預期營收貢獻將於本財政年度下半年開始。

We're energized by the tremendous opportunities in Europe and by our strengthening ability to supply the market with quality products that meet growing needs of European cannabis patients.

歐洲市場的龐大機會，以及我們日益強化的供應能力，能以符合歐洲大麻患者日益成長需求的優質產品供應市場，令我們備受鼓舞。

Storz & Bickel returned to year-over-year growth in Q1, reporting a 6% net revenue increase to $16.1 million, as well as a very strong gross margin of 48% compared to 29% in Q1 of 2026.

Storz & Bickel 在第一季恢復年對年成長，淨營收年增 6% 至 1,610 萬美元，且毛利率表現非常強勁，達 48%，相較於 2026 年第一季的 29%。

Q1 was Storz & Bickel's first full quarter under the new leadership team, which has been implementing a focused go-to-market strategy.

第一季是 Storz & Bickel 在新領導團隊下的第一個完整季度，該團隊正推動一項聚焦的上市策略（go-to-market strategy）。

We're pleased to see increased sales in markets outside the traditional strongholds of the US and Germany, clearly demonstrating that Storz & Bickel is diversifying its revenue stream and building on its position as the number 1 global provider of medical vaporizers.

我們很高興看到在美國與德國這些傳統強勢市場之外的市場銷售增加，清楚展現 Storz & Bickel 正在分散其營收來源，並鞏固其作為全球第一大醫療用蒸氣裝置供應商的地位。

While these results are encouraging, our strategy remains anchored on building upon our capabilities in three key areas: world-class cultivation, optimizing our supply-chain network, and fueling international supply.

儘管這些結果令人鼓舞，我們的策略仍以在三個關鍵領域強化能力為核心：世界級栽培、優化供應鏈網路，以及推動國際供應。

Elevating our cultivation capabilities is now a company-wide priority. It has contributed to our recent success and, more importantly, establishes a foundation for accelerated long-term growth.

提升我們的栽培能力如今已成為全公司優先事項。這不僅促成我們近期的成功，更重要的是，為長期加速成長奠定基礎。

The addition of the MTL Cannabis team kicked off the sharing of best practices and expertise across the organization. We're implementing a wide range of improvements, ranging from growing techniques to lighting upgrades and environmental controls.

MTL Cannabis 團隊的加入，啟動了全組織最佳實務與專業知識的分享。我們正在推動廣泛的改善措施，涵蓋從種植技術到照明升級與環境控制。

The early results are positive, with promising improvements to yield THC levels and cost per gram.

初步成果正向，THC 含量的產量（yield）與每克成本均出現具前景的改善。

We have begun growing a popular MTL strain at Kincardine, all due to the leadership of the MTL master growers, as well as cultivating new strains to enhance our genetic portfolio. These initiatives promise to increase our supply of high-quality flower.

在 MTL 資深種植師的帶領下，我們已開始在 Kincardine 種植一款受歡迎的 MTL 品系，並同時培育新菌株以強化我們的基因（genetic）產品組合。這些措施可望提升我們高品質花（flower）的供應量。

Our business has already benefited from more consistent supply, and I'm excited to see there is significant room for further gains. As throughput increases throughout the year, we expect to see a direct positive impact on revenue.

我們的業務已因供應更為穩定而受益，我也很期待看到仍有顯著的進一步提升空間。隨著全年產能吞吐量（throughput）提升，我們預期營收將受到直接的正面影響。

Post quarter end, we kicked off a comprehensive end-to-end supply-chain initiative to streamline our processes, right-size our distribution footprint, and optimize labor. As we grow revenue, we're targeting significant improvements in gross margin beyond what we have already seen.

在季度結束後，我們啟動了一項全面的端到端供應鏈計畫，以精簡流程、調整至適當的配送據點規模（right-size our distribution footprint），並優化人力配置。隨著營收成長，我們的目標是在既有改善基礎上，進一步大幅提升毛利率。

Turning to international supply, Canopy has a complete EU GMP flower supply chain, starting with our EU GMP-certified Kincardine facility and extending our distribution facility in Germany.

談到國際供應，Canopy 擁有完整的 EU GMP 花（flower）供應鏈，起點為我們通過 EU GMP 認證的 Kincardine 設施，並延伸至我們在德國的配送中心。

We have also already completed our EU GMP inspection for finished products and Cannabis 2.0 products manufacturing in our Smiths Falls facility for which we expect to receive certification during this fiscal year.

我們也已完成位於 Smiths Falls 設施之成品與 Cannabis 2.0 產品製造的 EU GMP 稽核，預期將於本財政年度取得認證。

That certification will make Canopy one of the only domestic companies with end-to-end EU GMP cultivation, manufacturing, and finished product processing and packaging of products intended for the international market.

