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 those groups 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 estimates and EV/sales multiples on those sales projections.
Nonmeaningful outliers are removed before the averages by group are calculated.
We have added Medicine Man Technologies (MDCL) following the release of pro forma revenue and EBITDA margins of $170 million in revenue at a 20% EBITDA margin, with the potential for a 30% EBITDA margin. Combined with our estimate of pro forma shares outstanding of 85.2 million and the need for an additional $38 million of cash when the deals close, the company has a 2.2X EV/Revenue multiple, below the average of 3.1X on 2020, and a 10.4X EV/EBITDA multiple.
We have also added revenue estimates for Akerna Corp. (KERN) based on the 50% annual revenue growth guidance from their May 14, 2019 S-4 filing. They will report fiscal year end June 2019 results on Monday, Sept. 23 after the close of trading, so these will be updated soon.
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 for more details on each company, including estimates for 2020 and 2021.
Priced as of Sept. 17, 2019.
| Name | Ticker | Market Cap | Enterprise Value | EV/Sales 2019E | Sales 2019E | Sales Growth 2019E | EBITDA Margin 2019E |
| Vertically Integrated Operators | |||||||
| 48North Cannabis Corp. | NCNNF | $ 104 | $ 90 | 2.5X | $ 36 | n.m. | -2% |
| 4Front Ventures Corp. | CNXXF | $ 98 | $ 101 | 2.9X | $ 34 | n.m. | -43% |
| Acreage Holdings, Inc. | ACRGF | $ 1,097 | $ 958 | 6.2X | $ 154 | 99% | -24% |
| Aphria Inc | APHA-TSE | $ 1,680 | $ 1,621 | 4.5X | $ 364 | 727% | -1% |
| Aurora Cannabis Inc. | ACB | $ 5,607 | $ 5,827 | 19.7X | $ 295 | 226% | -20% |
| CannaRoyalty Corp. | ORHOF | $ 423 | $ 399 | 6.6X | $ 60 | 331% | n.m. |
| CannTrust Holdings, Inc. | TRST-CA | $ 162 | $ 138 | 1.7X | $ 80 | 130% | -10% |
| Canopy Growth Corporation | CGC | $ 9,657 | $ 8,161 | 23.0X | $ 355 | 204% | -76% |
| Cansortium, Inc. | CNTMF | $ 167 | $ 198 | 4.9X | $ 40 | 395% | -26% |
| Columbia Care, Inc. | CCHWF | $ 930 | $ 843 | 9.4X | $ 90 | n.m. | -50% |
| Cresco Labs, Inc. | CRLBF-US | $ 1,914 | $ 1,894 | 11.3X | $ 167 | 287% | 10% |
| Cronos Group Inc | CRON | $ 4,290 | $ 2,133 | 48.5X | $ 44 | 271% | -109% |
| Curaleaf Holdings, Inc. | CURLF | $ 3,495 | $ 3,539 | 13.9X | $ 255 | 231% | 15% |
| Flowr Corporation | FLWPF | $ 225 | $ 186 | 12.6X | $ 15 | 589% | -83% |
| Green Organic Dutchman Holdings Ltd. | TGODF | $ 507 | $ 415 | 16.2X | $ 26 | n.m. | -138% |
| Green Thumb Industries Inc. | GTBIF | $ 1,890 | $ 1,687 | 7.9X | $ 212 | 240% | 12% |
| GTEC Holdings Ltd. | GTEC-TSX | $ 24 | $ 28 | 4.0X | $ 7 | n.m. | -31% |
| Harvest Health & Recreation, Inc. | HRVSF | $ 1,363 | $ 1,416 | 9.7X | $ 146 | 212% | 5% |
| Harvest One Cannabis, Inc. | HRVOF | $ 82 | $ 63 | 2.3X | $ 28 | 355% | 1% |
| HEXO Corp. | HEXO | $ 1,091 | $ 976 | 8.2X | $ 120 | 633% | -12% |
| iAnthus Capital Holdings, Inc. | ITHUF | $ 354 | $ 234 | 2.6X | $ 90 | n.m. | -26% |
| Medicine Man Technologies, Inc. | MDCL | $ 338 | $ 377 | 2.2X | $ 170 | n.m. | 20% |
