Is cannabis moving from brown to green?

The cannabis industry would have us all believe that the only color is green, and most of the early investors saw it that way too. But today, the picture has changed. Too much brown bud that can’t be sold and not enough green in their financial summaries or ours either.

A week ago, I reviewed sixteen cannabis companies for which I had detailed reports from Thomson Reuters.

Cannabis Stocks: The Massive Gap between Fact and Fantasy

This week I am reviewing 37 companies. As more broker-dealer analysts provide coverage to the smaller industry companies, I will expand my reviews as well.

Readers and clients know my views on the industry, which are mostly negative at this point but with an understanding there are strong prospects of success in some cases.

Obviously, market valuations must come into line with reality. In the market today there are favorite stocks of investors – let’s call them speculators – that are scoffed at by independent business valuators and rightly so.

From my perspective as a professional investor and portfolio manager, I too have an independent approach to studying the information provided by these companies and, accordingly, have decided to not invest personally or for clients yet. The good news is that corporate earnings and not production capacity is the new focus, not only for investors but for the management teams of these companies.

For this article, I will try to drill down on some of the cannabis companies that I feel may be positioned for future earnings of the kind that would attract me as an investor. You see, I am looking for the real green and not the kind that underlies the hype.

In each case, investors should be thinking what must happen to these companies for this full-on green scenario to come true. That’s a discussion all of us must have because so far there are no earnings to speak of.

At the end of the article I will be inserting comments about the industry and some of these companies that you may or may not find informative. I will also include Reuters information for each of the companies.

For our purposes today, we ranked each of the 37 cannabis companies on Earnings, Balance Sheet, and Risk to come up with a Fundamental score and on Relative Valuation and Price Momentum to come up with a Quantitative score. This is a bit of a switch from last week’s article. Again, there are no recommendations, just a review of the data from Thomson Reuters, which is mostly historical data and, for this industry, quickly dated.

Let’s examine the data more deeply.

Clearly, cannabis is a new and rapidly evolving industry that does not yet measure up to the basic requirements of institutional investors. However, institutional investors are definitely investing as this first table shows, although mostly only in the few stocks that have met NYSE and NASDAQ listing requirements and have the largest market caps.

Ticker in CanadaTicker in USACompany NameInstitutions own %
APHA.TO[APHA]Aphria Inc15,3
ACB.TO[ACB]Aurora Cannabis 12,2
TRST.TO[CTST]Canntrust Holdings11,4
WEED.TO[CGC]Canopy Growth Corp TSX10,3
CRON.TO[CRON]Cronos Group9,4
TGOD.TO Green Organic Dutchman9,2
HEXO.TO[HEXO]Hexo Corp9,1
EMH.V Emerald Health Therapeutics7,6
OGI.V Organigram Holdings6,6
VIVO.V Vivo Cannabis Inc6,6
GENE.V Invictus MD Strategies Corp6,2
FIRE.TO Supreme Cannabis Company Inc5,1
XLY.V Auxly Cannabis5,0
HIP.V Newstrike Brands4,5
RIV.V Canopy Rivers Inc3,4
EVE.V Eve & Co Inc3,3
WMD.V WeedMD Inc3,1
NDVA.V Indiva Ltd2,9
NINE.V Delta 9 Cannabis Inc2,7
SCYB.V Scythian Biosciences Corp2,6
META.V National Access Cannabis Corp2,5
HVT.V Harvest One Cannabis Inc2,4
GTEC.V GTEC Holdings 1,9
N.V Namaste Technologies Inc1,8
TBP.V Tetra Bio Pharma Inc1,8
IN.TO InMed Pharmaceuticals1,7
LABS.V Medipharm Labs Corp1,6
ALEF.TO Aleafia Health Inc1,5
KHRN.V Khiron Life Sciences Corp1,5
NRTH.V 48North Cannabis Corp0,1
PCLO.V Pharmacielo Ltd0,1
FLWR.V Flowr Corp0,0
SOW.V Organic Flower Investments Grp0,0
SUGR.V SugarBud Craft Growers Corp0,0
WL.V Westleaf Inc0,0
ZENA.V Zenabis Global Inc0,0

It would not be a surprise one day soon to see The Green Organic Dutchman (TGOD.TO and TGODF) be listed in New York.

Earnings Ratings do not correspond to absolute earnings, but are based on Earnings Surprises, Estimate Revisions and Analyst upgrades and downgrades of earnings in the past four months. What investors most want to see here are analyst upgrades based on earnings surprises.

Relative to Earnings across the broad market, only Organigram (10), Aphria (9), Aurora (8) and Hexo (4) received scores and only the first three were deemed by Reuters acceptable on that basis.

Ticker in CanadaTicker in USACompany NameEarnings
OGI.V Organigram Holdings10
APHA.TO[APHA]Aphria Inc9
ACB.TO[ACB]Aurora Cannabis 8
TRST.TO[CTST]Canntrust Holdings1
WEED.TO[CGC]Canopy Growth Corp TSX1
CRON.TO[CRON]Cronos Group1
TGOD.TO Green Organic Dutchman1
EMH.V Emerald Health Therapeutics1
VIVO.V Vivo Cannabis Inc1
GENE.V Invictus MD Strategies Corp1
FIRE.TO Supreme Cannabis Company Inc1
XLY.V Auxly Cannabis1
HIP.V Newstrike Brands1
RIV.V Canopy Rivers Inc1
EVE.V Eve & Co Inc1
WMD.V WeedMD Inc1
NDVA.V Indiva Ltd1
NINE.V Delta 9 Cannabis Inc1
SCYB.V Scythian Biosciences Corp1
META.V National Access Cannabis Corp1
HVT.V Harvest One Cannabis Inc1
GTEC.V GTEC Holdings 1
N.V Namaste Technologies Inc1
TBP.V Tetra Bio Pharma Inc1
IN.TO InMed Pharmaceuticals1
LABS.V Medipharm Labs Corp1
ALEF.TO Aleafia Health Inc1
KHRN.V Khiron Life Sciences Corp1
NRTH.V 48North Cannabis Corp1
PCLO.V Pharmacielo Ltd1
FLWR.V Flowr Corp1
SOW.V Organic Flower Investments Grp1
SUGR.V SugarBud Craft Growers Corp1
WL.V Westleaf Inc1
ZENA.V Zenabis Global Inc1

The Fundamental Rating is based on Profitability (Rev growth, gross and net margin and return on equity), Debt and Earnings Quality (Free cash flow, and days of sales in inventory and receivables), relative to the broad market.

