Tilray Brands Inc (TLRY) 2025 Q3 法說會逐字稿

Thank you for joining today's conference call to discuss Tilray Brands financial results for the fiscal 2025 third-quarter ended February 28, 2025. (Operator Instructions) I will now turn the call over to Ms. Berrin Noorata, Tilray Brands Chief Communications and Corporate Affairs Officer. Thank you. You may now begin.

感謝您參加今天的電話會議，討論 Tilray Brands 截至 2025 年 2 月 28 日的 2025 財年第三季度的財務業績。（操作員指示）現在我將把電話轉給 Tilray Brands 首席傳播和公司事務官 Berrin Noorata 女士。謝謝。現在你可以開始了。

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. Please note that during today's call, we will be referring to various non-GAAP financial measures that can provide useful information for investors.

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。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。

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 reconciliation of each non-GAAP financial measure to the most comparable measure prepared in accordance with GAAP.

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。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。

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

此外，我們將在發言中以及回答您的問題時做出許多前瞻性的陳述。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。

The text in our earnings press release includes many of the risks and uncertainties associated with such forward-looking statements. Today, we will be hearing from key members of our senior leadership team, beginning with Irwin Simon, Chairman and Chief Executive Officer; Ty Gilmore, President, Tilray Beverage North America, who will provide an update on our Beverage business; and Carl Merton, Chief Financial Officer, who will review our third-quarter financial results for the fiscal year 2025.

我們的收益新聞稿中的文字包含與此類前瞻性陳述相關的許多風險和不確定性。今天，我們將聽取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； Tilray 飲料北美總裁 Ty Gilmore 將介紹我們的飲料業務的最新情況；以及首席財務官卡爾·默頓 (Carl Merton)，他將審查我們 2025 財年第三季度的財務業績。

Also joining us for the question-and-answer segment are Denise Faltischek, Chief Strategy Officer and Head of International; and Blair MacNeil, President of Tilray Canada. And now I'd like to turn the call over to Tilray Brands Chairman and CEO, Irwin Simon.

首席策略長兼國際主管 Denise Faltischek 也參加了我們的問答環節；以及 Tilray 加拿大總裁 Blair MacNeil。現在我想把電話轉給 Tilray Brands 董事長兼執行長 Irwin Simon。

Thank you, Berrin. Good morning, everyone, and thank you for joining us today. Tilray Brands is at the forefront of the beverage, cannabis and wellness industries on a global basis. We are expanding into new markets, developing innovative consumer products that reflect how people eat, drink, relax and receive relief from medical conditions, where other treatments have not been effective.

謝謝你，貝林。大家早安，感謝大家今天加入我們。Tilray Brands 在全球範圍內處於飲料、大麻和保健行業的前沿。我們正在拓展新市場，開發創新的消費產品，這些產品反映了人們如何飲食、放鬆以及如何緩解其他治療方法無效的疾病狀況。

In five years, our team has transformed Tilray from a business relying on cannabis legalization for growth, into a diversified consumer products company, providing specialty beverages, cannabis and wellness products worldwide.

五年內，我們的團隊將 Tilray 從一家依賴大麻合法化實現成長的企業轉變為一家多元化消費品公司，在全球範圍內提供特色飲料、大麻和保健產品。

Beer and cannabis have been consumed for thousands of years. These industries and their consumers are here to stay. They are not going anywhere, and neither is Tilray. We are here to stay, with our strengthened balance sheet, our strong brands, our strong businesses and our global operations. There's a lot of value in Tilray today that is not reflected in our current market cap and stock price.

人們食用啤酒和大麻已有數千年的歷史。這些行業及其消費者將繼續存在。他們不會去任何地方，Tilray 也不會去。憑藉我們增強的資產負債表、強大的品牌、強大的業務和全球運營，我們將繼續屹立不倒。Tilray 目前的許多價值並未反映在我們目前的市值和股價中。

Tilray is uniquely positioned as the only consumer company with a diversified portfolio of beer, spirits, cannabis and wellness products. I personally don't think people understand the value platform that we have created and have today. In a recent analyst report, it was identified that the increasing dual past-month use of cannabis and alcohol, which is heightened among young adults, with a 36% of legal alcohol users in their 20s, Gen Z, also consuming cannabis, up 14 points the past decade, and on pace for 50% of young adult users to dual use cannabis within the next 10 years, staggering numbers.

Tilray 擁有獨特的優勢，是唯一一家擁有啤酒、烈酒、大麻和保健產品多元化組合的消費品公司。我個人認為人們並不了解我們今天所創造和擁有的價值平台。最近的一份分析報告指出，過去一個月大麻和酒精的雙重使用量不斷增加，這種現像在年輕人中尤為明顯，20 多歲的合法酒精使用者（Z 世代）中 36% 的人也消費大麻，這一比例在過去十年中上升了 14 個百分點，並且未來 10 年內，50% 的年輕成年使用者會雙重使用大麻，這一數字會令人震驚。

Tilray continues to advance in the sectors of beverage, spirits, cannabis and wellness by innovating products, managing costs efficiently and expanding internationally at a competitive pace. While other companies are adopting similar models, Tilray remains ahead in several areas, including vertically integrated operations, established portfolio of diversified brands and a comprehensive distribution network with a global reach.

Tilray 透過創新產品、高效管理成本和以有競爭力的速度進行國際擴張，繼續在飲料、烈酒、大麻和健康領域取得進展。雖然其他公司也在採用類似的模式，但 Tilray 在多個領域仍保持領先地位，包括垂直整合營運、成熟的多元化品牌組合以及覆蓋全球的綜合分銷網絡。

Regarding tariffs, Tilray confirms no current impact. After analyzing the recently announced tariffs on international trade, we conclude that they are unlikely to substantially affect our sales and costs. In the US, our American craft beer and beverage brands are manufactured in the US and distributed in the US market.

關於關稅，Tilray 確認目前沒有影響。在分析了最近宣布的國際貿易關稅後，我們得出結論，它們不太可能對我們的銷售和成本產生重大影響。在美國，我們的美國精釀啤酒和飲料品牌在美國生產並在美國市場分銷。

In Canada, where a majority of our cannabis cultivation has grown, our Canadian cannabis brands are produced in Canada for Canadian consumers. In international markets, our medical cannabis brands and products are produced for local patients. And in our wellness business, we have received confirmation that Manitoba Harvest is exempt from the new tariff.

我們的大麻種植大部分在加拿大，我們的加拿大大麻品牌在加拿大生產，供加拿大消費者使用。在國際市場上，我們的醫用大麻品牌和產品都是為當地患者生產的。在我們的健康業務中，我們已收到確認，Manitoba Harvest 不受新關稅的約束。

Since 2020, we have made seven acquisitions in the beverage craft beer and spirit sectors. We've introduced new categories, including nonalcoholic beverages, non-alc beers, waters and hemp-derived THC drinks.

自 2020 年以來，我們在飲料精釀啤酒和烈酒領域進行了七次收購。我們推出了新的類別，包括非酒精飲料、無酒精啤酒、水和大麻衍生的 THC 飲料。

In the US, we have 10 beverage facilities and over 500 distributors. When we acquired the ABI and Molson craft brands, they were not profitable. We have built a new platform and infrastructure capable of revolutionizing the beer, spirits and beverage industries, and we're focused on capturing every opportunity to attract a broader consumer base, including new opportunities in the international markets, such as new ventures into Europe that will introduce our brands to the United Kingdom and other regions, with local operations leveraging the infrastructure that we have built in the US.

在美國，我們擁有 10 家飲料廠和 500 多家經銷商。當我們收購 ABI 和 Molson 精釀品牌時，它們還沒有盈利。我們已經建立了一個能夠徹底改變啤酒、烈酒和飲料行業的新平台和基礎設施，我們專注於抓住每一個機會來吸引更廣泛的消費者群體，包括國際市場的新機遇，例如進軍歐洲的新業務，將我們的品牌推向英國和其他地區，利用我們在美國建立的基礎設施開展本地運營。

Ty will provide further details regarding our beverage businesses and its execution. Importantly, we are laser-focused on building a sustainable global business platform in terms of profitable sales growth, improving profit margins and cash flow generation and maintaining a solid balance sheet that can help Tilray navigate market challenges and make use of strategic opportunities.

Ty 將提供有關我們的飲料業務及其執行情況的更多詳細資訊。重要的是，我們專注於建立可持續的全球業務平台，實現盈利性銷售成長、提高利潤率和現金流生成，並保持穩健的資產負債表，以幫助 Tilray 應對市場挑戰並利用策略機會。

As Carl will discuss in detail, in the third quarter, we delivered our highest cannabis gross margin in almost two years, and our net debt is less than 1 times EBITDA. We will not seek sales growth just for the sake of growth. It is not additive to our bottom line and accretive to our shareholders. In the third quarter, we generated $186 million in net revenue or $193 million on a constant currency basis. In the quarter, we implemented strategic initiatives aimed at enhancing our business operations over the mid and long term.

正如卡爾將詳細討論的那樣，在第三季度，我們實現了近兩年來最高的大麻毛利率，而我們的淨債務不到 EBITDA 的 1 倍。我們不會僅僅為了成長而追求銷售成長。它不會增加我們的底線利潤，也不會增加我們股東的收益。第三季度，我們的淨收入為 1.86 億美元，以固定匯率計算為 1.93 億美元。本季度，我們實施了旨在加強中長期業務營運的策略性舉措。

These measures focus on improving margin and profitability as well as driving long-term operational efficiencies, rather than pursuing revenue growth at any cost or in an unsustainable manner. However, these decisions came with short-term impact in the third quarter and impacted our revenue by about $13 million. If we eliminate the impact of these strategic decisions in cannabis and SKU rationalization in our beer business, adjusted net revenue increased 10% to $206 million in the quarter.

這些措施著重於提高利潤率和獲利能力以及推動長期營運效率，而不是不惜一切代價或以不可持續的方式追求收入成長。然而，這些決定在第三季產生了短期影響，並對我們的收入造成了約 1,300 萬美元的影響。如果我們消除大麻戰略決策和啤酒業務 SKU 合理化的影響，本季調整後的淨收入將成長 10%，達到 2.06 億美元。

Our margin expansion efforts across each of our businesses including beverage, cannabis and wellness led to a 5% increase in gross profit and a 200 basis-point increase in gross margin to 28% compared with the prior year period. Our balance sheet remains strong, with ample cash and marketable securities totaling $248 million.

我們在飲料、大麻和健康等各項業務上都做出了利潤擴張努力，與去年同期相比，毛利增加了 5%，毛利率增加了 200 個基點，達到 28%。我們的資產負債表依然強勁，擁有充足的現金和有價證券，總額達 2.48 億美元。

During the fiscal year-to-date, we've also reduced debt levels by $58 million, positioning us to pursue strategic acquisitions, seize new opportunities and capitalize on market trends. Our cash burn has primarily resulted from investments in beverage, settling legacy lawsuits and capital expenditures aimed at operational growth opportunities.

在本財政年度迄今為止的時間裡，我們還將債務水準減少了 5,800 萬美元，使我們能夠進行策略性收購、抓住新機會並利用市場趨勢。我們的現金消耗主要來自於對飲料的投資、解決遺留訴訟以及針對營運成長機會的資本支出。

We're committed to expanding our business while managing our debt responsibly. Our cannabis, wellness and distribution segments are generating positive operating cash flow, and we're on track to drive growth in our beverage businesses. Tilray Brands has demonstrated remarkable resilience and maintained its fundamental strength despite market challenges, including a tougher February than expected across both cannabis and beverage alcohol industry.

我們致力於擴大業務，同時負責任地管理債務。我們的大麻、健康和分銷部門正在產生正的營運現金流，我們有望推動飲料業務的成長。儘管面臨市場挑戰，包括 2 月份大麻和酒精飲料行業的表現比預期更為艱難，但 Tilray Brands 仍表現出了非凡的韌性並保持了基本實力。

Tilray continues to operate the largest legal cannabis business in Canada by revenue, lead the medical cannabis business in Europe and continue to dominate in the branded hemp high-protein food sector in North America, with nearly a 60% market share in the US and 80% in Canada. We rank as the fifth largest craft beer business in the United States.

Tilray 繼續經營加拿大按收入計算最大的合法大麻業務，引領歐洲醫用大麻業務，並繼續在北美品牌大麻高蛋白食品領域佔據主導地位，在美國擁有近 60% 的市場份額，在加拿大擁有 80% 的市場份額。我們是美國第五大精釀啤酒企業。

We are also leveraging advanced technology to align with our shareholders interest, the consumer of tomorrow, enhancing efficiency and driving growth. AI is being implemented across our global platforms. We're combining AI-driven data insights with advanced horticulture automation technology in global greenhouse operation.

我們也利用先進的技術來滿足股東的利益和未來的消費者的利益，提高效率並推動成長。人工智慧正在我們的全球平台上實施。我們將人工智慧驅動的數據洞察與先進的園藝自動化技術相結合，應用於全球溫室營運。

This integration allows real-time management of greenhouse conditions, leading to increased efficiency, higher output, improved quality and reduce cost for resources such as labor, water and energy. Additionally, Tilray plans to accept cryptocurrency as a payment method in its online operation, and is exploring strategic initiatives related to cryptocurrency that aligns with our business goals. That is just the beginning. Tilray Brands is at a transformational point in its journey.

這種整合可以即時管理溫室條件，從而提高效率、增加產量、改善品質並降低勞動力、水和能源等資源成本。此外，Tilray 計劃在其線上營運中接受加密貨幣作為支付方式，並正在探索與我們的業務目標相符的加密貨幣相關戰略舉措。這只是個開始。Tilray Brands 正處於其發展歷程的轉型階段。

Our strategic initiatives, innovative product development and robust infrastructure are propelling us towards unprecedented growth. We have harnessed efficiency across our businesses, facilities and systems and our workforce globally, ensuring we're prepared to capitalize on every opportunity. I also like to add, being one of the largest individual shareholders of Tilray Brands, along with my team combined, we own approximately 1% of Tilray Brands stock.

我們的策略舉措、創新產品開發和強大的基礎設施正在推動我們實現前所未有的成長。我們在全球範圍內提高了業務、設施、系統和員工的效率，確保我們準備好利用每一個機會。我還想補充一點，作為 Tilray Brands 最大的個人股東之一，我和我的團隊共持有 Tilray Brands 約 1% 的股份。

We, along with our shareholders, are impacted by the decline in our stock price, and we are 100% fully invested in the positive trajectory performance of our stock price. Again, we are laser-focused on building sustainable global business platform, and believe our further growth performance will recognize and reward our shareholders.

