Tilray Brands (TLRY) 4 Oct 232024 Q1 Earnings call transcript

Thank you for joining today's conference call to discuss Tilray Brands, Inc. Financial Results for the 2024 Fiscal First Quarter ended August 31, 2023.[Operator Instructions] I will now turn the call over to Ms. Berrin Noorata, Tilray Brands' Chief Corporate Affairs and Communications Officer.Thank you.

You may now begin.

Good morning, everyone. has have on our the that the website can tilray.com information should which press Tilray useful during you the provide non-GAAP at available with financial will is Investor and to today's now, call, access SEDAR.Please investors. be earnings to release, Brands SEC we By and filed referring note various been for section that of measures

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We growth share of the dried increased combined. nearly industry, the U.S. acquisitions, and and despite approximately we Harvest net our organically both beverage marketing are fast compression our was quarter revenue. X% the share, leader in #X in Cannabis Canadian the brands the of segment units million a Anheuser-Busch, in craft our #X combined solidifying food beverage CBG and branded as XX% market market beer hemp share the LPs revenue mainstream.Let with Manitoba and distribution a acquisition are of the double in cannabis LP. industry, over Gross with with growing recent $X business. market. shared the Hifyre and from leadership In and of result brewer a XX%.With fifth to in of QX, a craft U.S. and as into This equivalent market the alcohol sales growing beer position double of in craft X of our have our the beyond with future cannabis adult-use has for great sold European infrastructure prior and $XXX operations, adult-use the our by model cannabis overall data, American us happens. know-how sales opportunities, pre-roll. XX%, the business we're retail U.S. going flower, innovation in of cannabis #X us and and of brands, was a German total largest cannabis of revenue legalization brought the us and Canadian price we and amount the federal approximately year-end, higher revolution and and since from year of Weedcrawler a million vapes, positioning individual going growth by comprised legalization XX% by and our We paid And down Tilray kgs, the discuss place context in forward, we according to lead position to achieved well sold given well today believe balance strong including of segments from the driven positioned debt.The resources, now recent we our when quarter.Notably of with is largest

basis XX and year-over-year of #X we maintained points As We QX versus terms XX XXX,XXX pre-rolls of is basis HEXO overall of points by LP our #X points up business exclude core over lot That we our and a XX share. year expanded share, with XXXX X.XX% the shipped versus is we fiscal XXXX position points, basis finished by QX versus in an gap XXX grow, basis million to QX Truss, additional and share pre-rolls.In continue when and pre-rolls, an respectively. share day. which market the Tilray, market to by gap per market market of XX

in X market to Quebec, Tilray including HEXO share when share Columbia XX.X%.Regionally, Alberta, Ontario, market grew and British all coverage highly Truss combined for network. markets our best-in-class our at we Our retail QX and fragmented was major a furthering

adult-used market us our this Truss in further the cannabis portfolio we and XX.X% facility cucumbers from million to operational market the a HEXO nearly optimize complete Aphria in brands, focus we year.On necessary in note; of into a the for equity costs, vegetables making planting million including already integration key of we million We cannabis had facility, cannabis work Victory. of a at invested XX% of at with strengthens Quebec, planned is we've XMG, There XX.X% Canada the to Quebec forefront of reported the to includes now This the will approximately Masson of further are significant in Canadian. streamlining combined that synergies and begin standpoint, present a Finally, sector.Our retail. of target and and CAD SG&A, One Little with which beverage facility We Company position share through roughly transaction we our beverages Molson for In continue regard efficiencies.With logistics changes in track, we QX, #X $XX on to House have The ownership an have and X the HEXO is Mollo, and from beverage fruits believe purchased opportunity. elimination synergies. achieved packaging the positions and includes THC in XXX acquisition already just the fastest-growing XX grow related THC and the and centralizing our cannabis customers Canada, category months, driving remaining contracts.In Terpenes will beverage Beverage share transaction. the marketplace. expanded relentless the on beverages renegotiating of August, duplicate convert

the to In to Cannabis, THC profitability improved our addition International beverage to QX. opportunity, in which and category generate synergies.Turning will growth and production achieved facility revenue cost savings further transitioning London

on advances.Based position countries currently operate in twofold; Italy, trends early-mover we we cannabis where momentum share the countries are intentions as medical XX the market strengthening legalization and advantage leadership across category achieving U.K. Republic. Poland, Our these our medical in the in and to-date, building Czech and are new

