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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TREND Analysis Harvest One: “Gas in the Tank”

Harvest One had Finished Goods Inventory of $3.8 million in Q0-1 going into Q0. This allowed them to sell $3.7 million in Q0 an increase of $2.1 million over Q0-1 sales of $1.7 million, or 123%. Going into the current Q their FG were down to $2.8 million. Bio Assets have not increased QoQ and Inventory as a whole was virtually unchanged. They did have $2.1 million in WIP, a $0.4 million increase, in Q0 to fuel sales growth. It will be interesting to see if they can maintain sales levels with the above metrics.

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WeedMD Q4 F2018 In Pictures

I will caveat this by saying... Q4 has no stand alone Quarterly figures. So I "backed in" to Q4 by subtracting previous three Q's from Year End. This lead to only a minor discrepancy of $134k in Gross Margin. Usually I would start off a "In Pictures" review or a Rundown by starting with Sales. But in this case the change QoQ in Gross Margin % is what drove many of the figures below. So, lets start with Gross Margin. Gross Margin Peer and Trend I don't often comment on an "IN Pictures" review but the drop in GM QoQ from 64% to 12%…

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TREND Analysis 48 North: “Gas in the Tank”

This is an interesting chart, even though they do not disclose WIP and FG breakdowns. Sales last Q of $2.4 million, an increase of $1.1 million or 84% QoQ off of a base of $1.5 million in inventory. With a reduction in inventory to $0.9 million can they repeat that sales level? Bio Assets are up but only by $0.3 million to $0.9 million. Last Q sales with this inventory level will be difficult.

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TREND Analysis – Supreme Pharmaceuticals (FIRE): “Gas in the Tank”

This is an interesting one. After two Q's of negative FG delta, Q0 has a positive FG delta. Meaning, FIRE starts the present Q with more FG inventory than Q) when they recorded a strong positive Sales delta. This means that despite the strong sales delta (+$2.6 million or +50% QoQ) in Q0 FIRE's throughput to the FG shelf was sufficient to handle the sales increase, while putting more goods on the FG shelf at Q's end. This sets up well for the next Q, although more FG (ie equal to last Q sales) would be my preference. Bio Assets also shows strong growth…

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