Top Cannabis Companies By Revenue In May, Marijuana Stocks To Check Out As Earnings Season Fades

As another earnings season draws to a close, investors in cannabis stocks have gone through some trying times.

Many companies within the space reported a sequential drop in revenue for the first quarter of fiscal 2022, including Charlotte's Web Holdings CWEB CWBHF, Columbia Care Inc. CCHWF, Greenlane Holdings, Inc. GNLN, Cresco Labs CL CRLBF, Planet 13 Holdings Inc. PLTH PLNHF, TPCO Holding Corp. GRAM GRAMF, which is doing business as The Parent Company, TILT Holdings Inc. TILT TLLTF, Sundial Growers Inc. SNDL, Jushi Holdings Inc. JUSH JUSHF and Verano Holdings Corp. VRNOF to name a few.

The Public Cannabis Company Revenue & Income Tracker, managed by New Cannabis Ventures, ranks the top revenue-producing cannabis companies.

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While some of the largest players within the MSO group blamed seasonal factors, declining cannabis prices, and inflationary pressures for such a scenario, there are still companies, such as Illinois-based Green Thumb Industries GTBIF, which saw a strong quarter.

Green Thumb Industries

In addition to revealing a 25% year-over-2020 year increase in revenue to $243 million in the first quarter, the cannabis grower wrapped up the quarter with $175 million in cash. Cantor Fitzgerald’s analyst Pablo Zuanic said that "cash is oxygen," which places the company in an advantageous position compared to industry peers.

Interestingly, GTI was also among the top three on the New Cannabis Venture’s list of the top revenue-producing cannabis companies in May, having been beaten by Trulieve Cannabis Corp. TRUL TCNNF and Curaleaf Holdings, Inc. CURA CURLF.


The Florida-based Trulieve generated $318.3 million during the first three months of fiscal 2022, representing a year-over-year improvement of 64%.

CEO Kim Rivers and CFO Alex D'Amico, president Steve White and Christine Hersey and another half-dozen company executives, bought up the company's shares. 

Based on its current forecasts, Trulieve expects to boost performance in the second half of 2022 to higher than the first half of the year. 

"Improving execution, more surgical promotions, and realization of efficiencies from the Harvest merger makes us confident of a stronger back half" for the company, Zuanic commented on the company’s financial results. Rivers said the company is “off to a great start in 2022.”


Curaleaf, on the other hand, came in second, reporting a 2% sequential loss in the first-quarter revenue of $313 million. However, based on its revenue guidance, the Massachusetts-based company is on track to top the list in the quarters to come.

Zuanic said in his recent note that Curaleaf is well-positioned to take advantage of eastern states going recreational, where prices are expected to be above average in the beginning.

“It should also see margin expansion as it gains scale, adds more vertical integration, and rolls out margin-enhancing innovation,” he said.

The company recently launched adult-use sales at its Edgewater Park, New Jersey dispensary, its second location to sell recreational marijuana in the Garden State.

In the meantime, it seems that Curaleaf will join a lawsuit against the Federal Government by a coalition of multi-state operators in the cannabis industry. The coalition says it will sue the Feds because they believe that the government's marijuana policies are unconstitutional.

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In the meantime, Canopy Growth Corp. CGC, High Tide Inc. HITI HITI (FSE:2LYA) and HEXO Corp HEXO HEXO made it to the top three Canadian companies reporting earnings in May.

Canopy Growth

The Smiths Falls, Ontario-based cannabis giant reported a 25% quarter-over-quarter decline in the fourth-quarter revenue to CA$112 million (CA$88.4 million). While adjusted EBITDA came in negative at CA$122 million, the company expects to be EBITDA positive in FY24.

High Tide

High Tide which wrapped up its CA$2.8 million acquisition of 100% of the equity interest of Livonit Foods Inc. operating as Bud Heaven on Wednesday its revenue almost doubled over the year to CA$72.2 million ($57.1 million) in the first quarter of 2022.

Raj Grover, the company's president and CEO, expects "further meaningful increases" to the company's revenue profile in view of "growth plans for the remainder of this year."

Zuanic projected total sales of CA$78 million for the second quarter and CA$91 million for the third.


HEXO reported in March total net revenues of CA$52.8 million for the second quarter of 2022 while revealing a net loss of CA$690.2 million ($546,94 million).

Shortly after, Tilray Brands, Inc. TLRY signed a definitive agreement for a commercial and financial partnership with HEXO that is expected to bring together Canada’s top two cannabis market leaders. Tilray will acquire 100% of the remaining $193 million outstanding principal balance of the senior secured convertible note that was issued by HEXO and held by funds affiliated with HT Investments MA LLC.

In May, HEXO established an at-the-market equity program that allows the company to issue and sell up to $40 million of common shares in company capital from the treasury to the public, from time to time, at the company’s discretion.

Find out which companies also made it onto NCV’s most recent list

Photo: Courtesy of Gilly on Unsplash

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Posted In: CannabisEarningsNewsPenny StocksSmall CapMarketsfirst quarter earningsKim RiversmarijuanaNew Cannabis VenturesPablo Zuanicstocks
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