Cannabis comp tables as of Aug. 26, 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 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 Aug. 26, 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  $                    73  $                       88 2.5X  $                  36 n.m. -2%
4Front Ventures Corp. CNXXF  $                  107  $                     110 2.2X  $                  50 n.m. -16%
Acreage Holdings Inc. ACRGF  $              1,078  $                     939 6.1X  $                154 99% -18%
Aphria Inc APHA-TSE  $              1,614  $                 1,575 4.3X  $                363 726% -1%
Aurora Cannabis Inc. ACB  $              5,818  $                 5,966 18.1X  $                329 264% -10%
CannaRoyalty Corp. ORHOF  $                  393  $                     379 6.3X  $                  60 330% n.m.
CannTrust Holdings Inc. TRST-CA  $                  193  $                     168 2.0X  $                  85 146% -11%
Canopy Growth Corp. CGC  $              8,683  $                 7,215 20.2X  $                357 205% -76%
Cansortium Inc. CNTMF  $                  161  $                     221 3.3X  $                  66 717% 11%
Columbia Care Inc. CCHWF  $                  874  $                     811 9.1X  $                  89 n.m. -52%
Cresco Labs Inc. CRLBF-US  $                  979  $                     915 5.3X  $                173 300% 10%
Cronos Group Inc. CRON  $              4,324  $                 2,105 47.8X  $                  44 271% -109%
Curaleaf Holdings Inc. CURLF  $              2,885  $                 2,880 9.2X  $                312 305% 17%
Flowr Corp. FLWPF  $                  187  $                     128 8.6X  $                  15 588% -83%
Green Organic Dutchman Holdings TGODF  $                  658  $                     566 22.2X  $                  25 n.m. -138%
Green Thumb Industries Inc. GTBIF  $                  958  $                 1,322 6.5X  $                205 228% 10%
GTEC Holdings GTEC-TSX  $                    23  $                       28 4.0X  $                    7 n.m. -31%
Harvest Health & Recreation, Inc. HRVSF  $              1,273  $                 1,331 9.1X  $                146 212% 5%
Harvest One Cannabis Inc. HRVOF  $                    75  $                       70 3.9X  $                  18 189% -23%
HEXO Corp. HEXO  $                  851  $                     925 7.7X  $                120 633% -12%
iAnthus Capital Holdings Inc. ITHUF  $                  309  $                     260 2.3X  $                111 n.m. -10%
MedMen Enterprises Inc. MMNFF  $                  238  $                     465 2.1X  $                217 175% -52%
MJardin Group Inc. MJARF  $                    63  $                     142 3.7X  $                  39 89% 8%
OrganiGram Holdings Inc. OGI  $                  672  $                     673 7.3X  $                  92 424% 34%
Planet 13 Holdings Inc. PLNHF  $                  246  $                     212 3.1X  $                  68 220% 18%
Tilray Inc. TLRY  $              2,742  $                 2,967 16.4X  $                181 319% -37%
Trulieve Cannabis Corp. TCNNF  $                  881  $                     947 3.9X  $                240 133% 46%
Village Farms International Inc. VFF  $                  549  $                     565 2.8X  $                200 33% 17%
WeedMD Inc. WMD-CA  $                  134  $                     126 3.9X  $                  32 429% 4%
Average – Vertically Integrated Operators  $              1,277  $                 1,176 8.4X 132.2X 306% -18%
Name Ticker Market Cap Enterprise Value EV/Sales 2019E Sales 2019E Sales Growth 2019E EBITDA Margin 2019E
Hemp / CBD
cbdMD Inc. YCBD  $                    97  $                     102 3.0X  $                  34 n.m. n.m.
Charlotte’s Web Holdings Inc. CWBHF  $              1,837  $                 1,577 12.6X  $                125 80% 22%
Elixinol Global ELLXF  $                  226  $                     196 6.4X  $                  31 15% -9%
Emerald Health Therapeutics Inc. EMHTF  $                  201  $                     201 10.4X  $                  19 n.m. -109%
Green Growth Brands Inc. GGBXF  $                  284  $                     245 1.6X  $                153 n.m. 12%
Neptune Wellness Solutions Inc. NEPT-CA  $                  330  $                     378 11.9X  $                  32 66% -7%
Average – Hemp / CBD  $                  496  $                     450 7.6X 65.8X 54% -18%
Name Ticker Market Cap Enterprise Value EV/Sales 2019E Sales 2019E Sales Growth 2019E EBITDA Margin 2019E
Pharmaceutical
Arena Pharmaceuticals Inc. ARNA  $              2,693  $                 1,755 2.2X  $                807 n.m. 63%
Cara Therapeutics Inc. CARA  $                  914  $                     959 n.m.  $                  19 40% n.m.
Corbus Pharmaceuticals Holdings Inc. CRBP  $                  369  $                     283 8.1X  $                  35 624% n.m.
CV Sciences Inc. CVSI  $                  419  $                     340 4.7X  $                  73 51% 16%
GW Pharmaceuticals GWPH  $              4,412  $                 3,793 12.8X  $                297 n.m. -34%
MediPharm Labs Corp. MEDIF  $                  382  $                     476 4.2X  $                112 n.m. 25%
Ultragenyx Pharmaceutical Inc. RARE  $              3,122  $                 2,553 24.2X  $                106 105% n.m.
Zynerba Pharmaceuticals Inc. ZYNE  $                  247  $                     171 n.m.  $                   – n.m. n.m.
Average – Pharmaceutical  $              1,570  $                 1,291 9.4X 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 8.5X  $                  11 10% n.m.
Canopy Rivers Inc. CNPOF  $                  335  $                     264 12.7X  $                  21 n.m. 0%
Greenlane Holdings Inc. GNLN  $                    66  $                     107 0.5X  $                217 21% -1%
Innovative Industrial Properties Inc. IIPR  $              1,007  $                 1,122 28.9X  $                  39 163% 85%
KushCo Holdings Inc. KSHB  $                  332  $                     346 2.0X  $                170 148% -17%
MediPharm Labs Corp. LABS-CA  $                  380  $                     474 4.2X  $                112 n.m. 25%
New Age Beverages Corp. NBEV  $                  253  $                     236 0.9X  $                274 426% -1%
Scotts Miracle-Gro Co. SMG  $              5,942  $                 7,722 2.5X  $            3,131 14% 18%
Supreme Cannabis Co. Inc. FIRE-CA  $                  306  $                     358 5.3X  $                  67 379% 6%
Valens GroWorks Corp. VGWCF  $                  258  $                     178 4.4X  $                  40 n.m. 33%
Average – Ancillary Products & Services  $                  890  $                 1,090 7.0X 408.2X 166% 16%


Source: FactSet financial data and analytics, company filings.