Tilray Brands Inc (TLRY) 2024 Q3 法說會逐字稿

Thank you for joining today's conference call to discuss Tilray Brands' financial results for the third quarter of fiscal year 2024 ended February 29, 2024. (Operator Instructions)

感謝您參加今天的電話會議，討論 Tilray Brands 截至 2024 年 2 月 29 日的 2024 財年第三季度的財務業績。（操作員說明）

I will now turn the call over to Ms. Berrin Noorata, Tilray Brands' Chief Corporate Affairs and Communications Officer. Thank you. You may now begin.

我現在將把電話轉給 Tilray Brands 首席企業事務和傳播官 Berrin Noorata 女士。謝謝。你現在可以開始了。

Thank you, operator, and good morning, everyone. By now you should have access to the earnings press release, which is available on the Investors section of the Tilray Brands' website at Tilray.com and has been filed with the SEC and SEDAR.

謝謝接線員，大家早安。現在，您應該可以訪問收益新聞稿，該新聞稿可在 Tilray 品牌網站 Tilray.com 的投資者部分獲取，並已向 SEC 和 SEDAR 備案。

Please note that during today's call, we will be referring to various non-GAAP financial measures that can provide useful information for investors. However, the presentation of this information is not intended to be considered in isolation or as a substitute for the financial information presented in accordance with GAAP. The earnings press release contains a reconciliation of each non-GAAP financial measure to the most comparable measure prepared in accordance with GAAP.

請注意，在今天的電話會議中，我們將提及各種非公認會計準則財務指標，這些指標可以為投資者提供有用的信息。然而，這些資訊的呈現並非旨在被孤立地考慮或作為根據 GAAP 呈現的財務資訊的替代品。收益新聞稿包含每項非公認會計原則財務指標與根據公認會計原則編製的最具可比性指標的調節表。

In addition, we will be making numerous forward-looking statements during our remarks and in response to your questions. These statements are based on our current expectations and beliefs and involve known and unknown risks and uncertainties, which may prove to be incorrect. Actual results could differ materially from those described in those forward-looking statements.

此外，我們將在發言和回答您的問題時做出大量前瞻性陳述。這些陳述是基於我們目前的期望和信念，涉及已知和未知的風險和不確定性，可能被證明是不正確的。實際結果可能與這些前瞻性陳述中所述的結果有重大差異。

The text in our earnings press release includes many of the risks and uncertainties associated with such forward-looking statements. Today, we will be hearing from key members of our senior leadership team beginning with Irwin Simon, Chairman and Chief Executive Officer, who will provide opening remarks and commentary, followed by Carl Merton, Chief Financial Officer, who will review our quarterly financial results for the third quarter and update our financial guidance for the fiscal year 2024. Also joining us for the question-and-answer segment are Denise Faltischek, Chief Strategy Officer and Head of International; Blair MacNeil, President of Tilray Canada; and Ty Gilmore, President of our US beer business.

我們的收益新聞稿中的文字包含與此類前瞻性陳述相關的許多風險和不確定性。今天，我們將聽取我們高級領導團隊主要成員的講話，首先是董事長兼首席執行官歐文·西蒙(Irwin Simon)，他將發表開場白和評論，然後是首席財務官卡爾·默頓(Carl Merton) ，他將審查我們的季度財務業績第三季度並更新我們 2024 財年的財務指引。首席策略長兼國際業務主管 Denise Faltischek 也加入了我們的問答環節。 Blair MacNeil，Tilray 加拿大公司總裁；以及我們美國啤酒業務總裁 Ty Gilmore。

And now I'd like to turn the call over to Tilray Brands' Chairman and CEO, Irwin Simon.

現在我想將電話轉給 Tilray Brands 董事長兼執行長歐文·西蒙 (Irwin Simon)。

Thank you, Berrin. Good morning, everyone, and thank you for joining us. At Tilray Brands, we take great pride in our mission to be the most responsible, trusted, and market-leading cannabis and consumer products company across the globe. Today, with our complementary business units, we believe Tilray Brands is the best positioned company in the world to take advantage of all the positive regulatory tailwinds happening globally with cannabis legalization and drug policy reform. In Canada, Tilray continues to lead the cannabis industry with the leading portfolio of adult-use brands and the number-one market share.

謝謝你，貝林。大家早安，感謝您加入我們。在 Tilray Brands，我們為成為全球最負責任、最值得信賴和市場領先的大麻和消費品公司的使命感到非常自豪。如今，憑藉我們互補的業務部門，我們相信 Tilray Brands 是世界上處於最佳地位的公司，能夠利用全球範圍內大麻合法化和藥品政策改革帶來的所有積極監管順風車。在加拿大，Tilray 憑藉領先的成人用品牌組合和第一的市場份額，繼續引領大麻產業。

In the event, the current excise tax regime were to be replaced with a 10% ad valorem tax based on the value of the product sold and not a per gram tax, we expect an annual savings of $80 million. We also expect to benefit from additional cannabis-related regulatory reforms around marketing and THC potencies. I'll take a deeper dive into the Canadian market shortly.

如果目前的消費稅制度被基於所售產品價值的 10% 從價稅取代，而不是每克稅，我們預計每年可節省 8,000 萬美元。我們也預計將從圍繞行銷和 THC 效力的其他與大麻相關的監管改革中受益。我很快就會更深入地了解加拿大市場。

In Germany, Tilray has the leading cannabis market share by revenue for the trailing 12 months, and we believe we are best positioned to capture a large portion of the expected growth in the medical market with both our in-country cultivation facility in Germany and our state-of-the-art facility in Portugal.

在德國，以過去12 個月的收入計算，Tilray 擁有領先的大麻市場份額，我們相信，憑藉我們在德國的國內種植設施和我們的公司，我們最有能力抓住醫療市場預期增長的很大一部分。

We also have the ability to ship products from Canada into Germany. In the US, Tilray has multiple options and, in particular, is well positioned to benefit from the federal legalization of medical cannabis as a result of rescheduling. Yes, we believe that the rescheduling of cannabis from Schedule I to Schedule III in the US would provide a path for Tilray to sell pharmaceutical-grade medical cannabis in the US subject to doctor prescriptions.

我們也能夠將產品從加拿大運送到德國。在美國， Tilray 有多種選擇，特別是，由於重新安排，它處於有利地位，可以從醫用大麻聯邦合法化中受益。是的，我們相信，將美國大麻從附表 I 重新安排到附表 III 將為 Tilray 在美國根據醫生處方銷售藥品級醫用大麻提供一條途徑。

This is a different strategy from what MSOs are doing today. We believe there's an opportunity to supply medical cannabis products from our existing operations into the US for medical purposes. Further, in the event of a future federal adult-use and medical cannabis legalization in the US, we believe Tilray is well positioned to immediately leverage its strong global leadership position, know-how, and strategic strengths across operations, distribution, and brands to sell THC-infused products across its robust distribution network and sales channels in the US.

這與 MSO 目前的做法不同。我們相信有機會從我們現有的業務中向美國供應醫用大麻產品用於醫療目的。此外，如果美國未來聯邦成人使用和醫用大麻合法化，我們相信 Tilray 處於有利位置，可以立即利用其在運營、分銷和品牌方面強大的全球領導地位、專業知識和戰略優勢，透過其在美國強大的分銷網絡和銷售通路銷售添加THC 的產品。

Today, Tilray is a clear outlier in the global cannabis industry because we're the only company with global expertise in both adult-use and medical cannabis. Our innovation comes from GMP-certified pharmaceutical-grade medicines through all recreational cannabis formats, including THC-infused beverages, which also parlays into our beverage strategy. We have rigorous cannabis quality control, regulatory affairs, branding, marketing, sales and distribution. We also have the number-one cannabis market share in Canada, the number-one cannabis market share in Germany as measured by revenue, and we distribute medical cannabis in over 20 countries around the world.

如今，Tilray 顯然是全球大麻產業的異類，因為我們是唯一一家在成人使用和醫用大麻方面擁有全球專業知識的公司。我們的創新來自 GMP 認證的醫藥級藥物，貫穿所有休閒大麻形式，包括注入 THC 的飲料，這也融入了我們的飲料策略。我們有嚴格的大麻品質控制、監管事務、品牌、行銷、銷售和分銷。以收入衡量，我們在加拿大擁有第一大大麻市場份額，在德國擁有第一大大麻市場份額，並且我們在全球 20 多個國家分銷醫用大麻。

Since 2019, we quickly develop a diversified and award-winning portfolio of brands backed by a best-in-class operations in Canada, the US, Europe, Australia, and Latin America that support our goals of becoming a multi-billion-dollar cannabis and consumer products company that addresses the needs of consumers and patients we serve today.

自 2019 年以來，我們迅速開發了多元化且屢獲殊榮的品牌組合，並以加拿大、美國、歐洲、澳洲和拉丁美洲一流的營運為後盾，支持我們成為價值數十億美元的大麻公司的目標和消費品公司，滿足我們今天所服務的消費者和患者的需求。

As you know, the leadership team at Tilray has the expertise of buying CBG brands and building them into somewhat greater than they were before. Our creative portfolio of beverage brands includes craft beers, spirits, ready-to-drink cocktails, ciders, and non-alcoholic beverages. We are now the fifth largest craft brewer in the US with a 4.5% share of the craft beer market. With over 500 beer distributors alone, Tilray is now dominating key regions across the US with our craft beer brands in the Northeast, Pacific Northwest, Midwest, and Southeast, along with one of the most awarded bourbon brands with Breckenridge distillery, which continues to gain market share across whiskey, vodka and gin products.

如你所知，Tilray 的領導團隊擁有購買 CBG 品牌並將其打造成比以前更大的專業知識。我們的創意飲料品牌組合包括精釀啤酒、烈酒、即飲雞尾酒、蘋果酒和非酒精飲料。我們現在是美國第五大精釀啤酒製造商，佔據精釀啤酒市場 4.5% 的份額。僅有500 多家啤酒經銷商，Tilray 現在憑藉我們在東北部、太平洋西北地區、中西部和東南部的精釀啤酒品牌以及布雷肯里奇釀酒廠(Breckenridge Distillery) 的最受讚譽的波本威士忌品牌之一，在美國的主要地區佔據主導地位，該釀酒廠繼續獲得殊榮威士忌、伏特加和杜松子酒產品的市場份額。

Our wellness brands include Manitoba Harvest, hemp-based food products, ingredients and snacks, as well as our Happy Flower, our CBD-infused beverages and our recently relaunched HiBall energy drinks, which in its first month on Amazon received over $1 million in orders. With the appropriate approvals, we're also looking to introduce hemp-based Delta-9 beverages and products with our Happy Flower brand and across other wellness brands in the US.

我們的健康品牌包括 Manitoba Harvest、大麻食品、食材和零食，以及 Happy Flower、CBD 飲料和最近重新推出的 HiBall 能量飲料，該飲料在亞馬遜上市第一個月就收到了超過 100 萬美元的訂單。在獲得適當的批准後，我們還希望透過我們的 Happy Flower 品牌以及美國的其他健康品牌推出以大麻為基礎的 Delta-9 飲料和產品。

And finally, we own and operate a European medical cannabis and pharmaceutical distribution business in Germany, CC Pharma, also known as Tilray Pharma, with a robust footprint, reaching 13,000 pharmacies in Germany alone. With broader medical cannabis use doctor prescriptions in Germany, we expect there to be tremendous demand for medical cannabis within pharmacies.

最後，我們在德國擁有並經營歐洲醫用大麻和藥品分銷業務，CC Pharma，也稱為 Tilray Pharma，業務足跡廣泛，僅在德國就涵蓋了 13,000 家藥局。隨著德國醫生處方醫用大麻的使用範圍擴大，我們預計藥房內對醫用大麻的需求將會龐大。

I can't predict the future, but my belief is there will be a lot of cannabis regulatory changes we've seen with Germany in Canada and the US, and Tilray is best equipped to reach these underlying opportunities. And we have the assets and the tools to reach our goal for Tilray Brands to deliver industry-leading profitable growth and sustainable long-term shareholder value through a focus on these three fundamentals: maximizing profitable revenue growth through organic growth and strategic acquisitions with strong synergy opportunities, realizing the benefits of optimized asset utilization and cost management to ensure an efficient cost structure across all our business segments and to strengthen our industry-leading balance sheet and cash position.

我無法預測未來，但我相信我們在德國、加拿大和美國都會看到很多大麻監管變化，而 Tilray 最有能力抓住這些潛在機會。我們擁有資產和工具來實現Tilray Brands 的目標，即透過專注於以下三個基本原則來實現業界領先的獲利成長和永續的長期股東價值：透過有機成長和具有強大協同效應的策略性收購來實現利潤收入成長最大化機會，實現優化資產利用和成本管理的好處，以確保我們所有業務部門的高效成本結構，並加強我們行業領先的資產負債表和現金狀況。

During Q3, we achieved net revenue of $188 million representing approximately 30% growth over the previous year. We grew our revenue across our core business segments. This was achieved by focusing on organic growth of legacy brands and enhancing the performance of our more recent strategic acquisitions.

第三季度，我們實現淨收入 1.88 億美元，比上一年增長約 30%。我們的核心業務部門的收入有所成長。這是透過專注於傳統品牌的有機成長和提高我們最近的策略收購的業績來實現的。

Gross profit was $49.4 million despite impact of the newly acquired craft beverage brands, which have a lower margin. Our net loss was $105 million, which only $4.5 million represented loss from operations. And cash used in operating activities was $15.6 million. Adjusted gross profit was $51.6 million. Adjusted EBITDA was $10.2 million, adjusted net income of $900,000 and adjusted EPS of zero. We delivered positive adjusted free cash flow for the quarter.

