Cannabis comp tables as of Dec. 10, 2019

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 organizes 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 and EBITDA estimates, and the EV/sales and EV/EBITDA multiples on those projections.

Nonmeaningful outliers are removed before the averages by group are calculated.

For most companies, we have adjusted for future dilution and debt levels by including in-the-money warrants, options, convertible debt and shares issued in pending acquisitions. Out-of-the-money warrants and options are excluded from the share count, and out-of-the-money convertible debt is counted as debt.

Are there companies missing from this table? A metric you believe is relevant to include?

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Download the PDF or the sortable spreadsheet for more details on each company, including estimates for 2020 and 2021.

Priced as of Dec. 10, 2019.

Name Ticker Market Cap Enterprise Value EV/Sales 2020E EV/EBITDA 2020E Sales 2020E Sales Growth 2020E EBITDA Margin 2020E
Vertically Integrated Operators
48North Cannabis Corp. NCNNF  $            44  $               13 1.4X 5.5X  $           10 181% 9%
4Front Ventures Corp. FFNTF  $          231  $            276 5.0X 13.7X  $           56 221% 11%
Acreage Holdings Inc. ACRGF  $          672  $            598 3.7X 17.4X  $         162 143% 9%
Aphria Inc. APHA-TSE  $       1,259  $         1,255 3.8X 20.1X  $         330 60% 12%
Aurora Cannabis Inc. ACB  $       2,779  $         2,957 11.6X n.m.  $         256 84% 0%
CannTrust Holdings Inc. TRST-CA  $          145  $               95 2.6X n.m.  $           36 50% -18%
Canopy Growth Corp. CGC  $       7,506  $         5,828 20.7X n.m.  $         281 84% -40%
Cansortium Inc. CNTMF  $            88  $            138 4.6X 3.4X  $           30 277% 36%
Columbia Care Inc. CCHWF  $          625  $            534 6.5X 10.4X  $           82 286% 16%
Cresco Labs Inc. CRLBF-US  $       2,404  $         2,216 16.8X 15.6X  $         132 321% 26%
Cronos Group Inc. CRON  $       2,531  $            750 20.8X n.m.  $           36 244% -36%
Curaleaf Holdings Inc. CURLF  $       4,393  $         4,476 18.7X 17.8X  $         239 285% 27%
Flowr Corp. FLWPF  $          184  $            122 13.7X 26.3X  $             9 743% 6%
Green Organic Dutchman Holdings Ltd. TGODF  $          163  $            129 11.7X n.m.  $           11 509% -14%
Green Thumb Industries Inc. GTBIF  $       1,731  $         1,779 8.2X 14.9X  $         217 118% 25%
GTEC Holdings Ltd. GTEC-TSX  $            20  $               24 4.3X 1.1X  $             6 645% 52%
Harvest Health & Recreation Inc. HRVSF  $          999  $         1,143 9.6X 7.5X  $         118 468% 23%
Harvest One Cannabis Inc. HRVOF  $            21  $               21 1.4X 32.1X  $           15 152% 2%
HEXO Corp. HEXO  $          567  $            466 8.4X n.m.  $           55 117% -15%
iAnthus Capital Holdings Inc. ITHUF  $          199  $            303 3.3X 7.8X  $           92 176% 15%
Medicine Man Technologies Inc. MDCL  $          256  $            364 2.1X 9.5X  $         170 5% 22%
MedMen Enterprises Inc. MMNFF  $          171  $            417 2.4X n.m.  $         176 59% -12%
MJardin Group Inc. MJARF  $            10  $            144 5.6X 24.4X  $           26 84% 12%
OrganiGram Holdings Inc. OGI  $          411  $            404 5.3X 10.8X  $           77 71% 28%
Planet 13 Holdings Inc. PLNHF  $          217  $            198 3.1X 7.2X  $           64 46% 29%
Tilray Inc. TLRY  $       2,071  $         2,351 13.5X n.m.  $         174 79% -12%
