TREND Analysis Tilray – “Gas in the Tank”

From their Notes to Financial Statements: Inventory is comprised of raw materials, finished goods and work-in-progress such as pre-harvested cannabis plants and by-products to be extracted. The costs of growing cannabis including but not limited to labor, utilities, nutrition and irrigation, are capitalized into inventory until the time of harvest. Inventory is stated at the lower of cost or net realizable value, determined using weighted average cost. Cost includes expenditures directly related to manufacturing and distribution of the products. Primary costs include raw materials, packaging, direct labor, overhead, shipping and the depreciation of manufacturing equipment and production facilities determined at normal capacity. Manufacturing overhead…

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Organigram Q2 F2019 Rundown – Feb 28, 2019

Just thought I’d give a shout out to Paolo Deluca OGI CFO on the great disclosure in the Fins and MDA.  Other LP’s should take notice. Open up the fins and MDA and follow along. Sales: What do you do if you start the Q with the highest Finished Goods Inventory in the industry, and the retailers are screaming for product??  You sell through!! And that is what OGI did in spades, increasing sales QoQ by 115% fully powered by Rec as Medical took a small step backwards with a 9% and 24% drop on Medical Oil and Flower, respectively.  This was overpowered by…

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Aphria Q3 F2019 Rundown – Feb 28, 2019

[OGI will be up tomorrow] Open up the fins and MDA and follow along. Sales There a few new moving parts with Q3F2019 with the acquisition of CC Pharma on Jan. 9/19 and the ABP for a whole Q. Aphria sales increased $52 million wholly on the back of the CC Pharma and ABP acquisitions, as cannabis sales declined 20% pre excise tax from $22.3 million to $17.9 million QoQ.  CC and ABP contributed over $1 million a day in sales for the Q. Both KGs sold in Rec and medical dropped to 1,329kg and 1,274kgs decreases of 32% and 13%, respectively.  Rec revenue…

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Valens GroWorks – Structure and Current State – 03/19

Busy earnings days lately. These guys came out on March 13th. Much more structures to come over the next while. I’ve been interested in $VGW since I came across them in late 2017, and did rundowns on them in both of the Dive Bar Pub Crawls past two years running. Here's 2017, and here's 2018's. There wasn’t much cloth to make a suit out of then. Early formation, in the process of raising capital, building out, and awaiting licensing. Standard fare for the ‘early’ entrants. Now we’ve got another year of financials, time to put Molly Gladys on the lap (Molly went back to…

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1933 Industries – Structure and Current State – 04/19

Busy earnings day on April 1st - And 1933 is one of them. I've got many more structures to come. I’ve been interested in $TGIF since I came across them in late 2017, as well as 2018 when I did rundowns on them in both of the Dive Bar Pub Crawls past two years running. TGIF has a back story that I never quite got a handle on…which…while important to me at the time...has faded into the rearview of relevance. 2 years ago, it was important to me because it was not only my first pass, but also to get insights into the ‘jockey’…

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