儘管受到新收購的精釀飲料品牌（利潤率較低）的影響，毛利仍為 4,940 萬美元。我們的淨虧損為 1.05 億美元，其中營運虧損僅 450 萬美元。經營活動使用的現金為 1560 萬美元。調整後毛利為 5,160 萬美元。調整後的 EBITDA 為 1,020 萬美元，調整後的淨利為 90 萬美元，調整後的每股盈餘為零。我們本季實現了正調整自由現金流。

Over the last three quarters, we significantly reduced our convertible debt by $205 million, decreasing our net debt to approximately $175 million, and we'll work to continue reducing our indebtedness, optimizing our capital structure, and enhancing our financial flexibility. The net reduction in our convertible debt will decrease our annual interest expense by $9.8 million, which flows directly to adjusted net loss and adjusted free cash flow.

在過去的三個季度中，我們將可轉換債務大幅減少了 2.05 億美元，將淨債務減少至約 1.75 億美元，我們將努力繼續減少債務、優化資本結構並增強財務靈活性。可轉換債務的淨減少將使我們的年度利息支出減少 980 萬美元，這直接流入調整後的淨虧損和調整後的自由現金流。

Let's now dive deeper into each of our business segments. We grew our global cannabis net revenue by 33% to $63.4 million in Q3 compared to the previous-year quarter, driven by our acquisition of HEXO and Truss as well as our international business and innovation in the Canadian markets.

現在讓我們更深入地了解我們的每個業務部門。受我們收購 HEXO 和 Truss 以及我們在加拿大市場的國際業務和創新的推動，我們第三季的全球大麻淨收入比去年同期成長了 33% 至 6,340 萬美元。

Net Canadian cannabis revenue grew 31% to $49.4 million in Q3 compared to the previous year. We achieved this growth with the HEXO acquisition despite price compression totaling $3.1 million from our prior-year quarter and a crippling tax structure that has allowed taxes to spike while prices declined by more than 50%. Excise tax increased by $8.2 million and amounted to $21.8 million or 32% of our gross Canadian cannabis revenue in Q3 compared to $13.6 million or 26% in the same quarter last year.

第三季加拿大大麻淨收入與去年同期相比成長了 31%，達到 4,940 萬加元。儘管價格比去年同期壓縮了 310 萬美元，稅收結構嚴重惡化，導致稅收飆升，而價格卻下降了 50% 以上，但我們透過收購 HEXO 實現了這一增長。第三季消費稅增加了 820 萬加元，達到 2,180 萬加元，佔加拿大大麻總收入的 32%，而去年同期為 1,360 萬加元，佔 26%。

Recent enforcement efforts by Canada Revenue Agency, [guarding] LP payments from the provincial boards is already having an impact on our competitors, over 1,000 of whom have negligible market share. The continue enforcement by CRA, we believe, will lead to further and necessary industry consolidation perhaps out on a mass level.

加拿大稅務局最近的執法行動，[保護]省級委員會的有限合夥人付款已經對我們的競爭對手產生了影響，其中 1,000 多家競爭對手的市場份額微乎其微。我們相信，CRA 的持續執法將導致進一步且必要的產業整合，或許是大規模的。

Canada continues to be the largest federally legal and commercial adult-use cannabis market in the world, and Tilray brands maintains that number-one market share position in the country. We are number one in Ontario, number one in Quebec, number one in British Columbia, which together represents over 60% of the population of Canada. We're also number one in cannabis flower, oils, concentrates, and THC beverages; number two in pre-rolls; and number four in vapes; and in the top 10 and all other categories, all while operating under rigorous, high-quality control standards.

加拿大仍然是世界上最大的聯邦合法和商業成人用大麻市場，Tilray 品牌在該國保持第一的市場份額地位。我們在安大略省排名第一，在魁北克省排名第一，在不列顛哥倫比亞省排名第一，這三個省的人口合計佔加拿大人口的 60% 以上。我們在大麻花、油、濃縮物和 THC 飲料方面也排名第一；預卷中排名第二；電子煙領域排名第四；排名前 10 名和所有其他類別的產品均在嚴格的高品質控制標準下運作。

Our focus in Canada is on two things. First, growing sales primarily through continuous launches of new product innovation. And second, taking more and more costs out of our businesses. On a ladder, a large part of our acquisition strategy for HEXO and Truss involves removing legacy cost and skew rationalization from these businesses. For HEXO, we originally targeted $27 million, but then increased that to between $30 million and $35 million, of which we've already achieved $27.5 million in savings on an annualized run rate basis, of which $15.6 million his realized cost savings during the period.

我們在加拿大的重點有兩件事。首先，銷售成長主要透過不斷推出新產品創新來實現。其次，降低我們業務的成本。在階梯上，我們對 HEXO 和 Truss 的收購策略的很大一部分涉及消除這些業務的遺留成本和傾斜合理化。對於HEXO，我們最初的目標是2700 萬美元，但後來將其提高到3000 萬至3500 萬美元，其中按年化運行率計算，我們已經實現了2750 萬美元的節省，其中他在此期間實現了1560 萬美元的成本節省。

Our HEXO integration plan includes streamlining our Canadian operations, improving utilization of our core facilities, improving margins and maximizing cash opportunities by pursuing divestitures and consolidating facilities. We plan to close the Cayuga facility and move its cannabis cultivation to our existing Canadian production line, sell our Masson facility in Quebec, which is currently cultivating cucumbers as a vegetable operator, and sell the Belleville facility and move our manufacturing to our London facility for our beverages. We expect this plan to result in one-time $70 million to $85 million of Canadian cash flow -- inflow opportunity and accretive to margins and net income by $5 million to $7 million on an annual basis.

我們的 HEXO 整合計劃包括精簡我們的加拿大業務、提高核心設施的利用率、提高利潤率以及透過資產剝離和整合設施來最大化現金機會。我們計劃關閉卡尤加工廠並將其大麻種植轉移到我們現有的加拿大生產線，出售我們在魁北克省的馬森工廠，該工廠目前作為蔬菜經營者種植黃瓜，並出售貝爾維爾工廠並將我們的生產轉移到我們的倫敦工廠我們的飲料。我們預計該計劃將一次性為加拿大帶來 7,000 萬至 8,500 萬加元的現金流——流入機會，並每年使利潤和淨利潤增加 500 萬至 700 萬加元。

From a regulatory standpoint, the expert panel appointed by the federal government clearly highlights three areas of focus which Tilray would benefit from once implemented. First, excise tax reduction, which I've talked about, both in adult recreation and medical would benefit Tilray $80 million. Secondly, there is a proposed opportunity for pharmacies to carry CBD and medical cannabis for medical patients, which would move plant-based medicines into the mainstream as an options for patients to treat ailments.

從監管的角度來看，聯邦政府任命的專家小組明確強調了 Tilray 一旦實施將受益的三個重點領域。首先，我已經談過，成人娛樂和醫療領域的消費稅減免將使 Tilray 受益 8000 萬美元。其次，藥局有機會為醫療患者提供 CBD 和醫用大麻，這將使植物性藥物成為主流，成為患者治療疾病的選擇。

And finally, enforcement against illicit websites, dispensaries that don't contribute to excise tax and put you at risk through unregulated product channels available easily online with e-transfer and Canadian post mail. We think Canada Post and the Canadian banking systems are responsible for shutting down access to these unlawful establishments.

最後，對非法網站和藥房進行執法，這些網站和藥房不繳納消費稅，並透過電子轉帳和加拿大郵政郵件輕鬆在線提供的不受監管的產品管道使您面臨風險。我們認為加拿大郵政和加拿大銀行系統有責任關閉這些非法機構。

Turning to international cannabis, we grew net revenue organically by 44% year over year to $14 million, and we remain the number one market leader in medical cannabis across Europe with a leading market share in Germany and Poland. Tilray's international growth has also been driven by increased sales in our existing markets such as Portugal, Italy, the UK, Australia, and New Zealand.

談到國際大麻，我們的淨收入年增 44%，達到 1,400 萬美元，我們仍然是歐洲醫用大麻市場的第一大市場領導者，在德國和波蘭的市佔率處於領先地位。Tilray 的國際成長也受到葡萄牙、義大利、英國、澳洲和紐西蘭等現有市場銷售成長的推動。

The new German medical market opportunity is projected to be approximately $3 billion in the medium term, while the European opportunity could represent a potential $45 billion medical market alone. In the long term, our presence in Europe allows Tilray to grow our global brand portfolio through a base of over 700 million people in Europe, which is twice the population of US.

中期來看，德國新的醫療市場機會預計約為 30 億美元，而歐洲的醫療市場機會可能達到 450 億美元。從長遠來看，我們在歐洲的業務使 Tilray 能夠透過歐洲超過 7 億人口（是美國人口的兩倍）擴大我們的全球品牌組合。

While much of the media attention related to the new cannabis reform in Germany has been centered around cultivation for personal use and the establishment of cannabis social clubs, the new opportunities for Tilray flow mostly from the removal of medical cannabis from the Narcotics Act. The [de-scheduled] change is expected to significantly expand the medical cannabis market in Germany as it would allow for more doctors to prescribe medical cannabis more easily to patients and potentially allow for a broader health insurance coverage.

儘管媒體對德國新大麻改革的大部分關注都集中在供個人使用的種植和大麻社交俱樂部的建立上，但 Tilray 的新機會主要來自《麻醉品法》中刪除醫用大麻。[取消計劃]的變化預計將顯著擴大德國的醫用大麻市場，因為它將允許更多的醫生更容易地向患者開出醫用大麻處方，並可能允許更廣泛的健康保險覆蓋範圍。

We will, therefore, be increasing our educational efforts to bring more and more health professionals onboard with medical cannabis as therapeutic options. We estimate that less than 0.4% of the population in Germany are presently buying medical cannabis compared with 4% in states like Pennsylvania. In Germany, we also stand to benefit from the abolishment of the tender process for in-country cultivation of medicinal cannabis, which is being replaced with a licensing scheme.

因此，我們將加強教育力度，讓越來越多的衛生專業人員接受醫用大麻作為治療選擇。我們估計，目前德國只有不到 0.4% 的人口購買醫用大麻，而賓州等州的比例為 4%。在德國，我們也將從廢除國內藥用大麻種植招標程序中受益，該程序正在被許可計劃所取代。

We are currently one of the only three in-country cultivation facilities in Germany today, and these legislative changes would allow us to better meet patients' need by expanding our medical cannabis product offerings. This would in turn significantly increase our cannabis production in Germany by five times more than double our revenue opportunities.

我們目前是德國僅有的三個國內種植設施之一，這些設施變化將使我們能夠透過擴大我們的醫用大麻產品供應來更好地滿足患者的需求。這反過來將使我們在德國的大麻產量顯著增加五倍以上，是我們收入機會的兩倍多。

Tilray opportunities in the US cannabis remained strong. Over the past several years, our playbook of expanding our business beyond cannabis through adjacencies and complementary markets has positioned Tilray well for the current environment as well for future growth opportunities. While we currently do not engage in any US cannabis operations because of federal regulations, we are well positioned to participate and win in a federally legalized market when that change is either rescheduling or medical cannabis or the passage of federal cannabis legalization given our deep knowledge, global expertise in medical and adult-use cannabis and the regulatory compliance applied.

Tilray 在美國大麻領域的機會仍然強勁。在過去的幾年裡，我們透過毗鄰和互補市場將業務擴展到大麻以外的業務，使 Tilray 能夠很好地適應當前環境以及未來的成長機會。雖然由於聯邦法規的原因，我們目前不從事任何美國大麻業務，但鑑於我們的深厚知識，當這種變化是重新安排或醫用大麻或聯邦大麻合法化的通過時，我們處於有利地位，可以參與並贏得聯邦合法化市場，醫療和成人用大麻的全球專業知識以及適用的監管合規性。

Tilray's playbook in the US is to build and deliver iconic sought-out brands in the beverage alcohol and the CBG backed by product excellence and innovation, educate consumers about our brands and our stringent quality standards to encourage trial and foster loyalty, and last but not least, to drive and scale and distribute to get our brands into consumer hands to grow our market share.

Tilray 在美國的策略是在飲料酒精和CBG 領域打造和提供廣受歡迎的標誌性品牌，以產品卓越和創新為後盾，向消費者宣傳我們的品牌和嚴格的品質標準，以鼓勵嘗試並培養忠誠度，最後但並非如此至少，推動、擴展和分銷，讓我們的品牌進入消費者手中，從而擴大我們的市場份額。

Moving to our beverage segment, which is quickly approaching approximately $300 million annualized. As mentioned earlier, Tilray Brands is now the fifth largest cracker in the US with a 4.5% craft beer market share, and we aspire to be a top-12 beverage company in the US. Q3 beverage alcohol net revenue was $54.7 million, representing 165% growth year over year. Tilray now holds a 4.5% of the craft beer market share in the US, and we're just getting started and ramping up of this.

轉向我們的飲料領域，該領域的年銷售額正迅速接近約 3 億美元。如前所述，Tilray Brands 目前是美國第五大餅乾，擁有 4.5% 的精釀啤酒市場份額，我們渴望成為美國排名前 12 的飲料公司。第三季飲料酒精淨收入為 5,470 萬美元，年增 165%。Tilray 目前佔據美國精釀啤酒市場 4.5% 的份額，而我們才剛開始並加強。

Our legacy brands are SweetWater, Montauk, Alpine's Nelson and Green Flash demonstrates our ability to successfully grow existing brands along with our recent acquisition of 12 craft brands from ABI -- InBev. We have gained in scale and see further expansion opportunities. SweetWater remains the number-one brand family in Georgia, multi-outlets. Montauk remains the number-one brand family in Metro New York, having increased its distribution by 28% versus last year.

