Cannabis comp tables as of Nov. 25, 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. 25, 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  $            59  $               19 0.8X 2.8X  $           25 182% 10%
4Front Ventures Corp. FFNTF  $          240  $            286 4.7X 4.8X  $           60 293% 25%
Acreage Holdings Inc. ACRGF  $          690  $            616 3.8X 13.9X  $         162 136% 12%
Aphria Inc. APHA-TSE  $       1,165  $         1,162 3.5X 17.7X  $         330 60% 12%
Aurora Cannabis Inc. ACB  $       2,779  $         2,958 11.5X n.m.  $         258 85% 1%
CannTrust Holdings Inc. TRST-CA  $          160  $            107 3.0X n.m.  $           36 50% -18%
Canopy Growth Corp. CGC  $       6,893  $         5,213 18.0X n.m.  $         290 87% -36%
Cansortium Inc. CNTMF  $          103  $            134 3.3X 1.9X  $           40 339% 40%
Columbia Care Inc. CCHWF  $          616  $            525 6.4X 10.1X  $           82 286% 16%
Cresco Labs Inc. CRLBF-US  $       2,435  $         2,300 14.3X 12.1X  $         161 322% 28%
Cronos Group Inc. CRON  $       2,557  $            786 21.4X n.m.  $           37 250% -32%
Curaleaf Holdings Inc. CURLF  $       4,365  $         4,448 18.8X 15.8X  $         237 308% 29%
Flowr Corp. FLWPF  $          233  $            150 12.5X 18.8X  $           12 490% 11%
Green Organic Dutchman Holdings Ltd. TGODF  $          187  $            153 14.0X n.m.  $           11 509% -14%
Green Thumb Industries Inc. GTBIF  $       1,919  $         1,510 7.0X 11.9X  $         217 120% 27%
GTEC Holdings Ltd. GTEC-TSX  $            17  $               22 3.9X 1.0X  $             6 645% 52%
Harvest Health & Recreation Inc. HRVSF  $       1,053  $         1,196 10.1X 7.3X  $         119 465% 24%
Harvest One Cannabis Inc. HRVOF  $            28  $               16 0.9X 3.1X  $           18 186% 10%
HEXO Corp. HEXO  $          567  $            466 8.1X n.m.  $           57 119% -14%
iAnthus Capital Holdings Inc. ITHUF  $          242  $            160 1.8X 3.1X  $           91 190% 19%
Medicine Man Technologies Inc. MDCL  $          262  $            370 2.2X 9.6X  $         170 5% 22%
MedMen Enterprises Inc. MMNFF  $          228  $            289 1.4X n.m.  $         210 86% -9%
MJardin Group Inc. MJARF  $            25  $            114 4.5X 19.5X  $           26 84% 12%
OrganiGram Holdings Inc. OGI  $          403  $            367 4.7X 9.0X  $           79 72% 30%
Planet 13 Holdings Inc. PLNHF  $          249  $            231 3.2X 7.3X  $           71 45% 31%
Tilray Inc. TLRY  $       2,304  $         2,584 14.8X n.m.  $         174 79% -12%
Trulieve Cannabis Corp. TCNNF  $       1,323  $         1,419 5.7X 9.0X  $         249 60% 40%
Village Farms International Inc. VFF  $          337  $            411 2.1X 7.3X  $         192 42% 21%
Vireo Health International Inc. VREOF  $          149  $            128 3.0X 3.7X  $           42 217% 26%
WeedMD Inc. WMD-CA  $            82  $               97 3.6X 4.6X  $           27 232% 24%
Average – Vertically Integrated Operators  $       1,056  $            941 7.1X 8.8X  $         116 202% 13%
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  $            89  $               75 0.8X n.m.  $           91 147% -2%
Charlotte’s Web Holdings Inc. CWBHF  $       1,071  $         1,057 7.1X n.m.  $         148 49% 13%
CV Sciences Inc. CVSI  $          162  $            131 1.8X 9.2X  $           75 34% 19%
Elixinol Global Ltd. ELLXF  $          106  $               76 2.2X n.m.  $           35 36% -23%
Emerald Health Therapeutics Inc. EMHTF  $            46  $               51 1.2X n.m.  $           44 77% -34%
Green Growth Brands Inc. GGBXF  $          316  $            415 1.4X 6.2X  $         300 307% 22%
Neptune Wellness Solutions Inc. NEPT-CA  $          272  $            238 2.7X 9.9X  $           88 221% 27%
Average – Hemp / CBD  $          295  $            292 2.4X 8.5X  $         112 125% 3%
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  $       2,608  $         1,744 n.m. n.m.  $           12 -99% n.m.
Cara Therapeutics Inc. CARA  $       1,191  $            953 35.9X n.m.  $           27 32% n.m.
Corbus Pharmaceuticals Holdings Inc. CRBP  $          305  $            258 25.9X n.m.  $           10 -74% n.m.
GW Pharmaceuticals Plc GWPH  $       3,010  $         2,484 4.4X 33.3X  $         559 85% 13%
MediPharm Labs Corp. MEDIF  $          373  $            346 2.0X 7.2X  $         170 60% 28%
Ultragenyx Pharmaceutical Inc. RARE  $       2,309  $         1,759 9.2X n.m.  $         191 91% -176%
Zynerba Pharmaceuticals Inc. ZYNE  $          152  $               75 n.m. n.m.  $            – n.m. n.m.
Average – Pharmaceutical  $       1,421  $         1,088 15.5X 20.2X  $         138 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  $            67  $               44 1.7X n.m.  $           26 50% n.m.
Canopy Rivers Inc. CNPOF  $          209  $            146 11.4X 2.4X  $           13 -5% 469%
Greenlane Holdings Inc. GNLN  $          135  $               91 0.5X n.m.  $         191 2% -3%
Innovative Industrial Properties Inc. IIPR  $       1,075  $            764 8.0X 9.5X  $           96 136% 84%
KushCo Holdings Inc. KSHB  $          181  $            142 0.6X n.m.  $         254 46% 0%
MediPharm Labs Corp. LABS-CA  $          372  $            345 2.0X 7.2X  $         170 60% 28%
New Age Beverages Corp. NBEV  $          176  $            187 0.6X n.m.  $         295 13% -1%
Scotts Miracle-Gro Co. SMG  $       5,721  $         7,443 2.2X 12.6X  $     3,346 5% 18%
Supreme Cannabis Co. Inc. FIRE-CA  $          188  $            227 2.1X 11.3X  $         106 99% 19%
Valens GroWorks Corp. VGWCF  $          328  $            267 2.0X 4.6X  $         130 169% 45%
Average – Ancillary Products & Services  $          845  $            966 3.1X 7.9X  $         463 57% 73%

Source: FactSet financial data and analytics, company filings.