Tilray Brands Inc (TLRY) 2025 Q2 法說會逐字稿

Thank you for joining us for today's conference call to discuss Tilray Brands financial results for the second quarter ended November 30, 2024. (Operator Instructions) 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.

感謝您參加今天的電話會議，討論 Tilray Brands 截至 2024 年 11 月 30 日的第二季度財務業績。（操作員指示）現在我將把電話轉給 Tilray Brand 的首席通訊和公司事務官 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 Investors section of the Tilray Brands website at tilray.com and has been filed with the SEC and the CSA.

謝謝接線員，大家早安。現在，您應該可以存取收益新聞稿，該新聞稿可在 Tilray Brands 網站 tilray.com 的投資者部分找到，並且已向美國證券交易委員會 (SEC) 和加拿大標準局 (CSA) 提交。

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.

請注意，在今天的電話會議中，我們將參考各種可以為投資者提供有用資訊的非公認會計準則財務指標。然而，這些資訊的呈現並非旨在被孤立地考慮或取代根據 GAAP 呈現的財務資訊。

The earnings press release contains a reconciliation of each non-GAAP financial measure to the most comparable measure prepared in accordance with GAAP. In addition, we will be making numerous forward-looking statements during our remarks and in response to your questions.

收益新聞稿包含每個非 GAAP 財務指標與依照 GAAP 編製的最具可比性的指標的對帳。此外，我們將在發言中以及回答您的問題時做出許多前瞻性的陳述。

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. The text in our earnings press release includes many of the risks and uncertainties associated with such forward-looking statements.

這些聲明是基於我們目前的預期和信念，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。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 second quarter financial results for fiscal year 2025.

今天，我們將聽取高級領導團隊主要成員的發言，首先是董事長兼首席執行官 Irwin Simon，他將致開幕詞並發表評論，然後是首席財務官 Carl Merton，他將回顧我們 2025 財年第二季度的財務業績。

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

參加問答環節的還有首席策略長兼國際業務主管 Denise Faltischek、Tilray 加拿大總裁 Blair MacNeil 和 Tilray 北美飲料總裁 Ty Gilmore。現在我想把電話轉給 Tilray Brands 董事長兼執行長 Irwin Simon。

Thank you, Berrin, and good morning, everyone, and thank you for joining us today. Tilray Brands has experienced significant growth over the past five years, revolutionizing consumer products. Tilray Brands today is a leading force at the forefront of the beverage industry revitalizing the beer market, driving growth in spirits and non-alcoholic beverages and advancing the legitimacy of cannabis for both recreational and medical use.

謝謝你，貝林，大家早安，謝謝你們今天加入我們。過去五年來，Tilray Brands 經歷了顯著成長，徹底改變了消費性產品。Tilray Brands 如今已成為飲料行業前沿的領先力量，致力於振興啤酒市場、推動烈酒和非酒精飲料的增長以及推進大麻在娛樂和醫療用途上的合法性。

Through our brew pubs, we focus on bringing people together, creating exceptional experiences through entertainment and enhancing lives to the moments of connection. As I've said in the past, new industries are not born, they are built.

透過我們的啤酒館，我們致力於將人們聚集在一起，透過娛樂創造非凡的體驗，並增強人們之間的聯繫。正如我過去所說，新興產業不是誕生的，而是建立起來的。

Tilray operates in over 20 countries across five continents with a portfolio of over 40 consumer connected lifestyle brands and 20 vertically integrated facilities that produce approximately 90% of our products in-house, ensuring the highest qualities of our offerings.

Tilray 的業務遍及五大洲 20 多個國家，擁有 40 多個與消費者相關的生活方式品牌和 20 個垂直整合的工廠，約 90% 的產品由內部生產，確保了我們產品的最高品質。

Tilray maintains its position as the largest cannabis business in Canada by revenue, holds a leading medical cannabis business across Europe and operates the largest branded hemp business in North America and is among the top five craft beer businesses in the United States in the terms of scale. Tilray has diversified and expanded beyond being a solely Canadian cannabis company.

Tilray 保持著加拿大收入最大的大麻企業地位，擁有歐洲領先的醫用大麻業務，經營著北美最大的品牌大麻業務，並且按規模而言是美國五大精釀啤酒企業之一。Tilray 已多元化發展，不再只是一家加拿大大麻公司。

We are advancing the consumer package good industry through the introduction of new and innovative products that shape our individuals eat, drink, and relax and provide relief to medical conditions where other treatment options have failed.

我們正在透過推出新的創新產品來推動消費包裝產業的發展，這些產品可以塑造個人的飲食、飲水和放鬆，並為其他治療方法失敗的醫療狀況提供緩解。

These offerings address current consumer needs, and we are prepared to meet their future demands. Our success in establishing a new era of consumer products, tailored to evolving consumption habits demonstrates our commitment to delivering innovative solutions that meet modern consumer demands and drive growth across our industries.

這些產品滿足了當前消費者的需求，我們也準備好滿足他們未來的需求。我們成功地開創了適應不斷變化的消費習慣的消費產品新時代，證明了我們致力於提供滿足現代消費者需求並推動整個行業成長的創新解決方案。

At Tilray Brands, we're committed to leverage advanced technology to advance our efficiency and drive growth. We are partnering with Microsoft and their AI platforms on a global scale to bolster our expertise, optimize our operations, achieve significant improvements, and propel our business forward.

在 Tilray Brands，我們致力於利用先進技術來提高效率並推動成長。我們正在全球範圍內與微軟及其人工智慧平台合作，以增強我們的專業知識，優化我們的運營，實現重大改進並推動我們的業務向前發展。

Tilray Brands is trailblazing the future of consumer products through the infrastructure we have built and the investment we've made and continue to make in our businesses, facility systems and people around the world.

Tilray Brands 正在透過我們已經建立的基礎設施以及我們對我們的業務、設施系統和全球人員所做的和繼續進行的投資開拓消費品的未來。

In Q2, we achieved strong net revenue results while strengthening our operations and increasing our gross margin and gross profits across our business. Quarter two net revenue grew 9% year over year to $211 million.

在第二季度，我們取得了強勁的淨收入業績，同時加強了營運並提高了整個業務的毛利率和毛利。第二季淨收入年增 9% 至 2.11 億美元。

Gross profit increased by 29% and gross margin increased by 500 basis points compared to the prior quarter. Our beverage business Tilray beverages, which includes craft beer, beers, and non-alcoholic beverages grew 36% in net revenue year over year. In cannabis, we continue to lead the Canadian cannabis market by revenue.

毛利較上一季增加29%，毛利率增加500個基點。我們的飲料業務 Tilray 飲料（包括精釀啤酒、啤酒和非酒精飲料）淨收入年增 36%。在大麻領域，我們繼續以收入領先加拿大大麻市場。

We significantly grew our international business by 25% year over year as we launch new commercial products and expanded our reach across Europe.

隨著我們推出新的商業產品並擴大我們在歐洲的影響力，我們的國際業務年增了 25%。

Our wellness business continues to lead the hemp industry, increasing branded market share to 56% with Manitoba Harvest in the US and nearly 80% share in Canada. Additionally, as Carl will discuss further, our financial profile remains strong.

我們的健康業務繼續引領大麻產業，在美國，Manitoba Harvest 的品牌市佔率增加到 56%，在加拿大的市佔率接近 80%。此外，正如卡爾將進一步討論的那樣，我們的財務狀況依然強勁。

During the quarter, we reported an adjusted net loss of $2 million primarily related to the investment necessary to develop the infrastructure and operating systems across our business sectors and drive industry leadership and innovation.

本季度，我們報告的調整後淨虧損為 200 萬美元，主要與開發我們業務部門的基礎設施和操作系統以及推動行業領導力和創新所需的投資有關。

Tilray operates with a robust balance sheet, ample cash reserves, reduced debt levels and flexibility to explore additional potential acquisition. Our financial strength allows us to seize new opportunities and capitalize on market trends.

Tilray 擁有穩健的資產負債表、充足的現金儲備、較低的債務水平以及探索其他潛在收購的靈活性。我們的財務實力使我們能夠抓住新的機會並利用市場趨勢。

Importantly, Tilray is not exposed to meaningful tariff risk in the US. Let's now dive deeper into each of our business segments. Starting with our beverage business to support the expansion of our beverage business and brands, we merged our beer and spirit operations and teams creating Tilray beverages under the leadership of Ty Gilmore.

重要的是，Tilray 在美國沒有面臨重大關稅風險。現在讓我們更深入地了解每個業務部門。我們從飲料業務開始，為了支持我們的飲料業務和品牌的擴張，我們合併了我們的啤酒和烈酒業務以及團隊，在 Ty Gilmore 的領導下創建了 Tilray 飲料。

Tilray expansion into the beverage category began in December 2020 with the acquisition of SweetWater Brewing Company, followed by the acquisition of Green Flash, Alpine, Montauk Brewing Company, and Breckenridge Distillery, our first spirit acquisition. We significantly increased our footprint through Craft Acquisition I from ABI in October 2023 and Craft Acquisition II in September 2024 for Molson Coors.

Tilray 於 2020 年 12 月開始向飲料類別擴張，首先收購了 SweetWater Brewing Company，隨後又收購了 Green Flash、Alpine、Montauk Brewing Company 和 Breckenridge Distillery，這是我們的首次烈酒收購。我們於 2023 年 10 月從 ABI 收購了 Craft I，並於 2024 年 9 月從 Molson Coors 收購了 Craft II，從而顯著擴大了我們的業務範圍。

To support the growth of these acquired brands and establish a clear path to profitability, we implemented Project 420. This comprehensive plan focuses on enhancing margins and profitability through operational optimization, cost savings and synergies and portfolio optimization. Through Project 420, we aim to achieve $25 million in cost savings, synergies, and cost avoidance initiatives on which we've already achieved $17 million.

為了支持這些收購品牌的成長並建立清晰的獲利途徑，我們實施了 420 專案。該綜合計劃致力於透過營運優化、成本節約和協同效應以及投資組合優化來提高利潤率和盈利能力。透過 420 項目，我們的目標是實現 2,500 萬美元的成本節約、協同效應和成本避免舉措，而目前我們已經實現了 1,700 萬美元。

Today, Tilray beverages generate a third of Tilray's global revenue and includes more than 20 beverage brands, which includes 15 American craft beer brands, 10 network manufacturing facilities, over 700 distributors, 20 brew pubs and restaurants, and a single integrated sales and marketing team operating across the US.

如今，Tilray 飲料佔其全球收入的三分之一，旗下擁有 20 多個飲料品牌，其中包括 15 個美國精釀啤酒品牌、10 個網絡製造工廠、700 多家分銷商、20 家啤酒屋和餐廳，以及一支遍布美國的綜合銷售和營銷團隊。

Our Tilray Beverage strategy emphasizes strategic brand growth within selected states and regional markets, prioritizing product excellence and scalability. In Q2, our beverage business achieved $63 million in net revenue and increased adjusted gross margin by 400 basis points to reach a 42%.