Ticker in CanadaTicker in USACompany NameFundamentals
NDVA.V Indiva Ltd10
N.V Namaste Technologies Inc10
LABS.V Medipharm Labs Corp10
SUGR.V SugarBud Craft Growers Corp10
TRST.TO[CTST]Canntrust Holdings9
WMD.V WeedMD Inc9
ZENA.V Zenabis Global Inc9
APHA.TO[APHA]Aphria Inc8
WEED.TO[CGC]Canopy Growth Corp TSX8
NINE.V Delta 9 Cannabis Inc8
NRTH.V 48North Cannabis Corp8
OGI.V Organigram Holdings7
HIP.V Newstrike Brands6
META.V National Access Cannabis Corp6
ALEF.TO Aleafia Health Inc6
ACB.TO[ACB]Aurora Cannabis 5
CRON.TO[CRON]Cronos Group5
VIVO.V Vivo Cannabis Inc5
IN.TO InMed Pharmaceuticals5
SOW.V Organic Flower Investments Grp5
EMH.V Emerald Health Therapeutics4
FIRE.TO Supreme Cannabis Company Inc4
XLY.V Auxly Cannabis4
EVE.V Eve & Co Inc4
HVT.V Harvest One Cannabis Inc4
TGOD.TO Green Organic Dutchman3
GENE.V Invictus MD Strategies Corp3
TBP.V Tetra Bio Pharma Inc2
KHRN.V Khiron Life Sciences Corp2
FLWR.V Flowr Corp2
RIV.V Canopy Rivers Inc1
SCYB.V Scythian Biosciences Corp1
GTEC.V GTEC Holdings 1
PCLO.V Pharmacielo Ltd1
WL.V Westleaf Inc1

Based on the Fundamentals strength, there were 12 of the 37 companies that apparently Reuters deemed acceptable: Indiva, Namaste, Medipharm and SugarBud (each with the highest possible 10 score), CannTrust, WeedMD and Zenabis (each scoring 9), Aphria, Canopy Growth, Delta 9 and 48North (each with a 7) and Organigram at 6.

What conservative investors want to see are high profit margins, low debt levels and (if possible) dividends. As noted previously, for cannabis companies, there is a competition to survive and grow. Most companies are keen to seek an investment or buy-out by a larger company, so dividends are unlikely. Their high gross margins are nowhere close to their low and often extremely negative net margins in terms of what investors want to see. Investors are demanding earnings!

The Relative Valuation Rating is based on (most importantly) Price to Sales, plus (equally) Trailing PE and Forward PE.

Ticker in CanadaTicker in USACompany NameRelative Valuation
RIV.V Canopy Rivers Inc6
SUGR.V SugarBud Craft Growers Corp3
TRST.TO[CTST]Canntrust Holdings3
FIRE.TO Supreme Cannabis Company Inc3
HVT.V Harvest One Cannabis Inc3
GENE.V Invictus MD Strategies Corp3
WEED.TO[CGC]Canopy Growth Corp TSX2
CRON.TO[CRON]Cronos Group2
EMH.V Emerald Health Therapeutics2
XLY.V Auxly Cannabis2
TGOD.TO Green Organic Dutchman2
TBP.V Tetra Bio Pharma Inc2
FLWR.V Flowr Corp2
NDVA.V Indiva Ltd1
N.V Namaste Technologies Inc1
LABS.V Medipharm Labs Corp1
WMD.V WeedMD Inc1
ZENA.V Zenabis Global Inc1
APHA.TO[APHA]Aphria Inc1
NINE.V Delta 9 Cannabis Inc1
NRTH.V 48North Cannabis Corp1
OGI.V Organigram Holdings1
HIP.V Newstrike Brands1
META.V National Access Cannabis Corp1
ALEF.TO Aleafia Health Inc1
ACB.TO[ACB]Aurora Cannabis 1
VIVO.V Vivo Cannabis Inc1
IN.TO InMed Pharmaceuticals1
SOW.V Organic Flower Investments Grp1
EVE.V Eve & Co Inc1
KHRN.V Khiron Life Sciences Corp1
SCYB.V Scythian Biosciences Corp1
GTEC.V GTEC Holdings 1
PCLO.V Pharmacielo Ltd1
WL.V Westleaf Inc1

Based on Relative Valuation to the broad market, none were truly acceptable to conservative investors; however, Canopy Rivers (scoring a 6) came close for consideration. In the case of almost every cannabis company, the valuation multiples were awful.

As noted previously, when I hear or read about the grandiose promises of performance coming two or three years out, I tune out. But if the Earnings and Fundamentals Ratings are acceptable and improving quarter by quarter, then on a trading basis I think the interest level of any company in this industry is justified.

The Risk Rating looks at 5-year and 90-day stock performance measures including volatility, magnitude of returns, beta and correlation of returns to the S&P 500 averages.