該認證將使 Canopy 成為少數具備端到端 EU GMP 栽培、製造，以及面向國際市場之成品加工與包裝能力的本土公司之一。

This capability will be a core differentiator for Canopy, and we see it as a competitive edge that can spur our growth.

此能力將成為 Canopy 的核心差異化優勢，我們視其為可推動成長的競爭利基。

As yields and manufacturing capacity increase throughout the year, we expect to see improved gross margin. And we will be better positioned to compete and win in the competitive Canadian medical and recreational space, as well as winning in global market.

隨著全年產量（yields）與製造產能提升，我們預期毛利率將改善。我們也將更有利於在競爭激烈的加拿大醫療與休閒市場中競爭並勝出，同時在全球市場取得勝利。

This is what truly excites me most about the future of our company. I will now ask Tom to provide more details on our first quarter financial results.

這正是我對公司未來最感到振奮之處。接下來我將請 Tom 提供第一季財務結果的更多細節。

Thank you, Luc. Good morning, everyone.

謝謝你，Luc。各位早安。

Canopy reported a solid first quarter, showing good progress on both the top line and key profitability measures.

Canopy 第一季表現穩健，在營收端與關鍵獲利指標上均展現良好進展。

We recorded $81.2 million of net revenue in Q1 fiscal 2027, up 13% from the same period last year. Net revenue increased in our Cannabis segment, with growth across all channels, as well as in the Storz & Bickel segment.

我們在 2027 財年第一季錄得 8,120 萬美元淨營收，較去年同期成長 13%。我們的大麻（Cannabis）部門淨營收增加，各通路均有成長，Storz & Bickel 部門亦同。

Despite the Veterans Affairs reimbursement changes, Canada medical cannabis reported strong growth, with net revenue increasing 22% year over year to $25.8 million.

儘管退伍軍人事務部（Veterans Affairs）給付變更，加拿大醫療用大麻仍呈現強勁成長，淨營收年增 22% 至 2,580 萬美元。

We are also taking steps to further mitigate the impact of the Veterans Affairs changes on margins and EBITDA.

我們也正採取措施，進一步降低退伍軍人事務部給付變更對毛利率與 EBITDA 的影響。

These include saving costs by integrating functions like customer care with the MTL organization; renegotiating pricing with third-party suppliers and partners to share the impact; and adding more large product formats, which deliver greater value to patients by letting them to buy more product upfront, while reducing costs for the company.

措施包括：透過將客服等職能與 MTL 組織整合以節省成本；與第三方供應商與合作夥伴重新協商定價以分攤影響；以及增加更多大包裝規格產品，讓患者可一次購買更多產品以取得更高價值，同時降低公司的成本。

We have consistently demonstrated our ability to grow patients and gain traction in Canada medical, despite broader market pressures.

即使在更廣泛的市場壓力下，我們仍持續展現擴增患者數並在加拿大醫療市場取得進展的能力。

As we navigate the impact of the Veterans Affairs reimbursement changes, we remain focused on executing the same proven strategy that has driven our success, to date: growing our patient base, increasing engagement with our patients, and operating the business to deliver a best-in-class customer service experience.

在因應退伍軍人事務部給付變更影響的同時，我們仍專注於執行迄今推動成功的同一套經驗證策略：擴大患者基礎、提升患者互動，並以最佳同級（best-in-class）的客戶服務體驗來營運業務。

Overall, our Q1 results are on track with the commentary we provided on our most recent investor call in June. At that time, we said we expect to report year-over-year revenue growth throughout fiscal 2027.

整體而言，我們第一季結果符合我們在 6 月最近一次投資人電話會議中提供的說明。當時我們表示，預期在 2027 財年全年將持續呈現年對年營收成長。

We also described a transition period in the first half of the year, as we integrate the MTL Cannabis operations and focus on our key priorities.

我們也說明了上半年將處於過渡期，因我們正整合 MTL Cannabis 的營運並聚焦於關鍵優先事項。

On that basis, we continue to expect to report consistent improvement in our operations throughout the fiscal year.

基於此，我們仍預期在整個財政年度中，營運表現將持續穩定改善。

Consolidated gross margin was 31% in Q1 2027 on an adjusted basis, up from 25% a year ago and outpacing our full-year adjusted gross margin performance in fiscal 2026.

以調整後基礎計算，2027 年第一季合併毛利率為 31%，高於一年前的 25%，且優於 2026 財年全年的調整後毛利率表現。

We delivered adjusted gross margin of 26% in the Cannabis segment in Q1 2027, demonstrating meaningful year-over-year margin expansion and continued progress against our profitability objectives.

