Tilray Brands Inc (TLRY) 2026 Q1 法說會逐字稿

Thank you for joining today's conference call to discuss Tilray Brands' financial results for the first quarter fiscal year 2026 ended August 31, 2025. (Operator Instructions)

感謝您參加今天的電話會議，討論 Tilray Brands 截至 2025 年 8 月 31 日的 2026 財年第一季財務業績。（操作說明）

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

現在我將把電話交給 Tilray Brands 的首席企業長 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 SEDAR.

謝謝接線員，大家早安。現在，您應該可以訪問 Tilray Brands 網站 tilray.com 的投資者關係部分，以獲取收益新聞稿，該新聞稿已提交給美國證券交易委員會 (SEC) 和加拿大證券監管機構 (SEDAR)。

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

請注意，在今天的電話會議中，我們將提及各種非GAAP財務指標，這些指標可以為投資者提供有用的信息。然而，本資訊的呈現並非旨在孤立地看待，也不應被視為替代根據公認會計原則 (GAAP) 編制的財務資訊。獲利新聞稿中包含了每項非GAAP財務指標與根據GAAP編制的最可比較指標的調節表。

In addition, we will be making numerous forward-looking statements during our remarks and in response to your questions. These statements are based on our current expectations and beliefs and involve known and unknown risks and uncertainties, which may prove to be incorrect. Actual results could differ materially from those described in those forward-looking statements. The text in our earnings press release includes many of the risks and uncertainties associated with such forward-looking statements.

此外，我們將在發言和回答各位提問時做出許多前瞻性陳述。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，這些風險和不確定性可能會被證明是錯誤的。實際結果可能與這些前瞻性聲明中所述的結果有重大差異。我們的獲利新聞稿中包含了許多與此類前瞻性陳述相關的風險和不確定性。

Today, we will be hearing from key members of our senior leadership team, beginning with Irwin Simon, Chairman and Chief Executive Officer, who will provide opening remarks and commentary, followed by Carl Merton, Chief Financial Officer, who will review our financial results for the first quarter of fiscal year 2026.

今天，我們將聽取高級領導團隊主要成員的發言，首先是董事長兼首席執行官 Irwin Simon，他將致開幕詞和評論，然後是首席財務官 Carl Merton，他將回顧我們 2026 財年第一季度的財務業績。

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

現在，我想把電話交給 Tilray Brands 的董事長兼執行長 Irwin Simon。

Thank you, Berrin, and good morning, everyone, and thank you for being here for our Q1 results. Q1 of fiscal 2026 was a testament to the significant momentum Tilray has built across our businesses over the years. I'm proud to report that our strategic focus is continuing to strengthen our profitability, our balance sheet and leveraging our global platform to drive innovation in Cannabis, Beverage and Wellness and continue to deliver solid results for our shareholders.

謝謝 Berrin，大家早安，謝謝各位蒞臨參加我們第一季業績發表會。2026 財年第一季業績證明了 Tilray 多年來在各項業務中累積的巨大發展勢頭。我很自豪地宣布，我們的戰略重點將繼續加強盈利能力、改善資產負債表，並利用我們的全球平台推動大麻、飲料和健康領域的創新，繼續為我們的股東帶來穩健的業績。

I want to extend my sincere gratitude to our shareholders for their ongoing support and belief in Tilray's vision. It is encouraging to see our stock regaining strength this quarter and return to full NASDAQ compliance.

我衷心感謝各位股東一直以來對 Tilray 願景的支持與信任。令人鼓舞的是，我們的股票在本季度重拾強勢，並恢復了在納斯達克的全面上市資格。

Notably, in the months of August and September, Tilray traded well over 1 billion shares each month, highlighting the tremendous interest in our company and not a lot of companies have 1 billion shares trading on a monthly basis. We sincerely thank our shareholders for their continued confidence in our strategy and their commitment to investing in our company, your belief in our long-term vision and what drives us forward. Now go out there and buy some of our products.

值得注意的是，在 8 月和 9 月，Tilray 的月交易量均超過 10 億股，這凸顯了市場對我們公司的巨大興趣，而每月交易量達到 10 億股的公司並不多見。我們衷心感謝股東們對我們策略的持續信任和對公司投資的承諾，感謝你們對我們長期願景和推動我們前進的動力的信念。現在就去購買我們的產品吧。

Notably, during the quarter, we achieved net income of $1.5 million and earnings per share of zero, highlighting our commitment to sustainable growth and operational efficiency. We achieved revenue growth across all our business segments with the exception of the Beverage segment, which we remain flat because of deliberate decisions to optimize our craft beer SKU portfolio under Project 420.

值得注意的是，本季我們實現了 150 萬美元的淨收入和每股盈餘為零，這凸顯了我們對永續成長和營運效率的承諾。除了飲料業務部門外，我們所有業務部門的收入均實現了成長。飲料業務部門的收入保持不變，這是因為我們根據「420 項目」採取了有意識的決策，優化了我們的精釀啤酒 SKU 組合。

Overall, total revenue increased by 5% year-over-year to a Q1 record net revenue of $210 million, fueled by double-digit growth in our Canadian adult-use and our international cannabis business, which delivered 12% and 10% growth respectively. We also continue to strengthen our balance sheet by reducing our outstanding debt by $7.7 million this quarter, bringing our net debt-to-EBITDA ratio of 0.07 times cash [to] and our cash equivalent to $265 million.

總體而言，第一季總營收年增 5%，淨收入創歷史新高，達到 2.1 億美元，這主要得益於加拿大成人用大麻業務和國際大麻業務的兩位數增長，分別實現了 12% 和 10% 的增長。本季度，我們繼續透過減少未償債務 770 萬美元來加強資產負債表，使我們的淨債務與 EBITDA 比率降至 0.07 倍現金，現金等價物達到 2.65 億美元。

Our results are underpinned by our deep understanding of product innovation and evolving what consumers prefer. This expertise allows us to shape innovative offerings and not only meet current demand, but anticipate future needs, keeping Tilray at the forefront of the cannabis, beverage and wellness markets.

我們的成果源自於我們對產品創新和消費者偏好變化的深刻理解。憑藉這種專業知識，我們能夠打造創新產品，不僅滿足當前的需求，還能預測未來的需求，使 Tilray 始終處於大麻、飲料和健康市場的前沿。

Today, Tilray owns and operates more than 40 unique brands in over 20 countries, and we are the predominant global cannabis leader trusted by patients, medical professionals and governments in over 20 countries and number one Canadian cannabis producer by revenue, the fourth largest craft beer producer in the United States and a market leader in branded hemp products across North America with our portfolio of high-protein hemp snacks and better-for-you products, holding nearly a 60% market share and now a leader in the new exciting hemp-derived Delta-9 THC beverages across the US.

如今，Tilray 在 20 多個國家擁有並經營 40 多個獨特的品牌，是全球領先的大麻企業，深受 20 多個國家的患者、醫療專業人士和政府的信賴。以收入計算，我們是加拿大排名第一的大麻生產商，美國第四大精釀啤酒生產商，也是北美品牌大麻產品的市場領導者，擁有高蛋白大麻零食和健康產品組合，市場份額接近 60%。現在，我們又成為美國新興的令人興奮的大麻衍生 Delta-9 THC 飲料的領導者。

We have built a diversified global platform that is a leader in every industry which we compete. Let me briefly review each business. Our Cannabis business, as I said, grew 5% year-over-year to $65 million. Globally, the cannabis industry continues to evolve, and Tilray has the cultivation and manufacturing agility at the right cost to compete and lead in any commercial markets around the world. Recent developments in the US have strengthened our optimism around rescheduling of medical cannabis, and we've seen in other countries as we've seen in other countries around the world.

我們已建立一個多元化的全球平台，在我們所涉足的每個行業都處於領先地位。以下我將簡單介紹一下各項業務。正如我所說，我們的大麻業務年增 5%，達到 6,500 萬美元。在全球範圍內，大麻產業不斷發展，Tilray 擁有合適的成本，具備種植和製造的靈活性，能夠在世界各地的任何商業市場中競爭並保持領先地位。美國最近的發展增強了我們對重新安排醫用大麻管制措施的樂觀情緒，我們在其他國家也看到了類似的進展，就像我們在世界其他國家看到的那樣。

We believe rescheduling would enhance our patient access and improve the quality of patient care, promote scientific research and support responsible regulatory framework. The medical cannabis industry in the US currently estimated to be at least a $10 billion market, which would create a potential opportunity for Tilray to capture at least a 3% to 5% market share, representing a significant $300 million to $500 million business opportunity.

我們相信，重新安排日程將改善患者的就醫途徑，提高患者護理質量，促進科學研究，並支持負責任的監管框架。據估計，美國醫用大麻產業目前的市場規模至少為 100 億美元，這將為 Tilray 創造潛在的機會，使其獲得至少 3% 至 5% 的市場份額，這意味著 3 億至 5 億美元的重大商機。

We've identified multiple pathways to participate in the US medical cannabis industry, positioning ourselves to take advantage of the substantial growth potential when it happens. In Q1, our Canadian cannabis business delivered strong results. Tilray reinforced its position as Canada's largest legal cannabis company by revenue with Q1 revenue up 4% year-over-year to $51 million.

我們已經確定了參與美國醫用大麻產業的多種途徑，以便在未來出現巨大成長潛力時能夠充分利用這一潛力。第一季度，我們的加拿大合法大麻業務取得了強勁的業績。Tilray 鞏固了其作為加拿大收入最高的合法大麻公司的地位，第一季營收年增 4%，達到 5,100 萬美元。

In the adult-use channel, Tilray was the top five licensed producer. We grew in market share, closing the gap to the number one LP in market share by 53 basis points. We held the number one position in key categories such as pre-rolls, beverages, oils, chocolate edibles. And by the end of the quarter, we also reached the number one spot in flower while maintaining our top 10 positions across all categories. Congratulations to Blair and his team.

