Mrkew
2021-04-12
Huat ah
Why this cannabis giant is betting on Europe to build a war chest ahead of the U.S. legalization bonanza<blockquote>为什么这家大麻巨头押注欧洲在美国合法化热潮之前建立战争基金</blockquote>
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(DON MACKINNON/AGENCE FRANCE-PRESSE/GETTY IMAGES)</span></p><p><blockquote><p class=\"t-img-caption\"><span>Aphria总部位于安大略省利明顿。（唐·麦金农/法新社/盖蒂图片社）</span></p></blockquote></p><p> Cannabis deals in Europe will help pot giant Aphria build up a war chest ahead of an expected frenzy of mergers and acquisitions in the U.S., the company's chair and chief executive told MarketWatch ahead of the group's earnings on Monday.</p><p><blockquote>大麻巨头Aphria董事长兼首席执行官在周一公布财报前对MarketWatch表示，欧洲的大麻交易将帮助该公司在美国预期的并购狂潮之前积累资金。</blockquote></p><p> High-margin medical cannabis agreements in Europe represent critical waypoints on Aphria's (APHA.T) road to conquer the U.S., bolstering the company's balance sheet and putting it on firm footing with European regulators, said Irwin Simon.</p><p><blockquote>欧洲的高利润医用大麻协议是Aphria（APHA.T）征服美国的关键航路点，增强了该公司的资产负债表，并使其在欧洲监管机构中站稳了脚跟，欧文·西蒙说。</blockquote></p><p> As in the U.S., legal recreational cannabis remains on the horizon in Europe, where a combined population of more than 500 million in the U.K. and European Union makes it a lucrative proposition.</p><p><blockquote>与美国一样，合法的娱乐性大麻在欧洲仍处于发展之中，英国和欧盟的总人口超过5亿，这使其成为一项利润丰厚的提议。</blockquote></p><p> Aphria is set to complete its merger with Tilray <a href=\"https://laohu8.com/S/TLRY\">$(TLRY)$</a> this quarter, creating the world's largest cannabis company by revenue. The combined company will push into the U.K., Sweden, Poland, Luxembourg, and China, with deal discussions ongoing in India, Aphria said.</p><p><blockquote>Aphria即将完成与Tilray的合并<a href=\"https://laohu8.com/S/TLRY\">$(TLRY)$</a>本季度，按收入计算，创建了全球最大的大麻公司。Aphria表示，合并后的公司将进军英国、瑞典、波兰、卢森堡和中国，交易讨论正在印度进行。</blockquote></p><p> The expansion in Europe will come in a few weeks at the earliest, when Tilray will begin distributing in Luxembourg, with Aphria and Tilray businesses pushing into Poland by the third quarter of this year.</p><p><blockquote>欧洲的扩张最早将在几周内进行，届时Tilray将开始在卢森堡分销，Aphria和Tilray业务将在今年第三季度进军波兰。</blockquote></p><p> In China, the group will have a distribution agreement for wellness products with CBD -- a non-psychoactive chemical in cannabis that is used to treat pain and anxiety, among other conditions. A similar agreement is under development in India.</p><p><blockquote>在中国，该集团将与CBD签订健康产品分销协议。CBD是大麻中的一种非精神活性化学物质，用于治疗疼痛和焦虑等疾病。印度正在制定一项类似的协议。</blockquote></p><p> Aphria is a key player in global cannabis with a market capitalization of $5.1 billion. The group is favored among analysts for being the first Canadian cannabis company to report a net profit. In December, Aphria agreed to combine with smaller rival Tilray, which has a market cap of $3.5 billion, through a reverse takeover.</p><p><blockquote>Aphria是全球大麻领域的主要参与者，市值为51亿美元。该集团因成为第一家报告净利润的加拿大大麻公司而受到分析师的青睐。去年12月，Aphria同意通过反向收购的方式与市值35亿美元的规模较小的竞争对手Tilray合并。</blockquote></p><p> In return for sharing its comparatively strong balance sheet with Tilray, Aphria would inherit the company's presence across 10 European countries, including the U.K., Germany, France, Spain, and Portugal, where it has a cultivation facility. Added to Aphria's growing site in Germany and European drug distribution business, the combined group would be the most dominant cannabis player in the region.</p><p><blockquote>作为与Tilray分享其相对强劲的资产负债表的回报，Aphria将继承该公司在10个欧洲国家的业务，包括英国、德国、法国、西班牙和葡萄牙，并在这些国家设有种植设施。加上Aphria在德国不断增长的基地和欧洲药品分销业务，合并后的集团将成为该地区最具主导地位的大麻企业。