我們在 2027 年第一季的大麻（Cannabis）部門達成 26% 的調整後毛利率，展現顯著的年對年毛利率擴張，並持續朝獲利目標推進。

Reported gross margin was 22%, reflecting a $2.6 million non-cash inventory flow-through charge associated with the MTL acquisition.

報告毛利率為 22%，反映與收購 MTL 相關的 260 萬美元非現金存貨流轉（inventory flow-through）費用。

We expect Cannabis margins to continue strengthening, as we capture the benefits of the MTL integration and execute on our key priorities.

我們預期大麻（Cannabis）毛利率將持續走強，因我們將取得 MTL 整合效益並落實關鍵優先事項。

Increased production from our existing cultivation facilities, combined with ongoing efficiency gains, should further reduce our cost per unit and support meaningful margin expansion over time.

既有栽培設施的產量提升，加上持續的效率增益，應可進一步降低單位成本，並隨時間推進支持顯著的毛利率擴張。

Storz & Bickel delivered an exceptional gross margin of 48% in Q1, up from 29% a year ago, demonstrating the significant progress the business has made in improving profitability.

Storz & Bickel 在第一季達成卓越的 48% 毛利率，高於一年前的 29%，顯示該業務在提升獲利能力方面已取得重大進展。

The improvement was driven primarily by operational and cost-efficiency initiatives executed over the past year, with an additional benefit from tariff refunds recognized during the quarter. Even excluding the tariff impact, margins were substantially ahead of the prior year.

改善主要是由過去一年所執行的營運與成本效率提升措施所帶動，此外，本季認列的關稅退稅也帶來額外助益。即使排除關稅影響，毛利率仍顯著優於去年同期。

This performance demonstrates the success of the new Storz & Bickel leadership team in optimizing their business. We would expect to see continued improvements across the remainder of fiscal 2027.

這項表現展現了新的 Storz & Bickel 領導團隊在優化其業務方面的成功。我們預期在 2027 財政年度剩餘期間將持續看到改善。

Turning to operating expenses, SG&A increased by $2.1 million, as compared to Q1 fiscal 2026, despite operating a significantly larger business, following the MTL acquisition.

談到營業費用，儘管在完成 MTL 收購後營運規模顯著擴大，與 2026 財年第一季相比，SG&A 仍增加了 210 萬美元。

Absorbing those operations, while keeping costs tightly controlled, is a direct result of our ongoing cost-reduction efforts and the immediate synergies we are capturing from the MTL integration.

在吸收這些營運的同時仍嚴格控管成本，正是我們持續推動降本措施，以及我們從 MTL 整合中立即取得的協同效益所帶來的直接成果。

As a reminder, our stated target is to reach a run rate of $10 million of synergies within 18 months of the March closing of the MTL transaction. We are now actively executing against $8 million of those synergies, up from the $6 million we reported last quarter.

提醒各位，我們既定目標是在 3 月完成 MTL 交易交割後 18 個月內，達到每年化（run rate）1,000 萬美元的協同效益。目前我們正積極推進其中 800 萬美元的協同效益，高於上季所報告的 600 萬美元。

On that basis, we believe there is upside potential to our initial target, both in terms of timing, as well as in the total dollar amount.

基於此，我們認為相較於最初目標，在時程以及總金額方面都存在上行潛力。

Improved margins and discipline on OpEx led to an adjusted EBITDA loss of $3.2 million in Q1 2027, representing a 59% improvement from the prior year.

毛利率改善以及對營業費用的紀律控管，使 2027 財年第一季調整後 EBITDA 虧損為 320 萬美元，較去年同期改善 59%。

With the additional revenue growth opportunities Luc described and further integration efficiencies still to be realized, we remain on track to report positive adjusted EBITDA during fiscal 2027.

隨著 Luc 所描述的額外營收成長機會，以及仍待實現的進一步整合效率，我們仍按計畫在 2027 財年內報告正的調整後 EBITDA。

Turning to our financial position, we had $337 million of cash at June 30, 2026. I will note that the $25 million of cash used in operating activities in the first quarter is higher than the run rate we expect to see over the course of fiscal 2027, as the increase in working capital is expected to balance out during the remainder of the year, and we would expect one-time transaction and restructuring costs to decline throughout the year.

談到我們的財務狀況，截至 2026 年 6 月 30 日，我們持有 3.37 億美元現金。我也要指出，第一季營運活動使用的 2,500 萬美元現金高於我們預期在 2027 財年全年度的常態水準，因為營運資金的增加預期將在今年剩餘期間趨於平衡，且我們預期一次性交易與重組成本將在全年逐步下降。

We remain confident in the strength of our balance sheet, following the recapitalization completed during fiscal 2026. Our strong cash position underpins our financial capacity to support strategic growth opportunities that may arise.