我們和我們的股東都受到了股價下跌的影響，我們 100% 全力投資於股價的正面軌跡表現。再次強調，我們專注於建立可持續的全球業務平台，並相信我們進一步的成長表現將認可和回報我們的股東。

Now turning to cannabis. In fiscal Q3, our global cannabis business generated $54 million of net revenue and $57 million on a constant currency basis and increased gross margin by 800 basis points year-over-year. Our gross margin of 41% were the highest in almost two years. Growth in our international and our strategic decision not to participate in margin-dilutive categories in the Canadian adult-use market has driven margin improvements.

現在轉向大麻。在第三財季，我們的全球大麻業務創造了 5,400 萬美元的淨收入，以固定匯率計算為 5,700 萬美元，毛利率年增 800 個基點。我們的毛利率為41%，是近兩年來的最高水準。我們的國際業務成長以及我們不參與加拿大成人用品市場中利潤率稀釋類別的策略決策推動了利潤率的提高。

In fact, our global medical business, when combining International and Canada, now accounts for approximately 80% of our total cannabis profits even though they contribute only approximately 35% of sales. As a side point, we would say to investors, only focus on a reported sales figure to pay more attention to gross profit dollars and potential drivers of profitable growth in the future. If the United States legalize medical cannabis, it could mean an additional $250 million for Tilray, potentially capturing 2% to 3% of the US medical cannabis market.

事實上，我們的全球醫療業務（包括國際和加拿大）目前約占我們大麻總利潤的 80%，儘管它們僅貢獻了約 35% 的銷售額。順便說一句，我們想告訴投資者，只關注報告的銷售數字，而不要更多地關注毛利和未來獲利成長的潛在驅動力。如果美國將醫用大麻合法化，這可能意味著 Tilray 將獲得額外的 2.5 億美元收入，並有可能佔領美國醫用大麻市場 2% 至 3% 的份額。

Tilray is not subject to any of the 280E tax obligations in the US. Tilray's cannabis advantage lies in its global scale and experience, our top-tier ability to cultivate large-scale pharmaceutical-grade cannabis with strict quality control standards.

Tilray 不受美國任何 280E 稅務義務的約束。Tilray 的大麻優勢在於其全球規模和經驗，以及我們大規模種植藥用級大麻的頂級能力和嚴格的品質控制標準。

Our established medical brands of product innovation are already improving patients lives in legal markets such as Canada, Germany, Portugal and various other European countries. Regarding our international business, in Q3, we saw quarter-over-quarter and year-over-year revenue growth in Germany, Italy, Luxembourg and Portugal.

我們成熟的醫療產品創新品牌已經在加拿大、德國、葡萄牙和其他歐洲國家的合法市場改善病患的生活。關於我們的國際業務，在第三季度，我們看到德國、義大利、盧森堡和葡萄牙的營收環比和年成長。

Our medical cannabis sales in Germany grew significantly, with flower sales increasing 79% post legalization and extract sales increasing 31% post legalization. This is a significant increase from the end of our second quarter, where we saw our post-legalization flower and extracts increased 55% and 24%, respectively. This growth was driven by higher patient demand in the market.

我們在德國的醫用大麻銷售額大幅成長，其中大麻花銷售額在合法化後增加了 79%，大麻萃取物銷售額在合法化後增加了 31%。這比我們第二季末有了顯著的成長，當時我們的合法化後花卉和萃取物分別成長了 55％ 和 24％。這一增長是由市場上患者需求的增加所推動的。

As I mentioned earlier, a large focus of our strategic growth initiatives from our cannabis segment is redirecting inventories to international medical cannabis markets in order to capitalize on the higher margins available in such markets. Taking this one step further, given the increasing demand in Germany, and the margins in Germany are the highest in the international markets, we are also allocating more of our inventory to that market to further enhance our profitability.

正如我之前提到的，我們大麻部門策略性成長計畫的重點是將庫存轉移到國際醫用大麻市場，以利用此類市場更高的利潤率。更進一步說，鑑於德國的需求不斷增長，而且德國的利潤率在國際市場上最高，我們還將向該市場分配更多的庫存，以進一步提高我們的獲利能力。

At the end of Q3, we introduced Tilray Craft, a new brand extension of the Tilray Medical brand in Germany, which aims to offer unique flower operations with higher THC and higher terpene content, and are derived from novel genetics in order to address the evolving needs of patients. We are cultivating high-quality medical cannabis at our Aphria RX facility in Germany, using prize cultivars from Canada exclusively for the German market. We're excited to launch our new medical cannabis flower, which is expected to be in the fourth quarter.

在第三季末，我們推出了 Tilray Craft，這是德國 Tilray Medical 品牌的新品牌延伸，旨在提供具有更高 THC 和更高萜烯含量的獨特花卉操作，並且源自新型基因，以滿足患者不斷變化的需求。我們在德國的 Aphria RX 工廠種植高品質醫用大麻，使用來自加拿大的優質品種專門供應德國市場。我們很高興推出我們的新型醫用大麻花，預計將於第四季度上市。

Today, we are now providing high-quality medical cannabis flower to Germany from our global facility in Canada, Portugal and Germany, which is allowing us to be laser-focused on product quality, genetics, cost per gram for our international markets. This, coupled with our regulatory direct distribution to wholesaler and pharmacies with our CC Pharma medical distribution business, continues to differentiate us from competitors and allows us to quickly service our customers and patients.

如今，我們從位於加拿大、葡萄牙和德國的全球工廠向德國提供高品質的醫用大麻花，這使我們能夠專注於國際市場的產品品質、遺傳學和每克成本。再加上我們透過 CC Pharma 醫療分銷業務向批發商和藥局進行監管直接分銷，我們繼續從競爭對手中脫穎而出，並使我們能夠快速為客戶和患者提供服務。

Turning now to Canada. We continue our focus on quality of revenue, and it is shown in our margins. In the quarter, we shipped 3.2 metric tons of flower to support the international market, as I previously said, where margins are stronger than in the Canadian market.

現在轉向加拿大。我們繼續關注收入質量，這體現在我們的利潤率上。本季度，我們運送了 3.2 公噸鮮花以支持國際市場，正如我之前所說，國際市場的利潤率高於加拿大市場。

However, international sales and margin earned on them will not be recognized until shipped to our customer predominantly in the Q4 caused a temporary timing delay on all our overall cannabis sales of $3.2 million during the quarter. As I mentioned earlier, we remain the leader in the Canadian cannabis market by revenue, which is still the largest federally legal cannabis market in the world.

然而，國際銷售額和由此獲得的利潤要等到第四季度發貨給我們的客戶後才能確認，這導致我們本季所有大麻總銷售額暫時延遲，為 320 萬美元。正如我之前提到的，我們仍然是加拿大大麻市場的領導者，而加拿大仍然是世界上最大的聯邦合法大麻市場。

We maintained the number one position in beverages, chocolate edibles, oils, capsules and straight edge pre-roll. In the cannabis flower category, we were the number two market share position despite giving up share on lower-margin SKUs in favor of higher-margin opportunities. In an environment, we're constrained by tight regulation, price compression and excise taxes, we remain laser-focused on utilizing process improvement and investing in CapEx to drive margin improvement.

我們在飲料、巧克力食品、油、膠囊和直邊預捲領域保持第一的位置。在大麻花類別中，儘管我們放棄了低利潤率 SKU 的份額，轉而選擇高利潤率的機會，但我們仍佔據第二大的市場份額。在受到嚴格監管、價格壓縮和消費稅限制的環境下，我們仍然專注於利用流程改善和投資資本支出來提高利潤率。

Since fiscal 2024, we have reduced our cost per unit by 40% and expect an additional 20% cost reduction by the end of fiscal '25. In parallel, our operations teams have been working hard on optimizing our extraction capability by leveraging our state-of-the-art extraction chamber so that all our remaining biomass gets utilized at a significantly reduced cost.

自 2024 財年起，我們將單位成本降低了 40%，預計到 2025 財年末將再降低 20% 的成本。同時，我們的營運團隊一直在努力利用我們最先進的提取室來優化我們的提取能力，以便以顯著降低的成本利用所有剩餘的生物質。

As a result, we can expect healthier margins in our baseline business and growth in two of the fastest-growing categories in vapes and infused pre-rolls. On the cultivation side, we have the most flexible footprint in the global cannabis industry. On our product range caters to diverse consumer segments, including premium, with Broken Coast, mainstream, with Redecan and with value with -- Good Supply was the fastest-growing flower brand in Canada, growing by 40 bps in the third quarter.

因此，我們可以預期，我們的基礎業務利潤率將更加可觀，而電子煙和預捲菸這兩個成長最快的類別也將實現成長。在種植方面，我們在全球大麻產業擁有最靈活的足跡。我們的產品系列滿足了不同的消費者群體，包括高端品牌 Broken Coast、主流品牌 Redecan 和價值品牌——Good Supply 是加拿大成長最快的鮮花品牌，第三季成長了 40 個基點。

Over the past couple of years, we have built a strong genetic pipeline across all our facilities, totaling over 400 unique genetics. We have cultivars across all our consumer taste profiles. Additionally, we can add an additional 70 metric tons to our capacity when the market requires it.

在過去的幾年裡，我們在所有設施中建立了強大的基因管道，總計超過 400 種獨特的基因。我們有適合所有消費者口味的品種。此外，當市場需要時，我們可以額外增加 70 公噸的產能。

In the THC beverage category, Tilray had a leading market share of 45%, with XMG and Mollo brands ranking number one and number two, respectively. With multipack formats poised to enter the marketplace, we remain confident that beverages are significantly underrepresented in Canada. We anticipate capturing additional market share in this category, which is projected to experience substantial growth as regulatory environments improve.

在THC飲料類別中，Tilray佔據45%的領先市場份額，XMG和Mollo品牌分別排名第一和第二。隨著多包裝形式即將進入市場，我們仍然相信，飲料在加拿大的代表性嚴重不足。我們預計將在這一類別中佔據更多的市場份額，隨著監管環境的改善，這一類別預計將經歷大幅增長。

Tilray is well positioned for long-term success in the Canadian cannabis market, with a facility footprint of approximately 5 million square feet and the capacity to produce over 200 metric tons of cannabis. Our value chain and business process are the best in the industry, and are optimized to enhance efficiency.

Tilray 在加拿大大麻市場具有長期成功的有利條件，其工廠佔地約 500 萬平方英尺，大麻年產量超過 200 公噸。我們的價值鏈和業務流程是業內最好的，並且經過優化以提高效率。

If the Canadian cannabis excise tax were reduced by $1 per gram to $0.50 per gram, and if cannabis drinks were sold at the LCBO and convenience stores, we foresee a tremendous amount of annual revenue opportunity that Tilray is positioned to capture. Turning to our Tilray Wellness business. As consumers become increasingly health conscious, we continue to see steady growth as our revenue was $14 million in the quarter.

如果加拿大大麻消費稅從每克 1 加元降低至每克 0.50 加元，而大麻飲料在 LCBO 和便利商店出售，我們預計 Tilray 將獲得巨大的年度收入機會。談談我們的 Tilray Wellness 業務。隨著消費者的健康意識日益增強，我們繼續保持穩定成長，本季我們的收入達到 1,400 萬美元。

We delivered an 8% net revenue growth compared to the prior year on a constant currency basis. This growth was driven by Manitoba Harvest, super seed Innovation and the expansion of our wellness beverages, including HiBall Energy.

以固定匯率計算，我們的淨收入與前一年相比成長了 8%。這一增長得益於 Manitoba Harvest、超級種子創新以及包括 HiBall Energy 在內的健康飲料的擴張。

HiBall Energy is a zero-calorie caffeinated seltzer with a clean label. Available on Amazon, where we experienced 68% growth in the last six months. And available nationwide at Whole Foods Market retail stores later this month. A strong focus on costs helped the business unit improved margin, delivering 180 basis points, increasing gross margin year-over-year. The margins were driven by a more favorable sales mix and productivity savings generated at our manufacturing facilities.

HiBall Energy 是一款零卡路里、含咖啡因的蘇打水，帶有清潔標籤。我們在亞馬遜上有售，過去六個月我們的銷售額成長了 68%。並將於本月稍晚在全美範圍內的 Whole Foods Market 零售店發售。對成本的高度關注幫助該業務部門提高了利潤率，實現了 180 個基點，毛利率同比增長。利潤率的提高得益於更有利的銷售組合和製造工廠所產生的生產力節約。

Tilray is exploring further expansion opportunities in the wellness section, both in wellness foods and wellness beverages. In the months to come, we'll continue to diversify and expand the Manitoba Harvest portfolio in North America and to begin to bring brand-new international sales. We see the success of HiBall as a validation that Tilray Wellness has the right infrastructure and experience to build and acquire a more broad-based wellness beverage portfolio.

Tilray 正在探索健康領域（包括健康食品和健康飲料）的進一步擴張機會。在未來的幾個月裡，我們將繼續多元化並擴大 Manitoba Harvest 在北美的產品組合，並開始帶來全新的國際銷售。我們認為 HiBall 的成功證明 Tilray Wellness 擁有合適的基礎設施和經驗來建立和收購更廣泛的健康飲料組合。

With that, I will turn the call over to Ty Gilmore, President of Tilray Beverages of North America, to tell you more about what's happening at Tilray Beverages. Ty?

接下來，我將把電話轉給北美 Tilray 飲料公司總裁 Ty Gilmore，讓他向您詳細介紹 Tilray 飲料公司的最新動態。泰？

Thank you, Irwin. Building on Irwin's points, in Q3, our beverage business generated $56 million in net revenue and increased gross margin to 36%, compared to 34% in the prior year quarter. Today, Tilray Beverages operates more than 20 beverage brands, including 15 American craft beer brands across 10 networked manufacturing facilities, 20 brew pubs, restaurants and a single integrated sales and marketing team operating nationwide.

謝謝你，歐文。基於歐文的觀點，在第三季度，我們的飲料業務創造了 5,600 萬美元的淨收入，毛利率上升至 36%，而去年同期為 34%。如今，Tilray Beverages 經營著 20 多個飲料品牌，包括 15 個美國精釀啤酒品牌，遍布 10 個聯網製造工廠、20 家啤酒屋、餐廳以及一個在全國各地運營的綜合銷售和行銷團隊。

We are focused on profitable expansion. Last quarter, we announced Project 420, our strategic plan to integrate our craft beer businesses, optimize operations, revitalize the growth of our acquired brands. This comprehensive initiative focuses on SKU rationalization, geographic and distribution consolidation, all aimed at enhancing margins and profitability through portfolio optimization, operational synergies and cost savings.

