Tilray Brands Inc (TLRY) 2026 Q2 法說會逐字稿

Thank you for joining today's conference call to discuss Tilray Brands' financial results for the second quarter fiscal year 2026 ended November 30, 2025. (Operator Instructions)

感謝您參加今天的電話會議，討論 Tilray Brands 截至 2025 年 11 月 30 日的 2026 財年第二季度財務業績。（操作說明）

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

現在我將把電話交給 Tilray Brands 的首席企業事務和傳播官 Berrin Noorata 女士。謝謝。你可以開始了。

Thank you, operator, and good afternoon, 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，大家下午好。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 second 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；隨後是首席財務官 Carl Merton，他將回顧我們 2026 財年第二季度的財務業績。

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 very much, Berrin, and good afternoon, everyone, and happy new year. Thank you so much for joining us today. We delivered a strong second quarter marked by record results and a beat against analyst expectations in the face of strong headwinds. We recorded our highest ever Q2 net revenue of $218 million achieved in an adjusted EBITDA of $8.4 million, and a reported reverse stocks with adjusted EPS loss of $0.02, all while generating an adjusted cash operating income of $6 million.

非常感謝你，貝琳，大家下午好，新年快樂。非常感謝您今天能來參加。儘管面臨許多不利因素，我們第二季業績表現強勁，創下歷史新高，並超越分析師預期。我們第二季淨收入創歷史新高，達到 2.18 億美元，調整後 EBITDA 為 840 萬美元，報告的反向股票調整後每股虧損為 0.02 美元，同時實現了 600 萬美元的調整後現金營運收入。

More importantly, the quality of our performance continues to improve. Highlights this quarter include a 51%, sequential growth in the international cannabis revenue and a meaningful year-over-year improvement in both net income and free cash flow.

更重要的是，我們的演出品質持續提升。本季亮點包括國際大麻收入較上季成長 51%，以及淨收入和自由現金流較去年同期均有顯著改善。

We also continue to strengthen our balance sheet. We ended the quarter with approximately $292 million in cash and marketable securities and reduced our debt by approximately $4 million during Q2, leading to a strong net cash position exceeding our debt by almost $30 million. In a rapidly evolving global cannabis regulatory environment, particularly in the US, our liquidity and balance sheet strength remains a clear strategic advantage.

我們也持續加強資產負債表。本季末，我們持有約 2.92 億美元的現金和有價證券，並在第二季度減少了約 400 萬美元的債務，從而使淨現金狀況強勁，比債務高出近 3000 萬美元。在全球大麻監管環境快速變化的背景下，尤其是在美國，我們的流動性和資產負債表實力仍然是一個明顯的戰略優勢。

Today, Tilray operates more than 40 brands in more than 20 countries. We are a global leader in cannabis trusted by patients, healthcare professionals, and regulators worldwide. We are the number one cannabis producer in Canada revenue, the fourth largest craft beer brewer in the United States, and a market leader in branded hemp wellness products across North America, where our high-protein hemp food portfolio holds a nearly 60% market share.

如今，Tilray 在 20 多個國家經營著 40 多個品牌。我們是全球領先的大麻企業，深受全球患者、醫療保健專業人員和監管機構的信賴。我們是加拿大收入最高的大麻生產商，美國第四大精釀啤酒釀造商，也是北美品牌大麻保健產品的市場領導者，我們的高蛋白大麻食品產品組合佔據了近 60% 的市場份額。

Our Q2 results reinforces the momentum we discussed last quarter, improving fundamentals, sharper execution, and increasing leverage from our diversified global platform across cannabis, beverage, and wellness.

我們第二季的業績鞏固了我們上個季度討論的發展勢頭，基本面得到改善，執行力更加精準，並且我們多元化的全球平台在涵蓋大麻、飲料和健康領域的影響力不斷增強。

Let's turn to our cannabis business, which is strategically positioned for its next phase of growth. While global cannabis markets continue to evolve, we believe the industry remains early in its long-term development cycle. The decision by President Trump to federally reschedule cannabis in the US represents one of the most consequential regulatory shifts that the industry has seen in decades.

讓我們來看看我們的大麻業務，該業務已做好進入下一階段成長的策略準備。儘管全球大麻市場不斷發展，但我們認為該產業仍處於長期發展週期的早期階段。川普總統決定在美國聯邦層級重新安排大麻的管制級別，這是該行業幾十年來面臨的最具影響力的監管變革之一。

Thank you, President Trump, if you're listening today. This is a moment Tilray has been preparing for methodically for years. And guess what, we are ready to go. We believe that cannabis rescheduling for Schedule III will lead the US towards a federally compliant medical cannabis brainwork.

川普總統，如果您今天能聽到這番話，請接受我的感謝。這是Tilray多年來有條不紊地準備的時刻。你猜怎麼著，我們已經準備出發了。我們相信，將大麻重新歸類為第三類管制藥品將引領美國邁向符合聯邦規定的醫用大麻策略。

Consistent with our other developed international markets, Tilray is positioned to act immediately. We already have the platform, regulatory experience, operating capabilities, and leadership team in place with Tilray Medical US to execute responsibly and to scale.

與我們在其他國家的成熟國際市場一樣，Tilray 已做好立即採取行動的準備。我們已經擁有了平台、監管經驗、營運能力和領導團隊，與 Tilray Medical US 合作，能夠負責任地執行並擴大規模。

Globally, Tilray Medical is expected to generate approximately $150 million in revenue on an annual run rate. We offer over 200 medical cannabis products, serving more than 500,000 registered patients worldwide. We have participated more than 25 medical cannabis studies and clinical trials conducted in the US, Canada, Australia, Argentina, and across Europe, with leading hospitals, physicians addressing conditions such as pediatric epilepsy, cancer-related nausea, PTSD, chronic pain, anxiety, essential tremors, alcohol use disorders, glioblastomas, cannabinoid impairment, and driving performance.

預計 Tilray Medical 在全球每年將產生約 1.5 億美元的收入。我們提供超過 200 種醫用大麻產品，服務全球超過 50 萬名註冊患者。我們參與了在美國、加拿大、澳洲、阿根廷和歐洲各地進行的 25 多項醫用大麻研究和臨床試驗，與領先的醫院和醫生合作，研究了兒童癲癇、癌症相關噁心、創傷後壓力症候群、慢性疼痛、焦慮、特發性震顫、酒精使用障礙、膠質母細胞瘤、大麻素損害和駕駛能力等疾病。

These initiatives reinforce Tilray's reputation as a science-driven evident-based medical cannabis company, and they underscore the trust placed in us by healthcare professionals, patients, and regulators globally. We also possess one of the largest banks of cannabis genetics, which we intend to study in order to support research on the endocannabinoid system and advance medical cannabis science further.

這些舉措鞏固了 Tilray 作為一家以科學為導向、以證據為基礎的醫用大麻公司的聲譽，也凸顯了全球醫療保健專業人員、患者和監管機構對我們的信任。我們還擁有最大的大麻基因庫之一，我們打算對其進行研究，以支持內源性大麻素系統的研究，並進一步推進醫用大麻科學的發展。

Now let's turn to Q2 cannabis performance. Global cannabis revenue increased to $68 million, our high-margin international cannabis business led the growth, increasing 36% year over year and 51% substantially to $20 million, marking one of our strongest international quarters to date, and we fully expect this momentum to continue as we expand our global footprint. This performance is particularly notable given ongoing permit challenges, regular transitions in Portugal and Germany, and continued price compression, especially in flower.

現在我們來看看第二季大麻產業的表現。全球大麻收入成長至 6,800 萬美元，其中高利潤的國際大麻業務引領成長，年增 36%，並大幅成長 51% 至 2,000 萬美元，這是我們迄今為止最強勁的國際季度之一，我們完全相信隨著我們擴大全球業務，這一勢頭將繼續下去。考慮到持續不斷的許可挑戰、葡萄牙和德國的定期過渡以及持續的價格壓縮（尤其是花卉價格），這一業績尤其值得關注。

I'd like to acknowledge and thank the international team for their focused execution under these circumstances. I also want to recognize our Canadian cannabis team for their expertise, support, and supply contribution. Additionally, I appreciate the cooperation of Infarmed and the Portuguese regulators for facilitating improvements to permitting approval timelines.

我要感謝國際團隊在這樣的情況下所展現的專注與效率。我還要感謝我們的加拿大團隊，感謝他們的專業知識、支持和供應貢獻。此外，我感謝 Infarmed 和葡萄牙監管機構的合作，他們促進了許可審批時間的改進。

Looking ahead, Europe, particularly the UK and Poland, represents a significant growth opportunity for us. Execution will be driven by operational disciplines, including process improvement, automation, cross-functional coordination, and increased utilization at our cultivation facilities in Portugal and Germany and utilizing our Canadian facilities. Tilray operates one of the largest cannabis footprints in Europe which we're continuing to expand, and our advantage lies in scale, speed to market data-driven decisions making and experience gained from our Canadian operation.

