Analysis: Movers and Shakers: Cannabis Quarterly Earnings

NEW YORK – Cannabis companies are reporting earnings from Q4 2024 and full year results. Here are just some of the results from the companies we are covering at HCN, in both cannabis and psychedelics:

1. Green Thumb Industries (GTI):

• Q2 2024 Revenue: $280 million, an 11% year-over-year increase.
• Key Issues: Regulatory challenges, including urging the DEA to expedite cannabis rescheduling, and operational expansion in key markets.
• Strategic Initiatives: Focused on growth in adult-use markets and navigating regulatory hurdles for continued profitability.

Revenue Breakdown (Quarterly):

2. Ayr Wellness (AYRWF):

• Q2 2024 Revenue: $74.4 million.
• Key Drivers: Setbacks in the short term, but positioning for growth in adult-use markets in Ohio, Florida, and Pennsylvania.
• Operational Focus: Expanding product offerings and strategic store placements across key states.

Revenue Breakdown (Quarterly):

3. Cresco Labs (CRLBF):

• Q2 2024 Revenue: Not directly mentioned but noted as experiencing significant margin improvements.
• Key Drivers: Improving adjusted EBITDA margin and expanded operations in key U.S. markets.
• Strategic Focus: Efficiency improvements in operational models and market expansion in Illinois and Pennsylvania.

Revenue Breakdown (Quarterly):

4. Cronos Group Inc. (CRON):

• Q4 2024 Revenue: $30.3 million, reflecting a $6.4 million increase from Q4 2023.
• Key Growth Drivers: Higher sales volumes and an expanded product portfolio within Canada and emerging international markets.
• Focus Areas: Global expansion and premium brand positioning in cannabis.

Revenue Breakdown (Quarterly):

5. MediPharm Labs (MEDIF):

• Q3 2024 Revenue: C$9.8 million, up from C$8.5 million in Q3 2023.
• Key Drivers: Significant international sales growth by 37%, which now accounts for 35% of the total revenue.
• Focus Areas: Strong growth in extraction and international partnerships.

Revenue Breakdown (Quarterly):

6. Canopy Growth Corporation (CGC):

• Current Price: $1.27, reflecting an 8.96% drop from the previous close.
• Intraday Movement: High of $1.43, low of $1.27.
• Focus: Continued restructuring efforts to focus on core assets and premium cannabis brands.

Revenue Breakdown (Quarterly):

7. GrowGeneration Corp. (GRWG):

• Current Price: $1.125, down 1.32% from the previous close.
• Focus: Leading supplier in hydroponics and cultivation technology, supporting cannabis operators.

Revenue Breakdown (Quarterly):

8. IM Cannabis Corp. (IMCC):

• Current Price: $2.14, a 3.51% increase from the previous close.
• Focus: Expansion into European markets and focusing on premium cannabis products.

Revenue Breakdown (Quarterly):

9. Psychedelic Companies:

Cybin Inc. (CYBN):

• Current Price: $7.99, reflecting a 2.08% decrease from the previous close.
• Focus: Continued development in the psychedelic therapy space with a focus on mental health treatments.

Revenue Breakdown (Quarterly):

Atai Life Sciences (ATAI):

• Q3 2024 Loss: $0.56 per share, slightly better than analysts’ expectations.
• Strategic Focus: Expanding its drug development pipeline focused on psychedelic therapies for mental health.

Revenue Breakdown (Quarterly):

Enveric Biosciences (ENVB):

• Q3 2024 Loss: Reported a loss of $0.35 per share.
• Focus: Working on developing a pipeline of psychedelic therapies for mental health disorders and oncology.

Revenue Breakdown (Quarterly):