Tilray Brands Inc (TLRY) 2026 Q3 法說會逐字稿

Thank you for joining today's conference call to discuss Tilray Brands' financial results for the third quarter of fiscal year 2026 ended February 28, 2026. (Operator Instructions)

感謝各位參加今天的電話會議，討論 Tilray Brands 截至 2026 年 2 月 28 日之 2026 財政年度第三季財務業績。(接線員指示)

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

現在我將把電話交給 Tilray Brands 企業傳播與公司事務長 Berrin Noorata 女士。謝謝。您現在可以開始。

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, tired.com and has been filed with the SEC and OFC. Please note that during today's call, we will be referring to various non-GAAP financial measures that can provide useful information for investors.

謝謝，接線員，各位早安。此時各位應已可取得本次財報新聞稿，已發布於 Tilray Brands 官網的投資人專區（tired.com），並已向 SEC 與 OFC 提交。請注意，在今天的電話會議中，我們將提及多項非 GAAP 財務衡量指標，這些指標可為投資人提供有用資訊。

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.

然而，提供這些資訊並非意圖讓其被單獨看待，或作為依 GAAP 編製之財務資訊的替代。財報新聞稿中包含各項非 GAAP 財務衡量指標與最可比之 GAAP 衡量指標之調節表。

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 these 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，我們在發言以及回覆各位提問時，將作出多項前瞻性陳述。這些陳述係基於我們目前的預期與信念，並涉及已知與未知的風險與不確定性，可能證明為不正確。實際結果可能與這些前瞻性陳述所描述者存在重大差異。我們的財報新聞稿文字內容包含與此類前瞻性陳述相關的多項風險與不確定性。

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 third quarter of fiscal year 2026.

今天，我們將聽取高階領導團隊主要成員的分享，首先由董事長兼執行長 Irwin Simon 發表開場致詞與評論，接著由財務長 Carl Merton 回顧 2026 財政年度第三季的財務結果。

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 董事長兼執行長 Irwin Simon。

Thank you, Berrin, and good morning, everyone. It's been an exciting year at Tilray Brands. We delivered a record quarter with continued international expansion across our platforms. I also want to briefly highlight our BrewDog acquisition. When you have good news, you go to the tallest building and scream it and don't wait. This transaction positions Tilray at approximately $1.2 billion global revenue company on an annualized basis and meaningfully strengthens our long-term growth profile.

謝謝你，Berrin，各位早安。對 Tilray Brands 而言，這是一個令人振奮的一年。我們在各平台持續推進國際擴張，交出創紀錄的一季。我也想簡要強調我們對 BrewDog 的收購。當你有好消息時，就要到最高的建築大聲宣告，別等。這筆交易使 Tilray 以年化基礎計算成為約 12 億美元全球營收規模的公司，並顯著強化我們的長期成長輪廓。

I've done over 100 acquisitions in my life, and I've never received more calls. Congratulations and a brand with more awareness on a global basis, which helps Tilray to be at the forefront around the world. Since 2019, we have transformed the company from a Canadian cannabis business with approximately $50 million in revenue to a global lifestyle consumer products company approaching over $1 billion in revenue on an annualized basis, providing the strength and effectiveness of our strategy and our execution going forward.

我一生做過超過 100 宗併購，從未接到這麼多來電。恭喜你們——這是一個在全球具更高知名度的品牌，協助 Tilray 站上全球舞台的最前線。自 2019 年以來，我們已將公司從一家營收約 5,000 萬美元的加拿大大麻企業，轉型為一家全球生活風格消費品公司，年化營收逼近 10 億美元，展現我們策略的力量與有效性，以及我們未來持續執行的能力。

We are building a diversified global platform rounded in a long-term vision of bringing people together through meaningful connection with a strong team and clear priorities, we remain confident in our path forward. Today, Tilray leads as global platform as the number one cannabis company in Canada by revenue, the fourth largest crafter of US, a global leader in medical cannabis, and a wellness leader in North America.

我們正打造一個多元化的全球平台，根植於「透過有意義的連結凝聚人們」的長期願景；憑藉強大的團隊與清晰的優先事項，我們對前行道路仍充滿信心。今日，Tilray 作為全球平台領導者：以營收計為加拿大第一大大麻公司、為美國第四大精釀啤酒製造商、為醫療大麻的全球領導者，並為北美健康與保健領域的領導者。

And now, with BrewDog, the number-one craft brewer in the UK, transforming this business has not been easy. We operate in highly regulated environments globally. Face cannabis regulatory reform in the US and navigate constraints across international markets. At the same time, we strengthened our global brand portfolio, scale and optimize our cultivation capabilities and our brewing capabilities built a $0.5 billion beverage platform within a long-established category and established a meaningful wellness strategy.

而現在，隨著 BrewDog——英國第一大精釀啤酒商——加入，轉型這門業務並不容易。我們在全球高度監管的環境中營運。面對美國大麻監管改革，並在國際市場中因應各種限制。同時，我們強化全球品牌組合、擴大規模並最佳化種植能力與釀造能力，在一個歷史悠久的品類中建立了 5 億美元的飲料平台，並建立具實質意義的健康與保健策略。

This level of progress reflects both the pace of our execution and the strength of our strategic foundation and the teams that we have in place. Yes, there have been challenges along the way, particularly with integration, and there will continue to be challenges. This takes time. But today, we see the pieces coming together in the way that a few businesses can replicate, and we're building something truly differentiated.

這樣的進展程度，反映了我們的執行速度、策略基礎的強健，以及我們所建立的團隊實力。是的，過程中確實有挑戰，特別是在整合方面，而且未來仍會持續面臨挑戰。這需要時間。但今天，我們看到各個拼圖正逐步到位，其方式是少數企業能夠複製的，而我們正在打造真正差異化的事業。

And our Q3 results reflect this in the third quarter and consecutively from Q2 to Q3, we delivered record results with net revenue reaching $207 million reflecting 11% organic growth year over year and gross profit increasing to $55 million, up 6% from the prior year despite ongoing industry and macroeconomic headwinds, we also obtained a strong financial position ended the quarter with $265 million in cash, restricted cash, and marketable securities and approximately $3.5 million in net cash, providing the flexibility to invest in growth while maintaining financial discipline. Our Q3 results reinforce the momentum we outlined last quarter, improving fundamentals sharper execution and increasing leverage from our diversified global platform.

我們第三季的業績也反映了這一點：在第三季，以及連續從第二季到第三季，我們交出創紀錄的成果，淨營收達 2.07 億美元，年增 11%（有機成長），毛利提升至 5,500 萬美元，較去年增加 6%，儘管產業與總體經濟逆風仍在；我們也維持強健的財務狀況，季末持有 2.65 億美元的現金、受限制現金與有價證券，且淨現金約 350 萬美元，使我們在維持財務紀律的同時，具備投資成長的彈性。第三季結果再次印證我們上季所提到的動能：基本面改善、執行更精準，以及多元化全球平台帶來的槓桿效益提升。

Turning first to our cannabis business. We delivered strong results this quarter across our global platform, with continuous momentum in both Canada and our international markets. As the regulatory environment evolves, particularly in the US, we're well positioned with scale infrastructure and experience to expand this business globally, we've built this platform deliberately, and we're ready to execute as opportunities develop. Q3 was the largest quarter ever for international cannabis growth.

先談我們的大麻業務。本季我們在全球平台交出強勁表現，加拿大與國際市場皆維持持續動能。隨著監管環境演進，特別是在美國，我們憑藉規模、基礎設施與經驗，已具備在全球擴張此業務的良好條件；我們是有計畫地打造這個平台，並已準備好在機會出現時加速執行。第三季是國際大麻成長史上最大的一季。

We generated $24.1 million in net sales with 73% year-over-year growth and 20% sequential growth. This was driven by exceptional sales volume growth. Medical cannabis flower volume was up 100% year over year and medical cannabis oil volume was up 90% year over year. Tilray holds top position by a significant margin in the medical cannabis oil category across leading international medical markets while we leverage our expertise and reputation in the doctor-led distribution channels.

我們創造 2,410 萬美元的淨銷售額，年增 73%，季增 20%。這主要由卓越的銷量成長所帶動。醫療大麻花（flower）銷量年增 100%，醫療大麻油銷量年增 90%。Tilray 在主要國際醫療市場的醫療大麻油品類中，以顯著優勢位居第一，同時我們運用在醫師主導的分銷通路中的專業與聲譽。

Germany, our largest international market grew 43% year over year, an important achievement for our international team as they continue to navigate evolving regulatory framework and significant price compression across global markets. Notably, we overcame $7 million in price pressure that flows directly to the bottom line.

德國作為我們最大的國際市場，年增 43%；對我們的國際團隊而言，這是一項重要成就，因為他們持續在全球市場中因應不斷演變的監管框架與顯著的價格壓縮。值得注意的是，我們克服了 700 萬美元的價格壓力，而這會直接反映到最終損益。

Turning to our medical distribution business in Europe. I'm extremely proud to say that CC Pharma was recognized as one of the top 100 innovators, leaders and trusted partners in the European pharmaceutical market. Congratulations to the team on great accomplishments for continuously driving our business forward. Our Tilray Pharma business grew 35% year over year to $83 million, making it our highest ever third quarter for sales and profitability. The increase in distribution revenue in the period was driven by portfolio optimization, mix, positive market trends, and increased medical device sales.

接著談我們在歐洲的醫藥分銷業務。我非常自豪地宣布，CC Pharma 獲選為歐洲製藥市場「百大創新者、領導者與值得信賴的合作夥伴」之一。恭喜團隊取得卓越成就，持續推動我們的業務向前。我們的 Tilray Pharma 業務年增 35% 至 8,300 萬美元，創下我們歷來第三季最高的銷售與獲利表現。本期分銷營收的增加，來自產品組合最佳化、組合（mix）改善、正向市場趨勢，以及醫療器材銷售增加。

Our recently announced partnership with Alliance Healthcare further strengthens our leadership in Germany, expanding our reach to more than 16,000 pharmacies, up from 13,000 previously. In addition, we entered into a partnership with Smartway, a leading UK-based pharmaceutical distribution company to expand the availability of our pharmaceutical products across the United Kingdom. Together, these partnerships speak to the strength of Tilray Pharma as a valuable strategic asset within our global medical cannabis platform. Looking ahead, our distribution business is laser-focused and driving future operational efficiencies, be automation, centralized sourcing, harmonized packaging and label that sets us up with vertical integration for our cannabis business.

我們近期宣布與 Alliance Healthcare 的合作夥伴關係，進一步鞏固我們在德國的領導地位，將觸及的藥局數量由先前的 13,000 家擴大至超過 16,000 家。此外，我們也與 Smartway（英國領先的醫藥分銷公司）建立合作關係，以擴大我們藥品在英國各地的可得性。這些合作夥伴關係共同彰顯 Tilray Pharma 的實力，作為我們全球醫療大麻平台中一項具價值的策略資產。展望未來，我們的分銷業務將高度聚焦並推動未來營運效率提升，包括自動化、集中採購、包裝與標籤一致化，為我們的大麻業務建立垂直整合的基礎。

Turning to Canada, our Canadian cannabis business continues to deliver strong results. We reinforced our position as Canada's leading cannabis company by revenue on a trailing 12-month basis, and our adult-use medical grew 8% year over year to almost $40 million of net revenue. This performance speaks to the strength of our portfolio and the resilience of our commercial execution and the team that we have in place today.

轉向加拿大，我們在加拿大的大麻業務持續交出強勁成果。以過去12個月滾動基礎計算，我們按營收計仍為加拿大營收最高的大麻公司，且我們的成人用與醫療用業務淨營收年增8%，接近4,000萬美元。此一表現彰顯我們產品組合的實力，以及我們當前商業執行的韌性與現有團隊的戰力。

From a market share perspective, Tilray maintained the number one market share position in cannabis dried flower, pre-rolls, beverages, oils and chocolate edibles. Importantly, this leadership reflects the strength of our tiered brand strategy in dry flower, Tilray is the only licensed producer with three brands in the top 10. In pre-rolls, we hold two of the top three brands. And in beverages, we deliver the top two brands in the market during quarter three. This approach diversifies our reliance across brands and facilities while allowing us to serve the seed consumer segments with clearly differentiated offerings.

