Tilray Brands Inc (TLRY) 2025 Q1 法說會逐字稿

Thank you for joining today's conference call to discuss Tilray Brand's financial results for the first-quarter ended August 31, 2024. (Operator Instructions)

感謝您參加今天的電話會議，討論 Tilray Brand 截至 2024 年 8 月 31 日的第一季財務業績。（操作員說明）

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

我現在將把電話轉給 Tilray 品牌首席傳播和企業事務官 Berrin Noorata 女士。謝謝。你可以開始了。

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

謝謝接線員，大家早安。到目前為止，您應該可以訪問收益新聞稿，該新聞稿可在 Tilray Brands 網站 Tilray.com 的投資者部分獲取，並已向 SEC 和 CSA 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 provide to the incorrect. Actual results could differ materially from those described in those forward-looking statements. The text in our earnings press release includes many of the risks and uncertainties associated with such 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，可能會導致錯誤。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。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。

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 first-quarter financial results for the fiscal year 2025. Also joining us for the question-and-answer segment are Denise Faltischek, Chief Strategy Officer and Head of International; Blair McNeil, President of Tilray Canada; and Ty Gilmore, President of Tilray Beverages, North America.

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；接下來是財務長 Carl Merton，他將審查我們 2025 財年第一季的財務表現。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 McNeil，Tilray 加拿大公司總裁；以及 Tilray Beverages 北美區總裁 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. And good morning, everyone. And thank you for joining us today. In the last five years, Tilray Brands has evolved into a new company. We no longer are just a Canadian cannabis LP. Tilray Brands has grown tremendously, and we're setting a new precedent for the CPG industry. Not only have we set the stage for a new era of consumer habits, Tilray Brands has pushed forward, disrupting the global CPG industry and revolutionizing consumer products.

謝謝你，貝林。大家早安。感謝您今天加入我們。在過去五年中，Tilray Brands 已發展成為一家新公司。我們不再只是加拿大大麻有限合夥人。Tilray Brands 取得了巨大的發展，我們正在為 CPG 產業樹立新的先例。我們不僅為消費者習慣的新時代奠定了基礎，而且 Tilray Brands 也不斷向前推進，顛覆了全球消費品產業並徹底改變了消費品。

Tilray is at the forefront of innovation, pioneering, and leading the convergence of beverages, cannabis, hemp, wellness, and distribution industries on a global scale. Our operations span over 20 countries and five continents with 44 consumer-connected lifestyle brands and 20 vertically integrated facilities that produce approximately 90% of our products in-house, ensuring the highest quality of our products.

Tilray 處於創新、開拓和引領全球範圍內飲料、大麻、大麻、健康和分銷行業融合的前沿。我們的業務遍及五大洲 20 多個國家，擁有 44 個與消費者相關的生活風格品牌和 20 個垂直整合工廠，我們約 90% 的產品均在內部生產，確保了我們產品的最高品質。

Tilray continues to lead with the number-one cannabis business in Canada, leading medical cannabis business across Europe, the number-one branded hemp business in North America, and the fifth largest craft beer business in the US.

Tilray 繼續引領加拿大第一大大麻業務、歐洲領先的醫用大麻業務、北美第一大品牌大麻業務以及美國第五大精釀啤酒業務。

Our success in building a new era of consumer products that resonates with today's discerning consumers and caters to their ever-evolving consumption habits and transforming the way consumers eat, drink, and unwind with cannabis, hemp, and beverage products is a testament to our commitment on delivering innovative products that meet the needs of the modern consumer and drive growth across industries.

我們成功打造了消費產品的新時代，與當今挑剔的消費者產生共鳴，迎合他們不斷變化的消費習慣，並透過大麻、大麻和飲料產品改變了消費者飲食和放鬆的方式，這證明了我們的承諾致力於提供滿足現代消費者需求並推動跨產業成長的創新產品。

Moving on to Q1, we achieved our record first-quarter net revenue results while strengthening our operations, increasing gross margin, and increasing our gross profit. We hit net revenue of $200 million, representing a 13% growth year over year. Our gross profit increased by 35%, and gross margin increased by over 500 basis points compared to the prior-year quarter.

進入第一季度，我們實現了創紀錄的第一季淨收入結果，同時加強了我們的運營，提高了毛利率，並增加了我們的毛利。我們的淨收入達到 2 億美元，年增 13%。與去年同期相比，我們的毛利成長了 35%，毛利率成長了 500 個基點以上。

Our beverage business, including craft beer, spirits, and our new non-alc beers and other non-alcoholic drinks grew 132% in net revenue year over year. We strengthened our leadership position as the fifth largest US craft beer brewer with a 5% market share as a result of our craft acquisition from ABI.

我們的飲料業務，包括精釀啤酒、烈酒以及新的非酒精啤酒和其他非酒精飲料，淨收入較去年同期成長 132%。透過收購 ABI 的精釀啤酒，我們鞏固了作為美國第五大精釀啤酒釀造商的領導地位，佔據了 5% 的市場份額。

We recently launched a new beverage division called Tilray Alternative Beverages, focused on fueling key markets across the US with innovative federally legal hemp-derivative Delta-9 EAC-branded and branded products. This is an exciting new segment for us and our network of distributors, which I'll get into in more detail shortly.

我們最近推出了一個名為 Tilray Alternative Beverages 的新飲料部門，專注於透過創新的聯邦合法大麻衍生物 Delta-9 EAC 品牌和品牌產品為美國主要市場提供動力。對於我們和我們的經銷商網路來說，這是一個令人興奮的新領域，我將很快詳細介紹。

We focus our cannabis business on strengthening our operations and increasing our margins, leading to our gross profit increasing by 22%. We continue to lead the branded hemp food industry with a 52% branded market share with Manitoba Harvest in the US and the Canadian market share of nearly 80%. And our financial foundation remains strong with a robust balance sheet, ample cash reserves, reduced debt levels, and flexibility to explore potential new acquisitions. Our financial strength enables us to pursue new opportunities and capitalize on emerging trends in the market.

我們將大麻業務的重點放在加強營運和提高利潤率上，導致我們的毛利增加了 22%。我們繼續引領品牌大麻食品產業，在美國 Manitoba Harvest 擁有 52% 的品牌市場份額，在加拿大市場份額接近 80%。我們的財務基礎依然強勁，擁有穩健的資產負債表、充足的現金儲備、降低的債務水平以及探索潛在新收購的靈活性。我們的財務實力使我們能夠尋求新的機會並利用市場的新興趨勢。

Let's now dive deeper into each of our business segments, starting with Tilray Beverages. Today, our beverage division leads with 19 iconic brands, 10 network manufacturing facilities, and over 700 distributors, 20 brew pubs and restaurants, and leading sales and marketing teams across the US. Our beverage strategy is focused on growing our portfolio brands in selected states, regional markets, and ensuring product excellence and innovation, driving focused scale, expanding targeted distribution to increase our market presentation and consumer access.

現在讓我們更深入地了解我們的每個業務部門，從 Tilray 飲料開始。如今，我們的飲料部門在美國擁有 19 個標誌性品牌、10 個網路製造工廠、700 多家經銷商、20 家啤酒吧和餐廳以及領先的銷售和行銷團隊。我們的飲料策略專注於在選定的州、區域市場發展我們的投資組合品牌，並確保產品卓越和創新，推動集中規模，擴大有針對性的分銷，以增加我們的市場展示和消費者接觸。

In our beverage segment, we generated $56 million of net revenue in Q1. Across our growing craft brands, SweetWater is the number-one volume brand family in Georgia, multi-outlet, and convenience stores. Montauk is the number-one branded family in New York Metro, having increased at a rate of sale of 240 basis points year over year. And Tilray is the number-one craft supplier in the Pacific Northwest, thanks in part to the continued success of 10 Barrel's pub beer.

在我們的飲料部門，我們第一季的淨收入為 5,600 萬美元。在我們不斷成長的手工藝品品牌中，SweetWater 是喬治亞州、多賣場和便利商店銷售第一的品牌系列。Montauk 是紐約地鐵第一大品牌家族，銷售額較去年同期成長 240 個基點。Tilray 是太平洋西北地區第一大精釀啤酒供應商，這在一定程度上要歸功於 10 Barrel's 酒吧啤酒的持續成功。

Shock Top remains a leading priority as we relaunch the brand's number-one seasonal offering, Shock Top Pretzel. During Q1 and Q2, driving an additional 5,000 distribution points in the last 45 days. The Pacific Northwest grew overall Shock Top distribution by 42% during the Q1, adding 1,100 new placements for the brand. In the Northeast, Montauk's flagship Wave Chaser IPA continues to post positive year-over-year volume distribution gains, adding a net of 139 off-premise accounts during Q1.

當我們重新推出品牌排名第一的季節性產品 Shock Top Pretzel 時，Shock Top 仍然是首要任務。第一季和第二季期間，在過去 45 天內新增了 5,000 個配送點。第一季度，太平洋西北地區的 Shock Top 整體分銷量成長了 42%，為該品牌增加了 1,100 個新位置。在東北部，Montauk 的旗艦產品 Wave Chaser IPA 繼續實現銷量同比積極增長，第一季淨增加 139 個場外帳戶。

Three of SweetWater's top 12-pack SKUs, 420 Pale Ale, OG IPA, and the Hazy IPA, all posted positive trends for Q1, trending a plus 7%, a plus 24%, and a plus 17%, respectively. As we mentioned before, our ambition is far beyond our current reach as we continue our focus to become a dominant leading beverage business by leveraging and strengthening our portfolio of beloved local craft brands, recruiting new customers, and activating more occasions, driving new growth across these brands.

SweetWater 的三種頂級 12 罐裝 SKU：420 淡色艾爾啤酒、OG IPA 和 Hazy IPA，第一季均呈現正面趨勢，分別成長 7%、24% 和 17%。正如我們之前提到的，我們的雄心壯志遠遠超出了我們目前的目標，因為我們將繼續致力於透過利用和加強我們深受喜愛的本地工藝品牌組合、招募新客戶、激活更多場合、推動新的成長，成為一家佔據主導地位的領先飲料企業。

Additionally, we are innovating across adjacent categories, including flavored malt beverages, ready-to-drink cocktails, spirits. And also beyond alcohol, we will grow our non-alc beer category and expand further into water, energy, and other categories. Our powerful college sports partnerships across the country will be leveraged to bring new LDA consumers and fans into different brand families, especially Shock Top.

此外，我們也在相鄰類別上進行創新，包括調味麥芽飲料、即飲雞尾酒、烈酒。除了酒精之外，我們還將發展非酒精啤酒類別，並進一步擴展到水、能源和其他類別。我們將利用我們在全國範圍內強大的大學體育合作夥伴關係，將新的 LDA 消費者和粉絲帶入不同的品牌家族，尤其是 Shock Top。

Separately, our MLS music events and local community partnerships allow our brands to recruit and retain our core customers across different age groups. We have the manufacturing facilities, the distribution, the sales and marketing infrastructure to drive tremendous growth in the Tilray beverage business.