在成人用品通路中，Tilray 是前五名的持牌生產商。我們的市佔率有所成長，與市佔率排名第一的LP之間的差距縮小了53個基點。我們在預菸、飲料、油、巧克力食品等關鍵類別中均位居第一。到季度末，我們在花卉領域也取得了第一名的好成績，同時在所有類別中都保持了前十名的位置。祝賀布萊爾和他的團隊。

We believe our extensive scale represents a significant competitive advantage within the Canadian market, where we manage approximately 5 million square feet of cultivation space and currently maintain 210 metric tons of cannabis in production with additional capacity readily available. This position us to effectively meet future demand. Furthermore, Tilray is well prepared to supply both European and US markets as regulatory framework develops these markets and it continues to expand.

我們相信，我們龐大的規模代表著我們在加拿大市場上的顯著競爭優勢，我們管理著約 500 萬平方英尺的種植空間，目前保持著 210 公噸大麻的生產，並且還有額外的產能隨時可用。這使我們能夠有效地滿足未來的需求。此外，隨著歐洲和美國市場監管框架的發展和市場的不斷擴張，Tilray 已做好充分準備，向這兩個市場供貨。

In Canada, we also foresee substantial potential as regulatory reforms may lead to transformative developments such as expanding cannabis in health care, unlocking new opportunities through proposed cannabis health products and broader insurance coverage, making medical cannabis more accessible to patients. On-premise consumption for THC beverages, which I believe is big, a rollout of on-site consumption to drive responsible use and create a vibrant experimental cannabis beverage market. And of course, regulatory modernization, which we've been talking about, updating the outdated policies that restrict competitiveness and paving the way for innovation and growth in Canadian cannabis industry.

在加拿大，我們也預見到巨大的潛力，因為監管改革可能會帶來變革性的發展，例如擴大大麻在醫療保健領域的應用，透過擬議的大麻保健產品和更廣泛的保險覆蓋範圍釋放新的機遇，使患者更容易獲得醫用大麻。我認為，THC 飲料的現場消費意義重大，推廣現場消費將推動負責任的使用，並創造一個充滿活力的實驗性大麻飲料市場。當然還有我們一直在談論的監管現代化，即更新限制競爭力的過時政策，為加拿大合法大麻產業的創新和發展鋪平道路。

Turning to our international business. Our international cannabis revenue grew 10% year-over-year to $13.4 million. And this is with not being able to obtain permits in Portugal to allow us to ship around the rest of the countries. And we remain uniquely positioned to gain market share as the global consumer preferences and the regulations evolve. In Germany, we continue to expand our commercial medical cannabis portfolio and are actively leveraging our Tilray Medical and CC Pharma distribution network across pharmacies throughout the country to drive further growth.

接下來談談我們的國際業務。我們的國際大麻業務營收年增 10%，達到 1,340 萬美元。而且，由於無法在葡萄牙獲得向其他國家發貨的許可，情況依然如此。隨著全球消費者偏好和監管政策的不斷變化，我們仍然擁有獨特的優勢來獲得市場份額。在德國，我們繼續擴大我們的商業醫用大麻產品組合，並積極利用我們在全國各地藥局的 Tilray Medical 和 CC Pharma 分銷網絡來推動進一步成長。

Looking ahead, we expect to increase our medical cannabis distribution footprint by threefold in fiscal 2026, significantly enhancing our reach and impact within the German pharmaceutical market, and we have that access through CC Pharma. In Italy, our Italian subsidiary, FL Group, received the first license from the Italian Ministry of Health to distribute medical cannabis flower for therapeutic use.

展望未來，我們預計在 2026 財年將醫用大麻分銷範圍擴大三倍，顯著增強我們在德國製藥市場的覆蓋面和影響力，而我們透過 CC Pharma 獲得了這種管道。在義大利，我們的義大利子公司 FL 集團獲得了義大利衛生部頒發的第一張許可證，可以分銷用於治療用途的醫用大麻花。

We also partner with Molteni, a leading Italian pharmaceutical company, to expand access to medical cannabis extracts and provide targeted education through their national network of medical and scientific professionals. We continue to expand our growing capabilities in both Portugal and Germany, strengthening our EU GMP certified cultivation infrastructure and to meet evolving global demand.

我們也與義大利領先的製藥公司 Molteni 合作，擴大醫用大麻萃取物的取得途徑，並透過其遍布全國的醫療和科學專業人員網路提供有針對性的教育。我們不斷擴大在葡萄牙和德國的產能，加強我們獲得歐盟GMP認證的種植基礎設施，以滿足不斷變化的全球需求。

Currently, we produce 21 metric tons of medical cannabis flower in Europe and have the capacity to significantly increase the amount as demand continues to grow. Our expanded growing operations not only supports our leadership in established markets, but also positions us to rapidly respond to the regulatory environments open across Europe and way beyond.

目前，我們在歐洲生產 21 公噸醫用大麻花，並且隨著需求的持續增長，我們有能力大幅提高產量。我們不斷擴大的種植業務不僅鞏固了我們在成熟市場的領先地位，也使我們能夠迅速應對歐洲乃至更廣泛地區的監管環境變化。

European cannabis reform continues to progress, and we're seeing that. And we're excited to witness important developments like the European Union's CATAPULT project and Spain's recent approval of medical cannabis. Tilray is proud already to be involved in medical cannabis research in Spain through a partnership with the University of Madrid, supporting advancements in patient care and responsible regulations across Europe.

歐洲大麻改革持續推進，我們已經看到了這一點。我們很高興見證一些重要進展，例如歐盟的 CATAPULT 計畫和西班牙最近批准醫用大麻。Tilray 很榮幸能夠透過與馬德里大學的合作參與西班牙的醫用大麻研究，支持歐洲病患照護和負責任的監管方面的進步。

Now on to our distribution. Our European medical distribution business, CC Pharma, continues to grow with revenue increasing 9% year-over-year to $74 million. This segment remains a significant driver of our European cannabis operations and our infrastructure provides a strategic advantage that enable us to capture increased market share as both the regulatory environment and industry landscape evolves across Europe. And as I said before, we have access to over 13,000 drug stores within the German market.

接下來是我們的分銷環節。我們的歐洲醫療分銷業務 CC Pharma 持續成長，營收年增 9%，達到 7,400 萬美元。這一領域仍然是我們歐洲大麻業務的重要驅動力，我們的基礎設施提供了戰略優勢，使我們能夠在歐洲監管環境和產業格局不斷變化的情況下，獲得更大的市場份額。正如我之前所說，我們在德國市場上擁有超過 13,000 家藥局的資源。

We remain confident in our global expansion strategy with Tilray well positioned to drive international growth and leveraging emerging opportunities across Cannabis, Beverage and our Wellness business.

我們對我們的全球擴張策略仍然充滿信心，Tilray 已做好充分準備，推動國際成長，並利用大麻、飲料和健康業務領域的新興機會。

International beverage, which is a new business for us, building on our international footprint, our infrastructure, our growth strategy, we will be accelerating the expansion of our nonalcoholic beverages portfolio across multiple international markets. We expect our brands, HiBall, Liquid Love, Runner's High to gain traction with consumer opportunities. We built a dedicated team focused exclusively on servicing our international customers.

國際飲料是我們的新業務，我們將依賴我們的國際佈局、基礎設施和成長策略，加速在多個國際市場拓展我們的非酒精飲料產品組合。我們期望我們的品牌 HiBall、Liquid Love 和 Runner's High 能夠抓住消費者的機遇，並獲得市場認可。我們組建了一支專門的團隊，專注於為我們的國際客戶提供服務。

This specialized team will ensure that our portfolio of leading craft brands is tailored to the taste and expectations of our global consumers while also supporting our long-term growth in high potential markets worldwide.

這支專業團隊將確保我們領先的精釀品牌組合能夠滿足全球消費者的口味和期望，同時支持我們在全球高潛力市場的長期成長。

By leveraging our established distribution networks and brand-building expertise, we are well positioned to capture growth opportunities in this fast-emerging category and delivering exciting new products to the international markets, and the demand for them is high. Notably, we've already secured a distribution partner in the UK for HiBall, ensuring rapid market entry and strong support for the brand in this key region.

憑藉我們成熟的分銷網絡和品牌建設專業知識，我們能夠很好地把握這一快速發展的新類別中的成長機會，並向國際市場提供令人興奮的新產品，而市場對這些產品的需求很高。值得一提的是，我們已經為 HiBall 在英國找到了分銷合作夥伴，確保該品牌能夠迅速進入市場，並在這一關鍵地區獲得強有力的支持。

Additionally, on the beer side, we recognize the growing demand for American craft beers in the international market. To further capitalize on this momentum, we're actively exploring all opportunities to grow this business, including international manufacturing opportunities, potential acquisitions to expand our reach and better serve our global customers.

此外，在啤酒方面，我們也注意到國際市場對美國精釀啤酒的需求日益增長。為了進一步利用這一發展勢頭，我們正在積極探索所有發展這項業務的機會，包括國際製造機會、潛在的收購，以擴大我們的業務範圍，並更好地服務我們的全球客戶。

In our US Beverage business, we continue to make progress against our beer integration, optimizing our strategy and our Project 420. We see long-term potential for the beverage category based on the diversification of our offerings and the superior products we produce. We've improved operations, leveraged acquired brands, supporting positive performance.