從市占率角度來看，Tilray在大麻乾花、預捲、飲料、油品與巧克力食用產品等品類維持第一的市占地位。重要的是，這項領先反映我們在乾花品類分層品牌策略的強度；Tilray是唯一一家在前十大中擁有三個品牌的持牌生產商。在預捲品類，我們擁有前三大中的兩個品牌。而在飲料品類，我們於第三季提供市場上前兩大品牌。此一作法在品牌與設施之間分散依賴，同時讓我們能以清楚差異化的產品，服務核心消費者族群。

From a brand portfolio perspective, Broken Coast delivered its strongest quarter in the past two fiscal years, growing 16% year over year. We also continue to innovate with our core categories launching Good Supply, Where's My Bike, and blueberry donuts cannabis strains during the quarter. both of which finished the quarter among the top 10 dried flower SKUs in British Columbia, and we plan to scale them nationally and introduce additional genetics in Q4 and into fiscal 2027.

從品牌組合角度來看，Broken Coast在過去兩個會計年度中交出最強的一季，年增16%。我們也持續在核心品類創新，本季推出Good Supply、Where's My Bike與blueberry donuts等大麻品種；其中兩款在本季結束時名列卑詩省乾花SKU前十名，我們計畫將其擴展至全國，並於第四季及2027會計年度期間導入更多新基因。

Finally, we also introduced a new brand, Portal, featuring bakes infused free rolls late in the quarter. While still early, we're beginning the national rollout. We expect to launch a Portal to build upon our momentum and drive meaningful growth in these key categories going forward. And we're also making clear progress in high-growth price-sensitive categories such as bakes.

最後，我們也在本季後段推出新品牌Portal，主打烘焙類注入式free rolls。雖然仍在早期階段，我們已開始全國性鋪貨。我們預期推出Portal將延續我們的動能，並在未來於這些關鍵品類帶動具意義的成長。同時，我們在烘焙等高成長、價格敏感型品類也正取得明確進展。

Quarter three marked our strongest eighth quarter in the past two fiscal years, reestablish in Tilray as a top 10 player in the category. Importantly, this performance reflects our disciplined approach to revenue generation. We intentionally scaled back our base volume until we achieve the right cost structure and return the category to profitability.

第三季是我們在過去兩個會計年度中最強的第八個季度表現，使Tilray重新成為該品類的前十大業者。重要的是，這項表現反映我們在營收創造上的紀律性作法。在達成適當的成本結構並讓該品類回到獲利之前，我們刻意縮減基礎出貨量。

After seven years of federal cannabis legalization in Canada, we are modernizing the store. We've built a strong foundation on Canadian cannabis, and we're now advancing to the next phase transforming our cultivation platform through AI-driven growing systems, next-generation genetics and improved yields across our operations.

在加拿大聯邦層級大麻合法化七年後，我們正在推動現代化升級。我們已在加拿大大麻業務上建立穩固基礎，現正邁向下一階段：透過AI驅動的種植系統、次世代基因，以及在各項營運中提升產量，來轉型我們的栽培平台。

We're executing a comprehensive end-to-end upgrade of our cultivation capabilities. And while this transition is still underway, we're already seeing progress as we move towards more consistent, higher quality and more efficient production. This evolution is designed to enhance margins, strengthen product quality, and position us ahead of the curve as the industry continues to mature.

我們正執行一項涵蓋端到端的栽培能力全面升級。雖然轉型仍在進行中，但隨著我們朝向更一致、更高品質且更高效率的生產邁進，已可見到進展。此一演進旨在提升毛利、強化產品品質，並在產業持續成熟之際，讓我們保持領先。

In the US, we continue to monitor the rescheduling of medical cannabis and are actively engaged with legislators and regulators. We're also evaluating our participation in the center for Medicare and Medicaid Innovation pilot programs. Tilray is well positioned to contribute to the pilot program with its proven track record of operating at a scale in a highly regulated medical cannabis globally.

在美國，我們持續關注醫療用大麻重新分級的進展，並積極與立法者及監管機構互動。我們也在評估參與醫療保險與醫療補助創新中心（Center for Medicare and Medicaid Innovation）的試點計畫。Tilray具備良好條件可為該試點計畫做出貢獻，因為我們在全球高度監管的醫療用大麻領域，已證明具備規模化營運的實績。

Moving to our beverage business. This quarter and shortly after the quarter end, we successfully executed against our key strategic priority to expand our global beverage platform through a strategic licensing partnership with Carlsberg and the targeted acquisition of BrewDog, strengthening our portfolio, improving utilization and advancing our global growth strategy. We are honored and proud to begin our partnership with Carlsberg, one of the world's leading brewers starting in January of 2027.

接著談我們的飲料業務。本季以及季末後不久，我們成功落實關鍵策略優先事項：透過與Carlsberg的策略授權合作夥伴關係，以及對BrewDog的精準收購，擴大全球飲料平台，進而強化產品組合、提升產能利用率並推進全球成長策略。我們很榮幸也深感自豪，將自2027年1月起與Carlsberg（全球領先釀酒商之一）展開合作。

Through this partnership, we'll produce, market and distribute a portfolio of leading Carlsberg brands across the US, leveraging our brewing network, commercial capabilities and our national distribution footprint. We expect this to drive immediate scale accretive to revenues supported by increased volumes, expand shelf presence and a more favorable product base. Following the Carlsberg announcement and post quarter close, we acquired craft beer icon, BrewDog, creating approximately $500 million global craft beverage platform on a pro forma basis.

透過此合作，我們將在美國生產、行銷並配送一系列Carlsberg領先品牌，並運用我們的釀造網絡、商業能力與全國性配送版圖。我們預期在更高出貨量的支持下，這將立即帶來規模效益並增厚營收，同時擴大貨架能見度並優化產品組合。在宣布Carlsberg合作後且於季後結帳後，我們收購了精釀啤酒指標品牌BrewDog，按備考（pro forma）基礎打造約5億美元的全球精釀飲料平台。

We acquired BrewDog's global IP, strategic [brute] and brew pub assets across the UK Ireland, Australia, and the US, creating immediate scale, strengthening our infrastructure and broadening our international reach. This positions us to extend our reach into previously untapped markets such as the Middle East, Asia Pacific and take our US brands globally while strengthening their portfolio with a highly recognized craft brand. We acquired this platform for approximately [GBP40 million], which reflects a fraction of its replacement cost. This strategic acquisition has significantly accelerated the implementation of our global strategy by several years.

我們收購了BrewDog的全球智慧財產權（IP）、策略性[brute]以及遍布英國、愛爾蘭、澳洲與美國的brew pub資產，立即形成規模、強化我們的基礎設施並擴大國際觸及。這使我們得以進一步切入先前尚未充分開發的市場，例如中東與亞太地區，並將我們的美國品牌推向全球，同時以高度知名的精釀品牌強化其產品組合。我們以約[4,000萬英鎊]取得此平台，僅相當於其重置成本的一小部分。這項策略性收購已將我們全球策略的落地時程大幅提前數年。

Now, turning to the results of our beverage business, we're making disciplined progress on the integration of our beverage acquisitions, while staying focused on the work still ahead to generate growth and profitability. As expected, beverage net revenue of $43 million in Q3 was impacted by margin focused actions as well as industry-wide softness. These margins focused initiatives are delivered and necessary to reset the business for profitable long-term growth. What's important is that the underlying fundamentals are improving.

接著談飲料業務的業績表現：我們在整合飲料併購資產方面正以審慎步伐推進，同時仍聚焦於後續仍需完成的工作，以帶動成長與獲利。如預期，第三季飲料淨營收為4,300萬美元，受到以毛利為導向的措施以及全產業需求疲弱的影響。這些以毛利為導向的計畫已落地，且對於重置業務、以實現長期可獲利成長而言屬必要。重要的是，基本面正在改善。

Through Project 420, we rationalized the portfolio, removing nonstrategic SKUs to improve velocity, margin and execution. We continue to focus on cost discipline, delivered over $6.2 million in annualized savings during the quarter, completing our target synergy program of $33 million enabling us to achieve approximately 32% gross margins despite significant input costs and headwinds. Without these decisive actions taken, margin would have been more significantly impacted.

透過Project 420，我們精簡產品組合，移除非策略性SKU，以提升周轉速度、毛利與執行力。我們持續聚焦成本紀律，本季實現超過620萬美元的年化節省，並完成3,300萬美元的目標協同效益計畫，使我們即使面對顯著投入成本與逆風，仍能達成約32%的毛利率。若未採取這些果斷行動，毛利將受到更顯著的衝擊。

Operationally, we're building a more focused, higher performing portfolio we're prioritizing fewer, bigger, better innovations aligned with consumer demand. Products like Pub Light are expanding distribution and our ready-to-drink cocktails on the West Coast are delivering margin accretive growth. We're also starting to see sequential improvement across our core brands, including Sweetwater, Chalk Top, Blue Point, Revolver, and Montauk.

在營運面，我們正打造更聚焦、表現更佳的產品組合，優先投入更少但更大、更好、且更符合消費者需求的創新。例如Pub Light正擴大通路覆蓋，而我們在美西的即飲雞尾酒也帶來增厚毛利的成長。我們也開始看到核心品牌的逐季改善，包括Sweetwater、Chalk Top、Blue Point、Revolver與Montauk。

Looking ahead, we expect continued momentum on improving fundamentals and a stronger path to growth. Within the spirits category, in Q3, we focused on enhancing our commercial plan. Wholesale completions were 160 basis points above the national spirits trends. demonstrating strong consumer demand and awareness. Our ongoing efforts remain focused on expanding product distribution to additional states and beyond.

展望未來，我們預期基本面改善的動能將延續，並形成更清晰、更強勁的成長路徑。在烈酒品類方面，第三季我們聚焦於強化商業計畫。批發端完成量（wholesale completions）較全國烈酒趨勢高出160個基點，顯示消費者需求與認知度強勁。我們的持續努力仍聚焦於將產品配送擴展至更多州及更廣泛市場。

Regarding our US hemp-derived PAC beverage business, we continue to offer Fizzy Jane's, Happy Flower hemp-derived THC beverages in 5-milligram and 10-milligram formats through nationwide retail partnerships, including major wine, liquor and grocery outlets across the country. While federal and regulatory changes may affect HGV 9 products after November 2026, we continue to stay engaged with legislators and regulators who are closely monitoring development in Washington.

關於我們在美國以工業大麻衍生的PAC飲料業務，我們持續透過全國零售合作夥伴（包括全美主要葡萄酒、烈酒與雜貨通路）提供Fizzy Jane's與Happy Flower等大麻衍生THC飲料，規格包含5毫克與10毫克。儘管聯邦與監管變動可能在2026年11月後影響HGV 9產品，我們仍持續與立法者及監管機構保持互動，並密切關注華盛頓的發展。

Turning to wellness, net revenue increased by 16% to $16.4 million in the quarter, driven by our focus on value-added innovation across Super C, better-for-you breakfast and snack eat and continued momentum in the high-vol energy grade. We'll continue to focus on distribution expansion broader assortment and promotional improvements while continuing to strengthen the profitability profile of wellness business.

談到健康養生，本季淨營收成長16%至1,640萬美元，主要受惠於我們在 Super C、更健康的早餐與零食即食產品上的高附加價值創新聚焦，以及高電壓能量飲品等級（high-vol energy grade）持續的成長動能。我們將持續聚焦於擴大通路覆蓋、更廣的產品組合與促銷改善，同時持續強化健康養生業務的獲利結構。

With that, I will now turn that over to Carl. Carl?

接下來，我把時間交給 Carl。Carl？

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，Irwin。在我開始之前，請注意我們的財務報表係依照美國通用會計準則（US GAAP）並以美元呈列。在整個討論中，我們將同時引用 GAAP 與非 GAAP 的調整後結果，並建議各位查閱新聞稿中所載之 GAAP 已報告結果與相對應非 GAAP 指標之調節表。

This quarter, we achieved record third-quarter revenue and strong year-over-year improvements in gross profit and adjusted EBITDA and we are reaffirming our adjusted EBITDA guidance for fiscal 2026. Net revenue for the third quarter record of $206.7 million, an 11% increase year over year. Revenue growth was across multiple businesses. Cannabis net revenue increased 19% year over year to $64.8 million during the quarter, driven by strong growth in gross international cannabis revenue of 73% and 8% in net Canadian adult-use and medical cannabis.

本季我們達成創紀錄的第三季營收，毛利與調整後 EBITDA 亦較去年同期顯著改善，並重申我們對 2026 會計年度調整後 EBITDA 的指引。第三季淨營收創新高達2.067億美元，年增11%。營收成長來自多個業務。本季大麻淨營收年增19%至6,480萬美元，主要由國際大麻總營收強勁成長73%以及加拿大成人用與醫療用大麻淨營收成長8%所帶動。

The exceptional revenue performance of our international cannabis business solidifies our point from the last conference call that Q4 2025 and Q2 and Q3 of this year's performance are more indicative of what investor expectations should be going forward. Growth in international cannabis accelerated based on an enhanced supply chain, increased patient adoption in certain markets and our targeted expansion into emerging markets.