另外，我們的 MLS 音樂活動和當地社區合作夥伴關係使我們的品牌能夠招募和留住不同年齡層的核心客戶。我們擁有製造設施、分銷、銷售和行銷基礎設施來推動 Tilray 飲料業務的巨大成長。

In the non-alcoholic segment, Montauk non-alc craft beer is now sold in 650 counts, and a new brand, Runner's High Brewing Company, has launched in the southeast with three brews, Runner's High Golden Wheat, Raspberry Wheat, and Dark Chocolate with several expansion markets to follow. With over 700 beer distributors, Tilray is now a leading supplier in key regions across the US, with regional jewels in the Northeast, Pacific Northwest, Colorado, Texas, Michigan, and the Southeast.

在無酒精啤酒領域，蒙托克無酒精精釀啤酒目前已售出 650 瓶，新品牌 Runner's High Brewing Company 已在東南部推出三種啤酒：Runner's High Golden Wheat、Raspberry Wheat 和 Dark Chocolate。幾個擴展市場。Tilray 擁有 700 多家啤酒經銷商，現已成為美國主要地區的領先供應商，在東北部、太平洋西北地區、科羅拉多州、德克薩斯州、密西根州和東南部地區擁有地區瑰寶。

With each beverage acquisition we've made over the past few years, SweetWater, Green Flash, Alpine, Montauk Brewing, the craft acquisitions from ABI, and most recently, the acquisitions of our four brands from Molson Coors, we are laser-focused on operational efficiency, optimizing cost structure, and getting the margins of the acquired brands up above 40%, like SweetWater and our other legacy businesses.

過去幾年，我們收購了 SweetWater、Green Flash、Alpine、Montauk Brewing、收購了 ABI 的精釀啤酒，以及最近收購了 Molson Coors 的四個品牌，我們都專注於營運效率，優化成本結構，並將收購品牌的利潤率提高到40% 以上，例如SweetWater 和我們的其他傳統業務。

We've identified additional growth opportunities in our beverage business. Tilray Beverage is going after category diversification, and we've identified four categories we expect to generate $30 million in revenue by the end of fiscal 2025. These four categories include light lagers, $117 million category; flavored malt beverages, a $4.7 billion category; sparkling water, a $12 billion category, and the non-alc group, a $445 million category.

我們在飲料業務中發現了額外的成長機會。Tilray Beverage 正在追求品類多元化，我們已經確定了四個品類，預計到 2025 財年末將產生 3000 萬美元的收入。這四個類別包括淡啤酒，價值1.17億美元的類別；風味麥芽飲料，價值 47 億美元的類別；蘇打水，一個價值 120 億美元的類別，以及非酒精飲料類別，一個價值 4.45 億美元的類別。

With our recent launch of Tilray Alternative Beverages, we are focused on fueling the US with hemp-derived Delta 9 beverages, which is an estimated $2.8 billion market in the US. We're beginning to launch our hemp-derivative Delta-9 THC brands and products in key states, including Florida, Texas, Louisiana, Minnesota, North Carolina, South Carolina, Ohio, Georgia, Alabama, Oklahoma, and Tennessee, with distribution driven by our existing and robust beer distribution network.

隨著我們最近推出 Tilray 替代飲料，我們致力於為美國提供大麻衍生的 Delta 9 飲料，該市場在美國的市場價值估計為 28 億美元。我們開始在佛羅裡達州、德克薩斯州、路易斯安那州、明尼蘇達州、北卡羅來納州、南卡羅來納州、俄亥俄州、喬治亞州、阿拉巴馬州、俄克拉荷馬州和田納西州等關鍵州推出我們的大麻衍生品Delta-9 THC 品牌和產品，並以分銷為導向透過我們現有的、強大的啤酒分銷網絡。

Our initial portfolio of HDD9 brands include Happy Flower, Herb & Bloom, 420 Hops, Fizzy Jane, and we expect to launch additional brands by the end of this calendar year. Happy Flower is currently available online through Drink Happy Flower. The growth of hemp-derived Delta 9 THC drink business in the US is remarkable, and we are excited to see its potential for our beer distribution network, who are eager to jump into the business and have already begun placing orders. We look forward to sharing more updates on this development soon.

我們最初的 HDD9 品牌組合包括 Happy Flower、Herb & Bloom、420 ​​Hops、Fizzy Jane，我們預計將在今年年底推出更多品牌。Happy Flower 目前可透過 Drink Happy Flower 線上購買。美國大麻衍生的 Delta 9 THC 飲料業務的成長非常顯著，我們很高興看到它對我們的啤酒分銷網絡的潛力，他們渴望進入該業務並已經開始下訂單。我們期待盡快分享有關這項進展的更多更新。

Turning to Tilray Cannabis, in Canada, Tilray's continues to lead the Canadian market share by almost 170 bps over the next competitor and have been consistently at the top of the industry for the past three years. From a regional perspective, Tilray is number one across British Columbia, Alberta, Ontario, and Quebec. These provinces combined include over 86% of the Canadian population. We've also led in all other markets combined.

轉向加拿大的 Tilray Cannabis，Tilray 繼續領先加拿大市場份額，比第二位競爭對手高出近 170 個基點，並且在過去三年中一直處於行業領先地位。從地區角度來看，Tilray 在不列顛哥倫比亞省、艾伯塔省、安大略省和魁北克省排名第一。這些省份合計佔加拿大人口的 86% 以上。我們在所有其他市場上也處於領先地位。

In adult-use recreational cannabis, we focus on margin improvement across our portfolio of brands and products, resulting in improved adjusted gross margin by 500 basis points in Q1 versus last year. The margin improvement partnered with efficient utilization, production, and further cost savings initiatives will allow us to grow our revenue, profitability, and sustainability well into the future.

在成人用休閒大麻方面，我們專注於提高品牌和產品組合的利潤率，導致第一季調整後毛利率比去年提高 500 個基點。利潤率的提高與高效利用、生產和進一步節省成本的舉措相結合，將使我們在未來能夠提高收入、獲利能力和永續性。

In Q1, 20% of our net sales revenue came from new innovation. Our mainstream flower business continued to grow because of our strong genetics. Our Redecan brand moved up to the number-six position brand in Canada, as reported by Hifyre data. In beverages, Tilray continues to dominate the beverage category with a 45% market share, and at the end of August with XMG, Mollo THC beverage brands being the number-one and number-two brands respectively.

第一季度，我們淨銷售收入的 20% 來自新創新。由於我們強大的基因，我們的主流花卉業務持續成長。根據 Hifyre 數據，我們的 Redecan 品牌在加拿大品牌中排名第六。在飲料方面，Tilray 以 45% 的市佔率繼續主導飲料類別，截至 8 月底，XMG、Mollo THC 飲料品牌分別成為第一和第二品牌。

Tilray shipped 78 metric tonnes of biomass or approximately 25% of the implied Canadian market volume in Q1. We continue to leverage the wholesale channel where contribution margins are better and supply is starting to balance. On an adult rack, we shipped 16 million pre-rolled cones and over 2.1 million cans of beverages in Q1.

Tilray 在第一季運送了 78 噸生物質，約佔加拿大市場暗示量的 25%。我們繼續利用批發管道，該通路的邊際貢獻更好，供應開始平衡。在成人貨架上，我們在第一季運送了 1600 萬個預捲甜筒和超過 210 萬罐飲料。

Turning to our international business in Q1, we continue to execute against our three basic initiatives. First, the acceleration of growth in Germany. In Germany, since the Cannabis Act went into effect on April 1, 2024, we've seen a 50% increase in medical flower sales, as well as a 22% increase in medical cannabis extracts, where we already have a dominant share of the market. And we believe that our current positioning in Germany provides us with several unique competitive advantages to capture a significant share of the expected medical cannabis market, which is projected to be approximately $3 billion in the medium term.

談到第一季的國際業務，我們繼續執行我們的三項基本措施。首先，德國經濟成長加速。在德國，自《大麻法案》於 2024 年 4 月 1 日生效以來，我們看到藥用花卉銷量增長了 50%，藥用大麻提取物增長了 22%，我們已經在德國佔據了主導份額。 。我們相信，我們目前在德國的定位為我們提供了一些獨特的競爭優勢，可以在預期的醫用大麻市場中佔據重要份額，該市場預計在中期約為 30 億美元。

We expect to continue our growth in this very important market through commercial excellence and increased supply. We will continue to leverage the expertise and relationship of our CC Pharma Tilray pharma distribution business in Germany, which supports our medical cannabis business through its network of 13,000 pharmacy and wholesalers.

我們希望透過卓越的商業表現和增加供應來繼續在這個非常重要的市場中實現成長。我們將繼續利用我們在德國的 CC Pharma Tilray 藥品分銷業務的專業知識和關係，該業務透過其 13,000 家藥房和批發商網絡支持我們的醫用大麻業務。

Second, the bifurcation and differentiation of physician-led and patient-led channels. As a market leader in the physician-led channel, we're turning our focus to accelerating our growth in the patient-led channel. One of our major initiatives in this regard is improving the availability and the quality of our medical cannabis supply to meet needs of patients-led channels by creating a flexible and diversified supply chain focused on high-quality flower and new innovation.

二是醫師主導和病患主導通路的分歧和分化。作為醫生主導管道的市場領導者，我們正在將重點轉向加速患者主導管道的成長。我們在這方面的主要舉措之一是透過創建專注於高品質花卉和新創新的靈活且多元化的供應鏈，提高醫用大麻供應的可用性和質量，以滿足患者主導管道的需求。

At Aphria RX, our German cultivation and processing facility, we received the very first commercial cannabis cultivation license and commercial distribution license issued in Germany under the new regulations. These new licenses granted Tilray the ability to cultivate, produce, and distribute premium quality medical cannabis with the ability to increase our production by approximately 5 times.

在我們的德國種植和加工工廠 Aphria RX，我們獲得了德國根據新法規頒發的第一個商業大麻種植許可證和商業分銷許可證。這些新許可證賦予 Tilray 種植、生產和分銷優質醫用大麻的能力，使我們的產量增加約 5 倍。

Aphria RX can now fully utilize and maximize its growing capacity while also expanding its genetics to a total of 31 approved strains from the previously approved three strains. We've already completed our first harvest under new cultivation license. We expect to commercialize these products in Q2.

Aphria RX 現在可以充分利用並最大限度地提高其生長能力，同時也將其遺傳學擴展到先前批准的 3 個菌株中的總共 31 個批准菌株。我們已經根據新的種植許可證完成了第一次收穫。我們預計在第二季將這些產品商業化。

We've also begun to supply our international markets with EU GMP-certified medical cannabis products from our Canadian facilities, with medical cannabis from Aphria Diamond launching in Poland, and Broken Coast and Redecan launching in Australia. We expect to launch additional cultivation from Broken Coast and Aphria Diamond in the coming months.

我們也開始從加拿大工廠向國際市場供應經歐盟 GMP 認證的醫用大麻產品，其中 Aphria Diamond 的醫用大麻在波蘭推出，Broken Coast 和 Redecan 在澳洲推出。我們預計在未來幾個月內將在破碎海岸和 Aphria Diamond 進行更多種植。

And finally, we'll continue to identify and enter new markets with the potential to generate material revenue and profit opportunities. We expect European opportunities could represent a potential $45 billion medical market over the long term. And with our presence in Europe, it allows Tilray to grow our global brand portfolio to a base of over 700 million people in Europe, which is twice the population of the US.

