财报电话会议：Canopy Growth在2025财年第一季度实现首次盈利

　　Canopy Growth Corporation(纳斯达克股票代码:CGC)报告称，该公司在2025财年第一季度首次实现盈利，关键财务指标显著改善。该公司调整后的EBITDA转为正值，成本大幅降低。尽管加拿大大麻业务的净收入下降，成人使用部门面临挑战，但Canopy Growth正在实施推动增长和保持市场领导地位的战略。该公司还讨论了Canopy USA的进展，包括准备加强其在全球大麻市场的战略收购。

　　Canopy Growth实现了第一个盈利季度，所有业务部门的调整后息税折旧摊销前利润均为正。

　　该公司的销售成本下降了31%，SG&A费用下降了24%。

　　加拿大医疗业务第六次增长nsecutive季。

　　成人用品业务面临供应挑战，收入下降22%。

　　Canopy USA在收购方面取得了重大进展，预计收购后每年将产生超过3亿美元的收入。

　　该公司预计，2025财年下半年的盈利能力将有所提高。

　　Canopy Growth计划提高产能，建立供应链合作伙伴关系，并推出新产品以推动收入增长。

　　该公司预计会出现这种情况由于分销扩大、销售速度提高和新产品推出，预计2025财年下半年将出现增长。

　　Canopy Growth专注于加速在欧洲市场的增长，并扩大在新市场的分销。

　　该公司有望实现调整后的EBITDA为正由销售增长、毛利率提高和增加驱动的非整合水平一般行政费用节省。

　　加拿大大麻业务第一季度净收入下降了6%，成人大麻业务下降了22%。

　　能得到Nal市场大麻净收入略有下降，比去年下降了1%。

　　被剥离的企业将继续存在继续对整个2025财年报告的销售增长产生负面影响。

　　Canopy Growth的毛利率从去年的18%提高到第一季度的35%。

　　Storz & Bickel的收入比去年增长了2%。

　　Canopy USA的财务表现很有希望，收购后的年收入预计将超过3亿美元。

　　第一季度调整后的EBITDA为亏损500万美元，但与去年相比改善了77%。

　　自由现金流流出5600万美元，尽管比去年第一季度增加了5200万美元。

　　Canopy Growth正在欧洲战略性地部署投资，以优化盈利能力。

　　该公司保证对欧洲市场的供应不会中断。

　　新的品种和产品预计将于今年晚些时候在加拿大上市，以帮助推动收入增长。

　　改善加拿大供应链的努力正在进行中，旨在通过战略采购机会获得有利的成本。

　　综上所述，Canopy Growth Corporation在2025财年第一季度实现了盈利的关键转变，重点关注运营效率和战略增长计划。该公司仍然致力于在全球大麻市场建立稳固的立足点，并为其股东和客户创造价值。

　　接线员:早上好。我叫Joelle [ph]。今天我是您的会议接线员。欢迎大家参加Canopy Growth 2025年第一季度财务业绩电话会议。当前所有与会者都处于只听模式。现在我把电话交给投资者关系部主任泰勒·伯恩斯。泰勒，你可以开始开会了。

　　泰勒·伯恩斯:早上好，感谢大家参加我们的节目。今天，Canopy Growth的首席执行官David Klein和首席财务官Judy Hong参加了我们的电话会议。在今天金融市场开盘之前，Canopy Growth发布了一份新闻稿，宣布截至2024年6月30日的2025财年第一季度财务业绩。新闻稿和财务报表已在EDGAR和SEDAR上提交，并将在我们网站的“投资者”选项卡下提供。在我们开始之前，我想提醒您，我们在电话会议期间的讨论将包括基于管理层当前观点和假设的前瞻性陈述，并且今天发布的新闻稿末尾包含的前瞻性陈述的警示性说明完全限制了本次讨论。请查看今天的收益发布和Canopy向SEC和SEDAR提交的报告，了解可能导致实际结果与预测存在重大差异的各种因素。此外，任何非公认会计准则指标与其最接近的报告公认会计准则指标之间的对账都包含在我们的收益发布中。请注意，除非另有说明，所有财务信息均以加元提供。在David和Judy发言之后，我们将进行问答环节，我们将接受分析师的提问。说到这里，我把电话交给大卫。大卫，请开始。