在美國飲料業務方面，我們繼續推進啤酒業務整合，優化策略，並推進「420項目」。我們認為，基於我們產品的多樣化和我們生產的優質產品，飲料類別具有長期發展潛力。我們改進了運營，利用了收購的品牌，從而實現了積極的業績成長。

Notably, many of these brands Tilray acquired were previously in decline and are now showing promising results with healthier growth trends and improved overall performance as we move to regain sales authorizations at retail that were lost. This turnaround underscores the success of our focused strategy and our commitment to revitalizing and growing our beverage beer portfolio.

值得注意的是，Tilray 收購的許多品牌先前都處於衰退期，但現在隨著我們重新獲得失去的零售銷售授權，這些品牌都展現出了令人鼓舞的成果，成長趨勢更加健康，整體業績也有所改善。這項轉變凸顯了我們專注策略的成功，以及我們致力於重振和發展啤酒飲料產品組合的決心。

Through Project 420, we've realized $25 million in annual savings, moving closer to our goal of $33 million. We continue to work closely with our distributors to concentrate on promoting strong brands in each of our markets.

透過“420 項目”，我們每年節省了 2500 萬美元，距離 3300 萬美元的目標更近了一步。我們將繼續與經銷商緊密合作，專注於在各個市場推廣強勢品牌。

In the quarter, we experienced growth across key brands and regions. Shock Top, the company's third largest brand, was among the fastest-growing craft brand with notable increase in both dollar sales and market share, driven in part by the successful launch of its [Ryde] pack, which has grown to be the number eight most popular new craft beer nationally. Trends continue to improve for Shock Top with a 30-point dollar trend improvement since Tilray acquired the brand in 2023.

本季度，我們的主要品牌和地區均實現了成長。Shock Top 是該公司的第三大品牌，也是成長最快的精釀啤酒品牌之一，其銷售額和市場份額均顯著增長，這部分得益於其 [Ryde] 包裝的成功推出，該包裝已發展成為全國第八大最受歡迎的新精釀啤酒。Shock Top 的發展趨勢持續改善，自 Tilray 於 2023 年收購該品牌以來，其美元趨勢已改善 30 點。

In the Southeast, Shock Top excelled with a 49% jump in dollar sales. SweetWater Daytrip IPA stood out as one of the top new items in the region. In Northeast, Montauk maintained its leading position in Metro New York and gained market share nationally with continued demand for its Wave Chaser IPA. Breckenridge Brewery led craft share gains in Colorado with its top Avalanche seasonal and Juice Drop and brands positioning double-digit growth.

在東南部地區，Shock Top 表現出色，銷售額成長了 49%。SweetWater Daytrip IPA啤酒在該地區新品中脫穎而出，成為最受歡迎的啤酒之一。在東北地區，Montauk啤酒廠憑藉其Wave Chaser IPA啤酒的持續需求，保持了在紐約都會區的領先地位，並在全國範圍內擴大了市場份額。布雷肯里奇啤酒廠憑藉其頂級季節性啤酒 Avalanche 和 Juice Drop 等品牌，引領了科羅拉多州精釀啤酒市場份額的成長，並實現了兩位數的成長。

And last but not least, Redhook outperformed regional craft beer brands propelled by Big Ballard Imperial IPA strong volumes and our velocity gains, while 10 Barrel Pub Beer 18-packs dominated craft sales in Oregon and 5% of all craft volumes. We also expanded our partnerships, including co-brand craft beer with the Oregon Ducks, perfect for college football season and a new partnership with Auntie Anne's for the launch of Shock Top Twisted Pretzel Wheat Beer. You got to try it. It's great.

最後，Redhook 的表現優於區域精釀啤酒品牌，這得益於 Big Ballard Imperial IPA 的強勁銷量和我們銷售速度的提升；同時，10 Barrel Pub Beer 18 瓶裝啤酒在俄勒岡州的精釀啤酒銷售中佔據主導地位，佔所有精釀啤酒銷量的 5%。我們還擴大了合作夥伴關係，包括與俄勒岡鴨合作推出聯名精釀啤酒，非常適合大學橄欖球賽季；以及與安妮阿姨合作推出 Shock Top Twisted Pretzel 小麥啤酒。你一定要試試。這很棒。

We are making beer fun again, and these partnerships and co-branding opportunities offer significant runway for us to widen our markets. In spirits category, which has been tough, we have introduced several world-class innovation, including Mock One, our new line of nonalcohol spirits, and Casa Breck in the tequila space.

我們正在讓啤酒再次變得有趣，這些合作關係和聯合品牌推廣機會為我們拓展市場提供了廣闊的空間。在競爭激烈的烈酒類別中，我們推出了幾項世界級的創新，包括我們的新無酒精烈酒系列 Mock One，以及龍舌蘭酒領域的 Casa Breck。

We've also introduced Mountain Shot, a unique beverage blend, which may take mushrooms available in pouches, which is a unique packaging format to enhance the shot experience and capture the free spirit essence of the Rocky Mountains just in time for ski season. We also kicked off our fifth-year partnership with the Denver Broncos with a new line of spirits, including limited editions Broncos Honey Whiskey and Broncos Orange Creamsicle ready-to-drink cocktail.

我們還推出了 Mountain Shot，這是一款獨特的混合飲料，其中可能含有袋裝蘑菇，這種獨特的包裝形式旨在提升飲用體驗，並捕捉落基山脈自由奔放的精神，恰逢滑雪季來臨。我們還推出了一系列新的烈酒，開啟了與丹佛野馬隊的第五年合作關係，其中包括限量版野馬隊蜂蜜威士忌和野馬隊橙子奶油冰棒即飲雞尾酒。

In the non-alc category, we're proud that our non-alc beer brand, Runner's High, which we only launched in fiscal 2025 is now recognized as one of the top 15 brands in non-alc beer and ranks the fourth fastest-growing non-alc beer in a hot category in the Southeast, selling across 4,500 distribution points.

在無酒精飲料類別中，我們很自豪地宣布，我們的無酒精啤酒品牌 Runner's High（該品牌於 2025 財年推出）現已被公認為無酒精啤酒前 15 名品牌之一，並在東南地區這一熱門類別中位列增長速度第四快的無酒精啤酒，銷售網絡覆蓋 4,500 個分銷點。

Following the success of our hemp-derived Delta-9 THC beverages, we've expanded Fizzy Jane and Happy Flower product lines to include 10-milligram formats, complementing the existing 5-milligram offerings and the consumers want these products. The innovative HD9 category, leveraging our craft beer infrastructure and distribution networks, enabling us to deliver high-quality products to consumers across 14 states. Whether they're new to the category or seeking enhanced experience, we have established partnership with retailers nationwide for HDD9 brands and now offer distribution to prominent wine, liquor outlets such as Total Wine & More, ABC Fine Wine & Spirits.

繼我們以大麻為原料的 Delta-9 THC 飲料取得成功之後，我們擴大了 Fizzy Jane 和 Happy Flower 產品線，推出了 10 毫克規格，作為對現有 5 毫克產品的補充，消費者也需要這些產品。創新HD9品類，充分利用我們精釀啤酒的基礎設施和分銷網絡，使我們能夠為遍布14個州的消費者提供高品質產品。無論消費者是初次接觸該品類，還是尋求更佳體驗，我們都已與全國各地的零售商建立了HD9品牌的合作關係，並開始向Total Wine & More、ABC Fine Wine & Spirits等知名葡萄酒和烈酒零售店供貨。

In addition, in Q1, we saw further growth in regional grocery channels, including ShopRite, Stew Leonard's and Winn-Dixie. We continue on building on this positive trajectory as we move into Q2 and the rest of the year.

此外，第一季我們在區域性食品雜貨通路（包括 ShopRite、Stew Leonard's 和 Winn-Dixie）實現了進一步成長。我們將繼續保持這一積極勢頭，並持續推進第二季度及今年剩餘時間的業績成長。

Today, our Beverage business operates more than 20 brands, including 15 American craft beer brands across 7 network manufacturing facilities and 16 brewpubs. We're well diversified across craft beer, spirits, non-alc and now HD9 and energy drinks. We know that there is plenty of opportunity for growth in the beverage category. We have the right leadership, and we're pursuing the right growth strategy, and I'm tremendously excited about the future and the opportunities in the large beverage category.

如今，我們的飲料業務旗下擁有 20 多個品牌，其中包括 15 個美國精釀啤酒品牌，分佈在 7 個生產基地和 16 家釀酒酒吧。我們在精釀啤酒、烈酒、無酒精飲料以及現在的HD9和能量飲料領域都擁有多元化的業務。我們深知飲料產業蘊藏著巨大的成長潛力。我們擁有正確的領導團隊，並且正在推行正確的成長策略，我對大杯飲料產業的未來和機會感到無比興奮。

Last but not least, now turning to our Wellness business, which is near and dear to my heart. Our Wellness business had a strong quarter, growing revenues to over $15 million. We continue to expand our Wellness portfolio with many launches of new offerings, new crackers, new hemp portfolio, new other products that are available at Whole Foods and other retailers. We are now in over 17,000 retailers across the US.

最後，我想談談我非常熱愛的健康產業。我們的健康業務本季表現強勁，營收成長至超過 1,500 萬美元。我們不斷拓展健康產品組合，推出眾多新產品、新餅乾、新的大麻產品組合以及其他可在全食超市和其他零售商購買的新產品。目前，我們的產品已進駐全美超過 17,000 家零售商。

These offerings are also launched in Amazon and many other online retailers. I'm highly confident in Tilray's outlook for the remainder of 2026 and beyond with regulatory environments in our industry poised for [meaningful] evolution. I fully expect positive change ahead, and I'm certain in our ability to adapt swiftly and we will strategically.