最後，我們將繼續尋找並進入有潛力產生實質收入和利潤機會的新市場。我們預計，從長遠來看，歐洲的機會可能代表著 450 億美元的潛在醫療市場。憑藉我們在歐洲的業務，Tilray 能夠將我們的全球品牌組合擴大到歐洲人口超過 7 億，是美國人口的兩倍。

Finally, let's discuss our Tilray wellness business, focused on improving people's lives through the power of hemp. Tilray Wellness is represented mainly by Manitoba Harvest, our leading hemp brand with over a 53% market share in branded hemp products. Wellness is also comprised of Happy Flower beverages and highball energy drinks.

最後，讓我們討論一下我們的 Tilray 健康業務，該業務專注於透過大麻的力量改善人們的生活。Tilray Wellness 主要以 Manitoba Harvest 為代表，這是我們領先的大麻品牌，在品牌大麻產品中擁有超過 53% 的市場份額。健康還包括快樂花飲料和高球能量飲料。

In Q1, Tilray Wellness delivered 11% net revenue growth compared to the prior year, driven by strong core business sales coupled with hemp innovation and expansion into wellness beverages. A strong focus on cost helped the business improve margins, delivering a 300-basis-point-increase in gross margin to 32%.

第一季度，Tilray Wellness 的淨收入較上一年增長 11%，這得益於強勁的核心業務銷售以及大麻創新和健康飲料擴張。對成本的高度關注幫助該業務提高了利潤率，毛利率提高了 300 個基點，達到 32%。

As Tilray Brands has transformed, expanded, and completed numerous acquisitions to get where we are today, our mission has evolved to be a leading premium lifestyle company with a house of brands and innovation of products that inspire joy, wellness, and create memorable experiences.

隨著 Tilray Brands 的轉型、擴張和完成大量收購才達到今天的水平，我們的使命已發展成為一家領先的高端生活方式公司，擁有一系列品牌和創新產品，激發歡樂、健康並創造難忘的體驗。

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

現在，我將致電卡爾，更詳細地討論我們的財務表現。卡爾？

Thank you, Irwin. As a reminder, our financial results are presented in accordance with US GAAP and in US dollars. Let's now review our quarterly performance for the three months ended August 31, 2024. In Q1, net revenue was $200 million, a 13% growth rate compared to the previous-year quarter net revenue of $177 million. As Irwin stated, our Q1 net revenue was a record amount.

謝謝你，歐文。請注意，我們的財務表現是根據美國公認會計原則並以美元表示的。現在讓我們回顧一下截至 2024 年 8 月 31 日的三個月的季度業績。第一季淨收入為 2 億美元，與去年同期淨收入 1.77 億美元相比成長 13%。正如歐文所說，我們第一季的淨收入創下了紀錄。

In constant currency, net revenue grew to $204 million. By segment, beverage alcohol net revenue increased 132% to $56 million. Cannabis net revenue was in line with expectations at $61.2 million as a result of our strong focus on margins and strategic growth in key markets, which I will discuss in a moment. Distribution net revenue was flat, and wellness net revenue rose 11% in the quarter.

以固定匯率計算，淨收入增至 2.04 億美元。以細分市場劃分，飲料酒精淨收入成長 132%，達到 5,600 萬美元。由於我們高度關注關鍵市場的利潤率和策略性成長，大麻的淨收入達到 6,120 萬美元，符合預期，我稍後將討論這一點。本季分銷淨收入持平，健康淨收入成長 11%。

From a segment perspective, 28% of our net revenue was generated by our beverage alcohol business, 31% was generated by our cannabis business, 34% by our distribution business, and 7% by our wellness business. This compares to 13% in beverage alcohol, 40% in cannabis, 39% in distribution, and 8% in wellness in the prior-year quarter.

從分部來看，我們淨收入的28%來自飲料酒精業務，31%來自大麻業務，34%來自經銷業務，7%來自健康業務。相較之下，去年同期酒精飲料佔 13%，大麻佔 40%，分銷佔 39%，健康佔 8%。

The year-over-year variance is due to our craft beverage acquisition, which occurred in Q2 of last year. Gross profit increased by 35% to $59.7 million compared to $44.2 million in the prior-year quarter. Gross margin increased to 30% and over a 500-basis-point increase from the prior-year period. Adjusted gross profit increased 21% to $59.9 million from $49.3 million in the prior year, while adjusted gross margin increased by 200 basis points to 30%, primarily reflecting our focus on improving our utilizations at our beverage alcohol facilities and favorable sales mix.

年比差異是由於我們去年第二季進行的精釀飲料收購所致。毛利較去年同期的 4,420 萬美元成長 35%，達到 5,970 萬美元。毛利率增至30%，較去年同期成長超過500個基點。調整後毛利從前一年的4,930 萬美元成長21% 至5,990 萬美元，調整後毛利率成長200 個基點至30%，主要反映了我們專注於提高飲料酒精設施的利用率和有利的銷售組合。

Net loss improved by 38% to $34.7 million compared to a net loss of $55.9 million in the prior-year quarter. On a per-share basis, this amounted to a net loss of $0.04 per share, which was a 60% improvement compared to a net loss of $0.10 per share in the prior-year quarter. Adjusted net loss was $6.1 million compared to an adjusted net loss of $27.1 million in the prior-year quarter, a 78% improvement year over year, with adjusted net loss per share coming in at negative $0.01 per share, a significant beat compared to expectations of negative $0.05.

淨虧損較去年同期的淨虧損 5,590 萬美元減少了 38%，達到 3,470 萬美元。以每股計算，這相當於每股淨虧損 0.04 美元，與去年同期每股淨虧損 0.10 美元相比，改善了 60%。調整後淨虧損為 610 萬美元，而上年同期調整後淨虧損為 2,710 萬美元，年增 78%，調整後每股淨虧損為負 0.01 美元，大幅超出預期負 0.05 美元。

Adjusted EBITDA was $9.3 million compared to $10.7 million in the prior-year quarter. We are now approaching six consecutive years of generating positive adjusted EBITDA. The decrease in adjusted EBITDA from the prior-year quarter is primarily related to building infrastructure and an increased investment in marketing and promotions at Tilray Beverages.

調整後 EBITDA 為 930 萬美元，去年同期為 1,070 萬美元。我們現在即將連續六年實現調整後 EBITDA 為正數。調整後 EBITDA 較上年同期下降主要與 Tilray Beverages 基礎建設以及行銷和促銷投資增加有關。

Cash flow used in operations was $35.3 million compared to $15.8 million in the prior-year quarter. Adjusted free cash flow was negative $39.5 million compared to negative $6.3 million in the prior-year quarter as a result of an increased demand on our working capital in our beverage operations as we move from the payment terms under the co-manufacturing agreements to our own payment terms after integrating production.

營運中使用的現金流為 3,530 萬美元，而去年同期為 1,580 萬美元。調整後的自由現金流為負 3,950 萬美元，而去年同期為負 630 萬美元，原因是我們從聯合製造協議下的付款條件改為我們自己的付款條件，因此飲料業務對營運資金的需求增加整合生產後的付款條件。

Turning now to our four business segments, average alcohol net revenue was $56 million, up 132% from $24.2 million in the prior year. The positive delta was due to contributions from the craft brands, which were purchased during Q2 of last year, and new innovations across our brand portfolio.

現在轉向我們的四個業務部門，平均酒精淨收入為 5,600 萬美元，比前一年的 2,420 萬美元成長 132%。正增量歸因於去年第二季度購買的工藝品品牌的貢獻以及我們品牌組合中的新創新。

Through our expanding footprint, we now own and operate 20 brew pubs/restaurants in the US that are in close proximity to the production of our craft brands. In the quarter, these operations contributed $11 million of revenue, and we expect them to be a key part of our strategy going forward, allowing us to increase brand visibility and gain an intimate understanding of our key consumers.

透過不斷擴大的足跡，我們現在在美國擁有並經營 20 家啤酒酒吧/餐廳，這些酒吧/餐廳靠近我們的手工品牌的生產地。本季度，這些業務貢獻了 1,100 萬美元的收入，我們預計它們將成為我們未來策略的關鍵部分，使我們能夠提高品牌知名度並深入了解我們的主要消費者。

Beverage alcohol gross profit increased to $22.9 million compared to $12.9 million, and adjusted gross profit was $23.1 million compared to $13.5 million, while beverage alcohol gross margin was 41% compared to 53%, and adjusted gross margin was 41% from 56% from the prior-year quarter.

飲料酒精毛利從1,290 萬美元增加至2,290 萬美元，調整後毛利從1,350 萬美元增加至2,310 萬美元，飲料酒精毛利率從53% 增至41%，調整後毛利率從56% 增至41 %。

Due to the seasonality of our beverage business, our third quarter ended February 29, 2024, is our most comparable period, reflecting the newly acquired craft brands to which we improved adjusted gross margin by over 300 basis points as a result of our efforts in integrating and optimizing our facilities as well as a favorable product base.

由於我們飲料業務的季節性，截至2024 年2 月29 日的第三季度是我們最具可比性的時期，反映了新收購的精釀品牌，由於我們努力整合，我們將調整後的毛利率提高了300 個基點以上。

As we mentioned at year end, the new craft brands were initially subject to co-manufacturing agreements, inhibiting our ability to optimize production and control costs in a manner sufficient to increase our gross profit and margin. Effective May 31, all the co-manufacturing agreements, except for production of Shock Top, ended and the production of the brands were in-house, with Shock Top's production expected to be integrated into our production facilities in Q2.

正如我們在年底提到的，新製程品牌最初受到聯合製造協議的約束，限制了我們優化生產和控製成本的能力，足以提高我們的毛利和利潤率。自 5 月 31 日起，除 Shock Top 的生產外，所有聯合製造協議均已結束，各品牌的生產均在內部進行，Shock Top 的生產預計將在第二季度整合到我們的生產設施中。

As we integrate production in-house, we are able to better optimize production utilization in our facilities, decreasing unabsorbed overheads, as well as achieving purchase price synergies now that we are purchasing the raw ingredients.

當我們整合內部生產時，我們能夠更好地優化我們設施的生產利用率，減少未吸收的間接費用，並在我們購買原材料時實現購買價格協同效應。

Gross cannabis revenue of $81.2 million was comprised of $57.2 million in Canadian adult use revenue, $12.2 million in international cannabis revenue, $6.3 million in Canadian medical cannabis revenue, and $5.5 million in wholesale cannabis revenue. Net cannabis revenue, which includes $20 million in excise taxes, was $61.2 million, representing a 13% decrease from the year-ago period.

大麻總收入為 8,120 萬加元，其中包括 5,720 萬加元的加拿大成人使用收入、1,220 萬加元的國際大麻收入、630 萬加元的加拿大醫用大麻收入和 550 萬加元的批發大麻收入。大麻淨收入（包括 2,000 萬美元的消費稅）為 6,120 萬美元，比去年同期下降 13%。

Revenue from Canadian medical cannabis grew 2%, despite the category being impacted by competition from the adult-use market, while revenue from Canadian adult use decreased 20%, which was a result of our increased focus on preserving gross margin and maintaining a higher average selling price in categories that have experienced a high degree of price compression.

儘管受到成人使用市場競爭的影響，加拿大醫用大麻的收入增長了 2%，而加拿大成人使用的收入下降了 20%，這是我們更加註重保持毛利率和維持較高平均水平的結果經歷了高度價格壓縮的類別的銷售價格。

International cannabis revenue decreased by 14%, which was largely driven by variability on the timing in countries other than Germany of receiving import and export permits, resulting in fluctuations on a quarterly basis. As Irwin said already, in the five months since legalization versus the five months before legalization, our flower revenues in Germany are up 50%, and our extract sales are up 22%.

