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 groups 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 estimates and EV/sales multiples on those sales projections.
Nonmeaningful outliers are removed before the averages by group are calculated.
Are there companies missing from this table? A metric you believe is relevant to include?
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Download the PDF for more details on each company, including estimates for 2020 and 2021.
Priced as of Sept. 2, 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 | $ 74 | $ 90 | 2.5X | $ 36 | n.m. | -2% |
| 4Front Ventures Corp. | CNXXF | $ 99 | n.m. | n.m. | $ 45 | n.m. | -14% |
| Acreage Holdings Inc. | ACRGF | $ 897 | $ 758 | 4.9X | $ 154 | 99% | -24% |
| Aphria Inc | APHA-TSE | $ 1,603 | $ 1,545 | 4.3X | $ 363 | 726% | -1% |
| Aurora Cannabis Inc. | ACB | $ 5,517 | $ 5,660 | 17.2X | $ 329 | 264% | -10% |
| CannaRoyalty Corp. | ORHOF | $ 411 | $ 369 | 6.1X | $ 60 | 330% | n.m. |
| CannTrust Holdings Inc. | TRST-CA | $ 187 | $ 162 | 2.0X | $ 79 | 129% | -10% |
| Canopy Growth Corp. | CGC | $ 8,177 | $ 6,707 | 18.8X | $ 357 | 205% | -76% |
| Cansortium Inc. | CNTMF | $ 150 | $ 204 | 5.1X | $ 40 | 395% | -26% |
| Columbia Care Inc. | CCHWF | $ 869 | $ 806 | 9.1X | $ 89 | n.m. | -52% |
| Cresco Labs Inc. | CRLBF-US | n.m. | n.m. | n.m. | $ 173 | 300% | 10% |
| Cronos Group Inc | CRON | $ 4,129 | $ 1,930 | 43.9X | $ 44 | 271% | -109% |
| Curaleaf Holdings Inc. | CURLF | $ 3,257 | $ 3,314 | 12.4X | $ 268 | 248% | 17% |
| Flowr Corp. | FLWPF | $ 194 | $ 132 | 8.9X | $ 15 | 588% | -83% |
| Green Organic Dutchman Holdings | TGODF | $ 688 | $ 597 | 23.4X | $ 25 | n.m. | -138% |
| Green Thumb Industries Inc. | GTBIF | $ 1,613 | $ 1,438 | 6.8X | $ 212 | 240% | 12% |
| GTEC Holdings Ltd. | GTEC-TSX | $ 26 | $ 31 | 4.5X | $ 7 | n.m. | -31% |
| Harvest Health & Recreation Inc. | HRVSF | $ 1,388 | $ 1,442 | 9.8X | $ 146 | 212% | 5% |
| Harvest One Cannabis Inc. | HRVOF | $ 71 | $ 65 | 2.3X | $ 28 | 354% | 0% |
| HEXO Corp. | HEXO | $ 844 | $ 917 | 7.7X | $ 120 | 633% | -12% |
| iAnthus Capital Holdings Inc. | ITHUF | $ 413 | $ 260 | 2.9X | $ 90 | n.m. | -26% |
| MedMen Enterprises Inc. | MMNFF | $ 234 | $ 460 | 2.1X | $ 217 | 175% | -52% |
| MJardin Group Inc. | MJARF | $ 70 | $ 148 | 4.7X | $ 32 | 56% | -16% |
| OrganiGram Holdings Inc. | OGI | $ 631 | $ 629 | 6.9X | $ 92 | 424% | 34% |
| Planet 13 Holdings Inc. | PLNHF | $ 234 | $ 201 | 3.0X | $ 67 | 215% | 17% |
| Tilray Inc. | TLRY | $ 2,496 | $ 2,720 | 15.0X | $ 181 | 319% | -37% |
| Trulieve Cannabis Corp. | TCNNF | $ 866 | $ 932 | 3.9X | $ 240 | 133% | 46% |
| Village Farms International Inc. | VFF | $ 532 | $ 548 | 2.7X | $ 200 | 33% | 17% |
| WeedMD Inc. | WMD-CA | $ 139 | $ 131 | 4.0X | $ 33 | 433% | 7% |