</blockquote></p><p> Since recreational pot remains illegal across Europe and Asia, cannabis companies are able to sell their products in the regulated medical market at far higher prices than in legal recreational markets in the U.S. and Canada. This boosts margins while the nascent industry faces barriers to profits, including price pressure from competing companies and a well-entrenched black market.</p><p><blockquote>由于娱乐性大麻在欧洲和亚洲仍然是非法的，大麻公司能够在受监管的医疗市场上以远高于美国和加拿大合法娱乐市场的价格出售其产品。这提高了利润率，而这个新兴行业面临着利润障碍，包括来自竞争公司的价格压力和根深蒂固的黑市。</blockquote></p><p> Countries in Europe have legalized cannabis for medical purposes, and the drug is decriminalized for recreational use in countries including Italy, Austria, Portugal, and the Netherlands. Many, including Simon, see the legalization of recreational weed as a matter of course in much of the region.</p><p><blockquote>欧洲国家已经将医用大麻合法化，在意大利、奥地利、葡萄牙和荷兰等国家，娱乐用大麻合法化。包括西蒙在内的许多人认为娱乐性大麻合法化在该地区的大部分地区是理所当然的。</blockquote></p><p> \"In many ways, Europe is more progressive,\" Simon said. \"There's a lot of learning to take away from Europe that ultimately we bring to the U.S. once legalization happens here.\"</p><p><blockquote>“在许多方面，欧洲更加进步，”西蒙说。“一旦美国实现合法化，我们最终会从欧洲学到很多东西，这些东西就会带到美国。”</blockquote></p><p> But for now, the drug remains federally illegal in the U.S., though individual states, including most recently New York, have legalized it. Prohibition at the national level has largely kept institutional money out of the sector and is a roadblock for interstate business and pot trade crossing the U.S.-Canada border. It has also ratcheted up stock market volatility with a high percentage of shares held by retail investors.</p><p><blockquote>但目前，这种药物在美国联邦政府仍然是非法的，尽管包括最近的纽约在内的一些州已经将其合法化。国家层面的禁令在很大程度上阻止了机构资金进入该行业，也是跨州商业和跨越美加边境的大麻贸易的障碍。散户投资者持有的股票比例很高，这也加剧了股市波动。</blockquote></p><p> Optimism over federal legalization has increased with the Biden administration, but remains a hypothetical. National decriminalization would be crucial for a U.S. pot bonanza to begin in earnest, but analysts view the passage of the SAFE Banking Act by the Senate as a smaller steppingstone. The act would allow the cannabis industry to engage with U.S. financial services and insurance groups.</p><p><blockquote>拜登政府对联邦合法化的乐观情绪有所增加，但仍是一种假设。全国合法化对于美国大麻热潮的真正开始至关重要，但分析师认为参议院通过《安全银行法》只是一个较小的垫脚石。该法案将允许大麻行业与美国金融服务和保险集团合作。</blockquote></p><p> While some of Aphria's competitors have dipped their toes into M&A in the U.S. through takeovers that are conditional on changes to U.S. law , Simon wants to keep Aphria on the sidelines for now.</p><p><blockquote>虽然Aphria的一些竞争对手已经通过以美国法律修改为条件的收购涉足美国并购，但Simon希望暂时让Aphria保持观望。</blockquote></p><p> Kristoffer Inton, an analyst at Morningstar, told MarketWatch that U.S. assets with positive exposure to legalization are attractive to private equity, alcohol and tobacco, and Canadian cannabis groups alike. These assets are broadly expensive, Inton said, and groups like Aphria must be careful to not overpay in today's optimistic environment or the M&A frenzy expected to come with legalization. \"How are you going to translate optimism into actual exposure without overpaying for assets when everybody else wants in?\" Inton said.</p><p><blockquote>晨星公司分析师克里斯托弗·因顿(Kristoffer Inton)告诉MarketWatch，对合法化有积极敞口的美国资产对私募股权、酒精和烟草以及加拿大大麻集团都很有吸引力。Inton表示，这些资产普遍昂贵，像Aphria这样的集团必须小心，不要在当今乐观的环境或合法化预计将带来的并购狂潮中支付过高的价格。“当其他人都想投资时，你如何将乐观情绪转化为实际风险敞口，而又不为资产支付过高的费用？”英顿说。</blockquote></p><p></p><p> The most ambitious play Aphria made in the U.S. was its acquisition of craft brewer SweetWater last December, which gave the company a reliable extra sales channel from alcohol and exposure to cannabis-infused beverages. Consumable derivatives of the drug are widely viewed as the future of the industry, and Tilray has a partnership with beverage giant AB InBev (ABI.BT).