國際大麻收入下降了 14%，這主要是由於德國以外的國家獲得進出口許可證的時間存在差異，導致季度波動。正如歐文已經說過的，在合法化後的五個月內，與合法化前的五個月相比，我們在德國的花卉收入增長了 50%，我們的提取物銷售額增長了 22%。

As I mentioned, cannabis net revenue was in line with expectations at $61.2 million, but down $9.1 million versus the prior year. As we focus on our goal of improving cannabis gross margins, we are intentionally less focused on share and revenue in certain categories, particularly those categories facing the most price compression, including infused, pre-roll, and vape.

正如我所提到的，大麻淨收入符合預期，為 6,120 萬美元，但比前一年減少了 910 萬美元。當我們專注於提高大麻毛利率的目標時，我們故意較少關注某些類別的份額和收入，特別是那些面臨最大價格壓縮的類別，包括輸液、預捲和電子煙。

Despite the decline in net revenue and share in those categories, we increased cannabis gross profit by $4.4 million and increased adjusted cannabis gross margin by over 500 basis points from the prior-year period. Cannabis gross profit was $24.2 million, and cannabis gross margin was 40%. Adjusted cannabis gross profit was $24.2 million compared to $24.3 million in the prior-year quarter. The gross margin increase was driven by our international cannabis business, and in Canada, our continued focus on maintaining a higher average selling price and selling a favorable product mix to improve adjusted gross margins by 500 basis points.

儘管這些類別的淨收入和份額有所下降，但我們的大麻毛利比去年同期增加了 440 萬美元，調整後的大麻毛利率增加了 500 個基點以上。大麻毛利為2,420萬美元，大麻毛利率為40%。調整後大麻毛利為 2,420 萬美元，去年同期為 2,430 萬美元。毛利率的成長是由我們的國際大麻業務推動的，在加拿大，我們繼續專注於維持較高的平均售價和銷售有利的產品組合，以將調整後毛利率提高 500 個基點。

Distribution net revenue, derived predominantly through Tilray Pharma, was $68.1 million compared to $69.2 million in the prior-year quarter. The decrease in net revenue is attributed to the effects of foreign exchange. On a constant currency basis, revenue from distribution increased to $70.4 million for the three months ended August 31, 2024, compared to revenue of $69.2 million for the prior-year period. Distribution gross profit increased to $7.9 million compared to $7.7 million in the prior-year period, while distribution gross margin increased to 12% from 11% in the prior-year quarter because of product mix.

主要透過 Tilray Pharma 獲得的分銷淨收入為 6,810 萬美元，而去年同期為 6,920 萬美元。淨收入減少是由於外匯影響。以固定匯率計算，截至 2024 年 8 月 31 日止三個月的經銷收入增至 7,040 萬美元，而上年同期營收為 6,920 萬美元。分銷毛利從去年同期的 770 萬美元增至 790 萬美元，而由於產品組合的原因，分銷毛利率從去年同期的 11% 增至 12%。

Wellness net revenue grew 11% to $14.8 million from $13.3 million in the prior-year quarter. The increase was driven by our strategic focus on continued innovations and strong organic growth within our branded hemp business related to higher consumption. Wellness gross profit was $4.7 million, up from $3.8 million in the prior-year quarter, and gross margin rose to 32% compared to 29% as a result of decreased input costs and continued operational efficiencies.

健康淨收入成長 11%，從去年同期的 1,330 萬美元增至 1,480 萬美元。這一成長是由於我們的策略重點是與高消費相關的品牌大麻業務的持續創新和強勁的有機成長。健康毛利為 470 萬美元，高於去年同期的 380 萬美元，由於投入成本下降和營運效率持續提高，毛利率從 29% 上升至 32%。

Our cash and marketable securities balance as of October 31 was $280.1 million, up from $260.5 million at year end. This change was a result of our temporary increase in working capital demands, offset by the funds raised from our ATM. Since its initiation, we have raised $94.5 million on our ATM, which we intend to use for strategic and accretive acquisitions, including capital expenditures for acquired businesses.

截至 10 月 31 日，我們的現金和有價證券餘額為 2.801 億美元，高於年底的 2.605 億美元。這項變更是由於我們的營運資金需求暫時增加，但被 ATM 籌集的資金所抵消。自成立以來，我們已透過 ATM 籌集了 9,450 萬美元，我們打算將其用於策略性和增值性收購，包括收購業務的資本支出。

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？

(Operator Instructions) Kaumil Gajrawala, Jefferies.

（操作員說明）Kaumil Gajrawala，Jefferies。

Hey, guys. Good morning. Can I ask a bit about the Canadian adult-use market and just how volumes are trending?

嘿，夥計們。早安.可以問一下加拿大成人用品市場的狀況以及銷售趨勢嗎？

I missed that last comment. How volume-dependent it is?

我錯過了最後一則評論。它對體積的依賴性有多大？

Yes, how volumes are trending in Canada.

是的，加拿大的銷售趨勢如何。

Blair's on the phone. I'll let him jump in a second. But I think the big thing that you see in Canada, how we've improved our margins there tremendously. And with Canada now being legal for five years, there's a lot of LPs that have come and gone. And with us having 5 million square feet in Canada and being one of the largest and being the number one, there's a lot of volume.

布萊爾正在打電話。我一會兒就讓他跳下去。但我認為你在加拿大看到的一件大事是我們如何極大地提高了我們在那裡的利潤率。加拿大的合法化已經五年了，有很多有限合夥人來了又走了。我們在加拿大擁有 500 萬平方英尺的面積，是最大的之一，也是排名第一的，因此銷售量很大。

But the volume we're going to go after is profitable volume, and there's sales that will give up for it. In the period, we introduced a lot of new products, a lot of new innovation. And what we've done with our facilities in regards to our yields, in regards to some of the products that we're doing today, and the amount of pre-rolls, we sell over 80 million pre-rolls a year. We sell over 350 metric tonnes of flower a year. So volume is absolutely dependent, but it's profitable volume.

但我們要追求的銷量是可獲利的銷量，有銷售會放棄它。在這段期間，我們推出了許多新產品，許多新的創新。我們對我們的設施在產量、我們今天正在做的一些產品以及預卷數量方面所做的工作，我們每年銷售超過 8000 萬張預卷。我們每年銷售超過 350 噸鮮花。所以數量是絕對依賴的，但它是有利可圖的數量。

Blair, you want to add anything to it?

布萊爾，你想補充什麼嗎？

Yes, thanks, Irwin. And, yes, good question. In the industry overall, I would say dollar volume is, as Irwin just talked about, compressed by some of the growth in those categories. But dollar volume is up 4.5% to 5% overall. If you look at the KG shift or the volume overall, the category is growing at 9% to 10%. So we're still seeing healthy amounts of consumers come into the categories. We're seeing healthy amounts of growth in the business. I think what you're seeing is the offset of price compression.

是的，謝謝，歐文。是的，好問題。在整個行業中，我想說，正如歐文剛才所說，這些類別的一些成長壓縮了美元交易量。但美元交易量整體成長了 4.5% 至 5%。如果你看一下公斤數變化或整體銷量，你會發現該類別正在以 9% 到 10% 的速度成長。因此，我們仍然看到大量消費者進入這些類別。我們看到業務的健康成長。我認為你看到的是價格壓縮的抵消。

What we've made on choices that you heard in the results from Irwin and Carl, is to not play as aggressively in those distillate and distillate-infused categories, which are margin challenges. So overall, I would say the business is very healthy on the overall industry from a volume standpoint and a dollar volume standpoint still, growing at about 5% on the dollar side. And then on the Tilray side, we're being very choiceful in how we balance our margin and our volume.

我們根據您在歐文和卡爾的結果中聽到的選擇做出的選擇是，不要在那些餾分油和注入餾分油的類別中表現得那麼激進，這些類別是利潤挑戰。因此，總的來說，我想說，從銷量和美元銷售的角度來看，該業務在整個行業中都非常健康，以美元計算，成長率約為 5%。然後在 Tilray 方面，我們在如何平衡利潤和銷售方面非常有選擇。

I think the big important thing here to realize is a couple things. Number one, you still pay a flat excise tax in Canada. You heard Carl say, we pay over $20 million in excise tax in a quarter. We pay close to $150 million for a full year. There's still definitely some price compression, but we're not going to play in areas where it's just all about price, and that's the big focus.

我認為這裡需要認識到的最重要的事情是幾件事。第一，您在加拿大仍然繳納固定消費稅。您聽到 Carl 說過，我們一個季度支付超過 2000 萬美元的消費稅。我們全年支付近 1.5 億美元。價格肯定還會受到一定程度的壓縮，但我們不會在只專注於價格的領域開展業務，而這才是重點。

The other thing is, our teams have done a great job in taking costs out and getting the yields on our growth, getting the yields on our products, and educating consumers. They're going to have to pay a little more for the quality products they're getting.

另一件事是，我們的團隊在降低成本、獲得成長收益、獲得產品收益以及教育消費者方面做得非常出色。他們將不得不為獲得的優質產品支付更多的費用。

Got it. Useful. And then maybe just update on where we are on price compression and maybe the balance of supply?

知道了。有用。然後也許只是更新我們在價格壓縮和供應平衡方面的進展？

So let me just come back and say this here. The interesting thing is you go back and look over the last three years, we probably in Canada lost well over $200 million on price compression. And not making excuses, that number drops to your bottom line. If you come back and look at ultimately excise tax being cut and it was half, there's an extra $50 million, $70 million.

所以讓我回來在這裡說一下。有趣的是，你回頭看看過去三年，我們加拿大可能因價格壓縮而損失了超過 2 億美元。不要找藉口，這個數字會降到你的底線。如果你回來看看最終消費稅被削減了一半，那麼還有額外的 5000 萬、7000 萬美元。

So I think we're seeing price compression stabilize. In regards to inventories, with our growth today and our yields, and us ultimately balancing and rightsizing our facilities, I think we're in a great place today in regards to what our inventories are. And the market continues to change dramatically in regards to potency. And that is a big thing today. It's amazing.

所以我認為我們看到價格壓縮趨於穩定。就庫存而言，隨著我們今天的增長和產量，以及我們最終對設施的平衡和調整，我認為我們今天的庫存狀況非常好。市場在效力方面持續發生巨大變化。這在今天是一件大事。太棒了。

They're looking for 30% plus potencies today. And if you can grow it, you can sell it. And I think that's what's important. And we got caught a little on potencies on our goods supply, and we saw some great growth in the quarter in regards to higher potencies in our goods supply brand.

他們今天正在尋找 30% 以上的效力。如果你能種植它，你就可以出售它。我認為這才是重要的。我們在商品供應的潛力方面遇到了一些困難，我們看到本季我們的商品供應品牌的潛力有了很大的成長。

Great. Thanks, guys.

偉大的。謝謝，夥計們。

And the last thing, just let me add to it. It's five years now that cannabis is legal in Canada. Actually, it's five years, what, October 18 or something like that, coming up the anniversary. The consumer now is educated, and we've had to build these brands from scratch. So these brands were brands that have been built from scratch.