在 2026 財年完成資本重整後，我們對資產負債表的強健程度仍充滿信心。我們充裕的現金部位支撐了我們把握可能出現之策略性成長機會的財務能力。

Before handing the call back to Luc, I will remind shareholders we are holding our Annual General and Special Meeting on September 25. We are filing proxy materials today with information on how to vote, and we urge all shareholders to cast a vote.

在把電話交回給 Luc 之前，我要提醒股東，我們將於 9 月 25 日召開年度股東大會暨特別股東大會。我們今天將提交委託書資料（proxy materials），其中包含投票方式資訊，並敦促所有股東踴躍投票。

I will now turn the call back to Luc for closing remarks.

我現在把電話交回給 Luc 作結語。

Thank you very much, Tom.

非常感謝你，Tom。

Starting fiscal 2027 with broad-based growth across all our business line and improved margins sets a strong tone for the year.

以各業務線全面成長與毛利率提升來開啟 2027 財年，為今年奠定了強勁的基調。

We're confident. We're energized. And everyone is pulling in the same direction with pace and with common purpose to build a global cannabis company.

我們充滿信心。我們充滿幹勁。而且每個人都以速度與共同使命朝同一方向努力，打造一家全球大麻公司。

Don't get me wrong. While first-quarter results are definitely a step in the right direction, we're not satisfied yet. We're taking tangible action towards increasing yield and cultivation; accelerating supply-chain efficiencies; and strengthening our global supply chain to drive growth and improve margins for quarters to come.

別誤會我的意思。雖然第一季的結果確實朝正確方向邁進了一步，但我們仍未滿足。我們正採取具體行動，提高產量與種植效率；加速供應鏈效率提升；並強化我們的全球供應鏈，以推動成長並在未來幾季改善毛利率。

We're becoming focused and disciplined operators, relentless on execution, strategic prioritization, and financial performance.

我們正成為更專注且更有紀律的經營者，對執行、策略優先順序與財務表現保持不懈的追求。

Today, we unveiled a new corporate visual identity to match our growing ambition and reinvigorated organization. This identity reflects who we are and what we're building, a company that believes in the power of cannabis as a catalyst for elevating human potential.

今天，我們發布了全新的企業視覺識別，以呼應我們日益增長的企圖心與重新振作的組織。這個識別反映了我們是誰、以及我們正在打造什麼：一家相信大麻能作為提升人類潛能催化劑的公司。

We believe cannabis is a global economic force, one that will rival the largest consumer categories in the world. And we intend to be among the companies that lead it, building a global consumer-centric company, with a clear and uncompromising ambition to lead the world in bettering lives through cannabis.

我們相信大麻是一股全球性的經濟力量，將可與全球最大的消費品類別相匹敵。而我們打算成為引領這股力量的公司之一，打造一家以消費者為中心的全球企業，並以清晰且毫不妥協的企圖心，透過大麻改善人們生活、領先全球。

That's the company behind the results we've just shared with you. And it is the company you'll see reflected in our new identity.

這就是我們剛與各位分享之成果背後的公司。而你們也將在我們的新識別中看到這家公司所呈現的樣貌。

None of the progress outlined on today's call happens without our people. Thank you to our entire team for their relentless hard work and passion. We're just getting started.

今天電話會議中所概述的所有進展，都離不開我們的員工。感謝我們整個團隊不懈的努力與熱情。我們才剛剛開始。

Operator, we will now take questions.

接線員，我們現在開始提問。

(Operator Instructions)

（接線員指示）

Aaron Grey, Alliance Global Partners.

Aaron Grey，Alliance Global Partners。

Just want to talk a bit about international and some of your initiatives with added GMP certifications. Just, can you talk about the broader landscape of international?

我想談談國際市場，以及你們在新增 GMP 認證方面的一些措施。可以請你談談國際市場更廣泛的整體環境嗎？

We're hearing about countries getting tighter in terms of companies need to adhere to GMP compliance. How does this potentially set up for you to be in a more advanced position that you referred to in your prepared remarks?

我們聽到一些國家在要求上變得更嚴格，企業需要遵循 GMP 合規。這是否可能讓你們在你準備稿中提到的那種更領先的位置上更具優勢？

And do you feel like you'll now have enough cultivation, as well as processing through the GMP supply chain to ramp-up those international sales through the rest of fiscal year '27 and beyond?

另外，你是否覺得你們現在在種植端，以及透過 GMP 供應鏈的加工端，已經有足夠的能力，能在 2027 財年剩餘期間及之後加速推升國際銷售？

Thank you for your question.