這些產品也在亞馬遜和許多其他線上零售商處推出。我對 Tilray 在 2026 年剩餘時間及以後的發展前景充滿信心，因為我們行業的監管環境即將迎來（意義深遠的）變革。我完全相信未來會有積極的改變，我確信我們有能力迅速適應，我們將採取策略性措施。

Our proven approach, robust product portfolio and exceptional team position us to seize every single opportunity, especially in Wellness, where we see us with significant expansive opportunities, and we're committed to unlocking new possibilities through continuous innovation, portfolio expansion, targeted investments, including the opportunities when strategic acquisitions happen. While we've made considerable progress, we recognize we have not yet reached our full potential, and we're far from it in the Wellness space. And that is the same with our Cannabis business and our Beverage business. There's lots of room and lots of white space for us.

我們成熟的方法、強大的產品組合和卓越的團隊使我們能夠抓住每一個機會，尤其是在健康領域，我們看到了巨大的發展機遇，我們致力於透過持續創新、產品組合擴展、有針對性的投資（包括策略性收購帶來的機會）來釋放新的可能性。雖然我們已經取得了相當大的進步，但我們也意​​識到我們還沒有發揮出全部潛力，尤其是在健康領域，我們離目標還很遠。我們的大麻業務和飲料業務也是如此。這裡有很多空間，也有很多留白給我們。

With that, I will now turn the call over to Carl for an in-depth look at our financials. Carl?

接下來，我會把電話交給卡爾，讓他深入分析我們的財務狀況。卡爾？

Thank you, Irwin. Please note that we present our financials in accordance with US GAAP and in US dollars. Throughout our discussions, we will be referring to both GAAP and non-GAAP adjusted results, and we encourage you to review the reconciliation contained within the press release of our reported results under GAAP with the corresponding non-GAAP measures.

謝謝你，歐文。請注意，我們的財務報表依照美國通用會計準則以美元列示。在我們的討論中，我們將同時提及 GAAP 和非 GAAP 調整後的結果，我們鼓勵您查看新聞稿中包含的 GAAP 報告結果與相應的非 GAAP 指標的調整表。

Now looking at our results, we are reporting record first-quarter net revenue, net income and a significantly improved adjusted free cash flow for the period. Further, we are reaffirming our 2026 guidance for adjusted EBITDA.

現在來看我們的業績，我們公佈了第一季淨收入、淨利潤均創歷史新高，並且該期間的調整後自由現金流也顯著改善。此外，我們重申對 2026 年調整後 EBITDA 的預期。

Net revenue for the first quarter was a record $210 million, a 5% increase year over year. This growth was driven primarily by increased cannabis sales in both Canada and our international markets and increased revenue in our distribution segment.

第一季淨收入創下2.1億美元的紀錄，較去年同期成長5%。這一成長主要得益於加拿大和國際市場的大麻銷售成長以及分銷部門收入增加。

Cannabis revenue increased 5% year-over-year to $64.5 million, driven by 12% growth of adult-use gross revenue and 10% growth in international cannabis. Higher excise taxes and declines in wholesale cannabis offset those double-digit results. We see material potential for the international segment and expect continued growth once we receive several permits that are currently backlogged in a few European countries.

大麻收入年增 5% 至 6,450 萬美元，其中成人使用大麻總收入成長 12%，國際大麻收入成長 10%。消費稅上漲和批發大麻價格下跌抵消了兩位數的成長。我們看到了國際市場的巨大潛力，並預計在獲得目前在歐洲幾個國家積壓的幾項許可後，將繼續成長。

Beverage revenue reached $55.7 million, driven by innovation and impacted by continued SKU rationalization. We advanced Project 420 and integrated acquired brands. Although craft brands and spirits faced challenges, new products contributed 2% to Q1 revenue, supporting our belief in the beverage category's long-term growth.

飲料收入達到 5,570 萬美元，這得益於創新，但也受到持續的 SKU 合理化的影響。我們推進了420項目，並整合了收購的品牌。儘管精釀品牌和烈酒面臨挑戰，但新產品為第一季營收貢獻了 2%，這印證了我們對飲料品類長期成長的信心。

Wellness revenue increased 3% year-over-year to $15.2 million because of our strategic focus on continued innovations with HiBall energy, our natural energy drink, high-protein super seeds and better-for-you breakfast and snacking, including the launch of two new offerings from Manitoba Harvest at Whole Foods. Distribution revenue increased 9% year-over-year to $74 million in the quarter, primarily as a result of the stronger euro.

由於我們持續專注於創新，包括推出天然能量飲料HiBall能量飲品、高蛋白超級種子以及更健康的早餐和零食，健康業務收入同比增長3%至1520萬美元，其中還包括在Whole Foods超市推出Manitoba Harvest的兩款新品。本季分銷業務營收年增9%至7,400萬美元，主要得益於歐元走強。

From a contribution perspective, 31% of net revenue was generated by our Cannabis business, 27% was generated by our Beverage business, 7% was generated by our Wellness business and 35% was generated by our Distribution business. This compares to contributions of approximately 31% for Cannabis, 28% for Beverage, 7% for Wellness and 34% for Distribution in the last fiscal quarter.

從貢獻角度來看，我們的大麻業務貢獻了 31% 的淨收入，飲料業務貢獻了 27%，健康業務貢獻了 7%，分銷業務貢獻了 35%。相較之下，上一財季大麻業務的貢獻率約為 31%，飲料業務約 28%，健康業務約 7%，分銷業務約 34%。

As our international cannabis business continues to expand, we expect to see higher contributions from our Cannabis segment over the remainder of the year. Gross profit for the quarter was $57.5 million compared to $59.7 million in the prior year period. Gross margin was 27% as compared to 30% last year. This decline was driven by lower margins in our Beverage and Cannabis businesses.

隨著我們的國際大麻業務不斷擴張，我們預計今年剩餘時間內大麻業務板塊的貢獻將會增加。本季毛利為 5,750 萬美元，而上年同期為 5,970 萬美元。毛利率為27%，去年同期為30%。這一下滑主要是由於我們的飲料和醫用大麻業務利潤率下降所致。

Looking at gross margin by segment. Cannabis gross margin was 36% compared to 40% last year as a result of a higher mix of sales in lower-margin categories such as infused pre-rolls and vapes, where we reentered some previously margin-prohibitive categories. We believe the decline this quarter is temporary and the actions we have taken to drive profitability and improve margins will be effective in the long term.

依業務板塊分析毛利率。由於注入式預捲菸和電子煙等低利潤類別的銷售額佔比增加，大麻毛利率從去年的 40% 降至 36%，我們重新進入了一些以前利潤率過低的類別。我們相信本季的下滑是暫時的，我們為提高獲利能力和利潤率而採取的措施，從長遠來看將是有效的。

Beverage gross margin was 38% compared to 41% last year. The decrease in gross margin is due to the inclusion of craft acquisition to sales, which have generally been lower margin. Wellness gross margin was flat year-over-year at 32%. Distribution gross margin was 11% compared to 12% last year based on changes in product mix. Net income was $1.5 million or [zero cents] per share compared to a net loss of $34.7 million or negative 4% per share in the prior year period.

飲料毛利率為 38%，去年為 41%。毛利率下降的原因是將工藝品採購收入計入銷售額，而工藝品採購的利潤率通常較低。健康業務毛利率與去年持平，為 32%。由於產品組合的變化，分銷毛利率為 11%，而去年為 12%。淨利潤為 150 萬美元，即每股 0 美分，而去年同期淨虧損為 3,470 萬美元，即每股虧損 4%。

Adjusted net income improved to $3.9 million or zero cents per share compared to an adjusted net loss of $6 million or negative $0.01 per share in the prior year.

調整後的淨利潤改善至 390 萬美元，即每股 0 美分，而上年經調整後的淨虧損為 600 萬美元，即每股虧損 0.01 美元。

Improvements in both metrics were a function of reduced SG&A costs, including amortization. Adjusted EBITDA for the quarter was $10.2 million compared to $9.3 million last year. Cash flow used in operations improved significantly to negative $1.3 million for the quarter from negative $35.3 million last year, representing a positive change of almost $35 million.

兩項指標的改善都得益於銷售、一般及行政費用（包括攤提）的降低。本季調整後 EBITDA 為 1,020 萬美元，而去年同期為 930 萬美元。本季經營活動所用現金流顯著改善，從去年同期的負 3,530 萬美元降至負 130 萬美元，減少了近 3,500 萬美元。

We continue to strengthen our balance sheet this quarter in terms of debt and cash positions. During the quarter, we raised $22.5 million under our ATM program, primarily after our stock increased to over $1 per share. Further, we exchanged $5 million of our convertible notes for equity early in the quarter, as we already discussed during our last earnings call.

本季我們將繼續加強資產負債表，包括降低債務和增加現金儲備。本季度，我們透過ATM計畫籌集了2,250萬美元，主要是因為我們的股價上漲至每股1美元以上。此外，正如我們在上次財報電話會議上討論的那樣，我們在本季初將500萬美元的可轉換債券轉換為股權。

During the quarter, we reduced our outstanding debt by $7.7 million, bringing our net debt position down to $3.9 million and our net debt to trailing 12 months adjusted EBITDA ratio to 0.07 times, all while ending the quarter with $265 million in cash plus another $1 million in digital assets.

本季度，我們減少了 770 萬美元的未償債務，使淨債務降至 390 萬美元，淨債務與過去 12 個月調整後 EBITDA 的比率降至 0.07 倍，同時本季度末我們擁有 2.65 億美元的現金以及價值 100 萬美元的數字資產。

These stronger debt and cash positions provide Tilray with greater flexibility for strategic opportunities, and we intend to continue reducing our debt and further strengthening our balance sheet as the year progresses. As already discussed, our confidence in our business, our strategy and our team has never been higher, and we are pleased to reaffirm our 2026 guidance, anticipating adjusted EBITDA between $62 million and $72 million.