最後一件事，讓我補充一下。大麻在加拿大合法已經五年了。事實上，已經五年了，什麼，10 月 18 日或類似的日子，即將到來的周年紀念日。現在消費者受到了教育，我們必須從頭開始建立這些品牌。所以這些品牌都是白手起家的品牌。

Good Supply is over a [$200 million-plus] brand at retail. And the consumer there is educated today about quality, potency, genetics, and where the product comes from. And that's something Tilray has done an incredible job in making sure that we put great products out there. And listen, we still have a lot of restrictions in the packaging, how we advertise the products, how we communicate to our consumers.

Good Supply 是一個零售價值超過 [2 億美元以上] 的品牌。如今，那裡的消費者接受了關於品質、功效、基因以及產品來源的教育。Tilray 在確保我們推出優質產品方面做了令人難以置信的工作。聽著，我們在包裝、產品廣告方式、與消費者溝通方式上仍有許多限制。

Aaron Grey, Alliance Global Partners.

亞倫·格雷，聯盟全球合作夥伴。

Hi, good morning, and thank you for the question. So first, I just want to talk a high-level one in terms of how you're thinking about investing in the business and also driving profitable growth. You laid out a number of initiatives throughout the business. So I wanted to talk about how you're thinking about that and then EBITDA growth throughout the year, down a bit in the first quarter. So how best to think about the levers and the cadence of EBITDA and what we should be thinking about for the rest of the year. Thank you.

你好，早安，謝謝你的提問。首先，我只想談談您如何考慮投資業務並推動獲利成長。您在整個企業中製定了多項措施。所以我想談談你是如何看待這個問題的，然後是全年 EBITDA 的成長，第一季略有下降。那麼如何最好地考慮 EBITDA 的槓桿和節奏，以及我們在今年剩餘時間裡應該考慮什麼。謝謝。

So number one, we come back, and this probably is one of our lowest quarters in the year. There's seasonality, which I don't think everybody looks at. There's also acquisitions, like in this quarter, there's nothing on the Molson Coors acquisition that we closed in early September. And in regards to rolling out new products, there's timing on that. In regards to our Delta-9 products in our beverage division, in regards to our non-alc, in regards to our Liquid Love, in regards to some of our other new products -- so again, there is seasonality and there's timing on a lot of new products in regards to the distribution of white space.

所以第一，我們回來了，這可能是我們今年最低的季度之一。有季節性，我認為不是每個人都會注意這一點。還有收購，就像本季一樣，我們在 9 月初完成的 Molson Coors 收購中沒有任何收購。至於推出新產品，這是有時間限制的。就我們飲料部門的 Delta-9 產品而言，就我們的非酒精飲料而言，就我們的 Liquid Love 而言，就我們的其他一些新產品而言，同樣，有季節性，也有時機。產品都涉及空白區域的分佈。

The other big thing that's not in here is a lot of the cost that we're still taking out of this business with the integration of the ABI brands. A lot of costs still coming out in regards to our Canadian business. And in Europe, there's a lot happening there with Germany. Our flower business was up since the announcement of the new regulations in flower Germany, almost 50%. There's a timing lapse of when we get products into the marketplace. There's a timing lapse of when products are shipped into the Poland market and some of the other ones. So a lot of it is just from a timing standpoint and the seasonality and our new products rolling out.

這裡未提及的另一件大事是，我們仍在透過整合 ABI 品牌從這項業務中扣除大量成本。我們的加拿大業務仍在產生大量成本。在歐洲，德國發生了很多事。自從德國花卉新法規公佈以來，我們的花卉業務成長了近 50%。當我們將產品推向市場時，會有一個時間間隔。產品運往波蘭市場和其他一些市場的時間有偏差。所以很多只是從時間的角度、季節性和我們推出的新產品來看。

Okay, thanks, Irwin. That's helpful color. Second question for me, just on the hemp-derived THC beverages, you laid out a number of states in your prepared remarks. You had previously said two states. I just want to clarify, those states in your prepared remarks, are those where you'll be distributing at brick-and-mortar or just DTC?

好的，謝謝，歐文。這是有用的顏色。我的第二個問題，就大麻衍生的 THC 飲料而言，您在準備好的發言中列出了一些狀態。您之前說過兩種狀態。我只是想澄清一下，您準備好的發言中的那些州是您將在實體店還是 DTC 上分發的？

And then secondly, just on hemp-derived beverages, how best to think about the ramping with brick-and-mortar, and the impact of bills that have been introduced, and the broader farm bill, which looks like it might be delayed another year, and how that's impacting broader distribution. Thank you.

其次，就大麻衍生飲料而言，如何最好地考慮實體店的增長、已出台法案的影響以及更廣泛的農業法案，該法案看起來可能會再推遲一年，以及這如何影響更廣泛的發行。謝謝。

So in regards to Delta-9, it's basically going to be brick and mortar. We've already received our first orders. And the majority of it will be rolled out into retailers and through our beer distributors that can sell it. Some will be definitely direct to consumer, but there's 19 states today that will allow this product.

因此，對於 Delta-9，它基本上是實體的。我們已經收到第一批訂單了。其中大部分將透過零售商和我們可以銷售的啤酒經銷商推出。有些肯定會直接面向消費者，但目前有 19 個州允許使用這種產品。

And we're pretty excited about the orders already and the demand for the product. And a lot more to come. We have five great products that we're going to roll out. So it will be basically sold at retail, these products, and through our beer distributors. Some will go through with our Happy Flower, will be direct to consumer.

我們對已經收到的訂單和對產品的需求感到非常興奮。還有更多即將到來。我們將推出五款出色的產品。因此，這些產品基本上將透過零售以及我們的啤酒經銷商進行銷售。有些將透過我們的快樂花，將直接面對消費者。

Okay, great. Thank you.

好的，太好了。謝謝。

Thank you.

謝謝。

Matt Bottomley, Canaccord Genuity.

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

Good morning, everyone. I appreciate a lot of the commentary on sort of individual markets in Europe and how things are progressing on the regulatory front and even with respect to some demand. But I'm just curious, without getting too specific to the nitty-gritty of any numbers or anything -- but if you look at your international contribution, both exports, boots on the ground, it's been run rating at close to about $50 million for a little while now. And I'm just wondering if any of these changes on the regulatory front are expected to have a meaningful impact on that contribution by the end of your fiscal year.

大家早安。我很欣賞對歐洲個別市場的評論，以及監管方面甚至某些需求的進展。但我只是好奇，沒有太具體地了解任何數字或任何東西的實質內容 - 但如果你看看你的國際貢獻，無論是出口，還是實際行動，它的評級都接近約 5000 萬美元有一段時間了。我只是想知道監管方面的這些變化是否預計會對您的財政年度結束時的貢獻產生有意義的影響。

So I'll let Denise jump in here for a second, but I got to tell you, you heard what I said. In Germany, since the changes in regulations, our flower business was up almost 50%. And in regards to supply -- and that's been some of our biggest constraints here, some supply. We supply from our Canadian operations. We supply from our Portugal, and some of the changes that we now have in Germany where we can sell out of our German facility where before we only could sell it through the German government.

所以我讓丹妮絲插話一下，但我必須告訴你，你聽到了我說的話。在德國，自從法規改變以來，我們的花卉業務成長了近 50%。至於供應——這是我們最大的一些限制，一些供應。我們透過加拿大工廠供應。我們從葡萄牙供應，以及我們現在在德國進行的一些變化，我們可以從我們的德國工廠出售，而以前我們只能透過德國政府出售。

So there's a lot of pieces in place. And listen, there's only 20 different countries that allow medical cannabis in Europe. And I think there's some tremendous opportunity to see the size of the categories in billions. The demand is there. Denise, do you want to add to what I said?

所以有很多零件已經到位。聽著，歐洲只有 20 個國家允許醫用大麻。我認為有一些巨大的機會可以看到這些類別的規模達到數十億。需求就在那裡。丹尼斯，你想補充我說的話嗎？

Yes, sure. Thanks, Irwin. And I do thank you for the question. I just want to challenge the one part about it running at $50 million for a few years now, because, actually, I think If you look back over the progression, we actually have seen pretty significant growth year over year. If you look basically from the point of time of the Tilray acquisition up until our reported numbers from last year, we're expecting very, very significant growth in this year's market.

是的，當然。謝謝，歐文。我非常感謝你提出這個問題。我只是想挑戰一下它在幾年內以 5000 萬美元運行的一部分，因為實際上，我認為如果你回顧一下進展，我們實際上已經看到了逐年相當顯著的增長。如果你基本上從 Tilray 收購的時間點到我們去年報告的數據來看，我們預計今年的市場將會出現非常非常顯著的成長。

As we look to our fiscal year '25, as Irwin mentioned, we had 50% growth in our flower business, 22% in our extract business, where we already have a sizable market share. We do have some -- as Irwin mentioned in the previous question, we have some timing with import-export permits receiving and certain countries where we ship directly to a distributor versus our own warehouses and therefore a servicing market through third-party distributors. So there will be some lumpiness, so it's really important to look at the business on a year basis, not necessarily on a quarter basis to get a full picture.

正如 Irwin 所提到的，展望 25 財年，我們的花卉業務成長了 50%，萃取物業務成長了 22%，我們已經在該領域擁有相當大的市場份額。我們確實有一些——正如歐文在上一個問題中提到的那樣，我們在接收進出口許可證方面有一些時間安排，在某些國家，我們直接向經銷商發貨，而不是我們自己的倉庫，因此透過第三方經銷商提供服務市場。因此，會有一些波動，因此按年（而不是按季度）查看業務非常重要，這樣才能全面了解情況。

Okay, got it. Appreciate all that. And then I just wanted, just more of a general question, but just given some of the growth headwinds in the domestic Canadian market, obviously, there's been a lot of attention paid. And you guys have done a lot of good strategic initiatives, whether it's international or beverage, alcohol. But on the wellness side of things, I'm just curious if there's any sort of M&A opportunities you think within there, or do you think this is more of a sort of organic growth story from the exposure you guys already have?

好的，明白了。欣賞這一切。然後我只是想問一個更普遍的問題，但考慮到加拿大國內市場的一些成長阻力，顯然，已經引起了很多關注。你們已經做了很多好的策略性舉措，無論是國際或飲料、酒類。但在健康方面，我只是好奇您是否認為其中存在任何類型的併購機會，或者您認為這更像是您已經擁有的曝光度的有機增長故事？

Well, in regards to wellness, I think -- listen, there's a lot of the medical in Canada that's coming over, and they're going into recreational and buying it there. But medical is something that we're focused on. We see tremendous use for the product, whether it's anxiety, sleep, pain, epilepsy, so there's a big medical opportunity for us. Is there acquisitions for us in that area? That is an area that we are focused on in regards to the medical part of the business.

嗯，就健康而言，我認為 - 聽著，加拿大有很多醫療機構正在過來，他們正在進入娛樂領域並在那裡購買。但醫療是我們關注的重點。我們看到產品的巨大用途，無論是焦慮、睡眠、疼痛、癲癇，所以這對我們來說有很大的醫療機會。我們在該領域有收購嗎？這是我們在醫療業務方面重點關注的領域。

But I think the whole thing is, again, is our research that we're focused on medical, which is a big commitment for us. And being the number-one medical producer in Europe, there's a lot we're learning there and there's a lot as we work with universities and research that we're sharing back and forth. Matter of fact, we're in Europe next week with our Canadian teams and our European teams, working on multiple things there. So yes, medical is a big part of our growth, and medical is something that's very, very important to us in the Canadian market.