Ticker in CanadaTicker in USACompany NameRisk
TRST.TO[CTST]Canntrust Holdings7
WEED.TO[CGC]Canopy Growth Corp TSX7
OGI.V Organigram Holdings7
ACB.TO[ACB]Aurora Cannabis 7
TGOD.TO Green Organic Dutchman6
NDVA.V Indiva Ltd6
APHA.TO[APHA]Aphria Inc6
HVT.V Harvest One Cannabis Inc5
CRON.TO[CRON]Cronos Group5
EMH.V Emerald Health Therapeutics5
ZENA.V Zenabis Global Inc5
ALEF.TO Aleafia Health Inc5
VIVO.V Vivo Cannabis Inc5
GTEC.V GTEC Holdings 5
RIV.V Canopy Rivers Inc4
FIRE.TO Supreme Cannabis Company Inc4
XLY.V Auxly Cannabis4
HIP.V Newstrike Brands4
META.V National Access Cannabis Corp4
IN.TO InMed Pharmaceuticals4
SUGR.V SugarBud Craft Growers Corp3
TBP.V Tetra Bio Pharma Inc3
FLWR.V Flowr Corp3
N.V Namaste Technologies Inc3
LABS.V Medipharm Labs Corp3
WMD.V WeedMD Inc3
NINE.V Delta 9 Cannabis Inc3
NRTH.V 48North Cannabis Corp3
EVE.V Eve & Co Inc3
GENE.V Invictus MD Strategies Corp2
SOW.V Organic Flower Investments Grp2
KHRN.V Khiron Life Sciences Corp2
SCYB.V Scythian Biosciences Corp1
PCLO.V Pharmacielo Ltd1
WL.V Westleaf Inc1

Based on Risk, the only acceptable companies were Hexo (8), which was the least risky, followed by CannTrust, Canopy Growth, Organigram and Aurora Cannabis, each of which scored an acceptable 7 out of 10, and Green Organic Dutchman, Indiva and Aphria, each of which scored a tolerable 6.

To create a Quantitative Rating, I combined Relative Valuation and Price Momentum scores as presented in recent Reuters reports.

As noted last week, volatility alone is going to rule out many cannabis companies for conservative investors although that is what short-term traders want to see.

Price has context here in terms of its market price relationship to earnings and to sales and also to relative strength of the stock price over the most recent 1-, 3-, and 6-month periods and in relation to its peer group over 1- and 2-month periods as calculated by Reuters.

Ticker in CanadaTicker in USACompany NameQuant ScoreQuant Score rank
OGI.V Organigram Holdings81
NDVA.V Indiva Ltd7T2
APHA.TO[APHA]Aphria Inc7T2
HIP.V Newstrike Brands7T2
SUGR.V SugarBud Craft Growers Corp7T2
NINE.V Delta 9 Cannabis Inc7T2
NRTH.V 48North Cannabis Corp7T2
ALEF.TO Aleafia Health Inc6T8
META.V National Access Cannabis Corp6T8
LABS.V Medipharm Labs Corp6T8
TRST.TO[CTST]Canntrust Holdings5T12
WEED.TO[CGC]Canopy Growth Corp TSX5T12
ACB.TO[ACB]Aurora Cannabis 5T12
HVT.V Harvest One Cannabis Inc5T12
EMH.V Emerald Health Therapeutics5T12
WMD.V WeedMD Inc5T12
EVE.V Eve & Co Inc5T12
ZENA.V Zenabis Global Inc4T19
RIV.V Canopy Rivers Inc4T19
XLY.V Auxly Cannabis4T19
IN.TO InMed Pharmaceuticals4T19
FLWR.V Flowr Corp4T19
N.V Namaste Technologies Inc4T19
KHRN.V Khiron Life Sciences Corp4T19
TGOD.TO Green Organic Dutchman3T26
CRON.TO[CRON]Cronos Group3T26
VIVO.V Vivo Cannabis Inc3T26
FIRE.TO Supreme Cannabis Company Inc3T26
SOW.V Organic Flower Investments Grp3T26
TBP.V Tetra Bio Pharma Inc231
GTEC.V GTEC Holdings 1T32
GENE.V Invictus MD Strategies Corp1T32
SCYB.V Scythian Biosciences Corp1T32
PCLO.V Pharmacielo Ltd1T32
WL.V Westleaf Inc1T32

The best Quantitative scores ranking happen to be Organigram with an 8 score, at number 1, followed by Indiva, Aphria, Newstrike, SugarBud, Delta9 and 48North all tied for 2nd with a 7 score, and Hexo, Aleafia, National Access and Medipharm all tied for 8th best with a 6 score.

Surprisingly perhaps, CannTrust, Canopy Growth and Aurora failed to meet the cut-off and Green Organic Dutchman wasn’t even close. Tilray, in fact, came tied for last.

I find these numbers suspicious, but because they have been calculated uniformly, I decided to insert them in this article.

More important to me are the Composite Company Ratings I calculated from P&L- and Balance Sheet-related scores plus Relative Risk in Capital Markets.

Ticker in CanadaTicker in USACompany NameCompany ScoreCompany score rank
OGI.V Organigram Holdings8,51
APHA.TO[APHA]Aphria Inc8,22
ACB.TO[ACB]Aurora Cannabis 6,83
HEXO.TO[HEXO]Hexo Corp5,04
NDVA.V Indiva Ltd4,85
TRST.TO[CTST]Canntrust Holdings4,76
SUGR.V SugarBud Craft Growers Corp4,3T7
LABS.V Medipharm Labs Corp4,3T7
WEED.TO[CGC]Canopy Growth Corp TSX4,3T7
ZENA.V Zenabis Global Inc4,3T7
N.V Namaste Technologies Inc4,3T7
WMD.V WeedMD Inc4,012
NINE.V Delta 9 Cannabis Inc3,7T13
NRTH.V 48North Cannabis Corp3,7T13
ALEF.TO Aleafia Health Inc3,315
HIP.V Newstrike Brands3,2T16
META.V National Access Cannabis Corp3,2T16
CRON.TO[CRON]Cronos Group3,0T18
VIVO.V Vivo Cannabis Inc3,0T18
IN.TO InMed Pharmaceuticals2,820
HVT.V Harvest One Cannabis Inc2,7T21
EMH.V Emerald Health Therapeutics2,7T21
XLY.V Auxly Cannabis2,5T23
TGOD.TO Green Organic Dutchman2,5T23
FIRE.TO Supreme Cannabis Company Inc2,5T23
SOW.V Organic Flower Investments Grp2,5T23
EVE.V Eve & Co Inc2,327
GENE.V Invictus MD Strategies Corp1,828
FLWR.V Flowr Corp1,7T29
TBP.V Tetra Bio Pharma Inc1,7T29
GTEC.V GTEC Holdings 1,7T29
RIV.V Canopy Rivers Inc1,5T33
KHRN.V Khiron Life Sciences Corp1,5T33
SCYB.V Scythian Biosciences Corp1,0T35
PCLO.V Pharmacielo Ltd1,0T35
WL.V Westleaf Inc1,0T35

Organigram, Aphria and Aurora received the highest ratings followed by Hexo, Indiva and Canntrust.

