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 February, when we previewed the Q4 reports.
Looking ahead, all of the Senior List companies have reported, and 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 Q1 financial reports, but here is the current outlook according to Koyfin:
None of these companies have yet scheduled their next quarterly 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$71.3 million), and the junior list now has a minimum of US$25 million (C$35.6 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 February 23rd, 20 companies qualified for inclusion on the senior lists, including 16 filing in U.S. dollars and 4 in the Canadian currency, and the junior list had 12 companies. Now, 15 companies that file in U.S. dollars and 4 that file in Canadian dollars are qualifying for the senior lists, a total now of 19. The junior list includes 11 companies reporting in U.S. dollars and 1 in Canadian dollars. On a combined basis, the Public Cannabis Company Revenue & Income Tracker now includes 31 companies. One company moved from the American Senior list to the Junior list, and one company failed to requalify for the Junior list. There were no changes in membership among the Canadian cannabis lists.Included Companies That Reported Since Late February
Since our last update, almost all of the cannabis companies have reported their December year-end quarterly reports. Senior and Junior – American Dollar Reporting The 5 largest MSOs all reported recently, and the results were not particularly impressive. Curaleaf (OTC: CURLF) (TSX: CURA) retained the lead in revenue, which was flat sequentially and fell from a year ago. Trulieve (OTC: TCNNF) (CSE: TRUL) passed up Green Thumb Industries (OTC: GTBIF) (CSE: GTII), with revenue expanding 6% sequentially and 5% from a year earlier. GTI exceeded expectations, but its revenue grew just 3% sequentially while expanding 6% from a year earlier. 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) also saw revenue fall from a year ago. The next four MSOs in terms of revenue experienced declines from a year ago as well. Among large revenue companies, Jazz Pharma, which acquired GW Pharmaceuticals a while ago, experienced 14% growth in their cannabis-based products.
Looking ahead, all of the Senior List companies have reported, and 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 Q1 financial reports, but here is the current outlook according to Koyfin:
- Curaleaf (OTC: CURLF) (TSX: CURA) – revenue is expected to decline 7% from a year earlier to $316 million with adjusted EBITDA of $65 million, down 15%
- Trulieve (OTC: TCNNF) (CSE: TRUL) – revenue is expected to decrease 1% from a year earlier to $294 million with adjusted EBITDA falling 9% to $97 million
- Green Thumb Industries (OTC: GTBIF) (CSE: GTII) – revenue is expected to increase 3% from a year earlier to $283 million with adjusted EBITDA dropping 6% to $85 million
- Verano Holdings (OTC: VRNOF) (NEO: VRNO) – revenue is expected to drop 3% to $214 million with adjusted EBITDA dropping 8% to $61 million
- Cresco Labs (OTC: CRLBF) (CSE: CL) – revenue is expected to fall 10% to $165 million with adjusted EBITDA declining 32% to $36 million
None of these companies have yet scheduled their next quarterly reports.
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
