This comp table provides a benchmark for private investors to evaluate existing and future investments as well as a menu for public investors to peruse.
It groups companies into groups based on the main business model (vertically integrated operators, hemp/CBD, pharmaceutical, and ancillary products and services) and lists the market capitalization, enterprise value (EV), sales estimates and EV/sales multiples on those sales projections.
Nonmeaningful outliers are removed before the averages by group are calculated.
Are there companies missing from this table? A metric you believe is relevant to include?
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Download the PDF for more details on each company, including estimates for 2020 and 2021.
Priced as of Aug. 19, 2019.
| Name | Ticker | Market Cap | Enterprise Value | EV/Sales 2019E | Sales 2019E | Sales Growth 2019E | EBITDA Margin 2019E |
| Vertically Integrated Operators | |||||||
| 48North Cannabis Corp. | NCNNF | $ 76 | $ 94 | 2.6X | $ 36 | n.m. | -3% |
| 4Front Ventures Corp. | CNXXF | $ 125 | $ 129 | 2.6X | $ 50 | n.m. | -16% |
| Acreage Holdings Inc. | ACRGF | $ 1,244 | $ 1,106 | 7.2X | $ 154 | 99% | -18% |
| Aphria Inc | APHA-TSE | $ 1,559 | $ 1,520 | 4.2X | $ 363 | 726% | -1% |
| Aurora Cannabis Inc. | ACB | $ 6,008 | $ 6,140 | 18.6X | $ 329 | 264% | -10% |
| CannaRoyalty Corp. | ORHOF | $ 396 | $ 382 | 6.4X | $ 60 | 329% | n.m. |
| CannTrust Holdings Inc. | TRST-CA | $ 227 | $ 201 | 2.3X | $ 89 | 158% | -7% |
| Canopy Growth Corporation | CGC | $ 9,748 | $ 8,283 | 22.9X | $ 362 | 209% | -75% |
| Cansortium Inc. | CNTMF | $ 182 | $ 246 | 3.7X | $ 66 | 717% | 11% |
| Columbia Care Inc. | CCHWF | $ 1,040 | $ 982 | 11.0X | $ 89 | n.m. | -52% |
| Cresco Labs Inc. | CRLBF-US | $ 1,037 | $ 974 | 4.8X | $ 203 | 370% | 14% |
| Cronos Group Inc | CRON | $ 4,537 | $ 2,297 | n.m. | $ 44 | 271% | -109% |
| Curaleaf Holdings Inc. | CURLF | $ 3,066 | $ 3,064 | 9.8X | $ 312 | 305% | 17% |
| Flowr Corporation | FLWPF | $ 193 | $ 131 | 8.9X | $ 15 | 587% | -83% |
| Green Organic Dutchman Holdings Ltd. | TGODF | $ 658 | $ 566 | 20.4X | $ 28 | n.m. | -125% |
| Green Thumb Industries Inc. | GTBIF | $ 1,026 | $ 1,421 | 6.9X | $ 205 | 228% | 10% |
| GTEC Holdings Ltd. | GTEC-TSX | $ 26 | $ 31 | 4.5X | $ 7 | n.m. | -31% |
| Harvest Health & Recreation Inc. | HRVSF | $ 1,445 | $ 1,518 | 10.4X | $ 146 | 212% | 5% |
| Harvest One Cannabis Inc. | HRVOF | $ 81 | $ 77 | 4.3X | $ 18 | 189% | -23% |
| HEXO Corp. | HEXO | $ 932 | $ 1,025 | 8.6X | $ 120 | 633% | -12% |
| iAnthus Capital Holdings Inc. | ITHUF | $ 311 | $ 261 | 2.3X | $ 113 | n.m. | -10% |
| MedMen Enterprises Inc. Class B | MMNFF | $ 229 | $ 453 | 2.1X | $ 217 | 175% | -52% |
| MJardin Group Inc. | MJARF | $ 67 | $ 146 | 3.8X | $ 39 | 89% | 8% |
| OrganiGram Holdings Inc. | OGI | $ 771 | $ 776 | 8.5X | $ 92 | 423% | 34% |