我們專注於獲利擴張。上個季度，我們宣布了 420 項目，這是我們的策略計劃，旨在整合我們的精釀啤酒業務、優化營運、振興我們收購的品牌的成長。這項綜合計畫的重點是 SKU 合理化、地域和分銷整合，旨在透過產品組合優化、營運協同和成本節約來提高利潤率和獲利能力。

In Q3, we increased our Project 420 cost savings target to $33 million, of which we have already achieved $20.6 million on an annualized basis. By working closely with our distributors in various markets, we streamlined our portfolio to eliminate duplicate and slower growth products as well as the decision to concentrate our brands in the regions that they have the most strength, impacting revenue to date by approximately $14 million.

在第三季度，我們將 420 專案的成本節約目標提高到 3,300 萬美元，其中以年率計算我們已經實現了 2,060 萬美元。透過與各市場的經銷商密切合作，我們精簡了產品組合，消除了重複和成長較慢的產品，並決定將我們的品牌集中在其最有實力的地區，迄今為止的收入影響約為 1400 萬美元。

Together, we are poised to meet consumer preferences head on and drive growth and innovation in the beverage alcohol category. Tilray Beverages has successfully established itself as the number one craft supplier in Metro New York, with Montauk Brewing and Blue Point Brewing brands, the number one craft supplier in the Pacific Northwest across Oregon, Washington and Idaho with our 10 Barrel Brewing, Redhook, Hop Valley and Widmer Brothers Brewing brands.

我們共同努力，迎合消費者的喜好，推動酒精飲料類別的成長和創新。Tilray Beverages 憑藉 Montauk Brewing 和 Blue Point Brewing 品牌，成功成為紐約大都會地區第一大精釀啤酒供應商，憑藉 10 Barrel Brewing、Redhook、Hop Valley 和 Widmer Brothers Brewing 品牌，成為俄勒岡州、華盛頓州和愛達荷州太平洋西北地區第一大精釀啤酒供應商。

Tilray is the number two craft supplier in the Southeast, in Florida and Georgia, with SweetWater Brewing, Terrapin and Shock Top, and the number four craft supplier in Colorado according to Circana data. Our strategic execution has led to focus on strategic brand growth, with Shock Top increasing 44.8% in the Southeast food channels, SweetWater growing 1% in Southeast food channels, Breckenridge Brewing growing 2.7% in Colorado and Montauk Brewing showing steady growth with 1.7% growth in New York Metro area and 10.5% growth in the Northeast.

根據 Circana 的數據，Tilray 是東南部、佛羅裡達州和喬治亞州第二大精釀啤酒供應商，與 SweetWater Brewing、Terrapin 和 Shock Top 並列，也是科羅拉多州第四大精釀啤酒供應商。我們的策略執行使我們專注於策略品牌成長，其中 Shock Top 在東南食品通路成長了 44.8%，SweetWater 在東南食品通路成長了 1%，Breckenridge Brewing 在科羅拉多州成長了 2.7%，Montauk Brewing 則保持穩定成長，在紐約大都會地區成長了 1.7%，在東北地區成長了 10.5%。

Across strategic channels, Redhook Big Ballard is growing 7% across the convenience channel, Terrapin Hopsecutioner growing 3.4% in Georgia food, and Alpine and Green Flash growing 35.5% in California convenience channel for the quarter. And we are not done as we continue to seek profitable sales growth. To meet the consumer demand for value, trusted brands and disruptive innovation, we are focused on investments across the following segments: one, we created a new consumer segment craft light lagers, with the introduction of pub beer at below core price points.

在策略通路中，Redhook Big Ballard 在便利通路成長了 7%，Terrapin Hopsecutioner 在喬治亞州食品中成長了 3.4%，Alpine 和 Green Flash 在加州便利通路成長了 35.5%。我們仍將繼續尋求獲利性銷售成長，而這還不算完。為了滿足消費者對價值、值得信賴的品牌和顛覆性創新的需求，我們專注於以下領域的投資：第一，我們創造了一個新的消費者領域——精釀淡啤酒，推出了低於核心價格點的酒吧啤酒。

We are now scaling this proposition across regions, including SweetWater Dive Beer in the Southeast, Long Island Light from BluePoint Brewing Company in New York, Atwater Light in Michigan, and soon, Revolver's Y'alls Beer in Texas. This strategic move has positioned us to capture a broader consumer base in line with the trends mentioned earlier.

我們現在正在各個地區推廣這項產品，包括東南部的 SweetWater Dive Beer、紐約 BluePoint Brewing Company 的 Long Island Light、密西根州的 Atwater Light，以及即將在德州推出的 Revolver's Y'alls Beer。這項策略性舉措使我們能夠根據前面提到的趨勢吸引更廣泛的消費者群體。

Two, our nonalcoholic beer brands and product portfolio is also showing promising momentum. We've recently introduced a second Montauk SKU for New Yorkers with our NA IPA. Runner's High has recently increased distribution across 4,500 retailers, demonstrating our ability to capitalize on the growth trend of the nonalcoholic craft beer segment.

二是我們的無酒精啤酒品牌和產品組合也呈現出良好的發展動能。我們最近為紐約人推出了第二款 Montauk SKU，即我們的 NA IPA。Runner's High 最近擴大了在 4,500 家零售商的分銷範圍，證明了我們有能力利用非酒精精釀啤酒領域的成長趨勢。

Three, in the spirits category, Breckenridge Distillery has proven its strength in the bourbon sector, experiencing higher depletions compared to others in a declining market. It has also made significant progress in the vodka and gin markets, complemented by the world-class restaurant and retail operation that provide an immersive brand experience.

第三，在烈酒類別中，布雷肯里奇釀酒廠已經證明了其在波本威士忌領域的實力，與下滑市場中的其他釀酒廠相比，其損耗率更高。該公司還在伏特加和琴酒市場取得了重大進展，並輔以世界一流的餐廳和零售業務，提供沉浸式的品牌體驗。

Our primary objectives for growing our spirits business are to expand distribution of Breckenridge bourbon, vodka and gin, and to launch world-class innovation across tequila, non-alc spirits and to capitalize on the evolving shop segment with innovative branding and packaging. And fourth, and last but not least, in the hemp-derived THC drink segment.

我們發展烈酒業務的主要目標是擴大布雷肯里奇波本威士忌、伏特加和杜松子酒的分銷，並在龍舌蘭酒、無酒精烈酒領域推出世界一流的創新，並透過創新的品牌和包裝利用不斷發展的商店細分市場。第四，也是最後但同樣重要的一點，是大麻衍生的 THC 飲料領域。

Tilray alternative beverage business is uniquely positioned to leverage the expertise of our hemp wellness business and our cannabis business to formulate great-tasting beverages responsibly infused with 5 and 10 milligram of hemp-derived THC.

Tilray 替代飲料業務具有獨特的優勢，可以利用我們的大麻健康業務和大麻業務的專業知識，配製出以負責任的方式註入 5 毫克和 10 毫克大麻衍生 THC 的美味飲料。

In the quarter, Tilray expanded distribution of hemp-derived THC across 10 states including Florida, Alabama, Georgia, North Carolina, South Carolina, Tennessee, Minnesota and New Jersey and online direct-to-consumer.

本季度，Tilray 擴大了大麻衍生 THC 的分銷範圍，涵蓋佛羅裡達州、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、明尼蘇達州和新澤西州等 10 個州，並在線上直接面向消費者。

We estimate that our HDD9 drink portfolio is sold across 1,000 distribution points. In addition to Happy Flower, Fizzy Jane, and Herb & Bloom, our mocktails and seltzer brands, we are introducing 420 Fizz, a low-calorie, sweet and flavorful soda proposition. Tilray is also leveraging our established robust national beverage distribution network across our independent retailers, convenience stores, packaged stores, including multistate retailers such as Total Wine and ABC, who are very excited about this category and new growth opportunity.

我們估計我們的 HDD9 飲料產品在 1,000 個分銷點銷售。除了我們的無酒精雞尾酒和蘇打水品牌 Happy Flower、Fizzy Jane 和 Herb & Bloom 之外，我們還推出了 420 Fizz，這是一款低卡路里、甜味和美味的蘇打水。Tilray 也利用我們已建立的強大的全國飲料分銷網絡，包括我們的獨立零售商、便利商店、包裝店，以及 Total Wine 和 ABC 等跨州零售商，他們對這個類別和新的成長機會感到非常興奮。

And with that, I'd like to turn the call over to Carl to discuss Q3 financials.

說到這裡，我想把電話轉給卡爾，討論第三季的財務狀況。

Thank you, Ty. 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 February 28, 2025.

謝謝你，泰。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 2025 年 2 月 28 日的三個月的季度業績。

In Q3, which is one of our seasonally lowest quarters, net revenue was $185.8 million compared to the previous year quarter net revenue of $188.3 million. However, on a constant currency basis, net revenue was $193 million or up 2%.

第三季度是我們季度中業績最低的一個季度，淨收入為 1.858 億美元，而去年同期的淨收入為 1.883 億美元。然而，以固定匯率計算，淨收入為 1.93 億美元，成長 2%。

Further, as Irwin already mentioned, we made several strategic decisions during the year, which impacted our Q3 revenues, including the decision to allocate 3.2 metric tons of cannabis from the Canadian market to international markets, where the revenue from that allocation, plus an incremental 2.5 metric tons, will be earned predominantly in Q4.

此外，正如歐文已經提到的，我們在今年做出了幾個戰略決策，這些決策影響了我們第三季度的收入，包括決定將 3.2 公噸大麻從加拿大市場分配到國際市場，該分配的收入加上增量的 2.5 公噸將主要在第四季度獲得。

The decision to focus on margin and not revenue temporarily in the vape and infused pre-rolled space, while we completed significant improvements through our industrial extraction process and the decision to engage in SKU rationalization program in the beverage business. The Q3 revenue impact of the allocation of cannabis to international markets pushed approximately $3.2 million in Canadian sales in Q3 to later quarters.

我們決定暫時將重點放在電子煙和預捲菸領域的利潤率而不是收入上，同時我們透過工業提取流程完成了重大改進，並決定在飲料業務中參與 SKU 合理化計劃。大麻在國際市場的分配對第三季的收入影響將第三季約 320 萬美元的加拿大銷售額推到了後面幾季。

Illustratively, 3.2 metric tons of cannabis sold in the international market should result in at least $10 million of revenue. The Q3 revenue impact of focusing on margins with vape and infused pre-rolls resulted in a decrease in year-over-year revenue of approximately $4 million. The Q3 impact of the beverages SKU rationalization was approximately $6 million.

舉例來說，在國際市場上銷售 3.2 公噸大麻至少可以帶來 1,000 萬美元的收入。由於關注電子煙和預捲菸的利潤率，第三季的收入受到影響，導致營收年減約 400 萬美元。飲料SKU合理化對第三季的影響約為600萬美元。

If those elements were included in our constant currency revenue number for the quarter, we would have reported $206 million. By segment, beverage net revenue was $55.9 million, but would have been over $60 million if we had not made the strategic decisions previously discussed.

如果將這些因素計入我們本季的固定匯率收入數字中，我們將報告 2.06 億美元。按部門劃分，飲料淨收入為 5,590 萬美元，但如果我們沒有做出先前討論的策略決策，那麼收入將超過 6,000 萬美元。

Cannabis net revenue was $54.3 million, would also have been over $60 million if we had not made the strategic decisions previously discussed. Distribution net revenue was $61.5 million, and wellness net revenue was $14.1 million in the quarter.

大麻淨收入為 5,430 萬美元，如果我們沒有做出先前討論的策略決策，那麼收入也將超過 6,000 萬美元。本季分銷淨收入為 6,150 萬美元，健康淨收入為 1,410 萬美元。

Gross profit increased by 5% to $52 million compared to $49.4 million in the prior year quarter. Gross margin increased 200 basis points to 28% from 26% in the prior year quarter. Selling, general and administrative costs decreased $1.2 million from the prior year when excluding an increase of $4.4 million in bad debt that was a result of us reversing a previous bad debt in the prior year.

毛利較去年同期的 4,940 萬美元成長 5%，達到 5,200 萬美元。毛利率從去年同期的 26% 上升 200 個基點至 28%。若不計因我們扭轉上一年的壞帳而導致的 440 萬美元的壞帳增加，銷售、一般及行政費用較上一年度減少 120 萬美元。

Like many industries and businesses impacted by the decline in the stock market since November, we are reporting a $700 million noncash impairment related to macroeconomic conditions, including market volatility and the perception of the reduced likelihood of US and or European cannabis regulatory change in the short term.

與自 11 月以來受到股市下跌影響的許多行業和企業一樣，我們報告了與宏觀經濟狀況相關的 7 億美元非現金減值，包括市場波動以及對短期內美國和/或歐洲大麻監管變化可能性降低的看法。

Primarily, as a result of this noncash impairment, we are reporting a net loss of $793.5 million compared to a net loss of $105 million in the prior year quarter, with almost $779.1 million of noncash costs, including the $700 million noncash impairment, $20 million of noncash fair value changes on our previous MedMen notes, and $22.3 million of noncash foreign exchange losses.

主要是由於這項非現金減值，我們報告的淨虧損為 7.935 億美元，而去年同期的淨虧損為 1.05 億美元，非現金成本接近 7.791 億美元，其中包括 7 億美元的非現金減值、我們之前的 MedMen 票據的 2000 萬美元非現金變動價值的非現金減值、我們之前的 MedMen 票據的 2,000 萬美元非現金變動價值 230 萬美元的非現金變動以及非現金的非現金變動價值。

On a per share basis, this amounted to a net loss of $0.87 per share, compared to $0.12 per share in the prior year quarter. On an adjusted net loss basis, the loss was close to breakeven at $2.9 million compared to an adjusted net income of $0.9 million in the prior year quarter.

以每股計算，這相當於每股淨虧損 0.87 美元，而去年同期每股淨虧損為 0.12 美元。以調整後的淨虧損計算，虧損接近損益平衡點，為 290 萬美元，而去年同期調整後的淨收入為 90 萬美元。

On a per share basis, this resulted in an adjusted EPS of $0.00 per share for both periods. Adjusted EBITDA was $9 million compared to $10.2 million in the prior year quarter. The decrease in adjusted EBITDA from the prior year is primarily related to the impact of allocating cannabis to international markets of $0.6 million and the SKU rationalization in our beverage business of $1 million. Cash flow used in operations was $5.8 million compared to $15.4 million in the prior year quarter.