但我認為，重點是我們專注於醫學的研究，這對我們來說是一項重大承諾。作為歐洲排名第一的醫療生產商，我們在那裡學到了很多東西，並且在我們與大學和研究合作時我們正在來回分享很多東西。事實上，我們下週將與加拿大團隊和歐洲團隊一起前往歐洲，在那裡進行多項工作。所以，是的，醫療是我們成長的重要組成部分，醫療對我們在加拿大市場來說非常非常重要。

Thank you.

謝謝。

Bill Kirk, Roth MKM.

比爾·柯克，羅斯·MKM。

Good morning. I don't think I heard the fiscal '25 revenue guidance, which had been $950 million to $1 billion. Is that still the expectation for the year? And then if I recall, that guidance had included some M&A, some expectation for some M&A. Was the recent acquisition of the brands from Molson Coors the M&A that was contemplated in that guidance, or is there still more implied?

早安.我想我沒有聽說過 25 財年的收入指引，該指引為 9.5 億至 10 億美元。這仍然是今年的期望嗎？如果我記得的話，該指導意見包括一些併購，以及對一些併購的一些預期。最近從 Molson Coors 收購這些品牌是該指南中考慮的併購，還是還有更多暗示？

So that was the guidance for the year. There is some M&A in there. We have not updated our guidance to include the Molson's acquisition.

這就是今年的指導。那裡有一些併購。我們尚未更新我們的指引以將 Molson 的收購納入其中。

Okay, so the range is still $950 million to $1 billion?

好吧，那麼這個範圍仍然是 9.5 億美元到 10 億美元？

Exactly.

確切地。

Okay. And then on the international side, I understand that it's up over a few years. It has been in that $11 million to $14 million on a per-quarter basis for a little while, despite new positive developments. So what's offsetting the new positive developments on a more narrow timeframe?

好的。然後在國際方面，我知道它會在幾年內上升。儘管有新的積極進展，但每季 1,100 萬至 1,400 萬美元的價格已經有一段時間了。那麼，是什麼在更短的時間內抵消了新的正面進展呢？

So thank you for the question. The international business, basically, if you remember, we used to actually -- there's been some ins and outs, I think, in terms of the business. So it's not exactly apples to apples. If you recall, a couple of years ago, Israel was actually a very big part of our revenue number. And if you might remember that it's been about a year and a half ago, two years ago, we discontinued our business in Israel. Just given the state of the market there, given the influx of products, the price compression, we just didn't feel that it was a profitable market for us to continue.

謝謝你的提問。國際業務，基本上，如果你還記得的話，我們過去實際上——我認為，在業務方面存在一些細節。所以這並不完全是同類的。如果您還記得，幾年前，以色列實際上占我們收入的很大一部分。如果你還記得，大約一年半前，兩年前，我們停止了在以色列的業務。考慮到那裡的市場狀況，考慮到產品的湧入和價格壓縮，我們只是覺得這不是一個可以繼續獲利的市場。

So we discontinued those sales, which were quite sizable. However, in replacing that, we've sought out additional new countries. We entered Poland. We entered the UK, Italy, and Portugal. We've also identified a bunch of other countries which we will be entering, so stay tuned for that in future quarters.

因此我們停止了這些相當可觀的銷售。然而，為了取代它，我們尋找了更多的新國家。我們進入了波蘭。我們進入了英國、義大利和葡萄牙。我們還確定了我們將進入的許多其他國家/地區，因此請在未來幾季繼續關注。

This business, as Irwin mentioned before -- the Canadian business is just a few years old. The business in Europe is even more underdeveloped and immature at this point. And so in essence, it really is just starting to grow and take off now. And so I think it's still early innings for this business. We are very bullish about it going forward. And as I mentioned, we look to invest. We've already invested, and we will continue to invest.

正如歐文之前提到的，這項業務——加拿大業務只有幾年的歷史。歐洲的業務此時更不發達、不成熟。所以從本質上講，它現在才剛開始成長和起飛。所以我認為這項業務還處於早期階段。我們非常看好它的未來。正如我所提到的，我們希望進行投資。我們已經投資了，我們還將繼續投資。

I just think, again, you got to come back. There's been some currency effect in Europe that affected us when you look at it. But -- and Denise mentioned, as we look at this from a profitability -- Europe is very profitable for us. And I think that's what's very important as we focus on profitability. The other thing is Germany being the biggest market there, and we were restricted with our facility in Germany that we only could sell to the German government at a loss.

我只是想，再一次，你必須回來。當你看到歐洲的一些貨幣效應對我們產生了影響。但是 - 丹尼斯提到，當我們從盈利能力角度來看時 - 歐洲對我們來說非常有利可圖。我認為這非常重要，因為我們專注於獲利能力。另外，德國是最大的市場，我們在德國的工廠受到限制，只能虧本賣給德國政府。

That has changed. So we were losing money in regards to a tender that was awarded five years ago and we've been able to renegotiate that tender and renegotiate the terms of that. The second thing is, as each country legalizes, and we're not dealing with states here, we're dealing with different countries, with different regulatory. So building out the European market absolutely has been difficult, and there's markets that we've abandoned. We are not selling into the Israeli market, which used to be one of the biggest markets for all of us.

現在情況已經改變了。因此，我們在五年前授予的招標方面虧損了，我們已經能夠重新談判該招標並重新談判其條款。第二件事是，隨著每個國家的合法化，我們在這裡不是與州打交道，而是與不同的國家打交道，有不同的監管。因此，建立歐洲市場絕對是困難的，我們已經放棄了一些市場。我們不會向以色列市場銷售產品，以色列市場曾經是我們所有人最大的市場之一。

So what I can reassure you is there's tremendous opportunities of growth We only really sell flower and tinctures. It's not like we're selling pre-rolls and we're selling multiple different products here. We're selling over 100 different products, but it's basically flower and tinctures and that's it.

因此，我可以向您保證的是，這裡有巨大的成長機會，我們只銷售鮮花和酊劑。我們不是在銷售前卷，而是在銷售多種不同的產品。我們銷售 100 多種不同的產品，但基本上是花和酊劑，僅此而已。

So we look for Europe to be a big opportunity. We are the largest grower of cannabis in Europe today. We have the infrastructure on the ground. It's taking a little time, but what's important to us is the profitability there. The other thing is we're vertically integrated with our CC Pharma -- our Tilray Pharma there in regards to distributing through the drug stores. So yes, it's not growing as fast, but it is a very profitable business for us.

因此，我們認為歐洲是一個巨大的機會。我們是當今歐洲最大的大麻種植者。我們擁有實地的基礎建設。這需要一點時間，但對我們來說重要的是獲利能力。另一件事是，我們與我們的 CC Pharma（我們的 Tilray Pharma）在透過藥局分銷方面進行了垂直整合。所以，是的，它的成長速度沒有那麼快，但對我們來說這是一項非常有利可圖的業務。

Those details are great, thank you.

這些細節很棒，謝謝。

Thank you.

謝謝。

Michael Lavery, Piper Sandler.

麥可萊弗里、派珀桑德勒。

Thank you. Good morning. I just wanted to come back to the Delta-9 beverages. It's been tough in the cannabis space, at least, really building brands that kind of parallel to how they've developed in other categories. And so this is an interesting case to see how it plays out. I guess with that in mind, you have four brands I think you mentioned you've got teed up and more come. Why so many, and how do you plan to develop those and set them up for sustainable growth?

謝謝。早安.我只是想回到 Delta-9 飲料。至少在大麻領域，真正建立與其他類別的發展方式類似的品牌是很困難的。所以這是一個有趣的案例，看看它會如何發揮作用。我想考慮到這一點，您有四個品牌，我想您提到您已經做好準備，並且還會有更多品牌。為什麼有這麼多，您計劃如何開發這些並讓它們實現可持續增長？

So number one, the brands are developed. And again, we've had Happy Flower out there for a long time with CBD 420 is one of our brands that are known. Two or three of our other brands have some uniqueness to them. So again, with our five different products out there, it gives us differentiation in products. It allows us to have multiple products out there. And so far, everything we have shown retailers, distributors, they've liked. And we've got quite a few orders.

第一，品牌的發展。再說一次，我們已經有 Happy Flower 很久了，CBD 420 是我們眾所周知的品牌之一。我們的其他兩個或三個品牌有一些獨特之處。同樣，我們有五種不同的產品，這讓我們在產品上實現了差異化。它使我們能夠擁有多種產品。到目前為止，我們向零售商、經銷商展示的所有產品都受到他們的喜愛。我們已經收到了相當多的訂單。

So yes, 420 is a brand that's well known out there. Happy Flower's been out there. We have to build some of our other brands out there, and we've done that before. As we've come out with new products in regards to Runner's High, which is our non-alc beer, and our Montauk non-alc beer -- our Liquid Love is our water brand that's coming out there. Our Delta 9, our new brand.

所以，是的，420 是一個眾所周知的品牌。幸福花已經出來了。我們必須在那裡建立一些其他品牌，我們以前就這樣做過。當我們推出有關 Runner's High（我們的無酒精啤酒）和 Montauk 無酒精啤酒的新產品時，我們的 Liquid Love 是我們即將推出的水品牌。我們的 Delta 9，我們的新品牌。

Listen, the big thing is out there. We've got products. We've developed these flavors. We've developed these products from scratch. We've got 700 distributors out there, and these distributors want it. Now we only can sell it in the States as legal. And we got field salespeople out there on the street that will make sure we get this product in the hands.

聽著，外面有大事。我們有產品。我們開發了這些口味。我們從頭開始開發這些產品。我們有 700 個經銷商，這些經銷商都想要它。現在我們只能在美國合法銷售。我們在街上安排了現場銷售人員，以確保我們將這種產品送到手中。

But last but not least, which is important, how do we market that to the consumer? And that's what's important for us to make sure: we're getting the message across to the consumer. There's some really good products that we're coming up with.

但最後但並非最不重要的一點是，我們該如何向消費者推銷它？這對我們來說最重要的是要確保：我們正在向消費者傳達訊息。我們正在推出一些非常好的產品。

Okay -- sorry, go ahead.

好吧——抱歉，請繼續。

No, I just stopped.

不，我剛剛停下來。

Yes, so that's helpful. And then, just on some of the -- you touched on some of the integration of beer production and how you've got more flexibility now. How significant can that be and how quickly could it come in terms of just -- would we be right to think that you could consolidate some facilities? Or how do we just think about what to expect in the next several quarters for how that impacts your numbers?

是的，這很有幫助。然後，您談到了啤酒生產的一些整合以及您現在如何獲得更大的靈活性。這有多重要以及它能多快實現——我們認為你們可以整合一些設施是否正確？或者我們如何考慮未來幾季的預期對您的數字有何影響？

No, good question there. Listen, we're in a category today where the craft beer industry is declining 3%. But there's $100 billion worth of beer sold out there. So it's not like a small category. So there is tremendous opportunities in the craft beer business, okay? And with that, we think we can go out there and take share with innovation with some of the new products that we've launched.

不，這是個好問題。聽著，我們今天所處的類別是精釀啤酒產業下降了 3%。但那裡的啤酒銷售量卻高達 1000 億美元。所以它不像一個小類別。所以精釀啤酒產業有巨大的機會，好嗎？有了這個，我們認為我們可以走出去，透過我們推出的一些新產品分享創新。

We think we come back and look at whether it's the non-alc industry that's growing tremendously within Delta-9. The other thing is we're going back to each of our brands today. We have 19 brands out there, and we're looking at these brands, where they should be sold regionally, and what should be a national brand. Shock Top definitely should be a national brand.

