Comparing the ‘Cannabis 50’ to the S&P 50

This week we compare many corporate fundamentals of the ‘Cannabis 50’ companies to the largest 50 of the S&P 500 companies.

If we are going to buy, sell or hold the stocks, then we ought to understand how they stack up to the world’s best-known companies. In fact, for both sets of 50 companies we rank the fundamental scores derived from Thomson Reuters raw data, our Big Data supplier, against a full list of 5091 companies that are also listed in many international markets.

We capture the data and apply it to a proprietary algorithm to generate portfolio management decision-support information. The analysis done for this article is a part of our research.

From a growing number of cannabis companies, we created the Bill Cara Cannabis 50, which we are preparing to trade professionally. As more cannabis companies meet their regulatory requirements and more industry analysts report on them, our database will expand and there will be a turnover both in this list and as candidates for our portfolio.

Here are lists of the Cannabis 50 and the S&P 50.

For the exhibits, we used the US stock market tickers for these companies, but this exhibit also contains the Canadian market tickers and the links to the company websites for each of the Cannabis 50.

EXHIBIT A (Cannabis 50)

Stocktwit Cdn Stocktwit US Cdn ticker US ticker Company Name and Website
$NCNNF NRTH.V NCNNF 48North Cannabis Corp
$ACRGF ACRGF Acreage Holdings
$APH.CA $APHA APHA.TO APHA Aphria Inc.
$ACB.CA $ACB ACB.TO ACB Aurora Cannabis
$CBWTF XLY.V CBWTF Auxly Cannabis
$TRST.CA $CTST TRST.TO CTST CannTrust Holdings Inc
$WEED.CA $CGC WEED.TO CGC Canopy Growth Corporation
$RIV.CA $CNPOF RIV.V CNPOF Canopy Rivers Inc
$CWBHF CWEB.CA CWBHF Charlotte’s Web
$CRBP CRBP Corbus Pharmaceuticals Holdings Inc
$CRLBF CL.CA CRLBF Cresco Labs Inc.
$CRON CRON.TO CRON Cronos Group Inc
$CURLF CURA.CA CURLF Curaleaf Holdings, Inc.
$VRNDF NINE.V VRNDF Delta 9 Cannabis Inc
$EMHTF EMH.V EMHTF Emerald Health Therapeutics
$EEVVF EVE.V EEVVF Eve & Co Inc
$FLWPF FLWR.V FLWPF Flowr Corp
$CANN CANN General Cannabis Corp
$GGBXF GGB.CA GGBXF Green Growth Brand
$TGOD.CA $TGODF TGOD.TO TGODF Green Organic Dutchman
$GTBIF GTII.CA GTBIF Green Thumb Industries Inc.
$GGTTF GTEC.V GGTTF GTEC Holdings
$GWPH GWPH GW Pharmaceuticals PLC
$HRVOF HVT.V HRVOF Harvest One Cannabis
$HEXO.CA $HEXO HEXO.TO HEXO Hexo Corp
$NDVAF NDVA.V NDVAF Indiva Ltd
$IN.CA $IMLFF IN.TO IMLFF InMed Pharmaceuticals
$IIPR IIPR Innovative Industrial Properties Inc
$INSY INSY Insys Therapeutics Inc
$IVITF GENE.V IVITF Invictus MD Strategies Corp
$KHRNF KHRN.V KHRNF Khiron Life Sciences Corp
$KSHB KSHB Kush Bottles Inc
$MEDIF LABS.V MEDIF MediPharm Labs Corp.
$MMNFF MMEN.CA MMNFF Medmen Enterprises
$NXTTF N.V NXTTF Namaste Technologies Inc.
$NACNF META.V NACNF National Access Cannabis Corp
$NWKRF HIP.V NWKRF Newstrike Brands
$OGI OGI.V OGI Organigram Holdings Inc
$PCLO.CA $PHCEF PCLO.V PHCEF Pharmacielo Ltd
$RLLRF SUGR.V RLLRF SugarBud Craft Growers Corp
$SNNVF SNN.CA SNNVF Sunniva Inc.
$SPRWF FIRE.TO SPRWF Supreme Cannabis Company
$TBPMF TBP.V TBPMF Tetra Bio Pharma Inc
$TLRY TLRY Tilray Inc
$TCNNF TRUL.CA TCNNF Trulieve Cannabis Corp.
$VVCIF VIVO.V VVCIF Vivo Cannabis Inc
$WDDMF WMD.V WDDMF WeedMD Inc
$WSLFF WL.V WSLFF Westleaf Inc
$ZBISF ZENA.V ZBISF Zenabis Global Inc
$ZYNE ZYNE Zynerba Pharmaceuticals Inc

 

EXHIBIT B (S&P 50)

US ticker Company Name
ABT Abbott Laboratories
ABBV AbbVie
ACN Accenture
ADBE Adobe Systems
GOOGL Alphabet
AMZN Amazon.com
AAPL Apple
T AT&T
BAC Bank of America
BRKB Berkshire Hathaway
BA Boeing Company (The)
AVGO Broadcom Limited
CVX Chevron Corporation
CSCO Cisco Systems
C Citigroup
KO Coca-Cola Company (The)
CMCSA Comcast Corporation
COST Costco Wholesale Corporation
LLY Eli Lilly and Company
XOM Exxon Mobil Corporation
FB Facebook
HD Home Depot (The)
HON Honeywell International
INTC Intel Corporation
IBM International Business Machines Corp
JNJ Johnson & Johnson
JPM JP Morgan Chase & Company
MA MasterCard
MCD McDonald’s Corporation
MDT Medtronic PLC
MRK Merck and Company
MSFT Microsoft Corporation
NFLX Netflix
NKE Nike
ORCL Oracle Corporation
PYPL PayPal Holdings
PEP PepsiCo
PFE Pfizer
PM Philip Morris International
PG Procter & Gamble Company
CRM salesforce.com, inc.
TMO Thermo Fisher Scientific Inc.
UNP Union Pacific
UNH UnitedHealth Group
UTX United Technologies Corporation
VZ Verizon Communications
V Visa
WMT Wal-Mart Stores
DIS Walt Disney Company (The)
WFC Wells Fargo

Here is a sample of the fundamentals data that we obtain and massage every week.

  • Y/Y Forecasted Next Year Sales
  • Y/Y Forecasted Next Year EPS
  • 3-month consensus EPS revision % change
  • Consensus Est. Enterprise Value-to-EBITBA
  • Estimated Net Income-to-Sales
  • Net Debt-to-EBITDA
  • Cash Flow-to-Total Liabilities
  • Current Mkt Cap-to-Forecasted EBITDA
  • Current P/BV relative 5-Year Mean P/BV

Once weekly, we run this data for about 5,100 companies to get relative rankings of any stock against the Universe or perhaps its sector or within any peer group that we choose such as a portfolio or a group of stocks in an industry like cannabis.

On the fundamentals data that we receive, we apply a proprietary algorithm to compute relative scores for categories like Growth, PEG, EPS and Revenue Revisions etc, some of which are displayed in this article as exhibits.

Here is a background explanation of the Williams Market Analytics Fundamental Scoring System and our Fundamentals algorithm

Scores range from 0 (weakest) to 100 (strongest) and are centered around 50, like a diffusion index, as explained below. The number in parenthesis is the company’s percentile rank for the metric, either versus all listed companies (“Global”) or versus its peers (“Sector”). The 100th percentile is top of class.

NA = Fundamental data is not available for the company or there is a lack of analyst coverage.

Metric Components Significance of 50 level
Growth Y/Y Forecasted Next Year Sales/Current
Year Sales
Y/Y Forecasted Next Year EPS/Current
Year EPS
50 = 0% aggregate growth rate
EPS
Revisions
6-month consensus revision % change
(current year)
3-month consensus revision % change
(current year)
6-month consensus revision % change
(for next year)
3-month consensus revision % change
(for next year)
50 = 0% change in aggregate revisions
Sales
Revisions
6-month consensus revision % change
(current year)
3-month consensus revision % change
(current year)
6-month consensus revision % change
(for next year)
3-month consensus revision % change
(for next year)
50 = 0% change in aggregate revisions
Valuation Consensus Est. Enterprise Value-to
EBITDA
Consensus Est. Enterprise Value-to-Sales
For Banks:
Total Liabilities & Shareholders’ Equity
to-EBITDA
Total Liabilities & Shareholders’ Equity
to-Revenue
50 = 50th percentile of each component
Profitability Estimated Net Income-to-Sales
Estimated EBITDA-to-Sales
50 = 0% profit margin for each measure
P/E Estimated P/E for Current Year
Estimated P/E for Next Year
50 = 50th percentile of average forward P/E
Financial
Situation
Total Debt-to-Total Equity
EBITDA-to-Interest Expense
Net Debt-to-EBITDA
Cash Flow-to-Total Liabilities
50 = 50th percentile of each component
Yield Indicated Dividend Yield 50 = 50th percentile of all dividend payers
Analyst Consensus analyst recommendation 50 = analyst recommendations between
Hold and Accumulate
PEG Avg. Est. P/E / In-House aggregate
growth rate calculation
50 = 50th percentile
Price/Book
Value
(historical)
Current P/BV relative 5-Year Mean P/BV 50 = 50th percentile of all percent spreads
Mkt Cap /
EBITDA
Current Mkt Cap-to-Forecasted EBITDA 50 = 50th percentile
Price/Earnings
(historical)
Current P/E relative 5-Year Mean P/E 50 = 50th percentile of all percent spreads

So, without getting into technical (market price and volume) studies that are part of our decision-support trading process, you can see we have an investment process based on fundamentals.

Now let’s examine the detailed scoring results of the

    Bill Cara Cannabis 50

.

Exhibit 1 is of Growth.

From the description of the Fundamentals algorithm, you will note that our Growth score is based on both Revenue and Earnings calculations.

For statistical reasons, we apply a maximum score of 100 to all 5,000+ companies, for all calculations. This methodology resulted in Cannabis Wheaton Income Corp having a 100 score for Growth and hence receiving a T1 (tied for #1) ranking.

But you will also see that 22 of the Cannabis 50 beat the Growth scores of any S&P 50 company. That is particularly notable in that almost no cannabis company has much in the way of earnings. That result reflects the explosive revenue growth in the cannabis industry, but also in the reduction in the size of the financial losses, which contributes to a higher score.

Growth (Exhibit 1) Peergroup Score Universe rank (4238)
CBWTF Cannabis Wheaton Income Corp. Cannabis 100 1
IIPR Innovative Industrial Properties Inc Cannabis 90.32 36
SPRWF Supreme Cannabis Company, Cannabis 85.82 54
EEVVF Eve & Co Inc Cannabis 85.13 60
PHCEF Pharmacielo Ltd Cannabis 83.36 81
APHA Aphria Inc. Cannabis 81.36 102
CRLBF Cresco Labs Inc. Cannabis 79.87 123
KSHB Kush Bottles Inc Cannabis 79.32 131
EMHTF Emerald Health Therapeutics Cannabis 78.82 141
GGBXF Green Growth Brand Cannabis 78.57 147
GTBIF Green Thumb Industries Inc. Cannabis 78.14 150
CTST CannTrust Holdings Inc Cannabis 78.05 152
ZBISF Zenabis Global Inc Cannabis 77.57 166
SNNVF Sunniva Inc. Cannabis 77.20 177
FLWPF Flowr Corp Cannabis 75.85 222
HEXO Hexo Corp Cannabis 72.44 312
KHRNF Khiron Life Sciences Corp Cannabis 72.44 313
IVITF Invictus MD Strategies Corp Cannabis 71.63 328
TGODF Green Organic Dutchman Cannabis 70.49 355
ACRGF Acreage Holdings Cannabis 68.88 399
MEDIF MediPharm Labs Corp. Cannabis 66.87 473
VVCIF Vivo Cannabis Inc Cannabis 66.27 505
NFLX Netflix S&P500-Top50 65.21 548
FB Facebook S&P500-Top50 61.91 744
CRM salesforce.com, inc. S&P500-Top50 61.28 795
BA Boeing Company (The) S&P500-Top50 61.11 811
ADBE Adobe Systems S&P500-Top50 60.74 840
CWBHF Charlotte’s Web Cannabis 60.69 844
AMZN Amazon.com S&P500-Top50 60.36 877
PYPL PayPal Holdings S&P500-Top50 59.39 970
CGC Canopy Growth Corporation Cannabis 59.07 1003
GOOGL Alphabet S&P500-Top50 58.99 1013
MMNFF Medmen Enterprises Cannabis 58.76 1037
ACB Aurora Cannabis Cannabis 58.46 1090
BRKB Berkshire Hathaway S&P500-Top50 58.27 1116
MA MasterCard S&P500-Top50 57.21 1277
CURLF Curaleaf Holdings, Inc. Cannabis 57.13 1289
GWPH GW Pharmaceuticals PLC Cannabis 57.02 1309
UTX United Technologies Corporation S&P500-Top50 56.41 1444
V Visa S&P500-Top50 56.29 1466
MSFT Microsoft Corporation S&P500-Top50 56.22 1485
TLRY Tilray Inc Cannabis 56.08 1515
VRNDF Delta 9 Cannabis Inc Cannabis 55.26 1733
AVGO Broadcom Limited S&P500-Top50 55.19 1753
C Citigroup S&P500-Top50 55.11 1775
DIS Walt Disney Company (The) S&P500-Top50 54.98 1804
NKE Nike S&P500-Top50 54.89 1829
CMCSA Comcast Corporation S&P500-Top50 54.76 1863
OGRMF Organigram Holdings Inc Cannabis 54.18 2054
JPM JP Morgan Chase & Company S&P500-Top50 54.14 2069
CRON Cronos Group Inc Cannabis 54.10 2087
ACN Accenture S&P500-Top50 54.09 2089
COST Costco Wholesale Corporation S&P500-Top50 53.94 2140
UNP Union Pacific S&P500-Top50 53.78 2204
BAC Bank of America S&P500-Top50 53.44 2340
INSY Insys Therapeutics Inc Cannabis 53.34 2386
TCNNF Trulieve Cannabis Corp. Cannabis 53.27 2409
KO Coca-Cola Company (The) S&P500-Top50 53.12 2467
XOM Exxon Mobil Corporation S&P500-Top50 52.54 2689
CSCO Cisco Systems S&P500-Top50 52.49 2708
PG Procter & Gamble Company S&P500-Top50 52.25 2808
PEP PepsiCo S&P500-Top50 52.20 2836
HD Home Depot (The) S&P500-Top50 52.17 2846
PM Philip Morris International S&P500-Top50 52.13 2868
ZYNE Zynerba Pharmaceuticals Inc Cannabis 52.00 2918
AAPL Apple S&P500-Top50 51.96 2930
CNPOF Canopy Rivers Inc Cannabis 51.92 2946
T AT&T S&P500-Top50 51.70 3021
ORCL Oracle Corporation S&P500-Top50 51.65 3038
WMT Wal-Mart Stores S&P500-Top50 51.45 3117
MCD McDonald’s Corporation S&P500-Top50 51.08 3225
INTC Intel Corporation S&P500-Top50 51.03 3241
UNH UnitedHealth Group S&P500-Top50 50.86 3294
VZ Verizon Communications S&P500-Top50 50.81 3313
ABT Abbott Laboratories S&P500-Top50 50.74 3347
MRK Merck and Company S&P500-Top50 50.71 3362
TMO Thermo Fisher Scientific Inc. S&P500-Top50 50.66 3380
LLY Eli Lilly and Company S&P500-Top50 50.65 3391
ABBV AbbVie S&P500-Top50 50.50 3429
MDT Medtronic PLC S&P500-Top50 50.42 3454
CVX Chevron Corporation S&P500-Top50 50.40 3460
JNJ Johnson & Johnson S&P500-Top50 50.37 3469
PFE Pfizer S&P500-Top50 50.21 3503
WFC Wells Fargo S&P500-Top50 47.25 3668
HON Honeywell International S&P500-Top50 46.49 3695
CRBP Corbus Pharmaceuticals Holdings Inc Cannabis 46.37 3698
IBM International Business Machines Corp S&P500-Top50 42.82 3813
IMLFF InMed Pharmaceuticals Cannabis 21.59 4143
TBPMF Tetra Bio Pharma Inc Cannabis NA N/A
RLLRF SugarBud Craft Growers Corp Cannabis NA N/A
NWKRF Newstrike Brands Cannabis NA N/A
NXTTF Namaste Technologies Inc. Cannabis NA N/A
NCNNF 48North Cannabis Corp Cannabis NA N/A
NDVAF Indiva Ltd Cannabis NA N/A
GGTTF GTEC Holdings Cannabis NA N/A
NACNF National Access Cannabis Corp Cannabis NA N/A
CANN General Cannabis Corp Cannabis NA N/A
WSLFF Westleaf Inc Cannabis NA N/A
WDDMF WeedMD Inc Cannabis NA N/A
HRVOF Harvest One Cannabis Cannabis NA N/A

