This data-driven, fact-based search engine will be continually updated based on new financial filings so readers can stay up-to-date. Companies must file with the SEC or SEDAR and be current to be considered for inclusion. When we launched this resource in May 2019, companies with more than $2.5 million in quarterly revenue qualified. As the industry has grown and as more companies have gone public, we have raised the minimum several times, including $5 million in October 2019, $7.5 million in June 2020, up to $10 million in November 2020, $12.5 million in August 2021, $12.5 million in August 2021, and $202 in September 2021. million dollars. hemp industry, we raised the minimum again in May 2024. The senior list has a minimum of US$50 million (C$68.3 million) and the junior list now has a minimum of US$25 million (C$34.2 million).
Note on adjusted operating income
In May 2019, we added an additional measure, Adjusted Operating Income, which we detailed in our newsletter. The calculation takes reported operating income and adjusts it for any changes in the fair value of biological assets required under IFRS accounting. We believe this adjustment improves comparability between companies under IFRS and GAAP accounting. We note that operating income can often include one-time items such as stock compensation, inventory write-offs or public listing costs, and we encourage readers to understand how these non-cash items may impact quarterly financials. Many companies have moved from IFRS to US GAAP accounting, which has reduced our need to make adjustments. Please note that our rating only includes actual reported income and non pro forma income. We also note that companies with non-hemp operations must provide segment-level financial statements detailing not only revenue but also operating profit in order for their operating profit to be included in the tracking. Currently, Aurora Cannabis (NASDAQ: ACB ) (TSX: ACB ), Jazz Pharma (NASDAQ: JAZZ ) and Tilray (TSX: TLRY ) (NASDAQ: TLRY ) do not provide this information.
Tracker inclusion updates
At the time of our last update on October 21st, 19 companies were eligible for inclusion on the senior lists, including 14 in USD and 5 in Canadian currency, while there were 12 companies on the junior lists. Now, 15 companies denominated in US dollars and 4 denominated in Canadian dollars qualify for the senior lists, for a total of 19 now. The junior list includes 9 companies denominated in US dollars and 2 in Canadian dollars. Tracking public cannabis company revenue and earnings on a combined basis now includes 30 companies. American Junior List lost Scotts Miracle-Gro exits, including Hawthorne Gardening, when it reported its fiscal quarter due to its expected divestment. In Canada, Organigram (NASDAQ: OGI ) (TSX: OGI ) moved from the Senior List to the Junior List.
Companies that have reported since mid-November are included
Many of these companies are in December year-end and year-end reporting for them will begin very soon. There are several companies that have reported since the third quarter reports were released in November.
Senior and Junior – US Dollar Report
Neither company has yet reported Q3, but a flurry of updates begins next week. Tilray brands (NASDAQ: TLRY ) (TSX: TLRY ) reported its fiscal third quarter in early January. The diversified company grew its cannabis business 3% year over year as it grew 5% sequentially.
Several of the Big 5 MSOs have scheduled calls for their Q4 financial reports, although GTI has changed its policy and will not host any for now. Here is the current outlook of all of them.
Curaleaf (OTC: CURLF ) (TSX: CURA ) – revenue is expected to decline 1% year-over-year to $328.3 million, with adjusted EBITDA of $66.9 million, a 12% decline.
Green Thumb Industries (OTC: GTBIF ) (CSE: GTII ) – revenue is expected to increase 1% year over year to $296.1 million and adjusted EBITDA is expected to decline 20% to $78.6 million.
Trulieve (OTC: TCNNF ) (CSE: TRUL ) – Revenue is expected to decline 1% year-over-year to $296.5 million and adjusted EBITDA is expected to decline 8% to $95.9 million.
Verano Holdings (OTC: VRNO ) (NEO: VRNO ) – revenue is expected to decline 6% to $205.9 million and adjusted EBITDA is expected to decline 10% to $56.7 million.
Cresco Labs (OTC: CRLBF ) (CSE: CL ) – Revenue is expected to decline 9% to $160.9 million and adjusted EBITDA is expected to decline 12% to $36.3 million.
