Aphria1 and DoubleDiamond Tour November 4, 2018

On November 4, 2018 TheCannalysts toured Aphria Diamond and Aphria1. Other than touring Broken Coast Cannabis for the “Boots on the Ground” documentary, this was the first time that all three Cannalysts have done a tour together.  What follows is each of our perspectives on the tour. Mollytime: Unlike my compatriots, I haven’t toured a large-scale formal greenhouse before. I’ve been confined to the pristine shoals of immaculate control: indoor only. So, being introduced to how professional agriculture approaches growing and processing and packaging…..and the logistics of it all at scale….it…

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Tour of MPX facility – Las Vegas Nov 2018

After touring a fair number of Canadian production facilities, it is an odd thing to see a large metal cabinet market 'pesticides' anywhere near a grow. As is seeing large spray canisters right beside it. One of the novelties about the Canadian experience I guess - being limited to some 22 registered pesticides, there is a fair amount of apprehension around their presence and visibility in grow ops. Even if they're called 'Doktor Doom Formula 420'.  Lots of biological vectors used to be sure though, and there were several bug sellers at MJBizCon…

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MJBizCon 2018 Las Vegas – Wrap Up

More than 30,000 listed for attendance, with some 1,000 booths, and some 50 different sessions over three days, this was the largest show I've been to. And I saw a ton of things. Dispensary Visit I got shlepped to a dispensary one day - an investor pitch combined with a tour of the operations. It was busy in the store, and they pound out the poundage. Products are segregated by quality: low, medium, high - and prices are variable accordingly. I also peeled off to one on my own lonesome, to…

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Tilray 3Q F2018 Rundown – Sept 30, 2018

  USD unless noted. Last Q we noted on the Rundown and on “Inside The Ropes” podcast that Tilray had very little Finished Goods Inventory of Flower $89k and Extracts $361k at the end of the last Q and net decrease in overall cannabis inventory [decreased $913k].  We surmised that this would lead to either constrained sales growth unless they bought from 3rd parties, and if they did buy from third parties… a hit to gross margin. We have also repeatedly noted that NOT ONE financial media company has brought this…

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Canopy Growth Q2 F2019 Rundown Sept. 30, 2018

After doing TRST last night, this is a sober reminder of the fact that this industry has a looong way to go.   To be fair to ACB, where I inserted a similar narrative for those that do not read the entire post,.… I will also talk about Net Operating Profit versus Net Income here.   CGC lost $330 million Net Income for the Q, with IFRS voodoo removed it was negative $290 million. Their Net Operating Income with IFRS voodoo backed out was negative $174 million. Net Operating Profit is…

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Live from MJBizCon 2018 – Vegas

Well. There's big, and then there's this. I don't know the number of people here, but it's into the tens of thousands. And the price of admission keeps the circus folk out - the expense account set who blaze all day in front of the hall admiring each other's weed while 'networking'. That's not to say there isn't gear here, there is. And boy, does it stink. I can summarize MJBizCon in 4 words: Extraction, terpenes, vapes, and lighting. There is an alcohol/beer tilt: Health Canada would lose their shit over…

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CannTrust 3rd Q F2018 Rundown – Sept 30, 2018

Well ain’t you a pleasure to review!! Positive EBITDA, FG inv growth, strong sales growth, Nice Production to Sales delta.  Rogers and Ravensdale will be finding work pretty quickly given these results.   Open up the Fins and MDA and follow along.   Sales   An increase of 39% to $12.6 million [comparable to Tilray!!] Grams sold of flower dropped 14% QoQ but price per gram went up 16% to $8.77 = $3.5 million Extract went up to a new record of 699 kgs up 17% with price dropping less than…

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Cronos Q3 F18 Rundown Sept 30, 2018

Open up the financials and MDA and follow along. Sales Cronos evidenced a $0.4 million or 11% in crease in sales to $3.8 million.  They have some new disclosure that wasn’t available last Q, so I cannot track down the exact location of increase but I believe it to be all oil related.  Oil now constitutes 29% of overall sales. International sales make up $0.6 million of sales or 15% of mix. Again, new disclosure so no comparative. Sale price per gram increased to $7.32 from $7.12 likely due to higher…

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