我們的 Tilray 飲料策略強調在選定的州和區域市場內實現策略品牌成長，優先考慮產品的卓越性和可擴展性。第二季度，我們的飲料業務實現淨收入 6,300 萬美元，調整後毛利率提高 400 個基點，達到 42%。

Tilray Beverages has established to sell as a leading provider of craft beer, beers and non-alcoholic beverages in key US regions, including the Northeast, Pacific Northwest, Colorado, Texas, Michigan and the Southeast. From a regional brand perspective nationwide, Tilray Beverage is the number one craft supplier in Metro New York with Montauk Brewery and Blue Point Brewing brands, the number one craft supplier in the Pacific Northwest, Oregon and Washington with 10 Barrel Brewing, Redhook, and Widmer Brothers brewing brands, the number two craft supplier in the Southeast, Florida and Georgia, with SweetWater Brewery and Shock Top brands, and the number four craft supplier in Colorado according to our data.

Tilray Beverages 已成為美國主要地區（包括東北部、太平洋西北部、科羅拉多州、德克薩斯州、密西根州和東南部）精釀啤酒、啤酒和非酒精飲料的領先供應商。根據我們的數據，從全國區域品牌角度來看，Tilray Beverage 是紐約大都會區第一大精釀啤酒供應商，旗下擁有 Montauk Brewery 和 Blue Point Brewing 品牌；是太平洋西北地區、俄勒岡州和華盛頓州第一大精釀啤酒供應商，旗下擁有 10 Barrel Brewing、Redhook 和 Widmer Brothers 啤酒品牌；品牌；是科羅拉多州第四大精釀啤酒供應商。

Notably, we achieved a 10% increase in Shock Top distribution during Q2 in the Southeast, securing 1,400 new placements for the brand. Within the spirits category, Breckenridge Distillery is a notable brand in the bourbon sector as it experienced higher depletions compared to others in the declining market.

值得注意的是，我們在第二季度在東南部的 Shock Top 分銷量增長了 10%，為該品牌獲得了 1,400 個新位置。在烈酒類別中，布雷肯里奇釀酒廠 (Breckenridge Distillery) 是波本威士忌領域的知名品牌，因為與下滑市場中的其他品牌相比，它的損耗更高。

It also made a significant progress in the vodka and gin markets, complemented by its world-class restaurant and retail operations that enhance the overall hospitality experience. Our primary objective for growing our spirits business is to expand our market share across the US.

該公司在伏特加和琴酒市場也取得了重大進展，並輔以世界一流的餐廳和零售業務，提升了整體的飯店體驗。我們發展烈酒業務的主要目標是擴大我們在美國的市場份額。

In our non-alcoholic brand and product portfolio, the recently launched brand Runner’s High Brewing Company will soon be available in over 1,200 public stores with plans for expansion into additional markets.

在我們的非酒精品牌和產品組合中，最近推出的品牌 Runner's High Brewing Company 很快就會在 1,200 多家公共商店上架，並計劃擴展到其他市場。

The non-alcoholic craft beer segment represents a significant opportunity for growth. The total addressable market estimated to be at $37 billion worldwide. Given our scale and geographic footprint, we will continue to explore ways to capture a share of this rapidly expanding market.

無酒精精釀啤酒領域代表著巨大的成長機會。全球總目標市場預計為 370 億美元。鑑於我們的規模和地理覆蓋範圍，我們將繼續探索方法來佔領這個快速擴張的市場。

Within the non-alc segment, we've also introduced hemp-derived Delta-9 THC brands and products online through our direct-to-consumer channels and in key states across the US, including Florida, Alabama, Georgia, North Carolina, South Carolina, Tennessee, Louisiana, New Jersey, and Texas.

在非酒精領域，我們還透過直接面向消費者的管道在線上以及在美國主要州（包括佛羅裡達州、阿拉巴馬州、喬治亞州、北卡羅來納州、南卡羅來納州、田納西州、路易斯安那州、新澤西州和德克薩斯州）推出了大麻衍生的 Delta-9 THC 品牌和產品。

We are leveraging our established craft beer distribution network, which is enthusiastic about this growth opportunity in independent retailers, convenience stores and package stores, including multistate retailers, total wine and more.

我們正在利用我們已建立的精釀啤酒分銷網絡，該網絡對獨立零售商、便利商店和包裝商店（包括跨州零售商、全葡萄酒等）的這一增長機會充滿熱情。

Tilray Beverages strategic growth initiatives are poised to revolutionize our beverage portfolio, attracting a more diverse and expansive consumer base. We are planning to expand our beverage operations internationally, including ventures into Canada and Europe with a vision to become a global beverage leader.

Tilray 飲料的策略性成長計畫將徹底改變我們的飲料產品組合，吸引更多樣化和廣泛的消費者群體。我們計劃將我們的飲料業務拓展到國際範圍，包括進軍加拿大和歐洲，以期成為全球飲料領導者。

By leveraging our innovation -- innovating products and exceptional quality, we aim to set new standards in the industry and achieve remarkable success. Turning to cannabis. In fiscal Q2, our global cannabis business generated $66 million of net revenue and increased gross margin by 400 basis points. In Canada, Tilray remains the leader in Canadian cannabis market by revenue.

透過利用我們的創新—創新產品和卓越品質，我們旨在為業界樹立新標準並取得顯著成功。轉向大麻。在第二財季，我們的全球大麻業務創造了 6,600 萬美元的淨收入，毛利率提高了 400 個基點。在加拿大，Tilray 仍然是加拿大大麻市場的領導者。

In the second quarter, Tilray regained the number one position in the flower category, which constitute around 35% of cannabis retail sales. With brands like Broken Coast, Redecan, Good supply and Bake Sale, increasing market share through strong innovation, good genetics and great value. In the THC beverage category, Tilray had a leading market share of 45% with XMG, Mollo THC beverages ranking the number one and number two, respectively.

第二季度，Tilray 重新奪回花卉類別第一的位置，花卉類別約佔大麻零售額的 35%。憑藉 Broken Coast、Redecan、Good supply 和 Bake Sale 等品牌，透過強大的創新、優良的基因和巨大的價值不斷增加市場份額。在THC飲料類別中，Tilray佔45%的市場份額，領先優勢明顯，XMG、Mollo THC飲料分別排名第一和第二。

We also retained the number one market share in oils and capsules categories combined, 15% of Tilray's Canadian cannabis net sales revenue was from new innovation and a lot more to come. We shipped approximately 63 metric tons of cannabis biomass in Canada in Q2, representing about 22% of the implied Canadian market volume. We continue to leverage the wholesale channel where contribution margins grow as supply tightens.

我們也維持了油類和膠囊類產品總和的第一大市場份額，Tilray 加拿大大麻淨銷售收入的 15% 來自新創新，未來將有更多創新。我們在第二季度向加拿大運送了約 63 公噸大麻生物質，約佔加拿大市場總量的 22%。我們繼續利用批發管道，隨著供應緊張，貢獻利潤率也會成長。

In adult recreational cannabis, we shipped approximately 15 million pre-roll cones and over 1.7 million cans of beverages. Over the past few years, we focused on improving operational efficiency. During this period, we reduced cost by over $100 million through eliminating duplication, consolidating packaging, logistics enhancing process with technology to lower labor costs. This effort includes emphasizing revenue quality over quantity, which will improve margins and position our business for future success.

在成人娛樂大麻方面，我們運送了約 1500 萬個預捲錐體和超過 170 萬罐飲料。過去幾年，我們致力於提高營運效率。在此期間，我們透過消除重複、整合包裝、物流改進流程以及利用技術降低勞動成本，減少了超過1億美元的成本。這項努力包括強調收入品質而不是數量，這將提高利潤率並為我們的業務未來的成功做好準備。

For instance, over the past year, we reduced our exposure to lower-margin categories, such as vape and infused pre-rolls and prioritize other categories even at the expense of some market share. With the facility footprint of approximately 5 million square feet, along the optimization, our value chain and business process, Tilray is best positioned for long-term success in the Canadian cannabis market.

例如，在過去的一年裡，我們減少了對利潤率較低的類別（如電子煙和預捲菸）的投資，並優先考慮其他類別，即使犧牲了一些市場份額。Tilray 的設施佔地約 500 萬平方英尺，透過優化我們的價值鍊和業務流程，在加拿大大麻市場佔有最佳的長期成功地位。

As demand for our cannabis products increase, we possess the flexibility, capability, cost structure and optimal growth space necessary to nearly double our output.

隨著對我們的大麻產品的需求不斷增加，我們擁有使產量幾乎翻倍所需的靈活性、能力、成本結構和最佳成長空間。

In the US, Tilray is strategically well-positioned to capitalize on the anticipated $8 billion to $10 billion medical cannabis market upon federal legalization. Our advantage is our best-in-class ability to cultivate large-scale medical and pharmaceutical grade cannabis, which required rigorous quality control standards and processes.

在美國，Tilray 具有戰略優勢，可以在聯邦合法化後利用預計 80 億至 100 億美元的醫用大麻市場。我們的優勢在於我們擁有一流的大規模種植醫用級大麻的能力，這需要嚴格的品質控制標準和流程。

Additionally, our established medical brands and product innovation can be utilized in Tilray's primary legal market such as Canada, Germany and Portugal and various other European countries. Should the United States legalize medical cannabis, this could represent an additional $250 million opportunity for Tilray potentially, captured in 2% to 3% of the US medical cannabis market.

此外，我們成熟的醫療品牌和產品創新可在 Tilray 的主要合法市場（如加拿大、德國、葡萄牙和其他歐洲國家）中利用。如果美國將醫用大麻合法化，這可能為 Tilray 帶來額外的 2.5 億美元商機，佔據美國醫用大麻市場 2% 至 3% 的份額。

Turning to our international business, where we executed against our strategic initiatives and drove significant organic growth and margin in the second quarter. In Q2, international cannabis business grew 25% over the prior year period, driven by sales growth in Germany, Poland, the UK, and Italy.

談到我們的國際業務，我們執行了策略性舉措，並在第二季度實現了顯著的有機成長和利潤率。第二季度，國際大麻業務較去年同期成長 25%，主要得益於德國、波蘭、英國和義大利的銷售成長。

In Germany, since the new medical cannabis act went into effect, we grew medical cannabis flower sales by 55% and increased our medical cannabis extracts by 24%. The increased growth in the German market, especially in whole flower category is due to the cannabis de-scheduling under the new regulations.

在德國，自新醫用大麻法生效以來，我們的醫用大麻花銷量增加了 55%，醫用大麻萃取物銷量增加了 24%。德國市場的成長，尤其是整個花卉類別的成長，是由於新法規下大麻不再被列入管制範圍。

In addition, we continue to see increased differentiation between the physician-led and the patient-led channels. With the patient-led channel requiring a greater emphasis on product assortment, especially in genetics, brand portfolio, segmentation and quality.

此外，我們繼續看到醫師主導管道和病患主導管道之間的差異日益增大。以患者為主導的管道需要更加重視產品分類，特別是在遺傳學、品牌組合、細分和品質方面。

As leaders in the physician-led channel, where we have a dominant share of the medical cannabis extract category, we are now focusing on expanding within the patient-led channel. We are confident in our ability to win a sizable share of this channel given our well-placed investment with two EU-GMP certified facilities in Germany and Portugal and our route to market through Tilray Pharma.

