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 February, when we previewed the 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, 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$68.4 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, 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 February 17th, 19 companies qualified for inclusion on the senior lists, including 15 filing in U.S. dollars and 4 in the Canadian currency, and the junior lists had 11 companies. Now, 14 companies that file in U.S. dollars and 4 that file in Canadian dollars are qualifying for the senior lists, a total now of 18. The junior list includes 10 companies reporting in U.S. dollars and 2 in Canadian dollars. On a combined basis, the Public Cannabis Company Revenue & Income Tracker now includes 30 companies. The American Senior list may lose Cannabist (OTC: CBSTF) if it does not report its Q4 financials.
Included Companies That Reported Since Mid-February
Most of these companies are on December year-ends, and year-end reporting is almost completely finished. This piece captures the important changes. The next big reporting season is in mid-May, though a few companies will be reporting before then.
Senior and Junior – American Dollar Reporting
Q4 reports began in late February and are still going on, with Glass House (OTC: GLASF) reporting on Tuesday afternoon. 7 MSOs reported Q4 revenue above $100 million, with minimal operating income or losses. Growth was very slow for the top 5, with annual growth ranging from -8% to 6%.
None of the 5 largest MSOs have scheduled calls for their Q1 financial reports in May yet, though GTI has changed its policies for now and will not host one. Here is the current 2026 outlook for all of them according to Koyfin:
- Curaleaf (OTC: CURLF) (TSX: CURA) – revenue is expected to increase 5% to $1.33 billion with adjusted EBITDA of $262.6 million, up 3%
- Green Thumb Industries (OTC: GTBIF) (CSE: GTII) – revenue is expected to increase 3% to $1.21 billion with adjusted EBITDA dropping 3% to $332.5 million
- Trulieve (OTC: TCNNF) (CSE: TRUL) – revenue is expected to decrease 1% to $1.17 billion with adjusted EBITDA falling 6% to $400.4 million
- Verano Holdings (OTC: VRNO) (NEO: VRNO) – revenue is expected to grow 1% to $829.3 million with adjusted EBITDA dropping 1% to $225.9 million
- Cresco Labs (OTC: CRLBF) (CSE: CL) – revenue is expected to fall 5% to $622.2 million with adjusted EBITDA declining 8% to $145.5 million
Senior and Junior – Canadian Dollar Reporting
High Tide (NASDAQ: HITI) (TSXV: HITI) reported its Q4 recently, with the stock falling sharply since then.
Auxly (TSX: XLY) (OTC: CBWTF) has not yet reported Q4.
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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