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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CannTrust Q2 F2018 Rundown

Open up the fins and the MDA and follow along. TRST evidenced a 15% increase in QoQ revenue of $1.2 million. This on the backs of only an 8% increase in KGs sold, therefore… better pricing. Revenue per gram sold was $8.52 vs $7.98 last Q, an increase of 7%. Flower sales in absolute $ terms increased 11% at $7.59 a gram versus $7.27 last q. Oil sales in absolute $’s increased 20% at $8.95/gram equiv versus $7.89 last Q. Oil is now 59% of sales, an increase on mix of 2% from last Q. One of the few downtrends this Q was Gross…

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Aphria Q4 F2018 Rundown

Open up the fin statements and the MDA to follow along.Sales:A pretty strong sales increase of 17% or $1.8 m to $12 million QoQ. This was despite an 8% drop in KG sold QoQ.Plus:+BCC for full Q versus 1 month… BCC now accounts for 484 KGs or 37% of sales by weight.+BCC averages over $10/.gram which increased Retail per gram to $9.25/gram from $8.30 an 11% improvement+Existing patients was a record 798 kgs a 49% improvement from last Q and above the 695 kgs record in Q2.Minus - headwinds-Onboarding dropped substantially by 37% versus last Q to 172 kgs from 272 last Q [a…

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Cronos Q2 F2018 Rundown

With Cronos changing their accounting presentation to what is becoming industry standard, I thought I’d do a light rundown.Sales increased 15% QoQ to their highest level yet of $3.4 million. This increase was off a drop in KGs sold to 477 kgs from 501 kgs [they have had a change in format of reporting this. I believe it to be correct]. This increase in sales off of lower kgs was a function of an increase in the overall price per gram QoQ to $7.12 from $5.88/gram, likely reflecting a reduction in wholesale to 3rd parties. [“Likely” as this was a breakdown of sales last…

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Liberty Health Sciences Q1 F2019 Rundown

I was going to put this in the Sports Bar... but figured I'd give it her own post given the subs interest.Open up the financials and MDA and follow along…Sales for the Q was $1.1 million up 164% QoQ or $709k. This is largely attributable to sizeable patient capture due to having 4 dispensaries running during the Q rather than one dispensary on the previous Q. Patients were 4,566 versus 1,999 last Q a 228% increase.Price per gram dropped from $19.99/gram to $15.99 gram.Gross Margin before IFRS voodoo [COGS and Dep only] improved to 12% from 2% last Q, and absolute Gross Margin before…

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