　　David Klein: Thanks, Tyler, and good morning, everyone. Thank you for joining us today to discuss Canopy Growth's results for the first quarter of fiscal 2025. I'm excited to review the continued progress we've made as an organization, reinforcing our path towards sustained profitability and leadership in the global cannabis market. This quarter demonstrates that our strategic focus is paying off, which is evident in the sustained improvement of our key financial metrics and profitable revenue generation across all of our business units. During our call, I'll cover three topics. First, our drive to profitability through focus on efficiency in our operations as well as profitable revenue generation over chasing market share at all costs. Second, the well advanced actions within our commercial businesses that set the stage for growth in the second half of fiscal 2025. And third, I'll provide an update on the rapid advancement of Canopy USA. Following my remarks, Judy will review our financial results, including some of the market dynamics we're seeing and the actions we've taken to further strengthen our financial position. Let's begin with our drive to profitability. In Q1 fiscal 2025, Canopy achieved a key profitability milestone. For the first time, thanks to the hard work of all of our teams, all of our business units delivered profitable quarterly adjusted EBITDA. We achieved this through continued work to enhance operational efficiency paired with strong cost management and above all, a resolute focus on driving profitable revenue. Against this backdrop, we've generated notable improvements across a range of key financial metrics, including a significant reduction in our overall cost of goods sold down 31% as well as a 24% reduction in SG&A expenses, [indiscernible] are year-over-year. On the revenue side, our focus on profitable revenue over market share is driving us to direct certain products into the higher-margin channels of Canadian medical and international markets. In part, this contributed to our Canadian medical business delivering its sixth consecutive quarter of growth and record top line within which is arguably the most attractive cannabis segment in Canada. Additionally, this prioritization paired with supply challenges led to a softer top line for our adult-use business for Q1. We've already taken action to address these supply challenges, which we believe related to a strengthened foundation for growth over the coming quarters. Looking to gross margin. We're pleased with the quarter, including the material improvement in our Canada cannabis gross margins which increased year-over-year to 32% despite paying close to $9.6 million in excise taxes during the quarter. This improvement drove Canopy's consolidated gross margins up year-over-year to 35% in Q1. Having demonstrated that Canopy can deliver consistent healthy gross margins across all our businesses, our sites are firmly set on driving top line growth. In Canada, we've made prudent investments to increase both our internal flower and pre-roll joint production capacity. We've also secured additional partnerships across a range of segments to fortify our supply chain. Overall, we expect the higher flower yields from upgrades at our Kincardine facility. Our investment in Pre-Rolled joint production capacity, additional supply agreements and price actions already implemented to help drive stronger top line performance in the coming quarters. Our team is also encouraged by the performance of the broad range of new products that we've delivered to the Canadian adult-use market in the latter half of the first quarter. This includes 17 new and exciting SKUs. To highlight a few, we've launched Quebec-exclusive flower strains from Tweed and Maitri; infused pre-rolls from Tweed and 7ACRES; beverages, including a Tweed sugar-free cola and 7ACRES Cafe Vanilla; and unique, All-in-One vapes from Tweed and 7ACRES with outstanding flavor profiles. We believe the innovation we're bringing to market, in addition to the pipeline of NPD landing later this year, will contribute to growth in our Canadian adult-use top line over the coming quarters. Moving to distribution, our Canadian cannabis business implemented a new hybrid sales model during the first quarter with a mission to enhance distribution for key brands within our portfolio. This complements our in-house sales capabilities in a cost-efficient manner and has already delivered positive results with