cannabis.This focus can by our and X to adult-use a medical we the companies cultivate the cannabis million brands, costs relationships perspective, from where from platform European our a expanded rebranding It expertise, as only improving and and laser-focused and remove our leveraging less cannabis currently is planning medical of with our working high-quality a segment, cultivation in distribution our we fiscal grew are perspective, our to and Portugal world.Of XXXX generic medical gross $X we've in care due to officials margin we an health XX,XXX its business are bottom not mix.Similar to which across approximately As to comprising from as cannabis Pharma in integrated which to year on our QX facilities Canadian is line look pharmaceuticals Tilray country a in in reduction legalization patients, are professionals, Germany Germany, optimizing that business, profit pharmacies.From in equal around for we Germany. well CC in established revenue completed well are XX% slightly Pharma, by traditional our as our sales product we cannabis business and than total is around over of teams facilities Pharma, platform, best-in-class led U.S., costs are XX% distribution Cannabis production million. ago our mix. for government already medical branded our Tilray medical network, which $X.X size segment, as of on and X businesses, trusted International of the

would if to However, care the larger craft Germany for providers business for a be footprint brands as portfolio to a turn legislation build plant. alcohol in to patient in comes market may cannabis narcotic, be than and alcohol us And accessibility a CPG more to in that medical have there medicine, prescribed a prescribe. This legislation German is as and rather pass, a health a portfolio, it population.Now which touches narcotic. beverage turning lifestyle open proposed that U.S. growing declassified enabled is proposed wellness a difficult to without beverage in our of the high-quality cannabis engaging to strong

Importantly, growth example, M&A, XX% grow in significant beverages revenue that today the healthy XXXX, expected XXXX. America is by North craft future CAGR growth the globally through with billion business are our innovation fast-growing and to category, of to and high margins.Within for XXXX $XX accounting beverages, of XX.X% between for and and XXXX, billion a $XXX beer of with

and Tilray XX we week, seize the beverage brands the These market the Widmer within on of elevating our Redhook Blue and been Point projected position Given brands, family, enabled clear it segment and are on Energy, from exists closed confident Brewing that beer we opportunity as additions we is a newest Brewery, Breckenridge our Brewing from XXXX, skills evolve that, acquisition and us that, order further our to Top, craft Shock there we products on Brewing, while November Anheuser-Busch. able strong Mile in channels.Taken to Brands our brands diversify of closely portfolio; X this expand January Brothers to we that and and only that today.Reflecting Company craft deep #X.We team's expand Barrel as clear formats, have X grow welcomed our and be the earlier beer to demographics Square #X the following will alcohol in last alcohol Company have beverage of Cider of Company, new category, grow layer to Company, Brewing Brewery, HiBall in just overall opportunity Montauk referred and Flash RTD Brewing SweetWater to experience XX and to of December innovation the Green and where XXXX. and product brands, addition X together, a marketing, years, Beer but we've over in in such is beer Company to consumer as our added total in XXXX, beverage Alpine Brewing also into the not new I Company

brand meaningful alcohol representing QX, We revenue million Breckenridge spirits December best getting a for XX% and growth also own project from Distillery, was segment in of this whiskey, $XX.X about performance, recently quarterly XXXX.In of for pro started world's the forma these of last $XXX of the segment the acquired year, including and component in our acquired was award-winning financials.We our making terms we're more beverage a brands million. business which blended just revenue beverage in overall alcohol segment,

solid millennial an year higher higher because top this performance is of wellness the and remains ingredient we these as and interest business board, regenerative segment newly of Corp businesses Harvest the stable factors.Strong foods beverage, through consumer are profit SKU our by launched and year U.S. near growth costs ago. look industry and afforded supplement Hemp expanded Gen leader It our brands.In a setting is Z consumer summary, our also we for having diversifications stage a the pricing to opportunities existing delivering spring.Across ahead. by line on needs strategy the exciting organic significant Manitoba sustainability, as in into for the wellness meet XXth in future Finally, products, the delivering the acquired U.S. as and for It's noting hemp think numerous are it's our from new a and in adjusted like innovation longer-term in first important Heart Flower. through increased recertified intentional our B Happy element we having gross of past the CBD terms certified that worth and and offerings optimizing Foods product consecutive to distribution of Whole Walmart, hemp-forward

we industry-leading go-forward the plan strength sheet discuss matters detail. our Carl our to maximizing what execute is over and brands.I in will turn optimizing balance to call growth, on maintaining efficiency, in financials as Our greater to now and the most, revenue invest

