SNDL Inc (SNDL) 2023 Q3 法說會逐字稿

Good morning, and welcome to SNDL's Third Quarter 2023 Financial Results Conference Call. This morning, SNDL issued a press release announcing their financial results for the third quarter ended on September 30, 2023. This press release is available on the company's website at sndl.com and filed on EDGAR and SEDAR as well. The webcast replay of the conference call will also be available on the sndlgroup.com website. SNDL has also posted a supplemental investor presentation on its website.

早安，歡迎參加 SNDL 2023 年第三季財務業績電話會議。今天上午，SNDL 發布了一份新聞稿，宣布截至 2023 年 9 月 30 日的第三季財務業績。新聞稿可在該公司網站 sndl.com 上獲取，並在 EDGAR 和 SEDAR 上存檔。電話會議的網路直播重播也將在 sndlgroup.com 網站上提供。 SNDL 也在其網站上發布了補充投資者介紹。

Presenting on this morning's call, we have Zach George, Chief Executive Officer; Alberto Paredero, Chief Financial Officer; Tank Vander, President, Liquor Retail; and Tyler Robson, President, Cannabis.

在今天早上的電話會議上，我們有執行長 Zach George；阿爾貝托·帕雷德羅，財務長； Tank Vander，酒類零售總裁；和大麻總裁泰勒·羅布森 (Tyler Robson)。

Before we start, I would like to remind investors that certain matters discussed in today's conference call or answers that may be given to questions could constitute forward-looking statements. Actual results could differ materially from those anticipated. Risk factors that could affect results are detailed in the company's financial reports and other public filings that are made available on SEDAR and EDGAR.

在開始之前，我想提醒投資者，今天電話會議中討論的某些事項或可能對問題的回答可能構成前瞻性陳述。實際結果可能與預期有重大差異。可能影響結果的風險因素在公司的財務報告和 SEDAR 和 EDGAR 上提供的其他公開文件中有詳細說明。

Additionally, all financial figures mentioned are in Canadian dollars unless otherwise indicated. We will now make prepared remarks, and then we'll move on to analyst questions.

此外，除非另有說明，所有提到的財務數據均以加幣為單位。我們現在將發表準備好的評論，然後我們將轉向分析師問題。

I will now turn the call over to Zach George.

我現在將把電話轉給扎克喬治。

Good morning all, and thank you for joining us on our Third Quarter 2023 Financial and Operational Results Conference Call.

大家早安，感謝您參加我們的 2023 年第三季財務與營運業績電話會議。

I want to begin by acknowledging an important milestone for the SNDL team as this is the first quarter since inception that we have generated both positive net cash from operating activities and free cash flow. This milestone is a testament to the dedication of our team in driving positive change and the resilience and adaptability of our business segments.

首先，我要承認 SNDL 團隊的一個重要里程碑，因為這是自成立以來我們第一個季度從經營活動和自由現金流產生了正的淨現金。這一里程碑證明了我們團隊在推動積極變革方面的奉獻精神以及我們業務部門的彈性和適應性。

We are building the foundation of an important regulated products company with international potential that does not have a close peer in Canada. We are finding attractive opportunities for operational improvement in an industry where capital is scarce and many competitors are starved for liquidity amidst price compression driven by persistent oversupply and over licensing. Our goals are a far climb from where we stand today. We still have a lot of work to do, but we are making tremendous progress against the challenging macro backdrop.

我們正在為一家具有國際潛力的重要受監管產品公司奠定基礎，該公司在加拿大沒有競爭對手。我們正在這個行業中尋找改善營運的有吸引力的機會，在這個行業中，資本稀缺，許多競爭對手在持續供過於求和過度許可導致價格壓縮的情況下缺乏流動性。我們的目標距離今天的目標還有很長的路要走。我們還有很多工作要做，但在充滿挑戰的宏觀背景下，我們正在取得巨大進展。

Although much of our regulated product business has shown recession resistance, we take nothing for granted given the likely duration of the current rate environment and are aggressively seeking efficiencies to improve profitability. SNDL has equipped itself with the flexibility to navigate market uncertainties and preserve our growth trajectory. Our platform structure creates strategic optionality and our debt-free balance sheet helps us focus on delighting consumers without the burden of material cash interest obligations.

儘管我們的大部分受監管產品業務都表現出了抗衰退能力，但考慮到當前利率環境可能持續的時間，我們並不認為這是理所當然的，並且正在積極尋求效率以提高盈利能力。 SNDL 具備應對市場不確定性並維持成長軌跡的靈活性。我們的平台結構創造了策略選擇，我們的無債務資產負債表幫助我們專注於取悅消費者，而無需承擔重大現金利息義務的負擔。

Tank will provide further color on the liquor retail segment, but I wanted to highlight some key initiatives that we have recently undertaken. We recently finalized the structure of our liquor retail data program, and we expect to see results in the first quarter of 2024. Its launch is expected to strengthen our supplier partnerships, enhanced revenue and contribute to margin expansion within our liquor retail segment. In the third quarter of 2023, SNDL's cannabis retail segment demonstrated substantial growth and operational progress. Net revenues saw 14% increase compared to Q3 2022, marking a record for the segment since the company's diversification into cannabis retail in 2021.

Tank 將為酒類零售領域提供進一步的色彩，但我想強調我們最近採取的一些關鍵舉措。我們最近敲定了酒類零售數據計劃的結構，預計將在2024 年第一季看到結果。該計劃的推出預計將加強我們的供應商合作夥伴關係，增加收入，並有助於擴大我們酒類零售領域的利潤率。 2023年第三季度，SNDL的大麻零售部門表現出大幅成長和營運進展。與 2022 年第三季相比，淨收入成長 14%，創下該公司自 2021 年多元化進入大麻零售以來該領域的記錄。

Enhancements to our proprietary data licensing program significantly contributed to the success. With revenues climbing to $4 million in the third quarter, a significant increase over the previous year's $1.4 million and up 50% from the preceding quarter. We are committed to refining our cannabis retail operations, enhancing partnerships and delivering superior products to consumers. This strategy includes expansion into markets where our presence is currently limited to reinforce SNDL's position as a leading cannabis retailer in Canada.

我們專有資料許可計劃的增強對成功做出了重大貢獻。第三季營收攀升至 400 萬美元，比去年同期的 140 萬美元大幅成長，比上一季成長 50%。我們致力於完善我們的大麻零售業務，加強合作夥伴關係並向消費者提供優質產品。該策略包括擴展到目前我們業務有限的市場，以鞏固 SNDL 作為加拿大領先大麻零售商的地位。

We've taken significant strides in our cannabis operations segment to streamline operations and reduce costs. The rationalization of our facility footprint and procurement processes sets the stage for significant financial improvements and further demonstrates our commitment to operational excellence. Our President, Tyler, will provide further details on our cannabis operations shortly.