distribution increasing 7% sequentially to 61,000 points nationally. We expect these new points of distribution to support stronger brand and top-line performance in the second half of fiscal 2025. In our international markets, as well as Storz & Bickel, we continue to feel Canopy is well placed for leadership and growth. Backed by surging demand post legalization, Storz & Bickel posted revenue growth of over 100% in Germany within the quarter, which offset a decline in Australia due to the implementation of a regulatory change. Paired with expanding U.S. distribution, we forecast sustained growth for Storz & Bickel in the coming quarters. For our international markets, in addition to an especially strong quarter in the Polish market, we are highly focused on seizing the opportunity for rapid growth in Germany. In line with our asset-light strategy and to meet the increasing demand for medical cannabis across Europe, actions are underway to augment our Canadian-grown flower with EU-based supply. This preserves Canopy's flexibility, limits the upfront investments required to serve these growing markets, and will enable our international markets business to continue delivering robust gross margins. This work is already well advanced, and we've signed multiple agreements with EU-based flower suppliers to deliver new and exclusive high pH strains to the market. As EU-sourced flower comes into our supply chain, we expect strengthened performance in our German medical cannabis business in the latter half of fiscal 2025. We also envision that over time our use of EU-based third-party supply will free up more of our Canadian-based supply for use domestically to the benefit of our Canadian business. Next, I'd like to speak about the rapid advancements that Canopy USA is making and the resulting growth opportunities. Since our last discussion in May, Canopy USA has closed the acquisitions of Jetty and two of three Wana entities with a full acquisition of Wana expected by the end of summer. In fact, Jetti and Wana are already leveraging a joint salesforce to engage retail in New York as the brands of Canopy USA begin to realize opportunities and synergies together. Focusing further on the performance of each of the Canopy USA entities, Wana has entered Connecticut and New York State while also launching three new hemp-derived edibles, which opens up a new national customer base. Shifting to the West Coast, Jetty has expanded its Solventless vape product offering in California with the launch of a new All-In-One and Hybrid vapes. And as an indication of the strength of this brand, Jetty continues to occupy the Number one position in solventless vapes nationally. Additionally, following its credit challenges, Acreage is focused on execution across the highest potential states in the U.S., including in the Northeast and Midwest, where they hold an incumbent position. As I mentioned on the last call, Acreage's operations are well-positioned in Ohio, likely the most exciting U.S. state right now for adult-use cannabis with botanist dispensaries located in the largest population centers in the state and a Tier 1 cultivation and processing facility with significant expansion potential. This is critical as despite a slow start to this year due to large -- due, in large part, to their credit challenges, we feel that Acreage is capable of returning to their previous run rate which saw them generate significant adjusted EBITDA. I'd like to quickly congratulate the Acreage team on their preparation for the launch of non-medical sales in Ohio, which commenced on Tuesday of this week, and we look forward to seeing their growth in the state. We remain upbeat about Canopy USA and look forward to sharing future updates on this platform as we provide Canopy shareholders with this unique exposure to the U.S. cannabis market. As we close the quarter, Canopy stands on a firm foundation, and we're showing progress in every corner of our operations. We have robust core businesses, significantly strengthened financials, and a unique strategy for seizing the opportunity of growth in the U.S., via Canopy USA. Our focus remains on leveraging this foundation to achieve multimarket cannabis leadership, and we are more prepared than ever to navigate the complexities of the global cannabis market while delivering substantial value to our shareholders and customers. I'll now turn the call over to Judy, who will discuss our financials in greater detail.

