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 end of July, when we previewed the upcoming 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$68.8 million), and the junior list now has a minimum of US$25 million (C$34.4 million).
A Note About Adjusted Operating Income
In May 2019, we added an additional metric, “Adjusted 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. Many companies are moving from IFRS to U.S. GAAP accounting, which will reduce 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 July 23rd, 18 companies qualified for inclusion on the senior list, including 15 filing in U.S. dollars and 3 in the Canadian currency, and the junior list had 16 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 now 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. Rejoining the American senior list are GrowGeneration (NASDAQ: GRWG) and Turning Point Brands (NYSE: TPB). Rejoining the American junior list are Planet 13 (OTC: PLNH) (CSE: PLTH), StateHouse Holdings (OTC: STHZF) (CSE:STHZ) and Vireo Growth (OTC: VREOF) (CSE: VREO).
Included Companies That Reported in late July or in August
Since our last update, many companies have reported. Overall, growth in the industry remains constrained.
Senior and Junior – American Dollar Reporting
Growth has remained slow for the largest MSOs. Two that stood out for the June quarter were Ascend Wellness (OTC: AAWH) (CSE: AAWH.U) and Green Thumb Industries (OTC: GTBIF) (CSE: GTII), both of which grew revenue more than 10% from a year earlier. Jazz Pharma (NASDAQ: JAZZ) also experienced strong growth in its cannabis products.
All of the senior companies with quarters ending in June have reported already, though some of the junior companies will report this week
Senior and Junior – Canadian Dollar Reporting
The big change here is that former Canadian cannabis leader Canopy Growth (NASDAQ: CGC) (TSX: WEED) fell off the senior list with yet another revenue decline.
Organigram (NASDAQ: OGI) (TSX: OGI) reports its fiscal Q3 on Tuesday before the open. Analysts project, according to AlphaSense, that revenue will rise 15% from a year ago to C$38 million.
