Irwin Simon: Thank you very much everybody, and thank you for joining us today. I sit here and proud of where we are. We are a global company. We are a diversified company. And if you look at public companies out there today, there’s very few companies that emulate or resemble what we do in cannabis, alcohol, food and sell on a global basis. We’re dealing in categories today that are new to the marketplace in regards to cannabis. We’re dealing with categories today where there’s a lot of regulatory requirements. And that’s something that we do as a company to ensure when we produce cannabis, it goes through strict regulatory and quality control before we put any product out there. And that’s the same with every single product.
I come back and I remember joining Aphria when we were a $50 million business, today, on the run rate, to close to $1 billion. We had record net revenue of $194 million, and that is after excise tax comes off the top. We’re a number one in the Canadian market. Like I said before, a tough market with a lot of LPs, still an illicit market there and still a market that’s just five years old, where a lot more consumers are being educated and we’re trying to build brands out there and not being able to advertise. So with that, we’ve accomplished a lot and we got a lot more to do. In Europe, again, we’re the largest medical cannabis company in Europe with a 55% growth, which we see lots of opportunities in different countries. We see lots of change coming in Germany.
And with that spending a lot of time over there and having a grow facility in Portugal and Germany gives us a leg up in a very good way. And I think the important thing is, there’s a lot of sharing between the Canadian market medical business and the European market that we’re doing that ultimately like I said before, if the scheduling never happened, what we could bring to the U.S. I’m really excited about our bev alcohol business. Our beer business being the fifth largest cannabis business. I remember when we first bought SweetWater, we were selling about 2 million cases plus beer a year. Now, we’ll sell close to 12 million cases, have over 12 brands, six processing facilities, 12 brew houses, and brands that got tremendous opportunity. I see a big resurgence happening in the beer category in multiple ways.
And I think that’s something that we’re going to help evolve and change with innovation, with distribution, with new products, with education about beer. And as I’ve said and try to coin this, how do you make beer cool again and not from just a drinking standpoint. From a standpoint of people, I really have to say I’m very lucky to get to work with a great organization, over 2,300 people around the world. We onboarded, over the last two months, over 700 new people with the acquisition of ABI. And with that, that went seamless and I very much want to welcome them as part of the Tilray family. I was asked a question about our balance sheet. That’s something that Carl and I spend a lot of time on managing our balance sheet. Something that keeps me up at night is debt, so how do we deal with our debt, how do we generate cash?
And again, we’re five-year-old company that have done multiple acquisitions. We spent a lot of CapEx on growth CapEx. And how do we do that, and at the end of the day, manage our balance sheet? And last but not least, our shareholders. We’re here for our shareholders. We’re here to work for our shareholders. And we’re here to deliver upon our shareholders who invest money in us. So, we’ve got lots to look forward to. The back half is a big back half for us. There’s a lot of heavy lifting to do we know. But I’d tell you we have a good plan and a path to hopefully let us get there. So, thank you very much for listening to today’s call and look forward to speaking to you in the near future. Happy New Year and have a great day.
Operator: This concludes today’s conference. You may disconnect your lines at this time. Thank you for your participation.