我們在大麻業務領域取得了重大進展，以簡化營運並降低成本。我們的設施佔地面積和採購流程的合理化為顯著的財務改善奠定了基礎，並進一步表明了我們對卓越營運的承諾。我們的總裁泰勒將很快提供有關我們大麻業務的更多詳細資訊。

As of the end of Q3 2023, SNDL's financial position in Canadian dollars included CAD 785 million in unrestricted cash, marketable securities and long-term investments. Our robust liquidity profile stands in contrast to our market capitalization of approximately $500 million, a figure that we believe does not fully reflect the intrinsic value of our enterprise. Said another way, the market is currently ascribing a materially negative value to expanding operating segments.

截至 2023 年第三季末，SNDL 的加幣財務狀況包括 7.85 億加元的非限制性現金、有價證券和長期投資。我們強勁的流動性狀況與我們約 5 億美元的市值形成鮮明對比，我們認為這一數字並不能完全反映我們企業的內在價值。換句話說，市場目前對擴大經營部門的價值給予了重大負面評價。

These segments are positioned with the potential to yield more than $1 billion in annual revenue, underscoring our perspective that SNDL remains undervalued in the marketplace. In a climate where managing cost is more crucial than ever, our ability to streamline our investment portfolio by divesting of equity securities and certain credit exposures is integral to our strategy. As of the close of Q3 2023, SNDL had deployed capital into credit investments with a carrying value of $583.2 million. The lion's share of this value, approximately $550.5 million has been committed to the SunStream Bancorp joint venture. SunStream is a joint venture sponsored by SNDL and has directed the formation of SunStream USA with the aim of restructuring certain SunStream controlled loans. This development is poised to create a dedicated U.S. platform designed to attract independent third-party investors offering independent management and governance. Most importantly, the structure of SunStream USA is set to undergo a review by NASDAQ, aligning with all U.S. compliance and governance standards.

這些細分市場的年收入有可能超過 10 億美元，這凸顯了我們認為 SNDL 在市場上仍然被低估的觀點。在管理成本比以往任何時候都更重要的環境下，我們透過剝離股本證券和某些信貸風險來簡化投資組合的能力是我們策略的組成部分。截至 2023 年第三季末，SNDL 已將資金投入信貸投資，帳面價值為 5.832 億美元。其中約 5.505 億美元的大部分價值已投入 SunStream Bancorp 合資企業。 SunStream 是由 SNDL 發起的合資企業，並指導組建了 SunStream USA，旨在重組某些 SunStream 控制的貸款。這項發展旨在創建一個專門的美國平台，旨在吸引提供獨立管理和治理的獨立第三方投資者。最重要的是，SunStream USA 的結構將接受納斯達克的審查，以符合所有美國合規和治理標準。

Since acquiring Valens in January of 2023, the company has realized approximately $22 million in annualized savings, exceeding our initial target of $10 million. In 2023 alone, we achieved cost savings of approximately $18 million. These savings have largely been driven by a reduction in SG&A expenses, supply chain consolidation and enhanced operational efficiencies.

自 2023 年 1 月收購 Valens 以來，該公司已實現年度節省約 2,200 萬美元，超過了我們 1,000 萬美元的初始目標。光是 2023 年，我們就節省了約 1,800 萬美元的成本。這些節省主要是由於銷售管理費用的減少、供應鏈整合和營運效率的提高而實現的。

Looking ahead to 2024, we anticipate that run rate synergies will surpass $40 million annually, with expected proceeds from asset sales potentially contributing more than $9 million in additional cash proceeds. Investors may not realize that as we start 2024, none of the assets that SNDL held just over 3 years ago, following its deep financial restructuring and flotation with CCAA will be in operation. SNDL's leadership has driven a 100% complete transformation of a business that continues to evolve and change. This is not the team to underestimate. SNDL's performance metrics from the third quarter provide a clear affirmation of our strategy. Our confidence is in increasing, and we are building a culture focused on accountability and performance. Our commitment to the consistent delivery of well-priced, high-quality products and superior retail experiences has never been stronger. We are excited to continue to update investors on our performance as we work to deliver strong fundamental unadjusted results. Once again, I thank you for your continued support of SNDL.

展望 2024 年，我們預計每年運行率綜效將超過 4,000 萬美元，預計資產出售收益可能貢獻超過 900 萬美元的額外現金收益。投資者可能沒有意識到，當我們進入 2024 年時，SNDL 在進行深度財務重組和與 CCAA 上市後僅三年多前持有的資產將不再投入營運。 SNDL 的領導力推動了企業 100% 徹底轉型，並不斷發展和變化。這不是一支值得低估的球隊。 SNDL 第三季的績效指標明確地肯定了我們的策略。我們的信心不斷增強，我們正在建立一種注重責任和績效的文化。我們始終如一地致力於提供價格合理的高品質產品和卓越的零售體驗。我們很高興能夠繼續向投資者通報我們的業績最新情況，因為我們致力於提供強勁的基本未經調整的業績。再次感謝您對 SNDL 的持續支持。

I will pass the call to Alberto to provide further details on our financial results.

我會將電話轉給阿爾貝托，以提供有關我們財務業績的更多詳細資訊。

Thank you, Zack. I want to remind you all that amounts discussed today are denominated in Canadian dollars, unless otherwise stated. Please note that certain amounts referred to on this call are non-GAAP and non-IFRS measures. For definitions of these measures, please refer to SNDL's management discussion and analysis documents.

謝謝你，扎克。我想提醒大家，除非另有說明，今天討論的金額均以加幣計價。請注意，本次電話會議中提到的某些金額是非 GAAP 和非 IFRS 衡量標準。有關這些措施的定義，請參閱SNDL 的管理層討論和分析文件。

As we dive into our financials, it is great to report that for the time in our history, we have reached positive free cash flow in the quarter. To be precise, in Q3 2023, we achieved $16.5 million of positive free cash flow compared to negative $67.1 million in Q3 2022. Our cash flow from operations grew $27.5 million in Q3 2023, up from $8.6 million in Q3 2022. Achieving this cash flow milestones is a clear indicator of our operational improvements and reinforces focus on our strategic initiatives as a path to deliver a much higher ambition in the future.

當我們深入研究我們的財務狀況時，很高興地報告說，在我們的歷史上，我們在本季度實現了正的自由現金流。確切地說，2023 年第三季度，我們實現了1,650 萬美元的正自由現金流，而2022 年第三季為負6,710 萬美元。我們的營運現金流在2023 年第三季成長了2,750 萬美元，高於2022 年第三季的860 萬美元。實現這一現金流里程碑是我們營運改善的明確指標，並加強了對我們策略性舉措的關注，以此作為未來實現更高目標的途徑。

Our unrestricted cash balance tells a similar story of growth from $185.5 million at June 30, 2023 to $202 million at September 30, 2023. This increase is fixed volumes above our targeted efforts to optimize operational efficiency, particularly in working capital. Revenue growth remains steady, registering at $237.6 million for this quarter, up 3.1% increase from Q3 2022.

