Organigram Q4 F2018 Rundown – Aug 31, 2018

OK… you may have read my Bah Humbug comment on the Sports Bar last night about Q4’s and how I wished that company’s would lay out the Q4 versus just doing an Annual aggregation.  Here is why…   Organigram 9 mos YTD 12 mos F2018 Delta Reported via MDA 31-May-18 31-Aug-18 Q4 F2018 Q4 F2018 Sales $9,611 $11,936 $2,325 $3,205 Sales returns $489 $493 $4 $8 Net Sales $10,100 $12,429 $2,329 $3,213 Cost of Sales $4,009 $4,659 $650 $1,068 Indirect production costs $1,002 $1,289 $287 $287   $5,011 $5,948 $937 $1,355 Gross Margin B4 IFRS $5,089 $6,481 $1,392 $1,858 Fair Value adjustments $15,172 $46,018…

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Aphria Q2 F2019 Rundown

Open up the Financial Statements and MDA and follow along. First partial Q of adult rec is on the books. Cannabis sales [net of excise] was $19.5 million while non-cannabis sales were $2.2 million.  The increase in cannabis sales was $6.8 million a 53% increase QoQ, while non-cannabis was $1.6 million up from $0.6 million and attributable to Argentine asset ABP for 2 of 3 months in Q. Cannabis Sales in KGs increased to 3,409 up from 1,778 or 70%.  Rec accounted for 1,946 kgs [57% of total] while Medical was 1,463 kgs [43%] a decrease of 23 kgs QoQ. Revenue per gram of…

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Tilray Q3 F2018 Rundown

USD unless noted. Last Q we noted on the Rundown and on “Inside The Ropes” podcast that Tilray had very little Finished Goods Inventory of Flower $89k and Extracts $361k at the end of the last Q and net decrease in overall cannabis inventory [decreased $913k].  We surmised that this would lead to either constrained sales growth unless they bought from 3rd parties, and if they did buy from third parties… a hit to gross margin. We have also repeatedly noted that NOT ONE financial media company has brought this up. Well, we got that right. Open up the financials and MDA and follow…

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Cronos Q3 F2018 Rundown

Open up the financials and MDA and follow along. Sales Cronos evidenced a $0.4 million or 11% in crease in sales to $3.8 million.  They have some new disclosure that wasn’t available last Q, so I cannot track down the exact location of increase but I believe it to be all oil related.  Oil now constitutes 29% of overall sales. International sales make up $0.6 million of sales or 15% of mix. Again, new disclosure so no comparative. Sale price per gram increased to $7.32 from $7.12 likely due to higher oil sales. Cost of goods sold Cronos 31-Mar-18 30-Jun-18 30-Sep-18 Gross Margin B4…

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Aurora Cannabis Q1 F2019 Rundown

Open the financial statements and MDA and follow along. I said this last rundown for ACB…. "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 out synergies takes more than the first Q.  You throw in a huge ramp of Selling expenses and G&A to Day 1 of rec… and these results shouldn’t be too shocking [Illumination series was a cost with future benefit derived later]. I’d expect a similar theme next Q as they absorb MedReleaf."…

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