更強的債務和現金狀況為 Tilray 提供了更大的戰略靈活性，我們計劃在今年繼續減少債務並進一步加強資產負債表。正如之前討論過的，我們對我們的業務、戰略和團隊的信心從未如此高漲，我們很高興重申我們對 2026 年的業績指引，預計調整後的 EBITDA 將在 6200 萬美元至 7200 萬美元之間。

We can now open the line for Q&A.

現在我們可以開放問答環節了。

(Operator Instructions) Aaron Grey, Alliance Global Partners.

（操作說明）Aaron Grey，Alliance Global Partners。

First question for me. I just want to talk a little bit about international growth opportunities in the near term. You offered some commentary in your prepared remarks. I just want to make sure I was understanding them correctly. So first of all, just further understanding in terms of where we stand today in terms of the impact on some of the permit delays that you've been having.

我的第一個問題是：我想簡單談談近期國際成長機會。你在事先準備好的發言稿中提出了一些意見。我只是想確認一下我是否理解正確。首先，我們需要進一步了解一下，就您目前遇到的許可證延誤問題而言，我們目前的處境如何。

And then some commentary, you provided, in terms of the growth, specifically, I think you're referring to medical cannabis business up 3x in fiscal year 2026 and talks about leveraging CC Pharma potential. I just want to make sure I was understanding that correctly. Were there some things that you're looking to leverage with CC Pharma business that you were not historically? So just any additional commentary on that would be helpful. Thank you.

然後，您還就成長方面提供了一些評論，具體來說，我認為您指的是醫用大麻業務在 2026 財年增長 3 倍，並談到了利用 CC Pharma 的潛力。我只是想確認一下我的理解是否正確。您是否希望利用 CC Pharma 業務中一些您過去沒有利用過的優勢？所以，任何補充意見都將不勝感激。謝謝。

Great. So a couple of your questions. Number one, in regards to permits, we spent a lot of time with the Portuguese government. We've spent a lot of time in Portugal. We're finally seeing permits coming through. And I feel good about that.

偉大的。回答你提出的幾個問題。第一，關於許可證方面，我們花了很多時間與葡萄牙政府打交道。我們在葡萄牙待了很久。我們終於看到許可證陸續發放了。我對此感到很欣慰。

Where the next big issue that we run into is the quota in Germany and just Germany opening up and increasing more imports into the German market, which we think ultimately that will happen. But it's not business going away. It just may shift from second quarter into third quarter, as the new quotas move into place in 2026. So with that, I feel we've made a lot of headway into the Portuguese permit situation. And we got more permits in the last two weeks than we've probably got in the last two months or so.

接下來我們遇到的一個大問題是德國的配額，以及德國開放市場並增加進口到德國市場的商品，我們認為這最終將會發生。但這並不意味著生意要倒閉了。只是可能會從第二季度推遲到第三季度，因為新的配額制度將於 2026 年生效。因此，我覺得我們在葡萄牙許可證問題上已經取得了很大進展。過去兩週我們獲得的許可證數量可能比過去兩個月左右獲得的數量還要多。

In regards to a couple of things, the demand in Europe is there. And with that, it's the availability and the growth. And with the team, and now we have moved some of the Canadian team into international. We look to grow and our facility today in Portugal is running about 50%. We have the opportunity to double that at 40 metric tons, and that's something we're working on. The other thing is to really increase our growth to probably 6 or 8 metric tons in our German facility. And also where the opportunity is in regards to bringing product, EU GMP product in from the Canadian market.

在某些方面，歐洲的需求是存在的。因此，關鍵在於可用性和成長。隨著團隊的壯大，我們現在已經將一些加拿大隊的隊員調到了國際賽場。我們希望發展壯大，目前我們在葡萄牙的工廠運作率約為 50%。我們有機會將產量翻一番，達到 40 公噸，這也是我們正在努力的方向。另一件事是真正提高我們在德國工廠的產量，可能達到 6 或 8 公噸。此外，還有從加拿大市場引進歐盟GMP產品的機會。

In regards to Germany, what I've said and what I was working through, CC Pharma, when we acquired it, it was a big part of our license and it was something that there was an opportunity. And what we're seeing is some great expansion with CC Pharma.

關於德國，正如我之前所說，以及我當時正在研究的，當我們收購 CC Pharma 時，它是我們授權的重要組成部分，也是一個機會。我們看到 CC Pharma 實現了巨大的擴張。

CC Pharma delivers to 13,000 drug stores today, and that is regular medicines, and the good thing is we're also seeing some good price increase and some good opportunities on the CC Pharma distribution business. But more importantly, as we integrate these businesses, whether it is on the sales side and the distribution side, we see CC Pharma being vertically integrated and distributing our medical cannabis to a lot more of these drug stores in the German market, and that's a big opportunity for us.

CC Pharma 目前向 13,000 家藥局供貨，而且都是常規藥品。好消息是，我們也看到 CC Pharma 的分銷業務價格上漲，並且出現了一些不錯的機會。但更重要的是，隨著我們整合這些業務，無論是在銷售方面還是分銷方面，我們看到 CC Pharma 實現了垂直整合，並將我們的醫用大麻分銷到德國市場上更多的藥店，這對我們來說是一個巨大的機會。

Thanks, Irwin. That's helpful color there. Second question for me, just in terms of rescheduling opportunities in the US. You offered some commentary, talking about seeing a number of different avenues that you guys are evaluating. Just curious, could you provide some color there if things were to open up and cannabis was rescheduled to Schedule III?

謝謝你，歐文。那是一種很醒目的顏色。我的第二個問題是關於在美國重新安排行程的機會。您之前提到過，你們正在評估幾種不同的途徑。我只是好奇，如果情況好轉，大麻被重新列為三級管制藥品，您能否提供一些相關資訊？

Do you feel like you already have the infrastructure within the existing business to be able to capture some of the opportunity organically? Or do you like some things might need to be done, vis-a-vis acquisition, to capture on that opportunity? I know there's a lot influx in terms of how that could actually look in a Schedule III scenario, but just any commentary on that would be greatly appreciated. Thank you.

您是否覺得您現有的業務架構已經具備了自然抓住一些機會的能力？或者，您認為在收購方面可能需要做一些事情才能抓住這個機會？我知道在第三類管制藥品的情況下，這種情況可能會有多種不同的表現形式，但任何評論都將不勝感激。謝謝。

Well, listen, as I've said before, we have 5 million square feet. We have today over 200-plus million metric tons of cannabis grow in Canada. We have a great Canadian medical infrastructure in Canada already servicing the Canadian market. Canadian market is 40 million people. So we service clinics up there. We have a group and an infrastructure that sells to the Canadian market today.

嗯，聽著，正如我之前所說，我們有500萬平方英尺。目前加拿大種植的大麻超過2億噸。加拿大擁有完善的醫療基礎設施，已經能夠服務加拿大市場。加拿大市場人口達4000萬。所以我們為那裡的診所提供服務。我們擁有一個團隊和一套基礎設施，目前已在加拿大市場銷售產品。

Talking about Europe, as we look to sell and our objective is to sell close to $100 million of medical cannabis in Europe, which is all medical cannabis, and there's plenty of research that we're doing over there for anxiety, for sleep, for cancer, for epilepsy. So taking that know-how and transferring into the US is something that's readily available.

說到歐洲，我們正著眼於銷售，我們的目標是在歐洲銷售價值近 1 億美元的醫用大麻，全部都是醫用大麻。我們正在那裡進行大量的研究，研究內容包括治療焦慮症、改善睡眠、治療癌症和癲癇。因此，將這些專業知識運用到美國是很容易實現的。

And last but not least, if there was an opportunity to partner with pharma company or there was something an opportunity for us to buy, we'd be ready and willing to enable to do that as we have the balance sheet potentially -- as we have the balance sheet to do that. So whether it's taking our current infrastructure, our current people, our current know-how, our current growth, our current research, our current genetics for medicine or partnering with a pharma company or buying something is something we're open and ready to do.

最後但同樣重要的是，如果有機會與製藥公司合作，或者有機會收購某些東西，我們隨時準備好並願意這樣做，因為我們有足夠的資產負債表來做到這一點。所以，無論是利用我們現有的基礎設施、現有人員、現有專業知識、現有成長、現有研究、現有醫學遺傳學，或是與製藥公司合作或收購某些東西，我們都持開放態度並隨時準備去做。

Bill Kirk, ROTH Capital Partners.

Bill Kirk，ROTH Capital Partners。

On the balance sheet, I see the $1 million in digital assets. I guess, were those investments you made? Or was it crypto that came in from customer payments? And then taking a step back on the topic, I guess, which coins, tokens, currencies do you prefer? And what are your cash allocation plans to the strategy given your cash generation and your equity issuance history?

在資產負債表上，我看到了價值 100 萬美元的數位資產。我猜，那些就是你所做的投資吧？或者說，是客戶支付的加密貨幣？那麼，回到這個主題，我想問的是，你比較喜歡哪些加密貨幣、代幣或貨幣？鑑於您的現金流量產生狀況和股權發行歷史，您在策略中如何分配現金？

So that is acquisition of a Bitcoin that we acquired three, four months ago. And with that, I'm going to let Lloyd Brathwaite just take you through some of our strategies that we're looking at from Bitcoin today as we see relevance with our current investors. Our current users are also Bitcoin users, and we see opportunities, as I said in previous meetings and previous releases that we see opportunities with Bitcoin in purchasing our products, in purchasing our beer products and we see opportunities with our current investors. Lloyd?

