48 North Q1F2019 “In Pictures”

As “Gas in the Tank” picked up last Q…. it was going to be a hard trudge to repeat 4Q F2018 sales when they blew out a bunch of inventory to do it.  They entered Q1 F19 with under $1 million in inventory. The good news is they now have $2.4 million in inventory entering Q2 F19, which is a $1.1 million more than when they entered Q4 F2018.  Also, their biological assets have increased substantially and are also up $1 million over Q4F18 to $1.9 million. Take a look through the pics… if you have any Q’s… put them in The Dive Bar…

Continue Reading
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,…

Continue Reading
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…

Continue Reading
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…

Continue Reading
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…

Continue Reading
Close Menu