Of the 50 cannabis companies, there was insufficient data to calculate scores on 12. But of the 38 we were able to score, fully 36 of these companies scored more than 50.0, and 15 of the 50 scored higher than 75.0, which is extraordinary. Growth is the reason so many investors are watching the cannabis industry closely.

The lowest Growth score that we would deem acceptable for investment was probably Charlotte’s Web at 60.69, which stood at 844 out of 4,238 ranked companies this week (May 24 data). Note also that we tightened up our scoring system this week.

Note that the database universe is almost 5100 companies but the scoring universe for each exhibited criterion is less than 5100 because the reported data from the companies and/or the analysts was insufficient for our purposes. In fact, for the emerging cannabis industry we were unable to analyze several criteria that we do every week for mature companies, such as Yield, because in that case dividends are not paid by these fast growth companies.

Exhibit 2 is for Price-Earnings Growth.

Earnings matter but these scores are based largely on analyst estimates, which are highly influenced by company guidance and reflect the lessening of projected financial losses. However, when subsequent operating results fail to meet consensus estimates, which for cannabis are truly mostly guesswork, the stock prices get hammered.

As we continue to say, cannabis companies can either walk the talk that investors are led to expect, or they cannot. Because of ego and over-striving by management, most companies try and fail.

PEG (Exhibit 2) Peergroup Score Universe rank (3596)
SNNVF Sunniva Inc. Cannabis 100 1
IVITF Invictus MD Strategies Corp Cannabis 100 1
EEVVF Eve & Co Inc Cannabis 99.93 91
APHA Aphria Inc. Cannabis 99.53 104
GTBIF Green Thumb Industries Inc. Cannabis 98.93 130
GGBXF Green Growth Brand Cannabis 98.89 132
ZBISF Zenabis Global Inc Cannabis 98.29 148
CRLBF Cresco Labs Inc. Cannabis 98.11 162
VRNDF Delta 9 Cannabis Inc Cannabis 96.45 228
IIPR Innovative Industrial Properties Inc Cannabis 94.99 273
HEXO Hexo Corp Cannabis 94.08 313
MEDIF MediPharm Labs Corp. Cannabis 93.77 319
CRON Cronos Group Inc Cannabis 93.25 332
CWBHF Charlotte’s Web Cannabis 91.95 375
EMHTF Emerald Health Therapeutics Cannabis 90.55 407
TCNNF Trulieve Cannabis Corp. Cannabis 89.84 421
CTST CannTrust Holdings Inc Cannabis 88.28 472
OGRMF Organigram Holdings Inc Cannabis 86.51 533
CURLF Curaleaf Holdings, Inc. Cannabis 79.35 743
ACRGF Acreage Holdings Cannabis 77.36 801
SPRWF Supreme Cannabis Company, Cannabis 77.33 802
FLWPF Flowr Corp Cannabis 74.89 876
C Citigroup S&P500-Top50 74.46 891
AVGO Broadcom Limited S&P500-Top50 72.92 942
FB Facebook S&P500-Top50 68.80 1077
BA Boeing Company (The) S&P500-Top50 68.02 1091
CMCSA Comcast Corporation S&P500-Top50 67.34 1112
VVCIF Vivo Cannabis Inc Cannabis 66.93 1134
UNH UnitedHealth Group S&P500-Top50 61.93 1285
ABBV AbbVie S&P500-Top50 60.60 1317
GOOGL Alphabet S&P500-Top50 55.65 1463
MRK Merck and Company S&P500-Top50 50.92 1596
BAC Bank of America S&P500-Top50 50.51 1607
ADBE Adobe Systems S&P500-Top50 49.83 1658
AMZN Amazon.com S&P500-Top50 49.09 1816
JPM JP Morgan Chase & Company S&P500-Top50 48.86 1857
WFC Wells Fargo S&P500-Top50 48.38 1924
PYPL PayPal Holdings S&P500-Top50 48.36 1929
NFLX Netflix S&P500-Top50 48.09 1972
MA MasterCard S&P500-Top50 47.95 2003
V Visa S&P500-Top50 47.76 2038
MSFT Microsoft Corporation S&P500-Top50 47.69 2048
CSCO Cisco Systems S&P500-Top50 47.56 2070
ORCL Oracle Corporation S&P500-Top50 47.32 2113
UTX United Technologies Corporation S&P500-Top50 47.01 2162
UNP Union Pacific S&P500-Top50 47.01 2164
NKE Nike S&P500-Top50 46.60 2239
ABT Abbott Laboratories S&P500-Top50 46.46 2263
CRM salesforce.com, inc. S&P500-Top50 46.44 2264
XOM Exxon Mobil Corporation S&P500-Top50 46.40 2270
AAPL Apple S&P500-Top50 45.90 2334
DIS Walt Disney Company (The) S&P500-Top50 45.78 2352
TMO Thermo Fisher Scientific Inc. S&P500-Top50 45.23 2413
T AT&T S&P500-Top50 44.97 2435
BRKB Berkshire Hathaway S&P500-Top50 44.72 2471
CNPOF Canopy Rivers Inc Cannabis 44.60 2482
ACN Accenture S&P500-Top50 44.58 2483
LLY Eli Lilly and Company S&P500-Top50 43.96 2534
MDT Medtronic PLC S&P500-Top50 42.57 2629
PM Philip Morris International S&P500-Top50 41.80 2661
HD Home Depot (The) S&P500-Top50 41.65 2676
COST Costco Wholesale Corporation S&P500-Top50 41.61 2680
CVX Chevron Corporation S&P500-Top50 40.33 2746
JNJ Johnson & Johnson S&P500-Top50 40.01 2758
KO Coca-Cola Company (The) S&P500-Top50 38.85 2803
PG Procter & Gamble Company S&P500-Top50 35.85 2903
INTC Intel Corporation S&P500-Top50 34.77 2922
PEP PepsiCo S&P500-Top50 34.76 2924
VZ Verizon Communications S&P500-Top50 32.14 2970
MCD McDonald’s Corporation S&P500-Top50 31.57 2980
PFE Pfizer S&P500-Top50 27.64 3028
WMT Wal-Mart Stores S&P500-Top50 24.69 3053
HON Honeywell International S&P500-Top50 13.28 3115
IBM International Business Machines Corp S&P500-Top50 0 3153
CBWTF Cannabis Wheaton Income Corp. Cannabis NA N/A
PHCEF Pharmacielo Ltd Cannabis NA N/A
KSHB Kush Bottles Inc Cannabis NA N/A
KHRNF Khiron Life Sciences Corp Cannabis NA N/A
TGODF Green Organic Dutchman Cannabis NA N/A
CGC Canopy Growth Corporation Cannabis NA N/A
MMNFF Medmen Enterprises Cannabis NA N/A
ACB Aurora Cannabis Cannabis NA N/A
GWPH GW Pharmaceuticals PLC Cannabis NA N/A
TLRY Tilray Inc Cannabis NA N/A
INSY Insys Therapeutics Inc Cannabis NA N/A
ZYNE Zynerba Pharmaceuticals Inc Cannabis NA N/A
CRBP Corbus Pharmaceuticals Holdings Inc Cannabis NA N/A
IMLFF InMed Pharmaceuticals Cannabis NA N/A
TBPMF Tetra Bio Pharma Inc Cannabis NA N/A
RLLRF SugarBud Craft Growers Corp Cannabis NA N/A
NWKRF Newstrike Brands Cannabis NA N/A
NXTTF Namaste Technologies Inc. Cannabis NA N/A
NCNNF 48North Cannabis Corp Cannabis NA N/A
NDVAF Indiva Ltd Cannabis NA N/A
GGTTF GTEC Holdings Cannabis NA N/A
NACNF National Access Cannabis Corp Cannabis NA N/A
CANN General Cannabis Corp Cannabis NA N/A
WSLFF Westleaf Inc Cannabis NA N/A
WDDMF WeedMD Inc Cannabis NA N/A
HRVOF Harvest One Cannabis Cannabis NA N/A

The highest scored companies for PEG scores were Sunniva Inc. (SNNVF), Invictus MD Strategies Corp (IVITF) and Eve & Co Inc (EEVVF), which was like the scores of a week earlier.

Aphria jumped up, followed by last week’s next group of leaders: Green Thumb Industries Inc. (GTBIF), Green Growth Brand (GGBXF) and Zenabis Global Inc (ZBISF).

To determine the best candidates for investment based on company fundamentals, we look at the scores of all these exhibits. Prior to investing, we then run different market price-based algorithms. However, analysis of all the data results in anomalies in some categories that require deeper analysis.

We have noted previously that some of profit-generating cannabis companies are being acquired by larger companies for accretive valuation reasons. In any case, profits will come from a lower cost of production and (probably) rising revenues and by delivering products that consumers want.

Exhibit 3 is for EPS Revisions.

Once again, bear in mind that we are not referring to absolute earnings here. When companies guide from a major loss to a lesser loss, the analysts take note.

In any case, many cannabis companies top the leader board.

Many also, cannot be scored.