展望未來，歐洲，特別是英國和波蘭，對我們來說代表著巨大的成長機會。執行將以營運紀律為驅動，包括流程改進、自動化、跨職能協調，以及提高我們在葡萄牙和德國的種植設施的利用率，並利用我們在加拿大的設施。Tilray 在歐洲擁有規模最大的大麻業務之一，我們也持續擴大業務規模。我們的優勢在於規模、快速上市、數據驅動的決策以及從我們在加拿大的營運中獲得的經驗。

Moving on to Tilray Pharma and our distribution business. As discussed last quarter, we're expanding our pharmacy reach in Germany, utilizing Tilray's Pharma expansive pharmacy network and salespeople, and expect to triple our medical cannabis distribution footprint in fiscal 2026. We remain on track to achieve these objectives.

接下來談談Tilray Pharma和我們的分銷業務。正如上個季度所討論的，我們正在擴大我們在德國的藥房覆蓋範圍，利用 Tilray Pharma 龐大的藥房網絡和銷售人員，預計到 2026 財年，我們的醫用大麻分銷範圍將擴大三倍。我們仍有望實現這些目標。

In terms of Q2 performance, revenue grew by 26% year over year and 15% sequentially to $85 million, making it our biggest quarter ever, while improving our gross margins. The increase in distribution revenue in the period was driven by competitive pricing, portfolio optimization and increased focus on medical device sales.

在第二季業績方面，營收年增 26%，季增 15%，達到 8,500 萬美元，成為我們有史以來業績最好的一個季度，同時毛利率也有所提高。該期間的分銷收入成長得益於具有競爭力的定價、產品組合優化以及對醫療器材銷售的日益重視。

Looking ahead, Tilray Pharma is laser focused on enhancing operational efficiency to support its commercial expansion into 3,000 additional pharmacies through strategic partnerships. As medical cannabis continues to expand globally, Tilray Pharma is positioned to play a significant role in our overall growth. By utilizing insights gaining through integrating our medical operations, Tilray Pharma aims to strengthen its business value and create new growth opportunities within both the European medical market and the US.

展望未來，Tilray Pharma 將全力提升營運效率，透過策略合作，支持其業務拓展至另外 3,000 家藥局。隨著醫用大麻在全球範圍內的持續擴張，Tilray Pharma 將在整體成長中發揮重要作用。透過整合我們的醫療業務所獲得的洞察力，Tilray Pharma 旨在增強其業務價值，並在歐洲醫療市場和美國創造新的成長機會。

International markets remain one of Tilray's most compelling long-term growth drivers as we expect market opportunities, revenue, profitability continues to grow. In Canada, our cannabis business continues to reinforce its leadership position. During Q2, our adult-use medical sales channel, net of excise tax, grew to $46 million with recreational cannabis growing 6% in the quarter.

國際市場仍然是 Tilray 最具吸引力的長期成長動力之一，我們預計市場機會、收入和獲利能力將繼續成長。在加拿大，我們的合法大麻業務持續鞏固其領先地位。第二季度，我們的成人用醫療銷售管道（扣除消費稅後）成長至 4,600 萬美元，其中娛樂用大麻在本季度增長了 6%。

Tilray continues to hold a leading market position in dried flower, non-infused pre-rolls, beverages, oils, and chocolate edibles. Our disciplined approach to product mix, margin management, and premium pricing has supported our strategic reentry into the high-growth segments as vapes and induced pre-rolls with a focus on accretive margins.

Tilray 在乾燥花、非注入式預捲菸、飲料、油類和巧克力食品領域繼續保持領先的市場地位。我們嚴謹的產品組合、利潤管理和溢價策略，支持我們策略性地重新進入高成長領域，如電子煙和預捲煙，並專注於提高利潤率。

In Q2, we advanced our innovation pipeline with the launch of Redecan Amped Live Resin Liquid Diamond vapes, addressing consumers' demand for the full spectrum of cannabinoid strain-specific terpenes that deliver an authentic planned profile. This product combines 80% of live resin with 20% of liquid diamonds, maximizing potency while maintaining natural flavor integrity.

第二季度，我們推出了 Redecan Amped Live Resin Liquid Diamond 電子煙，進一步推進了我們的創新產品線，滿足了消費者對能夠提供真實、精心調配的大麻素菌株特定萜烯的全譜需求。本產品結合了 80% 的活性樹脂和 20% 的液態鑽石，在最大限度地發揮效力的同時，保持了天然風味的完整性。

In addition, we entered the Quebec market with vapes with the Good Supply brand, rapidly achieving that top three SKU positions in the province while underscoring effective execution and strong consumer update. Operationally, we hit our highest quarterly volume in two years with over 5.5 million units shipped in Canada in Q2.

此外，我們以 Good Supply 品牌的電子煙產品進入魁北克市場，迅速在該省取得了前三名的 SKU 排名，同時強調了有效的執行和強大的消費者更新。在營運方面，我們第二季在加拿大的出貨量超過 550 萬台，創下兩年來的最高季度銷售量。

We also completed our first harvest from our restarted outdoor cannabis grow in Cayuga, Ontario, exceeding expectations on the THC content. With this extra biomass, our cannabis cultivation capacity rises to 200 metric tons annually. But this boost not only allows us to provide high-quality products at reduced costs and improve our profit margin, but also helps us expand into fast-growing markets, supplying both Canadian and international customers, including those in Europe to meet increasing global demand.

我們也完成了在安大略省卡尤加重新開始的戶外大麻種植的首次收成，THC 含量超出了預期。有了這些額外的生物質，我們的大麻種植能力每年可提高到 200 公噸。但這一成長不僅使我們能夠以更低的成本提供高品質的產品並提高利潤率，而且還有助於我們拓展到快速成長的市場，為加拿大和國際客戶（包括歐洲客戶）供貨，以滿足不斷增長的全球需求。

The positive momentum of the past two quarters reflect the trajectory of Canadian cannabis business. With the right product mix, healthy margins, we're well positioned to elevate this business in the second half of 2026 and beyond.

過去兩個季度的積極勢頭反映了加拿大合法大麻產業的發展軌跡。憑藉合適的產品組合和健康的利潤率，我們有能力在 2026 年下半年及以後提升這項業務。

With the rescheduling of cannabis in the US, now is the time for Canada to modernize its regulation and secure its position as a global cannabis leader, including excise tax reform, marketing flexibility, healthcare integration, and on-premise consumption. Without modernization, Canada risks becoming an exporter of raw products while value creation, intellectual property, and long-term economic growth moves elsewhere. As the global policy accelerates, the choice is clear, modernized Canada's cannabis regulation to support economic competitiveness, consumer education, sustainable growth or risk being left behind in an industry Canada helped to create.

隨著美國對大麻進行重新分類，現在是加拿大對其監管進行現代化改造，鞏固其作為全球大麻領導者地位的時候了，這包括消費稅改革、行銷靈活性、醫療保健整合和現場消費。如果不進行現代化改造，加拿大就有可能淪為原物料出口國，而價值創造、智慧財產權和長期經濟成長則會流向其他地方。隨著全球政策的加速發展，選擇很明確：要么對加拿大的大麻監管進行現代化改造，以支持經濟競爭力、消費者教育和可持續增長，要么冒著在加拿大幫助創建的這個行業中落後的風險。

Prime Minister Carney, I hope you're listening to this call. The Canadian cannabis industry has generated a significant amount of jobs, contribute billions of dollars in tax revenues of both federal and provincial governments. However, the lack of regulatory reform is resulting in Canadian producers redirecting their investments and attention towards international markets where excise tax can be circumvented.

卡尼首相，希望您能聽到這通電話。加拿大合法大麻產業創造了大量就業機會，並為聯邦和省級政府貢獻了數十億加元的稅收。然而，由於缺乏監管改革，加拿大生產商正將投資和注意力轉向可以規避消費稅的國際市場。

Given the declining spirits industry in Canada, excise tax should be reduced. Cannabis drinks should be permitted in liquor stores and on-premise location. Medical cannabis sales in drug stores with lower excise tax burden while boosting overall tax revenues as the industry grows.

鑑於加拿大烈酒產業的衰落，應該降低消費稅。應該允許在酒類商店和餐飲場所銷售含大麻的飲品。隨著產業發展，在藥局銷售醫用大麻可以降低消費稅負擔，同時提高整體稅收。

Turning to our beverage business in Q2. Beverage revenue totaled $50 million. We continue to make progress executing our integration and optimization strategy. We delivered $27 million in annualized cost savings in the first half of the year and remain on track towards our $33 million target.

接下來談談我們第二季的飲料業務。飲料收入總計5000萬美元。我們在執行整合優化策略方面持續取得進展。今年上半年，我們實現了 2,700 萬美元的年度成本節約，並有望實現 3,300 萬美元的目標。

We're making meaningful progress in improving performance. However, there's more to be done as we continue to integrate our brands, streamline operations, and optimize processes. We acquired brands with the understanding that significant improvements and comprehensive turnaround would be necessary, a process that is currently underway through our integration plan. We recognize this transformation will take time. And while we have not achieved all our objectives, we are on track and encouraged by the positive momentum gained so far.