我們的無限制現金餘額也講述了類似的成長故事，從2023年6月30日的1.855億美元增長到2023年9月30日的2.02億美元。這一增長量高於我們優化營運效率（特別是營運資本）的目標努力。營收成長保持穩定，本季營收為 2.376 億美元，較 2022 年第三季成長 3.1%。

Our reported gross margin revealed a slight decrease to $48.6 million in Q3 2023, down 3.4% from the same period last year. While we're seeing operational improvements, the reported gross margin has been impacted this last quarter by noncash inventory impairment charges, to a large extent, triggered by our efforts to simplify our portfolio and operations. For perspective, if we were to exclude the impact of inventory impairments and obsolescence charges in Q3 2023 and Q3 2022, our gross margin would have grown over 20% year-on-year.

我們報告的毛利率顯示，2023 年第三季小幅下降至 4,860 萬美元，比去年同期下降 3.4%。雖然我們看到營運有所改善，但上季報告的毛利率受到非現金庫存減損費用的影響，這在很大程度上是由我們簡化投資組合和營運的努力引發的。從長遠來看，如果我們排除2023年第三季和2022年第三季庫存減損和報廢費用的影響，我們的毛利率將年增超過20%。

In terms of adjusted EBITDA, we achieved $16.1 million for the quarter, slightly down from the Q3 2022 results of $18.3 million. As better gross profit in 2023 has been offset by higher sales and marketing and G&A expenses in 2023 and higher investment segment income in 2022.

就調整後 EBITDA 而言，我們本季實現了 1,610 萬美元，略低於 2022 年第三季的 1,830 萬美元。由於 2023 年較高的毛利已被 2023 年較高的銷售和行銷以及一般及行政費用以及 2022 年較高的投資部門收入所抵銷。

I will let Tank and Tyler provide more details on the Q3 '23 results for the Liquor Retail and Cannabis Operations segment, but I would like to comment about the results for our Cannabis Retail segment.

我會讓 Tank 和 Tyler 提供有關酒類零售和大麻業務部門 23 年第三季業績的更多詳細信息，但我想對我們的大麻零售部門的結果發表評論。

Revenues for the segment have reached $75.5 million, which is 14.1% growth from Q3 2022. This record high revenue for the Cannabis Retail segment was supported by a healthy increase in same-store sales of 3.9% year-over-year across all banks as well as opening of new stores. Gross margin reached $20 million in Q3 2023, a 38% growth versus the same period last year. As a percentage of net revenue, gross margin expanded from 21.9% in Q3 2022 to 26.5% in Q3 2023, an improvement of 4.6 percentage points driven by continuous efficiency improvements and expansion of our proprietary data licensing program.

該部門的收入已達到 7,550 萬美元，較 2022 年第三季增長 14.1%。大麻零售部門創紀錄的高收入得益於所有銀行同店銷售額同比增長 3.9% 的健康增長以及新店開業。 2023 年第三季毛利率達 2,000 萬美元，較去年同期成長 38%。毛利率佔淨收入的百分比從 2022 年第三季的 21.9% 擴大到 2023 年第三季的 26.5%，在持續效率改善和專有資料授權計畫擴展的推動下，提高了 4.6 個百分點。

This data program delivered revenue for the third quarter of 2023 or $4 million compared to $1.4 million in the third quarter of 2022. This represents an increase of 54% versus the second quarter of 2023, showcasing the success of the programs optimization introduced earlier in the year.

該數據計劃在2023 年第三季實現了400 萬美元的收入，而2022 年第三季為140 萬美元。這比2023 年第二季成長了54%，展示了2023 年初推出的計劃優化的成功。年。

Finally, looking at our investments and equity positions in Q3 2023. At the end of the third quarter of 2023, the company had deployed capital into cannabis-related credit investments with a current value of $583 million, including $550.5 million through the SunStream joint venture. The revenue generated by our investment portfolio in the third quarter stands at $10 million. This is mainly attributed to interest and fee revenues of $3.3 million in addition to a $6.6 million increase in the estimated fair value of our U.S. credit investments.

最後，看看我們在2023 年第三季的投資和股權狀況。截至2023 年第三季末，該公司已將資金投入大麻相關信貸投資，目前價值為5.83 億美元，其中包括透過SunStream 合資企業投資的5.505 億美元。第三季我們的投資組合產生的收入為 1,000 萬美元。這主要歸因於 330 萬美元的利息和費用收入，以及我們美國信貸投資的估計公允價值增加 660 萬美元。

The company's financial health is strong supported by $785 million in unrestricted cash, marketable securities and investments, leading to a net book value of $1.3 billion. It is also important to highlight that we have not raised any cash to share offerings since June 2021. And to date, the company has no debt.

該公司的財務狀況得到了 7.85 億美元非限制性現金、有價證券和投資的有力支撐，淨額為 13 億美元。同樣重要的是要強調，自 2021 年 6 月以來，我們沒有籌集任何現金來發行股票。迄今為止，該公司沒有債務。

SNDL's Board of Directors approved extending the company's share repurchase program to November 20, 2024. The company's share repurchase program continue to be available to lower our outstanding share flow. Management will continue to assess opportunities to utilize the program to the extent we believe it is in the best interest of our shareholders. For the 3 months ended September 30, 2023, the company did not purchase common shares for cancellation.

SNDL 董事會批准將公司的股票回購計畫延長至 2024 年 11 月 20 日。公司的股票回購計畫繼續有效，以減少我們的流通股流量。管理層將繼續評估利用該計劃的機會，以確保我們認為這符合股東的最佳利益。截至2023年9月30日止3個月，公司沒有購買註銷普通股。

We also remain deeply committed to regulatory intelligence and compliance. Our dedication to paying excise taxes on time reflects our strong focus on responsible business practices. So far this year, we have already paid $35.6 million in excise taxes. Since the company's inception, we have paid a total of $80 million. Even though this high succession levels create obvious challenges in the Cannabis sector, we believe submitting our financial obligations is a central for responsible business conduct and positive impact in communities we are part of.