感謝你的提問。

Listen, we're taking all the right actions -- and to really set up an extremely robust end-to-end supply chain to win for quarters to come in Europe.

聽著，我們正在採取所有正確的行動——真正建立一條極其強健的端到端供應鏈，以在未來幾季於歐洲取得勝利。

One thing I can say about Canopy is that we take cannabis extremely seriously. We've got the internal capabilities to really build integrity, reliability, and trust in the supply chain.

關於 Canopy，我可以說的一點是：我們非常嚴肅地看待大麻。我們具備內部能力，能在供應鏈中真正建立完整性、可靠性與信任。

We've been working for quarters in really building the supply chain that meets and qualifies for EU GMP. So as I said in my remarks, we're now end-to-end when it comes to flower, growing and importing and distributing in Germany and across Europe.

我們已經連續好幾季致力於打造符合並通過 EU GMP 資格的供應鏈。因此，如同我在發言中所說，從花（flower）產品的端到端流程來看，我們現在已涵蓋在德國及全歐洲的種植、進口與配送。

We take an additional step to make sure that our Smiths Falls facility qualifies, as well. And we should receive qualification approval during this fiscal year, which will allow us to have a complete range of product end to end to meet the market.

我們也額外採取一步，確保我們的 Smiths Falls 設施同樣符合資格。我們應會在本財年內取得資格核准，這將使我們能提供完整的端到端產品範圍以滿足市場需求。

So we're really building something that meets all the demands. And if there was even more stringent, for lack of a better word, enforcement of the EU GMP, we're extremely well positioned to meet this.

因此，我們確實正在打造一套能滿足所有需求的體系。而如果 EU GMP 的執行（姑且這麼說）變得更加嚴格，我們也具備極佳的條件來符合要求。

And that's what gives us confidence that we will continue to grow this business for quarters to come.

這也是讓我們有信心在未來幾個季度持續成長這項業務的原因。

Kenric Tyghe, Canaccord Genuity.

Kenric Tyghe，Canaccord Genuity。

Tom, one of the key themes throughout the prepared remarks was the discussion around margin and margin expansion, I think, specifically, material expected margin expansion on some of the initiatives.

Tom，在你們事先準備的發言中，一個貫穿始終的關鍵主題是關於毛利率以及毛利率擴張的討論；我認為，特別是一些計畫預期會帶來實質的毛利率擴張。

Could you speak to what is the baseline you're working from? Obviously, we saw some 230-odd bps year on year in this quarter.

你能談談你們所依據的基準是什麼嗎？顯然，我們看到本季年對年約230個基點的提升。

When you speak to -- and I'm thinking about your -- margin profile, going forward, are we talking something bracketing that 30%, 30%-plus level? Anything you could provide there to help us to triangulate would be appreciated.

當你談到——我想到的是你們——未來的毛利率輪廓時，我們是在談大約落在30%、30%以上這個區間嗎？若你能提供任何資訊來幫助我們交叉驗證，將不勝感激。

Good morning, Kenric.

早安，Kenric。

Obviously, long term, we're trying to get that margin up closer to some of our competitive set; like, closer to the 30% margin. We know that's going to be a long way in the future.

很明顯，長期來看，我們希望把毛利率提高到更接近一些同業競爭者的水準；也就是更接近30%的毛利率。我們知道那會是在相當久遠的未來。

I would say, for baseline, we're looking at this quarter -- on an adjusted basis, we were at 31%. So I would say, in the near term, we're targeting to get up to the mid-30%s and, hopefully, on the higher end, as we're exiting this year.

我會說，就基準而言，我們看的是本季——以調整後口徑來看，我們是31%。因此我會說，短期內我們的目標是提升到35%左右的中段，並希望在今年結束時能落在更高端。

But as Luc laid out, a lot of the initiatives we're talking about -- improving the amount of output that we have from a yield standpoint, improving quality -- all of that will fuel our margin improvement, as well as the integration activities of MTL, as we really become one organization with one set of assets that we're leveraging for the full portfolio.

但如Luc所說，我們談到的許多措施——從提升良率角度提高產出、改善品質——這些都將推動我們的毛利率改善；此外還有MTL的整合工作，當我們真正成為一個組織、以一套資產來支撐並槓桿運用整個產品組合時，也會帶來助益。

So definitely, I would say, in the near term, we're targeting mid-30%s; hopefully, exiting at a bit higher rate, as we go into this year.

所以我會說，短期內我們的目標確實是35%左右的中段；希望在今年結束、進入今年的過程中，能以稍高一些的水準收尾。

Luc, anything (multiple speakers) --?