我們在提升績效方面取得了顯著進展。然而，隨著我們不斷整合品牌、簡化營運和優化流程，還有更多工作要做。我們收購這些品牌時就明白，必須進行重大改進和全面轉型，而這個過程目前正在透過我們的整合計畫進行。我們認識到這一轉變需要時間。雖然我們尚未實現所有目標，但我們正朝著正確的方向前進，並且對迄今為止的積極勢頭感到鼓舞。

We look forward to the up-and-coming Spring product resets with our retail partners and the introduction of some of the new innovations in the market. These changes are anticipated to have a positive impact on revenue in the fourth quarter.

我們期待與零售合作夥伴一起進行即將到來的春季產品更新，並向市場推出一些新的創新產品。預計這些變化將對第四季度的收入產生積極影響。

Our outlook may seem bullish, but conviction is essential for success, which remains our primary focus, revitalizing the craft beer category, making beer fun again, bringing people together, fostering meaningful connections, and generating long-term value for our shareholders. We've established brands, breweries, a major distribution system.

我們的前景看似樂觀，但信念是成功的關鍵，而成功仍然是我們的首要目標：重振精釀啤酒產業，讓啤酒再次充滿樂趣，將人們聚集在一起，建立有意義的聯繫，並為我們的股東創造長期價值。我們已經建立了品牌、啤酒廠和大型分銷系統。

Beer is here to stay and not going anywhere. Tilray aims to expand its regional national and global presence through strategic partnerships with leading US and international brands. We expect to share more about this in the future, but we believe these partnerships validate the strength of our platform and our strategic vision. This approach also position us for future opportunities should cannabis THC drinks become federally legal in the US. We're ready to produce and sell as we're currently operating a leading THC beverage operation across Canada with over 45% of the THC beverage market share.

啤酒將繼續存在，不會消失。Tilray 旨在透過與美國和國際領先品牌建立策略合作夥伴關係，擴大其在區域、國家和全球的影響力。我們預計未來會分享更多相關訊息，但我們相信這些合作關係驗證了我們平台的實力和策略願景。這種方法也使我們為未來在美國聯邦層級合法化大麻 THC 飲料的機會做好了準備。我們已經做好生產和銷售的準備，因為我們目前在加拿大經營領先的 THC 飲料業務，擁有超過 45% 的 THC 飲料市場份額。

Regarding our US hemp-derived THC business, we continue to offer Fizzy Jane, Happy Flower hemp-derived THC beverages with 5-milligram and 10-milligram formats through nationwide retailer partnership, distribution foods, nature wine, liquor grocery outlets across the country. While regulatory changes may affect HDD9, products after 2026, we anticipate compliant participation under new federal laws if it happens.

關於我們在美國的大麻衍生 THC 業務，我們繼續透過全國零售商合作夥伴、分銷食品、天然葡萄酒、酒類雜貨店等管道，提供 5 毫克和 10 毫克規格的 Fizzy Jane 和 Happy Flower 大麻衍生 THC 飲料。雖然監管變化可能會影響 2026 年後的 HDD9 產品，但我們預計，如果發生這種情況，我們將遵守新的聯邦法律參與其中。

We're also pursuing international growth by expanding our beverage business into new markets worldwide. We expect to leverage our future strategic partnerships. Our strategy for beverage abroad is evolving, with an emphasis on craft beer and non-alcoholic drinks, including energy beverages that meet the demands of consumers in this expanding sector were brands such as HiBall, our clean energy drink; Liquid Love our sparkling water brand. HiBall is set to launch in the UK in Q4 with the expansion plans also underway for the Middle East and Africa.

我們也透過將飲料業務拓展到世界各地的新市場來追求國際成長。我們期望能夠充分利用未來的策略夥伴關係。我們在海外的飲料策略正在不斷發展，重點是精釀啤酒和非酒精飲料，包括滿足這個不斷擴大的行業中消費者需求的能量飲料，例如我們的清潔能量飲料 HiBall；我們的氣泡水品牌 Liquid Love。HiBall 計劃於第四季在英國上市，同時，進軍中東和非洲市場的計畫也在進行中。

Beyond non-alcoholic beverages and the energy drinks, we continue to explore opportunities to build on our global craft beer segment. Tilray recently participated in the American Craft Beer Expo in Japan and gain valuable insight which the team will pursue in the future.

除了非酒精飲料和能量飲料之外，我們將繼續探索拓展全球精釀啤酒業務的機會。Tilray 近期參加了在日本舉辦的美國精釀啤酒博覽會，並從中獲得了寶貴的經驗，團隊將在未來繼續探索這些經驗。

Rounding out our beverage strategy, we're also focused on expanding our nonalcoholic beverages in the US and across international markets. Our recent innovations, including non-alc beers under Montauk, 10 Barrel, and our non-alc ready-to-drink canned beverages and distilled spirits, including Mock One.

為了完善我們的飲料策略，我們也專注於在美國和國際市場拓展我們的非酒精飲料業務。我們最近的創新包括蒙托克 (Montauk) 和 10 Barrel 品牌的無酒精啤酒，以及我們的無酒精即飲罐裝飲料和蒸餾酒，包括 Mock One。

Within the spirits category, despite market challenges in Q2, we focus on enhancing our commercial strategy, resulting in a 9.2% increase in depletions across Vodka, bourbon, and gin, with Vodka leading by double digit for the quarter.

在烈酒類別方面，儘管第二季度市場面臨挑戰，但我們專注於加強商業策略，使得伏特加、波本威士忌和金酒的銷量增長了 9.2%，其中伏特加在本季度以兩位數的增長領先。

While the Bronco seasonal release sold out rapidly, our ongoing efforts remain focused on expanding product distribution to additional states and beyond. With five years experience in the beverage alcohol industry, we remain confident in our future trajectory as we continue to enhance operational efficiency.

雖然 Bronco 季節性發售的產品很快就售罄，但我們持續努力的重點仍然是將產品分銷範圍擴大到其他州及其他地區。憑藉在酒類飲料產業五年的經驗，我們將持續提高營運效率，並對未來的發展方向充滿信心。

Now turning to our wellness business. We generated a revenue of $14.6 million, driven by a strategic focus on value-added innovation, including high-protein, super seats, better-for-you breakfast products, better-for-you snacking, and the continued success of our HiBall clean energy drinks. Within our ingredient sales business, we've expanded our range of offerings in hemp protein, hemp oil, helping us further develop our business in North America and Asia.

現在來說說我們的健康產業。我們創造了 1,460 萬美元的收入，這得益於我們對增值創新的策略關注，包括高蛋白超級座椅、更健康的早餐產品、更健康的零食，以及我們 HiBall 清潔能量飲料的持續成功。在我們的原料銷售業務中，我們擴大了大麻蛋白、大麻油等產品的供應範圍，這有助於我們進一步發展在北美和亞洲的業務。

Our hemp food business remains fully insulated from proposed hemp THC regulation as these products contain zero THC and are broadly distributed across mainstream retail.

我們的大麻食品業務完全不受擬議的大麻 THC 監管的影響，因為這些產品不含 THC，並且已在主流零售通路廣泛分銷。

In closing, we are confident in Tilray's trajectories for the second half of fiscal 2026 and beyond with a diversified scalable platform, improving fundamentals, strong liquidity, regulatory tailwinds developing globally. Tilray is well positioned to capitalize on the next phase of growth across cannabis, beverage, and wellness products.

最後，我們對 Tilray 在 2026 財年下半年及以後的發展軌跡充滿信心，這得益於其多元化的可擴展平台、不斷改善的基本面、強勁的流動性以及全球範圍內不斷湧現的監管利好因素。Tilray 已做好充分準備，掌握大麻、飲料和健康產品領域下一階段的成長機會。

Thank you to our shareholders for your continued support and confidence in Tilray's long-term strategy.

感謝各位股東一直以來對Tilray長期策略的支持與信任。

I will now turn the call over to Carl to walk through our financial results in more detail. Carl, are you ready?

現在我將把電話交給卡爾，讓他更詳細地介紹我們的財務表現。卡爾，你準備好了嗎？

Thank you, Irwin. Before I begin, 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。在開始之前，請注意，我們的財務報表按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。

This quarter, we are reporting record second-quarter net revenue and strong year-over-year improvements in profitability, and we are reaffirming our full-year 2026 adjusted EBITDA guidance. Net revenue for the quarter was a record $217.5 million. Revenue growth was primarily driven by strong results in our international operations, both international cannabis and Tilray Pharma. Additionally, Canadian adult-use revenue grew year over year.

本季度，我們公佈了創紀錄的第二季度淨收入和強勁的同比增長盈利能力，我們重申了 2026 年全年調整後 EBITDA 指引。本季淨收入創下2.175億美元的紀錄。營收成長主要得益於我們在國際業務方面的強勁業績，包括國際大麻業務和 Tilray 製藥業務。此外，加拿大成人用大麻收入也較去年同期成長。

Cannabis net revenue increased year over year to $67.5 million during the quarter driven by a strong 36% increase in revenue from international cannabis and a 6% increase in Canadian adult-use cannabis. The continued year-over-year growth in our international cannabis business reinforces our view that Q1 results were temporarily affected by the timing of import and export permits. As a result, Q4 2025 and Q2 of this year provide a more accurate reflection of our ongoing performance expectations for the duration of the fiscal year.