身為醫師主導管道的領導者，我們在醫用大麻萃取物類別中佔有主導地位，目前我們正專注於在病患主導管道內進行擴展。鑑於我們在德國和葡萄牙擁有兩家 EU-GMP 認證工廠的良好投資以及透過 Tilray Pharma 進入市場的途徑，我們有信心贏得該通路的可觀份額。

Our German cultivation facility of Aphria RX was the first to be granted permission to expand our cultivation under Germany's new Medical Cannabis Act. And in the quarter, we sold our first commercial batches of medical cannabis cultivated process in Germany under this newly expanded license.

我們的德國 Aphria RX 種植設施是第一個根據德國新《醫用大麻法》獲得擴大種植許可的設施。本季度，我們根據這項新擴展的許可證在德國銷售了首批商業批次的醫用大麻種植產品。

Supplementing these assets are Canadian Cultivation facilities and our deep expertise of our team, which has allowed us to establish a flexible and diverse supply chain to meet the needs of patients we serve in various countries in which we participate by introducing new medical cannabis brands and products to these markets.

補充這些資產的是加拿大的種植設施和我們團隊的深厚專業知識，這使我們能夠建立靈活多樣的供應鏈，透過向這些市場推出新的醫用大麻品牌和產品來滿足我們所服務的各個國家的患者的需求。

We believe Germany's new cannabis regulations will drive positive change in drug policy across Europe. Tilray aims to expand its global brand to Europe's 700 million-plus people, leveraging our infrastructure, product portfolio and commitment to medical cannabis and our experienced team to enter new markets with significant revenue potential. In Poland, demand remained strong as a revenue increase, both over the prior year and quarter-over-quarter.

我們相信德國新的大麻法規將推動整個歐洲毒品政策的積極改變。Tilray 的目標是將其全球品牌擴展到歐洲 7 億多人口，利用我們的基礎設施、產品組合和對醫用大麻的承諾以及我們經驗豐富的團隊進入具有巨大收入潛力的新市場。在波蘭，隨著營收的增加，需求依然強勁，無論是與去年同期相比還是與上一季相比。

In Italy, we are focused on increasing awareness of the Tilray Medical brand and our product portfolio, where we have market authorization for three medical cannabis extracts as well as investing in the education of physicians regarding medical cannabis.

在義大利，我們專注於提高 Tilray Medical 品牌和我們產品組合的知名度，我們有三種醫用大麻萃取物的市場授權，並投資於醫生有關醫用大麻的教育。

In the UK, our revenue has increased compared to the previous year and our Q1 results. We're implementing several strategic initiatives to enhance our presence in the UK market, which will serve as our European headquarters for international sales and commercial operations going forward.

在英國，我們的收入與上一年和第一季的業績相比有所增加。我們正在實施多項策略性舉措，以增強我們在英國市場的地位，英國市場將成為我們未來國際銷售和商業營運的歐洲總部。

Turning to Australia, which is still in early stages, it is quickly emerging as a significant medical cannabis market, similar to Germany, we see increased differentiation between the physician-led and the patient-led channels.

談到仍處於早期階段的澳大利亞，它正在迅速成為一個重要的醫用大麻市場，與德國類似，我們看到醫生主導和患者主導管道之間的差異越來越大。

In response, we launched Broken Coast, Redecan, Good Supply brands and products, which provides the patient with a segmented portfolio of products while we continue to deliver on the trust, safety and consistency that has become expected from our Tilray Medical brand.

為此，我們推出了 Broken Coast、Redecan、Good Supply 品牌和產品，為患者提供細分的產品組合，同時我們繼續提供人們對 Tilray Medical 品牌的信任、安全性和一致性的期望。

And finally, in Q2, Tilray Wellness delivered a 13% net revenue growth compared to the prior year, driven by strong core business sales coupled with hemp innovation and the expansion into wellness beverages. A strong focus on cost helped the business unit improved margins delivering a 200 basis point increase in gross margin.

最後，在第二季度，Tilray Wellness 的淨收入與上年相比增長了 13%，這得益於強勁的核心業務銷售、大麻創新以及向健康飲料的擴展。對成本的高度關注幫助該業務部門提高了利潤率，使毛利率提高了 200 個基點。

Tilray is also exploring further expansion opportunities in the wellness segment especially focusing on protein-rich wellness products and foods to meet the growing consumer demand for healthy nutrition options. With that, I will now turn the call over to Carl to discuss our financials in greater detail. Carl?

Tilray 也正在探索健康領域的進一步擴張機會，尤其專注於富含蛋白質的健康產品和食品，以滿足消費者對健康營養選擇日益增長的需求。說完這些，我現在將把電話轉給卡爾，讓他更詳細地討論我們的財務狀況。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 November 30, 2024. In Q2, net revenue was $211 million, 9% growth compared to the prior year quarter, net revenue of $194 million. As Irwin stated, it was our highest Q2 net revenue ever.

謝謝你，歐文。提醒一下，我們的財務結果是按照美國公認會計準則並以美元呈現的。現在讓我們回顧一下截至 2024 年 11 月 30 日的三個月的季度業績。第二季淨營收為 2.11 億美元，較去年同期的 1.94 億美元淨營收成長 9%。正如歐文所說，這是我們有史以來最高的第二季淨收入。

On a constant currency basis, net revenue grew 10% to $213 million. By segment, beverage net revenue increased 36% to $63.1 million. Cannabis net revenue was in line with expectations of $65.7 million as a result of our strong focus on margins and strategic growth in key markets, which I will discuss in a moment.

以固定匯率計算，淨收入成長 10% 至 2.13 億美元。按部門劃分，飲料淨收入成長 36%，達到 6,310 萬美元。由於我們高度重視利潤率和關鍵市場的策略性成長，大麻淨收入符合預期的 6,570 萬美元，稍後我將討論這一點。

Distribution net revenue was flat and wellness net revenue rose 13% to $14.6 million in the quarter. From a segment perspective, 30% of our net revenue was generated by our beverage business. 31% was generated by our cannabis business, 32% by our distribution business, and 7% by our wellness business.

本季分銷淨收入持平，健康淨收入成長 13% 至 1,460 萬美元。從分部角度來看，我們淨收入的 30% 來自飲料業務，31% 來自大麻業務，32% 來自經銷業務，7% 來自健康業務。

This compares to 23% in beverage, 35% in cannabis, 35% in distribution and 7% in wellness in the prior year quarter. The year-over-year variance is due to three months of revenue from our most recent Craft acquisition and one month from the prior year's Craft acquisition, which we did not purchase until October 1.

相較之下，去年同期飲料產業的比例為 23%，大麻產業的比例為 35%，分銷產業的比例為 35%，保健產業的比例為 7%。與去年同期相比，差異是由於我們最近收購 Craft 的三個月收入和去年收購 Craft 的一個月收入造成的，而我們直到 10 月 1 日才購買 Craft。

Gross profit increased by 29% to $61.2 million compared to $47.4 million in the prior year quarter. Gross margin increased 29% and over 500 basis point increase from the prior year period, demonstrating our strong focus on controlling costs, driving revenues from our most profitable SKUs and the ongoing optimization of our production footprint.

毛利較去年同期的 4,740 萬美元成長 29%，達到 6,120 萬美元。毛利率較去年同期成長 29%，增加 500 多個基點，顯示我們高度重視控製成本、從最賺錢的 SKU 中獲取收入以及持續優化生產佈局。

Adjusted gross profit increased 20% to $62.6 million from $52.1 million in the prior year, while adjusted gross margin increased by 300 basis points to 30%, primarily reflecting our focus on integration efforts to improve our utilization at our beverage facilities and favorable sales mix.

調整後的毛利從去年的 5,210 萬美元增長 20% 至 6,260 萬美元，而調整後的毛利率增加了 300 個基點至 30%，這主要反映了我們專注於整合努力，以提高我們飲料設施的利用率和有利的銷售組合。

Net loss was $85.3 million compared to a net loss of $46.2 million in the prior year quarter, with almost $75 million of non-cash costs. Part of those non-cash costs included a $34 million foreign exchange loss that was largely created as a function of the strengthening US dollar after the US presidential election. On a per share basis, this amounted to a net loss of $0.10 per share compared to $0.07 per share in the prior year quarter.

淨虧損為 8,530 萬美元，而去年同期的淨虧損為 4,620 萬美元，非現金成本接近 7,500 萬美元。這些非現金成本包括 3,400 萬美元的外匯損失，這主要是由於美國總統大選後美元走強造成的。以每股計算，這相當於每股淨虧損 0.10 美元，而去年同期每股淨虧損為 0.07 美元。

Adjusted net loss was $2.2 million compared to an adjusted net loss of $2.7 million in the prior year quarter, a 17% improvement year over year, with adjusted net loss per share coming in at zero, a significant beat to expectations, a $0.03 loss.

調整後淨虧損為 220 萬美元，而去年同期調整後淨虧損為 270 萬美元，較去年同期改善 17%，調整後每股淨虧損為零，大幅超出預期的 0.03 美元虧損。

Adjusted EBITDA was $9 million compared to $10.1 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 is primarily related to the SKU rationalization in our beverage business that Irwin spoke of earlier.

調整後的 EBITDA 為 900 萬美元，而去年同期為 1,010 萬美元。我們現在已經連續六年實現正調整後 EBITDA。調整後的 EBITDA 較上年下降，主要與 Irwin 先前提到的飲料業務的 SKU 合理化有關。

Cash flow used in operations was $40.7 million compared to $30.4 million in the prior year quarter. Adjusted free cash flow was negative $43.6 million compared to $18.4 million in the prior year quarter, largely as a result of an increased demand in our working capital.

經營活動所用現金流為 4,070 萬美元，去年同期為 3,040 萬美元。調整後的自由現金流為負 4,360 萬美元，而去年同期為 1,840 萬美元，這主要是由於我們的營運資金需求增加所致。

Working capital increases were associated with annual payments in the quarter, increases in inventory at Tilray Pharma has a prepared stock pharmacist inventories for the holidays, increases in inventory and beverages as we prepared for the positive impacts of the SKU rationalization plan, all offset by a significant decrease in Canadian cannabis inventory levels as it took advantage of positive pricing in the wholesale market.

營運資本增加與本季度的年度付款有關，Tilray Pharma 的庫存增加，為假期準備了藥劑師庫存，庫存和飲料增加，因為我們為 SKU 合理化計劃的積極影響做好了準備，所有這些都被加拿大大麻庫存水平的大幅下降所抵消，因為它利用了批發市場的積極定價。

Turning now to our four business segments. Within our Beverage segment, our $25 million synergy plan is well on its way with $17 million already realized. Parts of our cost saving initiatives were driven from implementing a product rationalization program, to concentrate our product portfolio in key markets, prioritizing high-performing products and optimizing our cost structure.

現在轉向我們的四個業務部門。在我們的飲料部門，我們的 2500 萬美元協同計劃進展順利，其中 1700 萬美元已經實現。我們的成本節約措施部分源自於實施產品合理化計劃，將我們的產品組合集中在關鍵市場，優先考慮高性能產品並優化我們的成本結構。

Year-to-date, the SKU rationalization plan lowered our revenues by $8 million, with an expectation that over the next 18 months, these impacts will be offset by the introduction of new product innovations and brand extensions improving both sales and margins. The completion of this rationalization program will be accretive to earnings and will have positive impacts on our cash conversion cycle once complete.