So much for the review of data compiled by Reuters. Every week or so Reuters reports on more companies and the data changes as well for many of these companies, week to week.

In subsequent articles I may decide to include my one-month forward outlook for the stock price trend. Anything longer would be pure guesswork on my part.

In summary, gathering this information for public information and discussion is a learning experience for all of us. I am not yet ready to trade these stocks but as I complete the development of a proprietary algorithm that meets my needs, I shall consider that.

Comments on the industry and some of the companies

All negatives aside, and the industry has many, I have projected that sometime around 2025-26, total sales of cannabis will exceed the annual production of Gold. And for many companies in cannabis one way or another, there will be green, and millions of investors will be pleased with their results.

For thousands of years, cannabis the medicine and cannabis for getting stoned has been popular in society if not fully legal. Because of Canada’s leadership under Prime Minister Justin Trudeau, however, societal forces are rapidly changing around the world. In fact, there are laws in place in more than 30 countries now in support of medical cannabis and legalized recreational use is becoming widely accepted as well.

There are many facets to any industry, and that is certainly the case with cannabis. Products are also being derived from the non-hallucinogenic CBD flower and oils and going into the making of consumer products like edibles, cannabis-infused beverages, concentrates used in vaping, and creams and lotions among so many others. The industry includes businesses that operate throughout the seed-to-consumption chain involving the making, marketing and delivery of cannabis products.

Without a doubt, cannabis is becoming a global trillion-dollar sub-industry of many industries. So, we are right to be researching, writing and discussing it here in 2019. We are also right to be constructively critical.

There have been so many published reports and articles that present inflated sales numbers that at times there will be periods of consolidation, which is a fact of life in any market. We are witnessing softer sales quite recently in fact. Health Canada, the regulatory arm of the federal government, reported that cannabis sales in Canada actually dropped in January and February this year, counter to what most readers of the industry hype had believed possible. After Aphria (APHA) reported in their most recent report that sales had fallen, bewildered investors hammered the stock price.

More of that to come. Just not to worry.

As part of Canada’s leadership in cannabis, the biggest companies in this industry have gained listings on the NYSE and NASDAQ. You may have noted that each of the seven large Canadian cannabis companies that are now listed there are presented to the public as in the medical cannabis space. True, they are; however, they are also in the retail cannabis space, although that is not what they want the US regulators to be seeing. Why build needless hurdles when running track?

When traveling south, these Canadian executives do not wish to be arrested by US Immigration and Customs Enforcement (ICE) officers for their promotion to the American public of a federally illegal drug, especially where the corporate taxes are paid in Canada. Yes, it’s all about taxation. Isn’t that the business of government?

There are some big deals happening and some almost happening, many of which are cross-border deals. A hostile take-over bid on Dec. 27 by US cannabis retailer Green Growth Brands (GGB.CA and GGBXF), which is financed by the Schottenstein family of Ohio, ultimately failed to acquire Canada’s Aphria (APHA). The irony is that Green Growth Brands is listed on the Canadian Stock Exchange, now referred to as the Cannabis Stock Exchange because thy now have 160 such listings and counting.

The original all-stock bid from Green Growth Brands valued Aphria at C$2.8 billion, or C$11 per Aphria shares based on the share exchange ratio of 1.5714 Green Growth shares for each Aphria share. This bid was rejected. Then GGB made a second all-stock hostile bid for Aphria a couple months later, valuing it at C$2.35 billion based on the same exchange ratio of 1.5714 Green Growth shares for each Aphria share. This week, that proposed take-over died and Aphria should receive a break fee of C$89.0 million.

The lawyers and accountants are happy campers.

That proposed deal is the start of what I anticipate are a number of hostile take-over plays in this emerging industry. However, one friendly deal was consummated recently.

Aleafia Health Inc. (TSXV: ALEF, OTC: ALEAF, FRA: ARAH) and Emblem Corp. (TSXV: EMC, OTCQX: EMMBF) have amalgamated. Each Emblem shareholder is to receive 0.8377 of a common share in Aleafia. The company was pleased to state that the deal creates:

  • The leading Canadian medical cannabis clinic and education centre network with 60,000 patients seen to date.
  • A high-value, highly differentiated product portfolio of oils, capsules and sprays.
  • Scaled production capacity and leading supply with three dedicated cultivation and product innovation facilities and the industry’s largest LP to LP cannabis supply agreement.
  • A national and global distribution platform with provincial supply agreements, retail partnerships and a global expansion.
  • Improved capital markets profile and liquidity, including up-listing to the TSX.
  • A combined entity with a robust cash position.

One problem that investors have still is that most cannabis companies are too small to be followed by sufficient number of analysts to meet the minimal requirements of Big Data companies like Thomson Reuters to provide us detailed reports. Moreover, the industry is so new that as broker-dealer analysts initiate coverage some of their opinions are complete opposites. Analysts at Bank of America and Jefferies told us totally different stories about Quebec-based HEXO (NYSEMKT: HEXO). Bank of America called Hexo its “top pick in the industry”, with a price target of C$14.00 (US$10.48) whereas Jefferies called Hexo a “Sell” with a price target of just C$5.60 (US$4.25), which was bumped slightly after Hexo acquired the Newstrike Brands company.

While some analysts disagree, Jefferies has a “conviction buy” rating on CannTrust Holdings Inc. (TRST and CTST) with a price target at a healthy C$15 (US$11).

All these developments are interesting in that in the case of Hexo they have a joint venture with Molson Coors Brewing to produce non-alcoholic cannabis-infused beverages to come to market before the end of the year. MBA marketing students are drooling over the prospects of line extension in this emerging and rapidly evolving industry.