我們也堅定地致力於監管情報和合規性。我們對按時繳納消費稅的承諾反映了我們對負責任的商業行為的高度重視。今年到目前為止，我們已經繳了 3,560 萬美元的消費稅。自公司成立以來，我們總共支付了8000萬美元。儘管這種高繼任水準給大麻產業帶來了明顯的挑戰，但我們相信，提交我們的財務義務是負責任的商業行為和對我們所屬社區產生積極影響的核心。

In summary, our results this quarter represents another solid step towards the execution of our business strategy, our culture of financial rigor and continuous improvement as well as the relentless passion and dedication of our nearly 3,000 employees. While we're pleased with the progress we have made, we're setting our targets on much bigger goals. As we're working on several initiatives to generate additional growth, further solidified our operational efficiency and improve our financial rigor. I'm confident that through these initiatives and the determination of our organization, our future is bright.

總之，我們本季的業績代表著我們在執行業務策略、財務嚴謹和持續改進的文化以及近 3,000 名員工的不懈熱情和奉獻精神方面又邁出了堅實的一步。雖然我們對所取得的進展感到滿意，但我們正在設定更大的目標。我們正在採取多項措施來實現額外成長，進一步鞏固我們的營運效率並提高我們的財務嚴謹性。我相信，透過這些措施和我們組織的決心，我們的未來是光明的。

I will now pass the call to Tank to provide an update on our liquor results.

我現在將打電話給 Tank，以提供我們酒類結果的最新資訊。

Thank you, Alberto. Our liquor retail results this quarter reflect our successful margin growth initiatives, which are not only delivering their intended results, but also guiding our strategy for future innovations and expansions. Our retail footprint remain stable with 170 locations primarily in Alberta and 1 store in British Columbia.

謝謝你，阿爾貝托。本季我們的酒類零售業績反映了我們成功的利潤成長舉措，這些舉措不僅實現了預期結果，而且指導了我們未來創新和擴張的策略。我們的零售足跡保持穩定，主要在艾伯塔省擁有 170 家門市，並在不列顛哥倫比亞省擁有 1 家商店。

Same-store sales have remained steady year-over-year across all liquor banners. We are in the process of finalizing a new Wine and Beyond store in Airdrie, Alberta, which is located in one of Alberta's fastest-growing municipalities. This new store is projected to generate approximately $7.6 million in annualized sales in the first year, emphasizing the success of the banners destination shopping approach. It is scheduled to open in the first quarter of 2024. Despite economic headwinds, our quarterly revenues stood strong at $152 million with stable basket value and customer count despite a downturn in national retail spending.

所有酒類品牌的同店銷售額較去年同期保持穩定。我們正在敲定在艾伯塔省艾爾德里開設一家新的 Wine and Beyond 商店的事宜，該店位於艾伯塔省發展最快的城市之一。這家新店預計第一年將產生約 760 萬美元的年銷售額，凸顯了橫幅目的地購物方式的成功。該店計劃於 2024 年第一季開業。儘管面臨經濟逆風，但儘管全國零售支出下滑，我們的季度收入依然強勁，達到 1.52 億美元，籃子價值和客戶數量保持穩定。

In response to consumer spending trends and macroeconomic factors, we continue to optimize our operations to ensure we are meeting the needs of our customers by prioritizing value, quality and digital experiences. This approach has not only maintained our stability, but also driven growth in key metrics, which is reflected in our year-over-year and sequential margin growth.

為了因應消費者支出趨勢和宏觀經濟因素，我們不斷優化運營，以確保透過優先考慮價值、品質和數位體驗來滿足客戶的需求。這種方法不僅保持了我們的穩定性，而且推動了關鍵指標的成長，這反映在我們的年比和環比利潤成長中。

Our gross margin reached $37.3 million, representing 24.5% of our sales in Q3 2023. This is a meaningful improvement compared to Q3 2022, where gross margin was $35.6 million or 23.3% of sales. The 4.8% gross margin growth is mainly driven by procurement productivity, product mix management initiatives and the success of our private label program.

我們的毛利率達到3,730 萬美元，佔2023 年第三季銷售額的24.5%。與2022 年第三季的毛利率3,560 萬美元，佔銷售額的23.3% 相比，這是一個有意義的進步。 4.8% 的毛利率成長主要得益於採購生產力、產品組合管理措施以及我們自有品牌計畫的成功。

Private label sales, a significant driver of gross margin growth increased 33% compared to Q3 2022 and 7% sequentially. Private label as a percentage of sales increased from 7.3% of sales to 9.7% from the comparative period in the year prior and representing growth of over $3.5 million.

自有品牌銷售是毛利率成長的重要推動力，與 2022 年第三季相比成長了 33%，比上一季成長了 7%。自去年同期以來，自有品牌佔銷售額的比例從 7.3% 上升至 9.7%，增幅超過 350 萬美元。

To further capitalize on the success of our private label program, we are currently developing a private label for wine with plans to launch in the first quarter of 2024. Our private label will feature various wine varietals from different regions, showcasing notable winemakers at accessible prices. This initiative is designed to build on our margin growth strategies and continue to drive differentiation through SNDL's liquor retail banners.

為了進一步利用我們自有品牌計劃的成功，我們目前正在開發葡萄酒自有品牌，計劃於2024 年第一季推出。我們的自有品牌將包含來自不同地區的各種葡萄酒品種，以實惠的價格展示著名釀酒師的作品。這項措施旨在建立我們的利潤成長策略，並繼續透過 SNDL 的酒類零售旗幟推動差異化。

Looking to new initiatives, we are pleased to announce we have built out the framework for our proprietary data licensing program. We anticipate reporting initial revenue in Q1 2024 and scaling this program through the upcoming year. This will not only support all our stakeholders but also boost our efforts to increase profits.

考慮到新的舉措，我們很高興地宣布我們已經為我們的專有數據許可計劃建立了框架。我們預計在 2024 年第一季報告初始收入，並在來年擴展該計劃。這不僅會支持我們所有的利害關係人，還會促進我們增加利潤的努力。

In September, SNDL launched an e-commerce platform for its liquor retail banner Wine and Beyond. The company observed a 121% increase in the average online basket spend compared to in-store purchases during the initial 4 weeks post launch, highlighting the significant basket growth opportunity through e-commerce. The current site supports click and collect. However, we are currently looking into different options to enhance customer conversion and accessibility. We anticipate strong results in the seasonally busy Q4 and look forward to observing how the e-commerce platform further drive sales during this key period. We remain committed to achieving continuous and incremental growth throughout 2023. Our focus remains on expanding our customer reach and exceptional product offerings to ensure we created tailored in-store and digital experiences.

9月，SNDL為其酒類零售品牌Wine and Beyond推出了電子商務平台。該公司觀察到，在推出後的最初 4 週內，平均線上購物籃支出與店內購買相比增加了 121%，這凸顯了透過電子商務帶來的巨大購物籃成長機會。目前站點支援點擊取貨。然而，我們目前正在研究不同的選擇來提高客戶轉換率和可及性。我們預計在季節性繁忙的第四季將取得強勁業績，並期待觀察電子商務平台如何在這段關鍵時期進一步推動銷售。我們仍然致力於在 2023 年實現持續和增量成長。我們的重點仍然是擴大我們的客戶範圍和卓越的產品供應，以確保我們創造量身定制的店內和數位體驗。

Thank you, and I will now turn the call over to Tyler to cover our cannabis operations segment.