| MedMen Enterprises, Inc. Class B | MMNFF | $ 310 | $ 441 | 2.1X | $ 211 | 167% | -54% |
| MJardin Group, Inc. | MJARF | $ 59 | $ 139 | 4.4X | $ 32 | 56% | -16% |
| OrganiGram Holdings Inc | OGI | $ 678 | $ 650 | 7.1X | $ 91 | 421% | 34% |
| Planet 13 Holdings, Inc. | PLNHF | $ 256 | $ 216 | 3.2X | $ 67 | 215% | 17% |
| Tilray, Inc. | TLRY | $ 3,006 | $ 3,220 | 17.8X | $ 181 | 319% | -37% |
| Trulieve Cannabis Corp. | TCNNF | $ 1,018 | $ 1,084 | 4.5X | $ 242 | 135% | 46% |
| Village Farms International, Inc. | VFF | $ 553 | $ 569 | 2.8X | $ 205 | 36% | 19% |
| WeedMD, Inc. | WMD-CA | $ 126 | $ 120 | 3.7X | $ 33 | 433% | 7% |
| Average – Vertically Integrated Operators | $ 1,383 | $ 1,257 | 8.9X | 128.3X | 292% | -20% | |
| Name | Ticker | Market Cap | Enterprise Value | EV/Sales 2019E | Sales 2019E | Sales Growth 2019E | EBITDA Margin 2019E |
| Hemp / CBD | |||||||
| cbdMD, Inc. | YCBD | $ 129 | $ 115 | 3.0X | $ 39 | n.m. | -28% |
| Charlotte’s Web Holdings, Inc. | CWBHF | $ 1,825 | $ 1,566 | 12.5X | $ 125 | 80% | 22% |
| CV Sciences, Inc. | CVSI | $ 370 | $ 298 | 4.1X | $ 73 | 51% | 16% |
| Elixinol Global Ltd. | ELLXF | $ 229 | $ 199 | 6.5X | $ 30 | 14% | -38% |
| Emerald Health Therapeutics, Inc. | EMHTF | $ 187 | $ 192 | n.m. | n.m. | n.m. | n.m. |
| Green Growth Brands, Inc. | GGBXF | $ 293 | $ 269 | 1.5X | $ 184 | n.m. | 13% |
| Neptune Wellness Solutions, Inc. | NEPT-CA | $ 389 | $ 390 | 12.3X | $ 32 | 66% | -7% |
| Average – Hemp / CBD | $ 489 | $ 433 | 6.6X | 80.5X | 53% | -4% | |
| Pharmaceutical | |||||||
| Arena Pharmaceuticals, Inc. | ARNA | $ 2,607 | $ 1,660 | 2.1X | $ 807 | n.m. | 63% |
| Cara Therapeutics Inc | CARA | $ 1,105 | $ 994 | 50.0X | $ 20 | 48% | n.m. |
| Corbus Pharmaceuticals Holdings Inc | CRBP | $ 392 | $ 304 | 8.7X | $ 35 | 624% | n.m. |
| GW Pharmaceuticals PLC Sponsored ADR | GWPH | $ 4,310 | $ 3,694 | 12.4X | $ 297 | n.m. | -34% |
| MediPharm Labs Corp. | MEDIF | $ 457 | $ 455 | 4.1X | $ 112 | n.m. | 25% |
| Ultragenyx Pharmaceutical, Inc. | RARE | $ 2,582 | $ 2,004 | 19.0X | $ 106 | 105% | n.m. |
| Zynerba Pharmaceuticals Inc | ZYNE | $ 267 | $ 179 | n.m. | $ – | n.m. | n.m. |
| Average – Pharmaceutical | $ 1,674 | $ 1,327 | 16.0X | 196.7X | 259% | 18% | |
| Ancillary Products & Services | |||||||
| Akerna Corp. | KERN-USA | $ 93 | $ 93 | 6.2X | $ 15 | 50% | n.m. |
| Canopy Rivers, Inc. Class A | CNPOF | $ 321 | $ 254 | 16.8X | $ 15 | n.m. | 10% |
| Greenlane Holdings, Inc. Class A | GNLN | $ 40 | $ 81 | 0.4X | $ 217 | 21% | -1% |
| Innovative Industrial Properties Inc | IIPR | $ 1,029 | $ 991 | 25.5X | $ 39 | 163% | 85% |
| KushCo Holdings, Inc. | KSHB | $ 305 | $ 312 | 1.8X | $ 170 | 148% | -17% |
| MediPharm Labs Corp. | LABS-CA | $ 458 | $ 457 | 4.1X | $ 112 | n.m. | 25% |
| New Age Beverages Corp | NBEV | $ 249 | $ 226 | 0.8X | $ 274 | 426% | -1% |
| Scotts Miracle-Gro Company Class A | SMG | $ 5,746 | $ 7,529 | 2.4X | $ 3,131 | 14% | 18% |
| Supreme Cannabis Company Inc | FIRE-CA | $ 363 | $ 364 | 5.4X | $ 67 | 380% | 6% |
| Valens GroWorks Corp. | VGWCF | $ 298 | $ 213 | 5.2X | $ 41 | n.m. | 34% |
| Average – Ancillary Products & Services | $ 890 | $ 1,052 | 6.9X | 408.1X | 172% | 18% | |