我們國際大麻業務的卓越營收表現，印證了我們在上次法說會所提到的觀點：2025 年第四季以及今年第二、第三季的表現，更能代表投資人未來應有的預期。國際大麻的成長加速，係基於供應鏈的強化、部分市場病患採用率提升，以及我們對新興市場的精準擴張。

This quarter, we continue to strategically reallocate supply from the Canadian wholesale market to higher-margin international markets and will maintain this approach as those markets continue to scale. Year-to-date, we allocated approximately 6 metric tonnes of product from Canada to international markets, which continues to supplement our ever-increasing cultivation in canned. Distribution net revenue increased 35% to $83 million based on a focus on higher velocity and margin SKUs and positive impacts from foreign exchange rates.

本季我們持續策略性地將供應自加拿大批發市場重新配置至毛利較高的國際市場，並將在這些市場持續擴張之際維持此一作法。年初至今，我們已將約6公噸產品自加拿大調撥至國際市場，持續補充我們在罐裝（canned）方面不斷提升的種植產能。配銷業務淨營收成長35%至8,300萬美元，主要受惠於聚焦於更高周轉率與更高毛利的 SKU，以及匯率變動帶來的正面影響。

We expect distribution to continue to be a strong contributor as it complements and scales alongside our international business. Average net revenue for the quarter was $42.6 million compared to $55.9 million in the prior year. However, the results do not fully reflect the operational progress we have made in the segment.

我們預期配銷業務將持續成為重要貢獻者，因其可與我們的國際業務相互補強並同步擴張。本季平均淨營收為4,260萬美元，較去年同期的5,590萬美元下降。然而，這些結果尚未完全反映我們在該事業部所取得的營運進展。

During the quarter, we successfully completed Project 420, closing and delivering $33 million in annualized cost savings, which improved the underlying cost structure of the business. Those cost savings are not always visible in our margin results as they've been largely offset by almost $2.9 million in higher aluminum costs year-to-date and lower overhead utilization rates. Getting our cost structure right in beverage has been and will continue to be a key focus area for us.

本季我們成功完成 Project 420，完成關閉並實現3,300萬美元的年化成本節省，改善了公司的基礎成本結構。這些成本節省並不總是能在毛利率結果中清楚呈現，因為年初至今約290萬美元的鋁材成本上升以及較低的間接費用利用率，已在很大程度上抵銷了其效益。把飲料業務的成本結構調整到位一直是、也將持續是我們的關鍵聚焦領域。

Looking ahead, Carlsberg represents a compelling opportunity for us through a partnership with one of the largest global brewers. The relationship enables us to improve overhead utilization without deploying capital to acquire a brand while creating meaningful operational leverage. It also provides multiple avenues to strengthen the platform including increased scale with key global raw material suppliers and the ability to collaborate and learn from one another on innovation and best practices to support long-term growth.

展望未來，Carlsberg 透過與全球最大啤酒釀造商之一的合作，為我們帶來極具吸引力的機會。此一合作關係使我們能在不投入資本收購品牌的情況下提升間接費用利用率，同時創造顯著的營運槓桿。它也提供多條途徑以強化平台，包括與關鍵全球原物料供應商擴大規模，以及在創新與最佳實務上相互協作與學習，以支持長期成長。

BrewDog represents an equally compelling opportunity to strengthen our beverage business in the future, but for different reasons as it is more about an international opportunity. The BrewDog transaction was unique because it represented a chance for the business to start with a clean piece of paper and hand select the best and most important elements of a strong business that was placed in administration for reasons other than its core business. After this transaction, Tilray strengthens BrewDog, BrewDog strengthens Tilray.

BrewDog 同樣為我們未來強化飲料業務提供極具吸引力的機會，但原因不同，更多是關於國際化機會。BrewDog 交易之所以獨特，是因為它讓公司有機會從一張白紙開始，並親自挑選一家強健企業中最優秀且最重要的要素；該企業進入接管程序（administration）的原因並非其核心業務本身。完成此交易後，Tilray 強化 BrewDog，BrewDog 也強化 Tilray。

Lastly, wellness net revenue in the quarter was $16.4 million, growing 16% year over year based on our focus on high-value innovations the continued strength of High-Vol and growth in the ingredient sales channel. In terms of contribution, cannabis accounted for 31% of revenue, average revenue was 21%, Distribution was 40% and wellness was 8%.

最後，健康養生業務本季淨營收為1,640萬美元，年增16%，主要受惠於我們聚焦高價值創新、高電壓（High-Vol）持續強勁，以及原料銷售通路的成長。就營收貢獻而言，大麻占31%，飲料占21%，配銷占40%，健康養生占8%。

Moving on to profitability. We achieved a record third quarter gross profit of $55 million, a 6% year-over-year increase. Gross margin was 27% compared to 28% last year. By segment, cannabis gross margin was 40% for the quarter compared to 41% year over year and remained largely flat, primarily due to price compression in international markets, which reduced international cannabis revenue by approximately $7 million despite higher gram equivalent sold.

接著談獲利能力。我們本季第三季毛利創新高達5,500萬美元，年增6%。毛利率為27%，去年同期為28%。按事業別來看，本季大麻毛利率為40%，去年同期為41%，整體大致持平；主要原因是國際市場價格下壓，儘管以克當量計的銷量增加，仍使國際大麻營收約減少700萬美元。

Distribution gross margin increased to 12% this quarter compared to 9% year over year due to favorable changes in product mix and increases in average selling price during the quarter. Average gross margin was 32% this quarter compared to 36% in the prior year quarter. This change was a function of lower overhead absorption rates and higher input costs, including the previously discussed aluminum costs. Wellness gross margin increased to 33% during the quarter from 32% year over year as strategic price increases largely offset an unfavorable change in sales mix.

配銷毛利率本季提升至12%，去年同期為9%，主要受惠於產品組合的有利變化以及本季平均售價上升。飲料毛利率本季為32%，去年同期為36%。此一變動係由較低的間接費用吸收率與較高的投入成本所致，其中包括前述的鋁材成本。健康養生毛利率本季由去年同期的32%提升至33%，主要因策略性調價大致抵銷了不利的銷售組合變化。

Net loss was $25.2 million, a $768.3 million improvement compared to a $793.5 million loss year over year or a net loss per share of $0.24 compared to a net loss per share of $8.69. The improvement in both net loss and net loss per share is primarily driven by the onetime noncash impairment we reported in the prior year quarter. Adjusted net income and adjusted net income per share, which both exclude the noncash impacts of amortization, stock-based compensation, impairments and nonrecurring charges, improved $5.3 million year over year to $2.4 million and $0.02 per share compared to an adjusted net loss of $2.9 million and adjusted net loss per share of $0.03.

淨損為2,520萬美元，較去年同期7.935億美元的淨損改善7.683億美元；每股淨損為0.24美元，去年同期每股淨損為8.69美元。淨損與每股淨損的改善，主要來自我們在去年同期認列的一次性非現金減損。調整後淨利與調整後每股淨利（均排除攤銷、以股份為基礎之酬勞、減損及非經常性費用的非現金影響）年增530萬美元至240萬美元與每股0.02美元；去年同期為調整後淨損290萬美元與調整後每股淨損0.03美元。

Our adjusted cash operating income for the quarter was $4.1 million compared to a loss of $3.1 million last year. Adjusted EBITDA for the quarter increased 19% to $10.7 million compared to $9 million last year, reflecting continued execution against our strategic plan, particularly from our international cannabis business. Cash flow used in operations was $21.9 million compared to $5.8 million last year. The increase in cash used in operations was largely related to inventory ahead of our seasonally stronger fourth quarter and accounts receivable for our growing international cannabis business.

本季調整後現金營運所得為410萬美元，去年同期為虧損310萬美元。本季調整後 EBITDA 年增19%至1,070萬美元，去年同期為900萬美元，反映我們持續落實策略計畫，尤其來自國際大麻業務的貢獻。營運活動使用之現金流量為2,190萬美元，去年同期為580萬美元。營運用現金增加主要與因應季節性較強的第四季而提前備貨，以及因國際大麻業務成長而增加的應收帳款有關。

Excluding the impacts of working capital, cash generated from operations was $3.4 million compared to cash used in operations of $9.3 million in the prior year. We ended the quarter with cash, restricted cash and marketable securities of $264.8 million and a net cash position of $3.5 million, which improved $40.2 million from a net debt position year over year.

若排除營運資金的影響，營運活動產生之現金為340萬美元，去年同期則為營運活動使用之現金930萬美元。本季期末現金、受限制現金及有價證券為2.648億美元，淨現金部位為350萬美元，較去年同期的淨負債部位改善4,020萬美元。

As we have recently demonstrated our strong liquidity position has enabled us to act decisively in a dynamic environment and provides continuing flexibility to pursue strategic opportunities. We remain focused on managing and strengthening our balance sheet throughout the remainder of the year and beyond. Lastly, we are reaffirming our fiscal 2026 adjusted EBITDA guidance of $62 million to $72 million.

正如我們近期所展現的，我們強勁的流動性狀況使我們能在瞬息萬變的環境中果斷行動，並持續提供追求策略性機會的彈性。在今年剩餘期間及往後，我們仍將專注於管理並強化資產負債表。最後，我們重申 2026 財政年度調整後 EBITDA 指引為 6,200 萬美元至 7,200 萬美元。

Operator, we can now open the call for Q&A.

接線員，我們現在可以開放問答環節。

(Operator Instructions) Kaumil Gajrawala, Jefferies.

(接線員指示) Jefferies 的 Kaumil Gajrawala。

Great. wanted to first maybe ask about the supporting the international business in the context of Canada looks like it's also stabilizing. So you have a lot of growth and great margins in one. But on the other hand, you've got stabilization in your bigger markets. So how are you managing the balance between those two?

很好。我想先問一下在加拿大看起來也正在趨於穩定的背景下，你們如何支持國際業務。你們在其中一個市場有很高的成長與很好的毛利率。但另一方面，你們在更大的市場則呈現穩定。那你們如何在這兩者之間取得平衡？

What was line, you broke up the last piece the cannibalization?

你剛剛最後那一段斷線了，你是說蠶食效應嗎？

Not generalization, but just managing the balance between supporting your international business and what looks like stabilization in Canada?

不是蠶食效應，只是想問在支持國際業務與加拿大看起來正在穩定之間，你們如何管理這個平衡？

And you're talking to cannabis right now for us, right?

你現在是在問我們的大麻業務，對吧？

Yes, cannabis. I'm sorry, this is about cannabis.

是的，大麻。抱歉，這題是關於大麻。

Yes. Okay. So listen, I think the big thing is, number one, we are bringing on or based on growth facility in (inaudible) , which is increases we're going from 137 metric tonnes of growth to almost 200 metric tonnes of grow. And also, we're bringing on outdoor growing in (inaudible). So number one, when we now have plenty of growth, and this has been a tougher year on yields in that, and that's sort of what we heard you say as we're overhauling things and modernizing things on better yields in the Canadian market.

是的。好的。我想最重要的是，第一，我們正在啟用或是基於成長設施（聽不清），這會提升產能——我們將從 137 公噸的種植產能提高到接近 200 公噸。另外，我們也將在(聽不清) 開始戶外種植。所以第一點，當我們現在有充足的種植產能，而今年在單位產量方面確實更具挑戰，這也就是你們聽到我們說我們正在全面整修與現代化，以在加拿大市場取得更好的單位產量。

On the other hand, the good news is our Cantanhede facility in Portugal and our Germany facility is probably producing some of the best yields in some of the best lower than we ever had. So the number -- the most important thing is we have plenty of supply to supply the European market.

另一方面，好消息是我們在葡萄牙 Cantanhede 的設施以及德國的設施，可能正創造出我們有史以來一些最好的單位產量與一些最低的（成本）（聽不清）。因此，最重要的是，我們有充足的供應來滿足歐洲市場。

The other thing is we're seeing price compression, which I talked about, with the role that we're having with yields, we'll be able to support that. And I think the most important thing in Europe is this here, consistent supply. We've not had consistent supply. Number one.

另外，我們也看到我先前提到的價格壓縮；配合我們在單位產量上的改善，我們將能夠支撐這點。我認為歐洲最重要的是：穩定供應。我們過去一直沒有穩定供應。這是第一點。

Number two, one of the things in Europe, you have to wait for permits, and that has slowed down in getting our sales out there. We've seen a real big improvement in the fortune in this government. I want to thank them. They modernize this now. Where sometimes the take a month, you can see three days now. So being able to get product to our customers is something very important.