　　Judy Hong: Thank you very much, David, and good morning, everyone. I'll start by reviewing our first quarter fiscal 2025 results. I'll then discuss continued progress we've made on our balance sheet and cash flow, followed by a discussion on our priorities and outlook for the balance of fiscal 2025. Let's begin with our first quarter results. Q1 FY 2025 demonstrated continued progress in our financial performance as evidenced by significant year-over-year improvements in gross profit dollars, adjusted EBITDA, and free cash flow. Canopy delivers consolidated net revenue of $66 million in Q1, a decrease of 13% or down 3%, excluding the impact of divested businesses compared to Q1 of last year. The consolidated gross profit dollars grew 67% year-over-year. Consolidated gross margin in Q1 was 35%, again a significant improvement, compared to 18% last year. Following a dip in gross margin in Q4. I'm pleased to report a return to solid gross margin performance in Q1, which I'll provided additional details later on the call. Q1 adjusted EBITDA was a loss of $5 million, an improvement of 77% versus last year. Free cash flow was an outflow of $56 million, an improvement of $52 million compared to Q1 of last year. Note that we typically incurred negative working capital in the first half of the fiscal year with improvement in the back half due to the timing of certain payments. I'd like to now review the results of our key businesses in more detail, including progress against their path to profitability. Starting with Canada. Q1 net revenue was $38 million, a decline of 6% compared to a year ago. Canada medical had another record revenue quarter, increasing 20% compared to last year, continuing to benefit from customer mix toward a greater number of insured patients and larger product assortment in the Spectrum online store. We're pleased with the outperformance of our Canada medical, which is also a high-margin business for us. Our adult-use business was down 22%, which was softer than planned. We continue to be disciplined in the highly competitive adult-use segment in Canada by not chasing market share at all costs. In Q1, revenue was impacted by supply constraints in certain products due, in part, to lower fulfillment by our CMO partners who are facing financial difficulties. We're working to expand our pool of CMO partners. But given the evolving market dynamics and landscape, it is taking some time to ensure we have redundancies in place. With an improved cost structure, we've also taken targeted pricing actions and increased promotions in select categories where we still expect to see good margins. We also launched a number of new products toward the latter part of Q1 with additional new products launching in the fall. All-in-all, we do expect modest improvement in revenue in Q2 with stronger year-over-year growth in Q3 and Q4 for our Canada cannabis business. Despite a decline in revenue, Canada gross profit dollars increased to $12 million in Q1 of fiscal 2025 versus under a million in Q1 of last year. Canada gross margin in Q1 was 32%, and cash gross margin, adding back noncash depreciation costs and costs, was 45%. Let me provide key drivers of Canada gross margin performance in Q1. First, we continue to see the benefits from cost-reduction program that was completed during fiscal 2024 with significant year-over-year reduction in COGS. Second, the growth in our medical business, which carries higher margin than our adult-use business, also contributed to stronger gross margin performance. During Q1, our medical business accounted for approximately half of revenue in Canada. Third, Q1 saw improved utilization in our manufacturing operations, which also positively impacted gross margin. We continue to target Canada cash gross margins to be in the mid-to-high 30% based on the historical channel mix and are focused on further improving Canada gross margins, driven by increase in our cultivation yields in the winter months, following installation of new LED lighting at Kincardine in the first half of fiscal 2025; strategic sourcing of flower supply at favorable cost; and increased throughput in pre-roll production and reduction in labor costs with a new and flexible pre-roll machine now up and running. International markets cannabis net revenue of $10 million in Q1 was down 1% compared to Q1 of last year. We saw strong double-digit growth in Europe, notably in Poland, which was partially offset by the decline in sales in Australia and U.S. CBD, which had been winding down ahead of transitioning the business over to Canopy USA. International markets cannabis gross margin was 36% in Q1 fiscal 2025, up from 34% in Q1 of fiscal 2024, driven by a favorable shift in country mix with higher-margin Poland contributing to a greater portion of sales this year as compared to the prior-year period. Storz & Bickel revenue of $18 million in Q1 was up 2% compared to last year. We saw continued healthy consumer demand for new Venty portable vaporizer that was launched in Q3 of last fiscal year, as well as strong sales from its Mighty vaporizer this quarter. Sales increased in many of its key markets, including over 100% growth through the combined B2B and B2C channels in Germany. This was partially offset by a significant decline in shipments in Australia following a recent regulatory change. We note that Storz & Bickel medical vaporizers, the MIGHTY MEDIC, the MIGHTY MEDIC+, and the VOLCANO MEDIC, are the only whole cannabis vaporizers on the market in Australia, and we believe that this positioned Storz & Bickel devices very well in the medical channel of that market. Storz & Bickel gross margin was 40%, compared to 43%, driven primarily by higher rebates on certain product lines. Looking at our SG&A expenses for Q1 of fiscal 2025, sales and marketing and G&A expenses declined 24% year-over-year, primarily due to cost-reduction program undertaken during fiscal 2024. In Q1 fiscal 2025, adjusted EBITDA was a loss of $5 million, an improvement of $18 million, compared to a loss of $23 million a year ago. We estimate that our three business units achieved positive adjusted EBITDA with all of the Q1 adjusted EBITDA losses driven by unallocated corporate overhead costs, including public company costs. And as we indicated during our Q4 call, we've identified an additional $10 million to $15 million of cost-reduction opportunities, mostly in corporate G&A, including savings and professional fees, legal, and other public company costs that we expect to realize by the end of fiscal 2025. I'd like to now review our cash flow and balance sheet. Free cash