The Public Cannabis Company Revenue & Income Tracker, managed by New Cannabis Ventures, ranks the top revenue producing cannabis companies.
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 and US$12.5 million in August 2021. Due to the rapid growth in the cannabis industry, we raised the minimum to US$25 million (C$31.5 million) to qualify for what we now call the senior list and introduced a junior list with a minimum of US$12.5 million (C$15.6 million) in September 2021.
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, 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 in late April, 38 companies qualified for inclusion on the senior list, including 31 filing in U.S. dollars and 7 in the Canadian currency. The junior list now includes 11 reporting in U.S. dollars and 5 in Canadian dollars. On a combined basis, the Public Cannabis Company Revenue & Income Tracker now includes 54 companies.
Since our last update, Organigram (TSX:OGI) (NASDAQ: OGI) has moved from the junior group to the senior group of companies reporting in Canadian dollars, and Sundial Growers (NASDAQ:SNDL) has joined the junior list of companies reporting in Canadian dollars.
We expect to add additional companies in the months ahead, and, due to pending or recently completed mergers, we anticipate some removals as well. We note that Intercure (TASE: INCR) (NASDAQ: INCR), which reports in the Israeli currency, qualifies for the junior list, but we haven’t yet added it due to its different reporting currency.
Included Companies that Reported in April
Senior – U.S. Dollar Reporting
Turning Point Brands (NYSE: TPB), 4Front Ventures (OTC:FFNTF) (CSE: FFNT), Tilray Brands (TSX: TLRY) (NASDAQ: TLRY) and Verano Holdings (CSE: VRNO) (OTCQX: VRNOF), but financial statements for Verano have not been filed on SEDAR yet.
Junior – U.S. Dollar Reporting
Unrivaled Brands (OTCQX: UNRV), Harborside (OTC: HBORF) (CSE HBOR)
Senior – Canadian Dollar Reporting
Fire & Flower (OTCQX: FFLWF) (TSX: FAF), Organigram (NASDAQ: OGI) (TSX:OGI)
Junior – Canadian Dollar Reporting
Sundial Growers (NASDAQ: SNDL)
Stay up to date
Visit the Public Cannabis Company Revenue Tracker to track and explore the complete list of qualifying companies. We have recently created a way for our readers to 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.