第二點，在歐洲你必須等待許可證，這讓我們在當地推進銷售的速度變慢。我們看到這屆政府在這方面有非常大的改善。我要感謝他們。他們現在把流程現代化了。以前有時要花一個月，現在你可能三天就能完成。因此，能把產品交付給客戶是非常重要的。

And then with that, we have perfected our grow in our yields, that will help our margins continuously and deal with price compression. And I think the important thing is from Tilray standpoint with our Tilray products with our innovation, with our brands, the big opportunity for us is if we got a consistent product, we're going to get the volumes and how do we deal with price compression and price compression consistently happens, we have supply, and I think we have more supply than anybody there.

此外，隨著我們在種植與單位產量上已經做到最佳化，這將持續幫助我們的毛利率，並應對價格壓縮。我認為重要的是，從 Tilray 的角度來看，憑藉我們的 Tilray 產品、創新與品牌，我們最大的機會在於：只要我們能提供穩定的產品，我們就能取得量的成長；而面對價格壓縮——價格壓縮會持續發生——我們有供應，我認為我們的供應量比任何人都多。

So it's something that we're aware -- we dealt with it in Canada. We've had $250 million of price compression over five years in Canada, and we dealt with that. So not that I want to see that in Europe, but it's something we can deal with either now have supply, now having good yields. Now having good growth over there to do it both in Canada and Europe. And there's no one else out there that has the supply that we have, both from the Canadian market today in the European market.

所以這是我們所關注的——我們在加拿大已經處理過。過去五年在加拿大我們承受了 2.5 億美元的價格壓縮，而我們也處理過了。所以我並不是希望在歐洲也看到這種情況，但這是我們可以應對的，因為我們現在有供應、現在有良好的單位產量。現在在那邊也有良好的種植能力，能同時在加拿大與歐洲做到。而且目前沒有其他公司能像我們一樣，同時在加拿大市場與歐洲市場擁有這樣的供應能力。

Got it. And on Project 420, you know that, I guess, it's coming sort of towards the end of completion. Is there a new project? Or is it sort of more ongoing business as usual as we look forward from a productivity standpoint?

了解。另外關於 Project 420，我想它應該快接近完成了。接下來會有新的專案嗎？還是說從生產力的角度來看，往後就比較像是持續性的日常營運改善？

That's a good question. I mean there is absolutely project ongoing. We never just say, okay, we made our $33 million, $35 million saving stop. Now with BrewDog in the mix and bringing that together, both internationally and domestically in regards to by cops, cans, labels, et cetera. And it's definitely something as we combine now.

這是個好問題。我的意思是，確實會有持續進行的專案。我們不會只是說，好，我們已經省下 3,300 萬、3,500 萬美元，就停下來。現在 BrewDog 納入之後，把它整合起來，無論是國際或國內，在採購瓶蓋、罐子、標籤等等方面。而且當我們現在進行整合時，這絕對是我們會持續推進的事情。

And just remember, we've gone from a $200 million-plus beer business, almost $0.5 billion in size. So scale that's going to help us. And as we look at rationalization continuously on our plants we look at rationalization on distributors. We just said how do we bring all the organizations together, there'll definitely be additional cost savings available to us.

而且請記得，我們的啤酒業務已經從 2 億美元以上，成長到接近 5 億美元的規模。這樣的規模將會幫助我們。同時，當我們持續檢視工廠的合理化，也檢視經銷商的合理化。我們剛剛提到要如何把所有組織整合在一起，未來肯定還會有額外的成本節省空間。

Robert Moskow, TD Securities.

TD Securities 的 Robert Moskow。

This is Victor Ma on for Robert Moskow. So I just want to ask about international first. International grew 73%, [Berman] grew 3%. What drove this delta? Was it shipment timing or permit delays that from the previous quarter that will fix this quarter?

我是代替 Robert Moskow 發言的 Victor Ma。我想先問國際業務。國際成長 73%，[Berman] 成長 3%。造成這個差異的原因是什麼？是出貨時點，還是上一季的許可證延遲在本季得到解決？

And in terms of kind of looking at growth going forward, is that 43% growth rate for Germany? Is that kind of a good run rate to use and looking at growth for the segment?

另外，從未來成長的角度來看，德國 43% 的成長率是否可以視為一個不錯的常態水準，用來評估該部門的成長？

So number one, there was some products that did not get shipped in the second quarter because of permits. But there's products that did not get shipped in the third quarter because of the permit. So it equals out. In regards to what was the growth, the growth was based on us having supply and demand. And I'm not sure, again, we have a big fourth quarter, what is the true run rate there.

第一，確實有一些產品因為許可證問題在第二季沒有出貨。但也有一些產品因為許可證在第三季沒有出貨。所以整體上相互抵消。至於成長來自哪裡，成長是基於我們同時具備供應與需求。而且我也不確定——我們第四季會很強——那裡真正的常態水準到底是多少。

And the big thing is what I said before, that the market is realizing what patients and what doctors are realizing this. We will have supply. We will have good flower, we will have lots of innovation, we'll have some good oils. And again, we will be price competitive. So what is the right growth number?

而最重要的是我先前說過的，市場正在意識到這點，病患與醫師也正在意識到：我們會有供應。我們會有優質花材，我們會有大量創新，我們也會有一些好的油品。而且我們會具備價格競爭力。所以到底合理的成長數字是多少？

I'm not ready to give that yet. But again, there's big opportunities for us in the international markets, not only in Germany and Poland, the UK and other markets is additionally other markets that we're looking at to open up what will happen in Spain, what will happen in France. And so we're really excited.

我現在還沒準備好給出那個數字。但同樣地，我們在國際市場有很大的機會，不僅是在德國與波蘭，英國以及其他市場；另外我們也在評估更多市場的開放，例如西班牙會發生什麼、法國會發生什麼。所以我們非常期待。

The other thing that we have there with our CC format rate farm and some of the stuff that we're doing in the UK as we vertically integrated as we sell through our distributor and sell directly to our distributor into the drug stores, helps us that where we're grower, where we've got a brand. And then we have -- the third part of it is where we have from a vertical integration, the distribution going through the drugs. So that helps us tremendously, too.

我們在那邊的另一件事是，透過我們的 CC 格式 rate farm，以及我們在英國所做的一些事情，隨著我們進行垂直整合——我們透過經銷商銷售，並且也直接賣給我們的經銷商、再進到藥妝通路——這對我們很有幫助，因為我們既是種植者，也擁有品牌。然後我們還有——第三個部分是，從垂直整合的角度來看，分銷是透過藥妝通路進行的。所以這也對我們有非常大的幫助。

Got it. And then my second question is on the beverage segment. So in terms of just rising aluminum costs from the Midwest premium related to the tariffs and then additional supply shocks from the Iran conflict. How -- can you offer any color in terms of how hedged you are on your [aluminum] exposure -- and how -- what's the benefit in terms of kind of scale that adding Carlsberg into the US portfolio give towards managing that cost impact.

了解。那我的第二個問題是關於飲料事業部。就中西部溢價因關稅而導致鋁成本上升，以及伊朗衝突帶來的額外供應衝擊而言。你們能否就鋁材曝險的避險程度提供一些說明——以及——把 Carlsberg 納入美國產品組合後，在管理這些成本影響方面，規模效益帶來的好處是什麼？

I'm going to let Carl take the hedge of the second because you are hedged on some things. But listen, adding Carlsberg there with a good size business adding BrewDog in there and then being able to buy on global contracts is going to be very, very helpful for us.

我會讓 Carl 來回答第二個問題中關於避險的部分，因為你們在某些項目上確實有做避險。但你看，把 Carlsberg 加進來、再加上相當規模的業務把 BrewDog 也納入，並且能夠以全球合約採購，對我們會非常、非常有幫助。

Right now, a lot of our hops to BrewDog internationally come from Washington State. But we, right now, as we put this together and listened heavy in Carlsberg, who is one of the largest brewers in the world and possibly buying into their contract. And we still have left over whether there are shops in that or ADI stuff. So there's lots of opportunities from a scale to be buying. Shops and cans, and that's the big one to watch out for is as aluminum prices have gone up to crores the big watch out there is what happens with fuel and from a standpoint there is the one, but a from where we're hedged so we want.

目前我們供應 BrewDog 的許多啤酒花在國際上是來自華盛頓州。但我們現在在整合這些資源時，也非常重視 Carlsberg——它是全球最大的啤酒商之一——並且可能會加入他們的合約採購。而我們也還在評估其中是否包含其他項目或 ADI 相關的東西。所以從規模角度來看，採購上有很多機會。像是啤酒花和鋁罐；而需要特別留意的重點是，隨著鋁價上升，另一個很大的變數是燃料會怎麼走；至於我們在哪些部分有避險、我們希望怎麼做——

You answered most of it, but just specifically on the hedge for aluminum, we're currently hedging 65% to 75% of our buy on a month-to-month basis, and we're hedging a year out.

你已經回答了大部分，但就鋁的避險而言，我們目前以逐月方式對約 65% 到 75% 的採購量進行避險，而且我們會往前避險一年。

Got it, thank you for that color. And just one last question if I can, in terms of just the distribution gains from the shelf resets that typically happen in the spring, how are those conversations going? How is that tracking? Any color you can share there?

了解，謝謝你提供這些說明。如果可以的話，最後一個問題：關於通常在春季進行的貨架重置所帶來的通路/配銷增量，那些對話進展如何？目前追蹤狀況如何？你能分享一些相關資訊嗎？

So going well. I will say this here, we gain and we lost. And I think part of it is it's here, we're in the craft beer category, lost some space out there. But I think the big thing is this here where we didn't -- when we bought the Molsons piece and prior to that when we bought the ABI piece from a training standpoint, we lost a lot of SKUs where we had no influence and no part of it. So again, it goes against us.

進展得不錯。我會這麼說：我們有增加，也有流失。我想其中一部分原因是，我們在精釀啤酒類別上，確實在外部失去了一些陳列空間。但我認為更大的重點是：當我們買下 Molsons 的那一塊，以及在那之前買下 ABI 的那一塊時，從推廣/培訓的角度來看，我們失去了很多 SKU，因為那些 SKU 我們既沒有影響力，也沒有參與其中。所以這再次對我們不利。

Now, we've gained a lot of distribution. And the big thing is this year just because we gain distribution and make sure the product sale. So plus plus, we probably lost more. But again, it's okay because it was in the SKUs that were not part of us at the time. And the new SKUs and new products and new innovation is what we're excited about and where we gained.

不過，我們也獲得了很多配銷。而今年的重點是：不只是拿到配銷，還要確保產品能賣得動。所以整體來看，我們可能流失得更多。但沒關係，因為那些流失的 SKU 在當時本來就不是我們的一部分。我們真正感到興奮的是新的 SKU、新產品與新創新，這些也是我們獲得成長的地方。

And we had some big gains at Walmart. We had some big gains at Kroger/Albertsons and some other ones are probably stop and shop across the board. So all in all, we're happy with what we got. And listen, I'd rather set get smaller and I'll be a clear player in a smaller set an just have a big set up there, so there's a lot of resetting happening within the cracker industry in regards to the size and what retailers need out there.

而且我們在 Walmart 有一些很大的增量。我們在 Kroger/Albertsons 也有一些很大的增量，另外一些通路可能是 Stop & Shop 等等，整體都有所提升。所以總體而言，我們對拿到的成果感到滿意。而且你看，我寧可在較小的陳列組合中成為一個清楚的玩家，也不要在那邊擺一個很大的組合；因此在餅乾（cracker）產業裡，關於陳列規模以及零售商需要什麼，正在發生很多重置。

Just to supplement that a little when we talked about the acquisitions. It's more about the timing of the acquisitions because we bought those brands after the initial discussions on spring resets that already happened.

再補充一點，當我們談到併購時。這更多是併購時點的問題，因為我們是在春季重置的初始討論已經發生之後才買下那些品牌。

And we were not the ones in presenting those spring resets. But now there's some also in the ABI, and that's sort of where we'll be next year in January as we take on Carlsberg, we'll be able to present it in February, January, February for the next spring set for [currently].

而且當時提出那些春季重置方案的人並不是我們。但現在在 ABI 那邊也有一些機會；而隨著我們在明年一月接手 Carlsberg，我們將能在一月、二月為下一次春季陳列組合提出方案。[目前]。

Bill Kirk, ROTH Capital Partners.