</p><p><blockquote>Aphria在美国做出的最雄心勃勃的举动是去年12月收购了精酿啤酒商SweetWater，这为该公司提供了一个可靠的额外酒精销售渠道和大麻饮料。该药物的消费品衍生物被广泛视为该行业的未来，Tilray与饮料巨头百威英博(ABI.BT)建立了合作伙伴关系。</blockquote></p><p> Ultimately, analysts point to inflated valuations across the cannabis sector as rooted in the market pricing in some level of U.S. legalization. For all the talk of expansion into Europe, Simon recognizes that America is critical to the future of the stock.</p><p><blockquote>最终，分析师指出，整个大麻行业估值过高的根源在于美国某种程度合法化的市场定价。尽管人们都在谈论向欧洲扩张，但西蒙认识到美国对该股的未来至关重要。</blockquote></p><p> His game plan to pounce on the U.S. market largely rests on building upon successes in Canada and Europe. Simon's ambitions are to grow Aphria and Tilray's combined market share in Canada from around 20% to 30% while remaining cash flow positive. He also wants to remain the largest medical cannabis company in Europe, including through finding a strong strategic partner in the region, and leverage relationships with regulators to secure licenses in markets that legalize recreational pot.</p><p><blockquote>他进军美国市场的计划很大程度上取决于在加拿大和欧洲取得的成功。Simon的目标是将Aphria和Tilray在加拿大的市场份额从20%左右增加到30%，同时保持正现金流。他还希望继续成为欧洲最大的医用大麻公司，包括在该地区寻找强大的战略合作伙伴，并利用与监管机构的关系在休闲大麻合法化的市场获得许可证。</blockquote></p><p> If Simon is successful, the company will build up a healthy war chest for the coming battle in the U.S. The SweetWater business is a good start, Simon said, and Tilray's assets include hemp food producer Manitoba Harvest, which is active in the U.S. But it may not be enough, and Simon knows that it could be an expensive fight.</p><p><blockquote>如果西蒙成功，该公司将为即将到来的美国战斗建立健康的战争资金。西蒙表示，SweetWater业务是一个良好的开端，Tilray的资产包括活跃在美国的大麻食品生产商Manitoba Harvest。但这可能还不够，西蒙知道这可能是一场昂贵的战斗。</blockquote></p><p> \"I will look to acquire the right [multistate operator] once I know what the market will legalize or how the market will legalize in the U.S.,\" Irwin said. \"I'd rather have to pay a little more when I can get into a business where the facts are known.\"</p><p><blockquote>欧文说：“一旦我知道市场将使什么合法化或市场将如何在美国合法化，我将寻求收购合适的[多州运营商]。”“当我能够进入一个事实已知的行业时，我宁愿多付一点钱。”</blockquote></p><p> Aphria shareholders will receive 0.8381 Tilray shares for each Aphria share they own when the companies merge, pending shareholder approval in the coming days. The group would operate under Tilray's name with the shares trading via Tilray's listing on the Nasdaq. Simon is to be chair and chief executive of the combined company, of which Aphria shareholders would own 62%.</p><p><blockquote>两家公司合并后，Aphria股东持有的每股Aphria股票将获得0.8381股Tilray股票，等待未来几天的股东批准。该集团将以Tilray的名义运营，股票通过Tilray在纳斯达克上市进行交易。西蒙将担任合并后公司的董事长兼首席执行官，Aphria股东将拥有该公司62%的股份。</blockquote></p><p> Aphria stock is up more than 130% to date, while shares in Tilray have jumped more than 140% since the beginning of the year.</p><p><blockquote>迄今为止，Aphria股价已上涨超过130%，而Tilray股价自年初以来已上涨超过140%。</blockquote></p><p></p>","source":"lsy1603348471595","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Why this cannabis giant is betting on Europe to build a war chest ahead of the U.S. legalization bonanza<blockquote>为什么这家大麻巨头押注欧洲在美国合法化热潮之前建立战争基金</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhy this cannabis giant is betting on Europe to build a war chest ahead of the U.S. legalization bonanza<blockquote>为什么这家大麻巨头押注欧洲在美国合法化热潮之前建立战争基金</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-04-12 13:33</span>\n</p>\n</h4>\n</header>\n<article>\n<p>High-margin medical pot businesses in Europe are a boost in an industry struggling with profitability</p><p><blockquote>欧洲的高利润医用大麻业务为盈利困难的行业带来了提振</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/cc4364e8069f909311dde15cf0e6d052\" tg-width=\"620\" tg-height=\"414\"><span>Aphria is based in Leamington, Ontario. (DON MACKINNON/AGENCE FRANCE-PRESSE/GETTY IMAGES)</span></p><p><blockquote><p class=\"t-img-caption\"><span>Aphria总部位于安大略省利明顿。