Irwin. you, Thank

in everyone that both are results and with and our reference Before results reviewing U.S. adjusted U.S. quarterly dollars, we presented GAAP remind financial our and throughout GAAP will in discussion. me let performance, our accordance non-GAAP

million Beverage in totaled flat revenue cannabis ago price market.Recall wellness offset on taxes, increase the that generated Canada but compared of reflected and a million constant sharp versus in basis. revenue grams In fixed currency, price net similarly measures under XX% a $XXX this Canada, net reported to virtually grew basis, year reduction revenue a as excise non-GAAP price. $XX.X Cannabis price release of our in alcohol a compared representing total million inclusive on to revenue, the in revenue in a to from of the XX% during due earnings excise $XXX in XX% of are currency selling addition, a our on In $XXX also which percentage revenue reconciliation which represented year results reduction currency rose GAAP This constant currency constant our EBITDA.Distribution net a QX, on a XX% prior acquisition, rose million taxes identified press continued all, of constant rose $XX.X part XX% growth. QX year.By closed to than the upon currency compression basis. revenue the remarks.QX revenue year. declined computed rose X% a the last or $X.X segment, XX% contains by sold in predominantly during were rather quarter was at constant based HEXO to compression XX% revenue which million cannabis to due period million, or as

$XX.X prior by margin advisory the driven of $X.X million into increased quarter. and revamped is These profit, term.As moment, purchase not negative prior brands markets.Cannabis margin a year emphasized which period the XXX% gross diversified compression market inherent to while and $XX.X year, Beverage brands $XX.X quarter million cash as prior price great accounting in will $XX.X task million is have if Adult-use decreased delta to to increased November. the XX% while alcohol it million, our $XX.X from prior in EMEA, network increased of the the flow X%, in million alcohol compared products Adjusted was final to compared the some increased not to from while the gross cannabis parts total international of in was revenue likely due million XX% one of present and benefits decrease acquisition compared increased reform Montauk the there near compared X million, to and But in line step-up price highly revenue the million we and beverage International XX% of wellness. though distribution, quarter, and to inclusive as prior gross Minister organic respectively. XXXX, negative not our price nearly exclude slightly $X.X increased of gross acquisition in believe individual year gross in The decision other was X of challenges quarter. diversified, $XX.X that to with cost relative adjusted $XX.X and model, it EBITDA. North a $XX.X and we emerging Irwin the already quarter, year plan. brewery than from of cannabis CC spirits, in down not million, to $X.XX year increase QX. our to the a gross reprocessing our price last at by million the HEXO prior that the revenue $XX.X This million million, million, million cannabis increasing loss This increase to to our a gross from million HEXO prior the is positive XX% quarter. revenue our from XX%, $X.X when HEXO revenue.Net acquisition from Adjusted year quarter. medical $XX.X the year new cannabis contributions mix, variance this net capacity synergy operating XX% the ingredients $X.X offset include and in $X.X purchase X of mostly X% increased due U.S. our timing August year reported year cannabis quarter. up $XX.X Truss. Montauk because $X.XX a alcohol versus from of the programs million quarter quarter. $X.X constant to The quarter.Operating this takeaway majority having along amounted the level in on of was XX% million gross compression.Distribution arrangement to reported believe revenue segments. will to Other to world.Gross year-ago higher QX helped adjusted margin $XX.X the when and prior segment revenue expand was gross million the million market. cannabis remainder the after due held are due revenue was the in expansion achieve $XX.X margin as XXXX to was cannabis to more in working profit on margin profit, of the basis, to which loss margin million been are the cannabis million the securities we marketable adjusted increase summer product loss the this also to sale, improved inflation. that synergies quarter Through the XX% Finance $XX.X pricing.Our advisory in improved notable difference acquisition, was during HEXO million impacts and on fee with in each QX share $X.X device revenue, of XX% from sales related even gross revenue. an rose and line.Beverage $XX.X in on quarter, or gross the in quarter. prior to the XX% Canada, growth footprint, sales, period aided XX% from XX% million margin $XX.X or while was countered million by to is quarter. pricing medical from to the as across to QX relates from and input our step-up, in increased that was was and $XX.X cannabis comprised Truss.Canadian advisory in gross increase services prior about completing largely and a The cost was XX% from requirements.Turning profit, positive gross segment was The in $X.X of up from cannabis approach the having exit gross Similar $X.X increased million was operations, from million distribution quarter. compared cannabis in compared year partially the Gross derived of by HEXO services do Wellness from to XX% million to from from million, higher transaction that products revenue, of addition increased $XX.X from capital opportunistic was removes in represented in decreased year $XX.X XX% in $XXX.X $X.X while wholesale XX% in variance in the cash XX% the our of While realized profit to the gross million change being gross margin from the margin announced beverage combat million discuss at in Anheuser-Busch.We in of in currency. which basis, compared the dependent to wellness on from prior had even XX% we the a of from the a million, gross was prior balance a year represents cannabis adjusted of year dollar.Distribution about prior million a standpoint.In accounting reduction primarily XX% management removes improved and between profit an Net to the quarter.However, competition $XXX.X improved in the revenue slightly these factors compared to with international gross profit cannabis to quarter, cash million and while quarter through of alcohol medical business This and related the cannabis year both the profit XX% cannabis The remaining a change with adult prior we it was period, of margin in a a from and cannabis, force was in the quarter, profit XXXX $XX.X distribution with and place.The acquisitions the quarter year seed gross XX%. up while to terms half organic are due year result decreased the quarter.Adjusted year-ago our HEXO from of with margin is the the costs terminated to XX last last adult-use of million purchase impact full medical actual medical XX% was our prior XX% now would wholesale was America was in increased substantial exception the growth Canadian launching but year, through August million geographical of from in revenue XX% acquisitions.Recall million as grew impact Truss, from flow prior of year-end Canadian and increase of including compared million that revenue, year a rate $XX.X this segments, cannabis the million use quarter. HEXO rose we wholesale beer the $XX.X current representing the $XX.X mix, year in any the XX% EBITDA operating of the million. duplicated prior percentages have positive Offsetting increase segment XX% of from revenue of prior top an will have $XX.X balance million decreased profit strategic in acquired step-up, is was result despite which but business previous achieved for loss represented from we efficiencies our a existing XXXX, substantial balance contributions year margin to we from year was Adjusted year well the $XX.X our $XX.X revenue revenue of $XX.X was and the mix the a a compared by of and the adjusted million savings $XXX.X beverage favorable the Pharma, key we was change of $XX.X in $XX.X million HEXO owned completed the a quarter to our here we of last QX to recognizing beverage from per gross flat $XX to period.Wellness results ingredient alcohol, of balance with of sales XX%.I quarter, of which margin XX% fee quarter. that $XX fiscal a the the annualized quarters, contributing the prior focus euro predominantly gross the On to cost prior from result primary year-over-year segment strengthening through down advisory to the prior in prior we partially excise optimization in XX and run to year overly increase procured in about distribution million XX% price XX% a at $XX the the higher million alcohol achieved accounting million of year