本季大麻淨收入年增至 6,750 萬美元，主要得益於國際大麻收入強勁增長 36% 以及加拿大成人用大麻收入增長 6%。國際大麻業務持續年增，這進一步印證了我們的觀點，即第一季業績暫時受到了進出口許可證發放時間的影響。因此，2025 年第四季和今年第二季更能準確反映我們對本財年業績的預期。

With the continued growth of international cannabis, we deliberately chose to scale back supply into the Canadian wholesale market in the quarter and redeploy that supply along with new growth into the higher-margin international cannabis markets over the remainder of the year.

隨著國際大麻市場的持續成長，我們特意選擇在本季縮減對加拿大批發市場的供應，並將這些供應以及新的成長在今年剩餘時間內重新部署到利潤更高的國際大麻市場。

Beverage net revenue for the quarter was $50.1 million. Beverage revenue was impacted by category-wide headwinds in the craft beer segment and our own portfolio optimization efforts under Project 420 where SKU rationalization and margin-focused initiatives continue to impact revenue.

本季飲料淨收入為 5,010 萬美元。飲料收入受到精釀啤酒領域整體不利因素的影響，同時，我們在「420 專案」下進行的產品組合優化工作也對收入產生了影響，其中 SKU 合理化和以利潤為導向的舉措繼續影響著收入。

However, we expect Spring retailer product resets to help mitigate industry trends. These upcoming changes should improve brand visibility and align product mix with consumer preferences, which we expect to benefit better revenue and gross margins in the fourth fiscal quarter.

不過，我們預期春季零售商的產品調整將有助於緩解產業趨勢。即將到來的這些變化應該能夠提高品牌知名度，並使產品組合與消費者的偏好保持一致，我們預計這將有利於第四財季的收入和毛利率的提高。

Wellness net revenue was flat year over year at $14.6 million based on our strategic focus on value-added innovation and continued growth in HiBall and the ingredient channel. Results were offset by challenges in the club retail channel, which we are addressing through targeted initiatives. Distribution net revenue increased 26% year over year to $85.3 million based on our focus on competitive pricing, the prioritization of high-margin SKUs, and favorable impacts from foreign exchange.

由於我們對增值創新和 HiBall 及原料通路的持續成長的策略關注，健康業務淨收入與上年持平，為 1,460 萬美元。俱樂部零售通路面臨的挑戰抵消了部分業績，我們正在透過有針對性的措施來解決這些問題。由於我們專注於具有競爭力的定價、優先考慮高利潤 SKU 以及外匯帶來的有利影響，分銷淨收入同比增長 26% 至 8530 萬美元。

We believe our distribution business will continue to complement and strengthen our international cannabis segment as we grow both in tandem.

我們相信，隨著我們與分銷業務同步發展，我們的分銷業務將繼續補充和加強我們的國際大麻業務。

In terms of contribution, cannabis revenue accounted for 31% of revenue. Beverage revenue was 23%, distribution was 39%, and wellness accounted for the final 7%. Gross profit during the quarter was $57.5 million, and gross margin for the quarter was 26%, while margins increased in cannabis, distribution and wellness. Margin construction in the beverage segment negatively impacted the gross margin for the quarter.

從貢獻率來看，大麻收入佔總收入的 31%。飲料收入佔 23%，分銷收入佔 39%，健康產品收入佔剩餘的 7%。本季毛利為 5,750 萬美元，毛利率為 26%，其中大麻、分銷和健康領域的毛利率均有所提高。飲料業務的利潤率下降對本季的毛利率產生了負面影響。

By segment, beverage gross margin reached 31% this quarter. While this represents a temporary decrease from last year, we are confident that the ongoing implementation of Project 420 will deliver significant improvements while also actively working on additional cost savings to improve overhead utilization as well as SG&A. As these initiatives progress and sales volumes recover, we anticipate stronger overhead utilization and a return to higher margins.

以業務部門劃分，本季飲料業的毛利率達到 31%。雖然這比去年有所暫時下降，但我們相信，420 項目的持續實施將帶來顯著的改進，同時我們也在積極努力節省更多成本，以提高管理費用利用率以及銷售、一般及行政費用。隨著這些措施的推進和銷售量的恢復，我們預期營運成本利用率將提高，利潤率也將回升。

Importantly, we remain on track to achieve $33 million in annualized cost savings from Project 420 by the fourth quarter of 2026, positioning our beverage segment for long-term success.

重要的是，我們仍有望在 2026 年第四季透過 420 專案實現 3,300 萬美元的年度成本節約，從而使我們的飲料業務部門獲得長期成功。

Cannabis gross margin increased to 39% compared to 35% last year. The increase was due to a greater proportion of sales being generated in the higher-margin international markets but was offset by increased sales in lower margin price competitive categories in the Canadian adult-use market like vapes and pre-rolls.

大麻業務的毛利率從去年的35%成長至39%。成長是由於高利潤國際市場銷售額佔比增加，但被加拿大成人用大麻市場（如電子煙和預捲菸）低利潤價格競爭類別的銷售成長所抵消。

Distribution gross margin increased to 13%, up from 12% last year, while continuing to grow top-line revenue. In wellness, gross margin rose to 32% from 31% as we successfully managed input costs and enhanced operational efficiencies.

分銷業務毛利率從去年的 12% 提高到 13%，同時營收也持續成長。在健康領域，由於我們成功控制了投入成本並提高了營運效率，毛利率從 31% 上升到 32%。

Our adjusted cash operating income for the quarter was positive $6 million, which excludes the non-cash impacts of amortization and stock-based compensation. Net loss for the quarter was $43.5 million, a 49% improvement year over year, compared to $85.3 million, or $0.41 per share compared to $0.99 per share. It should be noted that EPS was impacted tenfold by the reverse stock split and has been reflected in both periods.

本季調整後的現金經營收入為 600 萬美元，不包括攤銷和股票選擇權費用等非現金影響。本季淨虧損為 4,350 萬美元，較上年同期的 8,530 萬美元改善了 49%，即每股虧損 0.41 美元，而去年同期為每股虧損 0.99 美元。值得注意的是，反向股票分割對每股盈餘產生了十倍的影響，並且在兩個時期都得到了體現。

Adjusted EBITDA for the quarter was $8.4 million compared to $9 million last year. Cash flow used in operations was down to $8.5 million compared to $40.7 million last year. The $32.2 million improvement in cash used in operations was almost entirely related to reductions in working capital. We ended the quarter with cash and cash equivalents and marketable securities of $291.6 million, $0.8 million in digital assets, and improved from a net debt position of approximately $4 million in the prior quarter to a net cash position of almost $30 million at the end of the period.

本季調整後 EBITDA 為 840 萬美元，而去年同期為 900 萬美元。經營活動所用現金流從去年的 4,070 萬美元下降至 850 萬美元。營運現金使用量的 3,220 萬美元改善幾乎完全與營運資本的減少有關。本季末，我們持有現金及現金等價物及有價證券 2.916 億美元，數位資產 80 萬美元，淨債務狀況從上一季的約 400 萬美元改善至本季末的近 3,000 萬美元淨現金狀況。

Additionally, during the quarter, we also completed our ATM program in the market. Our strong cash position provides us with the flexibility we need to execute on strategic opportunities and take advantage of a changing regulatory landscape, and we intend to work to further strengthen our balance sheet throughout the remainder of the year.

此外，本季我們也完成了市場上的 ATM 專案。我們強勁的現金狀況為我們提供了執行策略機會和利用不斷變化的監管環境所需的靈活性，我們計劃在今年剩餘的時間內進一步加強我們的資產負債表。

Finally, we remain confident in our business, our strategy, and our opportunity, and we are reaffirming our 2026 adjusted EBITDA guidance of $62 million to $72 million.

最後，我們仍然對我們的業務、策略和機會充滿信心，並重申我們 2026 年調整後 EBITDA 預期為 6,200 萬美元至 7,200 萬美元。

We can now open the call for Q&A.

現在我們可以開始問答環節了。

(Operator Instructions) Bill Kirk, Roth Capital Partners.

（操作員說明）比爾·柯克，羅斯資本合夥公司。

On the intoxicating hemp bands for November implementation, is there anything Irwin that the industry can do to try to help improve the regulatory outcome? Is there any way to kind of extend the grace period, reverse the band, carve-out particular categories? Like what can you do or what can the industry do to get a better outcome there?

關於將於 11 月實施的致幻大麻帶，Irwin，業界可以做些什麼來幫助改善監管結果？有沒有辦法延長寬限期、改變限制、排除特定類別？那麼，為了取得更好的結果，個人或產業可以做些什麼呢？

Good afternoon, and thank you, Bill. Great question. As you know, this, for us, was a growing business and there is a lot of demand for these products. And we are working with some congressmen, senators, lobbyists to either extend the deadline or to change some of the regulatory that would have a regulated amount of milligrams, whether it's 5 or 10 milligrams and to be sold on a national basis.