Not everything is going the way these companies have been selling their stories though. Cannabis packaging company KushCo Holdings Inc. (USOTC: KSHB) reported larger Q2 losses even on revenue that more than tripled. Moreover, the accounting systems of this company are somewhat dubious as the company now is to file new financial summaries for 2017 and 2018. This is not good for a company that is seeking a major exchange listing.

I suspect there will be more of that to come because many of these small companies appear to be run by the seat of the pants.

As I spend a few hours each week now looking into this industry, some associates have sent me some under-the-radar names to consider. You probably get the same smile and wink treatment too. In my case, I will follow up although certainly not to promote them or begin to trade them.

Two others on my radar are Charlotte’s Web and MedMen. In fact MedMen is a positive story of young guys, starting from nothing in the US and making it big. Not one story like it in Canada. I wish more analysts would follow companies like these.

Another such stock that came to my attention this weekend is General Cannabis Corp (USOTC: CANN). I’m told it may possibly become a winner with its plan to become the specialist in distillate.  The company may also become a cannabis cultivator, but their plan is to process hemp and cannabis into CBD, THC, CBC and CBG distillate. The play of being the “converter” with economies of scale and process is likely to be a good business for CBD.

I have not had the time to look into it. In fact, I didn’t have the time needed to write this article and also review it for typos. However, it’s done, and I hope you enjoy it. There are more to come if I continue to get such positive feedback as I received this week.

Thank you.


1. Aleafia Health Inc

Aleafia Health Inc is a Canada-based vertically integrated, national cannabis company with medical clinic, cannabis cultivation and Research and Development (R&D ) operations. The Company operates a number of medical cannabis clinics staffed by physicians and nurse practitioners. The Company is differentiated, maintaining the medical cannabis dataset in the world with intellectual property holdings and current R&D operations.


2. Aphria Inc

Aphria Inc is a Canada-based company, which is engaged in producing and selling cannabis. Through its subsidiary Broken Coast Cannabis Ltd and Aphria One facility, the Company produces and sells medical and recreational cannabis. Aphria One serves as the basis, on which the Company develops techniques in cultivation, extraction and processing cannabis. The purpose-built, indoor cannabis production facility of Broken Coast Cannabis Ltd provides the Company with B.C. Bud cannabis brand. Broken Coast cannabis is grown on the shores of the Salish Sea in small batches by choice, using single-strain rooms. Through its subsidiary and international organization Aphria International, the Company is focused on building a global cannabis brand. Solei Sungrown Cannabis is the Company’s first adult-use brand. The Company has presence in more than 10 countries across 5 continents.


3. Aurora Cannabis

Aurora Cannabis Inc is a Canada-based medical cannabis company. Through its subsidiaries, the Company manages two operating segments plus Corporate: Medical Cannabis, Horizontally Integrated Businesses and Other. The Medical Cannabis segment produces and distributes medical cannabis in Canada and distributes it via wholesale in the European Union. Additionally, it includes the production and sale of indoor cultivation systems and hemp related food products. The Company’s production capacity is of over 500,000 kilograms per year.

4. Auxly Cannabis

Auxly Cannabis Group Inc, formerly Cannabis Wheaton Income Corp, is a Canada-based investment company that seeks to provide investor returns through streams and capital appreciation in the Canadian cannabis industry. The Company provides funding for facility expansions, operations and initial construction in exchange for minority equity interests and a portion of the cultivation production. The Company operates a platform that promotes new opportunities while licensed producers maintain their brand autonomy and gain access to scaling flexibility. Auxly Cannabis Group Inc invests in and supports cannabis cultivation companies in Canada and facilitates connections between licensed producers and consumers.


5. Canntrust Holdings

CannTrust Holdings Inc is a Canada-based company, which produces pharmaceutical-grade medical cannabis for patients. The Company is a federally regulated licensed producer of medical cannabis products. The Company operates a hydroponic facility and an onsite laboratory for testing and research on the medical use of cannabis. The Company’s exclusive pharmaceutical partner is Apotex. CannTrust Holdings Inc’s products are divided into the following: Products Type, such as oil, dried cannabis, accessories and patient ready; Strain Type, such as hybrid, sativa dominant and indica dominant, as well as Strength, such as strong, mild and moderate. The Company’s products are sold online through its Website.


6. Canopy Growth Corp TSX

Canopy Growth Corp, formerly Tweed Marijuana Inc, is a Canada-based multi-brand cannabis company. The Company, through its subsidiaries Tweed Inc, Bedrocan Canada Inc, Tweed Farms Inc and Mettrum Health Corp is engaged in the business of producing and selling legal marijuana in the Canadian medical market. It is also focusing on producing and selling marijuana in the recreational market in Canada. Its core brands are Tweed and Bedrocan. Tweed is a licensed producer of medical marijuana. Tweed’s commercial license covers approximately 168,000 square feet of its Smiths Falls facility and allows Tweed to produce and sell approximately 3,540 kilograms of medical marijuana per year. Tweed’s built-out production capacity is over 10 climate controlled indoor growing rooms. Bedrocan is a medical-grade cannabis. Bedrocan’s over 52,000 square feet production facility in Toronto, Ontario is licensed, and includes over 30 vegetative and growing rooms, and over three dispensing rooms.


7. Canopy Rivers Inc

Canopy Rivers Inc Formerly known as AIM2 Ventures Inc. Canopy Rivers Inc, formerly Aim2 Ventures Inc, is a Canada-based investment and operating platform structured to pursue opportunities in the emerging global cannabis sector. Its portfolio of companies brings product, segment, geographic and investment structure diversification. The Company looks to invest in all segments of the cannabis value chain and aims to partner with management teams. Investments take the form of production-linked royalties, secured debt, newly formed joint ventures and a variety of equity and equity-linked instruments. The Company works collaboratively with Canopy Growth to identify strategic counterparties seeking financial and operating support and affiliation with the Canopy Growth group of companies.