我們的傳統品牌包括 SweetWater、Montauk、Alpine's Nelson 和 Green Flash，證明了我們成功發展現有品牌的能力，以及我們最近從 ABI 收購的 12 個精釀啤酒品牌——英博。我們的規模已經擴大，並看到了進一步擴張的機會。SweetWater 仍然是喬治亞州第一大品牌家族，擁有多個銷售點。Montauk 仍然是紐約都會區第一大品牌家族，其分銷量比去年增加了 28%。

Tilray is now the number-one craft supplier year to date in the Pacific Northwest. 10 Barrel's volume growth increased by 413 basis points since Tilray took over the brand, and we're now capitalizing on the success of 10 Barrel pub beer brand extensions by adding Pub Ice, Pub Cerveza line extensions. Both innovations, we are extremely excited to launch. Growing 24%, Pub Beer is now a top-20 brand on the West Coast with only half the distribution of top competitors due to its focus on the Pacific Northwest states.

Tilray 目前是太平洋西北地區今年迄今排名第一的工藝品供應商。自 Tilray 接管品牌以來，10 Barrel 的銷量成長了 413 個基點，我們現在透過增加 Pub Ice 和 Pub Cerveza 系列延伸，利用 10 Barrel 酒吧啤酒品牌延伸的成功。我們非常高興能夠推出這兩項創新。Pub Beer 成長了 24%，現已成為西海岸排名前 20 的品牌，由於其重點關注太平洋西北地區，其分佈範圍僅為頂級競爭對手的一半。

Still, our ambition is to be much higher as we're aiming and uniquely positioned to become a top-12 beverage alcohol business. This will be accomplished by leveraging our portfolio to win more occasions through core products such as craft beer and beyond through innovation to categories like flavored malt beverages, ready-to-drink cocktails and spirits. But ultimately, our plans go beyond alcohol as we will be expanded into sparkling water, energy drinks, and other categories.

儘管如此，我們的目標是更高，因為我們的目標和獨特定位是成為前 12 名的飲料酒精企業。為此，我們將利用我們的產品組合，透過精釀啤酒等核心產品贏得更多機會，並透過風味麥芽飲料、即飲雞尾酒和烈酒等類別的創新來贏得更多機會。但最終，我們的計劃超越了酒精，因為我們將擴展到蘇打水、能量飲料和其他類別。

This is important because we have the manufacturing facilities, the distribution, and the sales and marketing infrastructure to drive Tilray businesses. Working with the BCG, we developed a clear and focused strategy to drive top-line and bottom-line growth for our beverage businesses. The three-pronged approach will deploy our regional strategy called [Dual] to stabilize scale brands such as SweetWater, Montauk, Blue Point in their respective key adjacent regional markets across the US and maximize their potential to gain market share from competitors.

這很重要，因為我們擁有推動 Tilray 業務的製造設施、分銷以及銷售和行銷基礎設施。我們與 BCG 合作制定了明確且重點突出的策略，以推動飲料業務的營收和利潤成長。三管齊下的方法將部署我們稱為「雙」的區域策略，以穩定SweetWater、Montauk、Blue Point等規模品牌在美國各自關鍵相鄰區域市場的地位，並最大限度地發揮其從競爭對手那裡獲得市場佔有率的潛力。

Dual is already paying off. According to BI sales to retail data, Tilray has increased its market share of total beer in 13 states, including key beer markets such as Oregon, Washington, Colorado, Idaho, Minnesota, and Arizona when comparing share before and after the craft acquisition. In the Southeast alone, we've improved trends by 4.6% post-acquisition. For Q3, 10 Barrel has seen a 12.3% increase in distribution amongst our top 10 distributors when compared to the same time last year and when comparing six months pre-acquisitions with the five months post-acquisition, overall trends have improved 3.3%.

Dual 已經得到了回報。根據BI銷售零售數據顯示，在精釀收購前後的份額比較中，Tilray在13個州的啤酒總量市場份額有所增加，其中包括俄勒岡州、華盛頓州、科羅拉多州、愛達荷州、明尼蘇達州和亞利桑那州等主要啤酒市場。光是在東南部地區，收購後我們的趨勢就改善了 4.6%。第三季度，與去年同期相比，10 Barrel 前 10 名經銷商的分銷量增加了 12.3%，並將收購前 6 個月與收購後 5 個月進行比較，總體趨勢改善了 3.3%。

Overall trends for Blue Point have improved 1.3%, whilst number-one distributor has improved trends by 3.8%, and those are just a few examples. We are also executing a national brand strategy beginning with revitalizing Shock Top to win as a national craft beer overtime by targeting share and connect occasions to reach mainstream male and female drinkers.

Blue Point 的整體趨勢改善了 1.3%，而第一大經銷商的趨勢改善了 3.8%，這些只是幾個例子。我們也正在執行一項全國品牌策略，從振興 Shock Top 開始，透過瞄準分享和聯繫場合來吸引主流男性和女性飲酒者，以加時贏得全國精釀啤酒的稱號。

We think there is tremendous upside with Shock Top as according to our qualitative research. Shock Top has the highest purchase intent among 12 of the largest beer brands. This is why we're focused on increasing distribution and getting this brand back into the hands of consumers. We are already on our way. In Q3, Shock Top's number-one distributor has increased distribution 24% versus last year, while on-premise distribution has increased by 0.5% over last year among Shock Top's top-10 distributors.

根據我們的定性研究，我們認為 Shock Top 具有巨大的優勢。Shock Top 在 12 個最大的啤酒品牌中購買意願最高。這就是為什麼我們專注於增加分銷並使該品牌重新回到消費者手中。我們已經上路了。第三季度，Shock Top 的第一大經銷商的分銷量比去年增加了 24%，而 Shock Top 的十大經銷商的本地分銷量比去年增加了 0.5%。

We are aggressively launching new and often disruptive innovation across our beer and non-alcoholic craft through increased portfolio of brand appeal to new consumers and new occasions. Many of our newly acquired brands have not had innovation in the last couple of years among many others. Recent examples include Liquid Love for heartfelt hydration; Runner's High, a non-alcoholic craft brew for athletes; HiBall and HardBall, a non-carbonated 10% ABV product sold in 16.9-ounce, plastic resealable containers and non-carbonated Shock Top LiiT Hard Tea.

我們正在透過增加對新消費者和新場合的品牌吸引力，在我們的啤酒和非酒精工藝中積極推出新的、往往是顛覆性的創新。我們新收購的許多品牌在過去幾年中都沒有創新。最近的例子包括用於衷心補水的 Liquid Love； Runner's High，專為運動員打造的無酒精精釀啤酒； HiBall 和 HardBall 是一種非碳酸 10% ABV 產品，以 16.9 盎司、可重新密封的塑膠容器和非碳酸 Shock Top LiiT 硬茶出售。

Let me say that we're working to get the cost structure right, brainstorming the productivity and profitability of the breweries we acquired. We expect that our beer gross margins will increase once we fully realize the cost savings achieved in connection with the fully integrated beverage alcohol platform as we move away from the existing co-packing manufacturing agreements with ABI and increase our productivity in our newly acquired breweries and 13 brew pubs.

我想說的是，我們正在努力調整成本結構，集思廣益，提高我們收購的啤酒廠的生產力和獲利能力。我們預計，一旦我們完全實現與完全整合的飲料酒精平台相關的成本節約，隨著我們放棄與ABI 現有的聯合包裝製造協議並提高我們新收購的啤酒廠和工廠的生產力，我們的啤酒毛利率將會增加。

Finally, let's discuss our wellness segment represented mostly by Manitoba Harvest, which is fostering a positive impact on people and the planet through hemp by making ongoing commitments to sustainability with breakthrough initiatives such as investment in regenerated agriculture. Revenue grew 12% in Q3 to $13.4 million compared to last year.

最後，讓我們討論一下以 Manitoba Harvest 為代表的健康部門，該部門透過投資再生農業等突破性舉措，不斷致力於永續發展，透過大麻對人類和地球產生積極影響。第三季營收較去年成長 12%，達到 1,340 萬美元。

We partner with bioactives company, Brightseed to revolutionize the functional fiber market and break-through product, Manitoba Harvest, bioactive fiber, which is now exclusively available at Whole Foods markets nationwide. Incredibly, 95% of Americans do not consume the recommended daily intake of fiber. This product provides 6 grams of both soluble and insoluble fiber per serving and is the only fiber solution containing two powerful hemp-based phase bioactive for gut health. Moving forward, the team continues to assess the opportunity to bring in hemp derivative Delta-9 beverages to market under Happy Flower and Tilray Brands.

我們與生物活性公司 Brightseed 合作，徹底改變了功能性纖維市場，並推出了突破性產品 Manitoba Harvest 生物活性纖維，該產品現已在全國 Whole Foods 市場獨家銷售。令人難以置信的是，95% 的美國人沒有攝取建議的每日纖維攝取量。本產品每份提供 6 克可溶性和不溶性纖維，是唯一含有兩種對腸道健康具有強大生物活性的大麻基相的纖維解決方案。展望未來，該團隊將繼續評估將大麻衍生性 Delta-9 飲料以 Happy Flower 和 Tilray 品牌推向市場的機會。

With that, I'll now turn the call over to Carl to discuss our financials in greater detail. Carl?

現在，我將把電話轉給卡爾，更詳細地討論我們的財務狀況。卡爾？

Thank you, Irwin. Recall that we present our financial results in accordance with US GAAP and in US dollars. Throughout our discussion, we will be referring to both GAAP and non-GAAP adjusted results, and we encourage you to review the reconciliation contained within our press release from our reported results under GAAP for the corresponding non-GAAP measures.

謝謝你，歐文。請記住，我們根據美國公認會計原則並以美元呈現我們的財務表現。在我們的討論中，我們將提及 GAAP 和非 GAAP 調整後的結果，我們鼓勵您查看我們的新聞稿中包含的根據 GAAP 報告的結果與相應的非 GAAP 指標的調整表。

Let's now review our quarterly performance for the three months ended February 29, 2024. Q3 total net revenue rose to $188.3 million compared to the prior year quarter of $145.6 million, representing almost 30% growth. Excluding acquisitions completed within the fiscal year and the $8.7 million HEXO advisory fee captured in the prior-year quarter, our legacy businesses remained consistent despite a 13% revenue decline in our lowest margin segment.

現在讓我們回顧一下截至 2024 年 2 月 29 日的三個月的季度業績。第三季總淨收入增至 1.883 億美元，較去年同期的 1.456 億美元成長近 30%。不包括本財年完成的收購以及上一年季度收取的 870 萬美元 HEXO 諮詢費，儘管利潤率最低的細分市場收入下降了 13%，但我們的傳統業務仍保持穩定。

We continuously emphasize the strategic importance of our adjacency business model, which is a key differentiator for us. This is best reflected by the contribution of our four segments to our overall results, which shows that we are not too dependent on any individual segment having a disproportionate impact on our sales or profit growth. Each segment is also, in our view, on a path to sustainable long-term growth.

我們不斷強調鄰近業務模式的策略重要性，這是我們一個關鍵的差異化因素。這最好反映在我們的四個部門對整體業績的貢獻上，這表明我們並不太依賴對我們的銷售或利潤成長產生不成比例影響的任何單一部門。我們認為，每個細分市場也都走在可持續長期成長的道路上。

Looking at each segment now during Q3 and compared against the prior-year period, net beverage alcohol rose 165% and represented 25% of our total revenue mix, more than double relative to last year's 14% of total mix. Net cannabis revenue rose 33% and represented 34% of total mix, up slightly from 33% last year. Distribution revenue decreased 13% and represented 30% of total mix, down from 45% last year. And wellness revenue rose 12% and represented about 7% of total mix, down only slightly from 8% last year, respectively.

從第三季的每個細分市場來看，與去年同期相比，酒精飲料淨值成長了165%，占我們總收入組合的25%，比去年佔總收入組合的14% 增加了一倍多。大麻淨收入成長 33%，佔總收入的 34%，略高於去年的 33%。分銷收入下降 13%，佔總收入的 30%，低於去年的 45%。健康收入成長了 12%，佔總收入的 7% 左右，僅比去年的 8% 略有下降。

Diversification is also reflected in our geographic footprint. During Q3, more than 62% of our net revenue was generated in North America, roughly 36% was generated in EMEA, and the remaining 2% coming from other parts of the world. This compares to about half from North America and EMEA in Q3 last year with the variance related to the North American acquisitions we completed since that time, namely HEXO, the craft acquisition brands and the remainder of Truss Beverages.

多元化也體現在我們的地理足跡。第三季度，我們超過 62% 的淨收入來自北美，約 36% 來自歐洲、中東和非洲，其餘 2% 來自世界其他地區。相較之下，去年第三季大約有一半來自北美和歐洲、中東和非洲，差異與我們自那時以來完成的北美收購有關，即 HEXO、工藝收購品牌和 Truss Beverages 的其餘收購。

Let me first touch on the key current item related to cannabis before moving on to a discussion on profitability. We incurred $21.8 million in Canadian cannabis excise taxes during Q3, which are a reduction to revenue compared to only $13.6 million last year. The increase in excise taxes is reflected by a sharp increase in cannabis revenue generated in Canada versus the year-ago period due in part to the HEXO and Truss acquisitions and a change in our revenue mix to higher excise tax products.