（唐·麦金农/法新社/盖蒂图片社）</span></p></blockquote></p><p> Cannabis deals in Europe will help pot giant Aphria build up a war chest ahead of an expected frenzy of mergers and acquisitions in the U.S., the company's chair and chief executive told MarketWatch ahead of the group's earnings on Monday.</p><p><blockquote>大麻巨头Aphria董事长兼首席执行官在周一公布财报前对MarketWatch表示，欧洲的大麻交易将帮助该公司在美国预期的并购狂潮之前积累资金。</blockquote></p><p> High-margin medical cannabis agreements in Europe represent critical waypoints on Aphria's (APHA.T) road to conquer the U.S., bolstering the company's balance sheet and putting it on firm footing with European regulators, said Irwin Simon.</p><p><blockquote>欧洲的高利润医用大麻协议是Aphria（APHA.T）征服美国的关键航路点，增强了该公司的资产负债表，并使其在欧洲监管机构中站稳了脚跟，欧文·西蒙说。</blockquote></p><p> As in the U.S., legal recreational cannabis remains on the horizon in Europe, where a combined population of more than 500 million in the U.K. and European Union makes it a lucrative proposition.</p><p><blockquote>与美国一样，合法的娱乐性大麻在欧洲仍处于发展之中，英国和欧盟的总人口超过5亿，这使其成为一项利润丰厚的提议。</blockquote></p><p> Aphria is set to complete its merger with Tilray <a href=\"https://laohu8.com/S/TLRY\">$(TLRY)$</a> this quarter, creating the world's largest cannabis company by revenue. The combined company will push into the U.K., Sweden, Poland, Luxembourg, and China, with deal discussions ongoing in India, Aphria said.</p><p><blockquote>Aphria即将完成与Tilray的合并<a href=\"https://laohu8.com/S/TLRY\">$(TLRY)$</a>本季度，按收入计算，创建了全球最大的大麻公司。Aphria表示，合并后的公司将进军英国、瑞典、波兰、卢森堡和中国，交易讨论正在印度进行。</blockquote></p><p> The expansion in Europe will come in a few weeks at the earliest, when Tilray will begin distributing in Luxembourg, with Aphria and Tilray businesses pushing into Poland by the third quarter of this year.</p><p><blockquote>欧洲的扩张最早将在几周内进行，届时Tilray将开始在卢森堡分销，Aphria和Tilray业务将在今年第三季度进军波兰。</blockquote></p><p> In China, the group will have a distribution agreement for wellness products with CBD -- a non-psychoactive chemical in cannabis that is used to treat pain and anxiety, among other conditions. A similar agreement is under development in India.</p><p><blockquote>在中国，该集团将与CBD签订健康产品分销协议。CBD是大麻中的一种非精神活性化学物质，用于治疗疼痛和焦虑等疾病。印度正在制定一项类似的协议。</blockquote></p><p> Aphria is a key player in global cannabis with a market capitalization of $5.1 billion. The group is favored among analysts for being the first Canadian cannabis company to report a net profit. In December, Aphria agreed to combine with smaller rival Tilray, which has a market cap of $3.5 billion, through a reverse takeover.</p><p><blockquote>Aphria是全球大麻领域的主要参与者，市值为51亿美元。该集团因成为第一家报告净利润的加拿大大麻公司而受到分析师的青睐。去年12月，Aphria同意通过反向收购的方式与市值35亿美元的规模较小的竞争对手Tilray合并。</blockquote></p><p> In return for sharing its comparatively strong balance sheet with Tilray, Aphria would inherit the company's presence across 10 European countries, including the U.K., Germany, France, Spain, and Portugal, where it has a cultivation facility. Added to Aphria's growing site in Germany and European drug distribution business, the combined group would be the most dominant cannabis player in the region.</p><p><blockquote>作为与Tilray分享其相对强劲的资产负债表的回报，Aphria将继承该公司在10个欧洲国家的业务，包括英国、德国、法国、西班牙和葡萄牙，并在这些国家设有种植设施。加上Aphria在德国不断增长的基地和欧洲药品分销业务，合并后的集团将成为该地区最具主导地位的大麻企业。