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 late April, when we previewed 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$69.2 million), and the junior list now has a minimum of US$25 million (C$34.6 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 April 30th, 19 companies qualified for inclusion on the senior lists, including 14 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 4 that file in Canadian dollars are qualifying for the senior lists, a total now of 17. 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 29 companies. One company moved from the American Senior list to the Junior list, and two companies were removed from the Junior list. There were no changes in membership among the Canadian cannabis lists.
Included Companies That Reported Since Late March
Since our last update, almost all of the cannabis companies have reported their March quarterly reports.
Senior and Junior – American Dollar Reporting
Four of the five largest MSOs all reported recently, and the results were not particularly impressive. Curaleaf (OTC: CURLF) (TSX: CURA) retained the lead in revenue, which fell 6% sequentially and fell 9% from a year ago. Trulieve (OTC: TCNNF) (CSE: TRUL) saw revenue fall slightly sequentially as it was unchanged from a year ago. Green Thumb Industries (OTC: GTBIF) (CSE: GTII)experienced a revenue decline of 5% sequentially as it grew just 1% from a year earlier. Verano Holdings (OTC: VRNOF) (NEO: VRNO) held onto 4th place among the MSOs, but its revenue fell from a year earlier. Cresco Labs (OTC: CRLBF) (CSE: CL) had told investors it would update on May 9th, but the company cancelled it and has not yet rescheduled a call. The three of the next four MSOs in terms of revenue that have reported Q1 all experienced declines from a year ago as well. Among large revenue companies, Jazz Pharma, which acquired GW Pharmaceuticals a while ago, experienced 10% growth in its cannabis-based products.
Looking ahead, most of the Senior List companies have reported, and there are a few companies on the Junior List that have not yet filed. None of the 5 largest MSOs have scheduled calls ahead of their Q2 financial reports due by mid-August, but here is the current outlook according to Koyfin:
- Curaleaf (OTC: CURLF) (TSX: CURA) – revenue is expected to decline 8% from a year earlier to $315.6 million with adjusted EBITDA of $66.6 million, down 9%
- Trulieve (OTC: TCNNF) (CSE: TRUL) – revenue is expected to be flat from a year earlier at $303.1 million with adjusted EBITDA falling 3% to $103.6 million
- Green Thumb Industries (OTC: GTBIF) (CSE: GTII) – revenue is expected to be flat from a year earlier at $280.8 million with adjusted EBITDA dropping 18% to $63.0 million
- Verano Holdings (OTC: VRNOF) (NEO: VRNO) – revenue is expected to drop 5% to $213.8 million with adjusted EBITDA dropping 8% to $58.0 million
- Cresco Labs (OTC: CRLBF) (CSE: CL) – revenue is expected to fall 7% to $170.6 million with adjusted EBITDA declining 27% to $39.2 million
Senior and Junior – Canadian Dollar Reporting
SNDL (NASDAQ: SNDL) (CSE: SNDL) has been the only Senior company to report since the April update, and its growth in revenue slowed, though its adjusted operating income did increase from Q4. The company is more than a Canadian LP due to its alcohol retail store position and its investments in the U.S. cannabis industry. Organigram Global (NASDAQ: OGI) (TSX: OGI) showed strong annual growth in revenue, boosted by acquisitions.
There are currently no calls scheduled yet for the Senior companies, as two of them don’t need to report until the end of June due to March being their fiscal year-end .
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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