年初至今，SKU 合理化計畫使我們的收入降低了 800 萬美元，預計在未來 18 個月內，這些影響將被新產品創新和品牌延伸的推出所抵消，從而提高銷售額和利潤率。這個合理化計畫的完成將增加收益，並對我們的現金轉換週期產生正面影響。

Beverage net revenue was $63.1 million, up 36% from $46.5 million in the prior year quarter, as previously discussed. As Irwin discussed, we now own and operate 20 brew pubs/restaurants in the US that are in close proximity to the production of our craft brands.

如前所述，飲料淨收入為 6,310 萬美元，較去年同期的 4,650 萬美元成長 36%。正如歐文所討論的，我們目前在美國擁有並經營 20 家啤酒館/餐廳，這些酒吧/餐廳距離我們精釀品牌的生產地點很近。

In the quarter, these operations contributed $10 million of the $63.1 million in 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.

在本季度，這些業務貢獻了 6,310 萬美元收入中的 1,000 萬美元，我們預計它們將成為我們未來策略的重要組成部分，使我們能夠提高品牌知名度並深入了解我們的關鍵消費者。

Beverage gross profit increased to $25.2 million compared to $16 million and adjusted gross profit was $26.5 million compared to $17.8 million, while our beverage gross margin was 40% compared to 34% and adjusted gross margin was 42% from 38% in the prior year quarter. The 400 basis point improvement to adjusted gross margin was a result of our efforts in integrating and optimizing our facilities as well as a favorable product mix.

飲料毛利從上一季的 1,600 萬美元增至 2,520 萬美元，調整後毛利為 2,650 萬美元，上一季為 1,780 萬美元；飲料毛利率為 40%，上一季為 34%；調整後毛利率為 42%，上一季為 38%。調整後毛利率提高 400 個基點是我們努力整合和優化設施以及良好的產品組合的結果。

Gross cannabis revenue of $87.2 million was comprised of $59.1 million in the Canadian adult-use revenue, $14.9 million in international cannabis revenue, $6.7 million in Canadian medical cannabis revenue, and $6.5 million in wholesale cannabis revenue. Net cannabis revenue, which was reduced by the $21.5 million in excise taxes was $65.7 million, essentially flat from the year ago period.

大麻總收入為 8,720 萬美元，其中包括加拿大成人用品收入 5,910 萬美元、國際大麻收入 1,490 萬美元、加拿大醫用大麻收入 670 萬美元以及大麻批發收入 650 萬美元。大麻淨收入因 2,150 萬美元的消費稅而減少，為 6,570 萬美元，與去年同期基本持平。

Revenue from Canadian medical cannabis grew 6% despite the category being impacted by competition from the adult-use market, while revenue from Canadian adult use decreased 18%, which was a result of our increased focus on preserving gross margin and maintaining a higher average selling price in categories with high excise tax. As a result of recent significant CapEx investments, we positioned ourselves for an improved margin opportunity once the price compression pressures start to ease in the category.

儘管受到成人用品市場競爭的影響，加拿大醫用大麻的收入仍增長了 6%，而加拿大成人用品的收入下降了 18%，這是因為我們更加重視保持毛利率並在高消費稅類別中維持較高的平均售價。由於最近大量的資本支出投資，一旦該類別的價格壓縮壓力開始緩解，我們就可以獲得提高利潤的機會。

Our CapEx investments and size advantage put us in a position to succeed as margins in high excise tax categories come under pressure. International cannabis revenue rose 25%, which was largely driven by the expanding German medical market as well as favorable variability in the timing of receiving export permits to countries other than Germany resulting in fluctuations on a quarterly basis.

當高消費稅類別的利潤率面臨壓力時，我們的資本支出和規模優勢使我們處於成功的位置。國際大麻收入成長了 25%，這主要得益於德國醫療市場的不斷擴大，以及獲得向德國以外國家出口許可證的時間的有利變化，從而導致季度波動。

Cannabis gross profit was $23.2 million and cannabis gross margin was 35%. Adjusted cannabis gross profit was relatively flat at $23.2 million compared to $23.6 million in the prior year quarter. Distribution net revenue derived predominantly through CC Pharma was $67.6 million compared to $67.2 million in the prior year quarter.

大麻毛利為 2,320 萬美元，大麻毛利率為 35%。調整後的大麻毛利相對持平，為 2,320 萬美元，而去年同期為 2,360 萬美元。主要透過 CC Pharma 獲得的分銷淨收入為 6,760 萬美元，而去年同期為 6,720 萬美元。

On a constant currency basis, distribution net revenue increased 3% to $69.4 million compared to $67.2 million in the prior year quarter as a result of a favorable product mix. Distribution gross profit increased to $8.4 million compared to $7.1 million in the prior year period, while distribution gross margin increased to 12% from 11% in the prior year quarter as a result of our extensive efforts in H2 last year to focus on higher-margin SKUs.

以固定匯率計算，由於產品組合良好，分銷淨收入較去年同期的 6,720 萬美元增長 3% 至 6,940 萬美元。分銷毛利從去年同期的 710 萬美元增至 840 萬美元，而分銷毛利率從去年同期的 11% 增至 12%，這得益於我們去年下半年大力關注利潤率更高的 SKU。

Wellness net revenue grew 13% to $14.6 million from $12.9 million in the prior year quarter. The increase was driven by our strategic focus on continued innovations, including our launch of hemp-derived Delta-9 products and organic growth within our branded hemp business related to higher consumption. Wellness gross profit was $4.5 million, up from $3.7 million in the prior year quarter and gross margin rose to 31% compared to 29% as a result of decreased input costs and continued operational efficiencies.

健康淨收入從去年同期的 1,290 萬美元成長 13% 至 1,460 萬美元。這一成長得益於我們對持續創新的策略重點，包括推出大麻衍生的 Delta-9 產品，以及與消費量增加相關的品牌大麻業務的有機成長。健康毛利為 450 萬美元，高於去年同期的 370 萬美元，毛利率從 29% 上升至 31%，這得益於投入成本的降低和營運效率的持續提高。

Our cash and marketable securities balance as of November 30 was $252.1 million, down slightly from $260.5 million at year-end. This change was a result of our purchase of the new Craft brands, a temporary increase in working capital demands all offset by the funds raised from our ATM. During the quarter, we raised gross proceeds of $46 million from our ATM. And subsequent to quarter end, we raised an additional $11 million.

截至 11 月 30 日，我們的現金和有價證券餘額為 2.521 億美元，較年底的 2.605 億美元略有下降。這項改變是我們購買新 Craft 品牌的結果，營運資金需求暫時增加，但都被我們從 ATM 籌集的資金所抵消。本季度，我們從 ATM 機籌集了 4,600 萬美元的總收益。在本季末之後，我們又籌集了 1,100 萬美元。

Finally, we are reaffirming our guidance for fiscal 2025. We anticipate net revenues to be between $950 million and $1 billion. Let me now conclude our prepared remarks and open the lines for questions from our covering analysts. Operator, what's the first question?

最後，我們重申 2025 財年的指引。我們預計淨收入將在 9.5 億美元至 10 億美元之間。現在，請允許我結束我們準備好的發言，並開始回答我們的報道分析師的提問。接線員，第一個問題是什麼？

(Operator Instructions)

（操作員指示）

Kaumil Gajrawala, Jefferies.

傑富瑞的 Kaumil Gajrawala。

I guess starting with the SKU rationalization, you've been talking about it for a while. We have more details today. Does it look like the rationalizations will be complete by the end of your fiscal year? Is this something that's ongoing a little for some amount longer?

我想從 SKU 合理化開始，您已經談論這個問題有一段時間了。今天我們有更多詳細資訊。看起來合理化改革會在本財政年度結束前完成嗎？這件事會持續一段時間嗎？

I'm not sure it's going to be completed by the end of the fiscal year. We're well into -- you got to remember what we're doing here. We've taken SweetWater, we've taken the Montauk. We've taken the ABI, the Molson acquisition as we bring them together. And we're eliminating over 300-plus SKUs, and we're ultimately eliminating states where we sold some of our brands before. So the majority will happen by the end of this fiscal year but they absolutely will be some that will go into 2026.

我不確定它是否會在本財政年度結束前完成。我們已經做得很好了——你必須記住我們在這裡做什麼。我們佔領了 SweetWater，佔領了 Montauk。我們將 ABI 和 Molson 收購合併在一起。我們正在淘汰 300 多個 SKU，並最終淘汰先前銷售部分品牌的州。因此，大多數措施將在本財政年度結束時實施，但肯定會有一些措施持續到 2026 年。

And the big thing here is, listen, we've taken out -- we look to take out cost of $25 million, we've taken out $15 million, $16 million already. The big thing is, as we introduce new SKUs to replace some of these other SKUs, and as we focus on certain states that we're only going to sell our product. And it's not only us asking for this, it's retailers, it's distributors.

這裡最重要的是，聽著，我們已經拿出了——我們希望拿出 2500 萬美元的成本，我們已經拿出了 1500 萬美元、1600 萬美元。重要的是，當我們推出新的 SKU 來替換其他一些 SKU 時，並且當我們專注於某些州時，我們只會銷售我們的產品。不僅我們要求這樣做，零售商、分銷商也要求這樣做。

So this is great, and you think about it as we brought how many companies together under Tilray beverages and cleaning up the tail and cleaning up some of these lower-margin products. And it shows in our cost cutting, it shows in our margin, and it shows in our growth from some of these brands that this is absolutely working. And we haven't even launched our new products yet. So just stay tuned for that.

這很棒，你想想看，我們把多少家公司整合到 Tilray 飲料旗下，清理了尾部，清理了一些利潤率較低的產品。這體現在我們的成本削減、利潤率以及一些品牌的成長上，證明了這項舉措絕對有效。我們甚至還沒有推出新產品。因此請繼續關注。

We will. You mentioned gross margin. That was going to be my next question. It's up nicely across a series of divisions. We have a lot of details on some of the blocking and tackling. Is there something bigger going on maybe with the input costs or perhaps price compression or anything that we should know? Because it looks like kind of across the enterprise, the trajectory is the same? Or is it as simple as the programs that you've talked about kind of starting to come to fruition?

我們將。您提到了毛利率。這就是我的下一個問題。它在一系列部門中表現良好。我們對一些阻擋和鏟球有很詳細的了解。是否存在更大的問題，例如投入成本、價格壓縮或其他我們應該知道的事情？因為看起來整個企業的軌跡都是一樣的？或者它是否像您談到的那些開始實現的計劃一樣簡單？

Well, it's not coming from pricing. So that's the first thing. It's coming from just taking costs out of our system. Listen, when we put Tilray and Aphria together and then HEXO, we took over $100 million. We can come back.

嗯，這不是來自定價。這是第一件事。這只是從我們的系統中扣除成本而來。聽著，當我們將 Tilray 和 Aphria 以及 HEXO 合併在一起時，我們賺了超過 1 億美元。我們可以回來。

And in regards to share of cannabis in Canada, we're focusing on margin here. We've had a major price compression. So the big thing is we're really focused on gross profit. We're really focused here on profitability. And our adjusted net loss in the quarter is $2 million, okay? The majority of it is non-cash. So there's a big, big drag here to generate cash and really focus on margins here and to invest back in our business, and you're seeing this on gross margin growth there.