在繼續討論盈利能力之前，讓我先談談與大麻相關的當前關鍵項目。第三季度，我們繳納了 2,180 萬美元的加拿大大麻消費稅，與去年僅為 1,360 萬美元相比，收入減少。消費稅的增加反映在加拿大產生的大麻收入與去年同期相比急劇增加，部分原因是 HEXO 和 Truss 的收購以及我們的收入組合向更高消費稅產品的變化。

Through the first three quarters of our fiscal year, we've incurred more than $75 million in excise taxes versus $47 million for the year-ago nine-month period. For many quarters, we have been on the record with respect to the inherent unfairness as to how the excise tax is predominantly computed, which is largely a fixed price on gram sold rather than as a percentage of the selling price. Because the selling prices declined meaningfully since the law was first enacted in 2018, it has made the excise tax a larger and larger component of net revenue over time, particularly as current growth categories like infused pre-rolls and concentrates become the biggest part of our sales mix.

在本財年的前三個季度，我們產生了超過 7,500 萬美元的消費稅，而去年同期的 9 個月期間為 4,700 萬美元。許多季度以來，我們一直在記錄消費稅主要計算方式的固有不公平性，消費稅主要是以銷售克數計算的固定價格，而不是銷售價格的百分比。由於自2018 年該法律首次頒布以來，銷售價格大幅下降，隨著時間的推移，消費稅在淨收入中的比重越來越大，特別是當前的增長類別，如註入預捲和濃縮物已成為我們的最大組成部分。

To prove this point further, excise tax amounted to 32% of gross Canadian cannabis revenue in Q3 compared to 26% in the same quarter last year. While through the first three quarters of the year, excise tax came to 34% of gross cannabis revenue versus 27% for the first nine months of fiscal 2023. In our view, and in the view of so many others, this price-based tax structure is crippling as it has allowed taxes to spike and the price of cannabis has declined by more than 50% since legalization.

為了進一步證明這一點，第三季消費稅佔加拿大大麻總收入的 32%，而去年同期為 26%。今年前三個季度，消費稅佔大麻總收入的 34%，而 2023 財年前九個月為 27%。在我們和許多其他人看來，這種基於價格的稅收結構正在造成嚴重後果，因為它導致稅收飆升，大麻價格自合法化以來已經下降了 50% 以上。

In late February, the Canadian House of Commons Standing Committee on Finance issued a report outlining several recommendations regarding the regulated adult-use cannabis industry, including the recommendation to adjust the tax structure. Recommendation 329, in particular, calls on legislators to make adjustments to the excise duty formula for cannabis so that it is limited to a 10% ad valorem rate. If enacted, this would be a welcome change that could result in $80 million in annualized revenue for our cannabis business, which would largely fall to the bottom line.

2月下旬，加拿大下議院財政常務委員會發布了一份報告，概述了有關受監管的成人用大麻行業的幾項建議，包括調整稅收結構的建議。建議 329 特別呼籲立法者調整大麻消費稅公式，將其從價稅率限制在 10%。如果獲得通過，這將是一個值得歡迎的變化，可能會為我們的大麻業務帶來 8000 萬美元的年化收入，這將很大程度上落入淨利潤。

The key to the government's plan and needed relief for our industry is that the provinces not enact their own excise tax to reflect the loss and taxes they are reaping from the status quo, increase their profits at the boards, or mandate that the tax savings are passed on directly to the consumer in the form of lower pricing. The budget announcement is next week, and we will be following developments closely but are resolute in our view that reform is greatly needed and measures must be enacted to stabilize the Canadian cannabis industry.

政府計劃和我們行業所需救濟的關鍵是，各省不會頒布自己的消費稅來反映他們從現狀中獲得的損失和稅收，增加他們在董事會的利潤，或者強制要求節省的稅收以較低的價格直接轉嫁給消費者。預算將於下周公布，我們將密切關注事態發展，但我們堅決認為，非常需要改革，必須採取措施穩定加拿大大麻產業。

Turning back to our performance, gross profit was $49.4 million compared to a loss of $11.7 million in the prior-year quarter while gross margin increased to 26% from negative 8% in the prior-year quarter. Adjusted gross margin decreased to 27% compared to 30% in the prior-year quarter. I will discuss adjusted gross margin by individual segment in a moment. However, the majority of the decrease relates to the addition of the new craft brands, which are subject to a co-manufacturing agreement with ABI until at least the end of Q1 next year and the prior year figure, including the HEXO advisory fees.

回到我們的業績，毛利為 4,940 萬美元，而去年同期為虧損 1,170 萬美元，而毛利率則從去年同期的負 8% 增至 26%。調整後毛利率從去年同期的 30% 下降至 27%。我稍後將討論各個細分市場的調整後毛利率。然而，下降的大部分與新工藝品牌的增加有關，這些品牌必須與 ABI 簽訂聯合製造協議，至少到明年第一季末為止以及上一年的數據，包括 HEXO 諮詢費。

Net loss improved to $105 million compared to a net loss of $1.2 billion in the prior-year quarter, which included $934 million of impairments. On a per share basis, this amounted to a net loss of $0.12 versus $1.90 in the prior-year quarter. Recall that last quarter, we introduced two new reporting metrics to our discussions, adjusted net income loss and adjusted earnings per share.

淨虧損改善至 1.05 億美元，而去年同期淨虧損為 12 億美元，其中包括 9.34 億美元的減損損失。以每股計算，這相當於淨虧損 0.12 美元，而去年同期為 1.90 美元。回想一下，上個季度，我們在討論中引入了兩個新的報告指標：調整後的淨收入損失和調整後的每股盈餘。

The definitions of both were identified in the press release, along with the relevant reconciliations and calculations. For Q3, we are reporting an adjusted net income of $900,000, which when calculated on a per-share basis results in EPS of zero for the quarter. Adjusted EBITDA was $10.2 million, down from $13.3 million in the prior-year quarter. This is mainly a consequence of the negative impact to cannabis gross margin related to wholesale revenue, the termination of the HEXO advisory services contract on our acquisition of HEXO in June and the co-manufacturing agreements with the new craft brands as I will explain shortly.

新聞稿中確定了兩者的定義以及相關的調節和計算。對於第三季度，我們報告的調整後淨利潤為 900,000 美元，以每股計算，該季度每股收益為零。調整後 EBITDA 為 1,020 萬美元，低於去年同期的 1,330 萬美元。這主要是由於與批發收入相關的大麻毛利率受到負面影響、我們在 6 月收購 HEXO 時終止的 HEXO 諮詢服務合約以及與新工藝品牌的聯合製造協議，我將很快解釋這一點。

During the quarter, we made great progress against the HEXO synergy plan, which we had previously increased to between $30 million and $35 million. As of the end of Q3, we achieved $27.5 million in savings on an annualized run rate basis, of which $15.6 million represented actual cost savings during the period.

本季度，我們在 HEXO 協同計劃方面取得了巨大進展，之前我們已將該計劃提高到 3000 萬至 3500 萬美元。截至第三季末，以年化運行率計算，我們實現了 2,750 萬美元的節省，其中 1,560 萬美元是該期間的實際成本節省。

Operating cash flow was negative $15.4 million compared to negative $18.6 million in the prior-year quarter. This improvement in cash used during Q3 this year was primarily related to achieve synergies of previously identified cost savings plans.

營運現金流為負 1,540 萬美元，而上年同期為負 1,860 萬美元。今年第三季現金使用量的改善主要與實現先前確定的成本節約計畫的協同效應有關。

Moving now to our four big business segments. Beverage alcohol revenue was $54.7 million, up 165% from $20.6 million in the prior-year quarter. The positive delta was due to contributions from the craft brands, which were purchased last fall. However, we note that the impact of dry January was far more of a headwind than it was for the industry in previous years.

現在轉向我們的四大業務部門。酒精飲料收入為 5,470 萬美元，比去年同期的 2,060 萬美元增長 165%。正增量歸因於去年秋天購買的工藝品品牌的貢獻。然而，我們注意到，一月份的乾旱對該行業的影響遠大於前幾年。

Beverage alcohol gross profit increased to $18.9 million compared to $10 million, while beverage alcohol gross margin decreased to 34% from 48% in the prior-year quarter. Adjusted gross margin fell to 38% from 53%. Both of these outcomes were a result of the craft brands, which currently have lower margins than our historical business. This is primarily due to co-manufacturing agreements for brewing. For greater context, adjusted gross margin for our legacy beverage business was 59% compared to the prior-year quarter of 53%, primarily as a result of an agreement with a distributor related to our spirits business.

酒精飲料毛利從去年同期的 1,000 萬美元增至 1,890 萬美元，而酒精飲料毛利率從去年同期的 48% 下降至 34%。調整後毛利率從 53% 降至 38%。這兩個結果都是手工藝品品牌的結果，目前手工藝品品牌的利潤率低於我們歷史上的業務。這主要是由於釀造的聯合製造協議。更廣泛的背景來看，我們傳統飲料業務的調整後毛利率為 59%，而去年同期為 53%，這主要是由於與我們的烈酒業務相關的經銷商達成的協議。

Adjusted gross margin from the craft brands was 26%. The improvement of gross margins in the beverage alcohol business, primarily in the beer portion of the business, represents a major focus for the organization. Gross cannabis revenue of $85.2 million was comprised of $62.1 million in Canadian adult-use revenue, $14 million in international cannabis revenue, $6.4 million in Canadian medical cannabis revenue and $2.8 million in wholesale cannabis revenue.

工藝品品牌的調整後毛利率為26%。酒精飲料業務（主要是啤酒業務）毛利率的提高是該組織的主要關注點。大麻總收入為 8,520 萬加元，其中包括 6,210 萬加元的加拿大成人使用收入、1,400 萬加元的國際大麻收入、640 萬加元的加拿大醫用大麻收入和 280 萬加元的批發大麻收入。

Net cannabis revenue, which excludes the aforementioned $21.8 million in excise taxes, was $63.4 million, representing a 33% increase from the year-ago period. The positive variances related to the increased organic growth of over 14% combined with contributions from the acquisitions of HEXO and Truss. Offsetting the increase in net cannabis revenue was the elimination of advisory services revenue totaling $8.7 million from the prior-year quarter due to the HEXO acquisition, which terminated the previous strategic arrangement that was in place.

扣除上述 2,180 萬美元的消費稅後，大麻淨收入為 6,340 萬美元，比去年同期成長 33%。正差異與超過 14% 的有機成長以及收購 HEXO 和 Truss 的貢獻有關。由於 HEXO 收購終止了先前已有的策略安排，諮詢服務收入比去年同期減少了 870 萬美元，抵消了大麻淨收入的成長。

While revenue from Canadian medical cannabis grew only slightly as the category is being impacted by competition from the adult-use market and its related price compression, revenue from Canadian adult use rose 37%, which was driven by new product innovation and increased revenue from HEXO and Truss. International cannabis grew 44%, largely because of growth in our existing markets and the expansion into emerging international medical markets. Wholesale cannabis revenue increased to $2.8 million from essentially zero last year as these sales are opportunistic and variable. We entered into this wholesale agreement to optimize our inventory levels and prioritize the generation of positive operating cash flow, however, unfavorably impacted our gross profit and EBITDA.

雖然加拿大醫用大麻的收入僅小幅增長，因為該類別受到成人使用市場的競爭及其相關價格壓縮的影響，但加拿大成人使用的收入增長了37％，這是由新產品創新和HEXO 收入增加推動的和特拉斯。國際大麻成長了 44%，這主要是由於我們現有市場的成長以及向新興國際醫療市場的擴張。大麻批發收入從去年基本為零增加到 280 萬美元，因為這些銷售具有機會性且可變。我們簽訂這項批發協議是為了優化我們的庫存水準並優先考慮產生正營運現金流，然而，這對我們的毛利和 EBITDA 產生了不利影響。

Cannabis gross profit was $20.9 million, and cannabis gross margin was 33% compared to negative $32.8 million and negative 69% in the prior-year quarter. Excluding the impact of the non-cash fair value purchase price accounting step-up and inventory valuation adjustments, adjusted gross margin decreased to 33% from 47%. As I said earlier, a portion of the margin decrease is a result of the termination of the HEXO advisory services agreement, which contributed zero gross profit in the current year compared to $8.7 million in the prior year, which if excluded, would decrease adjusted gross margin to 35%, essentially meaning that our cannabis gross margin was largely flat year over year.

大麻毛利為 2,090 萬美元，大麻毛利率為 33%，而去年同期為負 3,280 萬美元和負 69%。剔除非現金公允價值購買價格會計提升及存貨估價調整的影響，調整後毛利率從47%下降至33%。正如我之前所說，利潤率下降的部分原因是 HEXO 諮詢服務協議的終止，該協議在本年度貢獻了零毛利，而上一年為 870 萬美元，如果排除這一點，調整後毛利將減少利潤率達到35%，基本上意味著我們的大麻毛利率比去年同期基本持平。

Distribution revenue derived predominantly through Tilray Pharma decreased 13% to $56.8 million from $65.4 million in the prior-year quarter. Revenue was negatively impacted by infrastructure outages and weather which impacted revenue by just over $3 million and short-term challenges related to new rebate regulations. Tilray Pharma gross profit decreased to $5.6 million compared to $7.5 million in the prior-year period. Tilray Pharma gross margin decreased to 10% from 11% in the prior-year quarter because of product mix.

主要來自 Tilray Pharma 的分銷收入從去年同期的 6,540 萬美元下降 13% 至 5,680 萬美元。基礎設施中斷和天氣對收入產生了負面影響，影響收入略高於 300 萬美元，此外還受到與新回扣法規相關的短期挑戰。Tilray Pharma 毛利下降至 560 萬美元，而去年同期為 750 萬美元。由於產品組合的原因，Tilray Pharma 的毛利率從去年同期的 11% 下降至 10%。

Wellness revenue grew to 12% at $13.4 million from $12 million in the prior-year quarter. The increase was driven by our strategic focus on targeted advertising campaigns, aligned with emerging trends and healthier lifestyles, particularly around the new year, coupled with our continuous innovation efforts. Wellness gross profit was $4.1 million, up from $3.7 million in the prior-year quarter. And gross margin held at 30% compared to 31% in the prior-year period as we experienced a change in sales mix towards more bulk retail sales.