謝謝，我現在將把電話轉給泰勒，介紹我們的大麻業務部門。

Thank you, Tank. In Q3, we have implemented significant strategic initiatives to strengthen our cannabis segment. This included the centralization of all production manufacturing, processing and testing activities to Kelowna. Following the quarters end, we saw the streamlining of all cultivation activities at our facility in Atholville, New Brunswick. We have also completed the bulk of our portfolio rationalization to focus on top-performing SKUs and make way for innovation, including 41 new offerings this past quarter. These pivotal maneuvers solidy our position to drive top line growth and set us on the course to achieve profitability within cannabis operating segment.

謝謝你，坦克。在第三季度，我們實施了重大策略性舉措來加強我們的大麻業務。這包括將所有生產製造、加工和測試活動集中到基洛納。季度結束後，我們看到我們位於新不倫瑞克省阿索爾維爾的工廠的所有種植活動都得到了簡化。我們也完成了大部分產品組合合理化工作，重點是表現最佳的 SKU，並為創新讓路，包括上個季度推出的 41 款新產品。這些關鍵舉措鞏固了我們推動營收成長的地位，並使我們走上在大麻經營領域實現盈利的道路。

This quarter, our cannabis segment generated $21 million in net revenue marking a healthy 77% increase from the same period in 2022. This substantial growth is primarily attributed to the acquisition of Valens.

本季度，我們的大麻業務淨收入為 2,100 萬美元，較 2022 年同期健康成長 77%。這一大幅成長主要歸功於收購 Valens。

Gross margin for the quarter was negative $8.7 million compared to $0.2 million in the third quarter of 2022, largely due to inventory impairment associated with the company's strategic changes at all. This quarter's outcome reflects the impact of our facility footprint reorganization, causing material constraints in our adult recreation segment. This was a transitional phase essential for operational and financial efficiency. These vital steps lay the groundwork to achieve positive cash flow and expand margins in the cannabis segment.

該季度的毛利率為負 870 萬美元，而 2022 年第三季的毛利率為 20 萬美元，這主要是由於與公司策略變化相關的庫存減損。本季的結果反映了我們設施佔地重組的影響，導致我們的成人娛樂領域受到物質限制。這是一個對於營運和財務效率至關重要的過渡階段。這些重要步驟為實現正現金流和擴大大麻領域的利潤奠定了基礎。

I'm happy to report the majority of these entrants are now behind us. SNDL expects by optimizing its facility footprint to result in over $10 million in annual savings from its cannabis operations segment through reduced fixed overhead, power cost, labor efficiencies.

我很高興地向大家報告，大多數參賽者現在已經落後於我們了。 SNDL 預計，透過優化其設施佔地面積，透過降低固定管理費用、電力成本和勞動力效率，其大麻業務部門每年可節省超過 1,000 萬美元。

Moving our cultivation to Atholville has cut our production costs per gram by nearly 80% compared to the old facility, which will materially increase our margin moving forward. The team in Atholville has also made immense improvements in both yield and average THC, which we expect to continue those improvements through 2024.

與舊工廠相比，將我們的種植轉移到 Atholville 使每克生產成本降低了近 80%，這將大大提高我們未來的利潤率。 Atholville 的團隊在產量和平均 THC 方面也取得了巨大的進步，我們預計這些改進將持續到 2024 年。

With our facility reorganization in place, we are prepared to scale capacity and drive stability in key categories to increase total revenue in forthcoming quarters. Following this heavy lift, we can better focus on product growth.

隨著我們的設施重組到位，我們準備擴大產能並推動關鍵類別的穩定性，以增加未來幾季的總收入。完成這項重大任務後，我們可以更專注於產品成長。

Looking to product innovation. In Q3, SNDL optimized brand portfolio by streamlining nearly 50% of its total offerings across all brands. This tactical move enables us to be hyper focused on high-performance SKUs. Key consumer categories in leading market innovations, focusing on depth versus breadth. The primary goal of the portfolio rationalization is to enhance revenue and margin growth, elevating the profitability of the cannabis operations segment and capturing increased market share.

尋求產品創新。第三季度，SNDL 透過精簡所有品牌近 50% 的總產品來優化品牌組合。這項戰術舉措使我們能夠高度關注高性能 SKU。領先市場創新的關鍵消費類別，注重深度與廣度。投資組合合理化的主要目標是提高收入和利潤成長，提高大麻業務部門的獲利能力並擴大市場份額。

Through a rigorous tightening of our demand planning processes and a substantial increase in production capacity in the coming quarters, we are well positioned to fully leverage our vertical integration platform. Finally, to provide an update on our international and B2B opportunities. Our B2B segment is healthy. We are already exceeding our targets for Q4. We are focused on a fewer, bigger, better approach for our B2B partnerships to ensure we deliver exceptional and consistent quality to our partners.

透過嚴格收緊我們的需求規劃流程並在未來幾季大幅提高產能，我們已做好充分利用我們的垂直整​​合平台的準備。最後，提供有關我們的國際和 B2B 機會的最新資訊。我們的 B2B 細分市場健康發展。我們已經超越了第四季的目標。我們專注於以更少、更大、更好的方式建立 B2B 合作夥伴關係，以確保我們為合作夥伴提供卓越且一致的品質。

This refined focus empowers us to scale with our most reliable partners while not compromising total output. We are committed to expanding internationally, looking to emerging markets like the U.K. and Germany, where we see growth opportunities potentially matching or exceeding our domestic B2B opportunities. We are confident that the decisive strategic measures we have implemented will firmly establish our cannabis segment for growth and sustain profitability in the quarters ahead. Our streamlined operations can (inaudible) limit our robust production capabilities, deep consumer insights and cost-effective operating platform, place SNDL in a strong position to realize our objectives in 2024 and beyond.

這種精煉的專注使我們能夠與最可靠的合作夥伴一起擴大規模，同時不影響總產量。我們致力於國際擴張，著眼於英國和德國等新興市場，我們認為這些市場的成長機會可能與我們國內的 B2B 機會相符或超過。我們相信，我們實施的果斷策略措施將堅定地建立我們的大麻業務，以實現未來幾季的成長並維持獲利能力。我們簡化的營運可能（聽不清楚）限制我們強大的生產能力、深入的消費者洞察和具有成本效益的營運平台，使 SNDL 處於有利地位，以實現我們在 2024 年及以後的目標。

I will now pass the call back to Zach for closing remarks.