關於加拿大大麻的份額，我們關注的是利潤率。我們經歷了一次大幅度的價格壓縮。因此，最重要的是我們真正關注的是毛利。我們真正關注的是獲利能力。我們本季的調整後淨虧損為 200 萬美元，好嗎？其中大部分是非現金。因此，這裡存在著巨大的阻力，阻礙我們產生現金，真正關注利潤率，並重新投資於我們的業務，而您可以從那裡的毛利率增長中看到這一點。

(Operator Instructions)

（操作員指示）

Robert Moskow, TD Cowen.

羅伯特·莫斯科（Robert Moskow），TD Cowen。

I thought I remembered last quarter that beverage sales were a bit below your internal expectations, and it was due to timing around innovation and shipments to distributors. And I want to know -- I didn't hear much about it on the call today. Did that factor resolve itself in this quarter? And then also, maybe you can give a little bit more color on what this innovation pipeline looks like. Are you -- do you have a lot of work still to do to flesh that out?

我記得上個季度飲料銷售額略低於你們的內部預期，這是由於創新和向分銷商發貨的時間安排所致。我想知道——在今天的電話會議上我沒有聽到太多關於這方面的內容。這個因素在本季是否已經解決？然後，也許您可以更詳細地描述這個創新管道是什麼樣子的。您是否還有很多工作要做才能充實它？

So Robert, you're 100% right. In our first quarter, we had some challenges as we brought the ABI businesses into our portfolio. We had some major other stocks, bringing the ABI distributors on and taking them off the ABI system, putting them on ours in regard to supply costs and issues.

所以羅伯特，你完全正確。在第一季度，我們將 ABI 業務納入我們的投資組合時遇到了一些挑戰。我們還有一些其他主要庫存，將 ABI 經銷商納入其中，並將他們從 ABI 系統中移除，將他們納入我們的系統，以解決供應成本和問題。

There were some accounts that just stopped ordering because they were confused. And just the integration. So 100% in our first quarter, we had some negative comps that come out. Since then, listen, we've seen some great stuff happening in Shock Top.

有些帳戶因為感到困惑而停止訂購。並且只是整合。因此，在第一季度，我們 100% 出現了一些負面業績。聽著，從那時起，我們看到 Shock Top 發生了一些很棒的事情。

We've seen our Montauk growth, 9% since we've bought it, we've seen some great growth on Blue Point and Breckenridge. So we're seeing those volumes come back and Ty's on the call, and he can jump in there. So that's why you're seeing up 36%.

我們已經看到了蒙托克的成長，自我們購買以來成長了 9%，我們也看到了藍點和布雷肯里奇的顯著成長。因此，我們看到這些交易量回升，並且 Ty 正在通話中，他可以加入其中。這就是你看到 36% 成長的原因。

Now some of that is absolutely acquisition growth. But what we're doing is we're taking these growth brands and getting rid of the products with slow moving and running them out. In regards to innovation, and Ty, jump in here on some of the new innovation. But I'm not going to tip my hat yet, but we've got -- in regards to these products, we've been out there presenting to the retailers presented to the distributors.

現在其中一些絕對是收購成長。但我們正在做的是，淘汰這些成長型品牌中銷量緩慢的產品，並將其淘汰。關於創新，Ty，請談談一些新的創新。但我現在還不打算脫帽致敬，但我們已經——關於這些產品，我們已經向零售商和分銷商進行了展示。

And there's a big focus on a lot of our new beers. There's a big focus on our non-alc. There's a big focus on our energy drinks. There's a big focus on our waters and our Delta-9 drinks are a big thing that has been happening with us. Ty, do you want to add anything to that?

我們的許多新啤酒都備受關注。我們非常注重無酒精飲料。我們非常關注能量飲料。我們非常關注水資源，而 Delta-9 飲料是我們一直大力推廣的產品。Ty，你還有什麼要補充的嗎？

No, I think you nailed it. With regards to innovation, absolutely, we are locked and loaded. And now through the next seven or eight months, everything is ready to go. It's been presented to retailers and distributors. And there is a lot of excitement about the spaces and categories that we're going to play in, which is exciting.

不，我認為你已經成功了。關於創新，我們絕對已經準備好了。現在經過接下來的七、八個月，一切都準備就緒。它已呈現給零售商和分銷商。我們對即將參與的空間和類別感到非常興奮，這是令人興奮的。

And Robert, I think the big thing is -- that's what everybody is looking for is new innovation out there. I think the important thing is this here is taking out some of those slow-moving SKUs or taking the SKUs at a state that's sold 10,000 cases a year and just plugged up the system. So that's number one.

羅伯特，我認為最重要的是──每個人都在尋找新的創新。我認為重要的是，這裡要取出一些滯銷的 SKU，或者取出每年銷售 10,000 箱並堵塞系統的 SKU。這是第一點。

Number two is distributors are looking for innovation. Some of our pub beers, some of our lager beers, some of our non-alc, some of our infused drinks with hemp. So there's a good lineup here. And the big thing, which I've said, what we're trying to do on beer is make it fun again.

第二，分銷商正在尋求創新。我們的一些酒吧啤酒、一些拉格啤酒、一些無酒精飲料、一些加入大麻的飲料。所以這裡有一個很好的陣容。正如我所說，我們試圖在啤酒上做的最重要的事情就是讓它再次變得有趣。

And I think that's what we're doing. We have no imports. So there's no tariffs coming on our beers, our beers are all made in our facilities. We've done a great job, I think, of moving our production around. We've closed one facility in Texas.

我認為這就是我們正在做的事情。我們沒有進口。因此我們的啤酒不徵收關稅，我們的啤酒都是在我們的工廠生產的。我認為我們在轉移生產方面做得很好。我們已經關閉了德克薩斯州的一家工廠。

So there's a plan here. And just think about it, we produce close to 15 million cases beer a year, over 1 million barrels. And as we brought all these beer brands together over 18 beer brands, we've brought all these cases together. We brought all these facilities together in a matter of four years.

所以這裡有一個計劃。想想看，我們每年生產近 1500 萬箱啤酒，超過 100 萬桶。當我們將所有啤酒品牌（超過 18 個）整合在一起時，我們將所有這些案例整合在一起。我們花了四年的時間將所有這些設施整合在一起。

Now it's taking costs out, getting the efficiencies, working with these distributors, Ty and team have put a blitz team on the street to really get out there and hit our off-premise and really sell our products there. So I'm excited to see what's happening in the beverage category. And now that we've integrated our spirits business.

現在，我們正在降低成本、提高效率，並與這些分銷商合作，Ty 和他的團隊已經派出了一個突擊隊到街上，真正地走出去，打到我們的場外，在那裡真正地銷售我們的產品。所以我很高興看到飲料類別的發展。現在我們已經整合了我們的烈酒業務。

And listen, these aren't easy categories. So with that innovation and putting the people behind it and getting your distributors and retailers is something that's really important and last but not least, got to get our consumers buying our products. And that's a big thing what we're trying to do, and there's a lot of social media, there's a lot of advertising in the quarter. We spent about $600,000, $700,000 more in advertising a quarter back on these brands.

聽著，這些並不是簡單的分類。因此，創新並吸引人才、分銷商和零售商是非常重要的，最後但同樣重要的是，讓消費者購買我們的產品。這是我們正在嘗試做的一件大事，本季有很多社交媒體和廣告。我們在這些品牌上的廣告支出上，上一季大約是 60 萬到 70 萬美元。

Aaron Grey, Alliance Global Partners.

亞倫‧格雷 (Aaron Grey)，Alliance Global Partners。

So I just want to dive a little bit more on Delta-9 beverages, specifically around potential changes in regulation. The Farm Bill has been -- you've delayed two years now. We're now going to have Republicans controlling both Chambers of Congress as well as Republican President.

因此，我只想更深入地了解 Delta-9 飲料，特別是有關法規的潛在變化。《農業法案》已經──拖延了兩年了。現在，共和黨將控制國會兩院，並由共和黨擔任總統。

So what's your anticipation in terms of the impact that I could have on a Farm Bill getting done this year impacts on THC hemp beverages? A lot of folks have been talking about potential closeouts -- loopholes but keeping a carve-out for THC hemp beverage.

那麼，您對我今年通過的農業法案對 THC 大麻飲料的影響有何預期？許多人都在談論潛在的清倉——漏洞，但保留對 THC 大麻飲料的豁免。

So I'd love your outlook on that, just given right now you're one of the few players with an existing distribution system and the alcohol channel that's selling THC hemp and how that could change with the regulations evolving.

所以我很想聽聽你對此的看法，因為目前你是少數幾個擁有現有分銷系統和銷售 THC 大麻的酒精管道的參與者之一，而且隨著法規的不斷發展，這種情況可能會發生怎樣的變化。

Thank you. Listen, we do not -- and it's good news as the Farm Bill is kicked down. They kicked the can down the road for the two years. So that's number one. Number two, lot of distributors and a lot of the states and retailers are really excited in this product. And there was a couple of million dollars of sales in this quarter that we've achieved already.

謝謝。聽著，我們不會——這是好消息，因為農業法案被否決了。他們把這個問題拖延了兩年。這是第一點。第二，許多經銷商、許多州和零售商都對這款產品非常感興趣。本季我們已經實現了幾百萬美元的銷售額。

And so with that, we don't see any changes. We think there's a big, big opportunity for us going forward. And with Happy Flower, which is with our wellness team, which is out there, pushing that brand. And then we have our beverage team out there presenting them through our beer distributors distributing that product. So there's lots of opportunities for us, and we have the products.

因此，我們沒有看到任何變化。我們認為，未來我們面臨著巨大的機會。還有 Happy Flower，它與我們的健康團隊一起，致力於推廣該品牌。然後，我們的飲料團隊透過我們的啤酒經銷商向他們展示該產品。因此，我們面臨很多機會，而且我們也有產品。

We have the distribution and we have the infrastructure salespeople that are out there pushing it. And the retailers and distributors want it. That's the big thing. So there should be no change for us.

我們有分銷管道，也有基礎設施銷售人員在推銷它。零售商和分銷商都希望得到它。這才是大事。所以對我們來說應該不會有任何改變。

Frederico Gomes, ATB Capital Markets.

Frederico Gomes，ATB 資本市場。

I'm curious if you could talk about cannabis beverages in Canada. It seems like it's a very small part of the market still. So how do you see that segment? Why hasn't it become a more relevant part of the Canadian market, whereas in the US, we see this Delta-9 market growing quite rapidly right now.

我很好奇您是否可以談談加拿大的大麻飲料。看起來它仍然只佔市場的一小部分。那麼您如何看待這個部分？為什麼它沒有成為加拿大市場更重要的一部分，而在美國，我們看到 Delta-9 市場現在成長相當迅速。

Great question, and I have Blair on the call. We have a 45% share of the market. And it's got a $25 million, $30 million business for us. We have a facility in London, Ontario that produces that product. And I always say this here, I only sell it today in stores that sell cannabis.

這個問題問得好，布萊爾也在電話裡。我們佔有45%的市場佔有率。這為我們帶來了 2500 萬到 3000 萬美元的生意。我們在安大略省倫敦有一家工廠生產該產品。我總是在這裡說，我現在只在銷售大麻的商店裡銷售它。

And there's different pricing out there and it's not a cheap product. If we could sell that today in beer stores, if we could sell it on tap, how big a business that would be. But I think one of the biggest problems today is just ultimately, it's only sold in cannabis stores and some of the pricing out there. But the opportunity, as we sit today in dry January, that's when you'll see some of the biggest consumption of products. So we're ready, willing to enable.

