Cronos Q4 F2018 Rundown – Dec. 31, 2018

Cronos, much like Tilray, didn’t give a lot of color in Fins and MDA about Medical versus Rec results nor QoQ changes. Open up the fins and MDA and follow along. Sales: Sales net of Excise tax was $5.6 million, a 49% increase from Q3 F2018. Dry cannabis evidenced a $1.6 million increase [61%], while oils nudged up $0.3 million or 25%.  Cronos stopped breaking down export sales in fins and MDA, so I cannot make a comment on same other than last Q that totaled $0.6 million. Revenue per gram was $5.39/gram down 26% from $7.32/gram last Q, as rec in the sales…

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Tilray Q4 F2018 Rundown – Dec. 31, 2018

Open up Fins and MDA and follow along. Tilray has decided to NOT break out Excise Tax in both Revenue and in CoGS.  Figures below are based on their reported sales unless noted otherwise, and in USD [save Peer Comparisons where we have converted USD to CAD].  This results in GM and Opex being understated as % of Sales [as sales is overstated] compared to peers. Sales: Tilray recorded sales of USD 15.5 million in Q4 versus Q3 USD 10 million. Tilray did not break out rec versus medical sales.  Below is the Delta by product segment and by geography. Both Dry Cannabis and…

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Tier 2 Cdn LP’s Peer Comparisons: Income Stmt Drivers & Implied Breakeven Sales

I used this graph in "Hexo in Pictures" post, but in case you skipped it because you are not interested in Hexo... I thought I would re-post. I will be posting Trend Analysis per LP against these metrics hereafter, so I wanted to ensure the Base Peer Comparison has been highlighted for you. I will also be swapping HIP out given the Hexo acquisition [take note of HIP EBITDA as this will stack into Hexo in the first few Q's unless they slash duplication - it is before Rec, so keep that in mind. I'll add HIP latest Q once released and before removing…

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Aurora Plants +EBITDA Flag in Q2 F2019 – How in the world do they get there?

NOTE: All before IFRS voodoo!! Opex = Cash related OPEX. I must say, I was quite surprised to hear Aurora planting the Positive EBITDA flag for Q4 F2019 [April 1- June 30, 2019].  Firstly, because this is quite the hill to climb in two quarters, given they are close to negative $40 million in Adj EBITDA.  And Secondly, because ACB doesn’t even disclosed Adjusted EBITDA calculations in their MDA. But in this era of C-Suites hoping to dodge direct financial metric questions like Patches O’Houlihan was tossing a wrench at them it was a pleasant surprise.  And that it has to do with one…

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