Trulieve Cannabis Corp. TCNNF  $       1,374  $         1,470 5.9X 9.1X  $         250 58% 41%
Village Farms International Inc. VFF  $          328  $            401 2.1X 7.8X  $         192 39% 19%
Vireo Health International Inc. VREOF  $          106  $               95 3.1X 6.5X  $           31 203% 16%
WeedMD Inc. WMD-CA  $            68  $               87 4.0X 4.9X  $           22 281% 22%
Average – Vertically Integrated Operators  $       1,052  $            968 7.5X 12.5X  $         112 203% 10%
Name Ticker Market Cap Enterprise Value EV/Sales 2020E EV/EBITDA 2020E Sales 2020E Sales Growth 2020E EBITDA Margin 2020E
Hemp / CBD
cbdMD Inc. YCBD  $            79  $               65 0.7X n.m.  $           91 147% -2%
Charlotte’s Web Holdings Inc. CWBHF  $          957  $            942 6.4X n.m.  $         147 48% 13%
CV Sciences Inc. CVSI  $          125  $            100 1.3X 7.0X  $           75 34% 19%
Elixinol Global Ltd. ELLXF  $            61  $               31 0.9X n.m.  $           34 31% -26%
Emerald Health Therapeutics Inc. EMHTF  $            35  $               54 1.2X n.m.  $           44 77% -34%
Green Growth Brands Inc. GGBXF  $          288  $            387 1.7X 16.8X  $         221 282% 10%
Neptune Wellness Solutions Inc. NEPT-CA  $          274  $            240 2.6X 10.8X  $           91 234% 25%
Average – Hemp / CBD  $          260  $            260 2.1X 11.5X  $         101 122% 1%
Name Ticker Market Cap Enterprise Value EV/Sales 2020E EV/EBITDA 2020E Sales 2020E Sales Growth 2020E EBITDA Margin 2020E
Pharmaceutical
Arena Pharmaceuticals Inc. ARNA  $       2,562  $         1,705 n.m. n.m.  $           12 -99% n.m.
Cara Therapeutics Inc. CARA  $          801  $            599 22.5X n.m.  $           27 28% n.m.
Corbus Pharmaceuticals Holdings Inc. CRBP  $          316  $            270 27.0X n.m.  $           10 -74% n.m.
GW Pharmaceuticals Plc GWPH  $       3,147  $         2,621 4.7X 35.1X  $         559 85% 13%
MediPharm Labs Corp. MEDIF  $          342  $            315 1.8X 6.5X  $         171 60% 28%
Ultragenyx Pharmaceutical Inc. RARE  $       2,522  $         1,967 10.3X n.m.  $         191 91% -176%
Zynerba Pharmaceuticals Inc. ZYNE  $          133  $               56 n.m. n.m.  $            – n.m. n.m.
Average – Pharmaceutical  $       1,403  $         1,076 13.3X 20.8X  $         139 15% -45%
Name Ticker Market Cap Enterprise Value EV/Sales 2020E EV/EBITDA 2020E Sales 2020E Sales Growth 2020E EBITDA Margin 2020E
Ancillary Products & Services
Akerna Corp. KERN-USA  $          150  $            130 5.1X n.m.  $           26 50% n.m.
Canopy Rivers Inc. CNPOF  $          189  $            123 9.5X 2.0X  $           13 -5% 464%
Greenlane Holdings Inc. GNLN  $          112  $               68 0.4X n.m.  $         191 2% -3%
Innovative Industrial Properties Inc. IIPR  $       1,021  $            718 7.5X 8.9X  $           96 136% 84%
KushCo Holdings Inc. KSHB  $          176  $            136 0.5X n.m.  $         257 47% 0%
MediPharm Labs Corp. LABS-CA  $          339  $            312 1.8X 6.5X  $         171 60% 28%
New Age Beverages Corp. NBEV  $          145  $            158 0.5X n.m.  $         295 13% -1%
Scotts Miracle-Gro Co. SMG  $       5,785  $         7,270 2.2X 12.3X  $     3,346 5% 18%
Supreme Cannabis Co. Inc. FIRE-CA  $          175  $            214 2.2X 13.6X  $           98 94% 16%
Valens GroWorks Corp. VGWCF  $          302  $            241 1.8X 4.1X  $         131 169% 45%
Average – Ancillary Products & Services  $          839  $            937 3.2X 7.9X  $         462 57% 72%

Source: FactSet financial data and analytics, company filings.