These comp tables provide a benchmark for private investors to evaluate existing and future investments, a way for companies to judge their own valuations for current and future capital raises and a menu for public investors to peruse.
Tracking the multiples and estimates over time can show how the returns of the stock are decomposed in changes in expectations (sales and EBITDA estimates) and the cost of capital (i.e., multiples applied to those estimates).
In our effort to continue making our content even more relevant and useful to our audience, the comp tables now organize companies into groups based on the main business model (U.S.-focused vertically integrated operators, Canada-focused vertically integrated operators, hemp/CBD, pharmaceutical as well as 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. Everything is converted, calculated and listed into U.S. dollars.
The U.S.-focused operators are currently trading at 2.4X 2020 sales and 12.0X 2020 EBITDA, while Canada-focused operators trade at a premium at 4.5X sales and 16.8X EBITDA.
The discount carries to 2021 as well at 1.6X sales and 6.4X EBITDA for the U.S.-focused versus 2.9X sales and 10.9X EBITDA for Canada-focused.
Nonmeaningful outliers are removed before the averages by group are calculated.
As we stated last week and at our Investor Intelligence Conference in early December, there is no excess cash in cannabis.
Thus, the comp table now computes enterprise value as the greater of market capitalization or market capitalization plus net debt. This is a middle road, which does not penalize companies that have high gross debt and high gross cash levels, but it also reflects that companies with high net cash levels will be using that cash in their operations.
Most companies have been adjusted for future dilution and debt levels by including in-the-money warrants, options, convertible debt and shares issued in pending acquisitions.
Are there companies missing from this table? A metric you believe is relevant to include? A feature you’d like to see?
Email us at investorintelligence@mjbizdaily.com and let us know.
Download the PDF or the sortable spreadsheet for more details about each company, including estimates for 2020 and 2021.
Priced as of Dec. 23, 2019.
Name | Ticker | Market Cap | Enterprise Value | EV/Sales 2020E | EV/EBITDA 2020E | Sales 2020E | Sales Growth 2020E | EBITDA Margin 2020E |
US-Focused Vertically Integrated Operators | ||||||||
4Front Ventures Corp. | FFNTF | $ 218 | $ 263 | 2.2X | 13.1X | $ 118 | 153% | 17% |
Acreage Holdings | ACRGF | $ 834 | $ 834 | 2.1X | 24.3X | $ 392 | 143% | 9% |
CannaRoyalty Corp. | ORHOF | $ 347 | $ 347 | n.m. | n.m. | n.m. | n.m. | n.m. |
Cansortium | CNTMF | $ 36 | $ 126 | 1.3X | 5.0X | $ 95 | 215% | 27% |
