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 the middle of May, when we reviewed the Q1 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, US$12.5 million in August 2021 and US$25 million in September 2021. Due to the rapid growth in the cannabis industry, we raised the minimum again in May 2024. The senior list has a minimum of US$50 million (C$68.5 million), and the junior list now has a minimum of US$25 million (C$34.2 million).
A Note About Adjusted Operating Income
In May 2019, we added an additional metric, “Adjusted Operating Income” that 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 have moved from IFRS to U.S. GAAP accounting, which has reduced 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), 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 May 14th, 17 companies qualified for inclusion on the senior lists, including 13 filing in U.S. dollars and 4 in the Canadian currency, and the junior list had 12 companies. Now, 13 companies that file in U.S. dollars and 3 that file in Canadian dollars are qualifying for the senior lists, a total now of 16. The junior list includes 11 companies reporting in U.S. dollars and 2 in Canadian dollars. On a combined basis, the Public Cannabis Company Revenue & Income Tracker now includes 29 companies. One company, Canopy Growth (NASDAQ: CGC) (TSX: WEED) moved from the Canadian Senior list to the Junior list.
Included Companies That Reported Since Mid-May
There have been few reports since our last update. One Senior name in the U.S. has not yet reported its Q1.
Senior and Junior – American Dollar Reporting
No companies have reported yet, but a flood of updates begins this week.
Two large companies that are diversified beyond cannabis, Tilray Brands (NASDAQ: TLRY) (TSX: TLRY) and Scotts Miracle-Gro (NYSE: SMG), will report this week. In its Q4, TLRY is expected to have grown revenue by 1.5% to $233.3 million with adjusted EBITDA of $23.7 million, down 20%, according to Koyfin. SMG, which has operations that are mainly non-cannabis related, is expected to see overall Q3 revenue increase by 2.5% to $1.23 billion. Its adjusted EBITDA is projected to be $251.1 million, up 6%, while analysts have an EPS forecast of $2.55.
All of the 5 largest MSOs have scheduled calls ahead of their Q2 financial reports, and here is the current outlook:
- Curaleaf (OTC: CURLF) (TSX: CURA) – revenue is expected to decline 8% from a year earlier to $315 million with adjusted EBITDA of $66 million, down 9%
- Trulieve (OTC: TCNNF) (CSE: TRUL) – revenue is expected to decrease 2% from a year earlier to $296 million with adjusted EBITDA falling 4% to $103 million
- Green Thumb Industries (OTC: GTBIF) (CSE: GTII) – revenue is expected to increase less than 1% from a year earlier to $281 million with adjusted EBITDA dropping 12% to $83 million
- Verano Holdings (OTC: VRNOF) (NEO: VRNO) – revenue is expected to drop 5% to $211 million with adjusted EBITDA dropping 18% to $58 million
- Cresco Labs (OTC: CRLBF) (CSE: CL) – revenue is expected to fall 12% to $162 million with adjusted EBITDA declining 39% to $33 million
Senior and Junior – Canadian Dollar Reporting
Since the last update we provided, only High Tide (NASDAQ: HITI) (TSXV: HITI) has reported among the Canadian listed companies. Revenue fell sequentially, and operating profits were just under $1 million.
The other two Senior list members in Canada have scheduled their quarterly calls.
The Public Cannabis Company Revenue Tracker by New Cannabis Ventures is not a recommendation of any company and you should not use it as investment advice. A tilde next to a date means approximate date. All computations are derived from SEC or SEDAR filings. For any questions or licensing inquiries, please contact us.
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