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?
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. 9, 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 | $ 103 | $ 90 | 2.5X | $ 36 | n.m. | -2% |
| 4Front Ventures Corp. | CNXXF | $ 114 | $ 118 | 3.4X | $ 34 | n.m. | -43% |
| Acreage Holdings Inc. | ACRGF | $ 1,138 | $ 999 | 6.5X | $ 154 | 99% | -24% |
| Aphria Inc. | APHA-TSE | $ 1,719 | $ 1,660 | 4.5X | $ 365 | 731% | -1% |
| Aurora Cannabis Inc. | ACB | $ 6,131 | $ 6,180 | 18.7X | $ 330 | 264% | -10% |
| CannaRoyalty Corp. | ORHOF | $ 456 | $ 429 | 7.1X | $ 61 | 334% | n.m. |
| CannTrust Holdings Inc. | TRST-CA | $ 180 | $ 155 | 1.9X | $ 80 | 131% | -10% |
| Canopy Growth Corp. | CGC | $ 9,472 | $ 7,977 | 22.3X | $ 357 | 205% | -76% |
| Cansortium Inc. | CNTMF | $ 169 | $ 200 | 5.0X | $ 40 | 395% | -26% |
| Columbia Care Inc. | CCHWF | $ 886 | $ 799 | 8.9X | $ 90 | n.m. | -50% |
| Cresco Labs Inc. | CRLBF-US | $ 2,532 | $ 2,512 | 14.5X | $ 173 | 300% | 10% |
| Cronos Group Inc. | CRON | $ 4,238 | $ 2,028 | 46.1X | $ 44 | 271% | -109% |
| Curaleaf Holdings Inc. | CURLF | $ 3,497 | $ 3,540 | 13.6X | $ 261 | 238% | 15% |
| Flowr Corp. | FLWPF | $ 213 | $ 177 | 11.9X | $ 15 | 593% | -83% |
| Green Organic Dutchman Holdings | TGODF | $ 579 | $ 486 | 18.9X | $ 26 | n.m. | -137% |
| Green Thumb Industries Inc. | GTBIF | $ 1,840 | $ 1,642 | 7.7X | $ 212 | 240% | 12% |
| GTEC Holdings | GTEC-TSX | $ 27 | $ 30 | 4.4X | $ 7 | n.m. | -31% |
| Harvest Health & Recreation Inc. | HRVSF | $ 1,523 | $ 1,575 | 10.8X | $ 146 | 212% | 5% |
| Harvest One Cannabis Inc. | HRVOF | $ 81 | $ 63 | 2.2X | $ 28 | 358% | 1% |
| HEXO Corp. | HEXO | $ 1,130 | $ 1,014 | 8.5X | $ 120 | 633% | -12% |
| iAnthus Capital Holdings Inc. | ITHUF | $ 402 | $ 255 | 2.8X | $ 90 | n.m. | -26% |
| MedMen Enterprises Inc. | MMNFF | $ 340 | $ 471 | 2.2X | $ 217 | 175% | -52% |
| MJardin Group Inc. | MJARF | $ 58 | $ 138 | 4.3X | $ 32 | 57% | -16% |
| OrganiGram Holdings Inc. | OGI | $ 736 | $ 707 | 7.7X | $ 92 | 423% | 34% |
| Planet 13 Holdings Inc. | PLNHF | $ 275 | $ 233 | 3.5X | $ 67 | 215% | 17% |
| Tilray Inc. | TLRY | $ 2,944 | $ 3,158 | 17.5X | $ 181 | 319% | -37% |
| Trulieve Cannabis Corp. | TCNNF | $ 916 | $ 982 | 4.1X | $ 240 | 133% | 46% |
| Village Farms International Inc. | VFF | $ 598 | $ 612 | 3.0X | $ 205 | 36% | 19% |
| WeedMD Inc. | WMD-CA | $ 129 | $ 123 | 3.7X | $ 33 | 436% | 7% |
| Average – Vertically Integrated Operators | $ 1,463 | $ 1,323 | 9.3X | 128.8X | 296% | -21% | |