以每股計算，這導致兩個期間的調整後每股收益為 0.00 美元。調整後的 EBITDA 為 900 萬美元，而去年同期為 1,020 萬美元。調整後 EBITDA 較上年有所下降，主要與將大麻分配至國際市場 60 萬美元以及飲料業務 SKU 合理化 100 萬美元的影響有關。營運現金流為 580 萬美元，去年同期為 1,540 萬美元。

Adjusted free cash flow was negative $18.2 million compared to positive $0.6 million in the prior year quarter, largely as a result of an increased demand on our working capital, including settling multiple litigation matters, increases in inventory at Tilray Pharma as it prepared to stock pharmacist inventories for the summer holidays, increases in inventory and beverages as we prepared for the seasonality of beverage sales in the fourth quarter, all offset by a significant decrease in Canadian cannabis inventory levels.

調整後的自由現金流為負 1820 萬美元，而去年同期為正 60 萬美元，這主要是由於我們的營運資金需求增加，包括解決多起訴訟事宜、Tilray Pharma 為夏季假期儲備藥劑師庫存而增加庫存、為應對第四季度飲料銷售的季節性而增加庫存和飲料，但所有這些都被加拿大大麻庫存水平的大幅下降所抵消。

In addition, we invested $7.8 million in CapEx within the beverage segment, investing in the business to grow future revenues and reduce our cost structure. For the year, we settled several legacy lawsuits inherited from acquisitions and the Aphria class action for a total of $11.1 million. Those lawsuits had original claims of over $265 million.

此外，我們在飲料領域的資本支出為 780 萬美元，投資該業務以增加未來收入並降低我們的成本結構。今年，我們解決了因收購和 Aphria 集體訴訟而遺留下來的幾起訴訟，總額達 1,110 萬美元。這些訴訟的原始索賠金額超過 2.65 億美元。

Turning now to our four business segments. Despite recent skepticism on the industry, we believe that the beer and spirit markets are not going away, but rather are in flux based on changes in consumer preferences and purchasing patterns.

現在談談我們的四個業務部門。儘管最近人們對該行業持懷疑態度，但我們相信啤酒和烈酒市場不會消失，而是會根據消費者偏好和購買模式的變化而不斷變化。

To capitalize on those trends, we created Project 420, which focuses on four key elements: a SKU rationalization focused on our best performing brands; introduction of key innovation and extension into adjacent beverage categories like water, nonalcoholic drinks, and HDD9 drinks, a geographic rationalization focused on our regional jewel strategy; a distributor rationalization to reduce our over 700 distributors to approximately 500 distributors, and a synergy plan to optimize our cost structure.

為了利用這些趨勢，我們創建了 420 項目，該項目側重於四個關鍵要素：專注於我們表現最好的品牌的 SKU 合理化；將關鍵創新和擴展引入相鄰的飲料類別，如水、非酒精飲料和 HDD9 飲料，這是一項以我們的區域寶石戰略為重點的地理合理化；分銷商制定，將我們的 700 多家分銷商減少到我們的協同計劃，將我們的 700 多家協會規劃

During the quarter, we increased our synergy plan to $33 million, up $8 million from the previous quarter, and we are well on our way with $20.6 million already achieved. Fiscal year-to-date, the SKU rationalization plan lowered our revenues by $14 million.

在本季度，我們將協同計畫提高至 3,300 萬美元，比上一季增加 800 萬美元，目前我們已經取得了 2,060 萬美元的進展。本財年迄今為止，SKU 合理化計劃使我們的收入降低了 1,400 萬美元。

For the fiscal year ended May 31, 2025, it is anticipated that the cumulative impact of these initiatives will result in a reduction of approximately $20 million in net revenue, which we believe will be offset by the growth of our new product innovation, including the new beverage categories and brand extensions over the next 12 months. For the quarter, beverage net revenue was $55.9 million, a 2% growth compared to $54.7 million in the prior year quarter.

截至 2025 年 5 月 31 日的財政年度，這些舉措的累積影響預計將導致淨收入減少約 2,000 萬美元，但我們相信，這一影響將被我們新產品創新的成長所抵消，包括未來 12 個月的新飲料類別和品牌延伸。本季度，飲料淨收入為 5,590 萬美元，較去年同期的 5,470 萬美元成長 2%。

As previously discussed, without the impact of the strategic decisions identified earlier, beverage net revenue would have been over $60 million. Beverage gross profit increased to $20 million compared to $18.9 million. Beverage gross margin was 36% compared to 34% in the prior year quarter. The improvement in gross margin was a result of our efforts in integrating and optimizing our facilities as well as a favorable product mix.

如前所述，如果沒有先前確定的策略決策的影響，飲料淨收入將超過 6000 萬美元。飲料毛利潤從 1,890 萬美元增至 2,000 萬美元。飲料毛利率為 36%，去年同期為 34%。毛利率的提高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 $73 million was comprised of $49.3 million in Canadian adult-use revenue, $13.9 million in international cannabis revenue, $5.8 million in Canadian medical cannabis revenue, $3.9 million in wholesale cannabis revenue, all offset by $18.7 million in excise taxes.

大麻總收入為 7,300 萬美元，其中包括 4,930 萬美元的加拿大成人用品收入、1,390 萬美元的國際大麻收入、580 萬美元的加拿大醫用大麻收入、390 萬美元的大麻批發收入，全部由 1,870 萬美元的消費稅抵消。

Net cannabis revenue was $54.3 million and $57.5 million on a constant currency basis, compared to $63.4 million in the year ago period. As previously discussed, the strategic decision to focus on margins in vapes and infused pre-rolls impacted revenue by $4 million in the quarter, and the decision to ship 3.2 metric tons of cannabis that would have been sold in Canada in Q3, the international markets for sale in later quarters impacted revenue by approximately $3.2 million.

大麻淨收入為 5,430 萬美元，以固定匯率計算為 5,750 萬美元，而去年同期為 6,340 萬美元。如前所述，將重點放在電子煙和預捲菸利潤率上的戰略決策對本季度的收入產生了 400 萬美元的影響，而決定在第三季度運送 3.2 公噸大麻（這些大麻將在加拿大銷售）並在後幾個季度在國際市場上銷售，對收入產生了約 320 萬美元的影響。

But for these items, net cannabis revenue would have been $64.7 million on a constant currency basis. The decision to preserve margin on vape and infused pre-rolls also had an impact on cannabis gross margins. Had we actively participated in those markets, selling the incremental $4 million in the quarter, it would have had an over $3 million negative impact on the gross profit we are reporting.

若非有這些項目，以固定匯率計算，大麻淨收入將達到 6,470 萬美元。保留電子煙和預捲菸利潤率的決定也對大麻的毛利率產生了影響。如果我們積極參與這些市場，在本季銷售增量的 400 萬美元，這將對我們報告的毛利產生超過 300 萬美元的負面影響。

Now that our extraction capital projects are completed and we'll be able to participate more aggressively in vapes and infused pre-rolls, we do not anticipate a revenue impact continuing past the midpoint of the fourth quarter. From that point forward, the positive gross margin impact of sales in this category would be expected to generate a swing of almost $5 million in gross profit versus what we would have reported in the current quarter.

現在我們的提取資本項目已經完成，我們將能夠更積極地參與電子煙和注入式預捲菸業務，我們預計收入影響不會持續到第四季中期。從那時起，預計該類別銷售的積極毛利率將產生近 500 萬美元的毛利波動，與我們本季報告的毛利相比。

Cannabis gross profit increased 5% to $22 million, and cannabis gross margin increased to 41% compared to 33% from the prior year period, an 800-basis-point improvement. Distribution net revenue, derived predominantly through Tilray Pharma, increased about 8% to $61.5 million and almost 15% to $65.1 million in constant currency compared to $56.8 million in the prior year quarter, all as a result of favorable product mix. Distribution gross profit was flat at $5.6 million in both the current year and the prior year period.

大麻毛利成長 5% 至 2,200 萬美元，大麻毛利率從去年同期的 33% 上升至 41%，提高了 800 個基點。分銷淨收入主要來自 Tilray Pharma，與去年同期的 5,680 萬美元相比，成長約 8% 至 6,150 萬美元，以固定匯率計算則成長近 15% 至 6,510 萬美元，這都歸功於良好的產品組合。本年度和去年同期的分銷毛利潤持平，為 560 萬美元。

Wellness net revenue grew 5% to $14.1 million from $13.4 million in the prior year quarter and 8% on a constant currency basis to $14.5 million. The increase was driven by our strategic focus on continued innovations.

健康淨收入從去年同期的 1,340 萬美元成長 5% 至 1,410 萬美元，以固定匯率計算成長 8% 至 1,450 萬美元。這一增長得益於我們對持續創新的策略重點。

Wellness gross profit was $4.5 million, up from $4.1 million in the prior year quarter, and gross margin rose to 32% compared to 30% in the prior year quarter, a result of continued operational efficiencies. Our cash and marketable securities balance as of February 28, 2025, was $248.4 million, up from $225.9 million in the prior year period. During the year and through to today, we continue to strengthen our balance sheet, including raising approximately $140 million on our ATM, repaying approximately $15 million on our long-term debt and repurchasing approximately $60 million in outstanding convertible notes.

健康毛利為 450 萬美元，高於去年同期的 410 萬美元，毛利率從去年同期的 30% 上升至 32%，這得益於持續的營運效率。截至 2025 年 2 月 28 日，我們的現金和有價證券餘額為 2.484 億美元，高於去年同期的 2.259 億美元。在這一年中直至今天，我們繼續加強我們的資產負債表，包括在我們的 ATM 上籌集約 1.4 億美元，償還約 1500 萬美元的長期債務，以及回購約 6000 萬美元的未償還可轉換票據。

After taking into consideration these actions, we reduced our net debt position to approximately $50 million, which when combined with our trailing 12-month adjusted EBITDA, puts our net debt to adjusted EBITDA leverage ratio below 1. Today, we are revising our fiscal 2025 guidance for net revenue to $850 million to $900 million. Adjustments for constant currency and the impact of the strategic initiatives and SKU rationalization, which totaled $50 million, would have resulted in expected net revenue of $900 million to $950 million.

考慮到這些行動後，我們將淨債務狀況減少至約 5000 萬美元，與過去 12 個月的調整後 EBITDA 相結合，使我們的淨債務與調整後 EBITDA 槓桿率低於 1。今天，我們將 2025 財年淨收入預期修改為 8.5 億美元至 9 億美元。根據固定匯率調整以及策略性舉措和 SKU 合理化的影響（總計 5,000 萬美元），預計淨收入將達到 9 億至 9.5 億美元。

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，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？

Thank you. (Operator Instructions)

謝謝。（操作員指示）

Aaron Grey, Alliance Global Partners.

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

Hi, good morning and thank you for the questions. So first question for me. I just want to talk about allocation of cannabis product. I can understand how the higher profitability makes international appealing. But as you redirect product international, would you be fine with this leading to some share loss in Canada as long as it's more profitable share segments? Any color in terms of your share aspirations now for Canada would be appreciated just now as you're allocating more product international. Thank you.

大家好，早安，感謝您的提問。所以我的第一個問題是。我只想談談大麻產品的分配。我可以理解更高的獲利能力如何使其具有國際吸引力。但是，當您將產品轉向國際市場時，只要能帶來更有利可圖的市場份額，您是否願意接受這會導致加拿大市場份額出現一些損失？由於您正在國際上分配更多產品，因此如果您現在對加拿大的份額期望有任何疑問，我們將不勝感激。謝謝。

Good morning, Aaron, good question. Number one, what's important for us is sales in Canada and having pre-rolls, flowers, edibles and drinks, it will be an important part of our market. And always profitability. So sales are important. We don't report share is something that is reported, but everybody looks at share differently.

早上好，Aaron，這個問題問得好。首先，對我們來說重要的是加拿大的銷售，預捲菸、鮮花、食物和飲料將成為我們市場的重要組成部分。並且始終盈利。所以銷售很重要。我們不報告份額，這是需要報告的事情，但每個人對份額的看法都不同。

So the number one thing for us is how we grow our business, how we grow sales. And with 5 million square feet to grow, we have plenty of capacity. When we ship product now internationally, we don't have to pay excise tax, and there's much higher margin in the medical business. So we look at Tilray today from a total company standpoint and don't look at Canada, just don't look at international. So we look as totality in the cannabis industry.

因此，對我們來說最重要的事情是如何發展我們的業務，以及如何增加銷售。而且我們還有 500 萬平方英尺的擴張空間，有足夠的產能。現在，當我們在國際範圍內運送產品時，我們不必繳納消費稅，而且醫療業務的利潤率要高得多。因此，我們今天從整個公司的角度來看 Tilray，不要看加拿大，不要看國際。因此，我們將大麻產業視為整體。

Thanks Irwin, that's helpful color there. I want to have my second question on hemp-derived beverages. I know a small part of your business today, but a lot of potential there. So I believe you mentioned hemp-derived beverages are across 1,000 brick-and-mortar distribution points. So any targets that you can point to in the near to medium term that you hope to get to?

謝謝 Irwin，這顏色很有幫助。我想問第二個問題，關於大麻飲料。我目前對貴公司的業務了解不多，但潛力巨大。所以我相信您曾提到大麻飲料遍布 1,000 個實體分銷點。那麼，您可以指出您希望在近期或中期內實現的任何目標嗎？

And then can you comment on any initiatives you have to help drive velocity? Maybe any marketing plans you have to speak of in the spring and summer, particularly given you do have a house of brands versus just focusing on one brand in that segment. Thank you.

那麼您能否評論一下您為提高速度所採取的任何舉措？也許您在春季和夏季要談論任何行銷計劃，特別是考慮到您擁有多個品牌，而不是只專注於該領域的一個品牌。謝謝。

So I think listen, as Ty has talked about, in regards to and I think what you said is that you broke up there on the hemp brands. We're across 1,000 stores today. We're selling in 10 different states and the demand and through our wellness team and through our beverage team, we have infrastructure of salespeople on the street, and we're selling it through a lot of the beer distributors and selling it direct to consumer.