而且市面上的定價各不相同，而且它不是一種便宜的產品。如果我們今天可以在啤酒商店出售它，如果我們可以將其製成桶裝出售，那這將是一筆多麼大的生意。但我認為當今最大的問題之一是，它最終只能在大麻商店出售，而且價格有些昂貴。但是，當我們今天處於乾燥的一月時，我們將會看到一些產品的最大消費量。因此，我們已經做好準備，願意提供協助。

And I've said this before, if you could sell THC infused drinks in the US, it's a $1 billion-plus category out there if we could ever do that just by looking at the size and the opportunities in the 15 states that hemp-derived drinks are today, the consumer is looking for it. As a matter of fact, I was at a function last night and majority people were drinking hemp-infused drink versus alcohol drinks.

我之前說過，如果你能在美國銷售含有 THC 的飲料，那麼這個市場的銷售額將超過 10 億美元，只要看看目前 15 個州的大麻飲料的規模和機會，消費者正在尋找它。事實上，我昨晚參加了一個活動，大多數人喝的都是加大麻的飲料而不是酒精飲料。

Bill Kirk, ROTH MKM.

比爾·柯克（Bill Kirk），ROTH MKM。

So I have a question on the revenue guidance to get to in the range, the final quarters of the year need be about $60 million or so larger than the revenue just posted in 2Q. So where does that acceleration come from?

因此，我對收入預期有一個疑問，為了達到這個範圍，今年最後幾季的收入需要比第二季公佈的收入高出約 6,000 萬美元左右。那麼加速度從何而來？

Thanks, Bill. I think if people go back and look at our results from last year and it follows the same pattern that we had, right? When you look at the base pattern, talk with this a couple of times, you and I, individually where we're doing about half of our sales we're doing -- sorry, not half, but half of our EBITDA in Q4, we're doing Q1, 2, and 3, our EBITDA tends to be around the other half, right?

謝謝，比爾。我想，如果人們回顧我們去年的業績，會發現它仍然遵循著同樣的模式，對嗎？當你查看基本模式時，請你和我單獨討論幾次，我們的銷售額大約占到一半 - 抱歉，不是一半，而是第四季度 EBITDA 的一半，我們在第一、第二和第三季度的 EBITDA 往往在另一半左右，對嗎？

And then that's earned relatively evenly between the quarters, right? And so if you use that as a starting point and then you work your way backwards through sales. When you look at the changes we've made this year, last year, we purchased the new brands, the new craft brands, too late in the year to be involved in the spring reset.

那麼各季度的收入相對均勻，對嗎？因此，如果您以此為起點，然後按照銷售的方式反向進行操作。當你回顧我們今年所做的改變時，你會發現，去年我們購買了新品牌、新工藝品牌，但為時已晚，無法參與春季重置。

And so this year, Ty and his team and Prince have been able to get out to the distributors, to get out to our big accounts and to really be a part of that spring reset with that new innovation. And we see significant increases in the sales in Q4 for beer as a part of that spring reset.

因此，今年，泰和他的團隊以及普林斯已經能夠接觸到經銷商、接觸到我們的大客戶，並真正透過這項新創新成為春季重置的一部分。作為春季重啟的一部分，我們看到第四季啤酒銷量大幅成長。

We also traditionally see sales upticks in our CC Pharma business, in Q4. That's predominantly as pharmacists in Germany start stocking their inventories for the summer months as people go on vacation in Germany. And then we similarly see an uptick in things like pre-rolls and flowers, things that were higher indexed on in terms of share in the Canadian cannabis market as people get ready for the summer.

我們也會看到 CC Pharma 業務在第四季的銷售額出現成長。這主要是因為隨著德國人們開始度假，德國的藥劑師開始為夏季儲備庫存。然後，我們同樣看到預捲和鮮花等商品的銷量有所上升，隨著人們為夏天做準備，這些商品在加拿大大麻市場的份額指數更高。

Bill, a big part of that is just here, is there seasonality in supply and new products. So stepping back, as Carl said, as you come out of dry January, the next five months for us Memorial Day and July 4 are some of the biggest beer consumption events out there. We also have our big 420 Events around beer.

比爾，其中很大一部分原因就在這裡，即供應和新產品的季節性。所以退一步來說，正如卡爾所說，當你走出一月份的禁酒令時，接下來的五個月對我們來說，陣亡將士紀念日和 7 月 4 日是最大的啤酒消費活動。我們也舉辦以啤酒為中心的大型 420 活動。

Plus you heard what I said before, we have over 100 new products that get into the marketplace, and that's a lot of the resets happen with retailers. In regards to cannabis, Blair, how many new products do you have coming in, in the back half and we're from the dual place?

另外，您也聽到了我之前所說的，我們有超過 100 種新產品進入市場，而且許多重置都是由零售商進行的。關於大麻，布萊爾，在後半段，您有多少新產品，我們來自雙重地方？

30 new innovations in the back half of the year.

下半年有30項新創新。

So the new innovation that will come from our cannabis business. And then one of the big problems that happened to us in Europe was in regards to just having supply from our European and lot of that's coming from Canada and also getting the permits that we could ship in this country has slowed things down. So with that, it's going to come from new products. It's going to come from organic growth. It's going to come from new distribution in the back half of the year.

因此，新的創新將來自我們的大麻業務。然後，我們在歐洲遇到的一個大問題是，我們的供應來自歐洲，其中許多來自加拿大，而且獲得我們可以在這個國家發貨的許可證也減慢了速度。因此，它將來自新產品。它將來自有機增長。它將在今年下半年透過新分銷管道推出。

And then, Irwin, you quantified a $250 million opportunity for Tilray if the US legalizes medical, I guess, what gives you confidence the incoming administration will be favorable to rescheduling? And even if they were, that they would also be amenable to imports from Canada when there is so much tariff talk?

然後，歐文，如果美國將醫療合法化，您量化了 Tilray 的 2.5 億美元機會，我想，是什麼讓您有信心新政府會贊成重新安排？即使他們願意，在關稅問題如此激烈的情況下，他們是否也願意從加拿大進口產品？

So good question, number one. And again, I want to be very clear this is just looking at a crystal ball and looking at what it could be. And number one, I step back and I say this year, it's a $ 8 billion to $10 billion medical market today in the US. And with that, I think we could get somewhere between a two to three share. So a two to three share is $160 million to $250 million business.

第一個問題，問得好。我想再次明確地指出，這只是看著水晶球，看看它會是什麼。首先，我退一步來說，今年美國的醫療市場規模是 80 億到 100 億美元。這樣一來，我認為我們可以獲得二到三分之二的份額。因此，兩到三股股票代表著 1.6 億到 2.5 億美元的業務。

We have a good-sized medical business today in Canada. We have a good-sized medical business in the US. We have the products for paying, for anxiety, for sleep, for cancer patients, for multiple medical reasons. We have the packaging, we have the products, we have the terpenes. We have in regards to genetics, et cetera.

目前我們在加拿大擁有規模相當大的醫療業務。我們在美國擁有規模相當大的醫療業務。我們有用於支付、抗焦慮、助眠、癌症患者等多種醫療用途的產品。我們有包裝，我們有產品，我們有萜烯。我們有關於遺傳學等方面的知識。

So we would know how to market and package these products. With that, why do I think that it would be allowed? There's not a grow facility out there that could ever supply that. We -- it would take us about 60 metric tons. And we have available to us today about 137 metric tons that could supply the additional cannabis that we can grow.

所以我們知道如何行銷和包裝這些產品。那麼，我為什麼認為這是被允許的呢？目前還沒有任何種植設施能夠提供這樣的產品。我們——大約需要 60 公噸。目前，我們擁有約 137 公噸的大麻儲備，可供我們種植。

So I don't know, but just that's out there be hoping and guessing. Listen if there was a duty on it, et cetera, you have to pay it. I'm not sure why not you put -- we ship EU-GMP products all throughout Europe coming out of Canada and some of the best cannabis grown today comes out of Canada. You got to remember, we have 5 million square feet. So that is, again, just all speculation, if that could happen out there.

所以我不知道，但這只是希望和猜測。聽著，如果它有關稅等等，你就必須支付。我不知道你為什麼不說——我們從加拿大向整個歐洲運送符合歐盟 GMP 標準的產品，而當今種植的一些最好的大麻也產自加拿大。你要記住，我們有 500 萬平方英尺。所以，如果這真的發生的話，那隻是猜測。

And I think the big thing, medical cannabis, if anything is going to legalize its medical cannabis. I think medical cannabis ultimately would be sold through drug stores, through the medical market and would be prescribed by prescription. And I do come back and I say this here. The Trump administration is into tariffs, into duty, into regulating stuff. And I think if you come back and I say it, the Canadian market for us, we sell a lot of cannabis in Canada, but we pay a lot of excise tax.

我認為，如果要說有什麼大事，那就是醫用大麻合法化。我認為醫用大麻最終將透過藥局、醫療市場出售，並憑處方開立。我確實回來了，並且在這裡說了這些。川普政府熱衷於關稅、稅收和監管。我想如果你回過頭來說，加拿大市場對我們來說，我們在加拿大銷售了很多大麻，但我們繳了很多消費稅。

And there's billions of dollars paid each year in the Canadian market, you take that as a 10 times and you think about the opportunity in the US for the government here to bring in that excise tax and eliminate illicit market. It's about business. And I think that's how the Trump administration ultimately will look at it.

每年在加拿大市場上的支出高達數十億美元，如果你把這個數字看作是10倍，那麼你就會看到美國政府有機會引入消費稅並消除非法市場。這是關於生意的。我認為川普政府最終也會這樣看待此事。

Matt Bottomley, Canaccord Genuity.

Canaccord Genuity 的 Matt Bottomley。

Maybe staying on the topic of regulation, but -- and changes but maybe moving over to the international side of things. So you got solid $50 million to $60 million of annual contribution in your international in line the way that it's allocated. And I'm just wondering, I guess, two questions there.

也許繼續討論監管話題，但 - 以及變化，但也許轉向事情的國際方面。因此，按照分配方式，您在國際上每年可獲得 5,000 萬至 6,000 萬美元的穩定貢獻。我只是想知道，我想問兩個問題。

So the first is just the visibility on that line with respect to what's been recurring for some time now and growing in some of the select markets that you're in versus maybe things that are more opportunistic and are harder to predict. So I'm just trying to get an idea of the underpinning of that current contribution you have in markets where you have exposure?

因此，首先就是這條線的可見性，關於一段時間以來反覆出現的情況以及在您所在的一些特定市場中不斷增長的情況，以及可能更具機會性且更難預測的情況。所以我只是想了解一下您在所涉足的市場中當前貢獻的基礎是什麼？

And then the second side of that question would be, as I alluded to, the regulatory side of things. Anything to note outside of your prepared comments, I know Germany is the market that a lot of us always like to talk about in the last little while. I'm just wondering if there's anything else to add to that.

然後，正如我所提到的，這個問題的第二個方面是監管方面。除了您準備好的評論之外，還有什麼需要注意的嗎？我知道德國是我們很多人最近總是喜歡談論的市場。我只是想知道是否還有什麼要補充的。

Thank you, Matt, into the question in terms of what is sort of the base of the business and what's recurring, what's opportunistic. What I would say is that we're very focused on building a sustainable, very solid foundation of profitable growth. We look at our business in terms of building out foundations.

