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 mid-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$69.5 million), and the junior list now has a minimum of US$25 million (C$34.8 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 12th, 19 companies qualified for inclusion on the senior list, including 17 filing in U.S. dollars and 2 in the Canadian currency, and the junior list had 18 companies. Now, 17 companies that file in U.S. dollars and 2 that file in Canadian dollars are qualifying for the senior lists, a total still of 19. The junior list includes 14 companies reporting in U.S. dollars and 4 in Canadian dollars. On a combined basis, the Public Cannabis Company Revenue & Income Tracker now includes 37 companies.
Included Companies That Reported in late August, September or October
Since our last update, few companies that generate substantial revenue have reported. November will be very busy.
Senior and Junior – American Dollar Reporting
Tilray Brands (NASDAQ: TLRY) (TSX: TLRY), which has seen its stock drop by more than 25% so far this year, disappointed investors with its fiscal Q1 report earlier this month. Cannabis sales fell sequentially and from a year ago.
Looking ahead, all of the senior companies have scheduled upcoming calls for Q3. Each of the largest MSOs are reporting next week. According to AlphaSense, analysts project Curaleaf (OTC: CURLF) (TSX: CURA) revenue will increase 5% from a year ago to $349 million. Revenue at Trulieve (OTC: TCNNF) (CSE: TRUL) is expected to grow 6% to $292 million. Green Thumb Industries (OTC: GTBIF) (CSE: GTII) is projected to have increased its revenue by 3% to $285 million. Verano Holdings (OTC: VRNOF) (CSE: VRNO) is projected to have suffered another decline in revenue, with analysts expecting a 5% decline to $228 million. Cresco Labs (OTC: CRLBF) (CSE: CL) revenue is also projected to have declined, as analysts forecast a 3% decline to $186 million.
Senior and Junior – Canadian Dollar Reporting
Since the last update we provided, High Tide (NASDAQ: HITI) (TSXV: HITI) reported record quarterly revenue that was modestly higher than a year ago.
SNDL (NASDAQ: SNDL) recently completed the acquisition of Nova Cannabis (TSX: NOVC) (OTC: NVACF) and is set to report Q3 on November 5th, though the results will not yet include those of Nova. Nova Cannabis inclusion after the Q4 report should boost it to the top of the Canadian dollar rankings.
