The Green Organic Dutchman – Structure & Current State – 06/18

Given the range of low heat, high heat, or simply empty calories of nothingness being tossed out around this thing, it’s likely overdue to have a look at the financials, and see what they say.I’ve been pinned the past month, but that should be lightening up for the next little while. Time to put on the hazmat suit, and dive right in. Let’s see if there is anything potable in this well…..Another HC licence, another intangible. Capitalizing an artificial value of an artificial asset ain’t my happy place. At least it’s $496MM less than CGC (Note 7)$9MM in SBC flowed through, not a single…

Continue Reading
Aurora Cannabis – Structure and Current State 05/18

Well, their financials are becoming a phone book. And the breadth of their business topology is wide. I haven't been able to do it justice, but, in tandem with the last look - there is a picture emerging. I've been jammed past couple of days....Straight to it:Sales ramping, but curious to see A/R expansion. They’ve stopped aging them for some reason - but $3.4MM of it looks to be interco lending.Inventory detail very good. Benchmark as far as I’ve seen in sector.Doing a lot of things everywhere. More focused than CGC, but still. Many, many balls in the air. Speaking of air, Battley’s gonna…

Continue Reading
Organigram – Structure and Current State – 04/18

I haven't taken a really in depth look at our erstwhile Atlantic Canadian producer since they initially lost their organic certification over mother plant contamination a year ago. The financial hit they took - luckily in very early stages - limited the ultimate damage. One could say that pesticides were going to pop up somewhere. It got the playing field measured, and they pulled the card that happened to get picked. I was a lot harsher on them at the time, but being it's supply chain, and not some other subunit stapling their ties to the desk, I was not too forgiving. Looking at…

Continue Reading
Aphria – Structure & Current State – 04/18

I’ve never run Aphria through the ‘ol mollytime Number Crunching Machine© . The benefit of havingu/GoBlueCdn on speed dial - he’s been on their ops for awhile. Our sub has a lot of followers of these guys: likely attracted by low cost, EBITDA positive sales, and dreams of international expansion - under a balance sheet that isn’t loading G&A like a starving man at an all you can eat buffet - is a bit of a rarity in the industry. Yet still….. a gap to profitability exists. Let’s take a run through the financials, and see if there is anything lurking under Vic’s capital…

Continue Reading
Close Menu