Bill Kirk，ROTH Capital Partners。

I want to spend a little time on the improvements at Tilray Pharma. Carl, you mentioned a focus on the highest velocity SKUs. So what SKUs or product types are those that are leading the way? And then maybe more importantly, how can you or how are you leveraging this improved CC Pharma for your cannabis business in Germany?

我想花一點時間談談 Tilray Pharma 的改善。Carl，你提到聚焦在最高動銷速度的 SKU。那麼，帶動成長的主要是哪些 SKU 或產品類型？然後也許更重要的是，你們如何、或正在如何運用這個改善後的 CC Pharma，來支持你們在德國的大麻業務？

So I'm going to [share] on the call, but I'll let you jump in here because you're the one managing. I think there's three things here. Number one, it's the buying that our guys are doing over there. Number two is our assortment. And number three, as we now look to sell our products into Italy and we sell our products into the UK. Rajnish, do you want to go into the specifics of what the products are that we've really seen the increase of sales?

我會在電話會議上[分享]，但我先讓你在這裡補充，因為是你在管理。我認為有三件事。第一，是我們團隊在那邊的採購。第二，是我們的產品組合（assortment）。第三，當我們現在也把產品賣到義大利、以及賣到英國時。Rajnish，你要不要具體說明一下，我們看到銷售成長最明顯的是哪些產品？

I mean, there is a group of products revenues. We have about 2,800 SKUs. So what we have done is basically identified SKUs which have higher velocity to go. So there is a bunch of about 50 SKUs which are right now working where there is a high velocity which we focus on, not just on velocity, but also on the gross margins. So these are the two criteria for us to look at in terms of the growth.

我的意思是，有一組產品帶來營收。我們大約有 2,800 個 SKU。所以我們基本上做的是辨識出動銷速度更高的 SKU。目前大約有 50 個 SKU 表現突出、動銷速度很高，我們就聚焦在這些 SKU 上；而且不只是看動銷速度，也看毛利率。所以就成長而言，這兩個是我們評估的標準。

And then we are adding the medical cannabis portfolio. I mean, the medical cannabis portfolio is helping us to grow both in margins as well as in revenue because per unit revenue is much higher and margins are better. So these are the two big things in terms of the selling side of the business. And of course, on distribution, we are now -- with our new alliances, which are coming forward, we are now actually increasing our distribution across the pharmacy channel, which helps us to grow not just per unit, but also in the depth of distribution and the width of coverage of pharmacy. So this is really on the seller side.

另外，我們也在加入醫療用大麻產品組合。醫療用大麻產品組合正在幫助我們在毛利與營收兩方面成長，因為單位營收高得多、毛利也更好。所以就銷售端而言，這是兩個重點。當然，在配銷方面，隨著我們新的合作聯盟逐步到位，我們現在其實正在擴大藥局通路的配銷，這不僅讓我們的單位表現提升，也增加了配銷深度與藥局覆蓋的廣度。所以這主要是銷售端的部分。

But more importantly, also on the buy side, I think we are now -- our purchasing is becoming much more robust in terms of the timely decisions. We've implemented automation in our purchasing system, which predicts the pricing patterns and then it helps us to take decisions quicker. So I mean these are a few things which in the pharmacy distribution is helping us to grow.

但更重要的是，在採購端，我認為我們現在——我們的採購在即時決策方面變得更強健。我們在採購系統中導入了自動化，可以預測價格走勢，並幫助我們更快做出決策。所以我的意思是，這些是在藥局配銷業務中幫助我們成長的幾個因素。

And then, of course, on the operations side, a lot of our business, we are also looking at in-house packaging to outhouse packaging and whichever way is working for us, there's a big team, which is working to make sure that there is a consistency in supply from the operators, both in-house and outhouse, and that's also helping us to improve the margins.

然後，當然，在營運端，我們很多業務也在評估從內部包裝到外包包裝，或任何對我們有效的方式；有一個龐大的團隊在運作，確保來自營運商（不論是內部或外部）的供應一致性，而這也在幫助我們提升毛利率。

When we bought CC Pharma, that was a big part of it. Again, It was bought through the [free] time was for a tender and was near [sub-pharmacs]. That was not really happening, number one. Now and -- and there was challenges with getting different medicines as we're buying all different types of medicine. But as Rajnish said, we're focused on the core medicines with the higher margins.

當我們收購 CC Pharma 時，這是其中很大的一部分。再說一次，它是在[free]時間透過一個招標買下的，而且接近[sub-pharmacs]。那其實並沒有真正發生，第一點。現在——而且在取得不同藥品方面也有挑戰，因為我們採購各種不同類型的藥品。但如 Rajnish 所說，我們專注於毛利較高的核心藥品。

and we've got a lot of automation at CC Pharma. The other thing is what's happened, we run from services 13,000 to for now of [16,000 stores]. So we've expanded the amount of drug stores in Germany. The other major thing is as we expand LCC Pharma into Italy and to the UK is a bigger platform that we'll be selling through.

而且我們在 CC Pharma 也做了大量自動化。另一件發生的事是，我們的服務範圍從 13,000 擴大到目前的[16,000 家門市]。所以我們擴大了德國的藥局門市數量。另一個主要重點是，隨著我們把 LCC Pharma 擴展到義大利與英國，這將成為我們銷售的更大平台。

not high orders. But again, as the volume grows, there's a lot more contribution. And as we put a lot more cannabis through it with much higher margin, you're going to see the margin grow there dramatically.

不是高訂單量。但同樣地，隨著量增加，貢獻會更大。而且當我們把更多毛利更高的大麻產品導入其中時，你會看到那裡的毛利率大幅成長。

Awesome. Thank you for the detailed answers. The second question, Irwin, in the opening comments, you talked about now being a run rate of $1.2 billion in revenue. The last 12 months, I think, it's something like $850 million. So is the bridge between the two?

太棒了。謝謝你詳細的回答。第二個問題，Irwin，在開場評論中你提到目前的營收年化運行率是 12 億美元。過去 12 個月我想大概是 8.5 億美元左右。所以這兩者之間的橋接是什麼？

Is that mostly the revenue from acquired BrewDog assets?

那主要是來自收購的 BrewDog 資產所帶來的營收嗎？

And I asked because you didn't take all the assets. So how much of the BrewDog revenue that they've released in their annual reports is generated by the assets that you took on and now have? And how much of their annual revenue was tied to assets that you didn't take.

我之所以這樣問，是因為你們並沒有把所有資產都買下來。所以，BrewDog 在年報中披露的營收，有多少是由你們接手並且現在持有的資產所產生？又有多少年度營收是與你們沒有接手的資產相關？

So let's say between 225 to 250 is what we're taking, okay? And again, all the UK, Ireland, Scotland distribution through retail, we've taken it through on-premise. And we've taken 16 [footfalls] in UK, Ireland and Scotland. We've taken the roof of in Australia. We've taken the distribution in Australia.

所以我們接手的大概是 2.25 億到 2.5 億之間，好嗎？而且同樣地，英國、愛爾蘭、蘇格蘭透過零售的所有配銷，我們也把它納入了現場通路（on-premise）。我們在英國、愛爾蘭與蘇格蘭接手了 16 個[footfalls]。我們接手了澳洲的 roof of。我們也接手了澳洲的配銷。

We've taken three group hubs ourselves. And [top] of theirselves and there's three franchises.

我們自己接手了三個集團樞紐（group hubs）。以及他們自己的[top]，另外還有三個加盟店。

There's 15 other franchises out there today around the world that we sell them beer [to] and we get some type of royalty. In regards to the US We've taken the distribution, the manufacturing in the US, and we've taken with them Las Vegas Columbus, St Albany and Cincinnati is lease, I'm sorry, and the airport in Columbus. That's what we gave in there.

目前全球還有另外 15 個加盟店，我們賣啤酒給他們，並收取某種形式的權利金。至於美國，我們接手了配銷、在美國的製造，並且接手了拉斯維加斯、哥倫布、聖奧爾巴尼與辛辛那提的租賃——抱歉——以及哥倫布機場。這就是我們納入的內容。

So it's somewhere between $225 million and $250 million in sales that we have taken. In regards to the other piece of bill, it's all coming from growth, and that's where it's going to come from. And don't forget, you saw from a standpoint there, what we've gone through is SKU rationalization in regards to our beer business. If you take what we're down this year and what the SKU rationalization with the distributor rationalization -- and what was product rationalization, that means the sales come of our business.

所以我們接手的銷售額大約在 2.25 億到 2.5 億美元之間。至於其餘的部分，全部都會來自成長，而成長也將是它的來源。另外別忘了，你也看到，從那個角度來看，我們在啤酒業務上做了 SKU 精簡。如果你看我們今年下降的部分，以及 SKU 精簡加上經銷商精簡——以及產品精簡——那就代表銷售會從我們的業務中流出。

Aaron Grey, Alliance Global Partners.

Aaron Grey，Alliance Global Partners。

First question for me. I just wanted to dig a little bit more in terms of hemp. So in terms of your outlook potentially for changes to come before the ban on any product is more a 0.4% THC coming to [fit] in November. And then taking that into context, how you're looking at the CMS program you mentioned potentially looking to enter [into] into that. So how are you looking at potential opportunity there, particularly if there is a restriction on THC products and how appealing that program will be for patient adoption or rejection? And then how you think about that longer-term opportunity there?

我的第一個問題。我想再深入一點談談工業大麻（hemp）。就你們的展望而言，在 11 月將對任何 THC 超過 0.4% 的產品實施禁令之前，是否可能會有一些變動？並把這點放在脈絡下，你們如何看待你提到可能考慮加入的 CMS 計畫。所以你們如何看待那裡的潛在機會，特別是在 THC 產品可能受限的情況下，該計畫對病患採用或拒絕的吸引力會如何？以及你們如何看待那裡更長期的機會？

Let's say, another one, let me go back to [HC9] and how we're looking at that. We're looking at it three ways. Number one, it gets extended and stays as is. Number two, there is some type of new legislation [is] out that regulated either 3, 4 or 5 milligrams and which would be great in that way we can sell it or the ban in November 2026 happened, and it completely stops.

再舉一個例子，讓我回到 [HC9] 以及我們如何看待它。我們從三個方向來看。第一，它被延長並維持現狀。第二，推出某種新法規，規範為 3、4 或 5 毫克，這樣就很好，因為我們就能以那種方式銷售；或者 2026 年 11 月的禁令發生，並且完全停止。

Listen, I think it's going to be one or two. That will be my opinion. In regards to our CDD drinks into Medicare and that within the US, listen, we have happy [power]. We have the rigs we're prepared for that now. It's just making sure that as we talk to the FDA, and we talk to them that how we go about it and how we do it.

聽著，我認為會是第一種或第二種。這是我的看法。至於我們的 CDD 飲品納入 Medicare，以及在美國境內的相關事宜，聽著，我們有 happy[power]。我們已經為此做好準備。重點只是確保當我們與 FDA 溝通、與他們討論時，我們要如何推進以及如何執行。

So we're able to do it. We have the products to do it. It's just making sure the right approvals, and we have a team that is working on this within the US regulations and what could happen here. So stay tuned for that.

所以我們有能力做到。我們也有產品可以做到。只是要確保取得正確的核准；而且我們有一個團隊在美國法規框架下推進這件事，並評估可能發生的情況。所以敬請期待。

Okay. Great. Appreciate that color, Irwin. Second question for me, I just wanted to go back in terms of alcohol gross margin and outlook. Carl, I know you mentioned in terms of how you guys are hedging some of the aluminum.

好的。很好。感謝這些補充說明，Irwin。我的第二個問題，我想回到酒精業務毛利率與展望。Carl，我知道你提到你們在鋁材方面做了一些避險。

But just taking a step back and [level]. There's been some lumpiness. You guys now have product 420 now completed. So how should we think about that margin for the segment going forward. 4Q, I imagine obviously be higher just given the higher sales flow-through, but just on a full year basis, how best to think about the gross margin there?

但退一步來看，並且[level]。一直有些波動。你們現在已完成 420 產品。那麼我們應該如何看待該部門未來的毛利率？第四季我想顯然會更高，因為銷售量增加帶來更高的流入貢獻（flow-through），但就全年而言，該部門毛利率最好的思考方式是什麼？

So, Aaron, good question. If you look at where we are right now, I think this represents the bottom. We have done a significant amount of work, and we'll continue to do work to manage costs and to keep costs at a reasonable level versus where our volume is. As we said on the call, we've got some headwinds with the lumen costs, and there's potential for headwinds with fuel surcharges and things like that, and we're going to keep a close eye on. The key is really in the overhead utilization rates.

