Aurora Cannabis Q4 F2018 Rundown

Open up the fins and the MDA and follow along.First off.. BIG thanks t Glen their CFO for having the courtesy to provide QoQ narrative on OPEX versus YoY comparisons. You have heard me grumble on how useless YoY comparisons are in a fast growing industry like this, so to provide colour is appreciated. Also… they let TheCannalysts ask a couple of Q’s. How about that!So let’s dig in…As a generalization…. If you take two firms with negative Adj EBITDA and you combine them the first Q will never look pretty [See Canopy-Mettrum]. You might get sales boost and other improvements, but to squeeze…

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Aphria Q1 F19 Aug 31, 2018 Rundown

I do want to add a comment before we get going….  Aphria always had an industry leading MDA in my opinion.  They stepped up their game considerably [as did ACB last Q].  They increased disclosure of Gain on Bios, FVI, QoQ impacts on cost per gram, and their detail on construction cost overruns and plant destruction were [to me] the type of disclosure the industry should strive towards.  They could always make me more happy by: providing kg’s harvested, sold and held in inventory like CGC or providing QoQ expense commentary as ACB added last Q providing FG and WIP break downs on inventory…

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CannTrust Q3 F2018 Rundown

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 1% to $8.89 = $6.2 Hello wholesale…267 kgs at $6.40 = $1.7 million Other up $1…

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Tilray Q2 F2018 Rundown

Open up the fins and MDA and follow along.As this is my first Tilray rundown I trust the Community will be easy on me as I learn more about them. Usually it takes a few rundowns to settle in.SalesTilray increased sales to USD 9.7 million [C$ 12.8] a 25% increase QoQ. This was on 1514 KGs [1299 kgs last q] at a price per gram of C$8.38 vs C$7.55 last Q. A greater mix of higher value extracts – 46% up from 40% - is the reason. Cdn sales were up 24%, while non Cdn were up 77% but an insignificant amount of US$…

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Canopy Growth Q2 F2019 Rundown

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 the profit generated by the business itself and not the investment side of…

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