所以我認為，正如 Ty 所說的那樣，關於這一點，我認為你所說的是，你們在麻類品牌上分手了。如今我們的業務已覆蓋 1,000 家商店。我們的產品銷往 10 個不同的州，透過我們的健康團隊和飲料團隊，我們在街頭擁有銷售人員基礎設施，我們透過許多啤酒分銷商進行銷售，並直接銷售給消費者。

There's multiple marketing programs in place to drive consumption with different retailers and different retailers with multi outlets. So -- and I think a big thing, Aaron, is educating the consumer what hemp-derived drinks are and what Delta-9 drinks are and the benefits from them.

有許多行銷計劃可以推動不同零售商以及擁有多家門市的不同零售商的消費。所以——亞倫，我認為最重要的事情是讓消費者了解什麼是大麻飲料、什麼是 Delta-9 飲料以及它們的好處。

And if anybody can do that, we are. We're in the beverage business. So that's a big, big opportunity for us. Listen, we have aspirations for that to be in the multimillion dollar business for us and also it's a great margin business. In regards to our beverage business and our beer business like Ty has said, today, with 18 different beer brands, as we look at it state-by-state and geography, how do we focus on growing our beer in certain geographic.

如果有人能做到這一點，那就是我們。我們從事飲料業務。這對我們來說是一個巨大的機會。聽著，我們渴望將其發展成為價值數百萬美元的生意，而且它還是一項利潤豐厚的生意。關於我們的飲料業務和啤酒業務，正如 Ty 所說，今天，我們有 18 個不同的啤酒品牌，當我們逐個州和地區查看時，我們如何專注於在某些地區發展我們的啤酒。

We talked about Montauk. And if it's New York, Pennsylvania or New Jersey, there's 100 million people there. And really going after share with Montauk and that instead of going national. So there's a lot of regional marketing that we're doing. Listen, sponsorships, hey, Florida Gators.

我們談論了蒙托克。如果是紐約、賓州或新澤西，那裡就有 1 億人。並且真正追求與蒙托克的共享，而不是走向全國。因此我們正在進行大量的區域行銷。聽著，贊助商，嘿，佛羅裡達鱷魚隊。

We are the official beer of Florida Gators. Congratulations with Shock Top. And that's a big win for us in regards to sponsorships. So there's a lot we're doing with sponsorships. Next week, our 420 -- not next week, in two weeks, we are holding some major concerts down in Atlanta, Georgia and some other places in regards to 420 selling our beers.

我們是佛羅裡達鱷魚隊的官方啤酒。恭喜 Shock Top。就贊助而言，這對我們來說是一個巨大的勝利。因此我們在贊助方面做了很多工作。下週，我們的 420——不是下週，而是兩週後，我們將在亞特蘭大、喬治亞州和其他一些地方舉辦一些大型音樂會，以在 420 銷售我們的啤酒。

So there's a lot of regional stuff that we're doing, a lot of sports sponsorships that we're doing, getting involved with the community in a lot of different concerts. So that's how we're marketing our beers. And with that, we're tying that in with our retailers and tying that in with our distributors on displays. And also, we're tying it into our off-premise in regards to making sure on tap. We have pretty -- a lot of handles out there.

因此，我們正在做很多地區性活動，很多體育贊助，並參與社區舉辦的各種音樂會。這就是我們行銷啤酒的方式。並且，我們將其與我們的零售商和分銷商聯繫起來進行展示。此外，我們還將其與我們的場外業務結合起來，以確保隨時可用。我們有很多手把。

I test anybody to go to New York City right now and get around to a lot of the bars out there and see who doesn't have a Montauk or a Blue Point handle out there.

我現在測試任何人去紐約市並去那裡的許多酒吧，看看誰沒有 Montauk 或 Blue Point 的稱號。

Okay, great, really appreciate that color, and I'll go ahead and jump back into the queue.

好的，太好了，真的很喜歡這個顏色，我將繼續並重新回到隊列中。

Thank you.

謝謝。

Thank you. Robert Moskow, TD Securities.

謝謝。道明證券的羅伯特·莫斯科（Robert Moskow）。

Hi, this is Victor Ma on for Rob Moskow, and thanks for the question. I guess, first, so cannabis gross margins at 41% for the quarter was a positive surprise, I think. So what were the building blocks for that 800 bps margin expansion? How much of it was from positive mix from not participating in vapes and infused pre-rolls? How much of it was from cost savings and efficiencies?

大家好，我是 Victor Ma，代表 Rob Moskow 回答這個問題，謝謝你的提問。我想，首先，我認為本季大麻毛利率達到 41% 是一個驚喜。那麼，利潤率擴大 800 個基點的基礎是什麼？其中有多少是因為不參與電子煙和注入預捲菸而產生的正面影響？其中有多少是來自於成本節約和效率提升？

I'm going to let Carl. Carl, go ahead.

我要讓卡爾。卡爾，說吧。

So Victor, the majority of the 800 million (sic - see press release, "800 bps") is mix. A portion of that mix is more international, but a big chunk of it is this concept of being very careful with what places we're playing in, particularly in vape and infused pre-rolls to focus on margin.

因此，維克多，8 億（原文如此 - 參見新聞稿“800 bps”）中的大多數都是混合的。這種組合的一部分更加國際化，但其中很大一部分是這種概念，即我們要非常小心地選擇我們所在的地方，特別是在電子煙和注入預捲菸方面，要關注利潤。

And going back to the last question, in infused pre-rolls and vapes. If we would have sold -- in the quarter, we gave up about $7 million or so in sales or something

回到上一個問題，關於注入預捲菸和電子煙。如果我們出售——在本季度，我們放棄了大約 700 萬美元左右的銷售額。

$4 million.

400萬美元。

$4 million or $4.5 million, but we gave up more. That could have been anywhere from $10 million to $11 million of hit on EBITDA. So again, we are not going out there just for sales. We are focused on profitability. We're focused on margins.

400萬美元或450萬美元，但我們放棄的更多。這可能會對 EBITDA 造成 1,000 萬美元至 1,100 萬美元的損失。所以，我們再說一遍，我們去那裡不只是為了銷售。我們注重盈利能力。我們關注的是利潤。

And just coming back in regards internationally, again, we're not paying excise tax. I mean, throughout the year, we paid about $150 million of excise tax in the Canadian market. We're not paying that internationally and where we see the opportunity. But let me tell you, we're aggressively looking at how we take costs out, and that's something Blair and team are doing and we're not abandoned, by no means the vape and pre-rolled category, which are some big growth categories.

再說回國際上，我們不用繳消費稅。我的意思是，我們全年在加拿大市場支付了約 1.5 億美元的消費稅。我們不會在國際上支付那麼多錢，而且我們也看到了機會。但讓我告訴你，我們正在積極研究如何降低成本，這是布萊爾和團隊正在做的事情，我們並沒有被拋棄，絕不會放棄電子煙和預捲菸類別，這些都是很大的成長類別。

And Blair, in regards to our center of excellence, have come up with ways to take tremendous amount of cost out and coming up next quarter, we have a tremendous plan in regards to how to get more pre-rolls -- and infused pre-rolls and vapes into the marketplace. So there's a big focus on our margins, but there's a big focus on driving sales, too.

布萊爾，就我們的卓越中心而言，已經想出了各種方法來節省大量成本，下個季度，我們將製定一個宏偉計劃，關於如何將更多的預捲菸、注入式預捲菸和電子煙推向市場。因此，我們非常關注利潤率，但我們也非常關注推動銷售。

Got it. I appreciate the color. And then my second question is on the beverage side. So our tracking data indicates sales and volumes for the craft beer brands are down about mid-teens in the third quarter. Is that what you're seeing on your end?

知道了。我很欣賞這個顏色。我的第二個問題是關於飲料方面的。因此，我們的追蹤數據表明，精釀啤酒品牌的銷售量和銷售量在第三季下降了約百分之十五。這就是您所看到的嗎？

And can you help dimensionalize this number? How much combined growth do your craft portfolio see in their home markets versus their way markets? I know you gave some numbers in the call, but like what would be like the total split between the total home markets and the total away markets for your brands?

您能幫忙將這個數字維度化嗎？您的手工藝品組合在本土市場和海外市場的綜合成長率是多少？我知道您在電話中給了一些數字，但是您的品牌在國內市場和國外市場的總份額是多少？

And then just to squeeze another question. On Project 420, what is the brand hierarchy here when it comes to allocating the next marketing dollar? Is it on prioritizing your biggest brands, your biggest markets? Or is it on newer brands for potentially higher growth on a percent basis?

然後只是想提出另一個問題。在專案 420 中，在分配下一筆行銷資金時，這裡的品牌層級是怎麼樣的？是否優先考慮您最大的品牌、最大的市場？還是新品牌可能帶來更高的百分比成長？

So number one, when you come back and look at your data here, I mean, one of the things in there as you go through a SKU rationalization, we're taking out a lot of the brands. So it's not really giving you a true picture. And as Ty took you through different states and different geographies on growth. And that's why I come back and say this here. You got to look at it.

所以，第一，當你回來查看這裡的數據時，我的意思是，當你進行 SKU 合理化時，其中一件事就是我們會去掉很多品牌。所以它並沒有真正給你真實的畫面。Ty 帶您了解不同州和不同地區的成長。這就是我回來並在這裡說這些話的原因。你得看看它。

We're probably on an aggregate, as you say, down. But following our plan and looking at the geographies of three, four states, certain states were up, certain states were down. So your numbers are probably right. But again, you got to pull out of their SKU rationalization. And part of it is, this year, as we introduce new products that are not in there and off-premise or on-premise is something that there's a big focus on too and where we pulled out a lot of the caps in that, that we lost, there's another big focus on that.

正如您所說，我們的整體狀況可能處於下降趨勢。但按照我們的計劃，看看三、四個州的地理位置，有些州上升了，有些州下降了。所以你的數字可能是正確的。但同樣，你必須退出他們的 SKU 合理化。部分原因是，今年，當我們推出市場上沒有的新產品時，場外或場內也是我們關注的重點，我們在這方面取消了很多上限，我們失去了這些上限，因此我們對此也給予了很大的關注。

So I wouldn't look at the craft beer data that's out there. Right now, what we're trying to do is focus on sales and how we bring these brands together. And remember what I said in my remarks. As we acquired these brands from ABI and from Molson, a lot of these brands were mostly in negative territory and what we're trying to do is reverse them. We're in the midst of going through, right now, looking at distributors.

所以我不會查看現有的精釀啤酒數據。目前，我們正努力專注於銷售以及如何將這些品牌整合在一起。請記住我在發言中所說的話。當我們從 ABI 和 Molson 收購這些品牌時，許多品牌大多處於虧損狀態，而我們正努力扭轉這種局面。我們現在正在尋找分銷商。

We have over 700 distributors out there today, both Molson Coors, ABI and Independence. How do we consolidate them and how are we a bigger focus for them and how are we more important. We haven't done that yet. That's a big part of 420, and that's a big part of the cost savings that we're looking at. Your last question was what, on the savings on 420?

目前，我們擁有超過 700 家經銷商，包括 Molson Coors、ABI 和 Independence。我們如何鞏固它們，我們如何更加關注它們，我們如何變得更加重要。我們還沒有這麼做。這是 420 的重要組成部分，也是我們正在考慮的成本節約的重要組成部分。您的最後一個問題是關於 420 的節省嗎？

It was on just allocating incremental marketing dollars. Is the focus here on prioritizing the next dollar on your bigger brands and your biggest markets? Or is it on just the newer acquired brands to -- that offer potentially higher growth on a percent basis?

這只是分配增量行銷資金。這裡的重點是優先考慮您更大的品牌和最大的市場上的下一美元收入嗎？或者只是新收購的品牌——在百分比基礎上提供潛在的更高成長？

So listen, from a standpoint is, as we look at it today, where are we allocating our marketing dollars is the bigger brands, and number one Shock Top is a brand that we would look to go national with. SweetWater is one of our bigger brands. Blue Point is one of our major growth brands. But if you come back and look at the Pacific Northwest with 10 Barrel or Widmer, they are brands that we're going to focus on in their territory. So you love all your kids equal, you love all your brands equal here, but there are certain brands that we're going to focus on.

所以聽著，從今天的角度來看，我們的行銷資金將分配給哪些大品牌，而排名第一的 Shock Top 是我們希望在全國推廣的品牌。SweetWater 是我們較大的品牌之一。青點是我們主要的成長品牌之一。但如果你回過頭來看看太平洋西北地區的 10 Barrel 或 Widmer，它們都是我們將在其領域中重點關注的品牌。所以，你對你所有孩子的愛都是平等的，你對你所有品牌的愛也是平等的，但我們會專注在某些品牌。

As you heard us say in Florida, with the Gators, we're focused on Shock Top there. In New York, we're focused on Montauk, then BluePoint. So -- and there is a lot of opportunities coming to us right now in regards to sponsorships and being part of it being on JetBlue with Montauk to something that's been great for us, being on Delta has been great for us. So there's a lot of unique opportunities in regards to sponsorships being part of the community from a regional standpoint with our selection of beers that we have.

正如你在佛羅裡達聽到我們所說的那樣，對於鱷魚隊來說，我們的重點是 Shock Top。在紐約，我們主要關注蒙托克，然後是藍點。所以——現在我們有很多贊助機會，可以參與其中，例如與蒙托克航空合作的捷藍航空，以及與達美航空合作，這對我們來說都很棒。因此，從區域角度來看，透過我們精選的啤酒，在贊助方面有很多獨特的機會成為社區的一部分。

Thank you. Frederico Gomes, ATB Capital Markets.

謝謝。Frederico Gomes，ATB 資本市場。

Hi, good morning. Thanks for taking my question. First question on international markets, specifically Poland. I believe there were some changes there in telemedicine. So curious if you've seen any impact from that? But also if you would expect changes in Germany in regards to telemedicine as well.

嗨，早安。感謝您回答我的問題。第一個問題是關於國際市場，特別是波蘭。我相信遠距醫療發生了一些變化。所以好奇您是否看到了它的影響？但如果您也期待德國在遠距醫療方面也會改變的話。

So I'm going to let Denise to answer that. Go ahead.

所以我請丹尼斯來回答這個問題。前進。

Yeah, thanks, and great question. So in Poland, in November, there was a change where telemedicine restrictions were put in place. And as a result, we saw some prescription drops, from basically around like 68,000 prescriptions in the month of October, to 28,000 in the month of December. And as a result, we definitely saw, I would say, demand come down a bit as patients are looking for new avenues to find prescriptions.