我現在將把電話轉回給扎克，讓他發表結束語。

Reflecting on the past quarter, I want to acknowledge the dedication and effort of my colleagues that has been essential progress. We know that considerable work lies ahead as we strive towards realizing sustainable free cash flow and increase shareholder value. Our strong balance sheet and improved operations set us apart in a competitive market, enabling SNDL to focus on long-term strategic growth rather than short-term fixes or aspirational claims. I want to thank our team for their commitment and our shareholders for their trust and support. Thank you.

回顧過去的季度，我要感謝同事們的奉獻和努力，這是至關重要的進步。我們知道，在努力實現可持續的自由現金流和增加股東價值的過程中，還有大量工作要做。我們強大的資產負債表和改善的營運使我們在競爭激烈的市場中脫穎而出，使 SNDL 能夠專注於長期策略成長，而不是短期修復或理想的主張。我要感謝我們團隊的承諾以及股東的信任與支持。謝謝。

(Operator Instructions). Our first question comes from Frederico Gomes of ATB Capital Markets.

（操作員說明）。我們的第一個問題來自 ATB Capital Markets 的 Frederico Gomes。

Congrats on the free cash flow generation this quarter. My first question is on your liquor retail segment. So obviously, very strong margins in the segment this quarter. And you mentioned your sales mix, procurements, the private label program. I'm curious, do you think you have a lot of material, I guess, efficiency to be achieved from those 3 areas going forward that could support even higher margins. And then to that point as well on the data licensing program that you're launching next year, what impact could that have in those margins going forward, just taking as a base of your cannabis retail segment and that seems very substantial. So just curious on the magnitude of that data licensing program for liquor retail.

恭喜本季自由現金流的產生。我的第一個問題是關於你們的酒類零售部門。顯然，本季該領域的利潤率非常高。您提到了您的銷售組合、採購、自有品牌計畫。我很好奇，你是否認為你有很多材料，我猜，未來這三個領域可以實現更高的效率，可以支持更高的利潤。然後到了這一點，以及您明年推出的數據許可計劃，這會對未來的利潤產生什麼影響，僅作為您的大麻零售部門的基礎，這似乎非常重大。所以只是對酒類零售數據許可計劃的規模感到好奇。

Fred, thanks for the question. We are really heads down right now in the midst of our 2024 budgeting process. So we're not going to give too much detail on guidance for individual programs. But I would say that when it comes to liquor segment, we are seeking margin improvement north of 100 basis points. And we'll be able to get more granular on that as we finalize our process and have our 2024 budgets approved by our Board.

弗雷德，謝謝你的提問。我們現在正處於 2024 年預算編制過程中。因此，我們不會就個別計劃的指導提供太多細節。但我想說的是，就白酒領域而言，我們正在尋求利潤率提高 100 個基點以上。當我們最終確定流程並獲得董事會批准 2024 年預算時，我們將能夠更詳細地了解這一點。

Perfect. Looking at your, I guess, your U.S. investment and exposure and just thinking about how -- have that news about the potential risk scheduling of cannabis. So just curious how does that impact your strategy in that market. Does it change your thesis and your willingness to allocate more capital there?

完美的。我想，看看您在美國的投資和風險敞口，然後想想如何獲得有關大麻潛在風險安排的新聞。所以只是好奇這會如何影響您在該市場的策略。它會改變你的論文以及你在那裡分配更多資本的意願嗎？

That's a great question. In terms of the impact of rescheduling, it will have a material impact on the free cash flow being generated by those entities. But in terms of our willingness to deploy more capital, we've got a lot on our plate right now, and we're really focused on ensuring that we're bringing efficiencies and optimizing current operations. We're also cognizant of the cash on our balance sheet. So I would never say never. But we have a lot of work to do in terms of what's on our plate today.

這是一個很好的問題。就重新安排的影響而言，它將對這些實體產生的自由現金流產生重大影響。但就我們部署更多資本的意願而言，我們現在有很多工作要做，我們真正專注於確保提高效率並優化當前營運。我們也了解資產負債表上的現金。所以我永遠不會說永遠不會。但就今天的工作而言，我們還有很多工作要做。

And then finally, just the last one for me. The sensing with U.S.A. structure. Is that already being under review by the NASDAQ? Or how long do you think that process could take? And then meanwhile, while that's not complete, does that have any impact on your day-to-day operations of the Parallel and Skymint assets?

最後，對我來說只是最後一個。採用美國結構的感測。納斯達克是否已在接受審查？或者您認為這個過程可能需要多長時間？同時，雖然這還不完整，但這會對您的 Parallel 和 Skymint 資產的日常營運產生任何影響嗎？

So all of my comments here are going to be subject to review and support by NASDAQ. We've stated publicly that we expect both of these transactions while the restructuring terms have been completed, there are still a few minor conditions precedent. And both license transfer and exchange approvals that are required. So we believe that we'll be able to bring this to resolution sometime in Q1. And we don't expect that process to have any material negative impact in terms of day to day operations. Both businesses are being transformed currently. And a lot of progress has been made to improve their operations.

因此，我在這裡的所有評論都將受到納斯達克的審查和支持。我們已公開表示，我們預計這兩項交易將在重組條款完成後完成，但仍有一些次要先決條件。並且需要許可證轉讓和交換批准。因此，我們相信我們能夠在第一季的某個時候解決這個問題。我們預計該流程不會對日常營運產生任何重大負面影響。目前，這兩家公司都在轉型。在改善他們的營運方面已經取得了許多進展。

Our next question comes from [Yewon Kang] of Canaccord Genuity.

我們的下一個問題來自 Canaccord Genuity 的 [Yewon Kang]。

This is [Yewon Kang] on behalf of Matt Bottomley. I wanted to ask about the $11 million charge under corporate operations under consolidated net revenues. Could you provide more color or granularity behind what was in relation to that $11 million charge in terms of which business operations it was related to? And what specific events happened throughout the quarter that led to this.

我是 [Yewon Kang]，代表馬特·博頓利 (Matt Bottomley)。我想詢問合併淨收入下公司營運項下 1,100 萬美元的費用。您能否提供更多關於 1100 萬美元費用背後的細節或細節，以及它與哪些業務運營相關？整個季度發生了哪些具體事件導致了這一情況。

Alberto, do you want to take this one?

阿爾貝托，你想買這個嗎？

Yes, absolutely. Thank you for the question, Yewon. So actually, the charge is related to the revenue that we have in our cannabis operations and our cannabis retail, where there is an overlap between the 2 of them. We just noticed as we were stepping into the third quarter that the size of those revenues being produced in cannabis operations that end up being as well sold in our retail business after they go through the provincial boards was paying in size as we are expanding our business.