這就是我們三、四個月前獲得的比特幣。接下來，我將讓 Lloyd Brathwaite 為大家介紹我們目前正在研究的一些比特幣策略，這些策略與我們目前的投資者息息相關。我們目前的用戶也是比特幣用戶，正如我在先前的會議和先前的公告中所說，我們看到了使用比特幣購買我們的產品，購買我們的啤酒產品的機會，我們也看到了與我們現有投資者合作的機會。勞埃德？

Hi, everyone. So yes, we actually invested in Bitcoin, and we're also looking at some other assets such as Ethereum and Solana. One of the things part of our strategy that's core is enabling our websites so that we can actually accept Bitcoin. So that's going to be part of our strategy later this year. Additionally, we're looking at some investment opportunities from a marketing perspective as well as looking at tokenizing potentially some stock.

大家好。是的，我們確實投資了比特幣，而且我們也正在關注其他一些資​​產，例如以太坊和索拉納。我們策略的核心內容之一是使我們的網站能夠接受比特幣。所以這將是我們今年稍後策略的一部分。此外，我們正在從行銷的角度研究一些投資機會，並考慮將部分股票代幣化。

And with that, I just want to make sure, listen, we see the opportunities, we see the synergies with our products, with our investors, and we're not becoming that crypto company out there, but we see tremendous synergies as we expand Tilray into many new markets and many opportunities from that. And we're working with a lot of partners out there and making sure we have the right people that understand crypto and how to do it.

最後，我想強調的是，我們看到了機遇，看到了我們產品與投資者之間的協同效應，我們並不想成為那種加密貨幣公司，但隨著 Tilray 拓展到許多新市場，我們看到了巨大的協同效應，也看到了由此帶來的許多機會。我們正在與許多合作夥伴攜手合作，確保我們擁有了解加密貨幣及其運作方式的合適人才。

Thank you. And going back to Germany and Europe. I guess when you're servicing those markets, how much of the product has grown today in Portugal? How much is coming from your Broken Coast GMP facility in Canada? And how much that ends up in being sold in Germany and Europe is coming from a non-GMP facility of yours in Canada?

謝謝。再回到德國和歐洲。我想問的是，在服務這些市場時，如今該產品在葡萄牙的銷售量成長了多少？你們位於加拿大 Broken Coast 的 GMP 工廠的產量是多少？最後銷往德國和歐洲的產品中，有多少是來自你們位於加拿大的非GMP工廠？

And then I guess the bigger question, what are the risks that Germany changes the way they treat product conversion or product coming from Portugal?

那麼，更大的問題是，德國改變其對待產品轉換或來自葡萄牙的產品的方式會帶來哪些風險？

So listen, number one, the majority of our product today that is sold in Europe is coming from our facilities in Europe, okay? And when product does come from Canada, it goes into Portugal, it then goes to an EU GMP certified facility. So everything sold there is EU GMP certified, okay? With that, again, there's lots of possibilities.

首先，我們今天在歐洲銷售的產品大多來自我們在歐洲的工廠，好嗎？如果產品來自加拿大，它會先運到葡萄牙，然後再運到一家獲得歐盟GMP認證的工廠。所以那裡出售的所有商品都通過了歐盟GMP認證，懂嗎？因此，可能性很多。

We do have a good-sized German facility that can grow cannabis. We're one of the few. And I'm not sure why in the EU, that Germany would not allow European products to be shipped into the German marketplace. So that ultimately is something we're continuously talking to the German government about. And if they did that, there's not enough grow in German market today to be able to supply the market. So it's something that it'd be very difficult if the German authorities change the way products come into Germany.

我們確實在德國擁有一家規模相當大的工廠，可以種植大麻。我們是少數幾家之一。我不明白為什麼在歐盟內部，德國卻不允許歐洲產品進入德國市場。所以，這最終是我們一直在與德國政府討論的問題。即使他們那樣做，目前德國市場的產量也不足以供應市場。所以，如果德國當局改變產品進入德國的方式，將會非常困難。

Robert Moskow, TD Cowen.

Robert Moskow，TD Cowen。

This is Victor on for Rob Moscow. Two questions for me, please. First, can you give us the State of the Union for the Canadian adult use market? Curious on your thoughts on market maturity and your pricing power in the context of the [1%] growth you saw this quarter. How much of that maybe was like volume versus price?

這裡是維克多替羅布·莫斯科報道。請容許我問兩個問題。首先，您能否為我們介紹一下加拿大成人娛樂用大麻市場的現況？我很好奇您對市場成熟度和定價能力的看法，以及您本季所看到的 [1%] 的成長。其中有多少可能是銷售與價格的關係？

Blair, you're on the line. Blair NacNeil, our Head of our Canadian market. Blair, do you want to jump in and take that and I can add to it?

布萊爾，電話線在你那裡。布萊爾‧納克尼爾，我們加拿大市場的負責人。布萊爾，你想不想先接手，我再補充一些內容？

Yes, absolutely. Thanks, everyone. Yes, so in the quarter, we saw overall market pricing down 1.3% and volume was up 6.5%. For us, our pricing was actually up 2%, and our volume was ahead of the market. So it was a really strong quarter for us, both on the pricing side and on the volume side. As you saw, we were the only LP in the top five to grow share in the quarter. So very, very strong results.

是的，絕對是。謝謝大家。是的，本季整體市場價格下降了 1.3%，而成交量上升了 6.5%。對我們來說，我們的定價實際上上漲了 2%，銷量也領先市場。所以對我們來說，無論從價格還是銷售來看，這都是一個非常強勁的季度。正如你所看到的，我們是排名前五的有限合夥企業中唯一一家在本季實現市場佔有率成長的企業。結果非常非常出色。

In terms of market maturity, what I would tell you is, in the current regulatory environment, yes, volume has slowed in terms of growth rate, but still very healthy growth rates in the market. And I think what you'll see is over the next few quarters is that -- and Irwin kind of referenced this, is that you will see the regulatory environment improve, and I think you'll see growth continue to go. Overall, household penetration on cannabis in Canada is still at a very low number. So we see tremendous runway for growth in Canada within the regulatory framework.

就市場成熟度而言，我想說的是，在當前的監管環境下，是的，交易量成長放緩了，但市場仍然保持著非常健康的成長率。我認為在接下來的幾個季度裡，你會看到——正如歐文也提到的——監管環境將會改善，我認為成長將會繼續。總體而言，加拿大家庭吸食大麻的普及率仍然很低。因此，我們看到加拿大在監管框架內擁有巨大的成長空間。

I think I'll just jump on that for a second. The Canadian market was the first. And as we go into our sixth year, with that, again, from a regulatory standpoint, and what are we still sitting with, we're still sitting with a high excise tax. We're still sitting with lots of regulation. We've been through price compression. We've been through COVID. We've been through an illicit market. We've been through over 1,800 LPs that are out there, a lot of them have gone away, a lot of growth facilities. And we've gone through educating the Canadian consumer on the benefits of cannabis, and the legality of cannabis without in actuality being able to advertise. And we have built our good supply today, Blair, which is at retail about a $250 million brand.

我想我就先跳進去一小會兒。加拿大市場率先進入。進入第六年，從監管角度來看，我們仍然面臨高額消費稅的問題。我們仍然面臨大量的監管問題。我們經歷過價格壓縮時期。我們經歷過新冠疫情。我們曾涉足非法市場。我們已經考察了超過 1800 家 LP，其中許多已經倒閉，許多成長型企業也倒閉了。我們一直在努力向加拿大消費者普及大麻的好處和合法性，但實際上我們卻無法進行廣告宣傳。如今，我們已經建立了良好的供應體系，Blair 是一個零售額約 2.5 億美元的品牌。

Correct.

正確的。

And from that, that's what we've built over the last five, six years. We have over 5 million square feet to grow. We have the largest growth facility in Canada with 237 metric tons and maybe even more. So the Canadian market has been a great pivotal point for us.

而這正是我們過去五、六年所建立的一切。我們還有超過500萬平方英尺的土地可供發展。我們在加拿大擁有最大的生長設施，產能達 237 公噸，甚至更多。因此，加拿大市場對我們來說是一個非常重要的轉捩點。

Now what we're hoping for is, on excise tax, there are some concessions. We're hoping that the Canadian provincial governments allow us to sell our drinks into other retail outlets like restaurants that need help or independent retailers or liquor stores. We're looking for changes in regards to where medical cannabis is sold, where it's sold directly through drugstores. And that would change a lot for our Canadian market. So we look now for some big opportunities coming to the Canadian market. And Blair and his team have really put us in a good space there to really move beyond and a good grow in regards to our products.

現在我們希望的是，在消費稅方面能有一些優惠政策。我們希望加拿大各省政府允許我們將我們的飲料銷售給其他零售店，例如需要幫助的餐廳、獨立零售商或酒類商店。我們希望改變醫用大麻的銷售地點，特別是透過藥局直接銷售的地點。這將對我們的加拿大市場產生很大影響。所以我們現在期待加拿大市場能迎來一些重大機會。布萊爾和他的團隊確實為我們創造了一個良好的發展環境，使我們能夠真正超越現狀，並在產品方面取得長足進展。

Got it. And then my second question is, so beverage gross margin was about 50 bps lighter than kind of we expected. Can you remind us of your plan on improving profitability in that segment? And also, where are you on that path, that 420 path? And what still needs to be done?

知道了。我的第二個問題是，飲料毛利率比我們預期的低了約 50 個基點。您能否提醒我們一下您在提高該業務板塊盈利能力方面的計劃？還有，你在這條路上，這條420的路上，走到哪一步了？還有哪些工作要完成？

So as you saw, we've taken $25 million of cost out and there's more to go. We've gone through, and I think SKU rationalization, $20 million of SKU rationalization and there's more to go. We've closed three facilities so far. So come back in acquisitions, we have acquired close to 12 -- we closed 12 brands. We have closed -- we had 10 facilities. We've had 18 brewpubs, and also, we have over 900-plus distributors out there. So bringing this all together under one management, one infrastructure, and we're seeing progress, but there's a lot of wood to chop there yet to get those margins to where we need to do.

