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1.34 MB
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1
People
10
Organizations
1
Locations
0
Events
1
Relationships
3
Quotes
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Financial research report / market analysis
File Size:
1.34 MB
Summary
This document is page 59 of a Cowen Collaborative Insights financial report dated February 25, 2019, analyzing the Cannabis/CBD market. It presents comparative financial data (Revenue, Gross Profit, and Gross Margin) for several companies including Charlotte's Web, CV Sciences, and Level Brands. The document bears a 'HOUSE_OVERSIGHT' Bates stamp, indicating it was part of a congressional investigation document production.
People (1)
| Name | Role | Context |
|---|---|---|
| Michael Cella | Recipient/Employee |
Email address listed in the sidebar watermark: michael.cella@cowen.com
|
Organizations (10)
Locations (1)
| Location | Context |
|---|---|
Relationships (1)
Sidebar states report is intended for michael.cella@cowen.com
Key Quotes (3)
"Nuances around different business models become increasingly apparent when benchmarking gross margins."Source
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Quote #1
"Charlotte's Web and CV Sciences, which we would classify as finished goods producers, command the highest margins"Source
HOUSE_OVERSIGHT_024875.jpg
Quote #2
"Core cannabis companies have to contend with being both vertically integrated and in many instances, servicing retail stores, which are lower margin."Source
HOUSE_OVERSIGHT_024875.jpg
Quote #3
Full Extracted Text
Complete text extracted from the document (2,126 characters)
COWEN
COLLABORATIVE INSIGHTS
February 25, 2019
COLLABORATIVE INSIGHTS
February 25, 2019
coming quarters, driven by adult use legalization in Canada. 1933 and Level Brands are smaller in scale but continue to post solid growth.
Figure 101 CWeb Leads Core CBD Companies; CBD Crossover Touches Multiple Industries
Most Recent Quarterly Revenues (in $ mm)
$78.7
$21.4
$17.7
$13.6
$17.2
$7.4
$10.0
$4.6
$1.5
$78.7
$21.4
$17.7
$13.6
$17.2
$7.4
$10.0
$4.6
$1.5
Charlotte's Web (CWEB)
CV Sciences (CVSI)
Elixinol
Turning Point Brands (TPB)
Curaleaf (CURA)
Green Thumb Industries (GTI)
Tilray (TLRY)
1933 Industries
Level Brands (LEVB)
CV Sciences (CVSI)
Elixinol
Turning Point Brands (TPB)
Curaleaf (CURA)
Green Thumb Industries (GTI)
Tilray (TLRY)
1933 Industries
Level Brands (LEVB)
CBD
CBD-Crossover/Other
CBD-Crossover/Other
Note: 1933 = 1Q19 (ended 10/18), Level Brands = 4Q18 (ended 12/18), All others are 3Q18 (ended 9/18). AUD/USD = 0.72
Source: Company Reports and Cowen and Company
Source: Company Reports and Cowen and Company
Nuances around different business models become increasingly apparent when benchmarking gross margins. Charlotte's Web and CV Sciences, which we would classify as finished goods producers, command the highest margins, while Turning Point Brands' unique positioning within OTP products generates margins lower than the level that would be seen for traditional cigarette companies. Core cannabis companies have to contend with being both vertically integrated and in many instances, servicing retail stores, which are lower margin.
Figure 102 Finished Goods CBD Producers...
MRQ Gross Profits (in $ mm)
$36.2
$13.8
$9.9
$13.8
$8.5
$3.1
$1.9
$0.8
$36.2
$13.8
$9.9
$13.8
$8.5
$3.1
$1.9
$0.8
CWEB CVSI TPB CURA GTI TLRY 1933 LEVB
CBD
CBD-Crossover/Other
CBD
CBD-Crossover/Other
Note: 1933 = 1Q19 (ended 10/18), Level Brands = 4Q18 (ended 12/18), All others are 3Q18 (ended 9/18). AUD/USD = 0.72
Source: Company Reports and Cowen and Company
Source: Company Reports and Cowen and Company
Figure 103 ...Command the Highest Gross Margin
MRQ Gross Profit Margin
100.0%
78.0%
73.1%
64.5%
43.4%
49.6%
30.5%
41.9%
60.7%
0.0%
100.0%
78.0%
73.1%
64.5%
43.4%
49.6%
30.5%
41.9%
60.7%
0.0%
CWEB CVSI TPB CURA GTI TLRY 1933 LEVB
CBD
CBD-Crossover/Other
CBD
CBD-Crossover/Other
Note: 1933 = 1Q19 (ended 10/18), Level Brands = 4Q18 (ended 12/18), All others are 3Q18 (ended 9/18). AUD/USD = 0.72
Source: Company Reports and Cowen and Company
Source: Company Reports and Cowen and Company
COWEN.COM
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HOUSE_OVERSIGHT_024875
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HOUSE_OVERSIGHT_024875
[Sidebar Text:] This report is intended for michael.cella@cowen.com. Unauthorized redistribution of this report is prohibited.
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