是的，謝謝，這個問題問得好。因此，波蘭在 11 月實施了遠距醫療限制措施。結果，我們看到處方數量下降，從 10 月的 68,000 張處方下降到 12 月的 28,000 張。因此，我想說，我們確實看到需求下降，因為患者正在尋找新的途徑來獲得處方。

However, in our Q4, we're starting to see things tick back up again. We believe that there was some oversupply potentially in the third quarter where distributors are working that through. But we are pretty bullish on that market still. We have a very, very large share in that market. We have multiple distributors that are very strong in the market with physical clinics.

然而，在第四季度，我們開始看到情況再次回升。我們認為第三季可能存在供應過剩的情況，分銷商正在努力解決這個問題。但我們仍然對該市場非常看好。我們在該市場佔有非常大的份額。我們擁有多家在市場上實力雄厚且擁有實體診所的經銷商。

So we believe that we have the right infrastructure and the right partners to really win in that market. In terms of your question, in terms of Germany, we have been very focused on the German market as we reported. We also have spent a lot of time evaluating from a government perspective and speaking with members of parliament around the change in government and whether there's going to be any change in the landscape of either MedCanG or CanG.

因此，我們相信，我們擁有合適的基礎設施和合適的合作夥伴，能夠真正贏得該市場。關於您的問題，就德國而言，正如我們所報導的，我們一直非常關注德國市場。我們也花了很多時間從政府的角度進行評估，並與議會成員討論政府的變動以及 MedCanG 或 CanG 的格局是否會發生任何變化。

And what we find in terms of those conversations that we've been having and working through our industry group, is that there are potentially changes on the CanG, and that means social clubs and the model experiments. What we've been assured of is that there is really going to be no changes in terms of the MedCanG, which is the market that we are participating in today and where we see all of our growth.

我們從我們與行業團體進行的對話和工作中發現，CanG 可能會發生變化，這意味著社交俱樂部和模型實驗。我們確信的是，MedCanG 不會有任何變化，這是我們今天參與的市場，也是我們實現所有成長的地方。

We are keeping an eye on the telemedicine aspect of the law and working with government officials to really support why that is necessary, especially for rural patients. We still remain very, very bullish about our business in Germany and in fact, saw some of the highest numbers that we've seen in history for our business in Germany this past quarter.

我們正在關注法律的遠距醫療方面，並與政府官員合作，真正支持為什麼這是必要的，特別是對於農村患者。我們仍然對我們在德國的業務非常看好，事實上，上個季度我們在德國的業務創下了歷史上最高的業績。

Great, thank you, Denise.

太好了，謝謝你，丹尼斯。

Yeah, thanks I appreciate that. Second question, just to follow up on Germany. If you could just comment on pricing in Germany. Has anything changed recently? Are you seeing any impact, I guess, from increased competition in that market? I know it's a growing market, but we also see some other companies investing there. So any changes in pricing?

是的，謝謝，我很感激。第二個問題，只是想了解德國的情況。如果您能評論一下德國的定價嗎？最近有什麼變化嗎？我想，您是否看到了該市場競爭加劇的影響？我知道這是一個不斷成長的市場，但我們也看到一些其他公司在那裡投資。那麼價格有變動嗎？

There's definitely a lot of competition coming into the German market because I think just like we see the opportunities in Germany, both in terms of demand on patient growth, and also the higher margins, I think others are seeing that as well. And I think there were some of the highest imports into Germany from Canada, basically around 51% of the imports going into Germany are coming from Canada.

德國市場肯定面臨著許多競爭，因為我認為，就像我們在德國看到的機會一樣，無論是在患者成長需求方面，還是在更高的利潤率方面，我認為其他人也看到了這一點。我認為德國從加拿大的進口量最高，基本上德國進口量的 51% 左右來自加拿大。

And so there is definitely a lot of competition. We do see, what we see in terms of pricing is more of a segmented market, coming about where patients are focused on different levels of quality and value. And so higher-quality products are still commanding much higher prices.

因此競爭肯定很激烈。我們確實看到，就定價而言，我們看到的是一個更細分的市場，患者專注於不同程度的品質和價值。因此，品質更高的產品仍然要賣出更高的價格。

There's also a value segment, though. And that value segment is really being positioned toward patients who are really looking for a lower-priced product. I think, as you know, the German market today is split between the patient-led side, which is really self-pay market and the doctor-led side, which is more of an insurance-based market.

不過，也有一個價值部分。這個價值部分實際上定位於那些真正尋求低價產品的患者。我認為，正如你所知，當今的德國市場分為以患者為主導的市場（實際上是自付市場）和以醫生為主導的市場（更像是基於保險的市場）。

So on the insurance-based side, which is, at this point, predominantly medical extracts, we see pricing remaining pretty secure because of that insurance coverage. But on the flower side, where is that segmentation, we are seeing differences of pricing based on patient demand.

因此，在基於保險的方面，目前主要是醫療提取物，由於有保險覆蓋，我們認為定價仍然相當安全。但在花卉方面，細分在哪裡呢？我們看到基於患者需求的定價存在差異。

I think the big thing also, which is important, is supply and consistent supply, and that's something that Tilray can either supply out of our Canadian facilities, can supply out of our Portugal or our German facility. And I think that's what everybody is looking at. And one big thing to mention is we're vertically integrated there with CC Pharma or Tilray Pharma, our distribution business that actually has been very helpful and a big part of our growth there that we distribute directly through to drug stores today. So that's important to us.

我認為同樣重要的是供應和持續供應，Tilray 可以透過我們的加拿大工廠、葡萄牙工廠或德國工廠供應。我認為這是每個人都在關注的。值得一提的是，我們與 CC Pharma 或 Tilray Pharma 進行了垂直整合，我們的分銷業務實際上非常有幫助，也是我們在那裡增長的重要組成部分，我們今天透過直接向藥局分銷產品。這對我們很重要。

Thank you. I appreciate that. I'll back to you.

謝謝。我很感激。我會回到你身邊。

Thank you.

謝謝。

Pablo Zuanic, Zuanic & Associates..

Pablo Zuanic，Zuanic & Associates..

Thank you and good morning everyone. Look, my question is more for Denise. Look, I'm very impressed with the growth in your extracts business. I think you said 31% since April 1. My impression was that the reimbursed business was not growing much. So is this that you're saying that you're gaining share? Or are more doctors prescribing to the reimbursed market? I'm just trying to understand that. Thank you.

謝謝大家，早安。瞧，我的問題比較是針對丹尼斯的。你看，我對你們萃取物業務的成長印象深刻。我認為您說的是自 4 月 1 日以來的 31%。我的印像是報銷業務沒有太大的成長。所以，您說的意思是，您的市佔率正在增加嗎？或者有更多的醫生向報銷市場開藥？我只是想理解這一點。謝謝。

Yeah, thanks, Pablo. So we do see more and more doctors prescribing. And I think you might have recall that after the passage of MedCanG, the government also took steps to clear out some of the restrictions that we saw on the reimbursement part of that market, whereas before, it was a -- there was waiting periods and there wasn't -- it wasn't clear if there would be reimbursement. And now there actually are a much faster, more facilitated way to get reimbursed for medical cannabis.

是的，謝謝，Pablo。因此我們確實看到越來越多的醫生開處方。我想你可能還記得，在 MedCanG 通過後，政府還採取了措施清除我們在該市場報銷部分看到的一些限制，而之前，有等待期，而且不清楚是否會有報銷。現在實際上有一種更快、更方便的方式來獲得醫用大麻的報銷。

And we also have really stepped up our efforts in terms of our team on the street with education. So doctors are more and more interested in learning about the benefits of medical cannabis for patients with certain conditions, including chronic pain. And along with that increased interest. I think stigma is starting to fall away even more so. And so we do see increased patients, increased doctors coming to seminars wanting to learn more. So I do believe it's share as well as increased prescriptions to answer your question.

我們也確實加強了街頭教育隊伍的力道。因此，醫生越來越有興趣了解醫用大麻對某些疾病（包括慢性疼痛）患者的益處。且興趣也隨之增加。我認為恥辱感正在開始逐漸消失。因此，我們確實看到越來越多的患者和醫生來參加研討會，希望能了解更多。因此我確實相信份額以及增加的處方可以回答您的問題。

That's great. And just on the same point, I mean, we are hearing more about clinical studies or trials as a way to convey the message to doctors. Is Tilray involved in any of those types of studies in Europe right now?

那太棒了。就同​​一件事而言，我的意思是，我們聽到更多關於臨床研究或試驗的訊息，將其作為向醫生傳達訊息的方式。Tilray 目前是否參與了歐洲任何此類研究？

We are involved in a glioblastoma study in Spain that is basically into its second year of the study. We also recently completed a study with the University of Sydney on cancer-induced nausea and vomiting. And so it is something that we will continuously look at where does it make sense. We have had some conversations in Germany about doing studies, also working with local universities as we build out programs to really bring the expertise of cannabis cultivation and processing to Germany because I think, we've all seen the fact that there's been a lack of expertise in Germany. So we at Tilray have had to import a lot of our expertise from Canada. And we really look to build out that market.

我們參與了西班牙的一項膠質母細胞瘤研究，目前已進入第二年。我們最近也與雪梨大學完成了一項關於癌症引起的噁心和嘔吐的研究。因此，我們會不斷研究它是否有意義。我們在德國進行了一些關於進行研究的討論，同時也與當地大學合作制定項目，真正將大麻種植和加工的專業知識帶到德國，因為我認為，我們都看到了德國缺乏專業知識的事實。因此，Tilray 必須從加拿大引進大量專業知識。我們確實希望拓展這個市場。

And Pablo, that's something we support is in regard to investing in research here because we think there's a lot of good research that will come out that ultimately benefits the growth of the medical cannabis business and growth in other countries as they see the benefits from this year. So -- and Europe being basically only a medical cannabis business. It's important, and it's important for the future of this industry. So that's something that Tilray wants to be a part of.

帕勃羅，我們支持在這裡進行研究投資，因為我們認為會有很多優秀的研究成果問世，這些研究最終將有利於醫用大麻業務的增長以及其他國家的增長，因為他們看到了今年帶來的好處。所以——歐洲基本上只有醫用大麻產業。這很重要，對於這個行業的未來很重要。這就是 Tilray 想要參與的事情。

Thank you. Let me just one more here. The, we're very focused, of course, on Germany and you mentioned Poland. Dennis, I mean, when you think of Europe, what, what's the other next big market that you're looking at right now?

謝謝。我再說一次。當然，我們非常關注德國，還有您提到的波蘭。丹尼斯，我的意思是，當你想到歐洲時，你現在關注的另一個大市場是什麼？

What, what's the one that can, we are hearing some news from France, check, what, how do you think about the other European markets right now in terms of opportunity? And related but separate, it's still reconsidering entering the Dutch pilot. I mean, that I think there are 10 licensees, some licenses maybe are for sale. I know that's more rag, but what are your thoughts on that? That's it. Thank you.

什麼，什麼是可以的，我們聽到一些來自法國的消息，檢查一下，就機會而言，您如何看待目前其他歐洲市場？並且相關但獨立，它仍在重新考慮進入荷蘭試點。我的意思是，我認為有 10 個許可證持有者，其中一些許可證可能正在出售。我知道這聽起來很無稽之談，但您對此有何看法？就是這樣。謝謝。

So in terms of markets, you mentioned Germany and Poland, two of our primary markets. Also the UK, we've invested in the UK with both infrastructure and the sales force and working with additional distribution partners. We're very focused also on Italy. It is a very good medical market, a lot of support from the government there in terms of growing a medical cannabis market and doctors are very interested.

就市場而言，您提到了德國和波蘭，這是我們的兩個主要市場。此外，我們在英國也進行了基礎設施和銷售團隊的投資，並與其他分銷合作夥伴進行了合作。我們也非常關注義大利。這是一個非常好的醫療市場，政府在發展醫用大麻市場方面給予了大力支持，醫生們也非常感興趣。

So we're seeing really, really good growth and a good interest coming out of Italy. We just had a few Italian doctors from a very prominent cancer hospital visit our Portugal facility to learn more about medical cannabis. And you mentioned France. We are very -- we're keeping an eye on France.

因此，我們看到了義大利確實非常好的成長和濃厚的興趣。我們剛剛邀請了幾位來自著名癌症醫院的義大利醫生來參觀我們葡萄牙的機構，以了解更多有關醫用大麻的知識。您還提到了法國。我們非常——我們正密切關注法國。

I think you might remember that we participated in the experiment in France when it first began. We continue to keep a foothold in that market, and we've been having conversations at the government level to really understand where it's going. We believe that there will be market authorizations available. We don't believe that really, there would be potentially any sales coming out of there until January of 2026. But it's a big market and a big medical market, and we believe that we really can be very successful there.

我想你可能還記得，當這項實驗剛開始時，我們就參加了在法國進行的實驗。我們將繼續在該市場站穩腳跟，並且一直在與政府層面進行對話，以真正了解其發展方向。我們相信將會獲得市場授權。我們真的不相信，直到 2026 年 1 月，那裡才有可能出現任何銷售。但這是一個巨大的市場，一個巨大的醫療市場，我們相信我們真的可以在那裡取得巨大的成功。

And then in terms of your question about the experiments in the Netherlands, we just -- at this point, I think we're very focused on activities and opportunities that really have a strong ROI. And we look at some of the experiments as very interesting in the sense that it potentially generates data for the marketplace, but we don't really see a large commercial opportunity.

然後關於你關於荷蘭實驗的問題，我們只是——在這一點上，我認為我們非常關注真正具有強大投資回報率的活動和機會。我們認為其中一些實驗非常有趣，因為它有可能為市場產生數據，但我們並沒有真正看到巨大的商業機會。

And so we'll wait and see and then see where the market goes. And then at that point, as you mentioned, we could either look to acquire something or enter the market ourselves using our well-proven road map and strategic plans for entering new markets.

因此我們將拭目以待，看看市場走向如何。然後，正如您所說，我們可以考慮收購某些東西，或者使用我們成熟的路線圖和進入新市場的策略來計劃自己進入市場。

Thank you.

謝謝。

Thank you.

謝謝。

Thank you. Bill Kirk, ROTH Capital Partners

謝謝。比爾‧柯克（Bill Kirk），羅仕證券資本合夥公司

Yeah, good morning. This is Nick on for Bill. Thanks for taking the questions. First one for me, just wanted to follow up on the beverage side with the cost of aluminum potentially higher here, just wondering how you kind of see beverage margins playing out and if that'll have any impact on your business. I know you mentioned you're not impacted by tariffs, but any color on how you're working around that would be helpful. Thank you.