下午好，謝謝你，比爾。問得好。如您所知，對我們來說，這是一個不斷發展的業務，對這些產品的需求很大。我們正在與一些國會議員、參議員和遊說者合作，爭取延長最後期限，或者改變一些監管規定，規定毫克數（無論是 5 毫克還是 10 毫克）的管制劑量，以便在全國範圍內銷售。

And I'll tell you, so far, I have a really good feeling because we're talking to the different associations other than Senator McConnell and whoever backed him, there's no one out here against this and thinks this is something that should be banned.

說實話，到目前為止，我的感覺非常好，因為除了參議員麥康奈爾和所有支持他的人之外，我們與其他各個協會都進行了溝通，沒有人反對這件事，也沒有人認為這件事應該被禁止。

The other thing, Bill. Bill, just the other thing, I mean, there's a lot of jobs that will be lost if this happens, which is something very important too.

還有一件事，比爾。比爾，還有一件事，我的意思是，如果這種情況發生，將會有很多工作流失，這也非常重要。

For sure. Carl, you had some comments about holding back supply and shifting it into international markets. Am I hearing that right that that would mean sales that could have been in this quarter simply come later? And is there a way to quantify how much was held back?

一定。卡爾，你之前曾說過要控制供應量並將其轉移到國際市場。我理解的沒錯吧，這意味著原本應該在本季實現的銷售額會延後到以後實現？有沒有辦法量化究竟有多少資金被扣留了？

So what I said was that we held back from the Canadian wholesale market at lower pricing than what we did in the prior year. And so last year, we did about $5 million. We obviously have the inventory levels that we have that are on the balance sheet that we can redeploy into European markets over the next six months of this year.

所以我說的是，我們今年沒有以低於前一年的價格進入加拿大批發市場。所以去年我們賺了大約500萬美元。顯然，我們資產負債表上的庫存水準可以在今年接下來的六個月內重新部署到歐洲市場。

So it's just redeploying better margin sales, Bill, where we can sell it into Europe and get much higher margin for it than selling it into the wholesale market where we don't get the margins and in some cases, we're even selling to a competitor. So that's what it is.

所以，比爾，這只是重新部署利潤更高的銷售管道，我們可以把產品賣到歐洲，獲得比批發市場更高的利潤，因為批發市場的利潤很低，在某些情況下，我們甚至賣給了競爭對手。原來如此。

Robert Moskow, TD Securities.

Robert Moskow，TD Securities。

Hi. This is Victor Ma on for Rob Moskow. Two for me, please.

你好。這裡是 Victor Ma 代 Rob Moskow 為您報道。請給我兩份。

First, I wanted to ask about Canadian adult-use cannabis. Growth in the quarter was about 6%. How much of that was volume growth versus price mix? Did you gain market share in the quarter?

首先，我想問一下加拿大成人使用大麻的情況。本季成長率約為 6%。其中有多少是銷售成長，又有多少是價格組合成長？本季你們的市佔率是否有所提升？

And then second, can you give a little more color on what drove the substantial increase in distribution sales? Was there any timing benefit that was realized in the quarter? Thank you.

其次，您能否更詳細地說明是什麼因素推動了分銷銷售額的大幅成長？本季是否實現了任何時間上的優勢？謝謝。

So number one, absolutely, there was not price. Some of it came from new distribution of anything. It was the strike in British Columbia that ultimately hurt us. And we did gain a little bit of share, not a lot in the quarter.

所以第一點，絕對沒有價格。其中一些來自各種新管道的分銷。最終傷害我們的是不列顛哥倫比亞省的罷工。我們確實獲得了一些市場份額，但本季成長幅度不大。

So it's demand. I think there's a lot we did in different markets. A lot of our new products started to roll out. So that was the big reason from our growth, having supply. And I think just the team has done a great job. This is the highest quarter in us in selling of units, 5.5 million units that we sold in the quarter. So again, if anything, throughout the rest of the prior years, we saw lots of price compression.

所以這是需求問題。我認為我們在不同的市場做了很多工作。我們的許多新產品開始陸續推出。所以，我們發展壯大的主要原因就是供應充足。我認為整個團隊都做得非常好。這是我們有史以來銷量最高的一個季度，本季共售出 550 萬台。所以，再說一遍，在前幾年，我們看到的其實是價格大幅下降。

I think the good news is we're not seeing that price compression right now. But we're seeing demand continuously growing, and we're seeing all the Tilray different brands growing in the marketplace. And again, what I'm talking about is all our products. It's our flowers, our pre-rolls, our edibles, our vapes, our infused vapes, and our drinks.

我認為好消息是，我們目前還沒有看到價格壓縮的趨勢。但我們看到需求持續成長，Tilray 旗下所有不同品牌在市場上也都在成長。再次強調，我指的是我們所有的產品。這裡有我們的鮮花、預捲菸、食用產品、電子煙、注入式電子煙和飲料。

Oh, I'm sorry, in regards to CC Pharma, listen, I think CC Pharma has been part of Tilray since 2019. And trying to figure out what is the right position is one of our largest business. And the European team and with the growth and the opportunities in Germany have realized a couple of things. Number one, they're selling into pharmacies today. We're using the CC Pharma team to sell cannabis also into the pharmacy and also to deliver.

哦，對不起，關於 CC Pharma，聽著，我認為 CC Pharma 自 2019 年以來一直是 Tilray 的一部分。而找出合適的定位是我們最大的工作之一。隨著德國的發展和機遇，歐洲團隊也意識到了一些事情。第一，他們現在正在向藥局銷售產品。我們正在利用 CC Pharma 團隊向藥局銷售大麻，並負責配送。

The other thing is this year, we're able, from our buying power and get better margins and demand for regular medicines, and we're seeing some great growth. It's the biggest quarter we've ever had with CC Pharma and some of the most profitable quarters we've ever had. So we're looking at how we really take this business for online. We're looking at how we're going to expand this business and take this model into other countries. And again, it's how we utilize the sales organization of CC Pharma or now named tilray Pharma and using that organization to sell more and more cannabis into the drugstores that it sells into.

還有一點是，今年憑藉我們的購買力，我們能夠獲得更高的利潤率，並且對常規藥品的需求也更大，我們看到了一些顯著的增長。這是我們與 CC Pharma 合作以來業績最好的一個季度，也是我們迄今為止獲利最高的幾季之一。所以我們正在研究如何真正將這項業務拓展到線上。我們正在研究如何拓展這項業務，並將這種模式推廣到其他國家。再說一遍，這就是我們如何利用 CC Pharma（現在更名為 Tilray Pharma）的銷售組織，並利用該組織向其銷售的藥局銷售越來越多的醫用大麻。

Aaron Grey, Alliance Global Partners.

Aaron Grey，Alliance Global Partners。

First one for me. You mentioned the expectation for Tilray Global Medical to approach $150 million, I believe. So just any color you could provide maybe on the timing of that expectation. And then you also mentioned some commentary briefly regarding potential regulatory changes in Germany as well as pricing pressure. So could you help to maybe quantify how big a risk you're seeing from each of those potentially for 2026? Thanks.

這是我的第一個。我記得你提到過，Tilray Global Medical 的預期營收將接近 1.5 億美元。所以，你或許可以根據預期的時間提供任何顏色。然後您也簡要地提到了一些關於德國潛在的監管變化以及價格壓力的評論。那麼，您能否幫忙量化一下您認為這些因素在 2026 年可能帶來的風險有多大？謝謝。

So in regards to -- listen, I think from an annualized basis, right now, we're on a run rate for that $150 million, and that is both Canada and international markets, okay? And the majority of that is coming from international markets.

所以關於——聽著，我認為從年化角度來看，目前我們的年化收入是 1.5 億美元，這包括加拿大和國際市場，好嗎？其中大部分來自國際市場。

In regards to regulatory change, I'm not seeing and not concerned with regulatory changes in Europe and Germany. And I think if anything, we like what has ultimately come out of the German government. And in regards to demand, we see more and more demand.

關於監管變化，我沒有看到也不擔心歐洲和德國的監管變化。而且我認為，如果說有什麼值得稱道的地方的話，那就是我們對德國政府最終拿出的方案感到滿意。至於需求方面，我們看到需求越來越大。

As far as price compression, and you heard what I said before, and this is where Canada better watch out. When you look at a lot of the Canadian LPs, there's a lot more Canadian LPs, there's Israeli companies. There's a lot more companies selling product today into Germany. But Tilray has been in Germany since 2019, 2020 with Tilray Medical. We are the only one or one of the only ones with a grow facility there. And we work very, very closely with the doctors in Germany.

至於價格壓縮，你們之前也聽到了我說過的話，加拿大在這方面最好小心點。當你查看很多加拿大唱片時，你會發現加拿大唱片的數量很多，而且還有很多以色列公司發行的唱片。如今，向德國銷售產品的公司比以前多得多。但 Tilray 自 2019 年、2020 年起就已在德國開展業務，名為 Tilray Medical。我們是唯一一家或少數幾家在那裡擁有種植設施的公司。我們與德國的醫生們保持著非常密切的合作關係。

You heard what I said before about having Tilray Pharma, where we are vertically integrated from our grow with our salespeople and have our own distribution piece there. So yes, a lot of product coming into Germany, which forces price compression. But what they're going to realize is the quality of product. You get what you paid for. And I think that's what important is they recognize that the Tilray medical products stand for quality.