8. Cronos Group

Cronos Group Inc is a Canada-based globally diversified and vertically integrated cannabis company with a worldwide presence. The Company operates through its subsidiaries and licensed producers: Peace Naturals Project Inc, which was the non-incumbent medical cannabis license granted by Health Canada, and Original BC Ltd, which is based in the Okanagan Valley British Columbia. The Company has multiple international production and distribution platforms. It focuses on building an international brand portfolio and developing intellectual property. The Company’s portfolio, includes Peace Naturals, a company licensed to produce and sell medical marijuana as well as cultivate cannabis oil; Original BC (OGBC), a company that is licensed to cultivate and sell medical marijuana; Whistler Medical Marijuana Company (WMMC), a company licensed to produce and sell medical marijuana as well as cultivate cannabis oil.


9. Delta 9 Cannabis Inc

Delta 9 Cannabis Inc , formerly SVT Capital Corp, is a Canada-based company engaged in Biotechnology & Medical Research. The principal activities of The Company are the production, storage and sale of medical marijuana.


10. Emerald Health Therapeutics

Emerald Health Therapeutics Inc is a Canada-based company engaged in the medical marijuana industry. The Company operates through Emerald Health Botanicals Inc (Botanicals), a wholly owned subsidiary and Licensed Producer under Canada’s Access to Cannabis for Medical Purposes Regulations. Through Botanicals, the Company is authorized to produce and sell dried cannabis flower and cannabis oil for medical purposes. The Company operates an indoor cultivation facility in Victoria, British Columbia and, through Pure Sunfarms Corp, a joint venture with Village Farms International Inc, expands into additional greenhouses. The Company also offers analytical testing of cannabis through an interest in Northern Vine Canada Inc, a Licensed Dealer under Canadian Controlled Drugs and Substances Act. The Company is part of the Emerald Health Group, which is focused on developing pharmaceutical, botanical and nutraceutical products designed to interact with the human body’s endocannabinoid system.


11. Eve & Co Inc

Eve & Co Inc Formerly known as Carlaw Capital V Corp. Eve & Co Inc, formerly Carlaw Capital V Corp, is a Canada-based licensed producer and seller of dried cannabis, cannabis plants and cannabis seeds under the Access to Cannabis for Medical Purposes Regulations (ACMPR). The Company operates through its subsidiary Natural MedCo Ltd. Eve & Co Inc has an approximately 200,000 square feet greenhouse production facility located in Middlesex County, Ontario, Canada.


12. Flowr Corp

Flowr Corp Formerly known as Needle Capital Corp. Flowr Corp, formerly known as Needle Capital Corp, is a Canada-based vertically-integrated cannabis company. The Company builds and operates Good Manufacturing Practice (GMP) compliant cultivation facilities utilizing their own growing systems. Its investment in research and development enables its growers to supply patients with consistent medicinal cannabis products. Additionally, the Company offers healthcare professionals educational programs to its patients. The Company’s flagship facility, located in Kelowna British Columbia, is engineered to pharmaceutical industry standards. The Company operates on domestic market.


13. Green Organic Dutchman

Green Organic Dutchman Holdings Ltd is Canada-based company engaged in alternative medicine sector. The Company through its subsidiary, The Green Organic Dutchman Ltd (TGOD), holds the License issued by Health Canada pursuant to the Access to Cannabis for Medical Purposes Regulations (ACMPR), which allows the Company to produce at its approximately 100 acre property near Hamilton, Ontario, dried marijuana, marijuana plants and fresh marijuana, and to sell such marijuana products within Canada to Licensed Producers or Licensed Dealers.


14. GTEC Holdings

GTEC Holdings Ltd, formerly Black Birch Capital Acquisition III Corp, is Canada-based company that is engaged in the alternative medicine sector. GTEC Holdings Ltd is comprised of a number of cultivation facilities under Health Canada’s Access to Cannabis for Medical Purposes Regulations (ACMPR). GTEC Holdings Ltd is focused on growing craft cannabis in purpose-built indoor facilities. The Company holds interest in GreenTec Bio- Pharmaceuticals Corp., Tumbleweed Farms Corp., Falcon Ridge Naturals Ltd., Alberta Craft Cannabis Inc., formerly known as Grenex Pharms Inc., Grey Bruce Farms Inc., Zenalytic Laboratories Ltd. and Spectre Labs Inc. GreenTec Bio-Pharmaceuticals Corp is the Company’s flagship subsidiary.


15. Harvest One Cannabis Inc

Harvest One Cannabis Inc, formerly Harvest One Capital Inc, is a Canada-based company which controls operations across the cannabis value chain through three business units. The Company serves as the umbrella company over horticultural arm United Greeneries and medical arm Satipharm AG. Each business is strategically located with supportive regulatory frameworks in place. United Greeneries has received a Canadian medicinal cannabis cultivation license, making the Company the capacity to commercially cultivate cannabis in a federally regulated environment.


16. Hexo Corp

Hexo Corp Formerly known as Hydropothecary Corp. Hexo Corp, formerly Hydropothecary Corp, is a Canada-based company that creates and distributes products to serve the Canadian cannabis market. The Company operates with an approximately 300,000 square feet of production capacity. The Company serves the adult-use market under the HEXO brand, while it serves its medical cannabis clients through the Hydropothecary brand. The following are the Company’s products under the Hydropothecary brand: Time of Day product line, which includes dried marijuana buds for morning, midday, after dinner and bedtime; Hydrogen (H2) classical medical marijuana line, which includes Papaya Grove, Green Chai and Kush dried marijuana buds, among others; Decarb ready to consume activated marijuana powder; Elixir cannabis oil sublingual spray, as well as Fleur de Lune intimate cannabis oil.


17. Indiva Ltd

Indiva Ltd, formerly Rainmaker Resources Ltd is a Canada-based company engaged in alternatives medicine sector. The Company is a supplier of high medical grade cannabis. Its wholly owned subsidiary Indiva Corporation, is a Licensed Producer under Canada’s Access to Cannabis for Medical Purposes Regulation (ACMPR) with its indoor cannabis production facility located in London, Ontario.