健康業務收入從去年同期的 1,200 萬美元增至 1,340 萬美元，成長 12%。這一增長是由於我們對有針對性的廣告活動的戰略重點、與新興趨勢和更健康的生活方式（特別是在新年前後）的結合以及我們不斷的創新努力所推動的。健康毛利為 410 萬美元，高於去年同期的 370 萬美元。由於我們經歷了銷售組合向更多大宗零售銷售的轉變，毛利率保持在 30%，而去年同期為 31%。

Our cash and marketable securities balance as of February 29 was $225.9 million, down from $408.3 million in the year-ago period. The majority of the variance was related to the payment at maturity of the Tilray 23s, a cash acquisition of the new craft brands, and settling assumed liabilities from HEXO including unpaid excise tax as well as legacy litigation settlements.

截至 2 月 29 日，我們的現金和有價證券餘額為 2.259 億美元，低於去年同期的 4.083 億美元。大部分差異與 Tilray 23 到期付款、新工藝品牌的現金收購以及解決 HEXO 承擔的負債（包括未付消費稅以及遺留訴訟和解）有關。

Having now completed three quarters of our fiscal year, it is clear that our prior fiscal 2024 guidance of adjusted EBITDA between $68 million and $78 million is no longer feasible. We have therefore lowered our adjusted EBITDA range to be between $60 million and $63 million which takes into consideration our performance through the three quarters, over $12 million year to date in price compression in the cannabis business, and continued expectations for the fourth quarter.

我們的財年已經完成了四個季度，很明顯，我們之前將 2024 財年調整後 EBITDA 控制在 6800 萬至 7800 萬美元之間的指導方針不再可行。因此，我們將調整後的EBITDA 範圍降低至6,000 萬美元至6,300 萬美元之間，考慮到我們三個季度的業績、今年迄今為止大麻業務價格壓縮超過1,200 萬美元，以及對第四季度的持續預期。

Still, fourth quarter represents a major increase from the current quarter, which is traditionally our lowest quarter due to the seasonality within our segment. The fourth quarter seasonality improvement is a function of our beer business leading up to the summer, a historically busy season -- new innovations scheduled to be launched as part of the spring reset, new innovation in our cannabis business, along with expected wholesale sales and in our distribution business as pharmacies buy in bulk for their customers ahead of them going on summer vacation.

儘管如此，第四季仍較本季大幅成長，由於我們細分市場的季節性因素，本季傳統上是我們業績最低的季度。第四季季節性改善是我們啤酒業務在夏季之前的一個功能，夏季是一個歷史上的繁忙季節——計劃作為春季重置的一部分推出的新創新、我們大麻業務的新創新以及預期的批發銷售和在我們的分銷業務中，藥局會在客戶放暑假之前為他們批量購買。

Recall that we also projected positive adjusted free cash flow from operations for the entire fiscal year, excluding our integration costs for HEXO, Truss, the new craft brands, and the cash income taxes associated with Aphria Diamond. Due to the timing of collecting the cash on the various asset sales mentioned, we now do not expect to achieve this prior adjusted free cash flow guidance. While we were adjusted free cash flow positive in the current quarter, our current expectations are for a very strong fourth quarter of adjusted positive free cash flow. Of course, we will continue managing CapEx as part of our efforts to strengthen our industry-leading balance sheet.

回想一下，我們也預期整個財年營運的調整後自由現金流為正，不包括 HEXO、Truss、新製程品牌的整合成本以及與 Aphria Diamond 相關的現金所得稅。由於上述各種資產出售收取現金的時間，我們現在預計不會實現先前調整後的自由現金流指引。雖然我們本季調整後的自由現金流為正，但我們目前的預期是第四季調整後的自由現金流將非常強勁。當然，我們將繼續管理資本支出，作為加強我們行業領先的資產負債表的努力的一部分。

Let me now conclude our prepared remarks and open the lines for questions from our covering analysts. Operator, what's the first question?

現在讓我結束我們準備好的發言，並開始接受我們的採訪分析師的提問。接線員，第一個問題是什麼？

Thank you. (Operator Instructions)

謝謝。（操作員說明）

Andrew Carter, Stifel.

安德魯卡特，斯蒂菲爾。

Hey, thank you. Good morning. Wanted to ask about the German changes. I mean, obviously it's going to likely manifest in a big uptick in patients with doctors now having more freedom to prescribe cannabis. But kind of thinking through this competitively, how do you see this as your position unique in being able to attack this market? I know that for the past five years, we've seen a lot of decks with Germany circled and capacity to hit that market. Is that capacity still out there? How expensive is it to maintain this? And can you give us a reminder of kind of the stringent quality standards you have to have in place to serve the German market? Thanks.

嘿，謝謝你。早安.想問一下德國的變化。我的意思是，顯然這可能會表現為患者數量大幅增加，而醫生現在可以更自由地開出大麻處方。但是，從競爭角度思考一下，您如何看待您在能夠攻擊這個市場方面的獨特地位？我知道在過去的五年裡，我們看到了許多帶有德國的套牌，並且有能力進入該市場。那能力還有嗎？維護這個要花多少錢？您能否提醒我們，為服務德國市場，您必須制定嚴格的品質標準？謝謝。

Andrew, thank you and great question. Number one, listen, we see the opportunities in Germany in multiple ways. We have a facility in Germany today and that Germany before only with service of tender to the German government. Now that tender will -- process will go away, and we'll be able to sell product into the marketplace. So that's number one.

安德魯，謝謝你，這是一個很好的問題。第一，聽著，我們從多個方面看到了德國的機會。我們現在在德國有一個工廠，而以前的德國只是向德國政府提供招標服務。現在招標流程將消失，我們將能夠將產品銷售到市場上。所以這是第一。

Number two is before, only a certain amount of doctors are able to prescribe cannabis, and it was a very small amount for specialty reasons. Now every doctor, because it's no longer a narcotic, will be able to prescribe cannabis. Number three, we also have a facility in Portugal, which will be able to supply Germany.

第二是以前，只有一定數量的醫生能夠開大麻處方，而且由於特殊原因，數量非常少。現在，每個醫生都可以開大麻處方，因為它不再是麻醉劑。第三，我們在葡萄牙也有工廠，可以向德國供貨。

Number four is we have something called Tilray Pharmacies in pharma, which is a distribution company that distributes cannabis and other medicines to over 13,000 drugstores. We have a team based in Germany. We have a sales team based in Germany. We have R&D; we have quality insurance. So we've been there for four or five years, and we've had some tough four or five years because of what's happening.

第四，我們在製藥領域有一家名為 Tilray Pharmacies 的公司，這是一家分銷公司，向 13,000 多家藥局分銷大麻和其他藥品。我們有一個位於德國的團隊。我們在德國有一個銷售團隊。我們有研發；我們有品質保險。所以我們已經在那裡待了四、五年了，由於發生的事情，我們度過了艱難的四、五年。

The other big thing here is Europe is a big country and with no longer being a narcotic and the decriminalized, we see lots of other places in our countries opening up.

另一件大事是歐洲是一個大國，不再是毒品和非犯罪化，我們看到我們國家的許多其他地方正在開放。

Denise -- I'll have to check here. As Head of Europe, Denise, is there anything I missed here or anything that you should add?

丹尼斯——我得檢查一下這裡。身為歐洲區負責人，丹尼斯，我有什麼遺漏的地方或您應該補充的地方嗎？

No, Irwin. You did not miss anything. Just to add a little bit more in terms of facts. So In terms of that abolishment of the tender that Irwin spoke about and the fact that under the new regulations, we'll be able to apply for a license with our facility in Neumunster.

不，歐文。你沒有錯過任何東西。只是根據事實添加一點內容。因此，就歐文所說的廢除招標以及根據新規定，我們將能夠在新明斯特的工廠申請許可證這一事實而言。

So today, just to refresh everyone's memory, we are subject to a tender contract. We are capped at about 1,000 kilograms that we can grow every year, and that is done pursuant to certain pricing. So with the abolishment of the tender, we now open up into a licensing process where we are now subject to just market conditions as it relates to patient demand.

所以今天，為了讓大家重溫一下記憶，我們要簽訂招標合約。我們每年的種植量上限約為 1,000 公斤，這是根據一定的定價完成的。因此，隨著招標的廢除，我們現在開始進入許可程序，我們現在只受到與患者需求相關的市場條件的約束。

And so we can utilize that facility to meet that demand, which will allow us to increase our capacities. We have the ability to, today, grow up to about 5,000 to 6,000 kilograms without any additional CapEx. And we can basically then also survive and have pricing that is subject to market demand today. So that is an immediate benefit there.

因此，我們可以利用該設施來滿足該需求，這將使我們能夠提高產能。今天，我們有能力在不增加資本支出的情況下將產量增加到約 5,000 至 6,000 公斤。然後我們基本上也可以生存並擁有符合當今市場需求的定價。所以這是一個直接的好處。

In terms of the ability to prescribe, we are amping up our ability to be in front of doctors and working on symposiums and educational platforms. One of the things we've done on the prescription platform software -- if a doctor wants to prescribe medical cannabis patient, they go to that page and there's Tilray banner at the bottom, which shows all of our portfolio of products, what the conditions are, how to prescribe. So we are out there also providing basically information for doctors who are willing to prescribe and want to prescribe.

在處方能力方面，我們正在增強我們在醫生面前的能力，以及在研討會和教育平台上的工作。我們在處方平台軟體上所做的一件事 - 如果醫生想要給患者開醫用大麻處方，他們會進入該頁面，底部有 Tilray 橫幅，其中顯示了我們所有的產品組合，以及條件是，如何開藥。因此，我們也為願意開處方和想要開處方的醫生提供基本資訊。

And here's the big thing, Andrew -- is we do have a branded Tilray brand, but the whole thing of socialized medicine and prescription and paying for it, we see lots of changes happening. So we have been working in the German market in regards to our products for pain for enzymes for sleep for cancer for epilepsy. So we've been all over that and take our expertise of what we do at medical cannabis in Canada and translate it there.

安德魯，最重要的是，我們確實擁有 Tilray 品牌，但在社會化醫療和處方以及付費方面，我們看到發生了很多變化。因此，我們一直在德國市場致力於生產止痛、酵素、睡眠、癌症、癲癇等產品。因此，我們已經全面解決了這個問題，並利用我們在加拿大醫用大麻方面的專業知識並將其轉化為那裡。

And secondly, like I said, there is a market out there that we'll be looking for medical cannabis, but ultimately using it for recreational cannabis. So from a standpoint, we really are excited about what's happened in Germany. It does not affect us in regards to the social measures that have come in place there. And we have the team; we have to grow; we have the infrastructure, the research and development ready to go here, and it's effective now.

其次，就像我說的，我們將尋找醫用大麻的市場，但最終將其用於娛樂大麻。因此，從角度來看，我們確實對德國發生的事情感到興奮。它不會影響我們在那裡採取的社會措施。我們有團隊；我們必須成長；我們已經準備好基礎設施、研發工作，而且現在就有效。

Nadine Surwat, Bernstein.

納丁·蘇爾瓦特，伯恩斯坦。

Hi, thank you. Two for me, please. First on the guidance, I appreciate the added color that you gave. Could you be a little bit more specific in perhaps what exactly has changed versus last quarter and this quarter, what sort of surprise to the downside and how do you see that progressing over the quarters to come?

你好，謝謝。請給我兩個。首先，關於指導，我很欣賞您所提供的添加色彩。您能否更具體地說明與上季和本季相比到底發生了什麼變化，下行方面有哪些意外，以及您如何看待未來幾季的進展？

And then my second question, I know you guys called out your number one position in Canadian cannabis. So looking at the market share numbers you guys quoted in the press release, I think that's on the downward trend for the last couple of quarters. So could you break down what's driving that, and if you think you can regain that over the quarters to come? And if so, how do you anticipate doing that? Thank you.

然後是我的第二個問題，我知道你們在加拿大大麻中排名第一。因此，看看你們在新聞稿中引用的市場份額數字，我認為過去幾季的市場份額呈下降趨勢。那麼，您能否分析一下是什麼推動了這一趨勢？如果是這樣，您預計會如何做？謝謝。

So I'm going to take -- start part of it. Number one, not all quarters. We recall this third quarter being one of our lowest quarters in regards to bev alcohol in our cannabis business -- our fourth quarters and our first quarter, second quarter. So that's -- if you look at our quarters, absolutely there's seasonality within all of these businesses.

所以我要開始其中的一部分。第一，不是所有季度。我們記得第三季是我們大麻業務中啤酒酒精含量最低的季度之一——我們的第四季、第一季、第二季。所以，如果你看看我們的季度，所有這些業務絕對都存在季節性。

Secondly, we did lose some share in Canada. Some of it was again coming back to price compression, and some of it was coming back to some of the prices in regards to our flower. The other thing what happened is we have a lot of innovation that was coming into the marketplace that we didn't get into the market in our third quarter, which we expect to be able to get back in our fourth quarter.

其次，我們確實失去了加拿大的一些份額。其中一些又回到了價格壓縮，還有一些又回到了我們花卉的一些價格。發生的另一件事是，我們有很多創新進入市場，但我們在第三季沒有進入市場，我們預計能夠在第四季度收回這些創新。

I think what's important here, again, there's been lots of price compression in Canada, where in regards to -- we talked about our percentage of excise tax and the market is changing dramatically there in regards to potencies and being -- infused pre-rolls, et cetera. So some of it is just timing and do I expect to get it back? Blair you're on the line. Do you expect to get your share back?