EPS
Revisions (Exhibit 3)
Peergroup Score Universe rank (4245)
INSY Insys Therapeutics Inc Cannabis 98.36 126
CGC Canopy Growth Corporation Cannabis 86.99 189
FLWPF Flowr Corp Cannabis 80.42 235
CTST CannTrust Holdings Inc Cannabis 71.42 340
CRBP Corbus Pharmaceuticals Holdings Inc Cannabis 70.63 356
ZBISF Zenabis Global Inc Cannabis 67.45 408
HEXO Hexo Corp Cannabis 67.22 413
IIPR Innovative Industrial Properties Inc Cannabis 63.32 496
IMLFF InMed Pharmaceuticals Cannabis 62.27 527
MEDIF MediPharm Labs Corp. Cannabis 59.80 617
CWBHF Charlotte’s Web Cannabis 57.93 696
TCNNF Trulieve Cannabis Corp. Cannabis 57.51 716
JPM JP Morgan Chase & Company S&P500-Top50 57.42 721
CMCSA Comcast Corporation S&P500-Top50 57.41 723
KHRNF Khiron Life Sciences Corp Cannabis 56.02 826
CVX Chevron Corporation S&P500-Top50 55.66 847
COST Costco Wholesale Corporation S&P500-Top50 54.08 992
C Citigroup S&P500-Top50 53.71 1036
TGODF Green Organic Dutchman Cannabis 52.85 1146
MSFT Microsoft Corporation S&P500-Top50 52.61 1191
VZ Verizon Communications S&P500-Top50 52.28 1234
ORCL Oracle Corporation S&P500-Top50 52.18 1261
HON Honeywell International S&P500-Top50 52.11 1270
PYPL PayPal Holdings S&P500-Top50 51.71 1354
WMT Wal-Mart Stores S&P500-Top50 51.66 1365
LLY Eli Lilly and Company S&P500-Top50 51.14 1482
FB Facebook S&P500-Top50 51.12 1488
UTX United Technologies Corporation S&P500-Top50 51.00 1516
ACN Accenture S&P500-Top50 50.95 1525
V Visa S&P500-Top50 50.81 1566
CSCO Cisco Systems S&P500-Top50 50.80 1573
MRK Merck and Company S&P500-Top50 50.79 1575
BRKB Berkshire Hathaway S&P500-Top50 50.66 1627
MA MasterCard S&P500-Top50 50.65 1629
AVGO Broadcom Limited S&P500-Top50 50.62 1639
PEP PepsiCo S&P500-Top50 50.62 1640
UNP Union Pacific S&P500-Top50 50.54 1658
ADBE Adobe Systems S&P500-Top50 50.39 1706
JNJ Johnson & Johnson S&P500-Top50 50.32 1734
TMO Thermo Fisher Scientific Inc. S&P500-Top50 50.24 1767
ABBV AbbVie S&P500-Top50 50.23 1770
T AT&T S&P500-Top50 50.10 1820
KO Coca-Cola Company (The) S&P500-Top50 50.10 1821
ABT Abbott Laboratories S&P500-Top50 50.09 1826
UNH UnitedHealth Group S&P500-Top50 50.09 1829
MDT Medtronic PLC S&P500-Top50 50.07 1837
AAPL Apple S&P500-Top50 50.02 1853
EMHTF Emerald Health Therapeutics Cannabis 50.00 1859
CURLF Curaleaf Holdings, Inc. Cannabis 50.00 1859
WDDMF WeedMD Inc Cannabis 50.00 1859
IBM International Business Machines Corp S&P500-Top50 49.99 1958
HD Home Depot (The) S&P500-Top50 49.80 2041
PG Procter & Gamble Company S&P500-Top50 49.76 2056
PFE Pfizer S&P500-Top50 49.68 2083
CRM salesforce.com, inc. S&P500-Top50 49.31 2238
MCD McDonald’s Corporation S&P500-Top50 49.30 2242
AMZN Amazon.com S&P500-Top50 49.16 2294
XOM Exxon Mobil Corporation S&P500-Top50 49.04 2338
GOOGL Alphabet S&P500-Top50 48.74 2432
NKE Nike S&P500-Top50 47.83 2632
INTC Intel Corporation S&P500-Top50 47.64 2677
BAC Bank of America S&P500-Top50 47.38 2738
DIS Walt Disney Company (The) S&P500-Top50 45.32 3062
NFLX Netflix S&P500-Top50 44.09 3184
PM Philip Morris International S&P500-Top50 43.75 3217
BA Boeing Company (The) S&P500-Top50 42.43 3322
HRVOF Harvest One Cannabis Cannabis 41.97 3361
ACRGF Acreage Holdings Cannabis 40.92 3430
OGRMF Organigram Holdings Inc Cannabis 40.86 3435
SPRWF Supreme Cannabis Company, Cannabis 40.41 3470
ZYNE Zynerba Pharmaceuticals Inc Cannabis 39.00 3541
WFC Wells Fargo S&P500-Top50 38.01 3590
CRON Cronos Group Inc Cannabis 36.40 3650
CBWTF Cannabis Wheaton Income Corp. Cannabis 28.59 3844
CNPOF Canopy Rivers Inc Cannabis 27.37 3866
TLRY Tilray Inc Cannabis 27.29 3869
VRNDF Delta 9 Cannabis Inc Cannabis 26.60 3881
KSHB Kush Bottles Inc Cannabis 21.88 3952
ACB Aurora Cannabis Cannabis 20.10 3978
GWPH GW Pharmaceuticals PLC Cannabis 19.67 3984
GTBIF Green Thumb Industries Inc. Cannabis 13.74 4045
APHA Aphria Inc. Cannabis 11.97 4061
VVCIF Vivo Cannabis Inc Cannabis 1.72 4124
MMNFF Medmen Enterprises Cannabis 0 4133
SNNVF Sunniva Inc. Cannabis NA N/A
IVITF Invictus MD Strategies Corp Cannabis NA N/A
EEVVF Eve & Co Inc Cannabis NA N/A
GGBXF Green Growth Brand Cannabis NA N/A
CRLBF Cresco Labs Inc. Cannabis NA N/A
PHCEF Pharmacielo Ltd Cannabis NA N/A
TBPMF Tetra Bio Pharma Inc Cannabis NA N/A
RLLRF SugarBud Craft Growers Corp Cannabis NA N/A
NWKRF Newstrike Brands Cannabis NA N/A
NXTTF Namaste Technologies Inc. Cannabis NA N/A
NCNNF 48North Cannabis Corp Cannabis NA N/A
NDVAF Indiva Ltd Cannabis NA N/A
GGTTF GTEC Holdings Cannabis NA N/A
NACNF National Access Cannabis Corp Cannabis NA N/A
CANN General Cannabis Corp Cannabis NA N/A
WSLFF Westleaf Inc Cannabis NA N/A

On this EPS Revisions basis, 31 of the 50 companies received a score, but only 12 were acceptable for additional study.

The best two were Flowr Corp (FLWPF) and Corbus Pharmaceuticals Holdings Inc (CRBP), while the 12th best was Curaleaf Holdings, Inc. (CURLF). Next best, Innovative Industrial Properties Inc (IIPR) was close.

But the best of the rest scored only a 2813 ranking in the universe of 4,171 companies that received scores for this measure. That was CannTrust Holdings with a ranking of 2813. The others received very poor rankings.

Exhibit 4 is for Revenue Revisions.

Of the 83 companies that we were able to score on this basis, from a universe of 4142 companies, there were five with the maximum 100 score. Of these, take note that if the company was not Disney and produced the film named Avengers, the S&P 50 did not make it into the Top 13.

McDonalds was next at #14, followed by two more cannabis companies and then Apple, salesforce, Microsoft and Boeing. But that’s still 15 of the Cannabis 50 that were flying higher than Boeing.

The four cannabis leaders were: MediPharm Labs Corp. (MEDIF), Emerald Health Therapeutics (EMHTF), Curaleaf Holdings (CURLF), and Kush Bottles (KSHB).

Note that we are using the US ticker symbols. Most of the Cannabis 50 are also traded in Canada with different ticker symbols.

Revenue
Revisions (Exhibit 4)
Peergroup Score Universe rank (4142)
MEDIF MediPharm Labs Corp. Cannabis 100 1
EMHTF Emerald Health Therapeutics Cannabis 100 1
CURLF Curaleaf Holdings, Inc. Cannabis 100 1
DIS Walt Disney Company (The) S&P500-Top50 100 1
KSHB Kush Bottles Inc Cannabis 100 1
HEXO Hexo Corp Cannabis 90.80 156
CRLBF Cresco Labs Inc. Cannabis 89.94 161
IIPR Innovative Industrial Properties Inc Cannabis 84.00 199
CRBP Corbus Pharmaceuticals Holdings Inc Cannabis 81.17 222
FLWPF Flowr Corp Cannabis 72.24 321
GWPH GW Pharmaceuticals PLC Cannabis 70.57 351
CWBHF Charlotte’s Web Cannabis 64.00 497
TLRY Tilray Inc Cannabis 63.12 522
MCD McDonald’s Corporation S&P500-Top50 56.64 814
KHRNF Khiron Life Sciences Corp Cannabis 55.93 858
ZYNE Zynerba Pharmaceuticals Inc Cannabis 55.82 866
AAPL Apple S&P500-Top50 55.48 888
CRM salesforce.com, inc. S&P500-Top50 55.35 900
MSFT Microsoft Corporation S&P500-Top50 54.62 977
BA Boeing Company (The) S&P500-Top50 54.53 985
TCNNF Trulieve Cannabis Corp. Cannabis 54.43 993
HON Honeywell International S&P500-Top50 53.82 1051
AVGO Broadcom Limited S&P500-Top50 53.74 1062
FB Facebook S&P500-Top50 53.71 1065
ACRGF Acreage Holdings Cannabis 52.77 1188
CSCO Cisco Systems S&P500-Top50 52.74 1191
GTBIF Green Thumb Industries Inc. Cannabis 51.76 1342
ACN Accenture S&P500-Top50 51.71 1351
UTX United Technologies Corporation S&P500-Top50 51.59 1366
V Visa S&P500-Top50 51.26 1439
PG Procter & Gamble Company S&P500-Top50 51.18 1453
PEP PepsiCo S&P500-Top50 51.14 1463
TMO Thermo Fisher Scientific Inc. S&P500-Top50 51.09 1477
OGRMF Organigram Holdings Inc Cannabis 50.97 1503
NKE Nike S&P500-Top50 50.86 1540
JPM JP Morgan Chase & Company S&P500-Top50 50.82 1555
ADBE Adobe Systems S&P500-Top50 50.72 1575
KO Coca-Cola Company (The) S&P500-Top50 50.63 1598
ABT Abbott Laboratories S&P500-Top50 50.38 1660
MMNFF Medmen Enterprises Cannabis 50.28 1698
COST Costco Wholesale Corporation S&P500-Top50 50.18 1737
MRK Merck and Company S&P500-Top50 50.10 1763
JNJ Johnson & Johnson S&P500-Top50 50.08 1769
ZBISF Zenabis Global Inc Cannabis 50.00 1795
WDDMF WeedMD Inc Cannabis 50.00 1795
ABBV AbbVie S&P500-Top50 49.99 1907
APHA Aphria Inc. Cannabis 49.96 1919
UNH UnitedHealth Group S&P500-Top50 49.93 1932
PFE Pfizer S&P500-Top50 49.90 1948
AMZN Amazon.com S&P500-Top50 49.79 1972
MA MasterCard S&P500-Top50 49.79 1973
BRKB Berkshire Hathaway S&P500-Top50 49.76 1985
NFLX Netflix S&P500-Top50 49.69 2004
PYPL PayPal Holdings S&P500-Top50 49.53 2053
CMCSA Comcast Corporation S&P500-Top50 49.53 2058
MDT Medtronic PLC S&P500-Top50 49.47 2071
VZ Verizon Communications S&P500-Top50 49.28 2125
C Citigroup S&P500-Top50 48.79 2223
ORCL Oracle Corporation S&P500-Top50 47.74 2402
HD Home Depot (The) S&P500-Top50 47.67 2416
T AT&T S&P500-Top50 47.24 2490
HRVOF Harvest One Cannabis Cannabis 47.14 2507
IBM International Business Machines Corp S&P500-Top50 46.99 2535
CTST CannTrust Holdings Inc Cannabis 46.79 2557
XOM Exxon Mobil Corporation S&P500-Top50 46.11 2654
WMT Wal-Mart Stores S&P500-Top50 45.76 2700
CGC Canopy Growth Corporation Cannabis 45.42 2751
LLY Eli Lilly and Company S&P500-Top50 44.32 2867
UNP Union Pacific S&P500-Top50 43.52 2965
GOOGL Alphabet S&P500-Top50 42.47 3077
BAC Bank of America S&P500-Top50 42.26 3090
INTC Intel Corporation S&P500-Top50 41.71 3144
ACB Aurora Cannabis Cannabis 41.48 3164
CNPOF Canopy Rivers Inc Cannabis 36.12 3482
INSY Insys Therapeutics Inc Cannabis 35.78 3494
WFC Wells Fargo S&P500-Top50 33.60 3578
CRON Cronos Group Inc Cannabis 33.02 3600
VRNDF Delta 9 Cannabis Inc Cannabis 32.96 3602
TGODF Green Organic Dutchman Cannabis 32.77 3606
CVX Chevron Corporation S&P500-Top50 31.35 3645
VVCIF Vivo Cannabis Inc Cannabis 25.29 3791
PM Philip Morris International S&P500-Top50 23.11 3823
SPRWF Supreme Cannabis Company, Cannabis 2.44 4001
CBWTF Cannabis Wheaton Income Corp. Cannabis 0 4020
IMLFF InMed Pharmaceuticals Cannabis NA N/A
SNNVF Sunniva Inc. Cannabis NA N/A
IVITF Invictus MD Strategies Corp Cannabis NA N/A
EEVVF Eve & Co Inc Cannabis NA N/A
GGBXF Green Growth Brand Cannabis NA N/A
PHCEF Pharmacielo Ltd Cannabis NA N/A
TBPMF Tetra Bio Pharma Inc Cannabis NA N/A
RLLRF SugarBud Craft Growers Corp Cannabis NA N/A
NWKRF Newstrike Brands Cannabis NA N/A
NXTTF Namaste Technologies Inc. Cannabis NA N/A
NCNNF 48North Cannabis Corp Cannabis NA N/A
NDVAF Indiva Ltd Cannabis NA N/A
GGTTF GTEC Holdings Cannabis NA N/A
NACNF National Access Cannabis Corp Cannabis NA N/A
CANN General Cannabis Corp Cannabis NA N/A
WSLFF Westleaf Inc Cannabis NA N/A

There were 17 out of the Cannabis 50 that we could score and rank on the basis of Revenue Revisions.

Exhibit 5 is for Valuation, which we based on the consensus analyst estimates of Enterprise Value (EV) to EBITDA and EV to Sales.

Five of the 100 companies in the study that topped the Valuation factor board were cannabis companies, which was a bit surprising. However, if investors continue to sell off their cannabis holdings as they have been, then Valuation does become more attractive.

Insys Therapeutics (INSY), Invictus MD Strategies Corp (IVITF), Delta 9 Cannabis (VRNDF), WeedMD (WDDMF) and Harvest One (HRVOF) are now up there with the likes of UnitedHealth (UNH), Berkshire Hathaway (BRKB) and Wal-Mart (WMT) in terms of Valuation attractiveness.