flow was an outflow of $56 million in Q1, an improvement of 49% compared to the prior year. Cash used from continuing operations was $52 million. This included cash interest payments in the quarter of $18 million, down from $30 million in Q1 of last year. And as expected, we had negative working capital in Q1, driven by timing of certain payments, as well as the buildup of bulk flower inventory to ensure supply continuity in Canada. CapEx of $4 million in Q1 was also an increase versus the prior year due to LED lighting investment in Kincardine that will drive improved cultivation yields and lower costs over time. All-in-all, we expect free cash outflow to narrow significantly in the second half of fiscal year versus Q1 run rate to reflect the timing of payments and phasing of working capital. Cash flow from investments was an outflow of $33 million in Q1. This included net cash use of $67 million to fund the acquisition of Acreage debt during Q1 and an inflow of $10 million of additional distribution from biofuels restructuring process. Turning to the balance sheet, as of June 30, 2024, we had $195 million in cash and short-term investments and total principal debt balance of $585 million. The principal debt balance declined $40 million in Q1 versus Q4, and the major drivers include reduction of USD8 million of term loan principal balance resulting from paydown from asset sale proceeds, elimination of CAD100 million of the promissory notes held by Constellation, and net addition of USD50 million from the convertible note transaction in May. This morning, we announced an amendment to our credit agreement with a senior secured term loan that extends maturity out to December of 2026 with an option to further extend maturity out to September of 2027. Pursuant to this agreement, we will be making an initial cash payment of USD97.5 million to reduce the principal by USD100 million by December 31, 2024, with an option to pay down additional USD97.5 million to reduce the principal by 100 million by March 31, 2025. We are pleased to come to this agreement with our lenders that will provide us with cash interest savings and improved balance sheet flexibility. In early June, we also launched an at-the-market equity offering program of up to USD250 million. During Q1, we issued 4.7 million shares for total proceeds of CAD46 million. Subsequent to Q1, we have issued an additional 3.7 million shares for total proceeds of CAD33 million. Following a significantly reduced debt balance and extended maturity of the term loan, the ATM program provides us with flexibility to invest in strategic growth initiatives. I would like to now briefly discuss Canopy USA. This is the first quarter that Canopy USA's financials have been deconsolidated from Canopy Growth results. And as a result, Canopy's non-controlling investments in Canopy USA is now presented as equity method investments and in other financial assets on our balance sheet. As David mentioned, Canopy USA is advancing with its acquisition of Wana, Jetty, and Acreage. Canopy Growth currently does not have audited financials for the consolidated Canopy USA entities and is not disclosing the financials of each entity at Canopy USA at this time. Let me provide some commentary on financial performance of each entity. In the first half of calendar 2024, Acreage has seen revenue and EBITDA decline compared to last year due to its credit challenges. Acreage management is now focused on improving performance in its core markets, including Ohio, where Acreage projects revenue to double by end of calendar 2025 versus current run rate. Wana is also focused on expanding into new states while maintaining an attractive margin in a highly competitive edibles category. There have been delays in New York and Ohio due to market dynamics, and Wana's performance has also been impacted by price compression, retail inventory destocking, and SKU rationalization in Colorado. However, trends are expected to improve later this year on the back of New York and Ohio launching. And in addition, as David mentioned, Wana has introduced its hemp-derived offering with its own marketplace website set to launch this month. Jetty is seeing good underlying momentum for its Solventless vape products with expanded offerings. Jetty is currently in the process of also changing distributors in California which will improve routes to market and lower cost over time. This change is expected to create some noise to its shipments in the near term. once Canopy USA closes on its acquisition of Wana and Acreage and with expected revenue contribution from Ohio's non-medical sales for Acreage, we expect that Canopy USA has the potential to generate annual revenue of upwards of USD300 million. I'd like to now provide our key priorities and outlook for the balance of fiscal 2025. In Canada cannabis, we remain focused on driving growth and profitably gaining market share in both the adult use and medical channels. We expect Q2 to be impacted by continued supply challenges with certain third-party-produced products with stronger growth in the back half of this fiscal year, driven by expanded distribution, improved sales velocity, and new product launches. In International markets cannabis, we're focused on accelerating growth in Europe, including in our key markets of Germany and Poland. We're focused on ensuring consistent supply of high-quality products, as well as launch new products into these markets in the near term. For Storz & Bickel, we're focused on accelerating growth in the U.S. and other key markets, as well as opportunistically expand distribution into new markets. Note that for SMB, Q2 is historically the lowest revenue quarter of the year. And finally, the impact from divested businesses will continue to negatively impact reported sales growth throughout FY 2025. Q2 FY 2024 revenue of $69.6 million included approximately $8.3 million of revenue from divested businesses. From a phasing standpoint, we continue to expect stronger year-over-year growth in the second half of our fiscal 2025, driven by increased supply and ramp up of new products, as well as lessening impact from divested businesses. We believe, we remain firmly on a path to achieve positive adjusted EBITDA at the consolidated level, inclusive of corporate costs, driven by sales growth, improvement in gross margins, and additional G&A savings. In closing, we intend to build on the improved financial performance in Q1 and drive profitable growth while continuing to strengthen our financial position over time. This concludes my prepared comments. We'll now take questions.

