The Public Cannabis Company Revenue & Income Tracker, run by New Cannabis Ventures, ranks the top revenue-generating cannabis companies.
This data and fact-based tracker will be continuously updated with new financial documents so readers can stay up to date. Companies must file with the SEC or SEDAR and be current in order to be included. When we launched this resource in May 2019, companies with quarterly revenue over US$2.5 million were eligible. As the industry has grown and more companies have gone public, we have increased the minimum several times thereafter, including increasing to US$5 million in October 2019 , to US$7.5 million in June 2020, to US$10 million in November 2020 and in the United States. $12.5 million in August 2021. Due to the rapid growth of the cannabis industry, we have raised the minimum to $25 million US ($31.5 million CAD) to qualify for what we now call the senior roster and introduced a junior roster with a minimum of 12.5 million US dollars. million (C$15.6 million) in September 2021.
Note on adjusted operating profit
In May 2019, we added an additional measure, “Adjusted operating income”, as detailed in our newsletter. The calculation takes reported operating income and adjusts it for any change in the fair value of biological assets required by IFRS accounting. We believe that this adjustment improves the comparability of companies across IFRS and GAAP accounting. We note that operating income can often include one-time items such as stock compensation, inventory write-downs, or public listing fees, and recommend readers understand how these non-cash items may impact on the quarterly financial statements. Many companies are moving from IFRS to US GAAP accounting, which will reduce the need for adjustments. Please note that our rankings only include actual reported earnings and not pro forma earnings. We also note that companies with non-cannabis operations must provide segment-level financial reports that detail not only revenue but also operating profit for their operating profit to be included in the tracker. Currently, Jazz Pharma (NASDAQ: JAZZ) and Tilray (TSX: TLRY) (NASDAQ: TLRY) do not provide this information.
Tracker inclusion updates
At the time of our last update on May 31, 38 companies qualified for inclusion on the senior list, including 31 depositing in US dollars and 7 in Canadian currency. The junior list now includes 10 companies reporting in US dollars and 6 in Canadian dollars. On a combined basis, the Public Cannabis Company Revenue & Income Tracker now includes 54 companies.
Since our last update, Decibel (OTC:DBCFF) (TSXV:DB) joined the junior list of companies reporting in Canadian dollars.
We plan to add more companies in the coming months, and due to ongoing or recently completed mergers, we also plan on removals. We note that Intercure (TASE: INCR) (NASDAQ: INCR), which reports in Israeli currency, qualifies for the junior list, but we haven’t added it yet due to its different reporting currency.
Included companies that reported in May
Senior – US Dollar Reports
Since our last update, most companies reporting in US dollars have provided quarterly financial statements, including, among the largest revenue-generating companies, Trulieve (OTC: TCNNF) (CSE: TRUL), curafeuille (OTC: CURLF) (CSE: CURA), Green Thumb Industries (OTC: GTBIF) (CSE: GTII), Cresco Laboratories (OTC: CRLBF) (CSE: CL), Scotts Miracle-Gro (NYSE: SMG) and Verano Holdings (OTC: VRNOF) (CSE: VRNO), all of which recorded revenues in excess of $200 million.
Junior – US Dollar Reports
The following top revenue-generating companies reported in May: iPower (NASDAQ:IPW), Urban-gro (NASDAQ: UGRO), Incomparable brands (OTC: UNRV), Charlotte Web Fund (OTC: CWBHF) (TSX: CWEB) and port side (OTC: HBORF) (CSE HBOR).
Senior – Reports in Canadian dollars
The following three CAD reporting companies released their financial statements during the month: canopy growth (NASDAQ: CGC) (TSX: WEED), Aurora Cannabis (NASDAQ: ACB) (TSX: ACB), and Nova Cannabis (TSX: NOVC) (OTC: NVACF).
Junior – Reports in Canadian dollars
5 out of 6 companies have published their quarterly financial statements, including Cannabis IM (NASDAQ: IMCC) (CSE: IMCC), Auxly Cannabis (OTC: CBWTF) (TSX: XLY), Sundial producers (NASDAQ: SNDL), Decibel (OTC:DBCFF) (TSXV:DB) and Humble and smoking (OTC: HUMBF) (CSE: HMBL).
keep up to date
Visit the Public Cannabis Company Revenue Tracker to track and explore the full list of eligible businesses. We recently created a way for our readers to access our Revenue Tracker article library. For our readers who want to stay on top of anticipated earnings calls in the industry, we have created and continuously updated the Cannabis Investor Earnings Conference Call Schedule.
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