Valuation (Exhibit 5) Peergroup Score Universe rank (4908)
INSY Insys Therapeutics Inc Cannabis 100 91
IVITF Invictus MD Strategies Corp Cannabis 92.05 266
VRNDF Delta 9 Cannabis Inc Cannabis 86.61 443
WDDMF WeedMD Inc Cannabis 80.89 696
HRVOF Harvest One Cannabis Cannabis 75.97 953
UNH UnitedHealth Group S&P500-Top50 75.50 970
BRKB Berkshire Hathaway S&P500-Top50 75.19 981
WMT Wal-Mart Stores S&P500-Top50 68.25 1390
GGBXF Green Growth Brand Cannabis 67.95 1419
ZBISF Zenabis Global Inc Cannabis 64.94 1635
ABBV AbbVie S&P500-Top50 64.41 1663
EEVVF Eve & Co Inc Cannabis 62.97 1769
IBM International Business Machines Corp S&P500-Top50 62.45 1812
INTC Intel Corporation S&P500-Top50 61.92 1849
XOM Exxon Mobil Corporation S&P500-Top50 60.13 1982
CVX Chevron Corporation S&P500-Top50 59.15 2060
COST Costco Wholesale Corporation S&P500-Top50 58.11 2139
PFE Pfizer S&P500-Top50 56.54 2248
JNJ Johnson & Johnson S&P500-Top50 56.25 2269
MRK Merck and Company S&P500-Top50 55.83 2301
VVCIF Vivo Cannabis Inc Cannabis 55.71 2315
MDT Medtronic PLC S&P500-Top50 54.41 2404
TCNNF Trulieve Cannabis Corp. Cannabis 53.56 2474
CBWTF Cannabis Wheaton Income Corp. Cannabis 53.16 2512
AAPL Apple S&P500-Top50 52.37 2581
ABT Abbott Laboratories S&P500-Top50 51.57 2659
TMO Thermo Fisher Scientific Inc. S&P500-Top50 51.05 2712
WFC Wells Fargo S&P500-Top50 49.87 2855
LLY Eli Lilly and Company S&P500-Top50 49.85 2860
NACNF National Access Cannabis Corp Cannabis 49.82 2865
KHRNF Khiron Life Sciences Corp Cannabis 49.82 2869
CWBHF Charlotte’s Web Cannabis 49.77 2894
CURLF Curaleaf Holdings, Inc. Cannabis 49.74 2901
T AT&T S&P500-Top50 49.68 2916
BAC Bank of America S&P500-Top50 49.63 2929
SNNVF Sunniva Inc. Cannabis 49.50 2969
ACRGF Acreage Holdings Cannabis 49.40 2991
JPM JP Morgan Chase & Company S&P500-Top50 49.33 3010
OGRMF Organigram Holdings Inc Cannabis 49.29 3021
VZ Verizon Communications S&P500-Top50 49.24 3028
MEDIF MediPharm Labs Corp. Cannabis 49.09 3066
APHA Aphria Inc. Cannabis 49.06 3077
EMHTF Emerald Health Therapeutics Cannabis 49.06 3078
HEXO Hexo Corp Cannabis 48.91 3109
TLRY Tilray Inc Cannabis 48.69 3153
ACN Accenture S&P500-Top50 48.58 3173
GWPH GW Pharmaceuticals PLC Cannabis 48.45 3212
MMNFF Medmen Enterprises Cannabis 48.37 3233
CRLBF Cresco Labs Inc. Cannabis 48.35 3237
ORCL Oracle Corporation S&P500-Top50 48.20 3266
AVGO Broadcom Limited S&P500-Top50 47.76 3340
RLLRF SugarBud Craft Growers Corp Cannabis 47.57 3369
CRBP Corbus Pharmaceuticals Holdings Inc Cannabis 47.30 3408
FLWPF Flowr Corp Cannabis 47.22 3420
C Citigroup S&P500-Top50 46.64 3487
CSCO Cisco Systems S&P500-Top50 46.04 3564
NCNNF 48North Cannabis Corp Cannabis 45.85 3586
CMCSA Comcast Corporation S&P500-Top50 45.82 3591
TGODF Green Organic Dutchman Cannabis 45.65 3612
GOOGL Alphabet S&P500-Top50 45.53 3626
CNPOF Canopy Rivers Inc Cannabis 45.50 3630
CGC Canopy Growth Corporation Cannabis 45.28 3661
KSHB Kush Bottles Inc Cannabis 44.75 3707
UTX United Technologies Corporation S&P500-Top50 43.83 3822
ACB Aurora Cannabis Cannabis 43.78 3824
HD Home Depot (The) S&P500-Top50 43.65 3840
NWKRF Newstrike Brands Cannabis 43.46 3855
FB Facebook S&P500-Top50 41.05 4059
ZYNE Zynerba Pharmaceuticals Inc Cannabis 40.35 4099
BA Boeing Company (The) S&P500-Top50 40.13 4110
MSFT Microsoft Corporation S&P500-Top50 39.79 4129
PYPL PayPal Holdings S&P500-Top50 39.21 4166
PEP PepsiCo S&P500-Top50 38.51 4201
CRM salesforce.com, inc. S&P500-Top50 37.07 4274
DIS Walt Disney Company (The) S&P500-Top50 37.07 4276
AMZN Amazon.com S&P500-Top50 35.25 4356
PHCEF Pharmacielo Ltd Cannabis 34.88 4370
HON Honeywell International S&P500-Top50 34.85 4371
NKE Nike S&P500-Top50 34.30 4396
PG Procter & Gamble Company S&P500-Top50 31.62 4485
PM Philip Morris International S&P500-Top50 31.05 4503
ADBE Adobe Systems S&P500-Top50 30.26 4520
CTST CannTrust Holdings Inc Cannabis 24.55 4624
MA MasterCard S&P500-Top50 24.30 4628
UNP Union Pacific S&P500-Top50 23.95 4634
V Visa S&P500-Top50 23.39 4645
SPRWF Supreme Cannabis Company, Cannabis 21.77 4678
CRON Cronos Group Inc Cannabis 21.26 4688
MCD McDonald’s Corporation S&P500-Top50 20.34 4701
IIPR Innovative Industrial Properties Inc Cannabis 19.93 4706
KO Coca-Cola Company (The) S&P500-Top50 16.48 4735
NDVAF Indiva Ltd Cannabis 5.43 4796
NFLX Netflix S&P500-Top50 3.44 4809
GTBIF Green Thumb Industries Inc. Cannabis 0 4827
TBPMF Tetra Bio Pharma Inc Cannabis 0 4827
NXTTF Namaste Technologies Inc. Cannabis 0 4827
GGTTF GTEC Holdings Cannabis 0 4827
CANN General Cannabis Corp Cannabis 0 4827
IMLFF InMed Pharmaceuticals Cannabis NA N/A
WSLFF Westleaf Inc Cannabis NA N/A

Exhibit 6 is for the Price-to-Earnings Ratio (PER) .

We were able to score and rank only half of the Cannabis 50 companies on the basis of Price-to-Earning Ratio; however, Invictus MD Strategies Corp (IVITF) was atop the leaderboard and WeedMD Inc (WDDMF) was close at #7.

These two received rankings of 164 and 487 out of the scored universe of 3369 companies, which was quite acceptable.

PER (Exhibit 6) Peergroup Score Universe rank (3369)
IVITF Invictus MD Strategies Corp Cannabis 95.82 164
IBM International Business Machines Corp S&P500-Top50 91.23 248
INTC Intel Corporation S&P500-Top50 88.59 314
ABBV AbbVie S&P500-Top50 87.34 344
AVGO Broadcom Limited S&P500-Top50 87.13 351
T AT&T S&P500-Top50 86.97 358
WDDMF WeedMD Inc Cannabis 81.72 487
C Citigroup S&P500-Top50 74.61 737
VRNDF Delta 9 Cannabis Inc Cannabis 74.34 753
ORCL Oracle Corporation S&P500-Top50 73.83 775
PFE Pfizer S&P500-Top50 73.75 778
AAPL Apple S&P500-Top50 72.45 828
VZ Verizon Communications S&P500-Top50 70.56 902
JNJ Johnson & Johnson S&P500-Top50 69.57 940
UNH UnitedHealth Group S&P500-Top50 68.38 979
MRK Merck and Company S&P500-Top50 67.57 1002
MDT Medtronic PLC S&P500-Top50 66.85 1031
CSCO Cisco Systems S&P500-Top50 66.19 1048
PM Philip Morris International S&P500-Top50 65.92 1063
EEVVF Eve & Co Inc Cannabis 64.66 1113
WFC Wells Fargo S&P500-Top50 63.89 1144
BAC Bank of America S&P500-Top50 63.20 1171
TCNNF Trulieve Cannabis Corp. Cannabis 61.99 1203
LLY Eli Lilly and Company S&P500-Top50 59.27 1310
CMCSA Comcast Corporation S&P500-Top50 57.35 1390
TMO Thermo Fisher Scientific Inc. S&P500-Top50 54.61 1507
JPM JP Morgan Chase & Company S&P500-Top50 53.67 1547
ABT Abbott Laboratories S&P500-Top50 50.67 1656
SNNVF Sunniva Inc. Cannabis 49.99 1698
GGBXF Green Growth Brand Cannabis 49.81 1782
CRON Cronos Group Inc Cannabis 49.76 1796
ACN Accenture S&P500-Top50 49.76 1798
FB Facebook S&P500-Top50 49.71 1815
HRVOF Harvest One Cannabis Cannabis 49.69 1822
GOOGL Alphabet S&P500-Top50 49.69 1823
CVX Chevron Corporation S&P500-Top50 49.61 1853
MSFT Microsoft Corporation S&P500-Top50 49.44 1902
IIPR Innovative Industrial Properties Inc Cannabis 49.30 1949
V Visa S&P500-Top50 49.11 2006
XOM Exxon Mobil Corporation S&P500-Top50 49.06 2020
WMT Wal-Mart Stores S&P500-Top50 49.02 2033
UTX United Technologies Corporation S&P500-Top50 48.91 2065
MA MasterCard S&P500-Top50 48.74 2116
ADBE Adobe Systems S&P500-Top50 48.57 2152
APHA Aphria Inc. Cannabis 48.44 2173
HD Home Depot (The) S&P500-Top50 48.41 2178
PYPL PayPal Holdings S&P500-Top50 48.28 2200
OGRMF Organigram Holdings Inc Cannabis 48.08 2252
DIS Walt Disney Company (The) S&P500-Top50 47.76 2325
CWBHF Charlotte’s Web Cannabis 47.33 2411
PEP PepsiCo S&P500-Top50 47.16 2440
UNP Union Pacific S&P500-Top50 47.07 2451
PG Procter & Gamble Company S&P500-Top50 46.98 2463
KO Coca-Cola Company (The) S&P500-Top50 46.98 2465
MCD McDonald’s Corporation S&P500-Top50 46.00 2593
CRM salesforce.com, inc. S&P500-Top50 45.66 2631
HON Honeywell International S&P500-Top50 45.63 2635
ZBISF Zenabis Global Inc Cannabis 45.40 2661
BA Boeing Company (The) S&P500-Top50 44.78 2717
MEDIF MediPharm Labs Corp. Cannabis 43.79 2792
NKE Nike S&P500-Top50 43.50 2809
HEXO Hexo Corp Cannabis 42.20 2879
CNPOF Canopy Rivers Inc Cannabis 40.47 2946
GTBIF Green Thumb Industries Inc. Cannabis 40.38 2951
COST Costco Wholesale Corporation S&P500-Top50 40.33 2955
BRKB Berkshire Hathaway S&P500-Top50 39.21 2993
CTST CannTrust Holdings Inc Cannabis 36.57 3060
CRLBF Cresco Labs Inc. Cannabis 35.05 3095
CURLF Curaleaf Holdings, Inc. Cannabis 34.21 3108
AMZN Amazon.com S&P500-Top50 29.07 3165
VVCIF Vivo Cannabis Inc Cannabis 18.92 3223
EMHTF Emerald Health Therapeutics Cannabis 18.29 3225
NFLX Netflix S&P500-Top50 15.54 3237
ACRGF Acreage Holdings Cannabis 3.73 3273
FLWPF Flowr Corp Cannabis 1.16 3276
SPRWF Supreme Cannabis Company, Cannabis 0 3280
INSY Insys Therapeutics Inc Cannabis NA N/A
CBWTF Cannabis Wheaton Income Corp. Cannabis NA N/A
NACNF National Access Cannabis Corp Cannabis NA N/A
KHRNF Khiron Life Sciences Corp Cannabis NA N/A
TLRY Tilray Inc Cannabis NA N/A
GWPH GW Pharmaceuticals PLC Cannabis NA N/A
MMNFF Medmen Enterprises Cannabis NA N/A
RLLRF SugarBud Craft Growers Corp Cannabis NA N/A
CRBP Corbus Pharmaceuticals Holdings Inc Cannabis NA N/A
NCNNF 48North Cannabis Corp Cannabis NA N/A
TGODF Green Organic Dutchman Cannabis NA N/A
CGC Canopy Growth Corporation Cannabis NA N/A
KSHB Kush Bottles Inc Cannabis NA N/A
ACB Aurora Cannabis Cannabis NA N/A
NWKRF Newstrike Brands Cannabis NA N/A
ZYNE Zynerba Pharmaceuticals Inc Cannabis NA N/A
PHCEF Pharmacielo Ltd Cannabis NA N/A
NDVAF Indiva Ltd Cannabis NA N/A
TBPMF Tetra Bio Pharma Inc Cannabis NA N/A
NXTTF Namaste Technologies Inc. Cannabis NA N/A
GGTTF GTEC Holdings Cannabis NA N/A
CANN General Cannabis Corp Cannabis NA N/A
IMLFF InMed Pharmaceuticals Cannabis NA N/A
WSLFF Westleaf Inc Cannabis NA N/A

As noted previously, we believe the scores for many cannabis companies have benefited from estimates of 2019 and 2020 earnings that are unlikely to come true.

Exhibit 7 is for Market Cap to forecasted EBITDA.

When looking at EBITDA, where are the earnings? Of the scores we received, none of the cannabis companies would be acceptable on an investment basis. Market prices are simply excessive and there is little to no projected EBITDA.

In any case, of the 100 companies in the study, Delta 9 Cannabis (VRNDF) did rank up at #9 and WeedMD (WDDMF) was #19. Those were excellent rankings.