是的，早安。這是尼克，代替比爾。感謝您回答這些問題。對我來說，首先我想了解飲料方面的情況，這裡的鋁成本可能更高，我只是想知道您如何看待飲料利潤率的走勢，以及這是否會對您的業務產生影響。我知道您提到您沒有受到關稅的影響，但如果您能說明您如何解決這個問題，那將會很有幫助。謝謝。

So like everyone, ultimately, we have contracts in place with suppliers. Aluminum could go up, which is an input cost. But hopefully, with some of the cost savings and the costs that we're taking out of those businesses right now, we can offset that. So right now, it's minimal on aluminum, but it's kind of wait and see and what happens there. What's happening, because I think everybody is getting in there to try and buy cans in that right now, prices are going up. But so far, we're managing it, but trying to offset any of those prices with costs that we're trying to take out of the business.

因此，與所有人一樣，最終我們與供應商簽訂了合約。鋁價可能會上漲，這是一種投入成本。但希望透過節省一些成本以及我們現在從這些業務中抽取的成本，我們可以抵消這一影響。因此，目前，鋁的產量很少，但我們只能拭目以待，看看會發生什麼。現在發生了什麼，因為我認為現在每個人都去那裡試圖購買罐頭，所以價格正在上漲。但到目前為止，我們正在管理它，但試圖用我們試圖從業務中消除的成本來抵消任何價格。

Okay. I appreciate that color. Second one for me is just on the Canadian cannabis gross margins. With international demand ramping and a large amount of this being met from Canadian suppliers, have you seen any discernible changes in supply-demand economics in Canada recently? Just your sense of the supply environment in Canada would be helpful.

好的。我很欣賞那個顏色。對我來說，第二個問題只是關於加拿大大麻的毛利率。隨著國際需求不斷增長，其中很大一部分由加拿大供應商滿足，您最近是否看到加拿大的供需經濟發生了明顯變化？您對加拿大供應環境的了解將會很有幫助。

So and I think Blair is on the call, I mean, number one, because we're probably the largest grower of cannabis in Canada today, the demand for us and the calls that we're getting to supply third parties with cannabis is tremendous. And right now, we have had to increase grow in Aphria One. We're at full capacity at Aphria Diamond. We have our outdoor grow. We're now growing outdoor grow.

所以我認為布萊爾正在打電話，我的意思是，首先，因為我們可能是當今加拿大最大的大麻種植者，所以對我們的需求以及我們向第三方供應大麻的電話是巨大的。現在，我們必須增加 Aphria One 的產量。 Aphria Diamond 已滿載運轉。我們有戶外種植。我們現在正在進行戶外種植。

And we're looking at our facility in Gatineau that is partially vegetables and partially cannabis, do we convert that back. So there is a major demand right now in Canada for supply because a lot of these growth facilities have either closed or gone out of the business. So there is a big demand for cannabis in Canada. Our plan, supply ourselves first, supply Canada, supply Europe, where we can. And then if there's an opportunity for a third party, we will work with a third-party partner.

我們正在考慮位於加蒂諾的工廠，該工廠部分種植蔬菜，部分種植大麻，我們能否將其轉換回來。因此，加拿大目前對供應的需求很大，因為許多成長設施要么關閉，要么停止營業。因此加拿大對大麻的需求很大。我們的計劃是，首先供應我們自己，然後供應加拿大、供應歐洲，只要我們有能力。如果有第三方機會，我們就會與第三方合作夥伴合作。

Great, that's it for me. I appreciate the call.

太好了，對我來說就是這樣了。我很感謝你的來電。

Thank you.

謝謝。

Thank you. Matt Bottomley, Canaccord Genuity.

謝謝。Canaccord Genuity 的 Matt Bottomley。

Good morning, everyone. Just I know you've talked a lot already on the call on the hemp-derived space. So I guess the only other question I would have on it is just given the pretty impressive growth that the overall market has, particularly in some of the southern states where you have distribution. I know it's not material today, but I'm just curious if there is some sort of scenario where a farm bill goes and sort of rips this ability out and the market kind of has to close overnight.

大家早安。我只知道您在電話會議上已經談了很多有關大麻衍生領域的話題。所以我想我唯一想問的另一個問題是，鑑於整個市場取得了相當令人印象深刻的成長，特別是在你們有分銷管道的一些南部州。我知道這在今天並不重要，但我只是好奇是否存在某種情況，即農業法案會剝奪這種能力，而市場必須在一夜之間關閉。

What sort of the infrastructure investment or anything else that you've sort of spent that isn't synergenistic already with your other beverages or maybe it's not at all, but I'm just curious what that would mean for you guys strategically if the plug was sort of pulled from a regulatory standpoint?

你們在基礎設施投資或其他方面投入的哪些資金沒有與你們的其他飲料產生協同效應，或者根本沒有，但我只是好奇，如果從監管的角度來看，這在戰略上對你們意味著什麼？

I'm going to let Jared answer that, but first of all, number one, all our productions happens at a third-party facility. And number two is we have a place a production schedule. So we're not sitting out there with tons and tons of inventory and got big infrastructure and people against us. Number three, we don't believe that every state would close off and go out of business and end this. So Jared, do you want to add.

我請賈里德來回答這個問題，但首先，第一，我們所有的製作都是在第三方機構進行的。第二，我們有一個生產計劃。因此，我們不會坐擁大量庫存，也不會面臨大型基礎設施和人員的反對。第三，我們不認為每個州都會關閉、關閉並結束這一切。那麼賈里德，你想補充一下嗎？

Yeah, I'll answer that. I think Irwin is right, and we're doing this smart and steady. I think we are going into a select number of states, we're putting out a select number of SKUs, and we're going with the right retailers as we go and launch this platform. So I think we're being cautious.

是的，我會回答這個問題。我認為歐文是對的，我們正在明智而穩健地做這件事。我認為我們將進入一些選定的州，推出一些選定的 SKU，並與合適的零售商合作推出這個平台。所以我認為我們應該謹慎。

We're not over-inventorying on this. We're going out to the marketplace, and we're going to places where we think we'll succeed. I think, furthermore, as Irwin was saying, there's a lot of business going on in key states, particularly in the Southeast, and it's become a nice business for these states. And the legislatures are working to codify rulemaking so that this industry can continue and thrive within those states. And so I agree.

我們不會對此進行過度庫存。我們要走向市場，我們要去我們認為會成功的地方。此外，我認為，正如歐文所說，在主要州，特別是東南部，有很多業務正在進行，這對這些州來說已經成為一項很好的業務。立法機構正在努力製定法規，以便該行業能夠在這些州繼續發展和繁榮。所以我同意。

I think the more we can do to advocate for smart regulation, and that's something that we are doing through our own efforts and through CABA, the Coalition for Adult Beverage Alternatives, in which we have an active participation, I think that's something that will enable this market to continue to succeed and thrive.

我認為，我們越能倡導智慧監管，就越能推動這個市場繼續取得成功和繁榮發展，而這正是我們透過自身努力以及透過積極參與的成人飲料替代聯盟 (CABA) 所做的事情。

And I think the important thing is out there is this here, consumers want this product. There's much demand out there for this product. There's a real category. So I think the farm bill is in place, and it's in place for another, what, two years. And there's 10 states right now. And hopefully, this is something that we hope is legal in all 50 states.

我認為重要的是消費者想要這個產品。該產品的需求量很大。有一個真實的類別。所以我認為農業法案已經到位，並且還將再實施兩年。目前有 10 個州。我們希望這在美國全部 50 個州都是合法的。

Got it. Appreciate it. And then staying on the sort of THC beverage side of things, but in the Canadian market now. Can you give us a little more color, like independent of your performance in the beverage segment. How has that grown as sort of an innovative SKU relative to there's been infused pre-rolls and some others more on a macro level, just because I know there's been some changes over the years from a regulatory standpoint, very minor, but still the distribution of this is in the dispensaries.

知道了。非常感謝。然後繼續討論 THC 飲料方面的問題，但現在是在加拿大市場。您能否向我們提供更多詳細信息，例如獨立於您在飲料領域的表現。相對於注入式預捲菸和其他一些更宏觀的產品，它是如何發展成為一種創新型 SKU 的，因為我知道從監管的角度來看，這些年來已經發生了一些變化，雖然變化很小，但這種產品的分銷仍在藥房中。

And I know a lot of these fridges are locked and the access to product in Canada is still -- it's a little archaic in terms of how they do it. So just how that segment has grown, again, independent of your own brands?

我知道很多冰箱都是鎖著的，在加拿大取得產品的方式仍然有點過時。那麼，獨立於你們的品牌，這個細分市場是如何發展的呢？

So again, coming back to the beverage industry in Canada, and I come back and I say this here, we have a 45% share. It's somewhere around a $25 million, $30 million Canadian business for us today. And you're right, it's sold in refrigerators only in cannabis stores. And now they're going to a six-pack from a standpoint there, and they're not cheap either. I always say this here.

所以，再次回到加拿大的飲料業，我回來再說一遍，我們佔有 45% 的份額。對我們來說，這筆生意現在大約是價值 2,500 萬到 3,000 萬加元的加拿大生意。你說得對，它只在大麻商店的冰箱裡出售。從這個角度來看，現在他們要推出六件裝，而且也不便宜。我總是在這裡這麼說。

If tomorrow, and there's motions that we are trying, if we could sell this in the LCBO in Canada or we could sell this in convenience stores or beer stores, et cetera, you take it, if it's a $25 million, $30 million business for us, I would take a 10 multiple and say it's a $200 million to $300 million business for us because the big time growth is in the beverage industry.

如果明天，我們正在嘗試動議，如果我們可以在加拿大的 LCBO 銷售這個產品，或者我們可以在便利商店或啤酒商店等銷售這個產品，你認為，如果這對我們來說是一項價值 2500 萬美元、3000 萬美元的業務，我會將其乘以 10 倍，並說這對我們來說是一項價值 2 億到 3 億美元的業務，因為飲料增長點是巨大的業務。

So tremendous demand for a limited amount of stores that it's sold in today and you think about it at the size of the category where it's only sold in cannabis stores, how big this would be if it could be sold in the LCBO or beer stores or on taped bars. And that's something that we're pushing for and hopefully, something can change there.

如今，在有限的幾家商店中銷售這種大麻，但需求量卻非常大，想想僅在大麻商店銷售的大麻類別的規模，如果能在 LCBO 或啤酒商店或酒吧銷售，那麼這種大麻的銷量會有多大呢？這正是我們正在努力推動的事情，希望能夠有所改變。

Thank you. Michael Lavery, Piper Sandler.

謝謝。麥可拉弗里、派珀桑德勒。

Thank you. Good morning. Just wanted to come back to your comments about looking to consolidate beer distribution. I guess my sense is typically, that's quite localized. Do you have any cases maybe where there's overlap that you could drive efficiencies? Or maybe just help us understand some of the strategic rationale a little bit better? And then have you taken a look at what transition costs there might be from buying out a distributor to move it somewhere else?

謝謝。早安.只是想回到您關於尋求整合啤酒分銷的評論。我想我的感覺是，這通常是相當局部的。您是否有任何可能存在重疊的案例，可以提高效率？或者只是幫助我們更好地理解一些戰略原理？那麼，您是否考慮過從收購經銷商到將其轉移到其他地方可能需要哪些過渡成本？

So number one, when we did our ABI deal, we had a two-year where we have to stick with all the ABI distributors. And so that's number one. Number two is, for instance, here in New York, we have certain distributors distributing Montauk and certain distributors that are distributing Blue Point and SweetWater and Shock Top.

因此，第一，當我們與 ABI 達成交易時，我們有兩年的時間必須與所有 ABI 分銷商保持合作關係。這是第一點。第二，例如，在紐約，我們有一些經銷商分銷 Montauk，還有一些經銷商分銷 Blue Point、SweetWater 和 Shock Top。

So again, as we look at it today, what makes sense, where are we obligated by distributor contracts, where are the potential buyouts. There's tremendous savings on freight, there's tremendous savings where our salespeople are making stops and working with distributors and there's tremendous marketing costs.

所以，當我們今天再看這個問題時，什麼是有意義的，經銷商合約給我們帶來了哪些義務，潛在的收購又在哪裡。運費節省了大量成本，我們的銷售人員在與經銷商合作的過程中也節省了大量成本，而且行銷成本也大幅降低。

So we've got our analysis in place. We know what the potential cost savings are, and it's sort of like picking the best of the best out there and where we're going to be important to. And I will say this here, what distributors like about having Tilray Brands is they see what we're doing, that we're growing, we're investing. We're coming up with new products and think we'll buy more craft breweries, so want to stay with us. But we're going to have to look at some types of consolidation because you can't have 500, 600 distributors.

因此，我們已經完成了分析。我們知道潛在的成本節約是多少，這有點像是從最好的中挑選出最好的，並且知道我們在哪裡會變得重要。我想在這裡說的是，經銷商喜歡 Tilray Brands 的原因是他們看到了我們正在做的事情、我們正在成長、我們正在投資。我們正在推出新產品，並考慮購買更多精釀啤酒廠，因此希望繼續與我們合作。但我們必須考慮某些類型的整合，因為你不可能有 500 到 600 個經銷商。

And it's actually even more because when you look at certain distributors, they've got three or four different branches that we're shipping to out there. So yes, the answer is we've done a lot of analysis. We are obligated because we're contractual to stay with certain distributors. And it's something that Ty and team that we're working with and would work with potentially a third-party group to help us get all the costs and the efficiencies and make some of the right moves.

事實上甚至更多，因為當你查看某些分銷商時，你會發現他們有三到四個不同的分支機構，我們可以將產品運送到那裡。是的，答案是我們做了很多分析。我們有義務與某些分銷商保持合作關係，因為我們簽訂了合約。我們正在與 Ty 和團隊合作，並可能與第三方團體合作，幫助我們降低所有成本，提高效率，並採取一些正確的措施。

Okay. That's helpful. And just on the cannabis side, maybe help us understand your capacity approach a little bit because I know you've talked about reallocation to improve mix and take advantage of the better opportunities in the EU. But it sounds like you've also dusted off some dormant facilities and have your eye on maybe where you can add more. But yet the revenue growth hasn't really been there.

