Here are the companies listed for Q3 with the best – worst gross margins. I will updating this posting soon as we are just entering Q4 earnings season. I will also break down methodology and do a video on this content shortly.
| Name | Symbol | Q3 Revenue | Q4 Revenue | Q3 Cost of Goods | Q4 Cost of Goods | Q3 Gross Margins | Q4 Gross Margins | |
|---|---|---|---|---|---|---|---|---|
| 1933 industries | TGIFF | $2.0 | $2.0 | $3.4 | $2.5 | -70.0% | -25.0% | |
| 4Front Ventures | FFNTF | $25.9 | $10.3 | 60.2% | ||||
| Aleafia Holding | ALEAF | $8.6 | $7.6 | $2.1 | $7.6 | 75.6% | 0.0% | |
| Ascend Wellness | AAWH | $94.4 | $88.5 | $43.4 | $34.8 | 54.0% | 60.7% | |
| Aurora Cannabis Inc. | ACB | $47.4 | $47.9 | $27.4 | $43.5 | 42.2% | 9.2% | |
| Australis Capital | AUSAF | $1.8 | $1.9 | $0.8 | $0.4 | 55.6% | 78.9% | |
| Auxly Cannabis | CBWTF | $19.3 | $23.2 | $15.7 | $19.8 | 18.7% | 14.7% | |
| Avant Brands | AVTBF | $2.2 | $1.8 | $3.1 | $1.8 | -40.9% | 0.0% | |
| AYR Wellness | AYRWF | $96.2 | $118.8 | $47.1 | $58.1 | 51.0% | 51.1% | |
| Ayurcann | AYURF | $1.5 | $2.4 | $0.9 | $1.1 | 40.0% | 54.2% | |
| BevCanna Enterprises | BVNNF | $0.9 | $0.6 | 33.3% | ||||
| Bhang | BHNGF | $0.3 | $0.1 | 66.7% | ||||
| Blueberries Medical | BBRRF | |||||||
| Body & Mind | BMMJ | $7.6 | $8.0 | $4.3 | $5.7 | 43.9% | 29.6% | |
| C21 Investments | CXXIF | $9.0 | $4.4 | 51.1% | ||||
| Cannabis Sativa | CBDS | $0.5 | $0.2 | 60.0% | ||||
| Cannara Biotech | LOVFF | $5.0 | $5.0 | $1.6 | $3.1 | 68.0% | 38.0% | |
| Canopy Growth | CGC | $109.9 | $103.7 | $86.8 | $162.8 | 21.0% | -57.0% | |
| Cansortium | CNTMF | $15.6 | $4.8 | 69.2% | ||||
| CBD Global Sciences | CBDNF | $0.0 | $0.0 | |||||
| Chalice Brands | CHALF | $8.0 | $5.1 | 36.3% | ||||
| CLS Holdings | CLSH | $6.1 | $5.5 | $3.2 | $2.6 | 47.5% | 52.7% | |
| Columbia Care | CCHWF | 132.3 | 139.3 | $58.6 | $111.7 | 55.7% | 19.8% | |
| Craftport Cannabis | BHHKF | $0.3 | $0.2 | 33.3% | ||||
| Cresco Labs | CRLBF | $212.8 | $212.9 | $96.1 | $94.5 | 54.8% | 55.6% | |
| Cronos Group | CRON | $20.4 | $25.8 | $21.1 | $23.9 | -3.4% | 7.4% | |
| Curaleaf Holdings | CURLF | $317.1 | $320.0 | $134.4 | $160.5 | 57.6% | 49.8% | |
| Cure Pharmaceutical Holding | CURR | $1.4 | $5.2 | -271.4% | ||||
| CV Sciences | CVSI | $5.1 | $2.7 | 47.1% | ||||
| Decibel | DBCCF | $10.6 | $6.5 | 38.7% | ||||
| Delta 9 Cannabis | DLTNF | $12.0 | $6.9 | 42.5% | ||||