我們想我們回過頭來看看 Delta-9 中是否有非 alc 產業的巨大成長。另一件事是我們今天要回到我們的每個品牌。我們有 19 個品牌，我們正在研究這些品牌，它們應該在哪裡進行區域銷售，以及什麼應該是全國性品牌。Shock Top絕對應該是民族品牌。

But if you take Montauk, you take Blue Point, and take SweetWater, and you focus them sort of in the Northeast, New York, New Jersey, Connecticut, Pennsylvania, maybe Florida, that's over 100 million people that we can market our brands to. We don't need to be in every single state out there and ship 10,000, 20,000 cases there, spend money on it, where we're not going to get the lift.

但如果你拿蒙托克，你拿藍點，拿甜水，你把他們集中在東北部，紐約，新澤西，康涅狄格，賓夕法尼亞，也許佛羅裡達，我們可以向超過 1 億人推銷我們的品牌。我們不需要在每個州都運送 10,000、20,000 箱，花錢買，但我們不會在那裡得到幫助。

If you come back and look at SweetWater, SweetWater grew to a 2.5 million-, 3 million-case brand. But it went into certain states. Whether it's Ohio or Illinois, that didn't make sense in those states, California. So what we're going to do is take these brands; focus on three, four, five states; put our money behind them; work with the distributors; educate the consumers about them; and then take our national brands, like the Shock Top.

如果你回頭看看 SweetWater，你會發現 SweetWater 已發展成為擁有 250 萬箱、300 萬箱的品牌。但它進入了某些州。無論是俄亥俄州還是伊利諾伊州，這在加州這些州都是沒有意義的。所以我們要做的就是採用這些品牌；重點在三、四、五種狀態；把我們的錢放在他們身後；與經銷商合作；對消費者進行相關教育；然後以我們的國家品牌為例，例如 Shock Top。

And the other thing that we're going to look at is this here. If we have a pumpkin beer, we'll have pumpkin beer in similar flavors for Montauk, for Blue Point. We're not going to have all these multiple different formulas out there with a lot of complexity. So we're looking at how we take our tail off our brands. We're looking at how to take complexity out of our business. We're going to do some SKU rationalization. And with this, it will optimize and right-size our footprint and the buying power today with over 15 million cases of beer that we're buying.

我們要關注的另一件事就是這裡。如果我們有南瓜啤酒，我們將為蒙托克和藍點提供類似口味的南瓜啤酒。我們不會有這麼多複雜的多個不同的公式。因此，我們正在研究如何擺脫品牌的束縛。我們正在研究如何消除業務的複雜性。我們將進行一些 SKU 合理化。藉此，它將優化並調整我們的足跡和購買力，目前我們購買的啤酒超過 1500 萬箱。

And if we have to consolidate some of our facilities, which we're right now looking at, we ultimately will. But we really feel, within a matter since 2020, we're now the fifth largest craft brewer out there with a 5% share out there. And we think we can get this category growing again through our innovation, through our distribution.

如果我們必須整合我們現在正在考慮的一些設施，我們最終會這樣做。但我們確實認為，自 2020 年以來，我們現在是第五大精釀啤酒製造商，佔有 5% 的份額。我們認為，透過我們的創新和分銷，我們可以讓這個類別再次成長。

And I got to tell you, working with distributors out there, they all want to see growth. They all want to see new innovation. They want to see products. And the same with the retailers, the retailers are looking at -- there's way too many brands, way too many products. How do we ultimately get this category growing, because it takes up too much space in stores?

我必須告訴你，與那裡的經銷商合作，他們都希望看到成長。他們都希望看到新的創新。他們想看到產品。與零售商一樣，零售商也在關注——品牌太多，產品太多。因為它佔用了商店太多的空間，我們最終如何讓這個類別成長？

Okay, thanks so much.

好的，非常感謝。

Pablo Zuanic, Zuanic & Associates.

巴勃羅·祖安尼克 (Pablo Zuanic)，Zuanic & Associates。

Thank you. Good morning, everyone. Irwin, maybe can you give us an update in terms of how you're thinking about US plant-touching assets? We've seen other companies that have ring-fenced structures, Canopy USA, SNDL with SunStream. OGI has talked about that also. I mean there's been more consolidation, and we would come to a point that there won't be much left to buy. So how do you handicap that, and how do you think about doing something similar in the current context of regulation?

謝謝。大家早安。歐文，也許您可以為我們介紹一下您對美國植物接觸資產的最新看法嗎？我們見過其他擁有環形圍欄結構的公司，例如 Canopy USA、SNDL 和 SunStream。OGI 也談到了這一點。我的意思是，整合更加頻繁，我們將達到一個地步：將不再有太多東西可供購買。那麼，您如何限制這一點，以及您如何考慮在當前的監管背景下做類似的事情？

So I step back and listen. The good news is the two presidential candidates are in favor of legalization. And I think, in regards to rescheduling, there's -- in December, the recommendations are going to come up on that. So Pablo, I think something will happen in regards to rescheduling, and something will happen in regards to federal legalization, whether it's medical cannabis that will be legalized and ultimately leave it up to the states for everything else.

所以我退後一步傾聽。好消息是兩位總統候選人都支持合法化。我認為，關於重新安排時間，12 月將提出相關建議。所以，巴勃羅，我認為在重新安排方面會發生一些事情，在聯邦合法化方面也會發生一些事情，無論是醫用大麻是否會合法化，並最終將其他事情留給各州來做。

If you come back and look at what we can do, remember, we've gone in. Once Canada was legalized five years ago -- they tell me it's six years ago, but I think it's still five. It was 2018, so I guess that is six years ago. If you come back and look at it, we built our Canadian business to a $300 million-plus business from scratch. And we built growth facilities, we built brands, we built vertical integration.

如果你回來看看我們能做什麼，請記住，我們已經進去了。加拿大五年前合法化後——他們告訴我那是六年前，但我認為仍然是五年前。那是 2018 年，所以我猜那是六年前。如果您回過頭來看看，我們的加拿大業務從無到有，現在已發展到價值超過 3 億美元的業務。我們建立了成長設施，我們建立了品牌，我們建立了垂直整合。

And today, as being one of the largest growers up there with almost 5 million square feet, we know how to grow cannabis. We know we have the genetic base. We know how to make pre-rolls. We know how to make tinctures. We know how to make drinks. We'll sell this year close to 9 million cans of cannabis-infused drinks. So we have the DNA. We have the know-how. We're one of the largest medical cannabis companies in Canada and in Europe. So with that, we're ready to do it on our own in the US, depending upon what the guidelines and the parameters are.

如今，作為擁有近 500 萬平方英尺的最大種植園之一，我們知道如何種植大麻。我們知道我們有遺傳基礎。我們知道如何製作前貼片。我們知道如何製作酊劑。我們知道如何製作飲料。今年我們將銷售近 900 萬罐大麻飲料。所以我們有DNA。我們有專業知識。我們是加拿大和歐洲最大的醫用大麻公司之一。因此，我們準備在美國自己做這件事，這取決於指導方針和參數。

And on the other hand, with our balance sheet where it is today, we have the ability to go out and acquire a great strategic partner that can help us, if that makes sense. The other thing in the US today, we have 18 beer brands or 19 beer brands. We have multiple brands in our spirits business, and we have our wellness brand in Manitoba Harvest. Can these brands parlay over into the cannabis category, like we're doing with some of these in Delta-9? So again, I think with cannabis going to legalize, and that's my opinion, I have nothing else -- any other insight. We'll be ready to jump into which way we can jump in there and be ready for it.

另一方面，按照我們今天的資產負債表，我們有能力走出去，收購一個可以幫助我們的優秀策略夥伴，如果這有意義的話。今天美國的另一件事是，我們有 18 個啤酒品牌或 19 個啤酒品牌。我們的烈酒業務擁有多個品牌，我們的健康品牌是 Manitoba Harvest。這些品牌能否像我們在 Delta-9 中所做的那樣，涉足大麻類別？再說一遍，我認為大麻將合法化，這就是我的觀點，我沒有其他見解。我們將準備好以何種方式跳入其中並為此做好準備。

Thank you, and one last one maybe for Denise. Just going back to the discussion in Germany, maybe using some [of Michael Porter's] terms here, but maybe remind us of your competitive advantage there, your competitive assets, your asset strengths. What are the barriers to entry?

謝謝你，最後一張也許是獻給丹妮絲的。回到德國的討論，也許在這裡使用一些[邁克爾·波特的]術語，但也許提醒我們你在那裡的競爭優勢，你的競爭資產，你的資產優勢。進入壁壘是什麼？

Because what I hear, there's all these licensed importers that are able to bring products. We saw a big jump, apparently, in imports in the second and third quarter. and then they are able to go to doctors, promote those products, and sell them to the consumers, right? So I don't know if I want to see more fragmentation as opposed to consolidation in Germany, but I'm sure you have assets on the ground that give you an advantage.

因為據我所知，所有這些獲得許可的進口商都能夠帶來產品。顯然，我們看到第二季和第三季的進口大幅成長。然後他們就可以去看醫生，推銷這些產品，並將其賣給消費者，對吧？因此，我不知道我是否希望在德國看到更多的碎片化而不是整合，但我確信您擁有可以為您帶來優勢的實地資產。

But I'm just trying to understand how the German market plays out in terms of fragmentation versus consolidation, just importers versus local producers. And what's your edge? And why should we assume that you are better positioned than others? If you can just mention that. And as part of that, a quick reminder, if you produce, if you jump production in Germany by 5 times, I suppose that replaces Portugal or Canada, that doesn't mean that you end up with a higher cost structure. Thank you.

但我只是想了解德國市場在分散與整合、進口商與當地生產商的表現。你的優勢是什麼？為什麼我們應該假設你比其他人處於更好的位置？如果你能提一下的話。作為其中的一部分，快速提醒一下，如果你在德國生產，如果你將德國的生產增加 5 倍，我想取代葡萄牙或加拿大，這並不意味著你最終會得到更高的成本結構。謝謝。

Thanks, Pablo, and thank you for the question. I think also -- I just want to also bring back to the previous question that was asked, because I think I was remiss in not stating the fact that if you look at our year-over-year growth between FY24 and FY23 in terms of the European market, we grew that market 34%. So I just wanted to actually finish off that last question, which I didn't do the last time.

謝謝巴勃羅，也謝謝你的提問。我還想 - 我只想回到之前提出的問題，因為我認為我沒有說明這樣一個事實，即如果你從 2024 財年到 23 財年的同比增長來看，我是失職的在歐洲市場，我們將該市場成長了34%。所以我只是想真正完成最後一個問題，但上次我沒有這樣做。

In terms of Germany, I think you are 100% right in terms of our unique positions in Germany and in Europe in particular. We mentioned Aphria RX facility with our ability under our newly issued license. We have the ability to produce to full capacity, which basically allows us to produce five times what we were able to produce under the tender.