Luc，有什麼要補充的嗎(多位發言者)——？

Yeah. For me, listen, those are not pie-in-the-sky dream. As you can imagine, we spent a lot of time last year really working on fixing the foundations of the business.

有。就我而言，聽著，這些不是不切實際的空想。如你所想像，我們去年花了很多時間，真正著手修補業務的基礎。

We took an approach where we want to measure twice and cut once. So we're -- we spent a lot of time last year really ensuring that, what we were aiming for, we have the plans for.

我們採取的做法是「量兩次再下刀一次」。所以——我們去年花了很多時間，確保我們所追求的目標都有相應的計畫支撐。

And as I said in my remarks, post quarter-end, we press a button, the work has started. And as I said, the teams are working in one direction with pace, which gives us, really, a high level of confidence that we will see that margin continue to inch upwards for quarters to come.

正如我在發言中提到的，季度結束後，我們按下按鈕，工作就已經開始。而且如我所說，團隊正以速度朝同一個方向推進，這讓我們非常有信心，未來幾個季度毛利率將會持續逐步上升。

Frederico Gomes, ATB Cormark.

Frederico Gomes，ATB Cormark。

I want to ask about cultivation. It seems like it's -- cultivation efficiency is a big part of your plan to expand margins -- and with the MTL integration, as well.

我想問關於種植。看起來——種植效率是你們擴大利潤率計畫中的重要一環——也包括MTL的整合。

So how far along are you in that journey of getting cultivation where it needs to be? I imagine that's going to take some time to trickle through financials. But how much of that margin expansion just comes from cultivation efficiency? And how far along are you in that?

那麼，在把種植提升到應有水準的這段旅程中，你們目前進展到哪一步？我想這需要一些時間才會反映到財務數字上。但這些毛利率擴張中，有多少是來自種植效率？你們目前進展到哪裡了？

Yes. Thank you for your question.

是的。謝謝你的提問。

Listen, we're passionate about flower. And we have intentions to be a trusted global leader.

聽著，我們對花（flower）非常有熱情。我們也有意成為值得信賴的全球領導者。

So for us, to start with flower, it started with the acquisition of MTL. We've been very vocal about that. We brought in the expertise, the passion, the know-how to grow great flower to achieve great level of THC yield and decent cost per gram.

所以對我們而言，從花開始，是從收購MTL開始的。我們對此一直非常直言不諱。我們引進了專業、熱情與種出優質花的know-how，以達到很高的THC產出（yield）以及合理的每克成本。

As you can imagine, that was one of the priorities as soon as we started integrating the business. As I said earlier, we've been measuring twice and hoping to cut once.

如你所想像，當我們開始整合業務後，這就是優先事項之一。如我先前所說，我們一直是量兩次、希望只下刀一次。

So the last few quarters have really been spent working with the master growers of MTL to ensure that we understand our strain. We understand the capabilities of our facilities. We've been working on defining the CapEx program, making sure the new processes are really well defined.

因此，過去幾個季度我們確實花了很多時間與MTL的資深種植師合作，以確保我們了解我們的品系（strain）。我們了解我們設施的能力。我們也一直在制定資本支出（CapEx）計畫，並確保新流程被清楚定義。

As you can understand with cultivation, it takes an amount of time while you put seeds in the ground and you can harvest. We should really start seeing impact at the end of Q2, beginning of Q3, when we start realizing -- gradually realizing -- the benefits of improved yield and improved quality.

如你所理解，種植需要時間，從把種子種下去到能收成之間有一段週期。我們應該會在第二季末、第三季初開始真正看到影響，屆時我們會開始——逐步地——實現良率提升與品質改善所帶來的效益。

Bill Kirk, ROTH Capital.

Bill Kirk，ROTH Capital。

My question is on capital spending. Your capital spending amounts are below some of your peers. And so are those areas where you're trying to make some progress on gross margin and international growth.

我的問題是關於資本支出。你們的資本支出金額低於一些同業。而你們想在毛利率與國際成長上取得進展的領域也是如此。

My question is: Do you need to increase capital spending in any meaningful way to improve those yields that will unlock gross margin or need to increase capital spend to develop those international assets to unlock more growth there?

我的問題是：你們是否需要以任何有意義的方式增加資本支出，來改善那些能解鎖毛利率的良率？或者是否需要增加資本支出來開發那些國際資產，以在那裡解鎖更多成長？

Great question.

很好的問題。

I think, from our standpoint, there will be some modest CapEx. Right now, we do think the operational assets we have in place are sufficient. So we're not talking greenfield-type facility builds. But in terms of investing in the facilities, that is something we will be doing.

