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.

33 companies currently qualify for inclusion, with 22 filing in U.S dollars and 11 in the Canadian currency. Since our last report in in early May, we have added Columbia Care (NEO: CCHW) (OTC: COLXF), Halo Labs (NEO: HALO) (OTC: AGEEF), Innovative Industrial Properties (NYSE: IIPR) and Village Farms (TSX: VFF) (NASDAQ: VFF). We also removed MJardin Group (CSE: MJAR) (OTC: MJARF), which didn’t break out Q4 financials in its annual filings or MD&A, and Alcanna (TSX: CLIQ) (OTC: LQSIF), which fell just beneath the minimum required. 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.

This month, we have begun 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 have shared financials in May and that report in U.S. dollars, GW Pharma (NASDAQ: GWPH) had the biggest change, as the company’s revenue of $39.2 million were fueled by sales of Epidiolex, pushing it to the top of the rankings as revenue grew 490% from the prior quarter and 1191% from a year ago. Tilray (NASDAQ: TLRY) cannabis sales of $17.0 million grew 9% over Q4, while CV Sciences (OTC: CVSI) saw a 5% sequential gain in revenue to $14.9 million. Note that we exclude revenue for Tilray from its recently acquired hemp food operations. GrowGeneration (OTC: GRWG), which boosted its annual guidance following Q1, saw revenue of $13.1 million increase 44% over Q4 and almost triple from a year ago. Columbia Care, which just began trading publicly, reported revenue of $12.9 million, up 45% from a year ago. Innovative Industrial Properties saw revenue growth of 147% in Q1 to $6.8 million. Terra Tech (OTC: TRTC) cannabis revenue fell 7% from a year ago to $6.8 million. Finally, Village Farms, which owns half of the Pure Sunfarms JV, reported its share of revenue at $5.4 million.

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.

The last week of May will be quite busy, with many companies filing quarterly reports, including, among the largest revenue-generators, Trulieve (CSE: TRUL) (OTC: TCNNF), Curaleaf (CSE: CURA) (OTC: CURLF), MedMen Enterprises (CSE: MMEN) (OTC: MMNFF), Charlotte’s Web (CSE: CWEB) (OTC: CWBHF), Green Thumb Industries (CSE: GTII) (OTC: GTBIF), Cresco Labs (CSE: CL) (OTC: CRLBF), Harvest Health & Recreation (CSE: HARV) (OTC: HRVSF) and Acreage Holdings (CSE: ACRG) (OTC: ACRGF). MedMen, which has scheduled a call for May 29th, has already pre-announced Q3 sales of US$36.6 million. Other companies with scheduled calls include Acreage Holdings, Charlotte’s Web, Cresco Labs, GTI and MJardin Group (CSE: MJAR) (OTC: MJARF), which we expect to return to the rankings. According to Sentieo, Trulieve revenue for Q1 is expected to be $43 million, which would allow it to return to the top of the rankings.

Of the companies that report in Canadian dollars, four have filed results for the quarter ending March 31 thus far in May. Aurora Cannabis (TSX: ACB) (NYSE: ACB) revenue increased 20% from Q4 to C$65.1 million. MediPharm Labs (TSXV: LABS) (OTC: MEDIF), which first reported revenue in Q4, saw Q1 sales grow 115% to C$22 million. The licensed producer is focused on extraction exclusively. CannTrust (TSX: TRST) (NYSE: CTST) Q1 revenue grew 4% over Q4 to C$16.9 million. Finally, Supreme Cannabis (TSX: FIRE) (OTC: SPRWF) saw fiscal Q3 revenue increase 29% from the prior quarter to C$10.0 million.

During the rest of May, we expect to see results from Origin House (CSE: OH) (OTC: ORHOF). The company, which is in the process of merging with Cresco Labs, pre-announced Q1 revenue of C$11 million. Canopy Growth (TSX: WEED) (NYSE: CGC), which has a March fiscal year-end, has indicated it expects to report its Q4 in mid-June.

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