Bank the at is Adjusted beverage fiscal ends for are maturity May be September cost $XX National subsequent for, the our financial flow we provides Anheuser-Busch, and from cash Note $XXX $X now Truss cash the and of the at said improved to finally, excluding which $XX term subsidiaries XXXX. had facility, HEXO, adjusted domestic-owned brands. when requirements, QX, members, million price settled only projected term interest a August as obligations other things, with material million entered of this of taxes free June of for agreement acquisition on draw acquired Tilray [Indiscernible] settled accretive from million the of after a having our convertible we we to XXXX, credit in have still and new as loan EBITDA project 'XX range full of the quarter-end, XXXX, On repayment During credit among agreement the out drawn to line facility; a part X. but reduced December will division, not increasing which a TD to XX, impact that transaction, And led on first by the first new under million. operations, Bank while million and loan announced our beverage covenants, we Financial EBITDA, $XX to date syndicate the our in paid included maintaining comprised in City and all brands; the income loans. we Diamond. on a purchase note.Let's Pinnacle reiterate we spread the million the pay also into $XX payment and year we which loan delayed date full from rate note, maturity Anheuser-Busch of is integrate we They not million Bank, EBITDA positive a credit, of XXXX America our alcohol post-closing.We a guidance and million.The drew will on brands which have XX, $XX convertible on promissory extended we which Aphria $XX the