謝謝你，馬特，關於什麼是業務的基礎，什麼是經常性的，什麼是機會主義的這個問題。我想說的是，我們非常注重建立可持續的、非常堅實的獲利成長基礎。我們從建立基礎的角度來看待我們的業務。

And I think if you -- I'm just going to take Germany, for example, with a very strong, strong base of medical extract business, which is predominantly reimbursed by insurance and very profitable. We look at that business as sort of our foundation.

我認為如果你——我只想以德國為例，它擁有非常強大的醫療提取物業務基礎，主要透過保險報銷，而且利潤非常豐厚。我們將該業務視為我們的基礎。

And as the flower business has been proliferating through the new regulations, we are focused on also growing that as well, and you can see that in our numbers, and that we've seen a 55% growth since the legalization. So we're very focused on both sides.

隨著鮮花業務在新法規的實施下蓬勃發展，我們也致力於推動鮮花業務的成長，您可以從我們的數據中看到這一點，自從鮮花合法化以來，我們的業務增長了 55%。所以我們非常關注雙方。

And again, we don't believe that every dollar of revenue is created equal. And so to that end, we look at how do we create sustainable sales that are going to repeat themselves each and every quarter, and so very focused on that in Germany and Poland.

再說一次，我們不相信每一美元的收入都是平等的。為此，我們研究如何創造可持續的銷售，使銷售在每個季度都重複，因此我們非常關注德國和波蘭的銷售。

We're building out our Italian market, which is very, very small at the moment, but as we build out the reputation of Tilray as a medical supplier of cannabis, it's very sustainable, consistent. We do see, in fact, that we're building a base of doctors that are, in fact, testing the Tilray product.

我們正在拓展義大利市場，目前市場規模非常小，但隨著我們打造 Tilray 作為大麻醫療供應商的聲譽，它將變得非常永續、一致。事實上，我們確實看到我們正在建立一個醫生基地，他們實際上正在測試 Tilray 產品。

I think the big thing here, which we come back is, number one, we have supply. Number two is each of these countries today are looking at how we go into medical cannabis. France is going to win there ultimately with certain products, okay. The UK is a big opportunity for us.

我認為這裡最重要的事情是，第一，我們有供應。第二，目前這些國家正在研究如何進入醫用大麻領域。法國最終會憑藉某些產品贏得勝利，好吧。英國對我們來說是一個很大的機會。

So I think if you step back, listen, there's a big focus on the countries that medical cannabis is legal today. We have a facility in Germany. We have the facility in Portugal that can supply, and we have supply available to us out of Canada. But I think, again, like the US, there's additional countries that are going to continuously open up. And with our infrastructure, and we have a large infrastructure in Europe today.

所以我認為，如果你退一步聽一聽，你會發現人們目前非常關注醫用大麻合法化的國家。我們在德國有一個工廠。我們在葡萄牙有可以供貨的工廠，而且我們在加拿大也有供貨。但我認為，像美國一樣，還有其他國家會不斷開放。憑藉我們的基礎設施，我們今天在歐洲擁有大型基礎設施。

You heard me talk about putting an office in the UK that will be our international office. We look to grow our international business. At the same time, we're looking at the same strategy in the US. Do we enter the beverage and spirits business and take some of our beverages and spirits business along with something else that do we acquire in the international markets?

您聽到我談到在英國設立一個辦事處作為我們的國際辦事處。我們希望擴大我們的國際業務。同時，我們也在美國考慮同樣的策略。我們是否應該進入飲料和烈酒行業，並將我們的部分飲料和烈酒業務與我們在國際市場上收購的其他業務結合？

Pablo Zuanic, Zuanic & Associates.

Pablo Zuanic，Zuanic & Associates。

First of all, congratulations on the growth in international business. Look, I have a quick question for Ty and then I want to follow up with you, Irwin, regarding the US. Ty, when I look at the hemp Delta-9 drinks market, it's mostly DTC, right? And in theory, you have an advantage with your distribution network to sell your products.

首先，恭喜國際業務的成長。瞧，我有一個快速問題要問泰，然後我想跟進一下你，歐文，關於美國的問題。Ty，當我觀察大麻 Delta-9 飲料市場時，它主要是 DTC，對嗎？從理論上講，您的分銷網絡在銷售產品方面具有優勢。

But this is not a fast churning item yet. So it seems to me it's more conducive to DTC. People are selling through portals and sending and shipping across states from online orders. Any quick thoughts on that?

但這還不是一個快速攪拌的物品。所以在我看來這更有利於 DTC。人們透過入口網站進行銷售，並透過線上訂單跨州發送和運送。對此有什麼想法嗎？

Yeah. Thanks for the question. Actually, we see the broader opportunity in brick-and-mortar. When we talk to retailers and distributors, we see both convenience, liquor stores. There's a big national chain that's leaning into HDD9 in a really, really strong way.

是的。謝謝你的提問。實際上，我們在實體店中看到了更廣闊的機會。當我們與零售商和分銷商交談時，我們看到便利商店和酒類商店。有一家大型全國連鎖店非常非常傾向於 HDD9。

We absolutely are exploring and are taking part of D2C, but we see the much bigger opportunity in brick-and-mortar. And when you look at the consumer and what's happening in this segment, and you can look at some big chains in Louisiana or what's happened over the last couple of years in Minnesota.

我們確實在探索並參與 D2C，但我們看到實體店中存在更大的機會。當你觀察消費者和這個領域發生的事情時，你可以看看路易斯安那州的一些大型連鎖店，或者看看明尼蘇達州過去幾年發生的事情。

You can clearly see that there's a consumer demand in brick-and-mortar stores to go, to be able to look at brands. There's players like us that clearly are going to be the adults in the room that have all the regulations ticked and tied. But I actually see the bigger opportunity in brick-and-mortar, not D2C.

您可以清楚看到，消費者有去實體店購買品牌商品的需求。像我們這樣的玩家顯然是房間裡遵守所有規則的成年人。但實際上我看到了實體店而非 D2C 的更大機會。

Pablo, we have supported in many states already with HDD9. We're working with partners to educate Congress on what HDD9 is. And how it should be best regulated. And we would like it to be regulated just like alcohol and sold through alcohol distributors. Today, there's Total Wine you can go in and buy the product.

帕布羅，我們已經為許多州提供了 HDD9 支援。我們正在與合作夥伴合作，讓國會了解 HDD9 是什麼。以及如何對其進行最佳監管。我們希望它能像酒精一樣受到監管，並透過酒精經銷商銷售。今天，您可以前往 Total Wine 購買此產品。

ABC Fine Wine in Florida, you can buy the product. So brick and mortar absolutely is ultimately where we absolutely want it, but direct-to-consumer is something that we would absolutely look at too.

您可以在佛羅裡達州的 ABC Fine Wine 購買該產品。因此，實體店絕對是我們最終想要的，但直接面向消費者也是我們絕對會考慮的方式。

Yeah. No. Understood. I agree. Look, regarding the US, I'm not going to make you repeat what you already said, you have this vision how medical cannabis could be federally legalized in the US. Of course, we'll see how that plays out. You recently appointed Steven Cohen to your Board. We look at some of your peers like Canopy Growth and SNDL building beachheads in the US with more of a reg type of focus.

是的。不。明白了。我同意。聽著，關於美國，我不會讓你重複你已經說過的話，你有這樣的想法，即醫用大麻如何在美國聯邦合法化。當然，我們會看看結果如何。您最近任命史蒂文·科恩 (Steven Cohen) 為董事會成員。我們關註一些同行，例如 Canopy Growth 和 SNDL，它們在美國建立灘頭陣地，並且更專注於常規業務。

I just want to understand, given your apparent evolving views in terms of how the US may deregulate, especially with the new administration, how are you thinking about when and how to maybe follow the model of some of your peers in terms of trying to build beachheads on the reg side. Do you try to do that with MedMen, and I'm wondering how you're thinking about that right now.

我只是想了解，鑑於您對美國如何放鬆管制的看法明顯在不斷變化，特別是在新政府上台後，您如何考慮何時以及如何效仿您的一些同行的模式，試圖在管制方面建立灘頭陣地。您是否嘗試過與 MedMen 合作來做到這一點？我想知道您現在對此有何看法。

Listen, good question. And I think it's like buying somewhat like a lottery ticket, Pablo. But I think my strategy so much so far is we would be ready for it and could be ready for it in a very quick period of time. We have an infrastructure of a whole medical group in Canada. We have an infrastructure in Europe and put that team together, within 90 days, we could be in the medical cannabis business in the US, depending upon what legalization is.

聽著，好問題。我認為這有點像買彩票，巴勃羅。但我認為我目前的策略是，我們會為此做好準備，並且可以在很短的時間內做好準備。我們在加拿大擁有一整套醫療集團的基礎設施。我們在歐洲擁有基礎設施並組建了團隊，在 90 天內，我們就可以在美國開展醫用大麻業務，具體取決於合法化程度。

And I've seen a lot of companies look there and buy options, do things that never came to fruition and spent a lot of money. We did buy the debt of MedMen. We still own the IP for the brand MedMen. So with that, we have a close eye on it.

我看到很多公司在那裡尋找併購買期權，做一些從未實現的事情並花費大量金錢。我們確實購買了 MedMen 的債務。我們仍然擁有 MedMen 品牌的智慧財產權。因此，我們密切關注此事。

Right now, our focus is on Delta-9 drinks, which we think is a big opportunity. Like I said, we'd love to be able to sell and let me tell you something, if we could sell our cannabis, medical cannabis in Canada, a $250 million business that added 2%, 3% that would be very additive to Tilray but until legalization, until things change.

目前，我們的重點是 Delta-9 飲料，我們認為這是一個巨大的機會。就像我說的，我們很樂意能夠出售，讓我告訴你，如果我們可以在加拿大出售我們的大麻、醫用大麻，那麼這將是一項價值 2.5 億美元的業務，可以增加 2%、3% 的收益，這對 Tilray 來說將是非常大的附加價值，但直到合法化、直到情況發生變化。

And my thing is the Trump organization will look at this here just because of the dollars that will contribute to bringing in more to the tax dollars and also eliminating from the illicit market and eliminating all the confusion, helping with safe bank. When do I think it will happen? As I've said before, I think it will happen during this administration, but I did say what happened during the Biden administration, too.

我想說的是，川普集團之所以會關注此事，只是因為這些錢將有助於增加稅收，同時也能消除非法市場，消除所有混亂，有助於銀行安全。我認為什麼時候會發生？正如我之前所說，我認為這將在本屆政府期間發生，但我也說過拜登政府期間發生的事情。

But I think is this administration is much more business opportunistic and we'll look at it with right regulation, and I think that's what's important here. In the meantime, that's a good thing in which I said about Tilray. We have built a really strong business in the US today with our beverage business, with our spirits business, and our wellness business. And I will mention there is a big focus today on growing our wellness business.

但我認為這屆政府更具商業機會主義，我們會用正確的監管來看待它，我認為這才是最重要的。同時，我對 Tilray 的評價是好的。如今，我們在美國已經建立了非常強大的業務，包括飲料業務、烈酒業務和保健業務。我要說的是，我們今天的重點是發展健康業務。

And whether it's additional acquisitions, additional opportunities with hemp, which we think is high protein, fiber products, and that's a big opportunity for Tilray.

