The Public Cannabis Company Revenue Tracker, managed by New Cannabis Ventures, ranks the top revenue producing cannabis stocks that generate industry sales of more than US$5.0 million per quarter. This data-driven, fact-based tracker will continually update based on new financial filings so that readers can stay up to date. Companies must file with the SEC or SEDAR to be considered for inclusion. Please note that we raised the minimum quarterly revenue in May from US$2.5 million.

40 companies currently qualify for inclusion, with 26 filing in U.S dollars and 14 in the Canadian currency. Since our last report in in mid-May, we have added Cansortium (CSE: TIUM) (OTC: CNTMF), Green Growth Brands (CSE: GGB) (OTC: GGBXF), iAnthus Capital (CSE: IAN) (OTC: ITHUF), MJardin Group (CSE: MJAR) (OTC: MJARF), Sunniva (CSE: SNN) (OTC: SNNVF), Vireo Health (CSE: VREO) (OTC: VREOF) and Zenabis Global (TSX: ZENA) (OTC: ZBISF).

We expect to add more companies in the coming months. We are not able to include Elixinol Global (ASX: EXL) (OTC: ELLXF) and Greenlane (NASDAQ: GNLN), which would otherwise qualify but don’t break out their cannabis-related revenue.

In May, we began to include an additional item, “Adjusting Operating Income”, as we detailed in our newsletter earlier today. The calculation takes the reported operating income and adjusts it for any changes in the fair value of biological assets required under IFRS accounting. We believe that this adjustment improves comparability for the companies across IFRS and GAAP accounting. We note that often operating income can include one-time items like stock compensation, inventory write-downs or public listing expenses, and we recommend that readers understand how these non-cash items can impact quarterly financials.

Of the companies that shared financials in late May and that report in U.S. dollars, in addition to the new entrants Cansortium, Green Growth Brands, iAnthus Capital, MJardin and Vireo Health, some of the largest revenue generators reported, including Trulieve (CSE: TRUL) (OTC: TCNNF), MedMen Enterprises (CSE: MMEN) (OTC: MMNFF), Curaleaf (CSE: CURA) (OTC: CURLF), Tilt Holdings (CSE: TILT) (OTC: SVVTF), Green Thumb Industries (CSE: GTII) (OTC: GTBIF), Charlotte’s Web (TSX: CWEB) (OTC: CWBHF), Cresco Labs (CSE: CL) (OTC: CRLBF), Harvest Health & Recreation (CSE: HARV) (OTC: HRVSF), Planet 13 Holdings (CSE: PLTH) (OTC: PLNHF) and Acreage Holdings (CSE: ACRG) (OTC: ACRGF). We note is that most of the companies were able to reduce their adjusted operating income losses or increase their gains.

One trend we have observed is that many of the companies are now providing pro forma revenue as well, which is an attempt to more accurately portray the operations by taking into account the results of closed and pending acquisitions as the multi-state operator (MSO) space rapidly consolidates. Our rankings include only actual reported revenue.

There are no companies expected to report financials during June.

Of the companies that report in Canadian dollars, Origin House (CSE: OH) (OTC: ORHOF) exceeded its prior guidance of C$11.0 million. Sunniva, which generated the vast majority of its revenue from branded products sold in California, returned to the rankings, while Zenabis joined for the first time.

In June, Canopy Growth (TSX: WEED) (NYSE: CGC), which has a March fiscal year-end, will report its financials. The company hasn’t yet formally announced a date, but it has indicated that it will report results on the 20th. According to Sentieo, it is expected to generate revenue of $99.3 million, up from $83 million in its fiscal Q3 and from $23 million in the same quarter a year ago. HEXO Corp (TSX: HEXO) (NYSE American: HEXO) is expected to report its fiscal Q3 by June 14th.

Visit the Public Cannabis Company Revenue Tracker to track and explore the complete list of qualifying companies. For our readers who are interested in staying on top of scheduled earnings calls in the sector, we have recently introduced the Cannabis Investor Earnings Conference Call Calendar.

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Exclusive article by Alan Brochstein, CFA Facebook | LinkedIn | Email Based in Houston, Alan leverages his experience as founder of online communities 420 Investor , the first and still largest due diligence platform focused on the 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. At New Cannabis Ventures , he is responsible for content development and strategic alliances. Before shifting his focus to the cannabis industry in early 2013, Alan, who began his career on Wall Street in 1986, worked as an independent research analyst following over two decades in research and portfolio management. A prolific writer, with over 650 articles published since 2007 at Seeking Alpha , where he has 70,000 followers, Alan is a frequent speaker at industry conferences and a frequent source to the media, including the NY Times, the Wall Street Journal, Fox Business, and Bloomberg TV. Contact Alan: Twitter