就德國而言，我認為就我們在德國，特別是在歐洲的獨特地位而言，你是100%正確的。我們在新頒發的許可證下提到了 Aphria RX 設施的能力。我們有能力滿載生產，這基本上使我們的產量是招標時產量的五倍。

In addition, we expanded that license. Under the tender, we were permitted to produce three strains. Today, we now are able to do 31 cultivars, and I'm proud to say that actually what just landed at Neumünster is a bunch of cultivars from our Canadian facilities where we look at cultivars that perform best in market in Canada, and we've shipped those cultivars over to both Portugal and a Aphria RX in order to provide ourselves with the maximum flexibility, both in supply chain as well as the availability of products to patients.

此外，我們也擴大了該許可範圍。根據招標，我們被允許生產三種菌株。今天，我們現在能夠種植31 個品種，我很自豪地說，實際上剛剛登陸諾伊明斯特的是來自我們加拿大工廠的一堆品種，我們在那裡尋找在加拿大市場表現最好的品種，並且我們'我們已將這些品種運送到葡萄牙和 Aphria RX，以便為我們自己提供最大的靈活性，無論是在供應鏈還是向患者提供產品的可用性方面。

Having that facility, as well as our Portugal facility, as well as we've opened up the ability to deliver products from Canada, we have probably what I would classify as the most flexible supply chain of any cannabis company in Europe, where we see many of -- and you mentioned about whether there's segmentation and consolidation. And as you know, there's a few larger players in the German market, and then there's a proliferation of a lot of smaller companies that are coming online and starting in the German market.

擁有該設施以及我們的葡萄牙設施，以及我們開放了從加拿大交付產品的能力，我們可能擁有我認為歐洲任何大麻公司中最靈活的供應鏈，我們看到許多——你提到了是否存在細分和整合。如您所知，德國市場上有一些較大的參與者，然後許多較小的公司正在德國市場上線並起步。

I do think at some point there will be consolidation just because if you have a lot of players in a market, you will start to see consolidation of those players. But going back to our unique position, we have the most flexible supply chain, we have a great cost structure, given the work that we've done in order to make sure that we always keep our costs to produce very low, and we're very efficient.

我確實認為在某個時候將會出現整合，因為如果市場上有許多參與者，你會開始看到這些參與者的整合。但回到我們獨特的地位，我們擁有最靈活的供應鏈，我們有一個很好的成本結構，考慮到我們為確保我們始終將生產成本保持在非常低的水平而所做的工作，我們’非常有效率。

In addition, we have a terrific first-class commercial team located in Europe and with boots on the ground in Germany. We have a sales team that is very well positioned in terms of their knowledge, their reputation with doctors, their reputation with government officials. And the fact of the matter being one of the first in Germany has given us a reputation of being trusted and having the expertise.

此外，我們在歐洲擁有一支出色的一流商業團隊，並在德國落地。我們擁有一支銷售團隊，他們的知識、醫生的聲譽以及政府官員的聲譽都非常出色。事實上，這是德國最早的事件之一，這讓我們享有值得信賴和擁有專業知識的聲譽。

So as doctors want to learn more and more about medical cannabis in light of the new regulations, we are one of the first that they seek out in order to get that information because they want to know how to prescribe, and they want to know how to continue in the market.

因此，隨著醫生希望根據新法規了解越來越多的醫用大麻，我們是他們第一個尋求獲取這些資訊的人之一，因為他們想知道如何開處方，並且他們想知道如何開藥。在市場上。

Thank you.

謝謝。

Robert Moskow, TD Cowen.

羅伯特·莫斯科，TD·考恩。

Hi, thanks. I just wanted to ask about the quarterly results in beverage. I didn't hear whether you said that those -- that the sales were in line or a little below expectations. I think you said cannabis was in line or better. So can you just tell us how did beverage do versus you thought? The tracking data shows the brands are down a bit. Do they just need -- is it a matter of timing before your new marketing efforts and your consolidation efforts take hold before the retail sales get a little bit better?

你好，謝謝。我只是想問一下飲料的季度業績。我沒有聽到你是否說過銷售符合預期或略低於預期。我想你說大麻是符合或更好的。那你能告訴我們飲料的效果與你想像的相比如何嗎？追蹤數據顯示，這些品牌的銷量有所下降。他們是否只是需要——在零售銷售好一點之前，你的新行銷努力和整合努力能否奏效，這只是時間問題嗎？

Robert, thank you. We don't give guidance out there in any major business, but we have definitely internal guidance and internal budgets. The beverage business was off a bit, and a lot of that is just timing on some of the new products. And a lot of it is the products are ready. It's when the distributors ultimately take them. And that was the biggest thing.

羅伯特，謝謝你。我們不會在任何主要業務中提供指導，但我們肯定有內部指導和內部預算。飲料業務略有下滑，其中許多只是一些新產品的推出時機。其中很多是產品已經準備好了。這是經銷商最終接受它們的時候。這是最重要的事。

The other thing which you heard me talk about earlier is rightsizing the business here and going through our SKU rationalization, going through our brand rationalization, and going through our distribution white space. Also, there's timing in regards to customers taking new products in, products for Halloween, products -- pumpkin products and some other different things like that. So it's just a timing standpoint.

您之前聽到我談論的另一件事是調整這裡的業務規模，並進行我們的 SKU 合理化、我們的品牌合理化以及我們的分銷空白。此外，顧客購買新產品、萬聖節產品、南瓜產品和其他類似產品也是有時間限制的。所以這只是一個時間角度。

But the other one was integration of some of the ABI brands back into our facilities and supplies. So it's just from a timing standpoint. It's a timing standpoint if you look at our quarterly -- if you look at our numbers here, our SG&A is way up in regards to our beverage business. But as we build out the infrastructure and build out people and take over the ABI business and do some of the spending, we expect to get the benefits from that over the year.

但另一件事是將一些 ABI 品牌重新整合到我們的設施和供應中。所以這只是從時間的角度來看。如果你看一下我們的季度數據，這是一個時間觀點——如果你看一下我們這裡的數據，我們的飲料業務的銷售、管理及行政費用(SG&A) 大幅上升。但隨著我們建造基礎設施、擴充人員、接管 ABI 業務並進行一些支出，我們預計將在一年內從中受益。

So with that, we are excited to what we see that's happening out there. We think we're well positioned with our brands, with our products, with our innovation. Our customers are giving us good feedback. We have a lot of high hopes for Delta-9. We have a lot of high hopes for our non-alc. We have a lot of hopes for our Liquid Love.

因此，我們對所看到的情況感到興奮。我們認為我們的品牌、產品和創新處於有利地位。我們的客戶給了我們很好的回饋。我們對 Delta-9 寄予厚望。我們對我們的非 alc 寄予厚望。我們對液體之愛抱有許多希望。

We have a lot of hopes for some of the new innovation that's coming out under SweetWater, Montauk, and 10 Barrel. And which -- again, which is not really in our numbers with the acquisition that we just acquired, the four brands from Molson Coors, and getting our hands around them and seeing the growth opportunities with that. So with that, it's just early timing in regards to our beverage business, but there's a real, real, real good plan in place there, Robert.

我們對 SweetWater、Montauk 和 10 Barrel 的一些新創新抱持著很大的希望。再說一遍，這並不是我們剛剛收購的 Molson Coors 的四個品牌的數據，我們掌握了它們並看到了其中的成長機會。因此，對於我們的飲料業務來說，現在還為時過早，但羅伯特，我們已經制定了一個真正的、真正的、真正的好計劃。

Thank you.

謝謝。

Thank you.

謝謝。

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 very much, everybody, and thank you for joining us today. I'm incredibly proud and excited of what we've been able to put together over the last five-plus years. As you heard, our guidance out there is $950 million to $1 billion a size, and that's coming from a startup basically at $50 million. Today, we have over 44 brands. We have 2,700 people that work within the company today. We have plenty of facilities. We sell in over 20 countries, six different continents.

非常感謝大家，也感謝你們今天加入我們。我對過去五年多來我們所取得的成就感到無比自豪和興奮。正如您所聽到的，我們的指導規模為 9.5 億至 10 億美元，而這來自一家新創公司，規模基本上為 5000 萬美元。如今，我們擁有超過 44 個品牌。目前，我們公司有 2,700 名員工。我們有很多設施。我們的產品銷往六大洲 20 多個國家。

And again, we are dealing in categories where regulation is important. There's no one company out there that does what we do as diversified as us. So it's not easy, and there's a lot of noise and a lot of news every day coming out about cannabis as we sit here and wait. There's a lot of changes that got to happen. But again, the cannabis industry in the US is over [$40 billion plus] in total size, so there's a big, big, big market out there.

再說一遍，我們正在處理監管很重要的類別。沒有一家公司能像我們一樣多元化。所以這並不容易，當我們坐在這裡等待時，每天都會有很多關於大麻的噪音和新聞。有很多變化需要發生。但同樣，美國大麻產業的總規模超過[400億美元以上]，因此那裡有一個很大很大的市場。

You look at the total beer industry out there, the size just of the craft industry, there's a big business out there. You look at the wellness industry and some of the stuff that we're doing with hemp, and that grew about 11% in a quarter. So we're well positioned. If you come back and look at our balance sheet, and that's something I think that's hurt a lot of other companies out there in the cannabis industry, is we really have managed our balance sheet, managed our cash situation, managed paying down debt. In our last quarter, we paid down over $300 million of our convertible debt.

你看看整個啤酒產業，光是工藝產業的規模，就有一個很大的生意。你看看健康產業以及我們用大麻做的一些事情，一個季度增加了約 11%。所以我們處於有利位置。如果你回來看看我們的資產負債表，我認為這傷害了大麻行業的許多其他公司，我們真的管理了我們的資產負債表，管理了我們的現金狀況，管理了償還債務。在上個季度，我們償還了超過 3 億美元的可轉換債務。

So we're focused on this and pulling all this together. Are we totally happy with our stock performance? No. But I don't think it reflects what this company has done over the last five years and how we put together some great brands, great people, a great strategy, and how we're diversified out there. And we're a global company in the CPG industry.

所以我們專注於這一點並將所有這些整合在一起。我們對我們的股票表現完全滿意嗎？不。但我不認為這反映了這家公司在過去五年所做的事情，以及我們如何整合一些偉大的品牌、偉大的人才、偉大的策略，以及我們如何實現多元化。我們是消費品產業的全球性公司。

So I feel there's exciting times ahead. You have great brands. You have a really committed team. We have a tight strategy out there. We have great partners with our distributors, our retailers, our consumers who we're marketing to. And last but not least, our aim is to please our shareholders and reward our shareholders.

所以我覺得前面還有激動人心的時刻。你們有很棒的品牌。你們有一支非常忠誠的團隊。我們有一個嚴格的戰略。我們與我們的經銷商、零售商和我們行銷的消費者都有著很好的合作夥伴。最後但並非最不重要的一點是，我們的目標是取悅股東並回報股東。

With that, thank you very much and enjoy your day. Go Mets, Go Yankees. And you go to Citi Field, you'll find our beer. You go to San Diego, you'll find our beers. So we want stadiums that are in the playoffs that are selling our beers. So with that, be safe out there and thank you for joining us.

在此，非常感謝您並祝您度過愉快的一天。去大都會隊，去洋基隊。如果您去花旗球場，您會找到我們的啤酒。您去聖地牙哥，您會找到我們的啤酒。所以我們希望季後賽的體育場能夠銷售我們的啤酒。因此，請注意安全，感謝您加入我們。

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

謝謝。今天的電話會議到此結束。此時您可以斷開線路。感謝您的參與。