你之前聽我說過，我們擁有 Tilray Pharma，從銷售人員到分銷環節，我們實現了垂直整合。是的，大量產品湧入德國，這導致了價格壓縮。但他們最終會意識到的是產品品質。一分錢​​一分貨。我認為重要的是，他們認識到 Tilray 醫療產品代表著品質。

Appreciate that. Second question for me, just turning back to the Canadian market, we had some commentary. More broadly, I just wanted to get some color in terms of what are your expectations for growth within the Canadian market. Looks like we finished about mid-single-digit growth for 2025. So what's your expectation now for 2026?

謝謝。第二個問題，回到加拿大市場，我們有一些評論。更廣泛地說，我只是想了解您對加拿大市場成長的預期。看來我們2025年的成長目標將維持在個位數中段水準。那你對2026年有什麼預期？

You talked about some of the strong volumes there. But it does seem like volume growth has tempered a bit despite pricing pressure stabilizing for the Canadian market. So I wanted to hear more about your expirations for growth in the Canadian market and if a slowdown in growth also led to your decision to shift some of that product international. Thanks.

你提到了那裡的一些強勁交易量。儘管加拿大市場的價格壓力趨於穩定，但銷售成長似乎有所放緩。所以我想多了解你們在加拿大市場的成長預期，以及成長放緩是否也導致你們決定將部分產品轉移到國際市場。謝謝。

Well, first of all, this slowdown of growth, I had a 6% growth, and I had the highest quarter ever in selling units, okay? I think one of the things we're looking -- continuously looking at is how we grow this to more and more profitable business. And we can sell tons of wholesale product, that's considered growth, but we're not going to do that.

首先，關於成長放緩，我之前實現了 6% 的成長，而且我的季度銷量也創下了歷史新高，好嗎？我認為我們一直在關注的一個問題是，如何將這項業務發展成為越來越盈利的企業。我們可以銷售大量的批發產品，這被視為成長，但我們不會這樣做。

But what we're looking continuously at is how we're coming out with added-value products and premium products. And today, we have a 50% share on our drinks, which continuously is growing and the demand in that marketplace. We also have the highest share of flower in the marketplace. We sell over 80 million pre-rolls.

但我們一直在關注的是如何推出加值產品和高階產品。如今，我們的飲料市佔率已達 50%，而且這一數字還在不斷增長，市場需求也不斷增加。我們在鮮花市場也佔據了最高的份額。我們售出了超過8000萬支預捲菸。

We sort of backed away from the vape category because of the margins and we're not making money on it. So I see the categories from us, if I get mid- to high single-digit growth, I'll be very, very happy in the Canadian market.

由於利潤率太低，我們逐漸放棄了電子煙品類，因為我們在這個領域賺不到錢。所以，從我們目前的類別來看，如果我能在加拿大市場達到個位數中高成長，我會非常非常高興。

Now with that, I got to tell you, Blair is on the phone, and he can jump in here any time. I have seen some of the best lineup of new products coming out that this company has ever had. And I think that's going to help new products are key.

現在我得告訴你，布萊爾正在打電話，他隨時可以過來幫忙。我見證了這家公司推出的一些有史以來最棒的新產品陣容。我認為這會有所幫助，新產品是關鍵。

The other thing is, listen, border and that British Columbia had a strike. And I think if other Canadian LPs decide they want to sell product in Europe is just going to be supply. Tilray today has close to 7 million square feet of grow in Canada and has the ability to grow 270 metric tons. I think the number in the quarter as we grew close to 200 metric tons. So we have plenty of supply.

還有一件事，聽著，邊境問題，不列顛哥倫比亞省發生了罷工。我認為，如果其他加拿大唱片公司決定在歐洲銷售產品，那麼關鍵就在於供應。Tilray 目前在加拿大擁有近 700 萬平方英尺的種植面積，年產量可達 270 公噸。我認為本季我們的產量成長接近 200 公噸。所以我們供應充足。

And not only that, because we have supply and ample product available to ship internationally which is we're not paying excise tax and much higher margins for us. So the opportunities are there for us.

不僅如此，因為我們有充足的貨源和產品可以運往國際市場，這意味著我們無需支付消費稅，而且利潤率更高。所以機會就在我們面前。

Canada is a small country, but it's a country where cannabis is legal from a recreational, from a federal standpoint, is the only country in the world. And there's more and more users are seeing the benefit of buying cannabis by going into federally legal cannabis stores.

加拿大是一個小國，但從聯邦層級來說，它是世界上唯一一個娛樂用大麻合法化的國家。越來越多的用戶意識到，透過光顧聯邦合法的合法大麻商店購買大麻是有益的。

Pablo Zuanic, Zuanic & Associates.

Pablo Zuanic，Zuanic & Associates。

Thank you, and good afternoon, everyone. Look, let me start with CC Pharma. Maybe you can give more color on that business. I think in the past, you said that you reached 13,000 pharmacies. Now you're talking about tripling your distribution reach. I'm trying to understand that better.

謝謝大家，大家下午好。好吧，我先從CC製藥公司說起。或許您可以更詳細地介紹一下這家公司。我記得你以前說過，你們已經涵蓋了 13,000 家藥局。現在你們是在討論如何將分銷範圍擴大三倍。我正在努力更好地理解這一點。

And also, if the new regulations in Germany, top delivery, your CC Pharma reach could be a big asset in terms of pharmacy reach, would you be willing to also sell other people's products besides Tilray Brands through CC Pharma? Thanks.

另外，如果德國的新法規允許頂級配送，那麼您的 CC Pharma 的覆蓋範圍在藥房覆蓋方面可能是一項巨大的優勢，您是否願意透過 CC Pharma 銷售除 Tilray Brands 以外的其他人的產品？謝謝。

So number one, as I said, we've owned CC Pharma since 2019, Pablo, and it was finding the right way to operate this business. And originally, we acquired it as part of tenders for Germany. And we've been a part of the German drugstore business in Germany since then.

第一，正如我所說，我們從 2019 年起就擁有了 CC Pharma，Pablo，而關鍵在於找到經營這家企業的正確方法。最初，我們是透過德國的招標項目獲得它的。從那時起，我們就一直是德國藥妝界的一份子。

We have now changed a lot within CC Pharma where we've ultimately modernized, we put money into technology there, we've taken labor costs out of there, we've been able to buy medicines and regular medicines from some of the pharmaceutical companies at much better prices and made some big investments. And I'll tell you, that is a big -- is where they're buying medicines and making sure we're buying them at the right price and selling them at less higher margins. So we have focused on that business. But back to your point, is today, we have the ability to win to more and more pharmacies.

CC Pharma 現在已經發生了很大的變化，我們最終實現了現代化，我們投入資金用於技術，降低了勞動力成本，我們能夠以更優惠的價格從一些製藥公司購買藥品和常規藥品，並進行了一些重大投資。我告訴你，這很重要——他們在哪裡購買藥品，確保我們以合適的價格購買，並以較低的利潤率出售。所以我們就把重點放在這項業務上了。但回到你剛才的觀點，如今我們有能力贏得越來越多的藥局。

The CC Pharma or Tilray Pharma has its old sales organization. And you don't see today cannabis, medical cannabis sales go through CC Pharma. It goes through our medical cannabis business internationally. So there is a big focus to use that sales organization to sell more and more cannabis, medical cannabis in Germany. And with that, with the regulations and everybody has to go direct to a pharmacy and can't buy online, there's bigger opportunities for us because more patients have to visit the pharmacy.

CC Pharma 或 Tilray Pharma 保留了原有的銷售組織架構。而且你現在看不到大麻，醫用大麻的銷售都是透過 CC Pharma 進行的。它透過我們的國際醫用大麻業務進行銷售。因此，目前的重點是利用該銷售組織在德國銷售越來越多的醫用大麻。因此，由於相關規定，每個人都必須直接去藥房購買藥品，而不能在線購買，這對我們來說是更大的機會，因為更多的患者必須去藥房。

The second question is, would I sell other company's product? Great question. We're in the business to sell and make profit. But again, why would we want to sell someone else's products that we can deliver what the needs are for patients? But again, some patients may want some other competitors' products, and it's something we should look at from a standpoint, does it make sense for us to carry some other products, I don't know. And that's not something we've looked at, but it's something we definitely should look at.

第二個問題是，我會銷售其他公司的產品嗎？問得好。我們做生意就是為了銷售和獲利。但是，如果我們能夠滿足患者的需求，為什麼還要銷售別人的產品呢？但是，有些患者可能想要其他競爭對手的產品，我們應該從這個角度來考慮，銷售其他產品是否有意義，我不知道。這是我們之前沒有考慮過的問題，但卻是我們絕對應該考慮的問題。

And then just a follow-up in terms of beverages. Obviously, this quarter, you had very strong performance in cannabis, but steep decline in sales in beer and profit margins. Maybe just give more color in terms of what is it that has not worked there. You talked about positive momentum, but the numbers don't show that momentum.

