The Public Cannabis Company Revenue & Income Tracker, managed by New Cannabis Ventures, ranks the top revenue producing cannabis companies. November was an extremely busy...

The Public Cannabis Company Revenue & Income Tracker, managed by New Cannabis Ventures, ranks the top revenue producing cannabis companies. November was an extremely busy month for reporting.

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$33.4 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$16.7 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. Please note as well that we updated how we are handling Canopy Growth (TSX: WEED) (NASDAQ: CGC), now excluding the non-cannabis revenue of BioSteel.

Tracker Inclusion Updates

At the time of our last update on October 28th, 38 companies qualified for inclusion on the senior list, including 30 filing in U.S. dollars and 8 in the Canadian currency. Currently, 31 companies that file in U.S. dollars qualify and 8 that file in Canadian dollars are qualifying for the senior lists, a total of now 39. The junior list now includes 7 companies reporting in U.S. dollars and 4 in Canadian dollars. On a combined basis, the Public Cannabis Company Revenue & Income Tracker now includes 50 companies.

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 November

Since our last update, there have been many companies that have reported, but we had no new additions to the rankings beyond Chicago Atlantic (NASDAQ: REFI), which joined the Junior list in the U.S. December will not be very busy.

Senior – American Dollar Reporting

The largest companies are done reporting. The Senior list increased by one with iPower (NASDAQ: IPW) and Glass House Brands (OTC: GLASF) (NEO: GLAS.A.U) moving from the Junior list and The Parent Company (OTC: GRAMF) (NEO: GRAM.U) moving down to it.

There were no big changes in the leadership, with the top 9 companies by revenue holding their spots in order. Ascend Wellness (OTC: AAWH) (CSE: AAWH.U) surpassed Hydrofarm (NASDAQ: HYFM) for the 10th spot. The top 10 companies all exceeded $100 million in quarterly revenue.

The top 5 companies are all MSOs, and there are 3 others in the top 10. The sequential growth was slow at all of the largest names, which include Curaleaf (OTC: CURLF) (CSE: CURA), Trulieve (OTC: TCNNF) (CSE: TRUL) and Green Thumb Industries (OTC: GTBIF) (CSE: GTII). Verano Holdings (OTC: VRNOF) (CSE: VRNO) scored a large sequential gain but was pretty low in annual growth. Cresco Labs (OTC: CRLBF) (CSE: CL) and Columbia Care (OTC: CCHWF) (NEO: CCHW) (CSE: CCHW), which are on track to merge in 2023, were slow sequentially. Ayr Wellness (OTC: AYRWF) (CSE: AYR.A) surged nearly 10% sequentially, while Ascend Wellness  grew 14%.

Jazz Pharmaceuticals, which acquired GW Pharma last year, saw its cannabis-related revenue lift 14% sequentially. The only ancillary company in the top 10, Scotts Miracle-Gro (NYSE: SMG) saw its Hawthorne Gardening sales slip 49% from a year ago but advance 9% sequentially.

There are no companies scheduled to report in December.

Junior – American Dollar Reporting

There is still one Junior company scheduled to report Q3 earnings next week. The Junior list shrank due to iPower and Glass House Brands going to the Senior list and several companies falling below the minimum revenue.

Senior and Junior – Canadian Dollar Reporting

Canopy Growth cannabis and cannabis-related revenue fell 5% sequentially and 29% from a year ago to C$88 million.

Organigram (NASDAQ: OGI) (TSX: OGI) will report its Q4 next week. The company is expected to grow revenue by 71% to C$42 million. Two companies are scheduled to report in mid-December, HEXO Corp. (NASDAQ: HEXO) (TSX: HEXO) and Fire & Flower (OTC: FFLWF) (TSX: FAF). HEXO Corp. is expected to see revenue shrink 13% from a year ago to C$44 million in its Q1. Fire & Flower Q3 revenue is expected to fall 6% to C$43 million.

Among the Junior names, one company hasn’t yet reported. Each of the companies that have reported experienced sequential declines.  Two companies were removed due their revenue falling below the minimum, IM Cannabis (NASDAQ: IMCC) (CSE: IMCC) and Delta 9 Cannabis (OTC: DLTNF) (TSX: DN).

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.

Get ahead of the crowd by signing up for 420 Investor, the largest & most comprehensive premium subscription service for cannabis traders and investors since 2013.

Alan Brochstein, CFA
Based in Houston, Alan leverages his experience as founder of online community 420 Investor, the first and still largest due diligence platform focused on the publicly-traded stocks in the cannabis industry. With his extensive network in the cannabis community, Alan continues to find new ways to connect the industry and facilitate its sustainable growth. At New Cannabis Ventures, he is responsible for content development and strategic alliances. Before shifting his focus to the cannabis industry in early 2013, Alan, who began his career on Wall Street in 1986, worked as an independent research analyst following over two decades in research and portfolio management. A prolific writer, with over 650 articles published since 2007 at Seeking Alpha, where he has 70,000 followers, Alan is a frequent speaker at industry conferences and a frequent source to the media, including the NY Times, the Wall Street Journal, Fox Business, and Bloomberg TV. Contact Alan: Twitter | Facebook | LinkedIn | Email


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