我認為這裡重要的是，加拿大進行了很多價格壓縮，我們討論了消費稅的百分比，而且那裡的市場在潛力和注入預卷方面正在發生巨大變化等等。所以有些只是時間問題，我希望能拿回來嗎？布萊爾，你在線上。您希望拿回您的份額嗎？

Yeah. Thanks, Irwin, and thanks, Nadine, for the call. Just to add a little bit more color to what everyone was talking about. Q2 and Q3 were our most operational complex periods. So in addition to what Irwin talked about what we also saw is when you are moving the location of SKUs and where they're going to be distributed from -- and one of the things we've done is centralized all our packaging and logistics out of Bloomington. That requires us to draw down inventories in each of the boards and then rebuild that inventory once we've changed the source location.

是的。謝謝歐文，也謝謝納丁的來電。只是為了讓大家談論的內容增添一點色彩。第二季和第三季是我們營運最複雜的時期。因此，除了 Irwin 談到的內容之外，我們還看到，當您移動 SKU 的位置以及它們將從哪裡分發時，我們所做的事情之一就是將所有包裝和物流集中起來。 。這要求我們減少每個板上的庫存，然後在更改來源位置後重建該庫存。

So what you're seeing in some of the numbers is in addition to the price compression Irwin talked about in the innovation side, is just a reflection of the operational complexity we implemented in Q2 and Q3. Once that is completed -- and it was all completed inside of Q3 -- that will generate very strong operational efficiencies for us moving forward as everything outside of beverages will be shipped out of one location.

因此，您在一些數字中看到的除了歐文在創新方面談到的價格壓縮之外，還反映了我們在第二季和第三季實施的營運複雜性。一旦完成——這一切都在第三季度內完成——這將為我們的前進帶來非常強大的營運效率，因為飲料以外的所有東西都將被運送到一個地點。

Carl?

卡爾？

I'll add a couple of things to add to the explanation as well. In our beverage alcohol business and I think in the entire industry was hit a little bit harder than it has in the past in terms of dry January. So I took away a bit of a portion of our sales expectation for the year. The beverage alcohol business with the new acquisition of the new brands, those brands are at a lower gross margin than the rest of our businesses. We're working very hard to have to bring those pieces up, and we will get that up over time.

我還將添加一些內容來添加到解釋中。在我們的飲料酒精業務中，我認為整個行業在一月份的干燥天氣中受到的打擊比過去要嚴重一些。所以我取消了今年銷售預期的一部分。飲料酒業務隨著新收購的新品牌而增加，這些品牌的毛利率低於我們其他業務。我們正在非常努力地工作，以將這些部分提出來，並且隨著時間的推移，我們會完成它。

As I said in the script, we expect to be able to bring those up much closer to the historical margins that we've achieved, but it's going to take it's going to take a few quarters and so it's just -- it's coming. It's really a function of the co-manufacturing agreements that we have and getting that production moved and into our facilities and organized in an effective manner while not causing operational problems during that move.

正如我在劇本中所說，我們希望能夠使這些目標更接近我們已經實現的歷史利潤，但這需要幾個季度的時間，所以它即將到來。這實際上是我們所擁有的聯合製造協議的一個功能，並將生產轉移到我們的設施中，並以有效的方式進行組織，同時不會在轉移過程中造成營運問題。

And in terms of the free cash flow guidance, we had some expectations on cash receipts on some of the bigger things, including on some of the make-whole provisions inside of the spirits business, which we now see coming in June or July as opposed to in May, and that's really what's led to that page.

就自由現金流指引而言，我們對一些較大事項的現金收入有一些預期，包括烈酒業務內部的一些整體規定，我們現在預計這些規定將在六月或七月實施。就是導致該頁面的真正原因。

I think the big thing here is just timing, and that's -- I can't always predict things. And with our beer businesses, the ABI businesses bought lower margins, but just from an integration standpoint, we had a transfer service agreement with ABI. We're moving away from that at the end of May; move it into our facilities. We expect to get our margins up into the high 30s, low 40s. Today, with our SweetWater and our legacy businesses were running margins at that rate.

我認為這裡最重要的是時機，那就是——我不能總是預測事情。對於我們的啤酒業務，ABI 業務的利潤較低，但僅從整合的角度來看，我們與 ABI 簽訂了轉讓服務協議。我們將在五月底擺脫這種情況；將其移至我們的設施中。我們預計利潤率將升至 30 多歲、40 多歲以下。今天，我們的 SweetWater 和我們的傳統業務都以這個速度運行利潤。

So with that, we look to those margins. In regards to the Canadian cannabis businesses, as Blair said, integrating HEXO with SKU rationalization with some of the strains and looking at some of the potencies and timing. And when you deal with agriculture products, not everything moves accordingly here. We've made some moves in regards to our Cayuga, in regards to Masson, in regards to Belleville and consolidating our businesses there, taking out costs. So again, as we look at guidance, yes, there's guidance out there, but a lot of it is just timing and as we move forward, we have four quarters, not six quarters -- over the six quarters, it would be different.

因此，我們會關注這些利潤。關於加拿大大麻業務，正如 Blair 所說，將 HEXO 與 SKU 合理化與一些菌株相結合，並研究一些效力和時機。當你處理農產品時，並不是所有事情都會相應地改變。我們已經在卡尤加、馬森、貝爾維爾採取了一些舉措，並鞏固了我們在那裡的業務，降低了成本。所以，當我們再次審視指導意見時，是的，確實有指導意見，但其中很多只是時間安排，隨著我們前進，我們有四個季度，而不是六個季度——在這六個季度中，情況會有所不同。

Aaron Grey, Alliance Global Partners.

亞倫·格雷，聯盟全球合作夥伴。

Good morning and thank you for the questions. This is Remington Smith on for Aaron Grey. My first question is, in terms of the CRA having the provinces garnish wages, have we started to see any changes in purchase habits from provinces or the overall competitive environment yet? And then kind of greater focus on those LPs paying their taxes.

早安，謝謝你的提問。這是亞倫·格雷的雷明頓·史密斯。我的第一個問題是，就CRA要求各省扣發工資而言，我們是否已經開始看到各省的購買習慣或整體競爭環境發生任何變化？然後更加關注那些納稅的有限合夥人。

I don't think we've necessarily seen changes in purchasing patterns. I think we saw very quickly after CRA starting to garnish in those wages, a couple of LPs filed for protection within the same week. But then I think there's been a few more that have filed since that period of time.

我認為我們不一定會看到購買模式的變化。我認為，在 CRA 開始扣押這些工資後，我們很快就看到，幾名有限合夥人在同一周內申請了保護。但我認為自那段時間以來還有更多的人提出了申請。

And so some of them who's excessively behind on their excise tax and having the payments garnished are looking at four, five, maybe six months of time before they're going to get their next payments. They just don't have a lot of choices. And so they're having to file for that protection. I don't think that the boards are actually changing those patterns yet. I think that will probably happen over the next three or four months as more of them LPs realize and get caught up in the garnishment.

因此，其中一些嚴重拖欠消費稅並被扣押的人正在等待四、五個甚至六個月的時間才能收到下一次付款。他們只是沒有太多選擇。因此他們必須申請這種保護。我認為董事會實際上還沒有改變這些模式。我認為這可能會在未來三、四個月內發生，因為更多的有限合夥人會意識到並陷入扣押。

But there's a lot of the boards out there that have been asked by the CRA to garnish excise tax when they sell into it. And I think the big thing for us is we're finally seeing the Canadian government taking this serious, and those that weren't paying an excise tax could keep going and putting the rest of us at a disadvantage.

但有許多董事會在出售​​股票時被 CRA 要求徵收消費稅。我認為對我們來說最重要的是我們終於看到加拿大政府認真對待這個問題，而那些不繳納消費稅的人可能會繼續這樣做，並使我們其他人處於不利地位。

So I think we're going to continuously see changes. And we've talked about the study that's come out there in regards to changes in regards to excise tax and marketing medical cannabis, et cetera. I think there are some major themes here that could really benefit the Canadian cannabis industry.

所以我認為我們將不斷看到改變。我們已經討論了關於消費稅和行銷醫用大麻等方面的變化的研究。我認為這裡有一些主題可以真正使加拿大大麻產業受益。

Great. Thank you. I appreciate the color there. My second question, just regards the excise change -- excise tax changes that you mentioned that could potentially occur in the budget that's released next week. You mentioned tax saving potentially of $80 million for Tilray. So I guess with those savings, you expect that to mostly be realized by the LPs or could there be some benefit realized in the provinces and the retail as well. So any color there would be helpful.

偉大的。謝謝。我很欣賞那裡的顏色。我的第二個問題，只是關於消費稅的變化——你提到的消費稅變化可能會出現在下週發布的預算中。您提到 Tilray 可能節省 8000 萬美元的稅金。因此，我猜想，透過這些節省，您預計這大部分將由有限合夥人實現，或者也可能在各省和零售業中實現一些好處。所以任何顏色都會有幫助。

Good question. I think as we know provinces and we know governments, I'm sure they're going to try and grab some of that. But I think, listen, as we've said -- and we've openly said it's about $80 million to Tilray. And the big thing is you got price compression, and you still have the same amount of excise tax that you're paying. And I think in this quarter, it was 32%, 33% of our sales was going to excise tax. So something has to be done.

好問題。我認為，由於我們了解各省和政府，我確信他們會嘗試抓住其中的一些。但我認為，聽著，正如我們所說，我們已經公開表示向 Tilray 支付了約 8000 萬美元。最重要的是，你得到了價格壓縮，但你仍然需要繳納與所支付的相同數額的消費稅。我認為在本季度，我們銷售額的 32%、33% 將用於繳納消費稅。所以必須做點什麼。

I don't mind of some of it goes back to the governments on education and promoting the safety, bringing awareness, marketing and allow us to do these things. So again, if we got half of that -- $40 million back to invest back in the business, I think it would be tremendous beneficial to Tilray and other LPs.

我不介意其中一些回饋給政府，用於教育和促進安全、提高意識、行銷並允許我們做這些事情。所以，如果我們能得到其中的一半——4000 萬美元，重新投資於該業務，我認為這對 Tilray 和其他有限合夥人來說將是巨大的好處。

And I think the key in this piece is that if the government's making the change to strengthen the industry because the tax became, in a way, oppressive they need to avoid creating new things that pull that money back, and they need to allow to go to the industry to help the industry continue to grow and strengthen.

我認為這篇文章的關鍵是，如果政府因為稅收在某種程度上變得具有壓迫性而做出改變以加強該行業，那麼他們需要避免創造新的東西來拉回這些錢，並且他們需要允許去致力於產業的發展，幫助產業不斷發展壯大。

Bill Kirk, ROTH MKM.

比爾·柯克，羅斯·MKM。

Thank you for taking the questions. Maybe I missed it in the prepared remarks, but what is the $29 million in assets that have been moved to held for sale? I imagine some of it might be facilities that you mentioned earlier, but what specifically is in that number and how is it determined?

感謝您提出問題。也許我在準備好的發言中漏掉了這一點，但已轉為待售的 2900 萬美元資產是多少？我想其中一些可能是您之前提到的設施，但是這個數字具體是什麼以及它是如何確定的？

So that number is the Cayuga facility. It's Masson, and it's the Belleville facility that we acquired as part of trust. And so in each case, it's a facility, it isn't the business, the business is being reorganized within our existing footprints, and then we're releasing our -- selling them what becomes redundant assets at that point in time.

這個數字就是卡尤加設施。這是馬森，也是我們作為信託的一部分獲得的貝爾維爾工廠。因此，在每種情況下，它都是一個設施，而不是業務，業務正在我們現有的足跡內進行重組，然後我們釋放我們的東西——出售當時成為多餘資產的東西。

Okay, got it. That's what I was looking for, not the businesses. Okay. And then in the third quarter compared to 2Q, selling marketing expenses up a little bit --

好的，明白了。這就是我所尋找的，而不是企業。好的。然後第三季相比第二季度，銷售行銷費用略有上升--

Did we lose you, Bill?

我們失去你了嗎，比爾？

I'm sorry. It seems that his line may have a technical difficulty.

對不起。看來他的線路可能有技術難度。

Michael Lavery, Piper Sandler.

麥可萊弗里、派珀桑德勒。

Thank you. Good morning. And just wanted to touch on the US, and I understand at the moment it's strictly speaking a little bit hypothetical still. But if rescheduling occurs, you laid out at a high level, how you're thinking about it and a more pharmaceutical approach. I guess a couple of questions is it just -- maybe what's your patience level if it does come to that just because the FDA certainly is known not for its speed. And so is your understanding just that obviously if that door opens, it could still take quite some time or how are you thinking about that?

謝謝。早安.只是想談談美國，我知道目前嚴格來說這還是有點假設。但如果需要重新安排時間，你就需要在較高的層面上闡述你的想法以及更具藥物性的方法。我想有幾個問題是——如果真的到了這個地步，你的耐心程度可能會是多少，因為 FDA 當然不是以其速度而聞名。那麼，您的理解是否是，顯然，如果那扇門打開，仍然可能需要相當長的時間，或者您對此有何看法？

And in the release as well, you reminded us about the connection to MedMen and how would that fit into that potentially? Is that something that would still stay separate or could potentially become sort of like pharmacies? I guess just maybe lay out some of how you're thinking about potential US opportunities should regulatory change come through.