　　接线员:谢谢。你的第一个问题来自Alliance Global Partners (NYSE:GLP)的Aaron Grey。您的电话现在接通了。

　　Aaron Grey:大家早上好，非常感谢大家的问题。

　　Judy Hong:嗨，Aaron。

　　亚伦·格雷:我的第一个问题。早上好。你们做了很多清理和简化的工作在剥离和Canopy USA方面。所以当我们展望未来的时候，Canopy USA，我想你们正在等待一些审计完成，在那里你们可以合并，同时acacage也会关闭。所以如果你能给我们更多关于时间的信息，面积。我记得你说的是2025年上半年。所以就你所等待的建设和关闭而言，我认为这可能是一些国家的批准或其他方面。然后，我们应该如何考虑在额外披露财务业绩方面建立的一切以及何时能够充分披露这些信息?谢谢你！

　　Judy Hong:好的。我先来，亚伦。所以从时间的角度来看，正如大卫提到的，在第一季度，Jetty是完全关闭的。因此Canopy USA目前拥有Jetty大约75%的股份。Wana旗下三家实体中的两家已经关闭，我们预计将在今年夏末完成对Wana的收购，或者Canopy USA预计将完成对Wana的收购。Canopy USA正在收购Acreage。所以这确实是一个监管过程。这是各州监管部门的批准。我们预计在明年春天的某个时候，我们将获得Canopy USA完成收购所需的所有州批准。在财务披露方面，正如我们今天坐在这里一样，Canopy USA显然还没有完全关闭其在Canopy USA下的所有实体。因此，一旦我们完成了Canopy USA对Wana和acre的收购，我们将打算分享经审计的财务数据，并提供Canopy USA的一些补充财务指标，这可能会在acre收购完成后的某个时候发生。

　　大卫·克莱因:是的。还有亚伦，再补充一下。因此，关闭Wana和Acreage项目的最终组成部分的关键是，事实上，州一级的监管批准，所有这些都已经申请了。所以现在我们只是在每个州的流程中工作，一旦我们得到所有这些批准，我们就会关闭。在财务披露方面，朱迪在我们的脚本中概述了CUSA认为他们能够从最高收入的角度实现的粗略观点。我们相信你可以看看其他mso来了解EBITDA利润率，也要记住，Acreage是作为一家独立的上市公司运营的。今天，当这项业务成为CUSA平台的一部分时，我们将能够实现相当数量的上市公司协同效应。所以，是的，我们会尽快通过美国证券协会提供详细的财务报表，但我认为这只是提供了一个很好的概述，关于今天的业务。

　　接线员:下一个问题来自ATB资本市场公司的弗雷德里科·戈麦斯。您的电话现在接通了。

　　Frederico Gomes:大家早上好，感谢回答我的问题。仅在加拿大医用大麻部分，那里的增长令人印象深刻。连续六个季度实现连续增长。那么，你能更清楚地说明是什么推动了这种增长吗?你认为这一领域还有多大的发展空间，因为我认为我们已经看到加拿大的整体医疗市场趋于平稳。那么，你认为这个细分市场还能带来多大的增长?谢谢。

　　大卫·克莱因:是的。所以我们在这个市场已经连续几个季度保持增长。我们预计这种情况将继续下去。这是我们医疗团队强有力执行的结果。我们——这是一个市场，所以不仅仅是Canopy的产品。这是一个由我们团队精心挑选的产品的市场。我们为该渠道的参与者提供我们认为最好的服务。在医疗方面日复一日地执行，这确实推动了我们的增长。

　　Judy Hong:是的。就你的观点，弗雷德里科，市场停滞不前甚至下滑就是因为转向成人消费渠道。但是我们正在获得市场份额，正如你可以从数字中看到的，我们认为我们已经做好准备继续获得市场份额，继续为患者提供高质量的产品，不仅仅是我们的产品，甚至是第三方的产品，真正为患者提供广泛的产品。

　　接线员:你的下一个问题来自Piper Sandler的Michael Lavery。您的电话现在接通了。

　　Michael Lavery:谢谢，早上好。

　　Judy Hong:早上好。

　　Michael Lavery:我只是想更好地理解供应动态。你说你想从第三方采购更多的欧盟原产产品。我想，你能不能帮我们理解一下，如果德国或更广阔的市场如果它在增长，那么有吸引力，谁有多余的产品?我想代价是什么?这似乎是一个项目比较稀缺的地方。也许这是个误会。当你谈到在加拿大释放一些供应时，供过于求肯定是那里长期存在的问题，你是否矫正过正了?你们在加拿大需要更多的供应吗?我们如何看待大洋的两边呢?

