Cannabis comp tables – now with EV/EBITDA – as of Nov. 11, 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 organizes 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.

Given the shift in focus to cash flow for the sector, we have added EV/EBITDA multiples to the table. We have also removed 2019 multiples since the year is almost done.

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 [email protected] and let us know.

Download the PDF or the sortable spreadsheet for more details on each company, including estimates for 2020 and 2021.

Priced as of Nov. 11, 2019.

Name Ticker Market Cap Enterprise Value EV/Sales 2020E EV/EBITDA 2020E Sales 2020E Sales Growth 2020E EBITDA Margin 2020E
Vertically Integrated Operators
48North Cannabis Corp. NCNNF  $            74  $               32 1.3X 4.8X  $           25 182% 10%
4Front Ventures Corp. FFNTF  $          178  $            224 3.7X 3.7X  $           60 293% 25%
Acreage Holdings Inc. ACRGF  $          596  $            522 3.1X 9.4X  $         170 156% 13%
Aphria Inc. APHA-TSE  $       1,259  $         1,255 3.7X 18.1X  $         338 61% 13%
Aurora Cannabis Inc. ACB  $       3,742  $         4,080 14.5X n.m.  $         282 85% 9%
CannTrust Holdings Inc. TRST-CA  $          183  $            128 3.6X n.m.  $           36 50% -18%
Canopy Growth Corp. CGC  $       7,645  $         5,639 17.0X n.m.  $         332 97% -21%
Cansortium Inc. CNTMF  $          109  $            132 3.3X 1.9X  $           40 339% 40%
Columbia Care Inc. CCHWF  $          757  $            666 8.1X 12.9X  $           82 286% 16%
Cresco Labs Inc. CRLBF-US  $       2,692  $         2,585 15.5X 13.5X  $         167 310% 28%
Cronos Group Inc. CRON  $       2,975  $         1,191 29.3X n.m.  $           41 252% -20%
Curaleaf Holdings Inc. CURLF  $       3,617  $         3,612 14.3X 12.6X  $         252 285% 29%
Flowr Corp. FLWPF  $          244  $            156 13.3X 16.0X  $           12 540% 13%
Green Organic Dutchman Holdings Ltd. TGODF  $          216  $            125 8.4X n.m.  $           15 609% 2%
Green Thumb Industries Inc. GTBIF  $       1,670  $         1,423 6.8X 11.1X  $         210 127% 27%
GTEC Holdings Ltd. GTEC-TSX  $            19  $               22 3.8X 1.0X  $             6 645% 52%
Harvest Health & Recreation Inc. HRVSF  $       1,157  $         1,229 8.2X 4.7X  $         151 456% 31%
Harvest One Cannabis Inc. HRVOF  $            36  $               25 1.4X 4.7X  $           18 187% 10%
HEXO Corp. HEXO  $          549  $            507 8.9X n.m.  $           57 120% -13%
iAnthus Capital Holdings Inc. ITHUF  $          247  $            186 1.9X 3.2X  $           99 183% 21%
Medicine Man Technologies Inc. MDCL  $          297  $            394 2.3X 10.3X  $         170 5% 22%
MedMen Enterprises Inc. MMNFF  $          489  $            387 1.8X n.m.  $         210 86% -9%
MJardin Group Inc. MJARF  $            32  $            120 3.7X 3.2X  $           32 182% 42%
OrganiGram Holdings Inc. OGI  $          545  $            543 5.8X 9.6X  $           94 71% 36%
Planet 13 Holdings Inc. PLNHF  $          221  $            183 2.6X 5.8X  $           71 45% 31%
Tilray Inc. TLRY  $       2,423  $         2,604 15.0X n.m.  $         174 87% -10%
Trulieve Cannabis Corp. TCNNF  $       1,217  $         1,306 5.5X 8.5X  $         239 62% 39%
Village Farms International Inc. VFF  $          437  $            511 2.4X 6.0X  $         211 36% 30%
Vireo Health International Inc. VREOF  $          147  $            126 2.9X 3.6X  $           43 217% 26%
WeedMD Inc. WMD-CA  $            84  $               98 3.6X 4.5X  $           27 232% 24%
Average – Vertically Integrated Operators  $       1,129  $         1,000 7.2X 7.7X  $         122 210% 17%