然後，再補充一點關於飲料方面的內容。顯然，本季你們的大麻業務表現非常強勁，但啤酒銷售額和利潤率卻大幅下降。或許可以更詳細地說明一下，究竟是哪些方面出了問題。你談到了積極的發展勢頭，但數據並沒有顯示出這種勢頭。

And why put so much hope on just the Spring resets? I mean, is it just about that? I mean, more color would help. And then just long term, a reminder about your confidence that the beer business really fits your cannabis strategy longer term or they just play together, and we should think of them as a diversified portfolio anyway. Thanks.

為什麼要把所有希望都寄託在春季重置上呢？我的意思是，就只有這件事嗎？我的意思是，如果顏色再豐富一些就好了。然後，從長遠來看，提醒您，您有信心啤酒業務從長遠來看確實符合您的大麻策略，或者它們只是相互配合，無論如何，我們都應該將它們視為多元化投資組合。謝謝。

So number one, there's many, many companies out there that have diversified business portfolios. And if you look at most companies, some have food, some have personal care, some have beverages. You look at Pepsi, they have snacks, they have food, they have drinks. If you look at other companies, they have personal care, they have food. So I think it's important to be a diversified consumer packaged goods company, which we are, and we're Tilray brands.

首先，有許多公司擁有多元化的業務組合。如果你觀察大多數公司，你會發現有些公司生產食品，有些公司生產個人護理用品，有些公司生產飲料。你看百事公司，他們有零食，有食品，有飲料。如果你看看其他公司，他們有個人護理用品，他們有食物。所以我認為，成為一家多元化的消費品包裝公司非常重要，而我們正是這樣一家公司，我們就是 Tilray 品牌。

I come back and look at -- we got in the beer business in late 2020, COVID came along where our first acquisition of SweetWater and then multiple acquisitions. It's taken us time to integrate these businesses. We went from only 1 plant to 10 plants, now we're down to 8. We went from only 1 brand to 18 brands. We went from probably being the 10th or 11th largest craft brewery now down to the fourth largest craft brewery.

我回來回顧一下——我們在 2020 年底進入啤酒行業，新冠疫情爆發，我們第一次收購了 SweetWater，然後又進行了多次收購。我們花了一些時間才將這些業務整合起來。我們最初只有1株植物，後來增加到10株，現在只剩下8株了。我們從最初的1個品牌增加到了18個品牌。我們從當時可能排名第十或第十一的精釀啤酒廠，下降到了第四大精釀啤酒廠。

So there's a lot that's happened over the last four to five years. And with that, there's been a lot of integrations. And these brands that we bought from ABI and from Molsons, they were not some of the best-performing brands at the time, and it took some time to turn them around. So yes, I have a lot of confidence.

所以過去四、五年發生了很多事。因此，出現了許多整合。我們從 ABI 和 Molsons 收購的這些品牌，當時並不是業績最好的品牌，需要一些時間才能扭轉局面。是的，我很有信心。

Listen, beer is not going away. Beverages is not going away. And just like CC Pharma, here we are from a vertically integrated business, we have manufacturing, we have brands, we have a distribution, we have an infrastructure, salespeople. And it is taking probably some more time.

聽著，啤酒不會消失。飲料業不會消失。就像 CC Pharma 一樣，我們是一家垂直整合的企業，我們有生產製造、品牌、分銷、基礎設施和銷售人員。可能還需要一些時間。

And the other thing is at the same time, the industry has had its decline. But I'll tell you what, as you come back and see a lot potentially will happen in regards to Delta-9 and hemp-infused drinks and who are they looking at to be the leader in that is Tilray because of our beverage business and our cannabis business. I say this, and I'm not making projections, but if I could sell cannabis-infused drinks in the US tomorrow, if I look what I have a 50% share in Canada, and I multiply that from a 10 times what I would have here, it's $0.5 billion business for us here. And someday, we're going to be able to sell drinks in the US infused with something. And whether it's CBD and cannabis, in regards to President Trump new rescheduling, in regards to drinks that will get approved by the FDA for -- whether it's for anxiety, for pain, for sleep et cetera. So the infrastructure is there for future opportunities, which is important.

另一方面，與此同時，該行業也經歷了衰落。但我可以告訴你，當你回來後，你會發現 Delta-9 和大麻飲料領域可能會發生很多變化，而他們正在考慮讓 Tilray 成為該領域的領導者，因為我們擁有飲料業務和大麻業務。我說的是，我不是在做預測，但如果我明天就能在美國銷售含大麻成分的飲料，考慮到我在加拿大擁有 50% 的市場份額，再乘以我在美國市場份額的 10 倍，那對我們來說就是 5 億美元的生意。總有一天，我們將能夠在美國銷售添加了某種成分的飲料。無論是 CBD 和大麻，還是川普總統新的重新分類，以及 FDA 將批准哪些飲料用於緩解焦慮、疼痛、睡眠等等。因此，未來的發展機會已經具備了，這非常重要。

But to the point, we're in the beverage business today. We're in the beer business. We're in the energy drink business. We're in the water business. We're in vodka Seltzers business. And I'll tell you what, the other thing is this here, there's a lot of companies talking to us to get us involved with different aspects of beverages because of what we have and how we're vertically integrated.

但言歸正傳，我們現在從事的是飲料業。我們從事啤酒生意。我們從事能量飲料行業。我們從事水務業。我們經營伏特加蘇打水生意。而且我還要告訴你，還有一點，很多公司都在和我們洽談，希望我們能參與到飲料行業的各個方面，因為我們擁有的資源以及我們的垂直整​​合模式。

So yes, am I totally doing the dance with our results today coming out of there? No. But do I feel good about what we will do with this business and what we'll do with these brands? Absolutely on what our strategy is. Unfortunately, it just is taking a little more time.

所以，是的，我完全是在慶祝我們今天公佈的結果嗎？不。但我對我們未來將如何發展這項業務以及我們將如何發展這些品牌感到滿意嗎？完全符合我們的策略。很遺憾，這需要多花一些時間。

And if you go back and look at the big companies, Molsons, ABI, Constellation Brands. They weren't created within five years. And it's basically five years and we're number four within the craft beer business. A lot of brands have gone away in the craft beer business which gives more and more opportunities.

如果你回顧那些大公司，像是 Molsons、ABI、Constellation Brands。它們並非在五年內誕生的。五年過去了，我們在精釀啤酒行業中排名第四。精釀啤酒行業中許多品牌已經消失，這帶來了越來越多的機會。

So I am really bullish on the beverage business. And if you look at the supermarkets today and you look elsewhere, beverages is the biggest category out there. And I think probably the big thing, we are not just depending upon the resets that are happening in the next two months, gaining share in C-stores gaining share on premise, gaining share in general. And that's what I'm excited about.

所以我非常看好飲料業。如果你看看今天的超市，再看看其他地方，你會發現飲料是最大的類別。我認為最重要的一點是，我們不僅要依靠未來兩個月的調整，還要在便利商店、零售場所和整體上獲得市場份額。這就是我感到興奮的地方。

That's great color. Look, if I may, I want to squeeze one more if you don't mind, but just a short answer. In your press release, you talk about US federally rescheduling cannabis. But I think my understanding and most people's understanding would be that if they reschedule, it will still be a state-by-state program. It will not be federally rescheduled. But I guess your interpretation that it will be fairly rescheduled. And I think that's a big distinction. Do you want to just share some color on that? But just briefly. Thank you.

顏色真好看。聽著，如果可以的話，我還想再問一個問題，但請您簡單回答。你們的新聞稿中提到了美國聯邦政府重新對大麻進行管制。但我認為，我的理解以及大多數人的理解是，如果他們重新安排日程，那仍然會是一個按州劃分的計劃。它不會被聯邦政府重新安排日程。但我猜你的意思是說，它會被合理地重新安排。我認為這是一個很大的區別。你想就此補充一些細節嗎？但只是簡單提一下。謝謝。

Our plan is what I've said, if a reschedule -- what we're focused on, and I think a lot of other companies are focused on recreation, we are focused on medical cannabis. And our plan is to leverage the infrastructure and expertise and know-how that we've developed that we got a $150 million business in Tilray today. And with that, our $300 million distribution platform is something that we utilize in Europe and how do we ultimately do that here. And again, engage with the outreach of the government with the FDA and with our -- working with hospitals, working with research, doing clinical studies. And that's what we're looking to do there in regards to our US entry into Tilray US, not looking at it today of how we do state-by-state from a recreational standpoint.

正如我之前所說，如果重新安排賽程——我們目前關注的是醫用大麻，我認為許多其他公司都專注於娛樂用途。我們的計劃是利用我們已經建立的基礎設施、專業知識和技術，正是這些讓我們今天在 Tilray 獲得了 1.5 億美元的業務。因此，我們在歐洲利用了價值 3 億美元的分銷平台，那麼我們最終是如何在這裡實現這一​​點的呢？再次強調，要積極參與政府的對外宣傳工作，例如與美國食品藥物管理局 (FDA) 合作，與醫院合作，進行研究，進行臨床研究。這就是我們進入美國市場（Tilray US）的目標，而不是從娛樂角度逐州考察。

And ultimately, what are we going to do? And we have so much research in pain, anxiety, cancer-related drugs, cancer anti-vomiting drugs, PTSD, and taking that science and taking those and taking our genetics and strains and working with hospitals and potentially strategically aligning with a pharma company to execute that within the US is what we're looking to do.