18. InMed Pharmaceuticals

InMed Pharmaceuticals Inc. is a pre-clinical-stage biopharmaceutical company. The Company specializes in the research and development of cannabinoid-based therapies combined with drug delivery systems. The Company operates through the segment of research and development of pharmaceutical cannabis based-therapies. The Company is working on two products, which include INM-750, for the treatment of Epidermolysis Bullosa (EB), and INM-085, for the treatment of Glaucoma. The INM-750 is a therapy developed for EB designed specifically to modulate disease activity and to alleviate symptoms. The INM-085 is designed as a dual-action cannabinoid ocular therapy. INM-085 is designed as a topical formulation to be administered directly to the eye. It is working on the development of several cannabinoid-based treatments for multiple diseases, including ocular, dermatology, cancer, inflammation, pain and arthritis disease areas. Its subsidiary is Biogen Sciences Inc. (BSI).


19. Invictus MD Strategies Corp

Invictus MD Strategies Corp. Invictus MD Strategies Corp is Canada-based company engaged in the field of alternative medicine. The Company is focused on two main verticals within the Canadian cannabis sector: Licensed Producers and AB Laboratories Inc. The Licensed Producers vertical, which is under the Access to Cannabis for Medical Purposes (ACMPR), comprises investment in Acreage Pharms Ltd, located in West-Central Alberta; AB Laboratories Inc vertical comprises investment in AB Laboratories Inc, located near Hamilton, Ontario, which has both its cultivation and sales license under ACMPR. Also, the Company is a main shareholder for Future Harvest Development Ltd, a fertilizer and nutrients manufacturer based in Kelowna, British Columbia.


20. Khiron Life Sciences Corp

Khiron Life Sciences Corp Formerly known as Adent Capital Corp. Khiron Life Sciences Corp, formerly Adent Capital Corp, is a Canada-based company engaged in alternative medicine sector. The Company is an integrated medical cannabis company with its core operations in Latin America. Khiron is active in the research area in medical cannabis industry. It develops and commercializes medical cannabis products mainly in Colombia.


21. Medipharm Labs Corp

Medipharm Labs Corp, formerly known as POCML 4 Inc, is a Canada-based medicinal cannabis company specializing in the pharmaceutical grade production of cannabis. The Company is focused on distillation and cannabinoid isolation and purification. The Company actively builds an inventory of specialized consumer products in anticipation of federal legalization of the adult-use market in Canada. Outside of the Canadian market, the Company develops MediPharm Labs Australia facility, which is a purpose-built and component of the Company’s international investments. The Company operates with a processing capacity of approximately 100,000 kilograms of dry cannabis flower and trim per year.


22. Namaste Technologies Inc

Namaste Technologies Inc is a Canada-based company engaged in vaporizer and accessories distribution, social media and e-commerce, product design and manufacturing. It is involved in sales of vaporizers and accessories through e-commerce platforms. The Company offers Guru, which is a vaporizer that provides a solution to vaporize all of dry herbs, concentrates and liquids. The Company distributes its product through its e-commerce platform, as well as distribution agreements with wholesalers. The Company’s brands include Namaste Vapes, Green Vapes, Grizzly Originals, Vape Gossip, VaporSeller and Groovy Vapes. The Company has over 30 e-commerce retail stores in approximately 20 countries and offers a range of brand name vaporizer products on the market. The Company markets its products in Australia, Brazil, the United States, the United Kingdom, Sweden, Israel, Mexico, among others.


23. National Access Cannabis Corp

National Access Cannabis Corp. is a Canada-based cannabis company. Through its subsidiaries, the Company operates three segments: Medical Cannabis Education Clinics, Research and Retail Cannabis Stores. The Medical Cannabis Education Clinics segment operates in the medical cannabis market by providing cannabinoid education and introducing patients to medical cannabis treatments via its national network of physicians and health professionals. The Research segment specializes in the clinical research of the medical benefits of cannabis for the treatment of chronic disease and illness. The Retail Cannabis Stores manages retail locations to sell and distribute cannabis and cannabis related products.


24. Newstrike Brands

Newstrike Brands Ltd, formerly Newstrike Resources Ltd, is a Canada-based company that is engaged in the cultivation and sale of cannabis in all acceptable forms including dried and fresh marihuana. The Company operates through its subsidiary Up Cannabis Inc. Up Cannabis Inc is a licensed producer of cannabis, which focuses on creating adult use cannabis products. Up Cannabis Inc is in turn the parent company of Up Cannabis Niagara Inc. Newstrike Brands Ltd, through Up Cannabis and together with strategic partners, including Canada’s iconic musicians The Tragically Hip, develops a network of cannabis brands. The Company owns licensed production facilities in both Brantford and Niagara Ontario, Canada. The primary facility, located in Brantford, Ontario, Canada has an annual capacity of approximately 2,500 kilograms of cannabis.


25. Organic Flower Investments Grp

Organic Flower Investments Group Inc is a Canada-based cannabis investment company, which specializes in providing early-stage financing to private and public companies. Through its subsidiary Delta Organic Cannabis Corp, the Company holds an equity participation and agreement with Agraflora Organics International Inc (AGRA), which is a diversified company, focused on the international cannabis industry, for the development of approximately 2.2 million square foot commercial medical cannabis cultivation operation in Delta, British Columbia. Additionally, AGRA has ownership in several cannabis companies, including AAA Heidelberg and Propagation Services Canada, a greenhouse project in Australia, and is actively pursuing other opportunities within the cannabis industry.


26. Organigram Holdings

OrganiGram Holdings Inc, formerly Inform Exploration Corp, is a Canada-based company, which operates through its subsidiary Organigram Inc. Organigram Inc is a licensed medical marijuana producer of dried cannabis and cannabis oil. The Company is permitted to possess, produce, sell, provide, ship, deliver, transport and destroy cannabis, cannabis plants (including plants and seeds) and cannabis oil, in conformity with cannabis Act. The Company is also authorized for wholesale shipping of cannabis plant cuttings, dried flower, blends, pre-rolls and cannabis oil to approved retailers and wholesalers for adult-use recreational cannabis under individual provincial and territorial regulations as per Cannabis Act. The Company distributes its products mainly through the Company’s online store or by phone.