在新聞稿中，您也提醒我們與 MedMen 的聯繫以及這將如何融入其中？這是否仍然是獨立的，或者有可能變得有點像藥局？我想也許只是闡述一下您如何看待監管變革發生後美國潛在的機會。

So as I said, within US, if medical cannabis is rescheduled and the medical cannabis becomes legal, we'd be a large medical cannabis producer in Canada and Europe and have the expertise and have the research. Not knowing what the FDA and not knowing in regards to what the guidelines will be, Tilray is ready to capitalize on all our expertise.

正如我所說，在美國，如果醫用大麻被重新安排並且醫用大麻變得合法，我們將成為加拿大和歐洲的大型醫用大麻生產商，並擁有專業知識和研究。由於不知道 FDA 的規定，也不知道指南的內容，Tilray 已準備好利用我們所有的專業知識。

Is there a possibility with NAFTA or with other rules that we can export cannabis from Canada that's GMP-certified? Today, you can export cannabis from Canada into other countries around the world, if it's GMP-certified. So I'm not sure why that wouldn't be the case in the US if that happens. My personal belief, if it's rescheduled from a medical cannabis standpoint and they leave it up to each of the states on a recreational standpoint, that is something different.

根據 NAFTA 或其他規則，我們是否有可能從加拿大出口經過 GMP 認證的大麻？如今，如果經過 GMP 認證，您可以將大麻從加拿大出口到世界其他國家。所以我不確定如果發生這種情況，為什麼美國不會發生這種情況。我個人認為，如果從醫用大麻的角度重新安排時間，並從娛樂的角度將其留給每個州，那是不同的。

So I think the big thing as I look into a crystal ball, not knowing where this is going, I think something happens from a rescheduling standpoint, and Tilray is ready to move from a medical standpoint -- if there was an acquisition for us, we're ready to move. And we uphold the debt of MedMen. We think the MedMen name still has a strong brand name, even though it's had its challenges, and it's going through some changes right now to get rid of some of those liabilities in that. And there's an opportunity that we could execute with the MedMen name across the US.

所以我認為，當我展望水晶球時，我不知道事情會發生什麼，我認為從重新安排的角度來看，會發生一些事情，並且Tilray 已經準備好從醫學的角度出發——如果我們有收購的話，我們準備好了。我們支持 MedMen 的債務。我們認為 MedMen 這個名字仍然擁有強大的品牌名稱，儘管它面臨著挑戰​​，而且它現在正在經歷一些變化，以擺脫其中的一些負債。我們有機會以 MedMen 的名義在美國各地開展業務。

The other thing is depending, and I think one of the biggest opportunities -- and we're seeing some opportunities with Delta-9, which is an infused drinks with -- and infused THC, I think the biggest opportunity is in drinks. And with our distribution systems, with our brands within our beer business and spirits, Tilray can get into that.

另一件事是取決於，我認為最大的機會之一 - 我們看到了 Delta-9 的一些機會，這是一種注入了 THC 的飲料，我認為最大的機會是在飲料中。憑藉我們的分銷系統、啤酒業務和烈酒中的品牌，Tilray 可以進入這一領域。

So not knowing and not what's going to happen. And I think as I said, Tilray is circled in the US. And it's not like we have to change your model being an MSO where we'd be no restricted to each state. Right now, we can take our expertise from around the world. We can take our medical expertise. We can take our beverage expertise and bring it to the US once we know which way rescheduling happens and it goes. So that's what I'm excited about is once we know what the guidelines are, once we know what the opportunities are, we could easily jump in there without undoing something that we own today.

所以不知道也不知道會發生什麼事。我認為正如我所說，Tilray 在美國被圈定。我們不必將您的模型更改為 MSO，這樣我們就不受每個州的限制。現在，我們可以利用世界各地的專業知識。我們可以利用我們的醫療專業知識。一旦我們知道重新安排的發生方式和進展情況，我們就可以利用我們的飲料專業知識並將其帶到美國。因此，我感到興奮的是，一旦我們知道指導方針是什麼，一旦我們知道機會是什麼，我們就可以輕鬆地進入那裡，而無需撤銷我們今天擁有的東西。

Okay. Thanks. And just on the beverage side, you touched on your hopes for distribution upside on a lot of the especially recently acquired brands. But do you have a sense how you -- coming into this spring shelf resets and what sort of shelf space gains you're positioned for that are already in hand?

好的。謝謝。就飲料而言，您談到了對許多最近收購的品牌的分銷優勢的希望。但是，您是否知道今年春季貨架將如何重置，以及您已經掌握的貨架空間收益如何？

So I have -- hey, Ty, you're on the call, right? Do you want to jump in there? Listen, I got to tell you in a short period of time, a lot of these brands were just starved on innovation, starved on distribution. We have 500 distributors out there and I always say to Ty, of each distributor, you could do $1 million more, which is not a lot -- that's $500 million.

所以我——嘿，Ty，你正在打電話，對嗎？你想跳進去嗎？聽著，我必須在很短的時間內告訴你，很多這些品牌都缺乏創新，缺乏分銷。我們有 500 個經銷商，我總是對 Ty 說，對於每個經銷商，你可以多花 100 萬美元，這並不是很多——那就是 5 億美元。

So I think the upside on beer is tremendous. As you look at pricing, you look in regards to the whole spirits industry, I think we're so well positioned on beer, on innovation that we're coming out with, moving into water, moving into some energy drinks, moving into some other infused drinks. So we're well positioned with our distributors. We have over 100 salespeople and headquarter people between marketing. So Ty, you want to just talk about some of the stuff that's happened?

所以我認為啤酒的好處是巨大的。當你看定價時，你看整個烈酒行業，我認為我們在啤酒、我們正在推出的創新、進入水、進入一些能量飲料、進入一些領域處於如此有利的位置。因此，我們與經銷商的關係處於有利地位。我們有 100 多名銷售人員和總部行銷人員。那麼泰，你想談談發生的一些事情嗎？

Yeah. Thanks, Irwin, and thanks for the question, Michael. We feel really solid about some of the distribution gains, not only that we've made in the third quarter, but we also feel solid about the conversations we're having with several national and regional retailers across on and off premise with our brands. Specifically, if look over Q3, we've gained north of 1,200 new effective placements on our existing brands. And with the innovation, we continue to see uptick every day with our distributor network and how they're leaning in with us and helping drive distribution.

是的。謝謝歐文，也謝謝麥可的提問。我們對一些分銷收益感到非常可靠，不僅是我們在第三季度取得的成果，而且我們也對我們與多家全國和地區零售商在店內和店外與我們的品牌進行的對話感到放心。具體來說，如果回顧第三季度，我們現有品牌的新有效展示位置已超過 1,200 個。透過創新，我們的經銷商網路每天都在不斷成長，以及他們如何與我們合作並幫助推動分銷。

So chains are going to continue to play a critical role in our success, and we're well suited, as Irwin said, to leverage our partnerships with our distributors and the relationships that we have across the US.

因此，連鎖店將繼續在我們的成功中發揮關鍵作用，正如歐文所說，我們非常適合利用我們與經銷商的合作夥伴關係以及我們在美國各地的關係。

Matt Bottomley, Canaccord Genuity.

馬特‧博頓利 (Matt Bottomley)，Canaccord Genuity。

Good morning, everyone. This one is for Carl. I just wanted to go back to the revised guidance here on adjusted EBITDA going into fiscal Q4 here. So I'm just wondering if you could give a little more color on the dynamic between overall revenue progression versus margin expansion. There's obviously quite still a big step-up expected even in the revised guidance.

大家早安。這是給卡爾的。我只想回到這裡關於進入第四財季的調整後 EBITDA 的修訂指南。所以我只是想知道您是否可以對整體收入成長與利潤擴張之間的動態提供更多的資訊。即使在修訂後的指導中，顯然仍有望大幅提升。

And then specifically within that, I'm wondering how much of that is beverage related given that I think you had commented that you're close to about a $300 million business now in all your beverage portfolios. If you run rate this quarter, and I understand there's seasonality, it's closer to $200 million to $225 million. So I'm just wondering if there's some step-up on the revenue side, specifically in Q4 when it comes to your alcohol contribution?

然後具體來說，我想知道其中有多少與飲料相關，因為我認為您曾評論說，您現在所有飲料組合中的業務接近 3 億美元。如果您計算本季的費用，並且我知道存在季節性，則接近 2 億至 2.25 億美元。所以我只是想知道收入方面是否有所增加，特別是在第四季度，當涉及到您的酒精貢獻時？

So Thanks, Matt. There is significant increase in sales in Q4 in beer. I think we've talked a little bit already on the call in terms of the spring reset and hitting those are the key summer selling season, which is really driven in our April and May sales results for the organization, particularly in beer.

謝謝，馬特。第四季啤酒銷量大幅成長。我認為我們已經在電話會議上就春季重置進行了一些討論，而這些是關鍵的夏季銷售季節，這確實是我們四月和五月組織銷售業績的推動因素，特別是在啤酒方面。

We've also -- we've talked a few times about challenges in the spirits business with sales growth and that we were going to get resolution of that in Q4 of this year. So that's also reflected inside of those -- that expectation on EBITDA. It's potentially driving both our revenue and end margins during that time period.

我們也多次討論烈酒業務在銷售成長方面面臨的挑戰，我們將在今年第四季解決這個問題。因此，這也反映在對 EBITDA 的期望中。在此期間，它可能會推動我們的收入和最終利潤。

I think on the beer businesses' margin side, you are going to see an increase in margins in Q4. That will be driven by just more volume flowing through the facilities as we ramp up production in March and April to hit those April and May sales because they're such quick turnaround time and lack of inventory inside that segment.

我認為在啤酒業務的利潤方面，第四季的利潤率將會增加。這將是由於我們在 3 月和 4 月提高產量以達到 4 月和 5 月的銷量，從而導致流經設施的銷量增加，因為它們的周轉時間如此之快，而且該細分市場內庫存不足。

You've also got the buildup on the cannabis business for the summer period of time and increases in things like pre-rolls and other product forms in the cannabis business that are better consumed on a more of a -- let's call it a shared basis; so you're in a shared setting or actually shared on its own. And so that's a part of it. And with that increased, sales level comes increases in margins just because of efficiency or on the production side.

夏季期間，大麻業務也有所增加，大麻業務中的預捲和其他產品形式也有所增加，這些產品可以在更多的基礎上更好地消費——讓我們稱之為共享基礎;因此您處於共享環境中或實際上是單獨共享的。這就是其中的一部分。隨著銷售水準的提高，利潤率也會隨之提高，這只是因為效率或生產方面的原因。

Doug Miehm, RBC Capital Markets.

米姆 (Doug Miehm)，加拿大皇家銀行資本市場部。

Thank you and good morning. Question just has to do with again the excise tax. And going back to this, there's obviously an opportunity for your company, but I am curious if these changes were to go through and you benefit somewhere between $40 million and $80 million the way you expected, what do you -- what's your thinking on the other companies? Because we're starting to lose some of the smaller companies, but is this going to provide the smaller companies with another year or two of life? And I'd say the other thing that I'm curious about as it relates to this, could this result in another leg of downward pricing as they try to maintain market share?

謝謝你，早安。問題又與消費稅有關。回到這一點，對於你們的公司來說顯然有一個機會，但我很好奇如果這些變化發生了，你們會按照你們預期的方式獲益 4000 萬到 8000 萬美元，你們對此有何想法？公司？因為我們開始失去一些較小的公司，但這會給較小的公司再提供一兩年的生命嗎？我想說的另一件事是我好奇的，因為它與此相關，這是否會導致他們試圖維持市場份額時再次降價？

So I think a couple of things. Yes, I think if companies don't have to pay the same amount of excise tax, that everybody -- I think some of these companies absolutely will survive. And I think -- listen, I think at the end of the day, we all want a strong cannabis market in Canada. The big thing is, again, what's got to change is the excise tax and yes, we probably have the highest -- we are the highest payer of excise tax in Canada. So for us to receive back $80 million is a lot of money.

所以我想有幾件事。是的，我認為如果公司不必繳納相同數額的消費稅，那麼每個人——我認為其中一些公司絕對會生存。我認為 - 聽著，我認為歸根結底，我們都希望加拿大有一個強大的大麻市場。再說一次，最重要的是，必須改變的是消費稅，是的，我們的消費稅可能是最高的——我們是加拿大消費稅最高的納稅人。所以對我們來說拿回8000萬美元是一筆很大的錢。

But at the end of the day, it's money that we're going to put into building our brands, building our products, our innovation and also in marketing and building a bigger category out there. And I think that's ultimately the benefit that the money's not going back to our taxes; it's going back in to build a marketplace, in fact, and to continuously grow the industry.

但歸根結底，我們將把錢投入到打造我們的品牌、打造我們的產品、我們的創新以及行銷和建立更大的類別上。我認為這最終的好處是這些錢不會回流到我們的稅收中；事實上，它正在回歸建立一個市場，並不斷發展這個產業。

So yes, will more competition be out there? Could there be price compression? Absolutely. But I will tell you what, I don't mind some more price compression. I don't mind some more LPs being in there. I wouldn't mind that $80 million coming into our company where we can invest it back in our business and drive growth, drive innovation and drive marketing to brands, a much bigger category.

那麼，是的，會有更多競爭嗎？會不會有價格壓縮？絕對地。但我會告訴你，我不介意進一步壓縮價格。我不介意裡面多放一些唱片。我不介意 8000 萬美元進入我們公司，我們可以將其投資回我們的業務並推動成長、推動創新並推動品牌行銷，這是一個更大的類別。

I think it's also important to understand that different entities are going to have different amounts of a wave road into this, right? And as you get closer to the tail end of share, the impact for a lot of those companies is going to be a lot less. And if they're behind on their excise taxes, the excise tax garnishment may have the bigger impact for them.