所以，Aaron，問得好。如果你看我們目前的位置，我認為這代表底部。我們已經做了大量工作，而且會持續努力管理成本，讓成本相對於我們的量能維持在合理水準。如同我們在電話會議上所說，我們在鋁材成本方面面臨一些逆風，而且燃油附加費等也可能帶來逆風，我們會密切關注。關鍵其實在於間接費用的利用率。

And as we've adjusted to that, and we continue to make adjustments going forward, like we'll see that start to come up over time. And right now, we think this is the bottom of the trial.

而隨著我們已經適應了那樣的情況，並且我們未來也會持續調整，你會看到它會隨時間開始回升。而就目前而言，我們認為這是試行期的底部。

And, Aaron, I think there's -- once again, you remember, we get in the beer business in late 2020. The Sweetwater and the acquisitions of the three brands in the West Coast and Montauk and then the ADI pieces in the Molson [cases]. We had a one-time that [1011]1 manufacturing facilities. And since and now with Carlsberg coming on with the rescaling of the beer business and the SKU rationalization. It hasn't been the easiest road for us, but nothing dissimilar than was -- that was cannabis in regards to as we opened up the growth facilities, and we had to go deal with it.

而且，Aaron，我認為還有——再一次，你記得，我們在2020年末進入啤酒業務。Sweetwater，以及在西岸收購的三個品牌、Montauk，然後還有 Molson 裡的 ADI 部分[cases]。我們曾有一次性的[1011]1 製造設施。而自那之後，現在隨著 Carlsberg 加入、啤酒業務重新擴大規模以及 SKU 精簡。這條路對我們來說並不容易，但也沒有什麼不同於——就像大麻一樣，當我們開啟成長型設施時，我們也必須去處理那些問題。

But now we time. We now have the right sets in place. We have the right new products in place. We've got some new products out there that didn't do as well as we thought. So as Carl said, now with the purchasing power between BrewDog International, between bringing Carlsberg on with us, we feel good about moving forward where we've done a lot of the overhauling.

但現在我們時機到了。我們現在已經把正確的配置到位。我們也把正確的新產品到位。我們推出了一些新產品，但表現沒有我們預期的那麼好。所以如 Carl 所說，現在憑藉 BrewDog International 的採購力，以及把 Carlsberg 納入我們的體系，我們對未來推進很有信心，因為我們已經完成了大量的整頓。

We're now down to 7 manufacturing facilities. We might even get smaller in regards to that.

我們現在已經降到 7 座製造設施。就這方面而言，我們甚至可能還會再縮小。

In regards to the facility in Columbus, Ohio, which is a beautiful facility and what are we moving there from [H9], if that is a product that's able to stay within the portfolio. We have a great energy drink called High-Voltage that's growing in leaps and balance some of the other non-out products that we have out there today that we will move into our facilities. And as we introduce a lot of blocks of seltzers and some of the other drinks that we're doing, real look to bring most of that in-house.

至於俄亥俄州哥倫布的那座工廠，那是一座很棒的設施；我們要從[H9]把什麼搬到那裡，前提是那個產品能夠留在產品組合中。我們有一款很棒的能量飲料叫 High-Voltage，成長幅度非常大，也能平衡我們目前其他一些非核心產品；我們會把它們移入我們的自有設施生產。而且，隨著我們推出大量的硬蘇打（seltzer）以及其他一些飲品，我們確實希望把其中大部分帶回內部生產。

And we will have capacity as we have a great plan to grow Carlsberg. We think the growth opportunity at Carlsberg is tremendous of what we can do with that brand. So again, it's -- we've only been at this 5 years where most [west] there a long, long, long time. And bets or pain, but we've managed through it. And I think we've really got it in a good place now from a scale standpoint.

而且我們會有產能，因為我們有一個很好的計畫來擴大 Carlsberg。我們認為 Carlsberg 的成長機會非常巨大，我們能用這個品牌做很多事。所以再說一次——我們才做了 5 年，而大多數[west]在那裡已經很久很久很久了。有押注也有陣痛，但我們都挺過來了。我認為就規模角度而言，我們現在真的把它放在一個很好的位置上。

I don't -- I know you could be wrong I think we'll combine withBrewDog and what we're doing today, it's almost 18 million cases of beer that we'll be selling that's between the worldwide. So we're buying lots of cans or buying lots of hops we're buying lots of readings here. And yes, some of it is across the water. We're buying lots of cakes, but how do we utilize that we're just not a little track crew anymore from a standpoint there.

我不——我知道你可能會說我錯，但我認為把 BrewDog 和我們今天在做的事情合在一起，我們將會賣出接近 1,800 萬箱啤酒，這是全球範圍合計的。所以我們在買大量的罐子、買大量的啤酒花，也在這裡買大量的原料。而且是的，其中一些是跨海採購。我們買了很多蛋糕，但我們要如何善用這些——從這個角度來看，我們不再只是個小小的團隊了。

Pablo Zuanic, Zuanic & Associates.

Pablo Zuanic，Zuanic & Associates。

Yes, congratulations from the very strong international growth and also very nice to see the share count being stable quarter on quarter. Look, I have three questions on Germany specifically, and I'll try to give it brief.

是的，恭喜你們國際業務成長非常強勁，也很高興看到股數在季度之間保持穩定。我有三個問題，特別是關於德國，我會盡量簡短。

The first question I want to get your take in terms of the advantage of being vertically integrated versus the many distributors out there. mean for a while, we saw that the distributors were growing faster. We saw consolidation, we [release] by 420 high-tide by [Remexian] more recently, but now with lower prices, some of the distributors are being squeezed out and they don't seem to have a very stable supply chain.

第一個問題，我想聽聽你們對「垂直整合」相對於市場上眾多經銷商模式的優勢看法。因為有一段時間，我們看到經銷商成長更快。我們看到整併，例如 420 收購 High Tide、以及最近的[Remexian]，但現在在價格走低的情況下，一些經銷商正被擠出市場，而且他們的供應鏈似乎也不太穩定。

So I'm just trying to understand if you can remind people of the advantages in Germany, especially where the market is evolving or being vertically integrated versus the distributor model.

所以我只是想了解，你是否可以提醒大家在德國的優勢，特別是在市場演變的背景下，垂直整合相對於經銷商模式的優勢是什麼。

The second question is that it would help if you can expand on your route to market? Like how many people do you have on the ground? How many people are visiting doctors how many people -- what are the efforts in terms of reaching out to patients given all the restrictions. But just if you can give more color on your route to market in Germany.

第二個問題是，如果你能進一步說明你們的市場進入路徑（route to market）會很有幫助。例如你們在當地有多少人？有多少人在拜訪醫師？有多少人——在各種限制之下，觸達病患方面做了哪些努力？總之，如果你能就你們在德國的市場進入路徑提供更多細節。

And the third, which is related to all of these I could make the argument play in devil's advocate, that pharmacy reach does not matter too much, right? That all the numbers that we hear about CC Pharma and Alliance now are not so relevant when the doctors and the patients are making the decision and the 80/20 rule applies, right? We know that maybe 50 pharmacies, especially online account for the bulk of sales and only one of seven pharmacies sell medical cannabis. So why does pharmacy reach matter in the short term and in the long term? I know there's a lot there, but there are three questions on international that would help if you can cover.

第三個問題，這也和前面幾點相關：我可以扮演一下唱反調的角色，主張藥局覆蓋率其實沒那麼重要，對吧？我們聽到關於 CC Pharma 和 Alliance 的所有數字，當醫師與病患做決策、而且 80/20 法則適用時，可能就沒那麼相關了，對吧？我們知道也許只有 50 家藥局，特別是線上藥局，貢獻了大部分銷售，而且每 7 家藥局中只有 1 家販售醫療大麻。所以為什麼藥局覆蓋率在短期與長期仍然重要？我知道內容很多，但這三個關於國際業務的問題，如果你能涵蓋會很有幫助。

I would like to remember all three, okay. And number one, to your point, and I stressed this before, from a growth standpoint of having our [kid] in edge facility and that up and going the way it is today and growing some of the best cannabis that it ever has and having the permits to get out of Portugal and to Germany is a major, major advantage to us, and this is what helped us in the quarter to get the sales.

我想要記住這三個問題，好嗎。第一點，正如你所說，而且我之前也強調過，從成長角度來看，我們的[ kid ] in edge 設施能以目前的方式運轉並持續推進，種出我們有史以來最好的大麻之一，並且具備從葡萄牙出口到德國的許可，對我們而言是非常非常大的優勢；這也是本季幫助我們取得銷售的關鍵。

And again, as we're getting yields in flower to become that low-cost that low-cost seller in there in the marketplace and deal with price compression. Number two, you heard me talk about now as we bring on our facility in [Gate] Quebec, that is a GMP facility. And that from a supply standpoint, and I got to tell you, because originally, we were going to sell that and think oddly didn't because from electricity costs from labor cost, that is an excellent facility and it's an excellent facility for us to have and supply the international market, and that's what it will do because it's BNP, because it's a lower cost facility.

而且再一次，隨著我們在花（flower）的產量提升，讓我們能成為市場中的低成本、低成本賣方，並應對價格壓縮。第二點，你們也聽我談到，當我們啟用位於[Gate] 魁北克的設施時，那是一座 GMP 設施。而從供應角度來看，我得告訴你，因為最初我們打算把它賣掉，奇怪的是後來沒有賣；就電力成本與勞動成本而言，那是一座非常出色的設施，對我們來說也是一座非常值得擁有的設施，用來供應國際市場——這正是它將要做的，因為它是 BNP，因為它是一座成本更低的設施。

And then our German facility, which originally we were selling 2 to 3 metric tons that are there and Rajnish and the team has done a great job of getting that up into additional metric tons and before that we were only allowed to sell into the German government there.

然後是我們在德國的設施，最初我們在那裡的銷售量是 2 到 3 公噸；Rajnish 和團隊做得非常好，把它提升到更多公噸；而在那之前，我們只被允許銷售給德國政府。

So to your point, Pablo, yes, we have supply. Yes, we can be the lowest cost producer. And yes, the big thing is we can be consistent. In regards to the customers that we're selling to. I'm going to let Rajnish talk about what we have on the ground there in the infrastructure in a minute, but just going through the pharmacies. You may not agree that having a vertical integration.

所以如你所說，Pablo，是的，我們有供應。是的，我們可以成為最低成本的生產者。而且是的，最重要的是我們可以保持一致性。就我們所銷售的客戶而言。我會讓 Rajnish 等一下談談我們在當地的基礎建設與人員配置，但先談到藥局這一塊。你可能不同意垂直整合的價值。

So number one, having CC Pharma, the big part of the CC Pharma today's business is not the canvas business. But there's three things CC Pharma does. It has 16,000 partners and a lot of these pharmacies Pablor are (inaudible) medical cannabis. So now they have the ability and at the end to sell, it has the ability to go to pharmacies, number one.

所以第一點，擁有 CC Pharma；CC Pharma 目前業務中很大一部分並不是大麻業務。但 CC Pharma 有三項業務。它有 16,000 個合作夥伴，其中很多藥局 Pablor（聽不清）是醫療用大麻。所以現在他們具備能力，而且最終在銷售端，他們具備能力去到藥局，第一點。

Number two, there's a lot they can do in regards to online and selling ongoing through CC Pharma, and that is something that we're working on. And again, as we look at expanding our product lines in Germany, whether it is base, whether it is pre-rolls. CC Pharma has a medical license and an application that they can do these things for, and we're looking at numerous things with the CC Pharma.

第二點，他們在網路端以及透過 CC Pharma 持續進行線上銷售方面有很多可以做的事，而這也是我們正在推進的。同樣地，當我們著眼於在德國擴展產品線時，不論是基礎產品，或是預捲（pre-rolls）。CC Pharma 擁有醫療執照以及可用來做這些事情的申請資格，我們也正與 CC Pharma 一起評估多項事項。

So today, having it is very important for us. It has a tremendous network too with other CC Pharma types of distributors that we can sell products to them to. So CC Pharma has relevance to us, and it's a big relevant for us in the cannabis growth market where no one else really had a CC Pharma today. Rajnish, in regards to the sales organization --

所以就今天而言，擁有它對我們非常重要。它也與其他類似 CC Pharma 的經銷商有非常龐大的網絡，我們可以把產品賣給他們。因此 CC Pharma 對我們具有關聯性，而且在大麻成長市場中，對我們而言是非常重要的關聯性，因為目前真的沒有其他人擁有像 CC Pharma 這樣的資產。Rajnish，關於銷售組織--

Yes. So ywo things here, man. So there is a price compression in Germany, which is kind of changing the route to market and the route to market is diverting, becoming more integrated. The distributor is now getting squeezed out because of the margins, et cetera.

