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?
Email us at investorintelligence@mjbizdaily.com and let us know.
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.