我認為了解不同的實體將有不同數量的波浪道路也很重要，對嗎？隨著市場佔有率接近尾聲，許多公司受到的影響將會小得多。如果他們拖欠消費稅，消費稅扣押可能會對他們產生更大的影響。

We're on the -- as Irwin said, we're on the opposite end of that tail because we're the largest And then you've got a bunch of companies in the middle where I think that is more towards where your question was, where you're going to see some people who will be able to survive a little bit easier.

正如歐文所說，我們位於尾巴的另一端，因為我們是最大的然後你有一堆公司在中間，我認為這更接近你的問題在那裡你會看到一些人能夠更容易地生存下去。

And I don't think excise tax is going to keep everybody in business here, okay? I hope not. I continuously see more consolidation in the Canadian market. I see some of the smaller players ultimately going away. And I think that's what happens there as a new industry, there's just a filtration of feel of these LPs. If you come back and looked at it today, 25 LPs make up about 50% of market share.

我不認為消費稅會讓這裡的每個人都繼續營業，好嗎？我希望不會。我不斷看到加拿大市場出現更多整合。我看到一些較小的參與者最終會消失。我認為這就是作為一個新行業所發生的事情，只是對這些 LP 的感覺進行了過濾。如果你今天回頭看，25 家 LP 佔據了大約 50% 的市場。

There's about another 1,000 LPs that make up the other 50% market share. So A, you see some consolidation; you see companies going away. And I think what this creates is a much stronger cannabis industry within the Canadian market. And if what happens also, as I said before, there could be opportunities for grow in Canada to be shipped into the US and other parts of the world, which could enhance the Canadian cannabis industry.

還有大約 1,000 家有限合夥人佔了另外 50% 的市場。所以A，你會看到一些整合；你會看到一些公司正在消失。我認為這會在加拿大市場上創造出一個更強大的大麻產業。如果發生這種情況，正如我之前所說，加拿大的大麻可能有機會運往美國和世界其他地區，這可能會增強加拿大的大麻產業。

John Zamparo, CIBC.

約翰·贊帕羅，CIBC。

Thank you. Good morning. My question is on the cost side, both COGS and SG&A. And there's just a lot of moving parts here, and I wonder how much FQ3 three represents a run rate because you've got additional synergies coming from HEXO. It sounds like you have savings on the beverage side as you move away from co-packing agreements, but you're also investing in innovation and product extensions. And it sounds like another variable is selling the production facilities, which I think you'd said saves $5 million to $7 million annually.

謝謝。早安.我的問題是關於成本方面的，包括銷貨成本和銷售管理費用。這裡有很多移動部件，我想知道 FQ3 3 代表運行率多少，因為 HEXO 帶來了額外的協同效應。聽起來，隨著​​您放棄聯合包裝協議，您在飲料方面可以節省開支，但您也在創新和產品擴展方面進行投資。聽起來另一個變數是出售生產設施，我想你說過這每年可以節省 500 萬至 700 萬美元。

So I wonder when you think about all of this in aggregate, is there a net benefit on the cost side and do you expect to see total costs come down from FQ3? Because it seems like organic revenue growth is a bit more difficult to achieve near term.

因此，我想知道，當您綜合考慮所有這些因素時，成本方面是否有淨收益？因為短期內實現有機收入成長似乎有點困難。

So first off, I think organic growth is going to come, particularly in the fourth quarter as we see the new launches and the new innovation hit the market, particularly in some of these new categories that we're doing on the beverage alcohol side, including the water and the non -- playing in that space playing in the F&B hard tea space. Things like that are new categories for us. And so I think there are opportunities for organic growth.

首先，我認為有機成長將會到來，特別是在第四季度，因為我們看到新產品和新創新進入市場，特別是在我們在飲料酒精方面所做的一些新類別中，包括水和非— —在那個空間玩耍，在餐飲硬茶空間裡玩耍。諸如此類的事情對我們來說是新的類別。因此，我認為存在有機成長的機會。

But if you're using Q3 as a baseline, I don't think that's right way to look at it. And similarly, I don't think Q4 is necessarily the right baseline for and therefore, the exact for opposite reasons. Q3 is traditionally our lowest quarter in terms of revenue and production. And Q4 is traditionally our highest quarter in terms of revenue and production. So we're going to get an uptick on margins as a result of that incremental volume, particularly in beverage alcohol in our legacy business. And that's going to be what drives a chunk of the earnings guidance and is going to be what drives our results networks.

但如果你使用第三季作為基準，我認為這不是正確的看法。同樣，我認為第四季度不一定是正確的基線，因此，出於相反的原因，它也不一定是正確的基線。傳統上，第三季是我們收入和產量最低的季度。傳統上，第四季是我們收入和產量最高的季度。因此，由於銷售量的增加，我們的利潤率將會上升，尤其是我們傳統業務中的酒精飲料。這將是推動大部分獲利指引的因素，也將是推動我們業績網絡的因素。

I think the big thing here is too -- you've heard me say before this -- the savings we're getting from the integration of HEXO and Truss and somewhere it's between -- close to $35 million. We don't get that up immediately. It evens out over the quarter. So it takes us a full year to get that amount.

我認為這裡最重要的一點是——你之前聽我說過——我們從 HEXO 和 Truss 的整合中獲得的節省以及介於兩者之間的成本——接近 3500 萬美元。我們不會立即解決這個問題。這個季度的情況基本上持平。所以我們需要一整年才能得到這個金額。

The second thing is, as we've just owned the ABI businesses for two months and just two quarters as we integrate them into our businesses and start from the procurement from the distribution standpoint, I mean, there's a lot for us to get done here, but we're focused on organic growth, and we're starting to see that already.

第二件事是，由於我們剛剛擁有ABI 業務兩個月和兩個季度，我們將它們整合到我們的業務中，並從分銷的角度開始採購，我的意思是，我們在這裡還有很多工作要做，但我們專注於有機成長，而且我們已經開始看到這一點。

We're focused on which facilities to integrate these products, which states we're going to focus on. We also have 13 brew pubs out there that we're focused on growing our brands through these brew pubs. Big event for us 4/20 -- coming up April 20. We have two big events, one in Atlanta and one in Long Island. And there's also in every retailer there's displays built out. So July 4 is one of the biggest beer category months that is sold out there from occasion.

我們專注於整合這些產品的設施，以及我們將關注的狀態。我們還有 13 家啤酒酒吧，我們致力於透過這些啤酒酒吧發展我們的品牌。4/20 是我們的大事－將於 4 月 20 日舉行。我們有兩場大型活動，一場在亞特蘭大，一場在長島。每個零售商也都設有展示架。因此，7 月 4 日是啤酒類別銷售量最大的月份之一。

So right now as we bring this together -- and our aspirations is to grow our beer business to a $300 million business. And you've got to remember in 2020, we sold 2.5 million cases when we first acquired the SweetWater brand. Today, we're on a run rate to 12.5 million cases with tremendous opportunity with all the innovation that's happening. So there's just a lot of evening out here, and there's a lot of moving pieces to bring all this together.

現在，當我們將這些整合在一起時，我們的願望是將我們的啤酒業務發展到價值 3 億美元的業務。您必須記住，2020 年，我們首次收購 SweetWater 品牌時售出了 250 萬箱。如今，我們的運行速度已達到 1250 萬個案例，並且正在發生的所有創新帶來了巨大的機會。所以這裡有很多夜晚，並且有很多感人的片段將所有這些結合在一起。

And I think the big thing is as we look at it, when we get a full year behind all these acquisitions with HEXO, with Truss and the integration there, and we get all this -- full year together with all the ABI stuff. We're seeing some great stuff. And listen, just with Montauk, we've owned it over a year, one of our fastest growing beer within New York today. Some of the stuff we're seeing on the West Coast with Green Flash, Nelson's and Alpine. So the legacy stuff that we've already bought and owned the year, we're seeing good results for that. It just it takes us some time here to get these things integrated.

我認為最重要的是，正如我們所看到的，當我們對HEXO、Truss 和那裡的整合進行所有這些收購後，我們得到了整整一年的時間，我們得到了所有這些——連同所有ABI 的東西。我們看到了一些很棒的東西。聽著，就蒙托克來說，我們已經擁有它一年多了，它是當今紐約成長最快的啤酒之一。我們在西海岸看到的一些東西包括 Green Flash、Nelson's 和 Alpine。因此，我們今年已經購買並擁有的遺留物品，我們看到了良好的結果。只是我們需要一些時間來整合這些東西。

Thank you. Ladies and gentlemen, that concludes our question-and-answer session. I'll turn the floor back to Mr. Simon for any final comments.

謝謝。女士們先生們，我們的問答環節到此結束。我將把最後的意見轉回給西蒙先生。

Thank you, everybody, for joining us today. Listen I wish I could predict what's going to happen in the cannabis industry. There is going to be one thing for sure I can predict, there will be change. And we've been waiting for change for a long time in the German market. It finally came to fruition, and there's going to be a lot of execution to get it where it needs to be, but it's happening. I do think we've been sitting and waiting through the Biden administration before that change happened within the cannabis industry.

謝謝大家今天加入我們。聽著，我希望我能預測大麻產業會發生什麼事。我可以肯定地預測一件事，那就是將會改變。我們在德國市場等待改變已經很久了。它終於實現了，並且需要大量的執行才能將其實現所需的位置，但它正在發生。我確實認為，在大麻產業發生變革之前，我們在拜登政府執政期間一直在等待。

There's lots of discussion about rescheduling, and again, it's not something we have control of. But one thing we do have control of, we do know how to grow cannabis. We do know how to sell medical cannabis; we know about research. We do have within Canada today over 5 million square feet of growth. We do have in Europe, we have two major facilities. With that, depending what happens in the US, we will be ready to launch what needs to be launched in the US, whether it's takings share from our existing businesses, acquiring, putting something together, we will have the opportunity to do that.

關於重新安排的討論有很多，再說一遍，這不是我們可以控制的。但我們確實可以控制的一件事是，我們確實知道如何種植大麻。我們確實知道如何銷售醫用大麻；我們了解研究。今天，我們在加拿大境內確實有超過 500 萬平方英尺的成長空間。我們在歐洲確實有，我們有兩個主要設施。這樣，根據美國發生的情況，我們將準備好推出需要在美國推出的產品，無論是從我們現有業務中獲取份額、收購、整合某些東西，我們都將有機會做到這一點。

As I've said, our aspirations is to grow our beer business to a $300 million beer business. We already are the fifth largest craft brewer today within the US. We have a great business within Breckenridge Distillery. We've been named some of the number-one whiskeys within the world, within the US and some exciting things happening. I'm also really excited about what's happening in our wellness business in regards to Manitoba Harvest and what's happening with hemp from a high-protein food and now the perception of hemp as a great product and a healthy product.

正如我所說，我們的願望是將我們的啤酒業務發展到價值 3 億美元的啤酒業務。如今，我們已經是美國第五大精釀啤酒製造商。我們布雷肯里奇釀酒廠的生意很好。我們被評為世界上、美國排名第一的威士忌之一，並且發生了一些令人興奮的事情。我也對我們的健康業務在 Manitoba Harvest 方面所發生的事情以及來自高蛋白食品的大麻所發生的事情以及現在大麻作為一種偉大產品和健康產品的看法感到非常興奮。

So as Tilray Brands comes together over the last five years, there's a lot of really good pieces that ultimately will come together. There's tremendous opportunities with our products. There's tremendous opportunity with our distribution. There's tremendous opportunities as we build out our global market. So as I look at Tilray, we've circled a lot of the right wagons. And again, that dealing with regulatory, dealing with unknowns in regards to rescheduling, but Tilray is there.

因此，隨著 Tilray Brands 在過去五年中的整合，最終將誕生出許多真正優秀的產品。我們的產品蘊藏著巨大的機會。我們的發行版蘊藏著巨大的機會。在我們開拓全球市場的過程中，存在著巨大的機會。因此，當我觀察 Tilray 時，我們已經圈出了很多正確的馬車。再說一次，涉及監管、處理重新安排方面的未知因素，但 Tilray 就在那裡。

I'm real happy with the team that I have in place and excited to work with the team. We've done a great job in an industry in regards to banking, what we've done with our balance sheet, and we continue to work on that balance sheet. I'm someone personally that does not like debt.

我對我所組建的團隊感到非常滿意，並且很高興與該團隊合作。我們在銀行業、資產負債表方面做得非常出色，我們將繼續致力於資產負債表方面的工作。我個人是一個不喜歡負債的人。

So how do we focus on our balance sheet? I'm very much in favor -- and as I push with Carl and the rest of the team -- cash flow and taking costs out of our business. And there's not too many other industries out there that are taxed the way we are on cannabis, on beer, and on spirits. And I wish I was -- Tilray was earning the amount of money that we're providing the governments of Canada, US, and Europe from our taxes that we generate from our business.

那我們要如何關注我們的資產負債表呢？當我與卡爾和團隊其他成員一起推動時，我非常贊成現金流並降低我們業務的成本。沒有太多其他行業像我們對大麻、啤酒和烈酒徵稅那樣。我希望我是 - Tilray 正在從我們的業務產生的稅收中賺取我們向加拿大、美國和歐洲政府提供的資金。

With that, look forward to talking to you again soon. Appreciate getting on the call and have a great week. Thank you.

就這樣，期待很快再次與您交談。感謝您接聽電話，祝您有個愉快的一週。謝謝。

Thank you. This concludes today's conference call, and you may disconnect your lines at this time. Thank you for your time.

謝謝。今天的電話會議到此結束，您現在可以掛斷電話了。感謝您抽出時間。