我認為，就我們的角度而言，會有一些適度的資本支出。目前我們確實認為，現有的營運資產已經足夠。所以我們不是在談新建（greenfield）類型的設施建置。但就投資於設施而言，這是我們會做的事情。

But I would [preface] it with just a modest amount of capital. But, yeah, we are probably underspending, historically, on the CapEx side. And this is an area where we see the investment and the the near-term return there, as we get improved cultivation and, really, helping with the yield.

但我會先說明，資本投入會是適度的規模。不過，是的，我們在資本支出方面，歷史上可能確實花得偏少。而這是我們看到投資與短期回報的領域，因為我們能改善種植表現，並真正有助於提升良率。

But, overall, I think we have the right assets in place. Now, it's using those assets to their full potential. That might include a little bit of CapEx to get it going.

但整體而言，我認為我們已具備合適的資產。現在的重點是把這些資產用到其全部潛力。這可能需要一點資本支出來把它推動起來。

Okay. And if I could sneak a housekeeping in? On the Canadian medical, I didn't see it in the Q but maybe I missed it: What was the MTL contribution to that segment in the quarter? And I'm basically asking to try to get a sense for how large the reimbursement-change headwind was in the period?

好的。另外我可以插問一個例行性問題嗎？關於加拿大醫療（Canadian medical），我在本季（Q）沒有看到，可能是我漏看了：本季MTL對該分部的貢獻是多少？我主要是想藉此了解本期報銷變更所帶來的逆風有多大？

Yeah. We don't disclose MTL medical separate because we kept -- manage it all as one business, both across the Cannabis segment and then, within our revenue channel. So that's not disclosed separately.

是的。我們不會單獨揭露 MTL 醫療業務，因為我們一直——把它作為一個整體業務來管理，涵蓋大麻業務部門，並且在我們的營收渠道內也是如此。所以不會另外單獨披露。

But, obviously, the headline reimbursement reduction was 29% -- that we had. And I would say we weathered that storm better than, probably, some of our competitors in the quarter.

不過，很明顯，我們面臨的主要報銷下調幅度是 29%。我會說，本季度我們挺過這場風暴的表現，可能比一些競爭對手更好。

(multiple speakers) -- if I can just add color?

（多位發言者）——如果我可以補充一些說明？

Building on what Tom said, I think we weathered the storm with this change. And we now have a new basis upon which we really need to grow.

延續 Tom 的說法，我認為我們在這次變更下挺過了衝擊。而且我們現在有了一個新的基礎，接下來確實需要在此之上成長。

So even though these changes happen, as in our remarks, we were able to continue to improve patient count; an order -- number of orders, which is really are the main drivers of your revenues. And we were able, as well, as Tom mentioned, to take the right action to mitigate the impact on our margins.

所以即使發生了這些變更，如同我們在發言中提到的，我們仍能持續提升病患人數；以及訂單——訂單數量，而這些其實是你們營收的主要驅動因素。同時，我們也能夠——如 Tom 所提——採取正確行動來緩解對我們毛利率的影響。

So for us, it is a business that we strongly believe in. We believe in providing the right care for patients and veterans. And we will continue to deploy efforts to expand this business, going forward.

因此對我們而言，這是一項我們非常有信心的業務。我們相信為病患與退伍軍人提供適切照護。未來我們也將持續投入資源，擴大這項業務。

(Operator Instructions)

（接線員指示）

Pablo Zuanic, Zuanic & Associates.

Pablo Zuanic，Zuanic & Associates。

Just following up on the domestic-medical question: Look, the industry has done a great job in terms of increasing penetration with veterans. I think it was 4% back in '21; 8%, now.

我想追問一下國內醫療的問題：你看，整個產業在提升退伍軍人滲透率方面做得很好。我記得在 2021 年大約是 4%；現在是 8%。

Where do you see that going? Is the 15% penetration level three, four years down the road reasonable? How do you think about that?

你們認為接下來會走到哪裡？三、四年後達到 15% 的滲透率是否合理？你們怎麼看？

And then, related to that, any further commentary you can make about how these patients -- the reimbursed patients -- have any changes in consumer behavior, if we can use that term here? Or it's all been pretty much absorbed by the companies in terms of the pricing?

另外相關地，你們能否再評論一下，這些病患——也就是有報銷的病患——在消費行為上是否有任何變化（如果我們在這裡可以用這個詞）？還是說在定價方面基本上都被公司端吸收了？

Yeah. I'll start. Pablo.

好的。我先開始。Pablo。

In terms of penetration, I think 15% is probably fairly, fairly high. We do see continued growth in the Canadian cannabis market with veterans.

