‘Valuations look much better in the U.S. at these current levels,’ says one fund manager.
A trio of Canadian cannabis companies have reported quarterly earnings in the past two weeks and all produced net income, but in each case it was due to non-cash gains that indicate they are not yet profitable on a sustainable basis.
“There needs to be a sense of caution when looking at Canadian cannabis companies relative to their U.S. counterparts who are very profitable and continue to grow,” said Korey Bauer, chief investment officer and portfolio manager of the Cannabis Growth Fund from Foothill Capital Management. “Valuations look much better in the U.S. at these current levels.”Tilray Inc. TLRY, -0.35% TLRY, +0.11% got the ball rolling with its fiscal fourth-quarter earnings last week that showed a net profit of $33.
That was followed Friday by Canopy Growth Corp. CGC, +0.05% WEED, +0.79%, the former star of the sector thanks to the C$5 billion investment it garnered from Constellation Brands Inc. STZ, -0.32% back in 2018, much of which has been spent by now. Canopy defines adjusted EBITDA as “reported net income , adjusted to exclude income tax recovery ; other income , net; loss on equity method investments; share-based compensation expense; depreciation and amortization expense; asset impairment and restructuring costs; restructuring costs recorded in cost of goods sold; and charges related to the flow-through of inventory step-up on business combinations, and further adjusted to remove acquisition-related costs.
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