MV/
EBIT (Exhibit 7)
Peergroup Score Universe rank (4031)
C Citigroup S&P500-Top50 81.66 633
IBM International Business Machines Corp S&P500-Top50 77.22 776
INTC Intel Corporation S&P500-Top50 76.80 790
WFC Wells Fargo S&P500-Top50 76.02 816
BAC Bank of America S&P500-Top50 73.03 958
AVGO Broadcom Limited S&P500-Top50 71.89 996
ABBV AbbVie S&P500-Top50 71.78 1003
JPM JP Morgan Chase & Company S&P500-Top50 68.55 1147
VRNDF Delta 9 Cannabis Inc Cannabis 63.55 1350
ORCL Oracle Corporation S&P500-Top50 62.03 1423
PFE Pfizer S&P500-Top50 60.82 1486
AAPL Apple S&P500-Top50 56.26 1705
CMCSA Comcast Corporation S&P500-Top50 56.24 1706
UNH UnitedHealth Group S&P500-Top50 54.38 1804
MRK Merck and Company S&P500-Top50 53.19 1861
T AT&T S&P500-Top50 52.71 1882
WMT Wal-Mart Stores S&P500-Top50 50.40 1989
WDDMF WeedMD Inc Cannabis 49.95 2047
JNJ Johnson & Johnson S&P500-Top50 49.95 2048
CSCO Cisco Systems S&P500-Top50 49.94 2051
MDT Medtronic PLC S&P500-Top50 49.93 2053
GOOGL Alphabet S&P500-Top50 49.71 2131
TCNNF Trulieve Cannabis Corp. Cannabis 49.67 2151
FB Facebook S&P500-Top50 49.61 2165
VZ Verizon Communications S&P500-Top50 49.61 2166
SNNVF Sunniva Inc. Cannabis 49.57 2188
LLY Eli Lilly and Company S&P500-Top50 49.33 2286
ABT Abbott Laboratories S&P500-Top50 49.20 2318
TMO Thermo Fisher Scientific Inc. S&P500-Top50 49.15 2336
ACN Accenture S&P500-Top50 48.88 2405
GTBIF Green Thumb Industries Inc. Cannabis 48.66 2454
MSFT Microsoft Corporation S&P500-Top50 48.53 2480
UTX United Technologies Corporation S&P500-Top50 47.65 2669
OGRMF Organigram Holdings Inc Cannabis 47.48 2700
V Visa S&P500-Top50 47.46 2703
ZBISF Zenabis Global Inc Cannabis 47.18 2743
MEDIF MediPharm Labs Corp. Cannabis 47.12 2755
MA MasterCard S&P500-Top50 46.75 2814
CVX Chevron Corporation S&P500-Top50 46.38 2862
ADBE Adobe Systems S&P500-Top50 46.12 2911
PM Philip Morris International S&P500-Top50 45.99 2930
PYPL PayPal Holdings S&P500-Top50 45.90 2941
CWBHF Charlotte’s Web Cannabis 45.36 3006
CRM salesforce.com, inc. S&P500-Top50 45.08 3039
ACRGF Acreage Holdings Cannabis 44.24 3127
XOM Exxon Mobil Corporation S&P500-Top50 44.16 3131
BRKB Berkshire Hathaway S&P500-Top50 44.11 3136
UNP Union Pacific S&P500-Top50 43.56 3177
HD Home Depot (The) S&P500-Top50 43.39 3196
CRLBF Cresco Labs Inc. Cannabis 43.29 3213
DIS Walt Disney Company (The) S&P500-Top50 42.16 3314
MCD McDonald’s Corporation S&P500-Top50 40.56 3430
CURLF Curaleaf Holdings, Inc. Cannabis 39.20 3493
HON Honeywell International S&P500-Top50 38.59 3523
BA Boeing Company (The) S&P500-Top50 37.14 3598
PEP PepsiCo S&P500-Top50 37.03 3602
AMZN Amazon.com S&P500-Top50 32.40 3716
PG Procter & Gamble Company S&P500-Top50 31.72 3724
NKE Nike S&P500-Top50 30.17 3741
COST Costco Wholesale Corporation S&P500-Top50 28.23 3774
KO Coca-Cola Company (The) S&P500-Top50 24.23 3813
CTST CannTrust Holdings Inc Cannabis 16.39 3868
IIPR Innovative Industrial Properties Inc Cannabis 5.56 3913
NFLX Netflix S&P500-Top50 0 3927
IVITF Invictus MD Strategies Corp Cannabis NA N/A
EEVVF Eve & Co Inc Cannabis NA N/A
GGBXF Green Growth Brand Cannabis NA N/A
CRON Cronos Group Inc Cannabis NA N/A
HRVOF Harvest One Cannabis Cannabis NA N/A
APHA Aphria Inc. Cannabis NA N/A
HEXO Hexo Corp Cannabis NA N/A
CNPOF Canopy Rivers Inc Cannabis NA N/A
VVCIF Vivo Cannabis Inc Cannabis NA N/A
EMHTF Emerald Health Therapeutics Cannabis NA N/A
FLWPF Flowr Corp Cannabis NA N/A
SPRWF Supreme Cannabis Company, Cannabis NA N/A
INSY Insys Therapeutics Inc Cannabis NA N/A
CBWTF Cannabis Wheaton Income Corp. Cannabis NA N/A
NACNF National Access Cannabis Corp Cannabis NA N/A
KHRNF Khiron Life Sciences Corp Cannabis NA N/A
TLRY Tilray Inc Cannabis NA N/A
GWPH GW Pharmaceuticals PLC Cannabis NA N/A
MMNFF Medmen Enterprises Cannabis NA N/A
RLLRF SugarBud Craft Growers Corp Cannabis NA N/A
CRBP Corbus Pharmaceuticals Holdings Inc Cannabis NA N/A
NCNNF 48North Cannabis Corp Cannabis NA N/A
TGODF Green Organic Dutchman Cannabis NA N/A
CGC Canopy Growth Corporation Cannabis NA N/A
KSHB Kush Bottles Inc Cannabis NA N/A
ACB Aurora Cannabis Cannabis NA N/A
NWKRF Newstrike Brands Cannabis NA N/A
ZYNE Zynerba Pharmaceuticals Inc Cannabis NA N/A
PHCEF Pharmacielo Ltd Cannabis NA N/A
NDVAF Indiva Ltd Cannabis NA N/A
TBPMF Tetra Bio Pharma Inc Cannabis NA N/A
NXTTF Namaste Technologies Inc. Cannabis NA N/A
GGTTF GTEC Holdings Cannabis NA N/A
CANN General Cannabis Corp Cannabis NA N/A
IMLFF InMed Pharmaceuticals Cannabis NA N/A
WSLFF Westleaf Inc Cannabis NA N/A

Exhibit 8 is related to Book Value.

A quick look through the top half of the 100 companies in the Book Value study, it is hard to miss the huge number of cannabis companies. In fact, one of them, Innovative Industrial Properties Inc (IIPR), received the highest score we give out and 29 of the top 35 are cannabis companies.

In the universe of 5028 scored companies for Book Value, 30 of 50 cannabis companies scored above 50.0, putting them into the Top 40 of 100 in this study. This means that over half the cannabis companies have outstanding book value per share relative to their market valuations.

Book
Value (Exhibit 8)
Peergroup Score Universe rank (5028)
HD Home Depot (The) S&P500-Top50 100 1
IIPR Innovative Industrial Properties Inc Cannabis 100 1
CBWTF Cannabis Wheaton Income Corp. Cannabis 91.80 175
GGBXF Green Growth Brand Cannabis 89.49 192
VVCIF Vivo Cannabis Inc Cannabis 86.66 216
SPRWF Supreme Cannabis Company, Cannabis 76.61 315
ABBV AbbVie S&P500-Top50 74.44 350
KSHB Kush Bottles Inc Cannabis 74.16 358
CANN General Cannabis Corp Cannabis 73.45 369
VRNDF Delta 9 Cannabis Inc Cannabis 67.09 560
VZ Verizon Communications S&P500-Top50 64.99 660
EMHTF Emerald Health Therapeutics Cannabis 61.57 889
TCNNF Trulieve Cannabis Corp. Cannabis 61.50 896
INSY Insys Therapeutics Inc Cannabis 61.40 905
MMNFF Medmen Enterprises Cannabis 61.36 912
CRLBF Cresco Labs Inc. Cannabis 61.35 913
GTBIF Green Thumb Industries Inc. Cannabis 61.28 917
CURLF Curaleaf Holdings, Inc. Cannabis 61.20 924
TLRY Tilray Inc Cannabis 60.14 1017
WFC Wells Fargo S&P500-Top50 58.33 1200
NWKRF Newstrike Brands Cannabis 57.99 1238
NACNF National Access Cannabis Corp Cannabis 57.64 1271
IVITF Invictus MD Strategies Corp Cannabis 57.02 1352
ACB Aurora Cannabis Cannabis 56.74 1394
WDDMF WeedMD Inc Cannabis 56.44 1433
EEVVF Eve & Co Inc Cannabis 55.94 1498
APHA Aphria Inc. Cannabis 55.70 1537
T AT&T S&P500-Top50 55.65 1546
CWBHF Charlotte’s Web Cannabis 55.16 1616
HRVOF Harvest One Cannabis Cannabis 54.94 1651
CTST CannTrust Holdings Inc Cannabis 54.13 1783
NDVAF Indiva Ltd Cannabis 53.88 1816
SNNVF Sunniva Inc. Cannabis 53.85 1824
IBM International Business Machines Corp S&P500-Top50 53.75 1844
TGODF Green Organic Dutchman Cannabis 53.72 1854
AVGO Broadcom Limited S&P500-Top50 53.59 1881
FB Facebook S&P500-Top50 52.23 2104
CRM salesforce.com, inc. S&P500-Top50 52.15 2116
ACN Accenture S&P500-Top50 52.03 2144
CGC Canopy Growth Corporation Cannabis 51.43 2266
DIS Walt Disney Company (The) S&P500-Top50 50.51 2430
INTC Intel Corporation S&P500-Top50 49.49 2616
NCNNF 48North Cannabis Corp Cannabis 49.17 2673
HEXO Hexo Corp Cannabis 49.05 2692
UTX United Technologies Corporation S&P500-Top50 48.95 2703
BRKB Berkshire Hathaway S&P500-Top50 48.91 2713
CRBP Corbus Pharmaceuticals Holdings Inc Cannabis 48.40 2828
GOOGL Alphabet S&P500-Top50 48.37 2834
PM Philip Morris International S&P500-Top50 47.72 2945
AMZN Amazon.com S&P500-Top50 47.26 3026
CRON Cronos Group Inc Cannabis 47.06 3068
CNPOF Canopy Rivers Inc Cannabis 46.93 3086
ZYNE Zynerba Pharmaceuticals Inc Cannabis 46.93 3089
MDT Medtronic PLC S&P500-Top50 46.68 3130
GGTTF GTEC Holdings Cannabis 46.66 3134
CMCSA Comcast Corporation S&P500-Top50 46.35 3181
ZBISF Zenabis Global Inc Cannabis 45.71 3292
RLLRF SugarBud Craft Growers Corp Cannabis 45.61 3309
UNH UnitedHealth Group S&P500-Top50 45.01 3409
GWPH GW Pharmaceuticals PLC Cannabis 43.99 3560
PFE Pfizer S&P500-Top50 43.98 3564
XOM Exxon Mobil Corporation S&P500-Top50 43.58 3616
FLWPF Flowr Corp Cannabis 43.51 3626
JNJ Johnson & Johnson S&P500-Top50 42.94 3692
TMO Thermo Fisher Scientific Inc. S&P500-Top50 42.92 3698
ABT Abbott Laboratories S&P500-Top50 42.59 3731
PEP PepsiCo S&P500-Top50 42.42 3752
NFLX Netflix S&P500-Top50 42.40 3756
C Citigroup S&P500-Top50 42.10 3786
NXTTF Namaste Technologies Inc. Cannabis 41.29 3869
PHCEF Pharmacielo Ltd Cannabis 41.25 3873
AAPL Apple S&P500-Top50 40.95 3906
OGRMF Organigram Holdings Inc Cannabis 40.03 3991
IMLFF InMed Pharmaceuticals Cannabis 39.45 4043
KHRNF Khiron Life Sciences Corp Cannabis 38.48 4120
COST Costco Wholesale Corporation S&P500-Top50 38.25 4139
PG Procter & Gamble Company S&P500-Top50 38.04 4159
MRK Merck and Company S&P500-Top50 37.88 4169
V Visa S&P500-Top50 37.13 4212
MSFT Microsoft Corporation S&P500-Top50 36.19 4261
HON Honeywell International S&P500-Top50 36.09 4269
WMT Wal-Mart Stores S&P500-Top50 35.72 4289
ADBE Adobe Systems S&P500-Top50 35.51 4300
CVX Chevron Corporation S&P500-Top50 34.11 4359
NKE Nike S&P500-Top50 33.75 4374
PYPL PayPal Holdings S&P500-Top50 31.62 4474
KO Coca-Cola Company (The) S&P500-Top50 31.35 4487
UNP Union Pacific S&P500-Top50 29.68 4558
ORCL Oracle Corporation S&P500-Top50 28.28 4595
JPM JP Morgan Chase & Company S&P500-Top50 27.99 4603
BAC Bank of America S&P500-Top50 25.57 4653
ACRGF Acreage Holdings Cannabis 24.70 4664
CSCO Cisco Systems S&P500-Top50 23.75 4681
MA MasterCard S&P500-Top50 23.32 4689
MEDIF MediPharm Labs Corp. Cannabis 16.31 4773
TBPMF Tetra Bio Pharma Inc Cannabis 14.63 4795
MCD McDonald’s Corporation S&P500-Top50 10.03 4837
LLY Eli Lilly and Company S&P500-Top50 0 4897
BA Boeing Company (The) S&P500-Top50 0 4897
WSLFF Westleaf Inc Cannabis NA N/A

Exhibit 9 is for Profitability.

For Profitability, the best two cannabis companies are Charlotte’s Web (CWBHF) and Innovative Industrial Properties Inc (IIPR), which ranked #537 and #1051 of the 4899 companies we monitored and were able to score this week.

In this list of 100, that ranked these two at #28 and #35, far down the list of superior S&P 50 companies, which is not a good result. Of course, cannabis is a new industry and must manufacture and sell a physical product rather than an electronic service like the Alphabet’s, Broadcom’s and Visa’s.

In any case, I believe that the score for Charlotte’s Web (CWBHF) would be deemed acceptable for investment purposes based on the Profitability factor. And note that it was only a week ago, we wrote: “While just one of the 50 (cannabis) companies received an acceptable Profitability score Charlotte’s Web (CWBHF) was close with a 1219 ranking (improved this week from 1221) out of the universe of 4807 that we were able to score.” That other company was a disappointment to their investors this week.