最終，我們該怎麼辦？我們在疼痛、焦慮、癌症相關藥物、癌症止吐藥、創傷後壓力症候群等方面進行了大量研究，我們希望將這些科學成果與我們的基因和菌株相結合，與醫院合作，並有可能與製藥公司進行策略合作，在美國境內實施這些研究。

Frederico Gomes, ATB Capital Markets.

Frederico Gomes，ATB 資本市場。

Just the first question, just going back to the rescheduling comment there with potential rescheduling in the US. I'm just curious, does that change the way you see potential investments in the state legal cannabis businesses like you've done in the past with MedMen?

第一個問題，回到先前關於美國可能重新安排賽程的評論。我只是好奇，這是否會改變您看待對州內合法大麻企業潛在投資的方式，就像您過去對 MedMen 所做的那樣？

Yes. It doesn't -- I mean, with the state. But again, as I said, Tilray is committed to invest in research. Tilray is committed to invest in clinical. Tilray is committed to working with the FDA, the DEA, is coming up with approved cannabis drugs that can be used and sold for some of the conditions that I mentioned before.

是的。並非如此——我的意思是，與國家有關。但正如我所說，Tilray 致力於投資研發。Tilray致力於投資臨床領域。Tilray 致力於與 FDA 和 DEA 合作，正在研發獲批的大麻藥物，這些藥物可用於治療我之前提到的一些疾病。

But it's not state by state where we're looking at recreational. We are totally looking at this from a total medical standpoint.

但我們關注的是休閒娛樂，而不是各州的情況。我們完全是從醫學角度來看這個問題的。

Got it. Thank you. And then second question, international cannabis. Could you help us understand outside of Germany, what are the main international markets you have right now? And do you anticipate any other international markets where we could see some sort of regulatory change near term this year that could lead to growth like we saw in Germany since April 2024?

知道了。謝謝。第二個問題，國際大麻產業。能否請您幫我們了解一下，除了德國以外，您目前的主要國際市場有哪些？您是否預計今年其他國際市場會出現某種監管變化，像德國自 2024 年 4 月以來那樣帶來成長？

So listen, there's Poland, there's today Italy markets. There's the UK markets. We're looking at oils for France and Spain. And I will tell you this here without going into names and countries, there's a lot of stuff happening in the Middle East in regards to working with CBD and THC from a Middle East standpoint. There are some stuff and testing going on in India in regards to hemp and hemp-infused THC products.

所以聽著，有波蘭市場，還有今天的義大利市場。還有英國市場。我們正在考察法國和西班牙的石油產品。我在這裡不點名道姓地說，就中東而言，在 CBD 和 THC 的應用方面，有很多事情正在發生。印度正在進行一些關於大麻和含大麻成分的THC產品的研究和測試。

So again, and I will say this here, and that's why I thank President Trump from a rescheduling standpoint. Rescheduling cannabis from the Schedule I to a Schedule III has opened up the eyes and the legality a lot of other countries here. And I think that's what was important, too. Once the US did it, there's a lot of other companies now are saying this stuff is not taboo. It's something that's really benefit and this can be really helpful in a lot of different diseases, and it can be very helpful as a medicine.

所以，我再次重申，這也是我感謝川普總統重新安排日程的原因。將大麻從一級管制藥品重新列為三級管制藥品，讓許多其他國家的人大開眼界，也讓他們意識到了大麻的合法性。我覺得這一點也很重要。美國這麼做之後，現在很多其他公司也表示，這種做法並不禁忌。它確實很有好處，對許多不同的疾病都很有幫助，而且作為一種藥物也很有幫助。

Thank you. I'd like to pass the call back over to management for any closing remarks.

謝謝。我想把電話轉回給管理階層，請他們作總結發言。

Thank you very much, operator, and thank you very much for everybody joining us today. As you can see, there is a lot happening at Tilray. And as a diversified consumer packaged goods company that today sells products into the recreational cannabis market in Canada, sells medical cannabis in Canada, sells drinks in Canada, sells beverages in the US spirits and our hemp-infused -- our hemp foods, our wellness products, and then our international products with international medical products and our Tilray Pharma.

非常感謝接線生，也非常感謝今天收看節目的各位。正如你所看到的，Tilray公司正在發生很多事情。作為一家多元化的消費品包裝公司，我們目前在加拿大銷售娛樂用大麻產品、醫用大麻產品、飲料產品，在美國銷售烈酒和大麻食品、健康產品，以及國際醫療產品和 Tilray Pharma 產品。

So there's a lot within Tilray today. There's a lot of science, there's a lot of research, there's a lot of genetics that we're doing. And as a five-, six-year-old company today that's really pulling this all together, and there's no one out there today that is diversified like us.

所以，如今的Tilray包含了許多內容。我們正在進行大量的科學研究、大量的研究以及大量的遺傳學研究。如今，作為一家成立五、六年的公司，我們正在努力將所有業務整合起來，目前市場上還沒有任何一家公司像我們一樣多元化。

One of our strengths is our balance sheet. It's where the net cash position. So we're able to invest in research. We're able to invest in trial. We're able to invest in clinicals today. So you can't look at us today as a recreational cannabis company. You can't look at us as just a beer company.

我們的一大優勢是資產負債表穩健。這就是淨現金部位所在之處。因此我們能夠投資於研究。我們有能力投資試驗。我們現在有能力投資臨床試驗。所以，你不能再把我們看成是一家休閒大麻公司了。你不能只是把我們看作是一家啤酒公司。

And you've got to look at us today as a consumer company that looks at products and looks at different ways to help bring consumers together, help bring people together. And that is some of the stuff we're doing.

如今，你必須把我們看作一家消費品公司，我們專注於產品，並尋找各種方法來幫助消費者走到一起，幫助人們走到一起。這就是我們正在做的一些事情。

At the end of the day, as you can see what we've done this quarter in regards to our profitability for our shareholders. And again, it's been five years and putting this together piece by piece, and there's a lot to do.

歸根結底，正如你所看到的，本季度我們在股東獲利方面取得了怎樣的成就。而且，這項工作已經進行了五年，一點一點地完成，還有很多工作要做。

The question asked by Pablo in regards to our beverage business. Yes, there's a lot to do in the acquisitions that we've done. And one of the proof is in here, look at the acquisitions we've done on cannabis as we put these cannabis facilities and brands together. Took-out costs integrated the businesses, and we're seeing the performance of that today. It's no different. We've really only got into the international cannabis business over the last year or so, and that's on the run rate to be a $100 million business.

巴勃羅就我們的飲料業務提出的問題。是的，我們已經完成的收購還有很多工作要做。其中一個證據就在這裡，看看我們在大麻領域的收購，我們將這些大麻設施和品牌整合在一起。削減成本整合了各業務，我們今天看到了這項措施帶來的成效。沒什麼不同。我們真正涉足國際大麻業務也只是在過去一年左右的時間裡，而且以目前的成長速度，這項業務的年營業額將達到 1 億美元。

So there's a lot to do within Tilray. There's a lot of great assets within Tilray, whether it's facilities, whether it's brands, whether it's distribution, whether it's know-how. And there's a lot of AI coming into Tilray today to help us implement a lot of what's happening. I appreciate those that have stayed with us. As shareholders, I know there's times you're frustrated and there's times probably I'm frustrated more than you are. But I do see a good path with a lot that's happening coming together.

所以Tilray內部有很多事情要做。Tilray 擁有許多優秀的資產，無論是設施、品牌、分銷管道或專業知識。如今，Tilray 引入了大量人工智慧技術，以幫助我們實現許多正在發生的事情。我感謝那些一直陪伴在我們身邊的人。身為股東，我知道你們有時會感到沮喪，有時我可能比你們更沮喪。但我確實看到一條好的發展道路，很多因素正在匯聚在一起。

I got to tell you, we deal with a tough regulatory environment out there. We pay some of the highest excise tax in Canada, and I hope Prime Minister Carney heard me how important this industry is for the Canadian market, the jobs that created the tax dollars, and we don't want to see this run away from Canada.

我必須告訴你，我們面臨的監管環境非常嚴峻。我們繳納的消費稅在加拿大名列前茅，我希望卡尼總理能聽到我的聲音，了解這個行業對加拿大市場的重要性，它創造了就業機會，帶來了稅收，我們不希望看到它離開加拿大。

I commend President Trump for rescheduling. He was the first President that really took this on. Everybody else sort of ran away from it, and it's up to us now to show what this really can do. So thank you very much for getting on our call today, and happy new year to everybody.

我讚揚川普總統重新安排日程的決定。他是第一位真正著手解決這個問題的總統。其他人都避之不及，現在輪到我們來展現它真正的潛力了。非常感謝各位今天參加我們的電話會議，祝大家新年快樂。

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

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。