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-May, when we reviewed the unexciting 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$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 May 18th, 19 companies qualified for inclusion on the senior list, including 16 filing in U.S. dollars and 3 in the Canadian currency, and the junior list had 13 companies. Now, 15 companies that file in U.S. dollars and 3 that file in Canadian dollars are qualifying for the senior lists, a total now of 18. The junior list includes 13 companies reporting in U.S. dollars and 3 in Canadian dollars. On a combined basis, the Public Cannabis Company Revenue & Income Tracker now includes 34 companies. Acreage Holdings moved from the senior list to the junior list, and StateHouse Holdings exited due to its failure to file its financials since Q3 last year.
Included Companies That Reported in late May, June or July
Since our last update, few large companies that generate substantial revenue have reported. Most of them have been Canadian companies and are discussed below.
Senior and Junior – American Dollar Reporting
Acreage Holdings (OTC: ACRHF) (CSE: ACRG.A) reported a very weak Q1 in late May, with revenue declining sharply and negative operating income.
Tilray Brands (NASDAQ: TLRY) (TSX: TLRY), Jazz Pharma (NASDAQ: JAZZ) and Scotts Miracle-Gro (NYSE: SMG) report during the last week of July, though none of these companies is focused exclusively on cannabis. The five largest MSOs have all scheduled their calls in early August. According to AlphaSense, analysts project Curaleaf (OTC: CURLF) (TSX: CURA) revenue will increase 2% from a year ago to $345 million. Revenue at Trulieve (OTC: TCNNF) (CSE: TRUL) is expected to grow 4% to $293 million. Green Thumb Industries (OTC: GTBIF) (CSE: GTII) is projected to have increased its revenue by 10% to $277 million. Verano Holdings (OTC: VRNOF) (CSE: VRNO) is projected to have suffered another decline in revenue, with analysts expecting a 3% decline to $226 million. Cresco Labs (OTC: CRLBF) (CSE: CL) revenue is also projected to have declined, as analysts forecast a 7% decline to $185 million.
Senior and Junior – Canadian Dollar Reporting
Two of the three companies on the senior list reported recently, including High Tide (NASDAQ: HITI) (TSXV: HITI) and Canopy Growth (NASDAQ: CGC) (TSX: WEED). High Tide revenue grew just 5% from a year earlier as it fell sequentially in its Q2 ending April 30th. Canopy Growth Q4 revenue fell sequentially as well, and the company suffered a very large operating loss. Aurora Cannabis (NASDAQ: ACB) (TSX: ACB) saw flat sequential growth in its cannabis business.
SNDL (NASDAQ: SNDL) is scheduled to report its Q2 next week.
Stay up to date
Visit the Public Cannabis Company Revenue Tracker to track and explore the complete list of qualifying companies. Readers can 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 created and continually update the Cannabis Investor Earnings Conference Call Calendar.