27. Pharmacielo Ltd

Pharmacielo Ltd Formerly known as AAJ Capital 1 Corp. Pharmacielo Ltd, formerly AAJ Capital 1 Corp, is a Canada-based company that is engaged in the alternative medicine sector. The Company produces cannabis oils. It offers medicinal-grade oil extracts and related products, which provide relief and wellness formulas for patients in need, including those requiring higher levels of tetrahydrocannabinol (THC). The Company’s wholly-owned subsidiary is PharmaCielo Colombia Holdings SAS based in Colombia. The Company works together with Cooperativa Caucannabis and more than 60 local regional farmer members in Cauca, Colombia to cultivate cannabis for the production of standardized, medicinal-grade oil extracts and related products. Pharmacielo Ltd holds Colombian licenses for cannabis.


28. Scythian Biosciences Corp

Scythian Biosciences Corp, formerly Kitrinor Metals Inc, is a Canada-based pre-clinical research and development company. It is engaged in the process of developing drug therapies. The Company conducts a project regarding development of a cannabinoid-based combination drug therapy for the treatment of concussions and traumatic brain injury. The Company also provides a research in area of treatment of gastro-inflammatory disease.

29. SugarBud Craft Growers Corp

SugarBud Craft Growers Corp Formerly known as Relentless Resources Ltd.. SugarBud Craft Growers Corp, formerly known as Relentless Resources Ltd, is a Canada-based company engaged in alternative medicine business sector. The Company is engaged in the development, acquisition and production of cannabis in Canada.


30. Supreme Cannabis Company Inc

Supreme Cannabis Company Inc, formerly Supreme Pharmaceuticals Inc, is a Canada-based company. The Company is focused on developing businesses in the cannabis market, with a specific focus on the wholesale sector of the medical cannabis market in Canada. The Company operates an approximately 342,000 square foot greenhouse facility located in Kincardine, Ontario. The Company’s subsidiary is 8528934 Canada Ltd., doing business as 7 ACRES, a licensed producer of medical cannabis. 8528934 Canada Ltd. cultivates medical cannabis at its approximately seven acres (over 342,000 square feet) hybrid greenhouse (the Hybrid Greenhouse) facility in Kincardine, Ontario.


31. Tetra Bio Pharma Inc

Tetra Bio Pharma Inc is a Canada-based company engaged in the development of bio pharmaceuticals and natural health products containing cannabis and other medicinal plant based elements. The Company is focused on combining the traditional methods of medicinal cannabis use with the supporting scientific validation and safety data required for inclusion into the existing bio pharma industry by regulators physicians and insurance companies. The Company objective is to bring smokable, natural medical marijuana to the market along with a number of other products targeting chronic pain, insomnia, post-traumatic stress disorder (PTSD), anxiety, among others. The Company operates through three divisions: PhytoPain Pharma Inc, Agro Tek Health and Grow Pros Cannabis Ventures Inc.


32. Tilray

Tilray Inc is engaged in pharmaceutical sector. The Company is a supplier of cannabis products to pharmaceutical distributors. The Company is focused on medical cannabis research, cultivation, processing and distribution of cannabis products worldwide. Through its subsidiary, FHF Holdings Ltd (Manitoba Harvest) manufactures, markets and distributes hemp-based consumer products. The portfolio of Manitoba Harvest includes Hemp Hearts, Hemp Oil, Hemp Yeah! granola, Hemp Yeah! protein powder and Hemp Bliss milk. It also supplies cannabis products to patients in a number of countries spanning five continents through its subsidiaries in Australia, Canada and Germany and it produces medical cannabis in Canada and Europe.


33. Vivo Cannabis Inc

Vivo Cannabis Inc, formerly ABcann Global Corp, is a Canada-based company engaged in the alternative medicine sector. It is a vertically-integrated, cannabis business with a collection of brands targeting consumer segments and needs across both medical and recreational channels, both in Canada and other international markets. The Company’s portfolio includes the following brands: Beacon Medical, a standardized pharma-grade cannabis; Fireside Cannabis, tailored to the social user, as well as Lumina Wellness, a wellness-focused cannabis product line. Its wholly owned subsidiary, Harvest Medicine, is an established medical cannabis clinic. The Company holds production and sales licences from Health Canada, and it operates an indoor cultivation facility in Napanee, Ontario, Canada.


34. WeedMD Inc

WeedMD Inc, formerly Aumento Capital V Corp, is a Canada-based company, which supplies a range of cannabis and cannabis-related products. The Company is a licensed producer of medical marijuana under the Access to Cannabis for Medical Purposes Regulations (ACMPR) and operates an approximately 20,000 square foot production facility in Aylmer, Ontario. Its products include: Dried Cannabis, Cannabis Extracts and Cannabis Vaporizes. The Company provides healthcare providers and their patients with the information they need to comprehend the role medical cannabis can play in their pain-management regimen, and enable them to make informed decisions regarding their overall health. In addition the Company participates in ongoing cannabis research.


35. Westleaf Inc


36. Zenabis Global Inc

Zenabis Global Inc, formerly Bevo Agro Inc, is a Canada-based company engaged in the alternative medicine sector. The Company is a licensed producer of medical and recreational cannabis. The Company’s brands are Zenabis and Namaste, among others.


37. 48North Cannabis Corp

48North Cannabis Corp is a Canada-based company, which manufactures cannabis-based products for medical purposes. The Company’s subsidiary, DelShen Therapeutics, is a licensed producer of medical cannabis in Canada. 48North Cannabis Corp grows genetics sourced from MariPharm BV, a Netherlands-based phytopharmaceutical company engaged in the research and cultivation of cannabis for medical purposes. DelShen Therapeutics is regulated by the Access to Cannabis for Medical Purposes Regulations (ACMPR) and the facility is located on an approximately 800-acres of owned land near Kirkland Lake, Ontario, Canada. DelShen Therapeutics operates in an approximately 40,000-square-foot closed-box facility, which produces more than 2,000 kilograms of cannabis annually.





Like to give your opinion? Join our Community Discussion