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 July, when we previewed 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$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” 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 July 27th, 16 companies qualified for inclusion on the senior lists, including 13 filing in U.S. dollars and 3 in the Canadian currency, and the junior list had 13 companies. Now, 13 companies that file in U.S. dollars and 3 that file in Canadian dollars are qualifying for the senior lists, a total still of 16. The junior list includes 11 companies reporting in U.S. dollars and 2 in Canadian dollars. On a combined basis, the Public Cannabis Company Revenue & Income Tracker now includes 29 companies. One company, Village Farms (NASDAQ: VFF) (TSX: WEED) moved from the American Junior list to the Senior list, one company, AYR Wellness, was removed from it for not filing Q1 financials, and one company re-joined the Junior list, Vireo Growth (OTC: VREOF) (CSE: VREO). In Canada, both of the Junior list names, Canopy Growth and Organigram, were moved to the Senior list.
Included Companies That Reported Since Late July
Since our last update, almost all of the cannabis companies have reported their June quarterly reports.
Senior and Junior – American Dollar Reporting
All 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 8% from a year ago. Trulieve (OTC: TCNNF) (CSE: TRUL) saw revenue that was unchanged from a year ago. Green Thumb Industries (OTC: GTBIF) (CSE: GTII) experienced a revenue that grew 5% from a year earlier, but operating profits dipped sharply. 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 the largest decline of all of the largest MSOs.
Looking ahead, all of the Senior List companies have reported, though 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 Q3 financial reports due by mid-November, but here is the current outlook according to Koyfin:
- Curaleaf (OTC: CURLF) (TSX: CURA) – revenue is expected to decline 4% from a year earlier to $317.2million with adjusted EBITDA of $66.3 million, down 10%
- Trulieve (OTC: TCNNF) (CSE: TRUL) – revenue is expected to rise 1% from a year earlier at $287.9 million with adjusted EBITDA falling less than 1% to $95.9 million
- Green Thumb Industries (OTC: GTBIF) (CSE: GTII) – revenue is expected to be up 1% from a year earlier at $291.0 million with adjusted EBITDA dropping 8% to $82.3 million
- Verano Holdings (OTC: VRNOF) (NEO: VRNO) – revenue is expected to drop 6% to $203.1 million with adjusted EBITDA dropping 6% to $60.6 million
- Cresco Labs (OTC: CRLBF) (CSE: CL) – revenue is expected to fall 9% to $163.8 million with adjusted EBITDA declining 28% to $36.7 million
Senior and Junior – Canadian Dollar Reporting
SNDL (NASDAQ: SNDL) (CSE: SNDL) grew cannabis revenue sequentially and from a year ago. Aurora Cannabis (NASDAQ: ACB) (TSX: ACB) saw revenue grow again from a year ago, but it slipped sequentially. Canopy Growth (NASDAQ: CGC) (TSX: WEED) had a big operating loss, though it declined from a year ago. 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.
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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