| Diego Pellicer | DPWW | $0.2 | $0.0 | 100.0% | ||||
| Earth Science Tech | ETST | |||||||
| Emerald Health | EMHTF | $1.7 | $2.7 | -63.3% | ||||
| ENDEXX | EDXC | |||||||
| Entourage Health Corp | ETRGF | $8.5 | $16.6 | -95.3% | ||||
| Eve & Co | EEVVF | |||||||
| Fire & Flower Holdings | FFLWF | $34.7 | $21.7 | 37.5% | ||||
| Flora Growth | FLGC | $0.0 | $1.6 | -$0.0 | -$1.9 | 218.1% | ||
| Flower One Holdings | FLOOF | $14.1 | $16.4 | -16.3% | ||||
| Gaby | GABLF | $7.5 | $4.6 | 38.7% | ||||
| General Cannabis | CANN | $1.7 | $2.9 | $1.5 | $1.9 | 11.8% | 34.5% | |
| Green Organic Dutchman | TGODF | $5.7 | $2.3 | 59.6% | ||||
| Green Thumb Industries | GTBIF | $233.7 | $243.7 | $104.2 | $114.9 | 55.4% | 52.9% | |
| Grove Inc | GRVI | $8.4 | $10.7 | $3.1 | $4.0 | 63.1% | 62.6% | |
| Grown Rogue | GRUSF | $3.8 | $2.1 | 44.7% | ||||
| Halo Collective | HCANF | $8.7 | $7.1 | 18.4% | ||||
| Harborside | HBORF | $17.4 | $10.7 | 38.5% | ||||
| Harvest One Cannabis | HRVOF | $1.7 | $1.4 | $1.1 | $0.9 | 35.3% | 35.7% | |
| Heritage Cannabis | HERTF | $3.5 | $5.4 | -54.3% | ||||
| HEXO | HEXO | $40.4 | $52.8 | $66.4 | $55.3 | -64.4% | -4.7% | |
| High Tide | HITI | $43.5 | $56.8 | $26.5 | $35.0 | 39.1% | 38.4% | |
| iAnthus Capital Holdings | ITHUF | $49.3 | $47.7 | $23.2 | $23.5 | 52.9% | 50.7% | |
| IM Cannabis Corp | IMCC | $11.4 | $10.2 | 10.5% | ||||
| Indiva Limited | NDVAF | $6.1 | $4.3 | 29.5% | ||||
| InterCure | INCR | $19.1 | $11.1 | 41.9% | ||||
| Ionic Brand | IONKF | $7.2 | $5.4 | $6.0 | $5.8 | 16.7% | -7.4% | |
| Item 9 Labs | INLB | $6.7 | $6.1 | $3.8 | $4.8 | 43.3% | 21.3% | |
| Jushi Holdings | JUSHF | $54.0 | $65.9 | $29.5 | $45.0 | 45.4% | 31.7% | |
| KAYA Holdings | KAYS | $0.2 | $0.1 | 50.0% | ||||
| Khiron Life Sciences | KHRNF | $3.5 | $1.8 | 48.6% | ||||
| Kona Gold Holdings | KGKG | $0.5 | $0.4 | 20.0% | ||||
| Leviathan Natural Products | LVCNF | $0.1 | $0.2 | $0.1 | $0.4 | 0.0% | -100.0% | |
| Lifeist Wellness | NXTTF | $4.6 | $3.9 | 15.2% | ||||
| Livewire | LVVV | $0.3 | $0.0 | 96.7% | ||||
| Lotus Ventures | LTTSF | $1.2 | $1.0 | $0.7 | $0.5 | 41.7% | 50.0% | |
| Lowell Farms | LOWLF | $12.5 | $15.1 | $12.4 | $16.9 | 0.8% | -11.9% | |
| MariMed | MRMD | $33.2 | $31.0 | $15.0 | $15.6 | 54.8% | 49.7% | |
| Medical Marijuana | MJNA | |||||||
| MediPharm Labs | MEDIF | $4.3 | $4.5 | $5.8 | $6.9 | -34.9% | -53.3% | |
| MedMen Enterprises | MMNFF | $48.7 | $39.8 | $27.1 | $22.3 | 44.4% | 44.0% | |