是。所以這裡有兩點。德國出現價格壓縮，這正在改變市場進入路徑（route to market），而這個路徑正在分流、變得更一體化。由於毛利等因素，經銷商現在正被擠出市場。

So I think -- we don't see it now, but we do see it going forward that the route to market will become more direct to pharmacies and through the channels of prescriptions to doctors, etc. So CC Pharma and our medical team there is presently working along with the prescribers and also in the pharmacies to work and build this integrated supply chain to reach the patients. So that's number one.

所以我認為——我們現在還沒看到，但我們確實看到未來市場進入路徑會更直接地面向藥局，並透過處方通路連結醫師等。因此，CC Pharma 與我們在當地的醫療團隊目前正與開立處方者合作，也在藥局端合作，來建立這條整合式供應鏈，以觸達病患。這是第一點。

Number two, to your question of what's the feet on street we have today, two which work on the street. One is the one which work were prescribers. This is a team of about 20-plus people who are medical representatives and medical advisers who work on with the prescribers. And then we have a team with CC Pharma, which is also about seven, eight people who are basically telecall services people who continuously to work with pharmacies to make sure that the prescriptions, which we reach there and the stocks are available for them.

第二點，回到你問的我們今天有多少「前線人員」（feet on street），有兩支在第一線運作的團隊。一支是與開立處方者合作的團隊。這支團隊約 20 多人，包含醫藥代表與醫療顧問，與開立處方者一起工作。另外我們在 CC Pharma 也有一支團隊，大約七、八人，基本上是電話服務人員，持續與藥局合作，確保我們送達的處方能被承接，且他們有足夠庫存。

So there is a twin approach there, both at the pharmacy and at the prescriber level at the ground in Germany. And as we go and see this forward, I think, and these are signs which we see in the market today that the route to market is going more direct than through the distribution. So with CC Pharma and our [Tiger] medical team, I think this change we are seeing, and we also see data coming to us, which is telling us that the pharmacy sales are improving, still small, but in proving compared to what the distribution sales have been.

因此在德國的地面端，我們採取雙軌策略：同時在藥局端與處方端運作。而展望未來，我認為——而且我們也在今天的市場看到這些跡象——市場進入路徑正變得比透過經銷更直接。所以有了 CC Pharma 與我們的 [Tiger] 醫療團隊，我認為我們正在看到這個變化；同時也有數據回饋給我們，顯示藥局端銷售正在改善，雖然仍小，但相較於經銷端銷售的表現正在提升。

Not only that, what we have internationally today, I mean, basically, we have marketing teams, we have R&D teams, we have quality teams. We have a research that's working on our different cannabis streams and genetics over there from a medical standpoint that when doctors prescribe for paying for [anxiety] for cancer we can grow and support it. So again, what we're not is just somebody selling into the marketplace.

不僅如此，就我們目前的國際布局而言，基本上我們有行銷團隊、有研發團隊、有品質團隊。我們也有研究團隊，從醫療角度在不同的大麻品系與基因上進行研究，讓醫師在針對（焦慮）或癌症等開立處方並由付費方支付時，我們能夠種植並提供支援。所以再說一次，我們不是只是把產品賣進市場的公司。

I mean, as Rajnish said, we have a big infrastructure in Canada, India and Portugal, we have in Germany. And then we have a team that support it in London in regards to the marketing team, and there's a whole supply team. And the good news is we have moved a lot of our Canadian colleagues over there to help us with this growth. You were asked something --

我的意思是，正如 Rajnish 所說，我們在加拿大、印度、葡萄牙以及德國都有龐大的基礎設施。此外，在行銷方面我們在倫敦也有支援團隊，並且還有完整的供應團隊。好消息是，我們已經把許多加拿大的同事調派到那邊，協助我們推動這波成長。你剛剛問了某個問題--

I mean, that's great color. Can I add just one more quickly? You mentioned you're keeping an eye on the CMMS program in the US for spectrum CBD. Does that mean that you would be considering or looking at buying a US CBD brand?

這些補充很有幫助。我可以再快速加問一個嗎？你提到你們正在關注美國的 CMMS 計畫，針對 Spectrum CBD。這是否表示你們會考慮或評估收購一個美國 CBD 品牌？

So we have a brand today called Happy Flower, okay? We produce CBD products internationally. So we have formulations. We have products -- it just got a fit to what the US standards are and the regs are here. But, listen, I've always liked it to make sense to buy something that gives you a foothold in there. But like anything, we have the ability today to do our own with CBD products.

所以我們目前有一個品牌叫 Happy Flower，好嗎？我們在國際市場生產 CBD 產品。所以我們有配方。我們有產品——只是需要符合美國的標準與這裡的法規。但你知道，我一直認為，如果收購某個能讓你在那裡站穩腳跟的標的合情合理，我是喜歡的。不過就像任何事情一樣，我們目前也有能力用 CBD 產品自己做。

Kenric Tyghe, Canaccord Genuity.

Kenric Tyghe，Canaccord Genuity。

The majority of my questions have been asked. Just a couple of quick follow-ups, with respect to the beverage segment, you called out trough margins in quarter. Is that including or excluding the BrewDog integration? Just trying to get a handle on whether that's a trough on legacy or trough on go forward and how we should think about that evolution of the margins?

我大多數問題都已經被問到了。再追問兩個小問題：就飲料事業部而言，你提到本季毛利率處於谷底。這是包含還是不包含 BrewDog 的整合？我只是想釐清這個「谷底」是指既有業務的谷底，還是指未來展望下的谷底，以及我們應該如何看待毛利率的演變？

No. BrewDog from lease margins on foot, was acquired in March 2, so there's nothing in here in regards to BrewDog. And there's nothing in here in regards to Carlsberg from a margin standpoint. And again, from a procurement, from the sales, from an infrastructure from manufacturing, again, I'm not going -- to move there with numbers, but I would think there would be upside just putting volume.

不。BrewDog 是在 3 月 2 日收購的，所以這裡沒有任何與 BrewDog 相關的內容（就毛利角度而言）。而且從毛利角度來看，這裡也沒有任何與 Carlsberg 相關的內容。同樣地，從採購、銷售、基礎設施到製造端——我不打算在這裡給出數字——但我認為只要把量做上去，就會有上行空間。

Great. And that was the gist of the question was just on that evolution from here forward with Carlsberg and BrewDog, but I can leave it there. Just a follow-up with respect to the brewpubs and that footprint. Just with how consumer trends and consumption patterns have changed. How are you thinking about that footprint going forward?

了解。我這個問題的重點就是想問從現在往後，Carlsberg 和 BrewDog 對毛利率演變的影響，不過我先到這裡。再追問一個關於啤酒餐廳（brewpubs）以及其據點規模的問題。考量到消費者趨勢與消費型態已經改變。你們如何看待未來這個據點規模？

And is it becoming more important to you as a sort of a strategic buffer on the consumption side. Any color around the BrewDog sorry, around the brewpub footprint would be useful.

它是否正變得對你們更重要，作為消費端的一種策略性緩衝？任何關於 BrewDog——抱歉，是關於啤酒餐廳據點規模——的補充說明都會很有幫助。

Listen, good question. It's something today within Tilray, we have 18 of our own brewpubs here there. So again, it is something we understand. In regard to the UK, Ireland, Scotland and the other markets. Listen, I'm big on brewpubs to look at them from a marketing tool and to build our brand out there.

你問得很好。這是 Tilray 目前正在做的事情之一；我們自己在這裡就有 18 家啤酒餐廳。所以這確實是我們理解的領域。至於英國、愛爾蘭、蘇格蘭以及其他市場。我一直很看重啤酒餐廳，把它們視為一種行銷工具，用來在當地建立我們的品牌。

So bringing people together. And that's the whole thing on longevity today to bring people together.

也就是把人們聚在一起。而這就是今天談「長期性」的核心——把人們聚在一起。

And a big part, and I plan to spend a lot of time looking at our brewpubs in regards to what we got to do to indirect with our customers that come there, how do we serve the food and good value. I've also talked about whether it's Carlsberg, Guinness or other beers, how we bring other beers into there because if they don't want BrewDog, we want them to come to our brewpubs at least to enjoy our food, enjoy the environment and maybe we can convince them to have BrewDog.

其中很大一部分，而且我計畫花很多時間檢視我們的啤酒餐廳（brewpub），就我們必須如何與來店的顧客進行間接互動、如何提供餐點與良好性價比。我也談到，不論是嘉士伯（Carlsberg）、健力士（Guinness）或其他啤酒，我們如何把其他啤酒引進來，因為如果他們不想喝 BrewDog，我們至少希望他們來我們的啤酒餐廳享用食物、享受環境，也許我們能說服他們喝 BrewDog。

That's going to be a big part of our growth as a part of our strategic plan to open up another 100 of those? No. It's a big part of those to look to upgrade them, to put more TVs, more interactive types of communications in regards to getting more and more of our consumers to that and is something yes. Is there an opportunity for us to franchise more and more brew dogs where we did not take them and make them franchisees absolutely yes.

這會是我們成長的一大部分，作為我們策略計畫的一部分去再開 100 家那樣的店嗎？不。它很大一部分在於檢視如何升級這些店，增加更多電視、更多互動式溝通方式，以吸引越來越多的消費者，這確實是我們要做的事。我們是否有機會把更多 BrewDog 以加盟方式擴張，在我們不自營的地方改由加盟商經營？絕對有。

So there's some exciting things here as we look to grow from a franchise model as we look to increase the sales with the ones we own and where we license the brand today in airports. And that's something that we're looking at too because there's -- with airports they you license your brand name, you collect the royalty and you sell product. So that's how we're looking at these brewpubs.

因此，當我們以加盟模式來成長、提升我們自營門店的銷售，以及在機場等地目前以授權方式使用品牌時，這裡有一些令人振奮的事情。這也是我們正在評估的，因為在機場你是授權你的品牌名稱、收取權利金，並銷售產品。這就是我們看待這些啤酒餐廳的方式。

At this time, I'll turn the floor back to management for closing remarks.

此時，我把時間交回管理層作結語。

Well, thank you, everybody. Number one, it's April Fool's, and our numbers are not April Fool's joke, so that's the good news, okay? Our numbers are some real strong numbers there. Congratulations to the team on the growth.

好，謝謝各位。第一，今天是愚人節，而我們的數字不是愚人節玩笑，所以這是好消息，好嗎？我們的數字非常強勁。恭喜團隊的成長表現。

And not one of these businesses -- nothing has been easy out there in regards to what we do from a regulatory standpoint, what we deal in regards to pricing, in regards to tariffs, and just looking at the consumer today. And again, if you stop and look at Tilray from 2019 to hitting over that $1 billion mark with the acquisitions, BrewDog, it's a very exciting time for us.

而且這些業務沒有一項是容易的——從法規面、定價、關稅，以及觀察當今消費者等各方面，我們面對的都不輕鬆。再說一次，如果你停下來看看 Tilray 從 2019 年一路走到透過併購達成超過 10 億美元的里程碑、再加上 BrewDog，對我們而言是非常令人振奮的時刻。

In regards to where we're going in 2027 and with 2 months left in our quarter of 2026, there's a lot to be proud of here. And as I've heard, we talked about the big overall that we're going to do in the Canadian market in regards to our genetics, in regards to our springs, in regards to using AI to help us there, in regards to how we modernize those facilities to take lots of costs, and Berrin and the team have done a tremendous job in doing that

就我們在 2027 年要走到哪裡而言，以及在 2026 財年這一季還剩 2 個月的情況下，這裡有很多值得自豪的地方。而且如同我所聽到的，我們談到在加拿大市場要做的大幅整體提升，包括我們的基因（genetics）、我們的品系（strains）、運用 AI 來協助，以及我們如何讓這些設施現代化以大幅降低成本；Berrin 和團隊在這方面做得非常出色

And again, as you come back and think about what we have in grow today and how we converted these over these to much more economical and dealt with the challenges of the cost of utilities in Ontario. So again, we've accomplished a lot in the Canadian market and the only market where recreational cannabis is legal in the world and at the same time, dealing with growing our medical market and introducing more and more patients and consumers of the product.

