Cannabis comp tables as of Nov. 18, 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 Nov. 18, 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  $            54  $               20 0.8X 3.0X  $           25 182% 10%
4Front Ventures Corp. FFNTF  $          175  $            220 3.7X 3.7X  $           60 293% 25%
Acreage Holdings Inc. ACRGF  $          556  $            482 3.0X 11.0X  $         162 136% 11%
Aphria Inc. APHA-TSE  $          965  $            965 2.9X 14.6X  $         332 60% 12%
Aurora Cannabis Inc. ACB  $       2,542  $         2,720 10.6X n.m.  $         258 81% 2%
CannTrust Holdings Inc. TRST-CA  $          141  $            102 2.8X n.m.  $           36 50% -18%
Canopy Growth Corp. CGC  $       5,355  $         3,687 12.4X n.m.  $         297 83% -36%
Cansortium Inc. CNTMF  $          116  $            147 3.7X 2.1X  $           40 339% 40%
Columbia Care Inc. CCHWF  $          667  $            575 7.0X 11.1X  $           82 286% 16%
Cresco Labs Inc. CRLBF-US  $       2,435  $         2,299 14.3X 12.1X  $         161 322% 28%
Cronos Group Inc. CRON  $       2,273  $            494 13.4X n.m.  $           37 250% -32%
Curaleaf Holdings Inc. CURLF  $       4,218  $         4,212 16.8X 14.7X  $         251 286% 29%
Flowr Corp. FLWPF  $          220  $            148 12.6X 15.2X  $           12 540% 13%
Green Organic Dutchman Holdings Ltd. TGODF  $          137  $            103 9.3X n.m.  $           11 509% -14%
Green Thumb Industries Inc. GTBIF  $       1,812  $         1,508 7.2X 11.7X  $         209 129% 27%
GTEC Holdings Ltd. GTEC-TSX  $            15  $               21 3.7X 1.0X  $             6 645% 52%
Harvest Health & Recreation Inc. HRVSF  $       1,100  $         1,172 7.9X 4.5X  $         149 462% 31%
Harvest One Cannabis Inc. HRVOF  $            24  $               17 0.9X 3.2X  $           18 187% 10%
HEXO Corp. HEXO  $          411  $            363 6.3X n.m.  $           57 120% -13%
iAnthus Capital Holdings Inc. ITHUF  $          221  $            176 1.8X 3.1X  $           99 183% 21%
Medicine Man Technologies Inc. MDCL  $          264  $            372 2.2X 9.7X  $         170 5% 22%
MedMen Enterprises Inc. MMNFF  $          340  $            368 1.8X n.m.  $         210 86% -9%
MJardin Group Inc. MJARF  $            27  $            117 3.7X 3.1X  $           32 182% 42%
OrganiGram Holdings Inc. OGI  $          328  $            329 3.9X 7.1X  $           83 68% 33%
Planet 13 Holdings Inc. PLNHF  $          213  $            198 2.8X 6.3X  $           71 45% 31%
Tilray Inc. TLRY  $       2,213  $         2,493 14.3X n.m.  $         174 78% -13%
Trulieve Cannabis Corp. TCNNF  $       1,244  $         1,375 5.8X 9.0X  $         239 62% 39%
Village Farms International Inc. VFF  $          326  $            399 2.1X 7.1X  $         192 42% 21%
Vireo Health International Inc. VREOF  $          143  $            121 2.8X 3.4X  $           43 217% 26%
WeedMD Inc. WMD-CA  $            67  $               90 3.3X 4.2X  $           27 232% 24%
Average – Vertically Integrated Operators  $          953  $            843 6.1X 7.3X  $         118 205% 14%

 

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  $            95  $               74 0.8X n.m.  $           91 147% -2%
Charlotte’s Web Holdings Inc. CWBHF  $       1,021  $            999 6.1X 34.7X  $         164 61% 18%
CV Sciences Inc. CVSI  $          152  $            130 1.7X 9.1X  $           75 34% 19%
Elixinol Global Ltd. ELLXF  $          101  $               69 2.0X n.m.  $           35 36% -23%
Emerald Health Therapeutics Inc. EMHTF  $            45  $               59 1.3X n.m.  $           44 77% -34%
Green Growth Brands Inc. GGBXF  $          310  $            409 1.4X 6.1X  $         302 308% 22%
Neptune Wellness Solutions Inc. NEPT-CA  $          248  $            236 2.7X 9.8X  $           89 222% 27%
Average – Hemp / CBD  $          282  $            282 2.3X 14.9X  $         114 126% 4%

 

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  $       2,387  $         1,575 n.m. n.m.  $           12 -99% n.m.
Cara Therapeutics Inc. CARA  $       1,022  $            799 30.1X n.m.  $           27 32% n.m.
Corbus Pharmaceuticals Holdings Inc. CRBP  $          283  $            241 24.2X n.m.  $           10 -74% n.m.
GW Pharmaceuticals Plc GWPH  $       3,148  $         2,804 5.0X 37.4X  $         559 85% 13%
MediPharm Labs Corp. MEDIF  $          392  $            402 2.3X 8.3X  $         171 60% 28%
Ultragenyx Pharmaceutical Inc. RARE  $       2,179  $         1,596 8.4X n.m.  $         191 91% -176%
Zynerba Pharmaceuticals Inc. ZYNE  $          143  $               71 n.m. n.m.  $            – n.m. n.m.
Average – Pharmaceutical  $       1,365  $         1,070 14.0X 22.9X  $         139 16% -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  $            57  $               42 1.7X n.m.  $           26 50% n.m.
Canopy Rivers Inc. CNPOF  $          154  $            106 8.2X 1.8X  $           13 -5% 469%
Greenlane Holdings Inc. GNLN  $          152  $            108 0.6X n.m.  $         191 2% -3%
Innovative Industrial Properties Inc. IIPR  $       1,142  $            853 10.2X 11.7X  $           83 107% 88%
KushCo Holdings Inc. KSHB  $          160  $            121 0.5X n.m.  $         254 46% 0%
MediPharm Labs Corp. LABS-CA  $          390  $            400 2.3X 8.2X  $         171 60% 28%
New Age Beverages Corp. NBEV  $          179  $            191 0.6X n.m.  $         295 13% -1%
Scotts Miracle-Gro Co. SMG  $       5,847  $         7,801 2.3X 13.2X  $     3,351 5% 18%
Supreme Cannabis Company Inc. FIRE-CA  $          167  $            231 2.1X 11.3X  $         110 100% 19%
Valens GroWorks Corp. VGWCF  $          317  $            256 2.0X 4.4X  $         131 169% 45%
Average – Ancillary Products & Services  $          857  $         1,011 3.1X 8.4X  $         463 55% 74%

Source: FactSet financial data and analytics, company filings.