Senior and Junior – Canadian Dollar Report
Since the November 3rd quarter reports, High Tide (NASDAQ: HITI ) (TSXV: HITI ), Aurora Cannabis (NASDAQ: ACB ) (TSX: ACB ), Canopy Growth (NASDAQ: CGC ) (TSX: WEED ) and Organigram Global (NASDAQ: OGITS ) have filed to list (NASDAQ: OGITS ). Revenue grew sequentially for each of them except Organigram.
One of Canada’s senior listed members, SNDL, has yet to schedule its quarterly call.
The Public Cannabis Company Earnings Tracker by New Cannabis Ventures is not a recommendation of any company, and you should not use it as investment advice. A tilde next to a date means an approximate date. All calculations are derived from SEC or SEDAR filings. Any questions or licensing inquiries please contact us.
Based in Houston, Alan leverages his experience as an online community founder 420 Investorthe first and still the largest due diligence platform focused on publicly traded stocks in the cannabis industry. With his extensive network in the cannabis community, Alan continues to find new ways to connect the industry and facilitate its sustainable growth. time New Cannabis Ventureshe is responsible for content development and strategic alliances. Before turning his attention to the cannabis industry in early 2013, Alan, who began his career on Wall Street in 1986, worked as an independent research analyst with more than two decades of research and portfolio management experience. A prolific writer, with over 650 articles published since 2007 Looking for Alphawhere he has 70,000 followers, Alan is a frequent speaker at industry conferences and frequent source Media including the NY Times, Wall Street Journal, Fox Business and Bloomberg TV. Contact Alan. Twitter: |: Facebook |: LinkedIn: |: El
You are reading this week’s edition of New Cannabis Ventures, a weekly magazine we have published since October 2015. The newsletter includes unique insight to help our readers stay ahead of the curve, as well as links to the most important news of the week. We no longer email them like we used to, but post this and all newsletters on our website here.
friends,
The Global Hemp Stock Index closed 2/11 at 5.69, down 3.4% in February and 13.7% year-to-date in 2026. Since April 30, 2024, it has fallen by 51.4%. The index peaked at 92.48 five years ago and has since declined 93.9%.
Many are keeping an eye on the AdvisorShares Pure US Cannabis ETF (NYSE Arca: MSOS ) and it is down 16.1% so far in 2026, and since 4/30/24 the decline has been a massive 64.8% to its current $3.96. That’s only slightly higher than $3.81, where it ended 2024, and well above the all-time low of $2.02 set in April of last year. The ETF currently has about 2/3 of its portfolio in just three MSOs. Including four other positions above 5%, the top 7 represent 93.6% of MSOS.
Cannabis stocks are clearly under pressure. The 27 stocks in the Global Hemp Stock Index were mostly lower, although two of the stocks rose more than 15%, Scotts Miracle-Gro and Turning Point Brands. Neither of these two companies exclusively serve the hemp industry. 7 stocks fell by more than 20%, three of which fell by more than 44%.
A few companies reported quarters that ended 12/31, but most of the companies in the index had their year ending and will report them later this month. I’ll share a preview before then. I don’t think financial statements are what it will take to make things right for hemp stocks. Instead, it requires a rearrangement that will result in termination 280E taxwhich I discuss in this weekly newsletter from late 2022. The good news is that it is still potentially alive. I continue to suggest that it should not be assumed that this will happen. It should happen, and it would be good if it happened. Good luck to all consumers, medical patients, industry workers and investors.
Sincerely,
Alan:
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Based in Houston, Alan leverages his experience as an online community founder 420 Investorthe first and still the largest due diligence platform focused on publicly traded stocks in the cannabis industry. With his extensive network in the cannabis community, Alan continues to find new ways to connect the industry and facilitate its sustainable growth. time New Cannabis Ventureshe is responsible for content development and strategic alliances. Before turning his attention to the cannabis industry in early 2013, Alan, who began his career on Wall Street in 1986, worked as an independent research analyst with more than two decades of research and portfolio management experience. A prolific writer, with over 650 articles published since 2007 Looking for Alphawhere he has 70,000 followers, Alan is a frequent speaker at industry conferences and frequent source Media including the NY Times, Wall Street Journal, Fox Business and Bloomberg TV. Contact Alan. Twitter: |: Facebook |: LinkedIn: |: El
New Cannabis Ventures offers readers this easy-to-read exclusive summary of BDSA’s 15-state monthly cannabis sales data.