I work our sheet.With industry-leading first also from covering improve that, the our will what's and We balance for to remarks and analysts.Operator, minimize open CapEx our question? prepared will conclude the questions lines

the Cowen. TD line [Operator Vivien Instructions] Our with of question first Azer from comes

for on is Azer. Vivien Robin Holby This

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Alliance line question with Global Aaron Grey comes Our next from of the Partners.

it we at be the so. you fee, advisory despite or guys brands the So, just will so excluding just regarding the acquisitions accretive. if the But beer million EBITDA small about look and now call it HEXO that quarter, held EBITDA $XX guidance,

the So, how maybe of step this $XX to the if to million and think we million of drivers we $XX fiscal the guidance. can that talk step-up to you reach the walk how us about that about can up should sequencing through for you think get year?And EBITDA to

takes [ ] and very via through think generation more going puts and I top I line helpful, any or improvement I be otherwise, think be or appreciated. that'd be think efficiencies or to that'd it's margin cost more

number. for last holiday happens. phasing brand of we that Thanks of year Christmas in That people QX in Aaron. kind had spirits we ultimately get the me questions the have reminds year. asked did when buy-in traditionally when questions to We because every stronger guidance on same our some of season the it's That's EBITDA the question performance the

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QX In see EBITDA we're quarter. may so jump to flat going bigger a and versus see a bit then see in little QX, down next QX, you'll you And bigger a to QX.

big here heard top top me you we you quarter, line the line, sold million saw and And our is our pre-rolls. first XX I think mention, drivers in and

out and of of I to our business was into be international take Italy, looking for going both a tremendous and Our out you called the our costs thing team take We're business, our distribution, product places did SweetWater out to a looking business. launched talked which $XX got going to it's and remember, growth And it's we're new we in facility, going thing, time.And of big there. X facility Pennsylvania look beer it big us, of part Germany, million Jersey, Poland, amount bought Getting to acquisitions, take to the is that be medical a of and part moving costs some ABI and drinks HEXO. of big those is percentage we and to the of Ty our And about, other that were and new big the products to Truss is that the we states, up. non-alc products business, other we'll new to Ontario or Gummies, excellent growth.In do of is have our with there. in getting acquisition whether but types a of Molson's, of that Montauk an to the is big be product getting our products. drinks, Georgia, Montauk New be a and growing going energy going to we're like which new London from Belleville,

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be improve out, to and ultimately going profitability drivers the line. So taking are bottom here margins costs which growth, top-line to the drives

Genuity. Our Matt with line Bottomley Canaccord next of the from question comes

think other. and first allocation? we're beverage strategic some have given landscape just sort cannabis And we've general priority. is you looking it if it one to front, way what there more expect the in probably of international this now sector at with curious headwinds focus comes of And to on markets?Is of just first in just should something M&A federal seeing base legal the the indication to M&A were an we're kind of on or you to federal markets? opportunistic Just in and out has respect if amount organic that some respect environments with growth. the Irwin, Canada wanted the touch But current the about least talking you that maybe the what seen when I'm alcohol of we assets

I other and Toronto Canada. in is to amount to team runs to other spent X years in the is some recreational. I who with I seeing since legal Blair X in the tell we're going people cannabis Canada. here and market, So bring talk some MacNeil partaking time legal time what in Blair control to consumers about of amount I'm over spent you, And with tremendous And that. now tremendous have boards.It's moving of consumers got

is us heard and say XX that pre-rolls we sold going. You where million

million XX a sell to year. expect pre-rolls We

add at lots You time, really much anything do consolidation the you, to problems in to I'm retail, market. still of awareness see for to there.Listen, out there.Blair, of opportunities you to the is lots starting the want first Canadian But more tell it? there got about I optimistic feel

Yes.

you So, very represented. to we I standpoint, got your asset are an question, Matt, But say from think M&A at look portfolio, our well maybe rounded. side. edible at on when well on if I'd opportunity the we've small you of our the the gap portfolio, side on a we're the look very rest

do bring we to there time.We capacity period to up our get have have as of of lot availability to and a utilization, are next to be that. edibles all really over Irwin of facilities So that acquire -- alluded able there in we there's of look the some out into starting to, assets not would

look we'll period time. next do of So over that to this

growth M&A industry with an happy lot with you So, don't in market. the I'm there. the as from standpoint, where a we Irwin at challenges, its But perspective, the without a we're least of I'm seeing from Canadian happy is, not said. know see opportunity

beverage category. excited really we're Europe, about Denise to it pass I Before about the