 

Name Ticker Market Cap Enterprise Value EV/Sales 2020E EV/EBITDA 2020E Sales 2020E Sales Growth 2020E EBITDA Margin 2020E
Hemp / CBD
cbdMD Inc. YCBD  $          105  $               97 1.1X n.m.  $           91 147% -2%
Charlotte’s Web Holdings Inc. CWBHF  $       1,130  $         1,142 4.1X 13.8X  $         278 133% 30%
CV Sciences Inc. CVSI  $          203  $            166 2.2X 11.6X  $           75 34% 19%
Elixinol Global Ltd. ELLXF  $          127  $            107 3.0X n.m.  $           35 36% -23%
Emerald Health Therapeutics Inc. EMHTF  $            77  $               89 2.0X n.m.  $           44 77% -34%
Green Growth Brands Inc. GGBXF  $          401  $            500 1.7X 7.5X  $         302 308% 22%
Neptune Wellness Solutions Inc. NEPT-CA  $          289  $            331 3.2X 9.2X  $         103 212% 35%
Average – Hemp / CBD  $          333  $            347 2.5X 10.5X  $         133 135% 7%

 

Name Ticker Market Cap Enterprise Value EV/Sales 2020E EV/EBITDA 2020E Sales 2020E Sales Growth 2020E EBITDA Margin 2020E
Pharmaceutical
Arena Pharmaceuticals Inc. ARNA  $       2,453  $         1,654 n.m. n.m.  $           12 -99% n.m.
Cara Therapeutics Inc. CARA  $       1,027  $            800 30.1X n.m.  $           27 32% n.m.
Corbus Pharmaceuticals Holdings Inc. CRBP  $          285  $            250 28.0X n.m.  $             9 -76% n.m.
GW Pharmaceuticals plc GWPH  $       3,478  $         2,803 5.0X 37.4X  $         559 85% 13%
MediPharm Labs Corp. MEDIF  $          500  $            523 3.0X 9.8X  $         176 66% 30%
Ultragenyx Pharmaceutical Inc. RARE  $       2,225  $         1,759 9.2X n.m.  $         191 91% -176%
Zynerba Pharmaceuticals Inc. ZYNE  $          158  $               72 n.m. n.m.  $            – n.m. n.m.
Average – Pharmaceutical  $       1,447  $         1,123 15.1X 23.6X  $         139 17% -44%

 

Name Ticker Market Cap Enterprise Value EV/Sales 2020E EV/EBITDA 2020E Sales 2020E Sales Growth 2020E EBITDA Margin 2020E
Ancillary Products & Services
Akerna Corp. KERN-USA  $            45  $               24 1.1X n.m.  $           23 50% n.m.
Canopy Rivers Inc. CNPOF  $          221  $            165 10.7X 32.3X  $           15 13% 33%
Greenlane Holdings Inc. GNLN  $          149  $            105 0.5X n.m.  $         191 2% -3%
Innovative Industrial Properties Inc. IIPR  $          968  $            850 10.2X 11.6X  $           83 107% 88%
KushCo Holdings Inc. KSHB  $          194  $            155 0.6X n.m.  $         254 46% 0%
MediPharm Labs Corp. LABS-CA  $          500  $            518 2.9X 9.7X  $         176 66% 30%
New Age Beverages Corp. NBEV  $          201  $            181 0.6X 14.3X  $         314 15% 4%
Scotts Miracle-Gro Co. SMG  $       6,084  $         7,702 2.3X 13.1X  $     3,351 5% 18%
Supreme Cannabis Company Inc. FIRE-CA  $          237  $            252 1.9X 8.0X  $         132 102% 24%
Valens GroWorks Corp. VGWCF  $          355  $            294 2.2X 5.0X  $         131 169% 45%
Average – Ancillary Products & Services  $          895  $         1,025 3.3X 13.4X  $         467 57% 27%

Source: FactSet financial data and analytics, company filings.