| Average – Vertically Integrated Operators | $ 1,279 | $ 1,192 | 8.7X | 129.1X | 295% | -20% | |
| Name | Ticker | Market Cap | Enterprise Value | EV/Sales 2019E | Sales 2019E | Sales Growth 2019E | EBITDA Margin 2019E |
| Hemp / CBD | |||||||
| cbdMD Inc. | YCBD | $ 95 | $ 100 | 2.9X | $ 34 | n.m. | n.m. |
| Charlotte’s Web Holdings Inc. | CWBHF | $ 1,755 | $ 1,504 | 12.0X | $ 125 | 80% | 22% |
| Elixinol Global | ELLXF | $ 218 | $ 188 | 6.3X | $ 30 | 12% | -38% |
| Emerald Health Therapeutics Inc. | EMHTF | $ 195 | $ 201 | 10.4X | $ 19 | n.m. | -109% |
| Green Growth Brands Inc. | GGBXF | $ 271 | $ 233 | 1.5X | $ 153 | n.m. | 12% |
| Neptune Wellness Solutions Inc. | NEPT-CA | $ 327 | $ 375 | 11.8X | $ 32 | 66% | -7% |
| Average – Hemp / CBD | $ 477 | $ 433 | 7.5X | 65.6X | 53% | -24% |
| Name | Ticker | Market Cap | Enterprise Value | EV/Sales 2019E | Sales 2019E | Sales Growth 2019E | EBITDA Margin 2019E |
| Pharmaceutical | |||||||
| Arena Pharmaceuticals,Inc. | ARNA | $ 2,626 | $ 1,688 | 2.1X | $ 807 | n.m. | 63% |
| Cara Therapeutics Inc. | CARA | $ 933 | $ 981 | n.m. | $ 19 | 40% | n.m. |
| Corbus Pharmaceuticals Holdings Inc. | CRBP | $ 355 | $ 269 | 7.7X | $ 35 | 624% | n.m. |
| CV Sciences Inc. | CVSI | $ 398 | $ 322 | 4.4X | $ 73 | 51% | 16% |
| GW Pharmaceuticals | GWPH | $ 4,479 | $ 3,859 | 13.0X | $ 297 | n.m. | -34% |
| MediPharm Labs Corp. | MEDIF | $ 378 | $ 471 | 4.2X | $ 112 | n.m. | 25% |
| Ultragenyx Pharmaceutical Inc. | RARE | $ 3,133 | $ 2,564 | 24.3X | $ 106 | 105% | n.m. |
| Zynerba Pharmaceuticals Inc. | ZYNE | $ 236 | $ 160 | n.m. | $ – | n.m. | n.m. |
| Average – Pharmaceutical | $ 1,567 | $ 1,289 | 9.3X | 181.1X | 205% | 18% |
| Name | Ticker | Market Cap | Enterprise Value | EV/Sales 2019E | Sales 2019E | Sales Growth 2019E | EBITDA Margin 2019E |
| Ancillary Products & Services | |||||||
| Akerna Corp. | KERN-USA | $ 19 | $ 93 | 8.4X | $ 11 | 10% | n.m. |
| Canopy Rivers Inc. | CNPOF | $ 318 | $ 257 | 17.1X | $ 15 | n.m. | 10% |
| Greenlane Holdings Inc. | GNLN | $ 62 | $ 103 | 0.5X | $ 217 | 21% | -1% |
| Innovative Industrial Properties Inc. | IIPR | $ 874 | $ 969 | 25.0X | $ 39 | 163% | 85% |
| KushCo Holdings Inc. | KSHB | $ 331 | $ 345 | 2.0X | $ 170 | 148% | -17% |
| MediPharm Labs Corp. | LABS-CA | $ 380 | $ 474 | 4.2X | $ 112 | n.m. | 25% |
| New Age Beverages Corp. | NBEV | $ 232 | $ 214 | 0.8X | $ 274 | 426% | -1% |
| Scotts Miracle-Gro Co. | SMG | $ 6,018 | $ 7,796 | 2.5X | $ 3,131 | 14% | 18% |
| Supreme Cannabis Co. Inc. | FIRE-CA | $ 302 | $ 355 | 5.3X | $ 67 | 379% | 6% |
| Valens GroWorks Corp. | VGWCF | $ 277 | $ 195 | 4.9X | $ 40 | n.m. | 33% |
| Average – Ancillary Products & Services | $ 881 | $ 1,080 | 7.1X | 407.6X | 166% | 18% |
Source: FactSet financial data and analytics, company filings.