Columbia Care | CCHWF | $ 660 | $ 660 | 2.1X | 12.8X | $ 318 | 287% | 16% |
Cresco Labs | CRLBF-US | $ 2,458 | $ 2,458 | 4.4X | 17.0X | $ 564 | 327% | 26% |
Curaleaf Holdings | CURLF | $ 3,958 | $ 4,040 | 4.3X | 15.4X | $ 934 | 293% | 28% |
Green Thumb Industries | GTBIF | $ 1,652 | $ 1,713 | 3.6X | 13.9X | $ 475 | 119% | 26% |
Harvest Health & Recreation | HRVSF | $ 934 | $ 1,078 | 1.7X | 7.8X | $ 651 | 447% | 21% |
iAnthus Capital Holdings | ITHUF | $ 227 | $ 330 | 1.3X | 7.3X | $ 258 | 184% | 18% |
Liberty Health Sciences | LHSIF | $ 148 | $ 154 | n.m. | n.m. | n.m. | n.m. | n.m. |
Medicine Man Technologies | MDCL | $ 283 | $ 391 | 2.2X | 10.9X | $ 179 | 5% | 20% |
MedMen Enterprises | MMNFF | $ 355 | $ 854 | 3.0X | n.m. | $ 286 | 62% | -10% |
MJardin Group | MJARF | $ 15 | $ 152 | 3.2X | 25.7X | $ 48 | 84% | 12% |
Planet 13 Holdings | PLNHF | $ 256 | $ 256 | 2.7X | 9.3X | $ 93 | 46% | 29% |
SLANG Worldwide | SLGWF-US | $ 67 | $ 67 | 0.5X | 3.2X | $ 123 | 375% | 17% |
Trulieve Cannabis Corp. | TCNNF | $ 1,165 | $ 1,238 | 3.1X | 7.7X | $ 398 | 59% | 40% |
Vireo Health International | VREOF | $ 93 | $ 93 | 1.0X | 6.3X | $ 94 | 203% | 16% |
Average – US-Focused Vertically Integrated Operators | $ 761 | $ 836 | 2.4X | 12.0X | $ 314 | 188% | 19% | |
Name | Ticker | Market Cap | Enterprise Value | EV/Sales 2020E | EV/EBITDA 2020E | Sales 2020E | Sales Growth 2020E | EBITDA Margin 2020E |
Canada-Focused Vertically Integrated Operators | ||||||||
48North Cannabis Corp. | NCNNF | $ 47 | $ 47 | 1.7X | 19.3X | $ 28 | 181% | 9% |
Aphria | APHA-TSE | $ 1,239 | $ 1,239 | 2.3X | 19.8X | $ 529 | 60% | 12% |
Aurora Cannabis | ACB | $ 2,078 | $ 2,427 | 5.6X | n.m. | $ 434 | 78% | -3% |
Auxly Cannabis Group | XLY-CNQ | $ 267 | $ 271 | 4.3X | n.m. | $ 63 | n.m. | -9% |
CannTrust Holdings | TRST-CA | $ 144 | $ 144 | 2.7X | n.m. | $ 54 | 50% | -18% |
Canopy Growth Corp. | CGC | $ 7,375 | $ 7,375 | 14.3X | n.m. | $ 516 | 84% | -40% |
Cronos Group | CRON | $ 2,609 | $ 2,609 | 21.5X | n.m. | $ 122 | 237% | -34% |
Emerald Health Therapeutics | EMHTF | $ 40 | $ 56 | 1.3X | n.m. | $ 44 | 77% | -34% |
Flowr Corp. | FLWPF | $ 167 | $ 167 | 2.2X | 35.9X | $ 76 | 743% | 6% |
The Green Organic Dutchman Holdings | TGODF | $ 142 | $ 142 | 2.1X | n.m. | $ 67 | 509% | -14% |
GTEC Holdings | GTEC-TSX | $ 19 | $ 24 | 0.6X | 1.1X | $ 43 | 645% | 52% |
Harvest One Cannabis | HRVOF | $ 23 | $ 23 | 0.6X | 35.7X | $ 37 | 152% | 2% |
Hexo Corp. | HEXO | $ 497 | $ 497 | 5.4X | n.m. | $ 92 | 92% | -25% |
Organigram Holdings | OGI | $ 393 | $ 394 | 3.0X | 10.8X | $ 130 | 69% | 28% |
Tilray | TLRY | $ 1,913 | $ 2,193 | 7.0X | n.m. | $ 311 | 79% | -12% |
Village Farms International | VFF | $ 307 | $ 380 | 1.4X | 6.8X | $ 267 | 39% | 21% |
WeedMD | WMD-CA | $ 64 | $ 85 | 1.0X | 4.7X | $ 83 | 281% | 22% |