</blockquote></p><p> Since recreational pot remains illegal across Europe and Asia, cannabis companies are able to sell their products in the regulated medical market at far higher prices than in legal recreational markets in the U.S. and Canada. This boosts margins while the nascent industry faces barriers to profits, including price pressure from competing companies and a well-entrenched black market.</p><p><blockquote>由于娱乐性大麻在欧洲和亚洲仍然是非法的，大麻公司能够在受监管的医疗市场上以远高于美国和加拿大合法娱乐市场的价格出售其产品。这提高了利润率，而这个新兴行业面临着利润障碍，包括来自竞争公司的价格压力和根深蒂固的黑市。</blockquote></p><p> Countries in Europe have legalized cannabis for medical purposes, and the drug is decriminalized for recreational use in countries including Italy, Austria, Portugal, and the Netherlands. Many, including Simon, see the legalization of recreational weed as a matter of course in much of the region.</p><p><blockquote>欧洲国家已经将医用大麻合法化，在意大利、奥地利、葡萄牙和荷兰等国家，娱乐用大麻合法化。包括西蒙在内的许多人认为娱乐性大麻合法化在该地区的大部分地区是理所当然的。</blockquote></p><p> \"In many ways, Europe is more progressive,\" Simon said. \"There's a lot of learning to take away from Europe that ultimately we bring to the U.S. once legalization happens here.\"</p><p><blockquote>“在许多方面，欧洲更加进步，”西蒙说。“一旦美国实现合法化，我们最终会从欧洲学到很多东西，这些东西就会带到美国。”</blockquote></p><p> But for now, the drug remains federally illegal in the U.S., though individual states, including most recently New York, have legalized it. Prohibition at the national level has largely kept institutional money out of the sector and is a roadblock for interstate business and pot trade crossing the U.S.-Canada border. It has also ratcheted up stock market volatility with a high percentage of shares held by retail investors.</p><p><blockquote>但目前，这种药物在美国联邦政府仍然是非法的，尽管包括最近的纽约在内的一些州已经将其合法化。国家层面的禁令在很大程度上阻止了机构资金进入该行业，也是跨州商业和跨越美加边境的大麻贸易的障碍。散户投资者持有的股票比例很高，这也加剧了股市波动。</blockquote></p><p> Optimism over federal legalization has increased with the Biden administration, but remains a hypothetical. National decriminalization would be crucial for a U.S. pot bonanza to begin in earnest, but analysts view the passage of the SAFE Banking Act by the Senate as a smaller steppingstone. The act would allow the cannabis industry to engage with U.S. financial services and insurance groups.</p><p><blockquote>拜登政府对联邦合法化的乐观情绪有所增加，但仍是一种假设。全国合法化对于美国大麻热潮的真正开始至关重要，但分析师认为参议院通过《安全银行法》只是一个较小的垫脚石。该法案将允许大麻行业与美国金融服务和保险集团合作。</blockquote></p><p> While some of Aphria's competitors have dipped their toes into M&A in the U.S. through takeovers that are conditional on changes to U.S. law , Simon wants to keep Aphria on the sidelines for now.</p><p><blockquote>虽然Aphria的一些竞争对手已经通过以美国法律修改为条件的收购涉足美国并购，但Simon希望暂时让Aphria保持观望。</blockquote></p><p> Kristoffer Inton, an analyst at Morningstar, told MarketWatch that U.S. assets with positive exposure to legalization are attractive to private equity, alcohol and tobacco, and Canadian cannabis groups alike. These assets are broadly expensive, Inton said, and groups like Aphria must be careful to not overpay in today's optimistic environment or the M&A frenzy expected to come with legalization. \"How are you going to translate optimism into actual exposure without overpaying for assets when everybody else wants in?\" Inton said.</p><p><blockquote>晨星公司分析师克里斯托弗·因顿(Kristoffer Inton)告诉MarketWatch，对合法化有积极敞口的美国资产对私募股权、酒精和烟草以及加拿大大麻集团都很有吸引力。Inton表示，这些资产普遍昂贵，像Aphria这样的集团必须小心，不要在当今乐观的环境或合法化预计将带来的并购狂潮中支付过高的价格。“当其他人都想投资时，你如何将乐观情绪转化为实际风险敞口，而又不为资产支付过高的费用？”英顿说。</blockquote></p><p></p><p> The most ambitious play Aphria made in the U.S. was its acquisition of craft brewer SweetWater last December, which gave the company a reliable extra sales channel from alcohol and exposure to cannabis-infused beverages. Consumable derivatives of the drug are widely viewed as the future of the industry, and Tilray has a partnership with beverage giant AB InBev (ABI.BT).