是的，一點沒錯。謝謝你的提問，葉媛。因此，實際上，這筆費用與我們的大麻業務和大麻零售收入有關，兩者之間存在重疊。我們剛剛注意到，當我們進入第三季度時，大麻業務產生的收入規模在通過省級委員會後最終在我們的零售業務中銷售，隨著我們擴大業務，這些收入的規模也隨之增加。 。

And as we reach a certain level of materiality, we decided to start eliminating that intercompany, we could call it intercompany double count of revenue. So this is the first quarter that we're doing that entry. We will continue doing it going forward. And we have provided as well in our financial statements a table that shows by how much would be the amounts that we have adjusted as well for Q1 and Q2 of this year. And as I said, it's purely related to the volumes and the revenue that goes through our cannabis operations segment that end up being as well sold through our Cannabis Retail segment after they go through the Boards.

當我們達到一定的重要性水準時，我們決定開始消除公司間收入，我們可以稱之為公司間收入重複計算。這是我們進行該條目的第一季。今後我們將繼續這樣做。我們還在財務報表中提供了一個表格，顯示我們今年第一季和第二季調整的金額是多少。正如我所說，這純粹與我們的大麻業務部門的銷售和收入有關，這些業務部門在通過董事會後最終也透過我們的大麻零售部門進行銷售。

Got it. And just to add on to that, same under Cannabis Operations segment and specifically related to the asset rising initiatives and other operational efficiency initiatives that you guys have been implementing there. Gross margins seem to be continuing to remain in a negative territory up until Q3. But with now all of these initiatives kind of being completed, could we expect these margins to show improvement going forward in Q4 and into 2024?

知道了。除此之外，在大麻營運部門也是如此，特別是與你們在那裡實施的資產增加計畫和其他營運效率計畫有關。直到第三季度，毛利率似乎繼續保持在負值區間。但現在所有這些措施都已完成，我們是否可以預期這些利潤率會在第四季和 2024 年出現改善？

Yes. So you're still seeing the impact of biomass revaluations. And with the rationalization of our cultivation and processing footprint, we're expecting to be in a position to have those reduced materially, if not eliminated in 2024. And so we'll still likely see some noise impact our Q4 results. But we're trying to leave as much of that noise behind in 2023 and are looking forward to a much -- presenting a much cleaner view on operations in 2024.

是的。所以你仍然看到生物質重估的影響。隨著我們種植和加工足跡的合理化，我們預計到 2024 年，即使沒有消除，也將能夠大幅減少這些情況。因此，我們仍然可能會看到一些噪音影響我們第四季的業績。但我們正努力在 2023 年將盡可能多的噪音拋在腦後，並期待在 2024 年對營運提出更清晰的看法。

(Operator Instructions). Our next question comes from Pablo Zuanic of Zuanic & Associates.

（操作員說明）。我們的下一個問題來自 Zuanic & Associates 的 Pablo Zuanic。

Just first on the Liquor segment, Zack. When you look at some of your Canadian LP peers, one of them has been very acquisitive in the U.S., right, in terms of buying beer brands and liquid assets. As you continue to build the liquor business, I understand right now it's retail, but now you're going to start producing your own wine, it seems you are buying, I suppose for the private label. Would be -- with buying beer brands outside or wine brands outside of Canada or in Canada be part of the strategy as you grow that business?

首先是酒類部分，札克。當你觀察一些加拿大的有限合夥人同行時，你會發現其中一位在美國非常熱衷於收購啤酒品牌和流動資產。當你繼續發展酒類業務時，我知道現在它是零售業，但現在你要開始生產自己的葡萄酒，看來你正在購買，我想是為了自有品牌。當您發展業務時，購買加拿大境外的啤酒品牌或加拿大境外或加拿大境內的葡萄酒品牌是否會成為策略的一部分？

Good morning, Pablo, and thanks for the question. Look, it's a possibility if we were outside of Canada given Tied House and other regulations that would restrict us from doing so inside of Canada. But we're very focused on owning the consumer and creating strong retail experiences. And so there's nothing on our plate today that would suggest that we are taking a hard look at acquiring liquor brands in the U.S. or abroad.

早安，巴勃羅，謝謝你的提問。聽著，如果我們在加拿大境外，鑑於捆綁屋和其他法規限制我們在加拿大境內這樣做，這是有可能的。但我們非常注重吸引消費者並創造強大的零售體驗。因此，今天我們的工作中沒有任何事情表明我們正在認真考慮收購美國或國外的酒類品牌。

Okay. And then just moving on to cannabis operations, right? You're talking about becoming a major player. Obviously, you have the balance sheet to do so. I don't know if you want to give an update in the need to scale up your beer M&A. I couldn't tell from the filings where you still own the stake in Village Farms. But outside of EFF, I mean, it's just to me that you need to scale up, especially if you're talking about trying to become a relevant player in international. Any comments on that?

好的。然後繼續進行大麻業務，對嗎？你正在談論成為一名主要球員。顯然，您有資產負債表可以做到這一點。我不知道您是否願意提供有關擴大啤酒併購規模的最新資訊。我從文件中無法看出你仍然擁有鄉村農場的股份。但在 EFF 之外，我的意思是，對我來說，你需要擴大規模，特別是如果你正在談論努力成為國際上的相關參與者。對此有何評論？

Yes, it's a great question. I think the long-term requirements for SNDL in terms of ownership or contracting to acquire quality, reasonably priced biomass is still somewhat up in the air. You see a lot of volatility in the Canadian market. Price compression has made procurement a very attractive opportunity for us. We're certainly committed to eliminating any exposure to high-cost cultivation and may look at other opportunities. We have disclosed that we've exited all of our material equity investments, but we will continue to look at strong low-cost, high-quality producers for potential opportunities in the future.

是的，這是一個很好的問題。我認為 SNDL 在所有權或簽訂合約以獲得優質、價格合理的生物質方面的長期要求仍然有些懸而未決。您會看到加拿大市場波動很大。價格壓縮使採購對我們來說是一個非常有吸引力的機會。我們當然致力於消除任何高成本種植的風險，並可能尋找其他機會。我們已經透露，我們已經退出了所有重大股權投資，但我們將繼續尋找強大的低成本、高品質生產商，以尋找未來的潛在機會。

Got it. And then just one last one in terms of SunStream USA. If I heard right, I think you mentioned that SunStream is sponsored by SNDL. But I mean, obviously, SNDL still owns 50% of SunStream, right? So the question would be, I guess of the $550.5 million, how many are in assets that you're taking ownership of, right? It's Parallel and Skymint, but not all of the portfolio you are equitizing, I suppose.