Average – Canada-Focused Vertically Integrated Operators | $ 1,019 | $ 1,063 | 4.5X | 16.8X | $ 170 | 211% | -2% |
Name | Ticker | Market Cap | Enterprise Value | EV/Sales 2020E | EV/EBITDA 2020E | Sales 2020E | Sales Growth 2020E | EBITDA Margin 2020E |
Hemp / CBD | ||||||||
cbdMD | YCBD | $ 79 | $ 79 | 0.9X | n.m. | $ 87 | 148% | -5% |
Charlotte’s Web Holdings | CWBHF | $ 836 | $ 836 | 5.7X | 45.4X | $ 147 | 48% | 13% |
CV Sciences | CVSI | $ 116 | $ 116 | 1.6X | 8.2X | $ 75 | 34% | 19% |
Elixinol Global | ELLXF | $ 51 | $ 51 | 1.5X | n.m. | $ 34 | 31% | -26% |
Emerald Health Therapeutics | EMHTF | $ 40 | $ 56 | 1.3X | n.m. | $ 44 | 77% | -34% |
Green Growth Brands | GGBXF | $ 229 | $ 329 | 1.5X | 14.9X | $ 222 | 282% | 10% |
Neptune Wellness Solutions | NEPT-CA | $ 264 | $ 264 | 2.9X | 11.8X | $ 91 | 235% | 25% |
Average – Hemp / CBD | $ 231 | $ 247 | 2.2X | 20.1X | $ 100 | 122% | 0% | |
Name | Ticker | Market Cap | Enterprise Value | EV/Sales 2020E | EV/EBITDA 2020E | Sales 2020E | Sales Growth 2020E | EBITDA Margin 2020E |
Pharmaceutical | ||||||||
Arena Pharmaceuticals | ARNA | $ 2,492 | $ 2,492 | n.m. | n.m. | $ 12 | -99% | n.m. |
Cara Therapeutics | CARA | $ 806 | $ 806 | 30.4X | n.m. | $ 27 | 28% | n.m. |
Corbus Pharmaceuticals Holdings | CRBP | $ 353 | $ 353 | 39.5X | n.m. | $ 9 | -76% | n.m. |
GW Pharmaceuticals | GWPH | $ 3,197 | $ 3,197 | 5.9X | n.m. | $ 546 | 81% | 11% |
MediPharm Labs Corp. | MEDIF | $ 365 | $ 365 | 2.1X | 7.5X | $ 172 | 60% | 28% |
Ultragenyx Pharmaceutical | RARE | $ 2,673 | $ 2,673 | 14.4X | n.m. | $ 185 | 85% | -182% |
Zynerba Pharmaceuticals | ZYNE | $ 141 | $ 141 | n.m. | n.m. | $ – | n.m. | n.m. |
Average – Pharmaceutical | $ 1,432 | $ 1,432 | 18.4X | 7.5X | $ 136 | 13% | -48% | |
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 | $ 116 | $ 116 | 4.2X | n.m. | $ 28 | 115% | -25% |
Canopy Rivers | CNPOF | $ 171 | $ 171 | 13.3X | 2.8X | $ 13 | -2% | 469% |
Greenlane Holdings | GNLN | $ 113 | $ 113 | 0.6X | n.m. | $ 191 | 2% | -3% |
Innovative Industrial Properties | IIPR | $ 1,048 | $ 873 | 9.1X | 10.9X | $ 96 | 136% | 84% |
KushCo Holdings | KSHB | $ 156 | $ 183 | 0.7X | n.m. | $ 257 | 47% | 0% |
MediPharm Labs Corp. | LABS-CA | $ 364 | $ 364 | 2.1X | 7.5X | $ 172 | 60% | 28% |
New Age Beverages Corp. | NBEV | $ 153 | $ 167 | 0.6X | n.m. | $ 295 | 13% | -1% |
Scotts Miracle-Gro Co. | SMG | $ 6,109 | $ 7,742 | 2.3X | 13.1X | $ 3,345 | 5% | 18% |
Supreme Cannabis Co. | FIRE-CA | $ 165 | $ 204 | 2.0X | 11.8X | $ 102 | 99% | 17% |
Valens GroWorks Corp. | VGWCF | $ 313 | $ 313 | 2.4X | 5.3X | $ 132 | 167% | 45% |
Average – Ancillary Products & Services | $ 871 | $ 1,025 | 3.7X | 8.6X | $ 463 | 64% | 63% |
Source: FactSet financial data and analytics, company filings.