就滲透率而言，我認為 15% 可能相當、相當高。我們確實看到加拿大大麻市場在退伍軍人族群中持續成長。

We've demonstrated that we can grow in a declining market in the medical space, as well, over the past few years.

過去幾年我們也證明，即使醫療市場整體下滑，我們仍能在醫療領域成長。

In terms of buying patterns, I would say we are seeing -- we are adding new patients. Obviously, order values are going down as a result of the reimbursement.

就購買模式而言，我會說我們看到——我們正在增加新病患。很明顯，因為報銷調降，訂單金額正在下降。

But our focus is really new-patient acquisition, new-veteran acquisitions. It's still one of the most profitable markets in the globe. So Canadian medical clearly is continuing to be a point of focus for us.

但我們的重點其實是新病患獲取、新退伍軍人獲取。這仍然是全球最具獲利性的市場之一。所以加拿大醫療市場顯然仍是我們持續聚焦的重點。

But I think it will be -- 15% is probably a bit high, from a market penetration standpoint. But, for us, it's really -- Q1, as Luc said, was a bit of a reset in terms of our baseline. And I would expect that we continue to have steady growth over the past -- as we've demonstrated in prior years on the medical side.

但我認為——從市場滲透率角度來看，15% 可能有點高。不過對我們而言，真正的重點是——如 Luc 所說，第一季在基準面上算是一次重置。我預期我們會延續過去——如同我們在前幾年於醫療端所展現的——穩健成長。

I don't know, Luc, do you want to (multiple speakers) --?

我不知道，Luc，你要不要（多位發言者）——？

Look, can I ask just a follow-up? And, obviously, congratulations on all the progress the company is making on domestic rec, domestic medical, international, the MTL deal.

我再追問一下可以嗎？而且，顯然也恭喜公司在國內娛樂用、國內醫療、國際業務，以及 MTL 交易上取得的所有進展。

So if I, maybe -- it's not fair for us analysts to ask you about the US, right? But there's so much focus on the US from the investor side, given all the changes that are taking place there.

所以如果我——也許——我們分析師問你們美國的事情可能不太公平，對吧？但投資人端對美國非常關注，因為那邊正在發生很多變化。

And, historically, we thought of Canopy Growth as having the best beachhead, if I can use that term, with Acreage, Wana, and Jetty there.

而且歷來我們認為 Canopy Growth 在那裡有最好的「灘頭堡」（如果我可以這麼說），因為有 Acreage、Wana 和 Jetty。

But how should we think about that now, going forward? Obviously, it doesn't seem as big a priority as it was in the past for Canopy growth. Any color would help.

但接下來我們應該如何看待這件事？顯然，對 Canopy Growth 來說，這看起來不像過去那樣是優先事項。任何補充說明都會有幫助。

Ye. Thank you for the question.

是。謝謝你的問題。

Listen, we continue to monitor the position, the situation of the market in the US very, very closely. You heard me, we've been consistent about fixing the foundation.

聽著，我們會非常、非常密切地持續關注美國市場的定位與情勢。你也聽到我說，我們一直一致地強調要把基礎打好。

It's ensuring that we build a core Canopy Growth organization, Canadian and internationally, that provides positive EBITDA. That's where we continue to focus the bulk of our efforts, and it is paying out.

也就是確保我們打造一個核心的 Canopy Growth 組織——在加拿大以及國際市場——能夠帶來正向 EBITDA。這是我們持續投入大部分精力的地方，而且正在見到成效。

As I said, we continue to monitor our position in the US. We're happy with the performance of Jetty in the US.

如我所說，我們會持續關注我們在美國的布局。我們對 Jetty 在美國的表現感到滿意。

We have a position with TerrAscend. You saw the release of results earlier this morning or yesterday. They're doing really well.

我們也持有 TerrAscend 的部位。你們今天早上或昨天已看到他們更早發布的業績。他們做得非常好。

But the focus remains on, really, accelerating our growth internationally and domestically in Canada.

但我們的重點仍然是，真正加速我們在國際市場以及加拿大國內的成長。

Thank you.

謝謝。

Thank you.

謝謝。

This concludes Canopy Growth's first-quarter 2027 financial results conference call.

以上為 Canopy Growth 2027 財年第一季財務業績電話會議。

A replay of this conference call will be available until November 5, 2026, and can be accessed, following the instructions provided in the company's press release issued earlier today.

本次電話會議的重播將提供至 2026 年 11 月 5 日，並可依照公司今日稍早發布之新聞稿所提供的指示進行存取。

Canopy Growth's Investor Relations team will be available to answer additional questions.

Canopy Growth 的投資人關係團隊將可回答其他問題。

Thank you for attending today's call.

感謝各位參加今天的電話會議。