| Planet 13 Holdings Inc. | PLNHF | $ 254 | $ 219 | 3.2X | $ 68 | 220% | 18% |
| Tilray, Inc. | TLRY | $ 3,044 | $ 3,271 | 18.0X | $ 182 | 321% | -36% |
| Trulieve Cannabis Corp. | TCNNF | $ 1,011 | $ 1,091 | 4.5X | $ 240 | 133% | 46% |
| Village Farms International Inc. | VFF | $ 646 | $ 659 | 3.3X | $ 200 | 33% | 17% |
| WeedMD Inc. | WMD-CA | $ 134 | $ 126 | 3.9X | $ 32 | 429% | 4% |
| Average – Vertically Integrated Operators | $ 1,382 | $ 1,282 | 7.5X | 133.7X | 310% | -17% | |
| Hemp / CBD | |||||||
| cbdMD Inc. | YCBD | $ 99 | $ 104 | 3.0X | $ 34 | n.m. | n.m. |
| Charlotte’s Web Holdings Inc. | CWBHF | $ 2,080 | $ 1,791 | 14.3X | $ 125 | 80% | 22% |
| Elixinol Global Ltd. | ELLXF | $ 232 | $ 202 | 5.1X | $ 40 | 48% | 6% |
| Emerald Health Therapeutics Inc. | EMHTF | $ 220 | $ 220 | 11.3X | $ 19 | n.m. | -109% |
| Green Growth Brands Inc. | GGBXF | $ 307 | $ 294 | 2.1X | $ 142 | n.m. | 14% |
| Neptune Wellness Solutions Inc. | NEPT-CA | $ 368 | $ 422 | 13.3X | $ 32 | 66% | -7% |
| Average – Hemp / CBD | $ 551 | $ 505 | 8.2X | 65.4X | 65% | -15% | |
| Pharmaceutical | |||||||
| Arena Pharmaceuticals Inc. | ARNA | $ 2,767 | $ 1,829 | 2.3X | $ 807 | n.m. | 63% |
| Cara Therapeutics Inc. | CARA | $ 930 | $ 973 | n.m. | $ 19 | 40% | n.m. |
| Corbus Pharmaceuticals Holdings Inc. | CRBP | $ 351 | $ 286 | 8.2X | $ 35 | 624% | n.m. |
| CV Sciences Inc. | CVSI | $ 379 | $ 308 | 4.2X | $ 73 | 51% | 16% |
| GW Pharmaceuticals PLC | GWPH | $ 4,850 | $ 4,221 | 14.2X | $ 297 | n.m. | -34% |
| MediPharm Labs Corp. | MEDIF | $ 468 | $ 584 | 5.2X | $ 112 | n.m. | 25% |
| Ultragenyx Pharmaceutical Inc. | RARE | $ 3,374 | $ 2,805 | 26.4X | $ 106 | 106% | n.m. |
| Zynerba Pharmaceuticals Inc. | ZYNE | $ 248 | $ 171 | n.m. | $ – | n.m. | n.m. |
| Average – Pharmaceutical | $ 1,671 | $ 1,397 | 10.1X | 181.2X | 206% | 18% | |
| Ancillary Products & Services | |||||||
| Akerna Corp. | KERN-USA | $ 64 | $ 91 | 8.3X | $ 11 | 10% | n.m. |
| Canopy Rivers Inc. | CNPOF | $ 333 | $ 262 | 12.6X | $ 21 | n.m. | 0% |
| Greenlane Holdings Inc. | GNLN | $ 65 | $ 106 | 0.5X | $ 216 | 21% | -1% |
| Innovative Industrial Properties Inc. | IIPR | $ 1,041 | $ 1,161 | 29.9X | $ 39 | 163% | 85% |
| KushCo Holdings Inc. | KSHB | $ 388 | $ 398 | 2.3X | $ 170 | 148% | -17% |
| MediPharm Labs Corp. | LABS-CA | $ 468 | $ 584 | 5.2X | $ 112 | n.m. | 25% |
| New Age Beverages Corp. | NBEV | $ 264 | $ 247 | 0.9X | $ 281 | 439% | 0% |
| Scotts Miracle-Gro Company | SMG | $ 6,292 | $ 8,064 | 2.6X | $ 3,131 | 14% | 18% |
| Supreme Cannabis Company Inc. | FIRE-CA | $ 319 | $ 373 | 6.4X | $ 58 | 316% | 2% |
| Valens GroWorks Corp. | VGWCF | $ 293 | $ 209 | 5.2X | $ 40 | n.m. | 33% |
| Average – Ancillary Products & Services | $ 953 | $ 1,149 | 7.4X | 407.9X | 159% | 16% |
Source: FactSet financial data and analytics, company filings.