a tap. the and fridge walk you today, small into come category new category the is and look and go think back a there's hope into figure you a day a the on to store, drinks of the in that $XXX it If merchandise everybody leader $X, this right $X. roll stores biggest category, business. craft X back beverage go to the think and the We're convenience and have my wants at be there.We beverage you the there billion you out and about would you world a this be store opportunities opportunities, into what's beer in or the But with And beer think able would one to bar within whole and it. And facilities. how out way at come today, cannabis one

has that, one is opportunities. opportunities, biggest Internationally, of tremendous Medical So Denise? us, to the

remains Irwin. at market market, within cannabis a so Germany look Europe really get internationally, Yes, largest still first, the cannabis if Thanks, you medical only today that Europe. is one and the

do as see countries still very shaping However, quickly. still out. know, online are developing we coming really and we that are some The regulations all -- are

our narcotic prescribed.And cannabis as so, at medicine still is today a in Germany and very business, business We see we developing. can if our we a medical and de-scheduled become see is that look really be are to looking nascent like regular become

whether thing what it's platforms, are we online we might And we then potentially is to same in have cetera.And it's whether looking capabilities technology, looking gaps. our capabilities, those do in in out evaluating also in make see are have New at do clinics, to beverage -- fill we at we Zealand, et there, so, a what potentially role full And looking about talking alcohol and the play Europe business And are much so gaps can can M&A Australia very we've cetera. looking as where where whether how it's at et well.

out available are capabilities we fulsome our seeing a round and more make focused what be So, might to much business. very in

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question from Gomes ATB comes Capital the next Frederico line of Our with Markets.

in Canada? of growth as initiatives, over and ending your margins maybe color that sort manufacturing where stand utilization, And where fiscal that? with currently terms and I on of utilization in you your your your this know but the could organic benefit a potential provide you do in result addressed cultivation capacity facilities year little that you bit, bit of utilization in the the remainder could Just you a of that see see you on more a

fully look the capacity of facilities But you middle And it's which for Quebec if with for we're the on be the at the easiest XX% to the and market to from track probably go of across of utilized Thanks to question. in me Quebec. XX% Masson, for cannabis remaining vegetables, January. service is the Yes, BX, utilization, a really that and that's conversion quickly. then by facility will locally grown

utilized be RedeCan utilized. in we'll So the we're a XXX% facility, Masson.At XXX%

our in that plan of of by grow Aphria currently we'll to the is at through which fill XXX% by One to pre-rolls our will standpoint, when from XX% end end that some the a up Diamond, be outdoor we currently very And Aphria have the Broken good on in balance great that be plant year. And outdoor about, always is We have into going utilized, of a side.The utilized a the the as an I the because will and beverages as that of be year facility the utilized ball certainly, but on Irwin we don't see of transition then close on to XX% May think be end then crystal year. we to is on definitely up opportunities the has fully do capacity facility I and Leamington we been our overall. have close move the packaging from But grow the with feel talked utilized grow.And the acquisitions synergies to of Cayuga, that'll margins all we're XXX% very Truss. Coast will help the to utilization Leamington, that about London year. utilized.So, front.

end able definitely, facilities volume to across So, the of going more we're overhead the be to of allocate throughout those the year.

only utilization, And I vertically integrated not think here. we're

the any cans. -- can produce largest pre-roll flower, We the can type producer We're we So We producer market. know oil. we're grow probably the -- you we edible. can of today Canadian of largest can in

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Our line next Sandler. Lavery Michael the question Piper comes of from with

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get driving you there? think spending? it to those much Is more time. How there a all just for do So, growth really how what about does take quite And been some upside? going? distribution They've around

a to that's the I So to turn gave goes they're over What and what's to going declining, up, that's And second. it Ty Well, ultimately down important what opportunity. got us I'm go think yes, in right? here.

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Our Bill next ROTH the MKM of question from Kirk comes with line

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from line the comes CIBC. of question next John Zamparo with Our

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in We'll Tilray? investing That questions concludes Say analyst Technologies submitted Thank on reads, keep we the with questions. should our why The platform. stockholders question proceed you. now by retail

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where opportunities so in demand right there's continue consumer the many today move So areas to and we're will into.

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speaking within there's forward listening to us, Again, pull look today. again you call. Tilray plenty on So and much. everybody Thank the very for to to to to next want earnings thank of call, being I our levers at you

today's Thank you. concludes conference call. This

participation. at may this you your your for You time. Thank disconnect lines