Supreme Cannabis – Structure & Current State – 09/18

Well, another day, another year end.Supreme's declaration of record sales caught my eye, because while top line handwaving like this typically is something positive, given they've had almost an entire year of quietly producing/refining, I'd expect exactly what they announced. And I'm far more curious about the optionality and SBC they've got tied to their ass.24% gross margin reported, inelegant. I'll leave the GoB unwinding to Blue, but.....I have a feeling what'll come out of it.$5.5MM in SBC (ka-ching baby), and another $10MM in G&A and wages.Wrote up an 'investment' in a software company by a million. Looks like they got a mark1 ,…

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The Hydropothecary Corporation – Structure and Current State – 07/18

This is the first time I’ve darkened their financial door (as it were) in any detail, although I’ve viewed them from afar as a possible regional hedge of producer exposure.And despite my less than ebullient view of the provincial marketplace they are about to launch and expand within, they do have a large supply deal with a wretch (the provincial monopoly) that will at least get their product into stores and shelves.Straight to it:$2.5MM license capitalized, aggregate $4.5MM in intangibles. Pretty negligible, and alot less than $500MM.Note 10 reads like a shitty Victorian romance novel: ornate, fussy, unclear, and ultimately ends up with a…

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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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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…

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