</p><p><blockquote>Aphria在美国做出的最雄心勃勃的举动是去年12月收购了精酿啤酒商SweetWater，这为该公司提供了一个可靠的额外酒精销售渠道和大麻饮料。该药物的消费品衍生物被广泛视为该行业的未来，Tilray与饮料巨头百威英博(ABI.BT)建立了合作伙伴关系。</blockquote></p><p> Ultimately, analysts point to inflated valuations across the cannabis sector as rooted in the market pricing in some level of U.S. legalization. For all the talk of expansion into Europe, Simon recognizes that America is critical to the future of the stock.</p><p><blockquote>最终，分析师指出，整个大麻行业估值过高的根源在于美国某种程度合法化的市场定价。尽管人们都在谈论向欧洲扩张，但西蒙认识到美国对该股的未来至关重要。</blockquote></p><p> His game plan to pounce on the U.S. market largely rests on building upon successes in Canada and Europe. Simon's ambitions are to grow Aphria and Tilray's combined market share in Canada from around 20% to 30% while remaining cash flow positive. He also wants to remain the largest medical cannabis company in Europe, including through finding a strong strategic partner in the region, and leverage relationships with regulators to secure licenses in markets that legalize recreational pot.</p><p><blockquote>他进军美国市场的计划很大程度上取决于在加拿大和欧洲取得的成功。Simon的目标是将Aphria和Tilray在加拿大的市场份额从20%左右增加到30%，同时保持正现金流。他还希望继续成为欧洲最大的医用大麻公司，包括在该地区寻找强大的战略合作伙伴，并利用与监管机构的关系在休闲大麻合法化的市场获得许可证。</blockquote></p><p> If Simon is successful, the company will build up a healthy war chest for the coming battle in the U.S. The SweetWater business is a good start, Simon said, and Tilray's assets include hemp food producer Manitoba Harvest, which is active in the U.S. But it may not be enough, and Simon knows that it could be an expensive fight.</p><p><blockquote>如果西蒙成功，该公司将为即将到来的美国战斗建立健康的战争资金。西蒙表示，SweetWater业务是一个良好的开端，Tilray的资产包括活跃在美国的大麻食品生产商Manitoba Harvest。但这可能还不够，西蒙知道这可能是一场昂贵的战斗。</blockquote></p><p> \"I will look to acquire the right [multistate operator] once I know what the market will legalize or how the market will legalize in the U.S.,\" Irwin said. \"I'd rather have to pay a little more when I can get into a business where the facts are known.\"</p><p><blockquote>欧文说：“一旦我知道市场将使什么合法化或市场将如何在美国合法化，我将寻求收购合适的[多州运营商]。”“当我能够进入一个事实已知的行业时，我宁愿多付一点钱。”</blockquote></p><p> Aphria shareholders will receive 0.8381 Tilray shares for each Aphria share they own when the companies merge, pending shareholder approval in the coming days. The group would operate under Tilray's name with the shares trading via Tilray's listing on the Nasdaq. Simon is to be chair and chief executive of the combined company, of which Aphria shareholders would own 62%.</p><p><blockquote>两家公司合并后，Aphria股东持有的每股Aphria股票将获得0.8381股Tilray股票，等待未来几天的股东批准。该集团将以Tilray的名义运营，股票通过Tilray在纳斯达克上市进行交易。西蒙将担任合并后公司的董事长兼首席执行官，Aphria股东将拥有该公司62%的股份。</blockquote></p><p> Aphria stock is up more than 130% to date, while shares in Tilray have jumped more than 140% since the beginning of the year.</p><p><blockquote>迄今为止，Aphria股价已上涨超过130%，而Tilray股价自年初以来已上涨超过140%。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/why-this-cannabis-giant-is-betting-on-europe-to-build-a-war-chest-ahead-of-the-u-s-legalization-bonanza-11617990136?cx_testId=22&cx_testVariant=cx_1&cx_artPos=0&mod=home-page-cx#cxrecs_s\">MarketWatch</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TLRY":"Tilray Inc.","APHA":"Aphria Inc."