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Earnings Season Set to Begin – New Cannabis Ventures


The Public Cannabis Company Revenue & Income Tracker, managed by New Cannabis Ventures, ranks the top revenue producing cannabis companies. This update is our first since  mid-March, when we reviewed the unexciting Q4 reports.

Tracker Rules

This data-driven, fact-based tracker will continually update based on new financial filings so that readers can stay up to date. Companies must file with the SEC or SEDAR and be current to be considered for inclusion. When we launched this resource in May 2019, companies with quarterly revenue in excess of US$2.5 million qualified. As the industry has scaled and as more companies have gone public, we have raised the minimum several times subsequently, including a move to US$5 million in October 2019, to US$7.5 million in June 2020, to US$10 million in November 2020 and US$12.5 million in August 2021. Due to the rapid growth in the cannabis industry, we raised the minimum to US$25 million (C$33.8million) to qualify for what we now call the senior list and introduced a junior list with a minimum of US$12.5 million (C$16.9 million) in September 2021.

A Note About Adjusted Operating Income

In May 2019, we added an additional metric, “Adjusted Operating Income”, as we detailed in our newsletter. The calculation takes the reported operating income and adjusts it for any changes in the fair value of biological assets required under IFRS accounting. We believe that this adjustment improves comparability for the companies across IFRS and GAAP accounting. We note that often operating income can include one-time items like stock compensation, inventory write-downs or public listing expenses, and we recommend that readers understand how these non-cash items can impact quarterly financials. Many companies are moving from IFRS to U.S. GAAP accounting, which will reduce our need to make adjustments. Please note that our rankings include only actual reported revenue and not pro forma revenue. We also note that companies with non-cannabis operations must provide segment-level financial reports that detail not only revenue but also operating profit to be have their operating profit included in the tracker. Currently, Aurora Cannabis (NASDAQ: ACB) (TSX: ACB), Ispire (NASDAQ: ISPR), Jazz Pharma (NASDAQ: JAZZ) and Tilray (TSX: TLRY) (NASDAQ: TLRY) aren’t providing this information.

Tracker Inclusion Updates

At the time of our last update on March 16th, 34 companies qualified for inclusion on the senior list, including 28 filing in U.S. dollars and 6 in the Canadian currency. Currently, 28 companies that file in U.S. dollars qualify and 6 that file in Canadian dollars are qualifying for the senior lists, a total of still 34. The junior list now includes 12 companies reporting in U.S. dollars and 5 in Canadian dollars. On a combined basis, the Public Cannabis Company Revenue & Income Tracker now includes 51 companies. Since mid-March, we have removed both BZAM and Red White & Bloom from the junior list in Canada, as neither company has provided filings for Q3.

Included Companies That Reported in  Late March or April

Since our last update, few large companies that generate substantial revenue have reported. There are still a few senior American companies that have not filed 10-Ks.

Senior and Junior – American Dollar Reporting

Tilray Brands (NASDAQ: TLRY) (TSX: TLRY) recently reported its fiscal Q3, and the stock collapsed after its cannabis revenue fell 5% sequentially.

Scotts Miracle-Gro (NYSE: SMG) kicks things off on Wednesday. Analysts expect the company to report overall revenue in its fiscal Q2 to decline 3% to $1.49 billion. Four of the top 5 MSOs have scheduled calls for the following week. Cresco Labs (OTC: CRLBF) CSE: CL) has not yet shared a time for its call (due by mid-May), but the company is expected to have experienced a 6% decline in revenue during Q1 to $183 million. Curaleaf (OTC: CURLF) (TSX: CURA) is projected by the analysts to have seen Q1 revenue grow 1% to $339 million. Green Thumb Industries (OTC: GTBIF) (CSE: GTII) Q1 revenue expanded by 8% according to the analysts who estimate $268 million. Trulieve (OTC: TCNNF) (CSE: TRUL), which has more than doubled so far in 2024, is projected by the analysts to have generated Q1 revenue of $286 million, up less than 1% from a year earlier. Verano Holdings (OTC: VRNOF) (NEO: VRNO) is expected to have seen revenue decline 5% to $215 million.

Senior and Junior – Canadian Dollar Reporting

SNDL (NASDAQ: SNDL) is scheduled to report its Q4 in the next few days. The analysts had predicted revenue of C$248 million, up 3% from a year ago, and this is what the company reported. Its cannabis operations generated C$101.2 million of revenue, up 5% sequentially and 26% from a year earlier.


Stay up to date

Visit the Public Cannabis Company Revenue Tracker to track and explore the complete list of qualifying companies. Readers can access our library of Revenue Tracker articles. For our readers who are interested in staying on top of scheduled earnings calls in the sector, we have created and continually update the Cannabis Investor Earnings Conference Call Calendar.

Alan Brochstein, CFA
Based in Houston, Alan leverages his experience as founder of online community 420 Investor, the first and still largest due diligence platform focused on the publicly-traded stocks in the cannabis industry. With his extensive network in the cannabis community, Alan continues to find new ways to connect the industry and facilitate its sustainable growth. At New Cannabis Ventures, he is responsible for content development and strategic alliances. Before shifting his focus to the cannabis industry in early 2013, Alan, who began his career on Wall Street in 1986, worked as an independent research analyst following over two decades in research and portfolio management. A prolific writer, with over 650 articles published since 2007 at Seeking Alpha, where he has 70,000 followers, Alan is a frequent speaker at industry conferences and a frequent source to the media, including the NY Times, the Wall Street Journal, Fox Business, and Bloomberg TV. Contact Alan: Twitter | Facebook | LinkedIn | Email

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