The Public Cannabis Company Revenue & Income Tracker, managed by New Cannabis Ventures, ranks the top revenue producing cannabis stocks that generate industry sales of more than US$10 million per quarter (C$13.1 million). This data-driven, fact-based tracker will continually update based on new financial filings so that readers can stay up to date. Companies must file with the SEC or SEDAR and be current to be considered for inclusion. Please note that we raised the minimum quarterly revenue several times as the industry has scaled up, including from US$7.5 million in June 2020, from US$5.0 million in October 2019 and from US$2.5 million in May 2019.
38 companies currently qualify for inclusion, with 24 filing in U.S. dollars and 14 in the Canadian currency, which is up from the 35 when we reported in mid-August and 34 at the end of July. In the U.S., we added Cansortium (CSE: TIUM) (OTC: CNTMF), Harborside (CSE: HBOR) (OTC: HSDEF) and Jushi Holdings (CSE: JUSH) (OTC: JUSHF). Some companies have taken advantage of revised filing deadlines that have been extended due to the pandemic, and we expect to continue to see some delays. We also expect to add a few names to the rankings over the balance of the year.
In May 2019, we added an additional metric, “Adjusted Operating Income”, as we detailed in our newsletter. The calculation takes the reported operating income and adjusts it for any changes in the fair value of biological assets required under IFRS accounting. We believe that this adjustment improves comparability for the companies across IFRS and GAAP accounting. We note that often operating income can include one-time items like stock compensation, inventory write-downs or public listing expenses, and we recommend that readers understand how these non-cash items can impact quarterly financials. Many companies are moving from IFRS to U.S.