},"source_url":"https://www.marketwatch.com/story/why-this-cannabis-giant-is-betting-on-europe-to-build-a-war-chest-ahead-of-the-u-s-legalization-bonanza-11617990136?cx_testId=22&cx_testVariant=cx_1&cx_artPos=0&mod=home-page-cx#cxrecs_s","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2126510890","content_text":"High-margin medical pot businesses in Europe are a boost in an industry struggling with profitability\nAphria is based in Leamington, Ontario. (DON MACKINNON/AGENCE FRANCE-PRESSE/GETTY IMAGES)\nCannabis deals in Europe will help pot giant Aphria build up a war chest ahead of an expected frenzy of mergers and acquisitions in the U.S., the company's chair and chief executive told MarketWatch ahead of the group's earnings on Monday.\nHigh-margin medical cannabis agreements in Europe represent critical waypoints on Aphria's (APHA.T) road to conquer the U.S., bolstering the company's balance sheet and putting it on firm footing with European regulators, said Irwin Simon.\nAs in the U.S., legal recreational cannabis remains on the horizon in Europe, where a combined population of more than 500 million in the U.K. and European Union makes it a lucrative proposition.\nAphria is set to complete its merger with Tilray $(TLRY)$ this quarter, creating the world's largest cannabis company by revenue. The combined company will push into the U.K., Sweden, Poland, Luxembourg, and China, with deal discussions ongoing in India, Aphria said.\nThe expansion in Europe will come in a few weeks at the earliest, when Tilray will begin distributing in Luxembourg, with Aphria and Tilray businesses pushing into Poland by the third quarter of this year.\nIn China, the group will have a distribution agreement for wellness products with CBD -- a non-psychoactive chemical in cannabis that is used to treat pain and anxiety, among other conditions. A similar agreement is under development in India.\nAphria is a key player in global cannabis with a market capitalization of $5.1 billion. The group is favored among analysts for being the first Canadian cannabis company to report a net profit. In December, Aphria agreed to combine with smaller rival Tilray, which has a market cap of $3.5 billion, through a reverse takeover.\nIn return for sharing its comparatively strong balance sheet with Tilray, Aphria would inherit the company's presence across 10 European countries, including the U.K., Germany, France, Spain, and Portugal, where it has a cultivation facility. Added to Aphria's growing site in Germany and European drug distribution business, the combined group would be the most dominant cannabis player in the region.\nSince recreational pot remains illegal across Europe and Asia, cannabis companies are able to sell their products in the regulated medical market at far higher prices than in legal recreational markets in the U.S. and Canada. This boosts margins while the nascent industry faces barriers to profits, including price pressure from competing companies and a well-entrenched black market.\nCountries in Europe have legalized cannabis for medical purposes, and the drug is decriminalized for recreational use in countries including Italy, Austria, Portugal, and the Netherlands. Many, including Simon, see the legalization of recreational weed as a matter of course in much of the region.\n\"In many ways, Europe is more progressive,\" Simon said. \"There's a lot of learning to take away from Europe that ultimately we bring to the U.S. once legalization happens here.\"\nBut for now, the drug remains federally illegal in the U.S., though individual states, including most recently New York, have legalized it. Prohibition at the national level has largely kept institutional money out of the sector and is a roadblock for interstate business and pot trade crossing the U.S.-Canada border. It has also ratcheted up stock market volatility with a high percentage of shares held by retail investors.