The Public Cannabis Company Revenue & Income Tracker, managed by New Cannabis Ventures, ranks the top revenue producing cannabis stocks that generate industry sales of more than US$7.5 million per quarter. 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 to be considered for inclusion. Please note that we raised the minimum quarterly revenue in May from US$2.5 million and from US$5.0 million in October.
44 companies currently qualify for inclusion, with 29 filing in U.S dollars and 15 in the Canadian currency, which is up from 42 when we reported a month ago due to two additions, Florida operator Liberty Health Sciences (CSE: LHS) (OTC: LHSIF) and Canadian extraction LP Valens GroWorks (TSX: VGW) (OTC: VGWCF).
In May, we began to include an additional metric, “Adjusting 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.
One trend we have observed is that many of the companies are now providing pro forma revenue as well, which is an attempt to more accurately portray the operations by taking into account the results of closed and pending acquisitions as the multi-state operator (MSO) space rapidly consolidates. Our rankings include only actual reported revenue.
For companies that report in U.S. dollars, only MedMen (CSE: MMEN) (OTC: MMNFF) filed financials in October, with sales growing 15% in its Q4 compared to the prior quarter and 104% from a year ago. The adjusted operating loss of almost $53 million declined modestly from Q3.
November will see the vast majority of the companies reporting, with several having already scheduled earnings calls. According to Sentieo, analysts project GW Pharma (NASDAQ: GWPH) generated Q3 revenue of almost $86 million, which would represent 19% growth from the prior quarter. Q2 saw sales grow 84% from Q1. Among the top MSOs, Trulieve (CSE: TRUL) (OTC: TCNNF) is expected to generate revenue of $66 million, which would represent 14% growth from the prior quarter. Curaleaf (CSE: CURA) (OTC: CURLF) could surpass Trulieve, as analysts project sales of almost $67 million, which would represent sequential growth of 38%. similar growth to what the company experienced in the prior quarter. GTI (CSE: GTII) (OTC: GTBIF) is expected to have generated over $61 million in revenue in Q3, representing growth of 37%.
Of the companies that report in Canadian dollars, Aphria (TSX: APHA) (NYSE: APHA) saw cannabis sales grow 8% sequentially and HEXO Corp (TSX: HEXO) (NYSE: HEXO) posted 18% sequential growth, which was substantially below the guidance of sales doubling. Aphria posted a C$13.9 million adjusted operating loss, while HEXO saw its adjusted operating balloon to almost C$42 million. Valens GroWorks joined the list with $16.5 revenue that produced adjusted operating profit of C$5.5 million, while Liberty Health Sciences generated sales of C$10.6 million, which represented 93% growth from its fiscal Q1. The company generated positive cash flow with a small adjusted operating loss.
Most of the companies that report in Canadian dollars will be filing financials in November, including four of the top five LPs on the list. Aurora Cannabis (TSX: ACB) (NYSE: ACB) is expected to report total revenue, according to Sentieo, of C$96.7 million, down about 2% from its Q4. Canopy Growth (TSX: WEED) (NYSE: CGC) could regain the lead among LPs, as it is expected to report Q2 revenue of C$117 million, which would represent 29% sequential growth. MediPharm Labs (TSX: LABS) (OTC: MEDIF), which reports on November 12th, is expected to have generated Q3 sales of C$42 million, which would be 34% above Q2. Finally, Organigram (TSX: OGI) (NASDAQ: OGI) reports its fiscal Q4 ending in August, and the company is expected to grow revenue sequentially by 21% to C$29.9 million.
Visit the Public Cannabis Company Revenue Tracker to track and explore the complete list of qualifying companies. We have recently created a way for our readers to 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 have created and continually update the Cannabis Investor Earnings Conference Call Calendar.