Profitability (Exhibit 9) Peergroup Score Universe rank (4899)
AVGO Broadcom Limited S&P500-Top50 100 1
V Visa S&P500-Top50 100 1
UNP Union Pacific S&P500-Top50 100 1
MA MasterCard S&P500-Top50 100 1
MCD McDonald’s Corporation S&P500-Top50 100 1
ORCL Oracle Corporation S&P500-Top50 99.97 69
PM Philip Morris International S&P500-Top50 99.34 75
KO Coca-Cola Company (The) S&P500-Top50 98.39 85
FB Facebook S&P500-Top50 97.33 94
INTC Intel Corporation S&P500-Top50 96.79 103
ADBE Adobe Systems S&P500-Top50 96.77 105
MSFT Microsoft Corporation S&P500-Top50 96.74 106
PFE Pfizer S&P500-Top50 95.18 128
MRK Merck and Company S&P500-Top50 92.78 174
JNJ Johnson & Johnson S&P500-Top50 91.95 188
ABBV AbbVie S&P500-Top50 91.83 191
CSCO Cisco Systems S&P500-Top50 88.88 252
VZ Verizon Communications S&P500-Top50 88.86 254
T AT&T S&P500-Top50 86.41 328
LLY Eli Lilly and Company S&P500-Top50 86.08 339
DIS Walt Disney Company (The) S&P500-Top50 85.55 354
MDT Medtronic PLC S&P500-Top50 85.15 368
PG Procter & Gamble Company S&P500-Top50 85.00 377
AAPL Apple S&P500-Top50 84.87 381
CMCSA Comcast Corporation S&P500-Top50 84.24 408
GOOGL Alphabet S&P500-Top50 83.32 449
NFLX Netflix S&P500-Top50 82.91 482
CWBHF Charlotte’s Web Cannabis 81.93 537
TMO Thermo Fisher Scientific Inc. S&P500-Top50 79.03 711
BAC Bank of America S&P500-Top50 78.47 759
PYPL PayPal Holdings S&P500-Top50 78.45 763
JPM JP Morgan Chase & Company S&P500-Top50 78.15 791
HON Honeywell International S&P500-Top50 77.01 882
ABT Abbott Laboratories S&P500-Top50 76.61 937
IIPR Innovative Industrial Properties Inc Cannabis 75.39 1051
PEP PepsiCo S&P500-Top50 75.05 1091
WFC Wells Fargo S&P500-Top50 75.03 1092
CRON Cronos Group Inc Cannabis 74.68 1127
C Citigroup S&P500-Top50 74.67 1128
IBM International Business Machines Corp S&P500-Top50 74.65 1135
HD Home Depot (The) S&P500-Top50 71.54 1516
OGRMF Organigram Holdings Inc Cannabis 70.81 1597
NKE Nike S&P500-Top50 70.60 1626
TCNNF Trulieve Cannabis Corp. Cannabis 68.24 1887
ACN Accenture S&P500-Top50 67.98 1917
UTX United Technologies Corporation S&P500-Top50 67.72 1951
VRNDF Delta 9 Cannabis Inc Cannabis 66.99 2042
CRM salesforce.com, inc. S&P500-Top50 66.88 2053
BA Boeing Company (The) S&P500-Top50 66.06 2145
ZBISF Zenabis Global Inc Cannabis 65.26 2237
WDDMF WeedMD Inc Cannabis 62.99 2509
AMZN Amazon.com S&P500-Top50 62.53 2576
UNH UnitedHealth Group S&P500-Top50 59.50 2955
MEDIF MediPharm Labs Corp. Cannabis 59.34 2974
CVX Chevron Corporation S&P500-Top50 59.17 3002
BRKB Berkshire Hathaway S&P500-Top50 58.65 3061
CRLBF Cresco Labs Inc. Cannabis 57.31 3230
WMT Wal-Mart Stores S&P500-Top50 56.99 3273
XOM Exxon Mobil Corporation S&P500-Top50 55.99 3389
COST Costco Wholesale Corporation S&P500-Top50 55.14 3468
CTST CannTrust Holdings Inc Cannabis 52.11 3780
FLWPF Flowr Corp Cannabis 51.45 3843
EMHTF Emerald Health Therapeutics Cannabis 50.10 3930
CURLF Curaleaf Holdings, Inc. Cannabis 50.00 3934
EEVVF Eve & Co Inc Cannabis 49.97 3979
GTBIF Green Thumb Industries Inc. Cannabis 49.92 4007
APHA Aphria Inc. Cannabis 49.85 4042
GGBXF Green Growth Brand Cannabis 49.81 4055
SNNVF Sunniva Inc. Cannabis 49.75 4073
CNPOF Canopy Rivers Inc Cannabis 49.74 4080
VVCIF Vivo Cannabis Inc Cannabis 49.72 4083
TLRY Tilray Inc Cannabis 49.71 4087
INSY Insys Therapeutics Inc Cannabis 49.66 4102
ACB Aurora Cannabis Cannabis 49.52 4120
CGC Canopy Growth Corporation Cannabis 49.45 4128
MMNFF Medmen Enterprises Cannabis 49.45 4131
ACRGF Acreage Holdings Cannabis 49.28 4159
RLLRF SugarBud Craft Growers Corp Cannabis 49.23 4164
HEXO Hexo Corp Cannabis 49.18 4177
NWKRF Newstrike Brands Cannabis 48.98 4209
NACNF National Access Cannabis Corp Cannabis 48.68 4253
IVITF Invictus MD Strategies Corp Cannabis 48.42 4277
PHCEF Pharmacielo Ltd Cannabis 48.01 4314
GWPH GW Pharmaceuticals PLC Cannabis 47.70 4341
CRBP Corbus Pharmaceuticals Holdings Inc Cannabis 46.76 4399
HRVOF Harvest One Cannabis Cannabis 46.74 4401
KHRNF Khiron Life Sciences Corp Cannabis 45.69 4449
TGODF Green Organic Dutchman Cannabis 45.64 4451
KSHB Kush Bottles Inc Cannabis 24.12 4728
TBPMF Tetra Bio Pharma Inc Cannabis 13.16 4777
SPRWF Supreme Cannabis Company, Cannabis 12.57 4780
NDVAF Indiva Ltd Cannabis 5.18 4799
CBWTF Cannabis Wheaton Income Corp. Cannabis 3.14 4810
GGTTF GTEC Holdings Cannabis 0.30 4820
CANN General Cannabis Corp Cannabis 0 4821
ZYNE Zynerba Pharmaceuticals Inc Cannabis 0 4821
NXTTF Namaste Technologies Inc. Cannabis 0 4821
NCNNF 48North Cannabis Corp Cannabis NA N/A
IMLFF InMed Pharmaceuticals Cannabis NA N/A
WSLFF Westleaf Inc Cannabis NA N/A

Only 14 of the 50 cannabis companies received Profitability scores in the top 50% of companies in the 4899 universe and most were very lowly ranked. Herein lies a problem with a widely held market perception that has been tied to growing capacity for the companies that have cultivation and sales licenses. We have written about this before: growing cannabis is not like growing lettuce. These companies can employ all the PhD’s and agriculture scholars they want for marketing purposes; but almost none of them can compete with the grey/black market for low cost of production and product quality.

Investors are wondering why, in many cases, cannabis products are not selling? For some companies, inventory is building simply because knowledgeable clients will not accept poor quality and excessive prices no matter how beautiful the packaging.

In a recent article, we referred to the lack of green (i.e. Net Income and EBITDA dollars). Very few of these companies can walk the talk.

Exhibit 10 relates to Financial Situation. There are four factors we considered: (i) Total Debt-to-Total Equity (ii) EBITDA-to-Interest Expense (iii) Net Debt-to-EBITDA, and (iv) Cash Flow-to-Total Liabilities.

Of 5062 companies monitored and scored based on Financial Quality, there were 34 cannabis companies that scored above 50.0, which is a good result. Fully 19 received a score of 70.0 or better, which is outstanding.

If speculators investigate the data here, they will find many to be worthy of a buy-and-hold decision – if the entry position is from low in the price cycle.

Financials (Exhibit 10) Peergroup Score Universe rank (5062)
FB Facebook S&P500-Top50 100 1
MEDIF MediPharm Labs Corp. Cannabis 100 1
CNPOF Canopy Rivers Inc Cannabis 98.90 107
CWBHF Charlotte’s Web Cannabis 94.62 188
GWPH GW Pharmaceuticals PLC Cannabis 91.45 260
GOOGL Alphabet S&P500-Top50 88.50 358
ACN Accenture S&P500-Top50 84.45 615
WDDMF WeedMD Inc Cannabis 83.72 641
CVX Chevron Corporation S&P500-Top50 80.22 806
CRLBF Cresco Labs Inc. Cannabis 79.76 832
TGODF Green Organic Dutchman Cannabis 78.75 887
XOM Exxon Mobil Corporation S&P500-Top50 78.04 925
NWKRF Newstrike Brands Cannabis 76.54 989
GTBIF Green Thumb Industries Inc. Cannabis 76.25 1009
IIPR Innovative Industrial Properties Inc Cannabis 75.00 1064
HRVOF Harvest One Cannabis Cannabis 74.49 1105
PYPL PayPal Holdings S&P500-Top50 74.23 1122
CGC Canopy Growth Corporation Cannabis 73.25 1192
HEXO Hexo Corp Cannabis 73.00 1207
NKE Nike S&P500-Top50 72.86 1217
FLWPF Flowr Corp Cannabis 72.42 1240
COST Costco Wholesale Corporation S&P500-Top50 71.74 1276
IVITF Invictus MD Strategies Corp Cannabis 71.35 1305
EMHTF Emerald Health Therapeutics Cannabis 70.82 1335
ZYNE Zynerba Pharmaceuticals Inc Cannabis 70.77 1336
ACRGF Acreage Holdings Cannabis 70.43 1365
APHA Aphria Inc. Cannabis 70.31 1373
IMLFF InMed Pharmaceuticals Cannabis 69.83 1400
NXTTF Namaste Technologies Inc. Cannabis 68.67 1477
JNJ Johnson & Johnson S&P500-Top50 68.07 1517
CRBP Corbus Pharmaceuticals Holdings Inc Cannabis 67.08 1582
TBPMF Tetra Bio Pharma Inc Cannabis 66.86 1598
CRM salesforce.com, inc. S&P500-Top50 66.83 1601
PHCEF Pharmacielo Ltd Cannabis 66.67 1618
KSHB Kush Bottles Inc Cannabis 66.16 1649
TCNNF Trulieve Cannabis Corp. Cannabis 63.67 1819
DIS Walt Disney Company (The) S&P500-Top50 62.51 1903
SPRWF Supreme Cannabis Company, Cannabis 62.15 1931
OGRMF Organigram Holdings Inc Cannabis 61.06 2015
CSCO Cisco Systems S&P500-Top50 60.90 2023
MRK Merck and Company S&P500-Top50 60.81 2036
NCNNF 48North Cannabis Corp Cannabis 60.79 2041
PFE Pfizer S&P500-Top50 60.75 2044
PG Procter & Gamble Company S&P500-Top50 60.36 2072
LLY Eli Lilly and Company S&P500-Top50 60.36 2073
CTST CannTrust Holdings Inc Cannabis 59.91 2111
CURLF Curaleaf Holdings, Inc. Cannabis 59.31 2157
MA MasterCard S&P500-Top50 59.30 2159
AMZN Amazon.com S&P500-Top50 59.29 2160
MSFT Microsoft Corporation S&P500-Top50 58.39 2225
HON Honeywell International S&P500-Top50 57.59 2287
INTC Intel Corporation S&P500-Top50 57.57 2288
ABBV AbbVie S&P500-Top50 57.18 2325
NFLX Netflix S&P500-Top50 55.41 2444
ORCL Oracle Corporation S&P500-Top50 55.34 2452
HD Home Depot (The) S&P500-Top50 54.76 2501
UNH UnitedHealth Group S&P500-Top50 54.04 2559
MDT Medtronic PLC S&P500-Top50 53.77 2581
ADBE Adobe Systems S&P500-Top50 52.89 2660
ABT Abbott Laboratories S&P500-Top50 52.80 2671
TMO Thermo Fisher Scientific Inc. S&P500-Top50 52.69 2679
ZBISF Zenabis Global Inc Cannabis 52.40 2713
INSY Insys Therapeutics Inc Cannabis 52.39 2714
PM Philip Morris International S&P500-Top50 51.06 2840
NDVAF Indiva Ltd Cannabis 50.87 2858
V Visa S&P500-Top50 50.70 2882
T AT&T S&P500-Top50 49.95 2970
WMT Wal-Mart Stores S&P500-Top50 49.64 3032
UNP Union Pacific S&P500-Top50 49.21 3122
VVCIF Vivo Cannabis Inc Cannabis 49.07 3158
AVGO Broadcom Limited S&P500-Top50 48.94 3177
BRKB Berkshire Hathaway S&P500-Top50 48.85 3190
KHRNF Khiron Life Sciences Corp Cannabis 48.15 3300
MCD McDonald’s Corporation S&P500-Top50 48.09 3304
TLRY Tilray Inc Cannabis 47.92 3328
UTX United Technologies Corporation S&P500-Top50 47.16 3450
EEVVF Eve & Co Inc Cannabis 46.40 3567
VZ Verizon Communications S&P500-Top50 46.32 3582
CMCSA Comcast Corporation S&P500-Top50 45.72 3677
CRON Cronos Group Inc Cannabis 45.47 3712
BAC Bank of America S&P500-Top50 45.18 3762
AAPL Apple S&P500-Top50 45.05 3775
SNNVF Sunniva Inc. Cannabis 44.99 3788
WFC Wells Fargo S&P500-Top50 44.54 3846
JPM JP Morgan Chase & Company S&P500-Top50 43.26 3994
C Citigroup S&P500-Top50 42.34 4087
PEP PepsiCo S&P500-Top50 42.31 4091
ACB Aurora Cannabis Cannabis 41.30 4186
MMNFF Medmen Enterprises Cannabis 41.20 4194
BA Boeing Company (The) S&P500-Top50 41.17 4198
CBWTF Cannabis Wheaton Income Corp. Cannabis 39.63 4310
GGTTF GTEC Holdings Cannabis 36.79 4478
GGBXF Green Growth Brand Cannabis 35.07 4567
KO Coca-Cola Company (The) S&P500-Top50 34.84 4582
IBM International Business Machines Corp S&P500-Top50 34.61 4595
NACNF National Access Cannabis Corp Cannabis 33.47 4625
CANN General Cannabis Corp Cannabis 30.08 4757
VRNDF Delta 9 Cannabis Inc Cannabis NA N/A
RLLRF SugarBud Craft Growers Corp Cannabis NA N/A
WSLFF Westleaf Inc Cannabis NA N/A

MediPharm Labs Corp (MEDIF) received our maximum score for their Financial Situation. Three others scored above 90.