無論是額外的收購，還是大麻的額外機會（我們認為大麻是高蛋白、高纖維產品），這對 Tilray 來說都是一個巨大的機會。

Michael Lavery, Piper Sandler.

麥可拉弗里、派珀桑德勒。

I just wanted to follow-up on a couple of things. I guess, first on the Delta-9 beverages, the traction, especially that you just called out like a Louisiana or Minnesota, it's proven to be strongest where there isn't adult use opportunities at the legal, at the state level. How much do you sort of account for that as a potential limitation? And how does that shape some of your thinking?

我只是想跟進幾件事。我想，首先關於 Delta-9 飲料，其吸引力，特別是你剛才提到的路易斯安那州或明尼蘇達州，事實證明，在州一級沒有合法成人使用機會的地方，其吸引力最強。您認為這在多大程度上是一個潛在的限制？這對您的一些想法有何影響？

And then just on the guidance. I know you went through some of that in an earlier question. I just want to follow up on how the SKU rationalization timing fits in. Was that in part of the guidance thinking all along or has it changed? And if it's newer, is it the innovation that's new to offset it? Just help us think about some puts and takes there.

然後只是指導。我知道您在先前的問題中已經討論過其中的一些內容。我只是想跟進一下 SKU 合理化時間安排如何。這是一直以來的指導思想的一部分嗎，還是已經改變了？如果它是更新的，那麼新的創新是否可以抵消它？只需幫助我們思考一些事情。

So first of all, in regards to where do I see the big states and the big opportunities, Texas, Florida, Georgia are some of the big states and which are big beer states and opportunistic states for us. I mean if you come back and look at the size of those states and some of the biggest states out there, and they're some of the biggest markets where we sell beer today.

首先，關於我認為大州和大機會在哪裡，德克薩斯州、佛羅裡達州、喬治亞州是其中的一些大州，對我們來說，它們是啤酒大州和機會州。我的意思是，如果你回頭看看這些州和一些最大的州的規模，你會發現它們是我們今天銷售啤酒的最大市場。

So that is where I see our big opportunities from a standpoint there. In regards to our guidance and our SKU rationalization. So far, we've taken approximately $17 million, $18 million of sales. It's probably about a $2 million EBITDA hit. Again, there's probably another $10 million of SKU rationalization that will come out of our top line sales.

因此，從這個角度來看，我看到了我們的巨大機會。關於我們的指導和 SKU 合理化。到目前為止，我們的銷售額已達到約 1700 萬美元至 1800 萬美元。這可能會對 EBITDA 造成約 200 萬美元的損失。再一次，可能會有另外 1000 萬美元的 SKU 合理化支出，這將來自我們的頂線銷售額。

Now again, what you've heard us say, what's happening now, those sales that come out we're replacing them with new products and faster selling SKUs. It's a rotation of those products. And not everything is on timing, but it's taking lower margins, a lot slower selling SKUs out and replacing them with new products, higher-selling products and higher-margin products to replace those.

現在，再說一遍，正如您所聽到的，現在發生的情況是，我們正在用新產品和更快銷售的 SKU 來取代那些銷售不佳的產品。這些產品都是輪換的。雖然並非所有產品都能按時交付，但利潤率較低，SKU 的銷售速度很慢，需要用新產品、更暢銷的產品和更高利潤的產品來取代它們。

And then we should understand that as your color on the spring shelf resets as having that in hand and the one-for-one swaps?

然後我們應該明白，當你手中有春季架子上的顏色時，它會重置，然後進行一對一的交換？

I didn't understand you broke up on that question lastly.

我不明白你們最後為什麼在這個問題上分手了。

Yeah, when you were saying how the innovation would offset the few rationalizations, you were talking about the better timing this go around for the shelf resets in the spring. Should we understand that you've got that in hand and already set to go?

是的，當您談到創新如何抵消一些合理化措施時，您談到了春季貨架重置的更好時機。我們是否應該理解為您已經掌握了這一點並準備出發了？

Yes, I mean there's a timing on that, too. it's going to be approximately $20 million, $25 million of sales that are coming out. But we would hope with our new products and our faster selling SKUs with more space, we would make up the sales and then some. But there's a lag time on some of that, too. It just doesn't all happen at once.

是的，我的意思是這也有一個時間安排。銷售額大約會達到 2000 萬美元到 2500 萬美元。但我們希望，憑藉我們的新產品和銷售速度更快、空間更大的 SKU，我們可以彌補銷售額，甚至更多。但其中一些也存在滯後時間。這一切不會一下子發生。

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。我將把發言權交還給西蒙先生，請他發表最後的評論。

So thank you, everybody for jumping on our call today. And first and foremost, I want to put our thoughts with everybody in Los Angeles that's gone through that horrific fires out there that lost their homes and we're here thinking of you and also what happened in New Orleans. We're living in an interesting world out there.

所以，感謝大家今天參加我們的電話會議。首先，我想向所有在洛杉磯遭受可怕火災、失去家園的人們表達我們的哀思，我們也在這裡惦記著你們，也惦記著在新奧爾良發生的慘劇。我們生活在一個有趣的世界。

From a standpoint of Tilray, as I sit here today and look at what we're doing and trying to understand the growth of this company, you look at the cannabis industry and what we've done in cannabis over the last 5 years.

從 Tilray 的角度來看，當我今天坐在這裡，看看我們正在做的事情，並試圖了解這家公司的成長時，你會看到大麻產業以及我們在過去 5 年裡在大麻領域所做的事情。

As we sit and build out facilities today, we have 5 million square feet of grow in Canada state with over $1 billion plus that we've invested in building out those facilities. In regards to our breweries today, we have 10 breweries today that produce our product, 20 brew houses.

如今，我們坐下來建造設施，在加拿大州擁有 500 萬平方英尺的種植面積，並且我們已投資超過 10 億美元用於建造這些設施。關於我們目前的啤酒廠，我們有 10 家啤酒廠生產我們的產品，20 家釀酒廠。

We have a distillery in Breckenridge. We have manufacturing facilities in Winnipeg, Canada that produce our hemp and then we have two facilities in Europe that produce and grow cannabis, medical cannabis for us. So we have incredible infrastructure out there to produce us with 90% of our products.

我們在布雷肯里奇有一家釀酒廠。我們在加拿大溫尼伯設有生產大麻的製造工廠，並且在歐洲設有兩家工廠，為我們生產和種植大麻和醫用大麻。因此，我們擁有令人難以置信的基礎設施來生產我們 90% 的產品。

We have today over 40 different brands, whether it's in beer, whether it's in spirits, whether it's in cannabis, whether it's in our wellness products. And we have an incredible team that I get to work with to help bring all this together from a manufacturing standpoint, from an operational standpoint, from a distribution standpoint, from a sales and marketing standpoint.

如今，我們擁有超過 40 個不同的品牌，包括啤酒、烈酒、大麻和保健產品。我們擁有一支出色的團隊，我可以與他們合作，從製造、營運、分銷、銷售和行銷的角度幫助我將所有這些整合在一起。

Last but not least, we're building something different out there. There's no company out there today that's in the cannabis business, the wellness business, in the beverage business and bringing it all together. We're handcuffed by regulation. I wish tomorrow, I could start selling cannabis in the US and how big a opportunity is.

最後但同樣重要的一點是，我們正在建立一些不同的東西。目前還沒有一家公司同時涉足大麻業務、保健業務和飲料業務，並將所有這些業務整合在一起。我們被法規束縛住了。我希望明天我就可以開始在美國銷售大麻，這是多麼大的機會。

Not a lot of companies just can't sell new products and go there and do it. I wish I could sell cannabis-infused drinks in the US. And I'm limited in Canada of how much I can do in Canada in my contribution as I pay $1 per gram in excise tax.

沒有多少公司無法銷售新產品，所以就去那裡做這件事。我希望可以在美國銷售大麻飲料。而且我在加拿大能做出的貢獻是有限的，因為我每克要繳 1 美元的消費稅。

The richest cannabis company in Canada today is the Canadian government. And we spend about $155 million in excise tax in Canada, higher than beer, higher than wine, higher than spirits and some of the highest excise tax if anything.

如今加拿大最富有的大麻公司是加拿大政府。我們在加拿大花費了大約 1.55 億美元的消費稅，高於啤酒、葡萄酒和烈酒，甚至是最高的消費稅之一。

And that's one of the biggest challenges you think how much we sell in Canada today and still from a profitability standpoint because of just the higher excise tax. The beer category is changing dramatically, and we will continue to change it.

這是最大的挑戰之一，您認為我們今天在加拿大的銷售量以及從盈利角度來看仍然受到較高的消費稅的影響。啤酒類別正在發生巨大的變化，我們也將繼續改變它。

We will make beer fun again, we'll make it unique. We'll come out with new products. With RNDC under now the Beer Group, Bryan Nolt working with Ty, lots of opportunities should we see in spirits today with bourbon, gin, and Vodka.

我們將使啤酒再次變得有趣，我們將使它變得獨一無二。我們將推出新產品。現在，RNDC 隸屬於啤酒集團，布萊恩·諾爾特 (Bryan Nolt) 與泰 (Ty) 合作，我們應該在今天的烈酒中看到很多機會，包括波本威士忌、杜松子酒和伏特加。

My past, I come from wellness foods. I think wellness is something that's going to be around forever. And hemp is going to be a big part as an ingredient, as a food, and we're going to look at other opportunities within the wellness area.

我的過去來自健康食品產業。我認為健康是會永遠存在的。大麻將成為重要原料和食品，我們也將尋找健康領域的其他機會。

And last but not least, international, one of our fastest-growing business today, one of our most profitable business today, and we look at it 700 million people. So there's a lot of great DNA within Tilray today. There's a lot of great businesses within Tilray today as we reached that $1 billion mark. And it's taken companies like Tesla, Amazon, Microsoft, long time and we've been at it just five years. And we really got a great strategic plan, a great plan to bring it together.

最後但同樣重要的是，國際業務是我們目前成長最快的業務之一，也是我們目前最賺錢的業務之一，我們關注的是 7 億人。因此，如今 Tilray 擁有許多優秀的 DNA。如今，Tilray 內部有許多優秀的企業，我們的市值已經達到了 10 億美元。特斯拉、亞馬遜、微軟等公司花了很長時間才實現這一目標，而我們只花了五年。我們確實有一個偉大的策略計劃，一個偉大的整合計劃。

So stay tuned. I appreciate the support. Listen, I don't like how our stock performed, but I got to tell you, behind a stock got to be a great company, and that's ultimately what we're trying to build out there. I thank you for your support. Thank you very much for listening today. Just be safe out there. And again, my thoughts go out to people in LA, my thoughts go out to people in New Orleans and the rest of the world. Thank you very much.

敬請關注。我感謝大家的支持。聽著，我不喜歡我們的股票表現，但我必須告訴你，一隻股票的背後必須是一家偉大的公司，而這正是我們最終想要打造的。我感謝你們的支持。非常感謝您今天的收聽。在那裡一定要注意安全。我再次向洛杉磯人民、新奧爾良人民以及世界各地的人民表示慰問。非常感謝。

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。現在您可以斷開線路。感謝您的參與。