\nOptimism over federal legalization has increased with the Biden administration, but remains a hypothetical. National decriminalization would be crucial for a U.S. pot bonanza to begin in earnest, but analysts view the passage of the SAFE Banking Act by the Senate as a smaller steppingstone. The act would allow the cannabis industry to engage with U.S. financial services and insurance groups.\nWhile some of Aphria's competitors have dipped their toes into M&A in the U.S. through takeovers that are conditional on changes to U.S. law , Simon wants to keep Aphria on the sidelines for now.\nKristoffer Inton, an analyst at Morningstar, told MarketWatch that U.S. assets with positive exposure to legalization are attractive to private equity, alcohol and tobacco, and Canadian cannabis groups alike. These assets are broadly expensive, Inton said, and groups like Aphria must be careful to not overpay in today's optimistic environment or the M&A frenzy expected to come with legalization. \"How are you going to translate optimism into actual exposure without overpaying for assets when everybody else wants in?\" Inton said.\nThe most ambitious play Aphria made in the U.S. was its acquisition of craft brewer SweetWater last December, which gave the company a reliable extra sales channel from alcohol and exposure to cannabis-infused beverages. Consumable derivatives of the drug are widely viewed as the future of the industry, and Tilray has a partnership with beverage giant AB InBev (ABI.BT).\nUltimately, analysts point to inflated valuations across the cannabis sector as rooted in the market pricing in some level of U.S. legalization. For all the talk of expansion into Europe, Simon recognizes that America is critical to the future of the stock.\nHis game plan to pounce on the U.S. market largely rests on building upon successes in Canada and Europe. Simon's ambitions are to grow Aphria and Tilray's combined market share in Canada from around 20% to 30% while remaining cash flow positive. He also wants to remain the largest medical cannabis company in Europe, including through finding a strong strategic partner in the region, and leverage relationships with regulators to secure licenses in markets that legalize recreational pot.\nIf Simon is successful, the company will build up a healthy war chest for the coming battle in the U.S. The SweetWater business is a good start, Simon said, and Tilray's assets include hemp food producer Manitoba Harvest, which is active in the U.S. But it may not be enough, and Simon knows that it could be an expensive fight.\n\"I will look to acquire the right [multistate operator] once I know what the market will legalize or how the market will legalize in the U.S.,\" Irwin said. \"I'd rather have to pay a little more when I can get into a business where the facts are known.\"\nAphria shareholders will receive 0.8381 Tilray shares for each Aphria share they own when the companies merge, pending shareholder approval in the coming days. The group would operate under Tilray's name with the shares trading via Tilray's listing on the Nasdaq. Simon is to be chair and chief executive of the combined company, of which Aphria shareholders would own 62%.\nAphria stock is up more than 130% to date, while shares in Tilray have jumped more than 140% since the beginning of the year.","news_type":1,"symbols_score_info":{"TLRY":0.9,"APHA":0.9}},"isVote":1,"tweetType":1,"viewCount":433,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":6,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/342607297"}
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