Of the universe of 5062 scored companies, some of the big names ranked extremely low. In fact, Tilray Inc (3328), Cronos Group Inc (3712), Aurora Cannabis (4186), Medmen Enterprises (4194), Green Growth Brand (4567) and General Cannabis Corp (4757) all received very low Financial Quality rankings. Too many liabilities and not enough earnings at this point.

Exhibit 11 is of the consensus scoring of all the independent Analysts who follow the almost 5100 companies that we score and rank on a relative basis each week based on data from Thomson Reuters.

We have a bone to pick with many of the analysts who follow these young cannabis companies. They rate them far too high. They are participating in and possibly even driving the industry hype.

Analyst ratings are not our scores or rankings. We are analyzing and reporting data based on what the industry analysts are reporting to Thomson Reuters, and Thomson Reuters is just publishing it, so please don’t shoot the messengers.

Fully seven of the Cannabis 50 received maximum 100 scores from industry analysts. Obviously, we are not included in this parade that we call a charade.

Four more, which is now 11 of the 50 cannabis companies, received an analyst score above 85. UnitedHealth Group (UNH), a perennial Wall St favorite, received a score of 83.52 (#1 of the S&P 50 but only #12 of this list of 100).

Then three more cannabis companies, all with analyst rating above 80.95, were higher ranked than the #2 S&P 50 companies, Merck and Amazon, which tied with an 80.36 score.

Reminds us of the 1999-2000 new Internet industry that emerged with analyst ratings that surely aided and abetted their sales colleagues. Three years later, half of the best of the best – from Goldman Sachs nonetheless – were bankrupt. So, speculators, beware of salespeople in analysts clothing.

Consensus (Exhibit 11) Peergroup Score Universe rank (4322)
IVITF Invictus MD Strategies Corp Cannabis 100 1
TBPMF Tetra Bio Pharma Inc Cannabis 100 1
ZBISF Zenabis Global Inc Cannabis 100 1
KHRNF Khiron Life Sciences Corp Cannabis 100 1
SNNVF Sunniva Inc. Cannabis 100 1
GGBXF Green Growth Brand Cannabis 100 1
VRNDF Delta 9 Cannabis Inc Cannabis 100 1
MEDIF MediPharm Labs Corp. Cannabis 85.71 203
WDDMF WeedMD Inc Cannabis 85.71 203
HRVOF Harvest One Cannabis Cannabis 85.71 203
VVCIF Vivo Cannabis Inc Cannabis 85.71 203
UNH UnitedHealth Group S&P500-Top50 83.52 379
ACRGF Acreage Holdings Cannabis 82.86 385
IIPR Innovative Industrial Properties Inc Cannabis 80.95 446
MMNFF Medmen Enterprises Cannabis 80.95 446
MRK Merck and Company S&P500-Top50 80.36 563
AMZN Amazon.com S&P500-Top50 80.36 563
CRM salesforce.com, inc. S&P500-Top50 79.87 579
GOOGL Alphabet S&P500-Top50 79.79 581
MA MasterCard S&P500-Top50 79.79 581
CWBHF Charlotte’s Web Cannabis 79.59 585
CRBP Corbus Pharmaceuticals Holdings Inc Cannabis 79.59 585
SPRWF Supreme Cannabis Company, Cannabis 79.59 585
MSFT Microsoft Corporation S&P500-Top50 79.37 613
V Visa S&P500-Top50 79.29 614
OGRMF Organigram Holdings Inc Cannabis 79.22 616
CTST CannTrust Holdings Inc Cannabis 79.22 616
TMO Thermo Fisher Scientific Inc. S&P500-Top50 78.15 728
GWPH GW Pharmaceuticals PLC Cannabis 78.02 733
CNPOF Canopy Rivers Inc Cannabis 77.14 765
KSHB Kush Bottles Inc Cannabis 77.14 765
TCNNF Trulieve Cannabis Corp. Cannabis 77.14 765
ZYNE Zynerba Pharmaceuticals Inc Cannabis 76.19 870
HON Honeywell International S&P500-Top50 76.19 870
GTBIF Green Thumb Industries Inc. Cannabis 75.51 934
ABT Abbott Laboratories S&P500-Top50 75.51 934
MCD McDonald’s Corporation S&P500-Top50 75.24 971
FB Facebook S&P500-Top50 74.47 1038
CVX Chevron Corporation S&P500-Top50 72.62 1145
C Citigroup S&P500-Top50 72.45 1150
COST Costco Wholesale Corporation S&P500-Top50 72.41 1152
PM Philip Morris International S&P500-Top50 72.30 1155
CRLBF Cresco Labs Inc. Cannabis 71.43 1158
HEXO Hexo Corp Cannabis 71.43 1158
FLWPF Flowr Corp Cannabis 71.43 1158
EMHTF Emerald Health Therapeutics Cannabis 71.43 1158
IMLFF InMed Pharmaceuticals Cannabis 71.43 1158
PHCEF Pharmacielo Ltd Cannabis 71.43 1158
CSCO Cisco Systems S&P500-Top50 71.43 1158
CURLF Curaleaf Holdings, Inc. Cannabis 71.43 1158
HD Home Depot (The) S&P500-Top50 71.43 1158
EEVVF Eve & Co Inc Cannabis 71.43 1158
ACB Aurora Cannabis Cannabis 71.43 1158
CBWTF Cannabis Wheaton Income Corp. Cannabis 71.43 1158
RLLRF SugarBud Craft Growers Corp Cannabis 71.43 1158
WMT Wal-Mart Stores S&P500-Top50 71.05 1762
PYPL PayPal Holdings S&P500-Top50 70.79 1766
AVGO Broadcom Limited S&P500-Top50 70.59 1769
CMCSA Comcast Corporation S&P500-Top50 70.56 1770
DIS Walt Disney Company (The) S&P500-Top50 69.31 1821
APHA Aphria Inc. Cannabis 69.05 1837
NKE Nike S&P500-Top50 68.83 1847
ADBE Adobe Systems S&P500-Top50 68.57 1869
KO Coca-Cola Company (The) S&P500-Top50 67.58 1969
MDT Medtronic PLC S&P500-Top50 67.20 2000
ACN Accenture S&P500-Top50 66.86 2025
AAPL Apple S&P500-Top50 65.99 2117
BRKB Berkshire Hathaway S&P500-Top50 65.71 2118
UNP Union Pacific S&P500-Top50 65.31 2184
UTX United Technologies Corporation S&P500-Top50 65.22 2188
PG Procter & Gamble Company S&P500-Top50 65.05 2205
BAC Bank of America S&P500-Top50 64.06 2327
BA Boeing Company (The) S&P500-Top50 63.74 2341
CGC Canopy Growth Corporation Cannabis 63.49 2354
NFLX Netflix S&P500-Top50 62.54 2432
JNJ Johnson & Johnson S&P500-Top50 62.41 2440
T AT&T S&P500-Top50 61.90 2450
PEP PepsiCo S&P500-Top50 61.10 2606
JPM JP Morgan Chase & Company S&P500-Top50 60.95 2620
TGODF Green Organic Dutchman Cannabis 60.00 2660
INSY Insys Therapeutics Inc Cannabis 60.00 2660
VZ Verizon Communications S&P500-Top50 58.10 2834
PFE Pfizer S&P500-Top50 57.14 2859
LLY Eli Lilly and Company S&P500-Top50 55.36 3098
IBM International Business Machines Corp S&P500-Top50 52.86 3264
ORCL Oracle Corporation S&P500-Top50 52.38 3268
WFC Wells Fargo S&P500-Top50 50.89 3417
XOM Exxon Mobil Corporation S&P500-Top50 49.35 3492
TLRY Tilray Inc Cannabis 48.05 3561
ABBV AbbVie S&P500-Top50 46.43 3640
INTC Intel Corporation S&P500-Top50 45.64 3673
CRON Cronos Group Inc Cannabis 27.27 4271
NWKRF Newstrike Brands Cannabis NA N/A
NXTTF Namaste Technologies Inc. Cannabis NA N/A
NCNNF 48North Cannabis Corp Cannabis NA N/A
NDVAF Indiva Ltd Cannabis NA N/A
GGTTF GTEC Holdings Cannabis NA N/A
NACNF National Access Cannabis Corp Cannabis NA N/A
CANN General Cannabis Corp Cannabis NA N/A
WSLFF Westleaf Inc Cannabis NA N/A

 

In time there will be more analysts covering these cannabis companies, and more companies will be covered. The data, scoring and ranking will continually change. If anything, these analysts, like their legal and accounting colleagues, are likely to become increasingly objective and less promotionally oriented in their assessments.

Exhibit 12 in our study series is our proprietary Composite Score for Growth.

Please note that the WMA research data that has been used for the following exhibit also applies a market price factor in its Growth Composite rating. As a result, you will find that the Top 15 of the 100 that we have under review are cannabis companies.

That is the market speaking. When the market is rising, the cannabis boat will lift faster and higher. When the market is falling, that boat will be the earliest ones in trouble.

We were able to rank 98 of the 50 companies of a ranked universe that totaled 5091. Two, SugarBud Craft Growers Corp (RLLRF) and Westleaf Inc (WSLFF), failed to score.

There were only 21 of the Cannabis 50 that received Composite Growth scores above 50 in the universe of 5091; 15 were above 60; 11 were above 70; and five scored from 80.59 up to MediPharm Labs (MEDIF) at 86.11.

MediPharm in fact ranked #5, Flowr Corp (FLWPF) ranked #10, and Charlotte’s Web (CWBHF) ranked #16. Out of 5091 companies, these rankings are impressive.

Of course, there are some big names in the cannabis industry that ranked very low. Much lower than their street reputation.

Growth Comp (Exhibit 12) Peergroup Score Universe rank (5091)
MEDIF MediPharm Labs Corp. Cannabis 86.11 5
FLWPF Flowr Corp Cannabis 84.11 10
CWBHF Charlotte’s Web Cannabis 82.36 16
EMHTF Emerald Health Therapeutics Cannabis 81.24 29
ZBISF Zenabis Global Inc Cannabis 80.59 34
IIPR Innovative Industrial Properties Inc Cannabis 79.96 37
HEXO Hexo Corp Cannabis 79.25 40
CURLF Curaleaf Holdings, Inc. Cannabis 77.68 58
CRLBF Cresco Labs Inc. Cannabis 75.03 83
CTST CannTrust Holdings Inc Cannabis 73.46 107
TCNNF Trulieve Cannabis Corp. Cannabis 73.42 110
APHA Aphria Inc. Cannabis 67.71 293
GTBIF Green Thumb Industries Inc. Cannabis 67.47 299
OGRMF Organigram Holdings Inc Cannabis 67.14 315
ACRGF Acreage Holdings Cannabis 65.08 424
FB Facebook S&P500-Top50 61.69 658
AVGO Broadcom Limited S&P500-Top50 59.69 842
DIS Walt Disney Company (The) S&P500-Top50 59.50 871
SPRWF Supreme Cannabis Company, Cannabis 58.50 980
CMCSA Comcast Corporation S&P500-Top50 58.14 1021
C Citigroup S&P500-Top50 58.06 1023
XOM Exxon Mobil Corporation S&P500-Top50 56.30 1192
BA Boeing Company (The) S&P500-Top50 55.61 1280
ADBE Adobe Systems S&P500-Top50 54.42 1437
MA MasterCard S&P500-Top50 54.06 1492
SNNVF Sunniva Inc. Cannabis 53.95 1505
V Visa S&P500-Top50 53.92 1515
MSFT Microsoft Corporation S&P500-Top50 53.89 1520
PYPL PayPal Holdings S&P500-Top50 53.83 1533
GOOGL Alphabet S&P500-Top50 53.63 1566
CRON Cronos Group Inc Cannabis 53.57 1577
CRM salesforce.com, inc. S&P500-Top50 53.33 1619
NFLX Netflix S&P500-Top50 52.80 1724
AMZN Amazon.com S&P500-Top50 52.67 1750
MRK Merck and Company S&P500-Top50 52.52 1774
CSCO Cisco Systems S&P500-Top50 52.39 1801
EEVVF Eve & Co Inc Cannabis 52.29 1829
ORCL Oracle Corporation S&P500-Top50 52.00 1889
JPM JP Morgan Chase & Company S&P500-Top50 51.96 1902
ABBV AbbVie S&P500-Top50 51.94 1906
ACN Accenture S&P500-Top50 51.83 1941
UNH UnitedHealth Group S&P500-Top50 51.58 2000
UNP Union Pacific S&P500-Top50 51.53 2017
IVITF Invictus MD Strategies Corp Cannabis 51.49 2028
AAPL Apple S&P500-Top50 51.47 2033
CVX Chevron Corporation S&P500-Top50 51.46 2036
UTX United Technologies Corporation S&P500-Top50 51.25 2082
GGBXF Green Growth Brand Cannabis 51.12 2121
NKE Nike S&P500-Top50 51.12 2122
BAC Bank of America S&P500-Top50 51.05 2141
TMO Thermo Fisher Scientific Inc. S&P500-Top50 51.03 2150
ABT Abbott Laboratories S&P500-Top50 50.75 2229
JNJ Johnson & Johnson S&P500-Top50 50.15 2396
BRKB Berkshire Hathaway S&P500-Top50 50.01 2432
VRNDF Delta 9 Cannabis Inc Cannabis 49.81 2471
COST Costco Wholesale Corporation S&P500-Top50 49.67 2501
MDT Medtronic PLC S&P500-Top50 49.39 2572
T AT&T S&P500-Top50 49.18 2621
HD Home Depot (The) S&P500-Top50 48.84 2678
CGC Canopy Growth Corporation Cannabis 48.65 2716
KO Coca-Cola Company (The) S&P500-Top50 48.36 2759
PG Procter & Gamble Company S&P500-Top50 47.98 2803
PM Philip Morris International S&P500-Top50 47.45 2853
CRBP Corbus Pharmaceuticals Holdings Inc Cannabis 47.42 2855
MCD McDonald’s Corporation S&P500-Top50 47.38 2858
PEP PepsiCo S&P500-Top50 47.22 2869
PFE Pfizer S&P500-Top50 46.90 2898
LLY Eli Lilly and Company S&P500-Top50 46.90 2899
INTC Intel Corporation S&P500-Top50 46.84 2905
HON Honeywell International S&P500-Top50 46.72 2917
WFC Wells Fargo S&P500-Top50 46.72 2918
KHRNF Khiron Life Sciences Corp Cannabis 46.71 2919
TLRY Tilray Inc Cannabis 45.33 3022
GWPH GW Pharmaceuticals PLC Cannabis 45.23 3027
KSHB Kush Bottles Inc Cannabis 45.14 3037
VZ Verizon Communications S&P500-Top50 44.41 3065
WMT Wal-Mart Stores S&P500-Top50 44.12 3082
VVCIF Vivo Cannabis Inc Cannabis 42.02 3176
CNPOF Canopy Rivers Inc Cannabis 41.56 3191
INSY Insys Therapeutics Inc Cannabis 40.00 3266
ZYNE Zynerba Pharmaceuticals Inc Cannabis 35.85 3474
TGODF Green Organic Dutchman Cannabis 34.19 3562
IBM International Business Machines Corp S&P500-Top50 34.11 3568
MMNFF Medmen Enterprises Cannabis 30.30 3808
CBWTF Cannabis Wheaton Income Corp. Cannabis 29.09 3864
ACB Aurora Cannabis Cannabis 29.07 3867
WDDMF WeedMD Inc Cannabis 26.16 3978
PHCEF Pharmacielo Ltd Cannabis 21.61 4120
HRVOF Harvest One Cannabis Cannabis 20.64 4141
IMLFF InMed Pharmaceuticals Cannabis 17.27 4207
NXTTF Namaste Technologies Inc. Cannabis 4.69 4828
NWKRF Newstrike Brands Cannabis 3.77 4935
NDVAF Indiva Ltd Cannabis 2.82 4987
TBPMF Tetra Bio Pharma Inc Cannabis 2.73 4992
NCNNF 48North Cannabis Corp Cannabis 2.60 4998
CANN General Cannabis Corp Cannabis 2.49 5013
GGTTF GTEC Holdings Cannabis 1.75 5050
NACNF National Access Cannabis Corp Cannabis 1.53 5059
RLLRF SugarBud Craft Growers Corp Cannabis 0 5077
WSLFF Westleaf Inc Cannabis 0 5077

