It was a genuinely wild week in weed, jam-packed with quarterly earnings. We covered releases from a baker’s dozen of cannabis companies over the past five business days. While not all of them released formal quarterly financials – Supreme released a forecast and MedMen only published unaudited revenue data – together they paint a picture of a sector still struggling to operate profitably as costs rise and realized prices fall. Below, we offer a breakdown of the single most important takeaway from each company we covered over the past week.
Supreme (FIRE-T)
- Raising both revenue and profit expectations ahead of formal release coming in September, several analysts raised their estimates on this report
MediPharm (LABS-X)
- Focusing on extracts and concentrates made the company among the first profitable players in the sector
Village Farms (VFF-T)
- All-in cost of production came in at just $0.65 per gram, among the lowest in the industry
The Green Organic Dutchman (TGOD-T)
- Much-ballyhooed Hamilton cultivation site nearing completion as a $16.6-million net loss came in at more than five times total revenues
Tilray (TLRY-Q)
- Net loss surpassing US$35-million was larger than analysts were expecting, despite revenues doubling
Acreage Holdings (ACRGF)
- Plans to launch the first cannabis stores in the United States using Canopy Growth brands Tweed and Tokyo Smoke before the end of 2019
Sundial Growers (SNDL-Q)
- Announced less than two weeks after its public debut on the Nasdaq, Sundial reported narrower losses and lower selling pricesfor Q2
MedMen (MMEN-CN)
- Shares popped 20 per cent on the report of higher revenues, despite no mention of whether or not the retailer was profitable
Neptune Wellness (NEPT-T)
- Net losses widened as cannabis-related expenses grew and the company lamented “quite destabilizing” proposed edibles restrictions in Quebec
Canopy Growth (WEED-T)
- In its first quarterly result ever without Bruce Linton being involved, Canopy acknowledged profitability remains three years away at best
Harvest Health & Recreation (HARV-CN)
- Total expenses saw a nearly nine-fold increase as Harvest nearly doubled its full-time headcount, leading to an overall net loss
Auxly Cannabis Group (XLY-X)
- Despite revenues more than tripling, Auxly still reported a net loss of $14.2-million
The Flowr Corporation (FLWR-X)
- $11-million worth of profits were entirely due to investment gains of $18.8-million from the company’s equity position in Holigen Holdings