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President and CEO Paul Smithers explained that the company utilizes a Management Service Agreement (MSA), engaging a third party to manage the property and facilitate the license transfer to a new tenant. This process ensures a smooth transition and maintains their non-plant-touching status in compliance with NYSE regulations.

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Executive Chairman Alan Gold reiterated that the company remains highly focused on cultivation assets, which constitute the primary share of their portfolio and opportunities. He also stated that while their underwriting criteria focuses on the best operators regardless of size, they continue to have a strong focus on multi-state operators.

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CFO Curtis Valentine and CEO Jack Sinclair responded that while they aspire to continuous improvement and don't expect to go backwards from new high watermarks, the focus is on reinvesting profits into long-term growth initiatives like IT, supply chain, and team members. On inventory, Curtis Valentine stated they are getting the product needed to drive sales but acknowledged they want to improve in-stocks to better serve customers, which could mean they are leaving some sales 'on the table'.

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CEO William Newlands emphasized Constellation's 80-year history as an American company, highlighting its billion-dollar annual investment in the US market, use of US-grown agricultural inputs, and significant job creation through its distributor network. He expressed confidence that the company's positive impact on US jobs is clear upon closer examination.

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CFO Garth Hankinson explained that the impairment amount is a noncash charge and is formulaic, based on assumptions about the future of the business. He advised not to read too much into the specific number, stating it was an accounting requirement that does not change the strategic outlook for the business or create new flexibility.

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President & CFO Giorgio Tarditi confirmed that while some duplicate costs were incurred in Q2, the full financial benefits are expected going forward, contributing to the raised H2 EBITDA margin outlook. He noted there will be a depreciation step-down and emphasized that the primary learning was the critical importance of ensuring a smooth customer experience throughout the transition process.

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Chairman and CEO Boris Jordan described the Florida market as stable, with low single-digit growth driven by seasonality and less aggressive price competition than anticipated. Regarding future steps, he noted it is too early to tell but confirmed that the industry is actively working on an initiative to get adult-use on the ballot in 2026.

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CEO Michael Spillane and Founder and Chairman C. Koch declined to speak for the industry but affirmed Boston Beer's strategy to over-invest in its brands for growth. For Samuel Adams, they highlighted a key priority is the national launch of Samuel Adams American Light, which they believe fills an unmet need for a premium, trade-up option in the light beer category, supported by its award-winning status and quality American ingredients.

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Founder and Chairman C. Koch explained the implied Q4 loss is due to several factors: the quarter's small size makes it sensitive to volume and timing shifts, and it is when the company typically incurs contractual shortfall fees, which negatively impact margins. Regarding production, he stated the in-house percentage can fluctuate based on regional sales mix and is not necessarily a negative indicator if the target is missed.

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CEO Gavin Hattersley chose not to comment directly on the competitor's strategy, instead emphasizing that Molson Coors is proud of its brands' deep heritage in the U.S. and Canada. He reiterated that the company's focus remains on executing its own acceleration plan and managing its portfolio, which has successfully gained and retained significant market share.

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Executive Harkirat Grover responded that the German medical market is growing so rapidly that the strategy is to build the largest and most comprehensive cannabis menu, including top Canadian brands, white-label products, and various price points. He confirmed a strong appetite for further international growth, identifying Germany as a gateway to other European markets like the U.K. and Poland, as well as Australia, but emphasized a 'walk before we run' approach.

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Interim President and CEO Eric Lindberg responded that there has not been significant new competition from e-commerce at the value end of the market, as delivery options inherently add cost. He emphasized that the in-store 'treasure hunt' experience remains a powerful draw for customers seeking value and is a key differentiator that is difficult to replicate online. E-commerce remains a minor part of their strategy.

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CFO Carl Merton cited seasonality and the inclusion of new craft beer brands in the spring retail reset as key drivers for H2 revenue. CEO Irwin Simon added that over 100 new product launches and resolved European supply issues would also contribute. Regarding the U.S., Simon described the $250M figure as a "crystal ball" estimate based on capturing a small share of a potential $8-10B market, believing a business-focused administration would favor legalization for its tax revenue potential.

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