Tilray Q1 F2019 Rundown – March 31, 2019

Open up the fins and MDA and follow along During the Q Tilray closed on Manitoba Harvest +$400 million acquisition in Feb/19 which caused them to combine some inventory items, much to my chagrin. USD unless stated otherwise. Sales: Sales grew 48% QoQ largely on the back of the $6 million in revenue from Manitoba Harvest (MH).  Cannabis sales grew a total of $1.5 million or 9%, with flower showing a strong increase of 49% yet extracts dropping 24%. A 9% growth in cannabis in a market that Health Canada reports as declining is respectable. Adult use totaled $7.9 million while medical, including international,…

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Aurora Cannabis Q3 F2019 Rundown – March 31, 2019

First off… some very good disclosure in the MDA and the 1.5 hour conference call.  I think Cam said, “Aurora can have its cake and eat it too.” when commenting about having product to sell now and product to build out for Formats 2.0.  This is a very true statement. Three things to keep in mind for this Q on operations basis: Managed healthy increase in sales despite overall market being reportedly downWe are just seeing the leading edge of the Sky production capacity moving through the pipeline to sales. Next Q will be interesting for Gross Margin on this front.Someone is sitting on…

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Supreme Pharma Q3 F19 March 31, 2019 “In Pictures”

Overview Income Statement Drivers and Implied Breakeven - Trend Income Statement Drivers and Implied Breakeven - Peers Gross Margin: Trend and Peers Gross Margin: Peers – larger group SGA and SBC- Peer SGA and SBC- Trend A nice downturn in combined SGA.  It will be interesting to see if this Q marks an inflection point. Implied Breakeven Net Operating Profit divided by Current Q Sales Implied Breakeven Adj EBITDA divided by Current Q Sales “Gas in the Tank” Negative FG delta QoQ as such FG inventory on hand that fueled the Sales growth in this Q is not at level it was in the…

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CannTrust Q1 F2019 Rundown – March 31, 2019

Open up the fins and MDA and follow along. Sales: CannTrust sales increased by $0.7 million or 4% QoQ.  While their Medical sales increased by 13% their wholesale sales dropped by 6%. Extracts growth powered the sales increase for the period and accounts for 55% of cannabis sales up from 48% last Q. Medical sales were consistent in both increases to flower and extracts at 13%.  Flower makes up 28% of Medical sales with Extracts bringing in a strong 72% of revenues. Patient growth increased by 10,000 to 68,000 or 17%.  But as Medical sales increased only 13% the patients are not buying as…

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Cronos Q1 F2019 Rundown – March 31, 2019

Open up the MDA and Fins and following along. I note that there is very little stratification of medical versus adult rec in the MDA.  Which makes it hard to see if they are going backwards on Medical as are some of their peers. Overview: Sales: Cronos evidenced a 16% increase in sales QoQ, with dry bud the driver with a 16% increase or $0.7 million, oil with a 9% increase or $0.1 million, and other up 178% of $0.1 million. Dry KG of flower was up 17% to 906kgs sold and evidenced a decline of 1% to $5.41/gram QoQ.  Oil sold dropped 23%…

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