再者，回頭想想我們目前的種植規模，以及我們如何把這些轉換成更具經濟效益的方式，並應對安大略省公用事業成本的挑戰。因此，我們在加拿大市場確實完成了很多——這也是全球唯一娛樂用大麻合法的市場——同時也在擴大我們的醫療市場，讓越來越多病患與消費者使用我們的產品。

In regards to the US, listen, again, I'd like to see some better results coming out of our beverages business. But on the other hand, as you bring everything together since late 2020 and here where we are today, I see some good light at the end of the tunnel here of what we're building here and being the fourth largest craft brewer there and the fourth largest craft beer business.

就美國而言，坦白說，我希望我們的飲料業務能交出更好的結果。但另一方面，自 2020 年底把所有事情整合起來，到今天這個位置，我看到我們正在打造的事業已經出現隧道盡頭的曙光——我們成為第四大精釀啤酒釀造商，以及第四大精釀啤酒業務。

There's been a lot of changes in the craft beer business, but a lot of changes in the beer business. And one thing I can tell you is I really feel we got the footprint right, we got the model right. And now we got the product right as we brought up a lot of SKUs. We have over 18 brands. We had over 900 distributors. We've had multiple people, multiple contracts out there that we had to deal with, whether it's buying kegs, cans, hubs, et cetera, so as we bring all that together.

精釀啤酒產業發生了很多變化，啤酒產業整體也有很多變化。但我可以告訴你一件事：我真的覺得我們的版圖（footprint）是對的、模式是對的。而且現在，隨著我們推出許多 SKU，我們的產品也到位了。我們有超過 18 個品牌。我們有超過 900 家經銷商。我們有很多人員、很多合約需要處理，不論是採購啤酒桶、鋁罐、倉儲樞紐（hubs）等等；因此當我們把這一切整合起來。

In regards to our spirits business, you heard me talk about our depletions on brokerage being up. We dealt with lots of distributor transition out there with RNDC, now being acquired by [RES], which is good news for us, and it's something that we will consolidate into the new [Ras] distribution system.

就我們的烈酒業務而言，你們聽到我提到我們透過經紀通路（brokerage）的去化量（depletions）在上升。我們也處理了許多經銷商的轉換，涉及 RNDC，而現在其被 [RES] 收購，這對我們是好消息，我們也會把它整併進新的 [Ras] 配銷系統。

In regards to some other changes in the market is something we're going to do. But what I'm really happy about and see our [breakage] of some of the new stuff that we're really coming out with in regards to our tequilas, our drinks with Moonshot. Our melt shot, it is a moonshot. Some of our non-open and some of our products there. But it's great to see some of the stabilization that's going to happen in regard to the distribution business. In this industry is a difficult industry with a three-tier system, and you can have the greatest products, but it's the distribution that you need.

至於市場上的其他一些變化，我們也會採取行動。但我真正感到高興的是，我看到我們一些新產品的「破局」（[breakage]）/突破正在發生，例如我們的龍舌蘭酒、與 Moonshot 相關的飲品。我們的 melt shot，它就是一個 moonshot。以及我們的一些 non-open 和我們的一些產品。同時也很高興看到配銷業務將出現一些穩定化。這個產業在三層分銷制度下非常困難，你可以有最好的產品，但你需要的是配銷。

In regards to international, again, Rajnish and team have done some great things in regards to the international teams and the grower and dealing with the regulated market in regards to medical cannabis, dealing with permits. But when you ship out of the country and permits when you ship into the countries -- and again, what we've had to do to get our Cantanhede facility up to the yields and up to the bar that we've done in Canada and up to being able to supply consistent product in the marketplace. And back to Pablo's point before, that's something that Tilray now is going to be known for because if you think about it, look where our volumes are today and look where they were a year ago and how we've doubled in the quarter, so a lot to be proud of there.

就國際市場而言，再次強調，Rajnish 和團隊在國際團隊、種植端，以及應對醫療大麻的受監管市場與許可證方面做了很多很棒的事情。但當你把產品運出國境、以及運入各國時所需的許可——再說一次，我們為了讓 Cantanhede 工廠的產量（yields）提升到我們在加拿大所達到的水準、並能在市場上穩定供應一致的產品，我們做了很多工作。回到 Pablo 先前的觀點，這將成為 Tilray 眾所周知的能力；因為如果你想想看，看看我們今天的出貨量，再看看一年前的出貨量，以及我們如何在本季翻倍，確實有很多值得自豪的地方。

And again, there's a lot more that we're going to do in those marketplaces. We had to overcome Germany being only sold into the German government, which we're losing money and almost doubling the amount of production coming out of that facility. And now we're running Cantanhede probably at 50%, 60% capacity and we have tremendous opportunities to grow more and more in our tanking end market. really, the highlight is where we've come with CC Pharma. Where we are at 2%, 3% margins and closer to 5%, 6% margins now and really see the opportunity in that business and see opportunities from an integration standpoint and even seeing it grow throughout the rest of Europe.

而且，我們在那些市場還會做更多事情。我們必須克服德國只能銷售給德國政府的限制，這讓我們在虧損，同時該工廠的產量幾乎翻倍。而現在我們讓 Cantanhede 大概以 50%、60% 的產能運轉，並且在我們的終端市場（end market）有非常巨大的機會持續成長。真正的亮點是我們在 CC Pharma 的進展。我們的毛利率從 2%、3% 提升到現在更接近 5%、6%，我們確實看到了該業務的機會，也看到了從整合角度的機會，甚至看到它在歐洲其他地區持續成長的機會。

And last not their wellness business in regards to Manitoba Harvest, and growth within that business and the growth in regards to some of the beverage businesses that's been in that business. Listen, we'll see what happens in regards to Delta 9, I think as you heard me say, there's three options out there, either one or two will happen. I'll be disappointed with -- but again, we're out there in for selling our products today that we have in the marketplace and sticking with it and out there lobbying the government to really take a hard look at that.

最後，別忘了我們的健康（wellness）業務，包括 Manitoba Harvest，以及該業務內的成長，還有其中一些飲料業務的成長。至於 Delta 9，看看會發生什麼；我想如同你們聽我說的，外面有三種選項，其中一或兩種會發生。我會感到失望的是——但再說一次，我們目前仍在市場上銷售我們現有的產品、持續堅持，同時也在外部遊說政府，要求他們真正嚴肅地重新檢視這件事。

So last but not least, on March 2, I just sort of want to step back one second in regards to Carlsberg as we announced our partnership with Carlsberg and it's something I'm very proud of because I grew up in Carlsberg. It's a worldwide brand. It's one of the largest brewers out there what a class organization to be associated with a lots of time with the Carlsberg team. And it's tremendous what we can learn from Carlsberg.

所以最後但同樣重要的是，3 月 2 日，我想就嘉士伯（Carlsberg）稍微退一步談一下，因為我們宣布了與嘉士伯的合作夥伴關係；我對此非常自豪，因為我是在嘉士伯的環境中長大的。它是一個全球品牌。它是市面上最大的啤酒釀造商之一，能與這樣一流的組織合作、並與嘉士伯團隊花很多時間相處，真是莫大的榮幸。而且我們能從嘉士伯身上學到的東西非常驚人。

And what we have the ability to tap into their knowledge base, tap into their new products, tap into their marketing things. And I always say that share when I go up, I'd like just to be like Carlsberg something that we aspired to and having that with the US and the US being the biggest beer market in the world, Carlsberg is looking for some big things for us, and I promise we're not going to let them down.

我們也有能力汲取他們的知識庫、接觸他們的新產品、借鑑他們的行銷作法。我常說，當我上台時我都會分享：我希望我們能像嘉士伯一樣——那是我們一直嚮往的目標；而且在美國（全球最大的啤酒市場）有這樣的合作，嘉士伯對我們寄予厚望，我保證我們不會讓他們失望。

Last but not least, in regards to BrewDog. Listen, I look at BrewDog numerous signs throughout the years and the acquisition, I congratulate the founders for what they did in regards to building this brand and what they did in regards to opening up these beautiful brewpubs around the world today, and since 2015, and basically 10, 11 years where we've built.

最後但同樣重要的是，關於 BrewDog。各位，我多年來一直關注 BrewDog 的各種跡象以及這次收購；我也要恭喜創辦人們在打造這個品牌上所做的一切，以及他們在全球各地開設這些漂亮的精釀酒吧（brewpubs）所取得的成果；自 2015 年以來，基本上 10、11 年的時間，我們一路建立至今。

Unfortunately, not everything goes as planned. And Tilray when it had the opportunity to participate in the administration to buy this what being able to do due diligence the way we could, but we knew of the brand would else be able to go into [data] rooms and ended up buying this at a little over GBP40 million is something that I'm excited about. But I always say it's not what you bought it for, it's what you do with it. And with that, there's a lot to do.

不幸的是，並非所有事情都會如計畫進行。而 Tilray 在有機會參與接管程序（administration）並收購它時，雖然我們無法以理想方式進行盡職調查，但我們了解這個品牌，也能進入[資料]室，最後以略高於 4,000 萬英鎊的價格買下來，這讓我非常興奮。但我常說，重點不在於你用多少買到，而在於你如何運用它。而在這方面，還有很多工作要做。

And this changes a lot within Tilray in regards to our beverage business, our worldwide known who Tilray is. You heard me say in my comments, that I've done lots of acquisitions, whether it's A or here, and I've never had so many reach outs about the brand, BrewDog and the excitement that is. So we're pretty excited. It's just a month a month that we own the business. We're in the midst of getting our hands around this one of the big things is business as it was going through an administration was in the mid of either being shut down or sold in pieces or sold as a whole like us.

這也在 Tilray 的飲料業務上帶來很大改變，並提升 Tilray 在全球的知名度。你們也聽到我在評論中提到，我做過很多收購，不管是 A 還是這裡，但我從未因為一個品牌而收到這麼多主動聯繫——BrewDog 帶來的關注與興奮就是如此。所以我們非常期待。我們才擁有這項業務一個月。我們正在全力掌握狀況；其中一件大事是，這項業務在接管程序期間，正處於可能被關停、被拆分出售，或像我們這樣整體出售的中間狀態。

So it's almost like we're starting it back up again. and getting it back up to capacity, getting the factories back up, making sure we have hops where suppliers can get paid and the rents of suppliers that we've got to do that. There was employees that had their resume on the streets that didn't know if they were going to have a job or not, and that's something that we got to make sure.

所以幾乎就像我們要把它重新啟動一樣：讓產能恢復、讓工廠重新運轉，確保我們有啤酒花，讓供應商能拿到款項，還有供應商的租金等，我們都必須處理。有些員工把履歷投到外面，因為他們不知道自己是否還有工作，這也是我們必須確保的事情。

So stabilization, as I keep saying, is the key to this year. And with that, we will have in place great strategic plans to grow the business and UK, Ireland, we'll have great plans in place for Australia. In Europe markets, we'll have plans in place for a franchise and what we will do with our current brewpubs and what we're going to do in the US. So there's a lot of exciting things with BrewDog that we can do and will do. And remember, there's a lot of heavy lifting there and how do we integrate it within our business. So with that, some exciting things happen at Tilray.

所以我一直說，「穩定」是今年的關鍵。在此基礎上，我們會制定很好的策略計畫來擴大英國、愛爾蘭的業務，也會為澳洲制定完善計畫。在歐洲市場，我們會規劃加盟（franchise）方案，並決定如何處理我們現有的精釀酒吧，以及我們在美國要怎麼做。因此，BrewDog 有很多令人興奮、我們能做也會去做的事情。也請記得，這裡有很多硬仗要打，以及我們要如何把它整合進我們的業務之中。所以，Tilray 這邊會有一些令人振奮的進展。

Let me tell you, as I always say, there's two-by-fours that hit you in the head every day. And that's something we live by and how do we deal with it. I'm going to thank everybody for getting on our call today and listening to us Happy Passover, Happy Easter to everybody, and enjoy some good beer out there, enjoy some of our good cannabis and to March Madness, hey, when you're watching March Madness this weekend, make sure you have one of our great beers that we produce out there.

我跟你們說，就像我常說的，每天都會有 2x4 的木板敲到你頭上。這就是我們的日常，以及我們如何去面對它。我要感謝大家今天參加我們的電話會議並聆聽我們的分享；也祝大家逾越節快樂、復活節快樂，去享受一些好啤酒，享受我們優質的大麻產品；至於「三月瘋」（March Madness），嘿，這個週末你在看三月瘋時，記得來一瓶我們出品的好啤酒。

Thank you very much for listening to us today.

非常感謝各位今天的聆聽。

This will conclude today's conference. You disconnect your lines at this time. Thank you for your participation. Have a wonderful day.

今天的會議到此結束。請各位此時掛斷電話線。感謝各位的參與。祝各位有美好的一天。