正如你所看到的，我們已經節省了 2500 萬美元的成本，而且還有更多工作要做。我們已經完成了 SKU 精簡，我認為已經投入了 2000 萬美元用於 SKU 精簡，但還有更多工作要做。我們目前已經關閉了三家工廠。回到收購方面，我們已經收購了近 12 個品牌——我們完成了 12 個品牌的收購。我們已經關閉了——我們之前有10家分店。我們已經擁有 18 家精釀酒吧，而且，我們還有 900 多家經銷商。因此，將所有這些整合到一個管理系統、一個基礎設施之下，我們看到了進步，但要達到我們所需的利潤率，還有很多工作要做。

And whether it's the procurement of cans, the procurement of hops. And one of the biggest things, which you heard me mention in my remarks, a lot of these brands, as we were buying them and decisions were made by the previous owners, we were delisted in a lot of retailers out there.

無論是罐頭的採購，還是啤酒花的採購。還有一件非常重要的事情，正如你們剛才聽到的，在我們收購這些品牌的過程中，由於前任所有者做出了一些決定，導致我們在許多零售商那裡被下架了。

So with that, you saw major declines in these businesses, and we missed the windows of getting these products in the stores. Now these windows have opened up, and getting these products now relisted in these retailers is something that we've been doing. And that's why whether it's Shock Top, whether it's Redhook, whether it's some of our other brands you're seeing the growth there. And that's what's going to happen to get our gross margins up here.

因此，這些企業出現了大幅下滑，我們也錯過了將這些產品上架銷售的最佳時機。現在這些機會窗口已經打開，我們一直在努力讓這些產品重新上架到這些零售商的貨架上。所以無論是 Shock Top、Redhook，還是我們的其他一些品牌，你都會看到它們的成長。這就是我們提高毛利率的辦法。

And listen, let's all face it, the beer category is not one of the easiest categories out there right now. And we're fighting through it, both on growth side, innovation side. And I've said it from the beginning, how do I make beer fun again. And that's something we're trying to do. Along the way, make money with it too.

聽著，我們都要面對現實，啤酒類別目前不是最容易涉足的類別之一。我們正在努力克服困難，無論是在成長方面還是創新方面。我從一開始就說過，怎麼樣才能讓啤酒再次變得有趣呢？而這正是我們正在努力做的事情。同時，還能從中賺錢。

Frederico Gomes, ATB Capital Markets.

Frederico Gomes，ATB 資本市場。

The first question, just thinking about the issues in Portugal. I'm curious how do you see that in terms of managing future risk in terms of your international strategy, whether you're taking steps to diversify your supply chain there? And how would you go about doing that?

第一個問題，只是想思考葡萄牙的問題。我很好奇，就您的國際策略而言，您如何看待管理未來風險，您是否正在採取措施使您在那裡的供應鏈多元化？那你打算怎麼做呢？

So number one, we've got 1.5 million square foot facility in Portugal. We're not picking up and moving it, okay? I mean, over a couple of hundred million dollars of built and it's a state-of-the-art facility. So I'm in Portugal, I got to stay there. So I got to figure out how to work within those confinements.

首先，我們在葡萄牙擁有一座佔地 150 萬平方英尺的工廠。我們不會把它搬走，好嗎？我的意思是，它耗資數億美元建成，而且是一座最先進的設施。所以我現在在葡萄牙，我得待在那裡。所以我必須想辦法在這些限制條件下工作。

And I must tell you, I've had some great meetings with two Ministers in Portugal at the highest levels, and they're very open. There's a new government in Portugal, and they want business. They don't want us leaving. They want to build upon our business there, and they've been very, very supportive of working with us. And since my meetings with our people, we've seen lots of changes and been getting our permits. So I feel good.

我必須告訴你們，我與葡萄牙兩位部長進行了幾次非常棒的會晤，他們級別很高，而且非常坦誠。葡萄牙新政府上台了，他們希望發展商業。他們不想讓我們離開。他們希望在那裡發展我們的業務，並且一直非常非常支持與我們合作。自從我與我們團隊的成員會面以來，我們看到了很多變化，並且已經獲得了許可。所以我感覺很好。

On the other hand, listen, we do have a facility in Germany, nowhere near what we have in Portugal. We do have the ability to ship from Canada, and where we would ship it directly into the UK and directly into other markets to ensure EU GMP. So we have options. But first and foremost, we are far from giving up on the Portuguese market.

另一方面，聽著，我們在德國確實有一個工廠，但規模遠不及我們在葡萄牙的工廠。我們有能力從加拿大出貨，並且我們會直接將產品運送到英國和其他市場，以確保符合歐盟GMP標準。所以我們有選擇。但首先，我們遠遠沒有放棄葡萄牙市場。

And other question here, just on Germany. Could you talk about the proposed change there in legislation in terms of prescriptions and how the market works? How do you think that could impact that market? And whether you think that draft that's going there may be approved or not as is? Or you expect changes to that draft? And in terms of timing as well, when do you think the market there could change in terms of the legislation?

這裡還有個問題，是關於德國的。您能否談談擬議的立法變更，特別是關於處方藥的規定以及市場運作方式？你認為這會對市場產生什麼影響？你認為提交的那份草案有可能獲得批准嗎？還是你希望對草案進行修改？就時間而言，您認為當地市場何時會因立法方面的變化而改變？

Listen, we're supportive of change. But again, I don't want to go there and speculate until I know what the change is, okay. And I think so far, the good news is what we're seeing is the continuous demand, and online prescription has not been one of the biggest drivers here.

聽著，我們支持改變。但是，在弄清楚具體變化之前，我不想妄加猜測，好嗎？我認為到目前為止，好消息是我們看到的是持續的需求，而線上處方並不是最大的驅動因素之一。

So if there is change, I think patients will find other ways to go out there and purchase cannabis. And it's interesting because Germany has a strong independent drug chains out there. There's no CVS, there's no Wallgreens. Individuals are allowed to own like six drug stores, are all independent. So like I said, there is multiple stores out there, it's not online. So I see even if it did change and you can't buy it online, there's still the retail outlets to go to out there.

所以如果情況發生變化，我認為患者會找到其他途徑購買大麻。有趣的是，德國擁有強大的獨立藥品供應鏈。這裡沒有 CVS，也沒有沃爾格林。個人可以擁有多達六家藥局，而且都是獨立的。就像我說的，有很多實體店，不是網路商店。所以我覺得，即使情況發生了變化，不能在網路上購買了，仍然可以去實體零售店購買。

And I'd like to see some of the change. There's lots of changes that we continuously talked about that didn't happen. And we, with our lobby groups, are out there working with the German government on what's the right thing for the patients because this here is important, too. The difference in medical cannabis is like medicine. If you didn't give patients access to get medicine, that's a problem. If you could not get your medicine and didn't have access, patients that are sick are dependent on, that's an issue.

我希望看到一些改變。我們不斷討論的許多變革最終都沒有發生。我們和我們的遊說團體正在與德國政府合作，爭取對病人最有利的方案，因為這裡也很重要。醫用大麻與藥物的差別就在於此。如果你不讓病人獲得藥物，那就是個問題。如果你拿不到藥，也無法取得病人賴以生存的藥物，那就會是個問題。

So this is being sold as medicine, from a medical standpoint, not from a recreational. If you don't get your cannabis from a recreational standpoint that may not be as an issue, but you're not getting your medicine and the government has to take that into view when they're deciding what they're going to do here.

所以，這種大麻是從醫療角度而非娛樂角度作為藥品出售的。如果你購買大麻並非出於娛樂目的，那可能沒什麼問題，但你購買的並非藥品，政府在決定如何處理此事時必須考慮到這一點。

Great. Let me just say this here. I know a lot have joined now. Unfortunately, not us. There was a technical problem with our provider. And those that were online did not hear my comments. Sorry about that, guys. You missed some great comments and Carl's comments, okay?

偉大的。我在這裡就說這麼多。我知道現在已經有很多人加入了。很遺憾，不是我們這邊的問題。我們的服務提供者那邊出了技術問題。而那些在線的人則沒有聽到我的評論。抱歉啊各位。你錯過了一些精彩的評論，還有卡爾的評論，好嗎？

If you want to hear me again say it, you can go online and listen, and I encourage you to do that because there's some really good information that both Carl and I delivered today. And I apologize. And the carrier, they'll hear from us and definitely disappointed. I know you heard music. So we had a lot more to say than the music. But please, it has been recorded. It is online, and you'll get every bit of it. And for some reason there's an issue, let Berrin know and we'll make sure you get it, and I'm really sorry about that.

如果你想再聽我講一遍，可以上網收聽，我鼓勵你這樣做，因為今天我和卡爾都分享了一些非常好的信息。我深表歉意。我們會聯絡承運商，他們肯定會非常失望。我知道你聽到音樂了。所以，除了音樂之外，我們還有很多話要說。但請注意，這段內容已被錄音。它在網路上，你會得到全部內容。如果有任何問題，請告知 Berrin，我們會確保您收到，對此我深感抱歉。

In regards to the analyst questions, I think you heard most of those. So you'll be able to get those. The analysts that were here, we're able to hear Carl in our remarks. So I apologize profusely for that. With that, thank you very much for your time today. I hope some of it wasn't wasted by not hearing our comment. But now you'll have to go online and listen to it.