| Name | Ticker | Market Cap | Enterprise Value | EV/Sales 2019E | Sales 2019E | Sales Growth 2019E | EBITDA Margin 2019E |
| Hemp / CBD | |||||||
| cbdMD Inc. | YCBD | $ 114 | $ 100 | 2.6X | $ 39 | n.m. | -28% |
| Charlotte’s Web Holdings Inc. | CWBHF | $ 1,729 | $ 1,482 | 11.8X | $ 125 | 80% | 22% |
| CV Sciences Inc. | CVSI | $ 372 | $ 300 | 4.1X | $ 73 | 51% | 16% |
| Elixinol Global Ltd. | ELLXF | $ 214 | $ 184 | 6.0X | $ 31 | 15% | -38% |
| Emerald Health Therapeutics Inc. | EMHTF | $ 203 | $ 208 | n.m. | n.m. | n.m. | n.m. |
| Green Growth Brands Inc. | GGBXF | $ 314 | $ 288 | 1.9X | $ 155 | n.m. | 12% |
| Neptune Wellness Solutions Inc. | NEPT-CA | $ 394 | $ 395 | 12.4X | $ 32 | 67% | -7% |
| Average – Hemp / CBD | $ 477 | $ 422 | 6.5X | 75.6X | 53% | -4% |
| Name | Ticker | Market Cap | Enterprise Value | EV/Sales 2019E | Sales 2019E | Sales Growth 2019E | EBITDA Margin 2019E |
| Pharmaceutical | |||||||
| Arena Pharmaceuticals Inc. | ARNA | $ 2,500 | $ 1,553 | 1.9X | $ 807 | n.m. | 63% |
| Cara Therapeutics Inc. | CARA | $ 1,063 | $ 952 | 47.9X | $ 20 | 48% | n.m. |
| Corbus Pharmaceuticals Holdings Inc. | CRBP | $ 363 | $ 277 | 7.9X | $ 35 | 624% | n.m. |
| GW Pharmaceuticals | GWPH | $ 4,254 | $ 3,639 | 12.2X | $ 297 | n.m. | -34% |
| MediPharm Labs Corp. | MEDIF | $ 492 | $ 490 | 4.3X | $ 113 | n.m. | 25% |
| Ultragenyx Pharmaceutical Inc. | RARE | $ 2,461 | $ 1,882 | 17.8X | $ 106 | 105% | n.m. |
| Zynerba Pharmaceuticals Inc. | ZYNE | $ 268 | $ 180 | n.m. | $ – | n.m. | n.m. |
| Average – Pharmaceutical | $ 1,629 | $ 1,282 | 15.4X | 196.8X | 259% | 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 | $ 90 | $ 90 | 8.2X | $ 11 | 10% | n.m. |
| Canopy Rivers Inc. | CNPOF | $ 357 | $ 290 | 19.2X | $ 15 | n.m. | 11% |
| Greenlane Holdings Inc. | GNLN | $ 53 | $ 94 | 0.4X | $ 217 | 21% | -1% |
| Innovative Industrial Properties Inc. | IIPR | $ 973 | $ 934 | 24.1X | $ 39 | 163% | 85% |
| KushCo Holdings Inc. | KSHB | $ 334 | $ 342 | 2.0X | $ 170 | 148% | -17% |
| MediPharm Labs Corp. | LABS-CA | $ 488 | $ 487 | 4.3X | $ 113 | n.m. | 25% |
| New Age Beverages Corp. | NBEV | $ 242 | $ 219 | 0.8X | $ 274 | 426% | -1% |
| Scotts Miracle-Gro Co. | SMG | $ 6,121 | $ 7,897 | 2.5X | $ 3,131 | 14% | 18% |
| Supreme Cannabis Company Inc. | FIRE-CA | $ 376 | $ 377 | 5.5X | $ 68 | 384% | 6% |
| Valens GroWorks Corp. | VGWCF | $ 278 | $ 196 | 4.8X | $ 40 | n.m. | 33% |
| Average – Ancillary Products & Services | $ 931 | $ 1,092 | 7.2X | 407.8X | 166% | 18% |