Exhibit 13, which is the final illustration in our study series, is our proprietary Composite Score for Value.

Of a ranked universe that totaled 5091, and the 100 companies we studied, there were only 8 cannabis companies ranked among the top 57 and the score of #8 was just 41.71. Only two cannabis companies scored about 50. Trulieve Cannabis (TCNNF) scored 51.12 and WeedMD scored 56.67. But these ranked +2200 and #1411 out of 5091, which was a poor result for the best 2 of 50 cannabis companies.

Of the S&P 50, only Netflix (NFLX) scored at the bottom with most cannabis companies.

Value Comp (Exhibit 13) Peergroup Score Universe rank (5091)
T AT&T S&P500-Top50 66.66 513
ABBV AbbVie S&P500-Top50 64.74 654
C Citigroup S&P500-Top50 60.92 939
INTC Intel Corporation S&P500-Top50 60.46 992
VZ Verizon Communications S&P500-Top50 60.40 998
IBM International Business Machines Corp S&P500-Top50 60.26 1011
CVX Chevron Corporation S&P500-Top50 60.10 1027
WFC Wells Fargo S&P500-Top50 59.62 1078
BAC Bank of America S&P500-Top50 58.89 1153
AVGO Broadcom Limited S&P500-Top50 58.01 1261
WDDMF WeedMD Inc Cannabis 56.67 1411
XOM Exxon Mobil Corporation S&P500-Top50 56.58 1421
CMCSA Comcast Corporation S&P500-Top50 56.51 1431
JPM JP Morgan Chase & Company S&P500-Top50 56.50 1432
HD Home Depot (The) S&P500-Top50 54.76 1665
BRKB Berkshire Hathaway S&P500-Top50 53.70 1805
UNH UnitedHealth Group S&P500-Top50 52.00 2055
WMT Wal-Mart Stores S&P500-Top50 51.94 2070
FB Facebook S&P500-Top50 51.42 2156
TCNNF Trulieve Cannabis Corp. Cannabis 51.12 2200
PFE Pfizer S&P500-Top50 50.98 2225
DIS Walt Disney Company (The) S&P500-Top50 50.66 2278
UTX United Technologies Corporation S&P500-Top50 50.61 2286
COST Costco Wholesale Corporation S&P500-Top50 50.24 2347
GOOGL Alphabet S&P500-Top50 49.73 2427
AAPL Apple S&P500-Top50 49.37 2480
JNJ Johnson & Johnson S&P500-Top50 49.31 2489
MDT Medtronic PLC S&P500-Top50 49.15 2515
ACN Accenture S&P500-Top50 49.06 2529
ORCL Oracle Corporation S&P500-Top50 49.03 2536
PM Philip Morris International S&P500-Top50 48.73 2567
MRK Merck and Company S&P500-Top50 48.47 2612
HON Honeywell International S&P500-Top50 47.96 2676
VRNDF Delta 9 Cannabis Inc Cannabis 47.74 2704
IVITF Invictus MD Strategies Corp Cannabis 47.34 2767
UNP Union Pacific S&P500-Top50 47.25 2785
CSCO Cisco Systems S&P500-Top50 47.00 2818
PEP PepsiCo S&P500-Top50 46.93 2826
ABT Abbott Laboratories S&P500-Top50 46.80 2846
PG Procter & Gamble Company S&P500-Top50 46.53 2873
CWBHF Charlotte’s Web Cannabis 46.48 2875
TMO Thermo Fisher Scientific Inc. S&P500-Top50 46.40 2891
MSFT Microsoft Corporation S&P500-Top50 45.77 2966
ZBISF Zenabis Global Inc Cannabis 45.19 3028
AMZN Amazon.com S&P500-Top50 44.98 3050
KO Coca-Cola Company (The) S&P500-Top50 44.43 3098
IIPR Innovative Industrial Properties Inc Cannabis 43.71 3151
V Visa S&P500-Top50 43.28 3191
NKE Nike S&P500-Top50 43.26 3192
LLY Eli Lilly and Company S&P500-Top50 43.24 3196
CRM salesforce.com, inc. S&P500-Top50 43.15 3206
BA Boeing Company (The) S&P500-Top50 42.61 3242
ADBE Adobe Systems S&P500-Top50 42.31 3273
MCD McDonald’s Corporation S&P500-Top50 41.89 3316
INSY Insys Therapeutics Inc Cannabis 41.71 3323
MA MasterCard S&P500-Top50 40.76 3392
PYPL PayPal Holdings S&P500-Top50 39.88 3454
OGRMF Organigram Holdings Inc Cannabis 38.70 3515
HRVOF Harvest One Cannabis Cannabis 38.19 3536
MEDIF MediPharm Labs Corp. Cannabis 37.00 3595
SNNVF Sunniva Inc. Cannabis 34.74 3722
KSHB Kush Bottles Inc Cannabis 30.84 3937
APHA Aphria Inc. Cannabis 30.84 3938
GGBXF Green Growth Brand Cannabis 30.43 3957
GTBIF Green Thumb Industries Inc. Cannabis 30.15 3974
EEVVF Eve & Co Inc Cannabis 27.97 4073
FLWPF Flowr Corp Cannabis 0 4212
EMHTF Emerald Health Therapeutics Cannabis 0 4212
HEXO Hexo Corp Cannabis 0 4212
CURLF Curaleaf Holdings, Inc. Cannabis 0 4212
CRLBF Cresco Labs Inc. Cannabis 0 4212
CTST CannTrust Holdings Inc Cannabis 0 4212
ACRGF Acreage Holdings Cannabis 0 4212
SPRWF Supreme Cannabis Company, Cannabis 0 4212
CRON Cronos Group Inc Cannabis 0 4212
NFLX Netflix S&P500-Top50 0 4212
CGC Canopy Growth Corporation Cannabis 0 4212
CRBP Corbus Pharmaceuticals Holdings Inc Cannabis 0 4212
KHRNF Khiron Life Sciences Corp Cannabis 0 4212
TLRY Tilray Inc Cannabis 0 4212
GWPH GW Pharmaceuticals PLC Cannabis 0 4212
VVCIF Vivo Cannabis Inc Cannabis 0 4212
CNPOF Canopy Rivers Inc Cannabis 0 4212
ZYNE Zynerba Pharmaceuticals Inc Cannabis 0 4212
TGODF Green Organic Dutchman Cannabis 0 4212
MMNFF Medmen Enterprises Cannabis 0 4212
CBWTF Cannabis Wheaton Income Corp. Cannabis 0 4212
ACB Aurora Cannabis Cannabis 0 4212
PHCEF Pharmacielo Ltd Cannabis 0 4212
IMLFF InMed Pharmaceuticals Cannabis 0 4212
NXTTF Namaste Technologies Inc. Cannabis 0 4212
NWKRF Newstrike Brands Cannabis 0 4212
NDVAF Indiva Ltd Cannabis 0 4212
TBPMF Tetra Bio Pharma Inc Cannabis 0 4212
NCNNF 48North Cannabis Corp Cannabis 0 4212
CANN General Cannabis Corp Cannabis 0 4212
GGTTF GTEC Holdings Cannabis 0 4212
NACNF National Access Cannabis Corp Cannabis 0 4212
RLLRF SugarBud Craft Growers Corp Cannabis 0 4212
WSLFF Westleaf Inc Cannabis 0 4212

In most studies we do, we also rank seasoned companies for Yield, but such analysis is unnecessary for cannabis.

We believe that as the industry is in the emerging growth phase, we must pay attention to our weekly Fundamental scoring and ranking system results; however, Technical trading systems will be more important for decision-support reasons for many months to come.

As we broaden and deepen our research, we anticipate offering a cannabis portfolio as an option to clients. We believe the interest and the need is there.

To finish this article, we now present the WMA system generated buy-sell list for the Bill Cara Cannabis 50 stocks for the week ending May 24.

To do a buy-sell list for portfolio management purposes, we combine proprietary systems from both WMA and Cara research plus studies of MD&A filings. However, we think it is important for you to see that we have researched these 50 stocks in many ways, including the comparison of corporate fundamentals against a universe of 5091 companies (each week the universe grows or decreases marginally).

Ticker Name GROWTH COMP
APHA Aphria Inc. Strong Buy
CTST CannTrust Holdings Inc Strong Buy
CWBHF Charlotte’s Web Strong Buy
CRLBF Cresco Labs Inc. Strong Buy
CURLF Curaleaf Holdings, Inc. Strong Buy
EMHTF Emerald Health Therapeutics Strong Buy
FLWPF Flowr Corp Strong Buy
GTBIF Green Thumb Industries Inc. Strong Buy
HEXO Hexo Corp Strong Buy
IIPR Innovative Industrial Properties Inc Strong Buy
MEDIF MediPharm Labs Corp. Strong Buy
TCNNF Trulieve Cannabis Corp. Strong Buy
ZBISF Zenabis Global Inc Strong Buy
ACRGF Acreage Holdings Buy
CRON Cronos Group Inc Buy
OGRMF Organigram Holdings Inc Buy
VRNDF Delta 9 Cannabis Inc Hold
EEVVF Eve & Co Inc Hold
GGBXF Green Growth Brand Hold
IVITF Invictus MD Strategies Corp Hold
SNNVF Sunniva Inc. Hold
SPRWF Supreme Cannabis Company, Hold
CGC Canopy Growth Corporation Sell
CNPOF Canopy Rivers Inc Sell
CRBP Corbus Pharmaceuticals Holdings Inc Sell
INSY Insys Therapeutics Inc Sell
KHRNF Khiron Life Sciences Corp Sell
KSHB Kush Bottles Inc Sell
VVCIF Vivo Cannabis Inc Sell
ACB Aurora Cannabis Strong Sell
CBWTF Cannabis Wheaton Income Corp. Strong Sell
TGODF Green Organic Dutchman Strong Sell
GWPH GW Pharmaceuticals PLC Strong Sell
HRVOF Harvest One Cannabis Strong Sell
IMLFF InMed Pharmaceuticals Strong Sell
MMNFF Medmen Enterprises Strong Sell
PHCEF Pharmacielo Ltd Strong Sell
TLRY Tilray Inc Strong Sell
WDDMF WeedMD Inc Strong Sell
ZYNE Zynerba Pharmaceuticals Inc Strong Sell
NCNNF 48North Cannabis Corp No Rating
CANN General Cannabis Corp No Rating
GGTTF GTEC Holdings No Rating
NDVAF Indiva Ltd No Rating
NXTTF Namaste Technologies Inc. No Rating
NACNF National Access Cannabis Corp No Rating
NWKRF Newstrike Brands No Rating
RLLRF SugarBud Craft Growers Corp No Rating
TBPMF Tetra Bio Pharma Inc No Rating
WSLFF Westleaf Inc No Rating

Like our readers and clients, we are students of the market. Every week is a learning experience and we hope this one was for you as well.


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