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.
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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.