好的。這很有幫助。就大麻方面而言，也許可以幫助我們稍微了解一下您的產能方法，因為我知道您已經談到了重新分配以改善組合併利用歐盟的更好機會。但聽起來你也清理了一些閒置的設施，並且正在考慮在哪裡可以增加更多設施。但收入實際上並未成長。

So how much -- is there a cost you're willing to carry to lean in to that even if the -- you're not already seeing the growth momentum? I know you had some sales that got shifted into 4Q, but obviously, your cannabis revenues were down. So help us square a little bit how to put all that together.

那麼，即使您還沒有看到成長勢頭，您願意承擔多少成本來堅持下去？我知道你們的一些銷售轉移到了第四季度，但顯然，你們的大麻收入下降了。所以請幫助我們稍微理清一下如何將所有這些整合在一起。

So number one, cannabis revenues are down, as we said, some of them were decisions to make strategically just because of margins. Some of them are timing where our new products don't come into place until the fourth quarter. And some of them is we just didn't have supply. So if you come back and look at we would have had supply for our international markets and additional supply for the Canadian team, that's from a revenue growth.

因此，第一，大麻收入下降，正如我們所說，其中一些是出於利潤考慮而做出的策略決定。其中一些是我們的新產品要到第四季才會上市。其中一部分原因是我們沒有供應。所以如果你回過頭來看，我們會為我們的國際市場提供供應，並為加拿大團隊提供額外的供應，這是收入成長帶來的。

The other thing is, is this here, there's many wholesale out there that want to buy products from us, we just don't have product to sell. So bringing on our Cayuga outdoor grow is something that's happening. We brought on Aphria One, our Phase 4, which is the first time that has been operating in quite a few years. So basically, today, I think it's 137 metric tons that we're growing in Canada.

另一件事是，這裡有很多批發商想向我們購買產品，但我們沒有產品可賣。因此，我們正在進行卡尤加戶外種植活動。我們啟動了第四階段專案 Aphria One，這是該專案多年來首次投入營運。所以基本上，今天，我認為我們在加拿大種植了 137 公噸。

We have the ability for another 7-- it's about another 73 to 100 metric tons that we could grow there. And some of that is to support our own growth, some of that is to support international. And if there is certain strategic partners out there that we'll supply with that is profitable. And one of the things is they're competitors if we're going to sell wholesale, so we got to look at that, too.

我們有能力再種植 7 噸——也就是大約 73 到 100 公噸。其中一些是為了支持我們自身的發展，有些是為了支持國際發展。如果有某些策略夥伴，我們可以為其供貨，這會帶來利潤。其中之一就是，如果我們要批發銷售，他們就是競爭對手，所以我們也必須考慮到這一點。

So again, as you see, why are our margins growing, we're focused on profitability here. But I think the difference is, is this here, as you looked at a lot of these cannabis businesses, they decided to go with the asset-light model, where they don't have grow and they got to buy consistently from different growers. You're getting different strains, different qualities, different timing, different pricing out there.

所以，正如你所看到的，為什麼我們的利潤率正在成長，我們關注的是獲利能力。但我認為不同之處在於，正如你所看到的，許多大麻企業決定採用輕資產模式，他們不需要種植大麻，而是持續從不同的種植者那裡購買大麻。您可以獲得不同的品種、不同的品質、不同的時間、不同的價格。

That's not what Tilray is. Tilray is a vertically integrated company, where we have 5 million square feet to grow. We have our brands, we have our infrastructure, and that's how we're going to grow our business. And ultimately, it will come to roost that we'll get the growth forward.

Tilray 並不是這樣的。Tilray 是一家垂直整合的公司，我們有 500 萬平方英尺的空間可供發展。我們有自己的品牌，有自己的基礎設施，這就是我們發展業務的方式。最終，我們將會實現成長。

And whether it's supplying Canada and whether it's supplying international markets and the question asked before, additionally, whether it's the UK, there's talk about other international markets, whether it's Japan, whether it's India, whether it's other countries, we have supply, either GMP sourced or our Canadian market.

無論它是否供應加拿大，是否供應國際市場，以及先前提出的問題，此外，無論是英國，還是其他國際市場，無論是日本，還是印度，還是其他國家，我們都有供應，無論是 GMP 來源還是我們的加拿大市場。

So I think that's what's important here as we look at it where we have the infrastructure to do it. Listen, the drink business decides what I talked about before. We have supply for drink. Now with the whole vape industry, we have supply for vape. In infused pre-rolls, we have supply.

所以我認為這是最重要的，因為我們要考慮我們擁有實現這一目標的基礎設施。聽著，飲料生意決定了我之前所說的。我們有飲料供應。現在隨著整個電子煙產業的興起，我們已經有電子煙的供應。在註入的預卷中，我們有供應。

And I think that's what the important thing is for us to measure where we're going to supply ourselves, where we're going to supply ourselves internationally. And then who else we want to supply and sell product to on a wholesale basis that makes sense to.

我認為，對我們來說，重要的是衡量我們要向哪裡供應自己，以及要向哪裡進行國際供應。那麼，我們還想以批發的方式向誰供應和銷售產品呢？

Thank you. Ladies and gentlemen, that concludes our time allowed for questions. I'll turn the floor back to Mr. Simon for any final comments.

謝謝。女士們、先生們，我們的提問時間到此結束。我將把發言權交還給西蒙先生，請他發表最後的評論。

Thank you very much, operator, and thank you very much, everybody, for joining our call today. It's not an easy world out there. And we've seen this. As we come back and look at what Tilray has done, we generated net revenue in the quarter of $186 million, $193 million, and we decided between SKU rationalization and where we want to ship product to a pullback on $13 million. And again, what we focus on margins, profitability.

非常感謝接線生，也非常感謝大家今天參加我們的電話會議。外面的世界並不簡單。我們已經看到了這一點。當我們回過頭來看 Tilray 所做的事情時，我們在本季度創造了 1.86 億美元、1.93 億美元的淨收入，並且我們在 SKU 合理化和我們希望將產品運送到哪里之間做出了決定，從而減少了 1300 萬美元。再次強調，我們關注的是利潤率和獲利能力。

We have diversified this company in over five years. We've got this close to $900 million-plus in sales. If you can look at categories today where we diversified in cannabis in the Canadian market and being the largest grower with an infrastructure to support it out there with innovation, with R&D. If you come back and look how we pivoted into the beverage business, Tilray is a beverage company today with our beer, with our spirits business, with our non-alc business, with our Liquid Love water and our hemp-infused drink. So we pivoted on that.

我們花了五年多的時間實現了這家公司的多元化。我們的銷售額已接近 9 億美元以上。如果您能看看今天的類別，我們在加拿大市場上的大麻種類多樣化，並且是最大的種植者，擁有透過創新和研發支持大麻的基礎設施。如果你回頭看看我們是如何轉向飲料業務的，Tilray 如今是一家飲料公司，擁有啤酒、烈酒業務、非酒精業務、Liquid Love 水和大麻飲料。因此我們以此為中心。

And remember, we just started that in 2020, five years ago today. And look where we are, the fifth largest crafter. We got some of the top spirit brands out there with Breckenridge and entries into these new categories with non-alc, with our water business and with our energy drink, HiBall, which you'll be able to find in every Whole Foods in the US right now, which you can do. And actually, when we acquired that from ABI, there was no sales from that product.

請記住，我們是在 2020 年才開始這項事業的，也就是五年前的今天。看看我們在哪裡，第五大手工藝者。我們透過 Breckenridge 獲得了一些頂級烈酒品牌，並透過無酒精飲料、水業務和能量飲料 HiBall 進入了這些新類別，現在您可以在美國的每一家 Whole Foods 超市找到它，這是完全可以做到的。實際上，當我們從 ABI 收購該產品時，該產品並沒有任何銷售量。

And it's one of the only clean energy drinks that are out there. In regards to margin, we're focused on margin, margin, margin. I understand share. I understand everything else, but that's a big thing. Margin drops profits to the bottom line.

它是目前僅有的清潔能量飲料之一。關於利潤，我們關注的是利潤、利潤、利潤。我理解分享。我理解其他的一切，但這是一件大事。保證金使利潤降至最低。

In regards to our balance sheet, and that's something today, there's a lot of cannabis companies out there sitting with a lot of debt at high interest rates. There's a lot of cannabis companies out there that own some significant taxes and excise taxes. And a lot of things can change in Tilray if Canada decides to cut its excise tax, if the US legalization happened for medical cannabis, if we could sell cannabis drinks in Canada or we could sell cannabis drinks in the US, I think it's billions of dollars of sales. In regards to internationally, I mean, that is a business that basically we started from scratch.

關於我們的資產負債表，這就是今天的情況，有很多大麻公司背負著高利率的大量債務。許多大麻公司都繳納大量稅金和消費稅。如果加拿大決定削減消費稅，如果美國將醫用大麻合法化，如果我們可以在加拿大銷售大麻飲料或在美國銷售大麻飲料，那麼 Tilray 的許多事情都可能發生改變，我認為這將帶來數十億美元的銷售額。就國際而言，我的意思是，這基本上是我們從零開始的業務。

I think when we acquired Tilray, we were doing about $10 million of cannabis sales with Tilray very little in regards to Aphria, and we did have CC Pharma. Look what we've turned that into. And with their growth and with their margins, in some of our most profitable businesses today within the Tilray business. So from a standpoint, yes, we're focused on cash flow. Yes, we're focused on profitability, but you've got to invest to get there.

我認為，當我們收購 Tilray 時，我們的大麻銷售額約為 1000 萬美元，其中 Tilray 的銷售額與 Aphria 的銷售額非常小，而且我們確實有 CC Pharma。看看我們把它變成了什麼。隨著它們的成長和利潤率的提高，Tilray 業務中一些最賺錢的業務也隨之成長。所以從這個角度來看，是的，我們關注的是現金流。是的，我們專注於獲利，但你必須投資才能獲利。

And that is a big thing for us. We've had to invest in our beverage business to get it where it is. A lot of these craft businesses have been around for years and years and years. And fortunately, within the beer business, listen, if you watch every sporting event, Bud Light, Bud, Miller, a lot of these -- Coors have big sponsorships out there. There's a lot of beers out there.

這對我們來說是一件大事。我們必須對飲料業務進行投資才能達到目前的水平。許多手工藝企業已經存在很多年了。幸運的是，在啤酒行業，如果你觀看每一場體育賽事，你會發現，百威淡啤酒、百威、米勒以及許多庫爾斯啤酒都有著巨大的贊助商。那裡有很多啤酒。

And what we've done to become prominent in these markets is pretty amazing and how we're a big player out there, and that's what we have to do. If you come back and look at the cannabis industry in Canada, it's five years old. And how we've invested in the cannabis business to create close to a $200 million US business in there and build brands from scratch. Same with Europe.

我們為在這些市場上脫穎而出所做的努力是相當了不起的，而且我們已經成為該市場的重要參與者，這就是我們必須要做的。如果你回過頭來看看加拿大的大麻產業，它已經有五年的歷史了。我們如何投資大麻業務，在那裡創建近 2 億美元的美國業務並從零開始建立品牌。歐洲也一樣。

It's five years since Germany from a legalize -- well, it's not even five years from a legalization and tender in that. So we built all this from scratch to get it where it is today. It takes money, it takes time, it takes infrastructure, it takes people. And of course, there's going to be some losses along the way. But where I sit here today with Tilray is I'm very proud of the people that we have in place.

德國距離大麻合法化已經過了五年時間——嗯，距離合法化和招標甚至不到五年。因此，我們從零開始建立這一切，直到今天。這需要金錢、時間、基礎建設、人力。當然，這過程中難免會有一些損失。但今天我和 Tilray 坐在一起，我為我們現有的員工感到非常自豪。

In regards to our organization and a big focus with this here is our balance sheet. And we are focused on debt. We are focused on balance sheet. We're focused on generating cash and we're focused on our cash situation. We are shareholders.

關於我們的組織，這裡重點關注的是我們的資產負債表。我們關注的是債務。我們關注的是資產負債表。我們專注於產生現金並關注我們的現金狀況。我們是股東。

We're just not employees here. A big part of our compensation is in equity. A big part of all our net worth is in our stock. No, we're not happy where our stock is. But nobody has given up, nobody is going away, and we are working hard to change that course on our stock.

我們不是這裡的員工。我們的薪酬很大一部分是股權。我們的淨資產很大一部分都在股票上。不，我們對庫存現狀不滿意。但沒有人放棄，沒有人離開，我們正在努力改變股票的走勢。

And you're seeing some of the results that we're putting out there today. So I want to thank everybody for your support, understanding. We have the naysayers out there, and we have the support out there. But I'll tell you what, there is a team here that is focused. And we think we have a unique business.

您已經看到了我們今天公佈的一些成果。所以我要感謝大家的支持與體諒。我們有反對者，也有支持者。但我要告訴你，這裡有一支專注的團隊。我們認為我們的業務是獨一無二的。

No, we're not building an electric car. But you heard what Denise talked about research that we're doing in regards to cannabis and some of the medical stuff that we're doing there. Consumers are changing habits every day. And you heard me talk about where our Gen Z and Millennials in regards to cannabis use and drinking use. And you look at that, we are there.

不，我們不會製造電動車。但是你聽到了丹尼斯談到我們正在進行的有關大麻的研究以及我們在那裡進行的一些醫療工作。消費者的習慣每天都在改變。您聽到我談論了 Z 世代和千禧世代在使用大麻和飲酒方面的情況。你看，我們就在那裡。

In regards to our wellness business and our hemp-infused business, when we acquired Manitoba Harvest along with Tilray, it was losing about $6 million of EBITDA, There's a complete reversal with 8% growth, and it's become a very profitable business for us in the wellness business, it is something that we're going to focus on. So yes, we've had a lot of successes. We've had some challenges. We've had some failures. But within five years, there's a lot of points that we put on the board.

關於我們的健康業務和大麻注入業務，當我們收購 Manitoba Harvest 和 Tilray 時，它的 EBITDA 損失了約 600 萬美元，現在卻完全逆轉，實現了 8% 的增長，這已成為我們健康業務中一項非常有利可圖的業務，這是我們將要重點關注的事情。是的，我們取得了很多成功。我們遇到了一些挑戰。我們曾經歷過一些失敗。但在五年內，我們在董事會上提出了許多觀點。

So thank you very much for your support. Thank you very much for listening to us today. And like I say, hang in there with us, and we'll be there. Have a good day.

非常感謝您的支持。非常感謝您今天聆聽我們的演講。就像我說的，堅持住，我們就會到達那裡。祝你有美好的一天。

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。