知道了。最後一項是 SunStream USA。如果我沒聽錯的話，我想您提到 SunStream 是由 SNDL 贊助的。但我的意思是，SNDL 顯然仍然擁有 SunStream 50% 的股份，對吧？所以問題是，我猜這 5.505 億美元中，有多少是您擁有的資產，對嗎？我想，它是 Parallel 和 Skymint，但不是所有您要股票化的投資組合。

And if you can give some color there, that would be helpful in terms of $550.5 million. But more important than that, if in the end, when we look at how Canopy growth has gone back and forth in terms of their own plans to -- for Canopy, USA, if in the end, you hit a wall in terms of trying to be NASDAQ-listed, equitizing those assets and having them in your books, would you consider just selling them to comply with the NASDAQ rules?

如果你能在那裡提供一些顏色，那將有 5.505 億美元的幫助。但比這更重要的是，如果最終，當我們看看 Canopy 的增長如何在他們自己的計劃方面來回移動時——對於美國 Canopy 來說，如果最終，你在嘗試方面遇到了障礙為了在納斯達克上市，將這些資產股權化並將其記入您的帳簿中，您是否會考慮出售它們以遵守納斯達克規則？

Thanks, Pablo. Obviously, we're all working through an environment that is not a sellers' market, okay? So let's just start with that, regardless of the scenario. But in this case, we are highly confident we have -- we have very reputable counsel that has worked on these issues with NASDAQ and sought and received approval under similar structures. I just want to remind you and the audience that our SunStream joint venture is structured such that SNDL as required, does not engage in any plant touching activities in the United States. And we are a noncontrol participant in SunStream. So think of it as a conventional sort of GP-LP, general partner, limited partner arrangement, where both SAF and SNDL are owners of the general partnership, but SNDL is the sole LP in that scenario.

謝謝，巴勃羅。顯然，我們都在一個不是賣方市場的環境中工作，好嗎？因此，無論情況如何，我們都從這裡開始。但在這種情況下，我們非常有信心——我們有非常有信譽的律師，他們曾與納斯達克合作解決這些問題，並在類似的結構下尋求並獲得批准。我只是想提醒您和觀眾，我們 SunStream 合資企業的結構使得 SNDL 根據要求不會在美國從事任何植物接觸活動。我們是 SunStream 的非控制參與者。因此，可以將其視為傳統的 GP-LP、普通合夥人、有限合夥人安排，其中 SAF 和 SNDL 都是普通合夥企業的所有者，但 SNDL 是該場景中的唯一 LP。

And so we report based on a structure that would be similar to any alternative credit portfolio that you would see in the marketplace. And for that reason, we haven't broken out a ton of detail on individual positions. If you look at the filings that are available in the U.S., you'll see that of that total balance, which, again, has also been adjusted for the fair market value where we have written it down.

因此，我們的報告是基於類似於您在市場上看到的任何替代信貸投資組合的結構。出於這個原因，我們沒有透露有關各個職位的大量細節。如果您查看美國提供的文件，您會看到總餘額，該總餘額也已根據我們記下的公平市場價值進行了調整。

Over half of that balance would be dedicated to positions that are going through equitization processes. And as you actually point out, we will likely see resolution in the other cases where we have large principal balances that should be coming back to us over the next 24 months. Some of these things are amortizing principal back to us today. So that would be a source of cash for us in the future. And we don't really -- we don't see a scenario where we aren't able to get this done. I would just point to some of the differences between your reference to Canopy. The types of businesses that Canopy is acquiring is very different than the exposure that we have, right? So if you take Skymint and Parallel, for example, these are 2 ones in SSO, ones in MSO, both started their live as vertically integrated operators. So not the same as tackling a product brand or producer in vape or edible categories, which has been a focus for Canopy as well.

超過一半的餘額將專門用於正在進行股票化流程的職位。正如您實際上指出的那樣，我們可能會在其他情況下看到解決方案，即我們擁有大量本金餘額，這些餘額應該在未來 24 個月內返還給我們。其中一些事情今天正在將本金攤還給我們。所以這將成為我們未來的現金來源。我們確實沒有看到我們無法完成這項工作的情況。我只想指出您提到的 Canopy 之間的一些差異。 Canopy 正在收購的業務類型與我們擁有的業務類型非常不同，對吧？因此，如果以 Skymint 和 Parallel 為例，它們是 SSO 中的 2 個，MSO 中的 2 個，都是作為垂直整合運營商開始生存的。因此，這與解決電子煙或食用類別的產品品牌或生產商不同，這也是 Canopy 的重點。

So the path is one that had been well trodden, and we believe that we will have all the requisite support and consents from regulators and that would include our exchange NASDAQ. So again, look forward to wrapping this up and closing in Q1, but we still have some wood to chop and a few more steps to take to close these transactions and finalize support from the NASDAQ.

因此，這條道路已經被廣泛採用，我們相信我們將獲得監管機構的所有必要支持和同意，其中包括我們的納斯達克交易所。再次強調，期待在第一季完成並完成交易，但我們仍然有一些木材需要砍伐，還需要採取一些步驟來完成這些交易並最終獲得納斯達克的支持。

That's very helpful. Good color there. If I may, I'm going to ask -- add one in terms of Nova. I mean the outside it keeps on being extended, but obviously, as moral regulatory issue and the parties have agreed to do the deal, right? But is this more about you being plant-touching in Canada and now owning a retail chain. Is that the issue? And how do you want to deal with that? That's the last one.

這非常有幫助。那裡的顏色很好。如果可以的話，我會問——用 Nova 來添加一個。我的意思是外部它不斷延長，但顯然，由於道德監管問題，各方已同意進行交易，對吧？但這更多的是關於你在加拿大接觸植物並且現在擁有一家零售連鎖店嗎？這是問題所在嗎？你想如何處理這個問題？這是最後一張。

Pablo, it's a great question. Look, in terms of both parties, our tolerance for further delays is reaching its limits. Anyone who studies this industry or operates within it, understands just how frustrating the state-by-state and province-by-province, the regulatory ground game can be. So we're not going to make additional comments at this time, but we are looking forward to updating investors in the near future.

巴勃羅，這是一個很好的問題。看來，對雙方來說，我們對進一步拖延的容忍度已經到了極限。任何研究這個行業或在其中運作的人都知道，各州、各省之間的監管遊戲是多麼令人沮喪。因此，我們目前不打算發表更多評論，但我們期待在不久的將來向投資者通報最新情況。

This concludes the question-and-answer session. I would like to turn the conference back over to Zach George for any closing remarks.

問答環節到此結束。我想將會議轉回扎克·喬治發表閉幕詞。

Thanks all for attending our third quarter conference call. Look forward to updating you in the future. Thanks.

感謝大家參加我們的第三季電話會議。期待您日後的更新。謝謝。

This concludes today's conference call. You may disconnect your lines. Thank you for participating, and have a pleasant day.

今天的電話會議到此結束。您可以斷開線路。感謝您的參與，祝您有個愉快的一天。