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 late February, and it follows a flood of recent reports.

Public Cannabis Company Revenue & Income Tracker

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$33.8million) to qualify for what we now call the senior list and introduced a junior list with a minimum of US$12.5 million (C$16.9 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, Aurora Cannabis (NASDAQ: ACB) (TSX: ACB), Ispire (NASDAQ: ISPR), Jazz Pharma (NASDAQ: JAZZ) and Tilray (TSX: TLRY) (NASDAQ: TLRY) aren’t providing this information.

detailed in our newsletternot pro forma revenue

Tracker Inclusion Updates

At the time of our last update on February 25th, 34 companies qualified for inclusion on the senior list, including 28 filing in U.S. dollars and 6 in the Canadian currency. Currently, 28 companies that file in U.S. dollars qualify and 6 that file in Canadian dollars are qualifying for the senior lists, a total of still 34. The junior list now includes 12 companies reporting in U.S. dollars and 7 in Canadian dollars. On a combined basis, the Public Cannabis Company Revenue & Income Tracker now includes 53 companies. Since late February, we added NewLake Capital (OTC: NLCP) to the American junior list.

Included Companies That Reported in February and March

Since our last update, several companies that generate substantial revenue have reported.

Senior and Junior – American Dollar Reporting

Senior and Junior – American Dollar Reporting

Most of the companies with years ending in December have already reported. 7 MSOs with quarterly revenue in excess of $100 million saw revenue grow on average by just 4% from a year ago. Cresco Labs (OTC: CRLBF) (CSE: CL) did better than expected, but its growth was the weakest. Trulieve (OTC: TCNNF) (CSE: TRUL), which has seen its stock more than double so far in 2024, experienced a decline from a year ago in its revenue too. Ascend Wellness (OTC: AAWH) (CSE: AAWH) saw the strongest year-over-year growth at 25%. Analysts have reduced their estimates for 2024 and 2025 for many of these companies.

Cresco LabsTrulieveAscend Wellness

Tilray Brands (NASDAQ: TLRY) (TSX: TLRY) hasn’t yet scheduled its Q3 call, but it is due next month. Revenue, boosted by the alcohol acquisition, is expected to grow by 37% to $200 million, while adjusted EBITDA is projected by analysts to gain 1% to $14 million.

Tilray Brands

Senior and Junior – Canadian Dollar Reporting

Senior and Junior – Canadian Dollar Reporting

High Tide (NASDAQ: HITI) (TSXV: HITI) is the only Canadian company that reported recently with quarterly revenue above C$100 million. Revenue growth slowed, but the operating profit returned.

High Tide

SNDL (NASDAQ: SNDL) is scheduled to report its Q4 in the next few days. The analysts are predicting revenue of $248 million, up 3% from a year ago.

SNDL

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.

Public Cannabis Company Revenue TrackerRevenue Tracker articlesCannabis Investor Earnings Conference Call Calendar