| MJ Holdings | MJNE | |||||||
| MJardin Group | MJARF | $1.0 | $2.8 | -180.0% | ||||
| MPX International | MPXOF | $1.1 | $1.2 | $2.1 | $1.7 | -90.9% | -41.7% | |
| Neptune Wellness | NEPT | $12.4 | $14.6 | $13.6 | $13.0 | -9.7% | 11.0% | |
| New Leaf Ventures | NLLVF | $0.5 | $0.4 | 20.0% | ||||
| Nextleaf Solutions | OILFF | $1.1 | $0.9 | $1.3 | $0.6 | -18.2% | 33.3% | |
| Orchid Ventures | ORVRF | $0.4 | $0.5 | $0.3 | $0.2 | 25.0% | 60.0% | |
| Organigram Holdings Inc. | OGI | $19.7 | $23.8 | $17.1 | $23.3 | 13.2% | 2.1% | |
| PharmaCielo | PCLOF | $0.4 | $1.2 | -214.1% | ||||
| Planet 13 Holdings | PLNHF | $33.0 | $15.4 | 53.3% | ||||
| Radiant Technologies | RDDTF | $0.9 | $1.3 | $0.9 | $1.4 | 0.0% | -7.7% | |
| Red White & Bloom | RWBYF | $9.3 | $4.8 | 48.4% | ||||
| Rubicon Organics | ROMJF | $5.6 | $5.6 | 0.0% | ||||
| Schwazze | SHWZ | $31.8 | $26.5 | $16.8 | $14.4 | 47.2% | 45.7% | |
| SLANG Worldwide | SLGWD | $8.0 | $5.0 | 37.5% | ||||
| STEM Holdings | STMH | $9.2 | $4.2 | $8.5 | $3.8 | 7.6% | 9.5% | |
| Sugarbud Holdings | SUGR | $0.3 | $0.6 | $0.6 | $1.2 | -100.0% | -100.0% | |
| Sundial Growers Inc. | SNDL | $11.3 | $9.9 | 12.4% | ||||
| Sweet Earth Holdings | SEHCF | $0.0 | $0.0 | $0.1 | $0.1 | |||
| TerrAscend | TRSSF | $49.1 | $49.2 | $26.4 | $24.7 | 46.2% | 49.8% | |
| The Flowr Corporation | FLWPF | $2.0 | $4.5 | -125.0% | ||||
| The Valens Company | VLNS | $16.6 | $14.4 | $12.2 | $12.1 | 26.5% | 16.0% | |
| Tilray | TLRY | $132.4 | $168.0 | $131.3 | $117.1 | 0.8% | 30.3% | |
| TILT Holdings | TLLTF | $53.4 | $54.1 | $42.0 | $41.4 | 21.3% | 23.5% | |
| TPCO Holding | GRAMF | |||||||
| Trulieve Cannabis | TCNNF | $224.0 | $305.3 | $70.1 | $131.7 | 68.7% | 56.9% | |
| Unrivaled | UNRV | $23.4 | $21.1 | 9.8% | ||||
| Verano | VRNOF | $207.0 | -$15.3 | 107.4% | ||||
| Veritas Farms | VFRM | $0.6 | $0.3 | 50.0% | ||||
| Vext Sciences | VEXTF | $9.4 | $5.9 | 36.8% | ||||
| Vibe Growth | VIBEF | $7.6 | $5.8 | 23.7% | ||||
| VIVO Cannabis | VVCIF | $4.9 | $5.4 | $2.7 | $5.9 | 44.9% | -9.3% | |
| West Island Brands | WIBFF | $0.5 | $0.5 | 0.0% | ||||
| YourWay Cannabis | YOURF | $14.5 | $11.0 | 24.1% | ||||
| Akanda | AKAN | |||||||
| Village Farms | VFF | $72.4 | $72.8 | $54.7 | $53.0 | 24.4% | 27.2% | |
| Clever Leaves | CLVR | $4.0 | $4.2 | $1.8 | $4.8 | 55.0% | -14.3% |
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