　　大卫·克莱因:不。Michael，我想分两点讲，我先从加拿大说起。我认为在加拿大，我们在这个季度有一些供应限制，这是由我们与一些第三方供应商的表现所驱动的，对吧?因此，我们正在使我们在加拿大的供应链更加健全。你说得对，确实有一些产品可供选择。然而，我们仍然专注于当我们在市场上推出一款产品时，我们只是把它投放到利润更高的渠道。因为它与欧洲有关，所以有产品可用。这不是欧洲频道的问题。加拿大有，但终端市场生产商也有。因此，脚本中评论的要点是，随着时间的推移，当我们引进欧洲生产商时，我们将从加拿大的供应链中解放产品，这将使我们能够优化整个业务的利润率。我认为，我们考虑这个问题的方式是我们所看到的每一个开放的单一市场在每一个地区都开始出现供应受限，然后供应持续，价格压缩然后人们有了不知道如何处理的资产。实际上，我们正在把加拿大的供应链管理成一个轻资产供应链。诚然，我们需要做一些事情来优化轻资产供应链，但我们都在努力。我们对欧洲的看法也是如此。因此，我们没有大举投资，这可能会压缩我们未来的利润率，而是将我们的战略部署到欧洲，根据我们目前所看到的情况，我们对这种方法非常满意。

　　接线员:下一个问题来自罗斯资本合伙人公司的比尔·柯克。您的电话现在接通了。

　　William Kirk:嘿，谢谢你回答问题。我的主题与最后一个主题有关，因为不同市场的利润率差别很大，每个市场的利润率差别很大。那么，如何确定可用的供应流向何处呢?比如，你如何平衡一些销售的即时利润潜力和一些尚未盈利的市场可能拥有的长期潜力?

　　大卫·克莱因:是的。我会说，比尔，这是个好问题因为我们并没有中断从加拿大向欧洲市场的供应，对吧?因此，当我们说我们将分配到利润最高的领域时，我们并没有做任何阻止欧洲供应的事情，也不打算在短期内这样做，这意味着供应将来自加拿大。在加拿大，如果我们有任何供应限制，我们会有效地在各省或渠道之间进行分配，即加拿大的医疗和娱乐，以一种优化盈利的方式。所以，我也想确保我们在剧本中对即将上市的实体所做的评论是真的，它不是真的，它只是推出新的品种和一些我们认为非常有吸引力的新产品，我们已经上市了，这将推动今年晚些时候在加拿大的收入增长。所以我认为，供应分配实际上主要与加拿大有关。然后我们——正如我所说，我们正在采取措施改善加拿大的供应链，使其更加健全。我们也有新产品即将上市。

　　朱迪·洪:我唯一想补充的是，当你看到加拿大的花卉供应时，我们有一点混合模式，对吗?所以我们有了内部的金卡丁设备和DOJA，然后我们在寻找合作伙伴。因此，无论是战略性的电力采购，还是——在这一点上，我认为我们正在做更多的现货购买，说实话，市场有点(滑稽)。我认为，随着时间的推移，我们确实认为会有更多的战略采购机会出现在网上。实际上，我们专注于获取有利的成本，这样我们就可以从加拿大成人用花卉的第三方来源中获得良好的利润。

　　接线员:没有其他问题了。我现在请克莱因先生致闭幕词。

　　大卫·克莱因:太好了。感谢您参加今天的电话会议。当你享受这个夏天的剩余时间时，我鼓励你尝试一些我们创新品牌的优秀产品，包括像Tweed无糖可乐这样的饮料，以及Tweed和7ACRES的新多功能一体电子烟。我们的投资者关系团队将随时回答您的其他问题。谢谢你！

　　接线员:Canopy Growth 2025财年第一季度财务业绩电话会议结束。本次电话会议的重播将持续到2024年11月7日，并可按照公司今天早些时候发布的新闻稿中提供的说明进行访问。感谢您参加今天的电话会议。

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