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 August, when we reviewed the Q2 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$70.2 million), and the junior list now has a minimum of US$25 million (C$35.1 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 August 13th, 16 companies qualified for inclusion on the senior lists, including 13 filing in U.S. dollars and 3 in the Canadian currency, and the junior list had 11 companies. Now, 14 companies that file in U.S. dollars and 5 that file in Canadian dollars are qualifying for the senior lists, a total now of 19. The junior list includes 11 companies reporting in U.S. dollars and 1 in Canadian dollars. On a combined basis, the Public Cannabis Company Revenue & Income Tracker now includes 31 companies. One company, Glass House Brands (OTC: GLASF) (NEO: GLAS.A.U) moved from the American Junior list to the Senior list. The American Junior list added Fluent (OTC: CNTMF) (CSE: FNT.U). In Canada, Auxly Cannabis (OTC: CWBTF) (TSX: XLY) joined the Junior list.
Included Companies That Reported Since Mid-August
There have been few reports since our last update, as most of these companies are on December year-ends and meet earlier deadlines than mid-month.
Senior and Junior – American Dollar Reporting
No companies have reported yet Q3, but a flood of updates begins next week. Tilray Brands (NASDAQ: TLRY) (TSX: TLRY) reported its fiscal Q1 earlier this month. The diversified company grew its cannabis business by 5% from a year earlier as it fell 5% sequentially. Overall rose for the company from a year ago, but adjusted EBITDA was below what had been expected due to lower gross margins.
One large company that is diversified beyond cannabis, and Scotts Miracle-Gro (NYSE: SMG), will report its fiscal Q4 before the end of the year. It still has not scheduled the next conference call, though its website suggests that 11/5 could be the date tentatively.
Some of the 5 largest MSOs have scheduled calls for their Q3 financial reports, though GTI has changed its policies for now and will not host one. Here is the current outlook for all of them:
- Curaleaf (OTC: CURLF) (TSX: CURA) – revenue is expected to decline 4% from a year earlier to $317.1 million with adjusted EBITDA of $66.4 million, down 12%
- Trulieve (OTC: TCNNF) (CSE: TRUL) – revenue is expected to increase 1% from a year earlier to $296 million with adjusted EBITDA falling less than 1% to $95.9 million, down 13% sequentially
- Green Thumb Industries (OTC: GTBIF) (CSE: GTII) – revenue is expected to increase 1% from a year earlier to $290.9 million with adjusted EBITDA dropping 9% to $81.9 million
- Verano Holdings (OTC: VRNOF) (NEO: VRNO) – revenue is expected to drop 6% to $208 million with adjusted EBITDA dropping 6% to $60.7 million
- Cresco Labs (OTC: CRLBF) (CSE: CL) – revenue is expected to fall 9% to $163.7 million with adjusted EBITDA declining 29% to $36.5 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 rose sequentially in its fiscal Q3, and operating profits were just under $4 million.
One of the Senior list members in Canada, SNDL, has scheduled its quarterly call.
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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