關於分析師提出的問題，我想你們大部分都聽到了。所以你們都能拿到這些資訊。在場的分析師們，我們都能聽到卡爾的發言。因此，我對此深表歉意。最後，非常感謝您今天抽出時間。我希望沒有因為我們沒有聽到我們的意見而造成一些損失。但現在你必須上網收聽了。

It's only Q1 in 2026. One of our smaller quarters. There's a lot to do. And as you can see, we have a lot of good things in place, and trust me, there has been times like you look at and sort of say, what the heck are we doing here, when you look at your stock price, you look at different things. But this team in over five years really have brought a lot together here in rebuilding a Canadian cannabis business basically from scratch, building facilities, building brands, building products, building different strains, genetics, new innovation and some of the new innovation that's coming out of there, building infrastructure and sales and marketing teams. And again, going through price compression, going through COVID, going through the illicit market as one of your biggest competitor out there, and I really want to commend the Canadian team and what they've been able to do.

現在才到2026年第一季。我們較小的宿舍之一。有很多事情要做。正如你所看到的，我們已經採取了很多好的措施，相信我，有時候你會看著你的股價，然後想，我們到底在幹什麼，你會考慮很多不同的事情。但這個團隊在五年多的時間裡，確實取得了巨大的成就，基本上從零開始重建了加拿大的大麻業務，包括建設設施、打造品牌、開發產品、培育不同的品種、基因技術、進行創新以及由此產生的一些新創新，同時還建立了基礎設施和銷售營銷團隊。再次強調，經歷了價格壓縮、新冠疫情以及與非法市場（作為你最大的競爭對手之一）的對抗之後，我真的要讚揚加拿大團隊以及他們所取得的成就。

In regards to our international cannabis business, same thing. It has come together basically with the acquisition of Tilray, and it is really a business that I see tremendous opportunities. And we now are getting requests in different countries, whether India, Middle East and places like that in regards to medical cannabis and the opportunities there, and there's a lot of countries and there are a lot of different countries out there that are realizing the benefits of that and also realizing the benefits of medical cannabis versus medicines and cost of drugs in that out there today, and what the benefits will be. So I see big opportunities for us today.

對於我們的國際大麻業務，情況也是如此。它基本上是透過收購 Tilray 而形成的，我認為這確實是一項極具發展潛力的業務。現在，我們收到了來自不同國家（例如印度、中東等地）關於醫用大麻及其機會的諮詢。許多國家都意識到了醫用大麻的好處，也意識到了醫用大麻相對於現有藥物的優勢和成本，以及它帶來的益處。所以我認為我們今天面臨著巨大的機會。

Rajnish Ohri has joined us as new Head of Europe and is bringing the teams together. And we've done a lot with our Canadian teams to integrate these businesses to get synergies and savings and to get a lot of the know-how because one of the things -- cannabis is agriculture. It's growing, it's yield, it's the size of the flower, it's the potency, and that is something that's important out there.

Rajnish Ohri 已加入我們擔任歐洲區負責人，他正在整合各個團隊。我們已經與加拿大團隊做了很多工作來整合這些業務，以獲得協同效應和節省成本，並獲得很多專業知識，因為其中一點是——大麻屬於農業。它的生長速度、產量、花朵大小、效力，這些都是非常重要的因素。

And this is not an industry that -- it's an industry that's spread around the illicit market for many, many years, but it's not an industry that's been around from a legalized market. It's not an industry that's been around from a growth, from a research and development that's all coming together. And countries are realizing the opportunities and what they're doing, not allowing their citizens and patients to be able to buy these products. The other thing they're realizing is there's tax dollars that they're missing and if tax dollars are being sold through an illicit market.

而且，這並不是一個——這是一個在非法市場中存在了很多很多年的行業，而是一個在合法市場中存在的行業。它並非一個從發展到研發融合而成的產業。各國正在意識到其中的機會，以及他們正在採取的措施：不允許他們公民和病人購買這些產品。他們也意識到，這意味著他們損失了稅款，而這些稅款卻透過非法市場出售。

In regards to rescheduling, President Trump with his different tweets and his different comments, I think, realizes that something has to happen here in rescheduling. Last week with his tweet or two weeks ago in regards to CBD, in regards to senior citizens, and I can't tell you how many people tell me in using CBD and THC products in regards to pain and anxiety and that and the benefits for it.

關於重新安排日程的問題，我認為，川普總統透過他不同的推文和不同的評論，意識到必須對重新安排日程做出一些改變。上週或兩週前，他在推特上談到了 CBD 對老年人的作用，我無法告訴你，有多少人告訴我，使用 CBD 和 THC 產品可以緩解疼痛和焦慮，並帶來諸多益處。

What we're seeing today on our Delta-9 products and being sold in limited states and the demand for it. Again, what Blair has seen in the Canadian market with building a $40-plus million business and today, just being sold within cannabis stores. And again, at prices that are not the cheapest prices out there. So we see tremendous opportunity in the Beverage business.

我們目前看到的是 Delta-9 產品在部分州銷售的情況以及市場需求。再說一遍，布萊爾在加拿大市場看到了這一點，他打造了一個價值超過 4,000 萬美元的企業，而如今，這些產品只是在大麻商店裡銷售而已。而且，價格也不是市面上最便宜的。因此，我們看到了飲料行業的巨大機會。

In regards to our Beverage business, it's work we got to do. And again, we got into it in 2020 with the acquisition of SweetWater, acquired Montauk, acquired other brands and the businesses from ABI and then the business from Molson. We got some great brands, but bringing it all together is a lot of work, bringing the facilities together, getting the cost out, getting the margins out, getting the right facilities. And that's something that Tilray is doing and the team is doing out of Atlanta to bring all this together. And as I said before, not an easy business today with changes happening, but we will be in the Beverage business, not just the beer business. And with that, there's a lot of interest in products we're working on.

至於我們的飲料業務，那是我們必須要做的工作。2020 年，我們再次涉足這一領域，收購了 SweetWater，收購了 Montauk，從 ABI 收購了其他品牌和業務，然後從 Molson 收購了業務。我們擁有一些很棒的品牌，但要把所有這些整合起來是一項艱鉅的工作，包括整合設施、降低成本、提高利潤率以及獲得合適的設施。而這正是 Tilray 和亞特蘭大團隊正在做的事情，目的是將所有這些整合起來。正如我之前所說，如今瞬息萬變，這並非一個容易的行業，但我們將涉足飲料行業，而不僅僅是啤酒行業。因此，我們正在研發的產品引起了許多人的興趣。

In regards to our Spirits business. The team is working with our distributor, RNDC. And we've really put a plan in place with RNDC to be in our major markets. Yes, the bourbon category is a tougher category today than it was, but Breckenridge Bourbon is a great tasting product out there, and there's great demand in certain markets. At the same time, our vodka has great demand and our gin and some of our new products that we've come out with are really, really good products and some of the first timer innovation.

關於我們的烈酒業務。團隊正在與我們的經銷商 RNDC 合作。我們已經與 RNDC 制定了一項計劃，以進入我們的主要市場。是的，如今波本威士忌市場競爭比以前更加激烈，但布雷肯里奇波本威士忌是一款口感極佳的產品，在某些市場需求量很大。同時，我們的伏特加需求量很大，我們的金酒以及我們推出的一些新產品都是非常好的產品，其中一些是首次創新。

And last but not least, you hear me talk about our Wellness business. What Jared and team have done on Wellness where we acquired this, there was a negative EBITDA of about $5 million, $6 million and where it's turned around to today, and somebody that's been part of the Wellness category since 1992, '93 and see the growth.

最後，您也會聽到我談談我們的健康產業。Jared 和他的團隊在我們收購的健康領域所做的一切，當時的 EBITDA 為負 500 萬到 600 萬美元，而如今已經扭轉了局面。自 1992 年、1993 年以來，一直從事健康領域的人都見證了這一增長。

And it's all we talk about Wellness. Wellness and Food in regards to the Trump Administration and taking colorings out of food today, higher protein, protein, protein, protein and some of the highest protein is in hemp foods because it's a plant that's grown. So we're in a lot of different categories. We're in a lot of unique places. You look at our balance sheet in regards to our debt-to-equity. It's in a great place. We ended the quarter with $260 million of cash. So there's a lot of good things happening, but there's a lot of work to do.

我們談論的都是健康養生。就川普政府而言，健康和食品領域正在努力去除食品中的色素，而如今，高蛋白食品，尤其是大麻食品，由於大麻是一種植物，其蛋白質含量非常高。所以我們屬於很多不同的類別。我們身處許多獨特的地方。您可以查看我們的資產負債表，以了解我們的負債權益比率。它地理位置絕佳。本季末，我們持有現金2.6億美元。所以現在有很多好事發生，但也有很多工作要做。

I really want to thank our team that really makes this happen and rolls up our sleeves. Even though there's 2,500 employees around the world here, not a lot for a lot we got to get done. So with that, I want to thank everybody for listening. Please go back and re-listen to our comments. There's a lot of good comments that come out of today. Thank you to our shareholders for your support. And get out there and vote as we have our AGM coming up. With that, have a great Thursday, and I look forward to speaking to you in the new year with our Q2 results. Thank you.

我真心感謝我們的團隊，是他們讓這一切成為可能，並為此付出了辛勤努力。儘管我們在全球擁有 2500 名員工，但對於我們大量的工作來說，人手仍然不夠。那麼，我要感謝大家的聆聽。請返回並重新聽一遍我們的評論。今天有很多不錯的評論。感謝各位股東的支持。請大家積極參與投票，我們的年度股東會即將召開。祝您週四愉快，期待在新的一年與您分享我們第二季的業績。謝謝。

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

謝謝。今天的電話會議到此結束。您可以在此時斷開線路。感謝您的參與。