In January, cannabis sales decreased sequentially by 3.1%. In this review, we break down the results by state, starting with the western markets and then ending with the eastern markets. Overall, the BDSA estimates sales in 15 markets totaled $2.07 billion in January, up 4.6 percent from a year earlier. BDSA updated its Illinois numbers after the state recently changed the way it counts sales.
Western markets
BDSA provides coverage for Arizona, California, Colorado, Nevada and Oregon. In December, annual growth was negative in 4 states. Growth in each of these states fell in succession.
Eastern markets
BDSA provides coverage for Florida, Illinois, Maryland, Massachusetts, Michigan, Missouri, New Jersey, New York, Ohio and Pennsylvania. Annual growth in December ranged from -3.1% in Missouri to +37.6% in New York. Ohio began using adults in August, spurring growth. Note that Florida and Pennsylvania are medical markets only. On a daily basis, sequential gains declined in eight markets. Annual growth was negative in both markets and sharp in both states. We warned of a potential slowdown in Florida despite strong dispensary and unit volume growth due to competitive pressure.
For readers interested in a deeper look hemp markets in these fifteen states and more, including segmentation by additional product categories, brand and product details, longer history and segmentation by product attributes, learn how BDSA Solutions can give you access to actionable data and analytics.
Based in Houston, Alan leverages his experience as an online community founder 420 Investorthe first and still the largest due diligence platform focused on publicly traded stocks in the cannabis industry. With his extensive network in the cannabis community, Alan continues to find new ways to connect the industry and facilitate its sustainable growth. time New Cannabis Ventureshe is responsible for content development and strategic alliances. Before turning his attention to the cannabis industry in early 2013, Alan, who began his career on Wall Street in 1986, worked as an independent research analyst with more than two decades of research and portfolio management experience. A prolific writer, with over 650 articles published since 2007 Looking for Alphawhere he has 70,000 followers, Alan is a frequent speaker at industry conferences and frequent source Media including the NY Times, Wall Street Journal, Fox Business and Bloomberg TV. Contact Alan. Twitter: |: Facebook |: LinkedIn: |: El
Illinois released sales figures for two months on Friday. The last time it released the data in November, the state did a major review of historical sales after a long delay, and it was updated to October. The previous report was for Cannabis for adults in May. The November document explained that the lack of data was due to the Metrc transition. “Sales tracking features in Metrc help retailers more accurately and reliably report actual sales, including all discounts and promotions at checkout. A careful review of past data shows that some initial discount prices were collected in previous months.” Here is the updated data until the end of 2025.
Statewide adult cannabis sales rose 5.6% sequentially to $116.6 million in December, up 2.2% on the day. Year-on-year growth was -23.9%, a slight improvement from November’s -26.1% growth. Here is a chart of adult sales over time:
After growing 106% in 2021, 13% in 2022 and 5% in 2023, annual sales for adults are set to grow 5.4% to $1.72 billion in 2024. In 2025, they decreased by 12.5% to $1.51 billion, which was lower than the total in 2022.
There hasn’t been an update from the state on medical cannabis in a while. The state exempts the sale separately from its medical plan, and April issue showed that sales fell 1.6% sequentially to $19.7 million, down 13.2% year over year.
Based in Houston, Alan leverages his experience as an online community founder 420 Investorthe first and still the largest due diligence platform focused on publicly traded stocks in the cannabis industry. With his extensive network in the cannabis community, Alan continues to find new ways to connect the industry and facilitate its sustainable growth. time New Cannabis Ventureshe is responsible for content development and strategic alliances. Before turning his attention to the cannabis industry in early 2013, Alan, who began his career on Wall Street in 1986, worked as an independent research analyst with more than two decades of research and portfolio management experience. A prolific writer, with over 650 articles published since 2007 Looking for Alphawhere he has 70,000 followers, Alan is a frequent speaker at industry conferences and frequent source Media including the NY Times, Wall Street Journal, Fox Business and Bloomberg TV. Contact Alan. Twitter: |: Facebook |: LinkedIn: |: El
