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 those groups on the main business model (vertically integrated operators, hemp/CBD, pharmaceutical as well as 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 or the sortable spreadsheet for more details on each company, including estimates for 2020 and 2021.
Priced as of Nov. 4, 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 | $ 80 | $ 40 | 1.6X | $ 25 | n.m. | -8% |
4Front Ventures Corp. | CNXXF | $ 70 | $ 78 | 2.3X | $ 34 | n.m. | -43% |
Acreage Holdings | ACRGF | $ 731 | $ 592 | 3.9X | $ 150 | 95% | -26% |
Aphria Inc. | APHA-TSE | $ 1,303 | $ 1,299 | 3.7X | $ 347 | 690% | -2% |
Aurora Cannabis | ACB | $ 3,721 | $ 4,059 | 14.8X | $ 275 | 203% | -22% |
CannaRoyalty Corp. | ORHOF | $ 215 | $ 236 | n.m. | n.m. | n.m. | n.m. |
CannTrust Holdings | TRST-CA | $ 221 | $ 148 | 4.1X | $ 36 | 5% | -43% |
Canopy Growth Corp. | CGC | $ 7,589 | $ 5,584 | 17.4X | $ 320 | 174% | -86% |
Cansortium | CNTMF | $ 110 | $ 144 | 3.6X | $ 40 | 395% | -26% |
Columbia Care | CCHWF | $ 670 | $ 576 | 6.4X | $ 90 | n.m. | -50% |
Cresco Labs | CRLBF-US | $ 2,423 | $ 2,318 | 14.8X | $ 157 | 263% | 8% |
Cronos Group | CRON | $ 2,974 | $ 1,181 | 30.2X | $ 39 | 230% | -130% |
Curaleaf Holdings | CURLF | $ 2,252 | $ 2,162 | 8.7X | $ 247 | 221% | 13% |
Flowr Corp. | FLWPF | $ 193 | $ 128 | 11.9X | $ 11 | 401% | -113% |
The Green Organic Dutchman Holdings | TGODF | $ 226 | $ 144 | 9.9X | $ 15 | 931% | n.m. |
Green Thumb Industries | GTBIF | $ 1,589 | $ 1,356 | 6.5X | $ 209 | 234% | 12% |
GTEC Holdings | GTEC-TSX | $ 18 | $ 24 | 4.1X | $ 6 | n.m. | -51% |
Harvest Health & Recreation | HRVSF | $ 736 | $ 819 | 4.7X | $ 173 | 269% | -2% |
Harvest One Cannabis | HRVOF | $ 36 | $ 27 | 1.8X | $ 15 | 145% | -57% |
Hexo Corp. | HEXO | $ 536 | $ 466 | 8.7X | $ 53 | 227% | -98% |
iAnthus Capital Holdings | ITHUF | $ 250 | $ 193 | 2.1X | $ 90 | n.m. | -26% |
Medicine Man Technologies | MDCL | $ 310 | $ 406 | 2.4X | $ 170 | n.m. | 20% |
MedMen Enterprises | MMNFF | $ 538 | $ 384 | 2.1X | $ 185 | 134% | -77% |
MJardin Group | MJARF | $ 29 | $ 117 | 3.7X | $ 32 | 57% | -16% |
Organigram Holdings Inc. | OGI | $ 523 | $ 504 | 5.7X | $ 89 | 408% | 33% |
Planet 13 Holdings | PLNHF | $ 191 | $ 179 | 2.7X | $ 66 | 212% | 17% |
Tilray | TLRY | $ 2,241 | $ 2,325 | 13.2X | $ 176 | 307% | -38% |
Trulieve Cannabis Corp. | TCNNF | $ 1,149 | $ 1,194 | 5.0X | $ 241 | 135% | 50% |
Village Farms International | VFF | $ 419 | $ 432 | 2.2X | $ 198 | 32% | 18% |
WeedMD | WMD-CA | $ 83 | $ 99 | 3.1X | $ 32 | 423% | 4% |
Average – Vertically Integrated Operators | $ 1,048 | $ 907 | 6.9X | $ 121 | 269% | -26% |
Name | Ticker | Market Cap | Enterprise Value | EV/Sales 2019E | Sales 2019E | Sales Growth 2019E | EBITDA Margin 2019E |
Hemp / CBD | |||||||
cbdMD | YCBD | $ 108 | $ 90 | 2.4X | $ 38 | n.m. | -29% |
Charlotte’s Web Holdings | CWBHF | $ 1,221 | $ 1,091 | 8.9X | $ 123 | 77% | 21% |
CV Sciences | CVSI | $ 233 | $ 191 | 2.7X | $ 71 | 47% | 13% |
Elixinol Global | ELLXF | $ 139 | $ 111 | 4.2X | $ 26 | -2% | -58% |
Emerald Health Therapeutics | EMHTF | $ 91 | $ 99 | 3.5X | $ 28 | n.m. | -78% |
Green Growth Brands | GGBXF | $ 273 | $ 249 | 3.3X | $ 74 | n.m. | -20% |
Neptune Wellness Solutions | NEPT-CA | $ 334 | $ 315 | 8.9X | $ 35 | 84% | 20% |
Average – Hemp / CBD | $ 343 | $ 306 | 4.8X | $ 57 | 52% | -19% |
Name | Ticker | Market Cap | Enterprise Value | EV/Sales 2019E | Sales 2019E | Sales Growth 2019E | EBITDA Margin 2019E |
Pharmaceutical | |||||||
Arena Pharmaceuticals | ARNA | $ 2,630 | $ 1,535 | 1.9X | $ 807 | n.m. | 63% |
Cara Therapeutics | CARA | $ 983 | $ 874 | 44.1X | $ 20 | 47% | n.m. |
Corbus Pharmaceuticals Holdings | CRBP | $ 337 | $ 272 | 7.8X | $ 35 | 624% | n.m. |
GW Pharmaceuticals | GWPH | $ 4,183 | $ 3,629 | 12.3X | $ 296 | n.m. | -36% |
MediPharm Labs Corp. | MEDIF | $ 450 | $ 458 | 4.2X | $ 109 | n.m. | 24% |
Ultragenyx Pharmaceutical | RARE | $ 2,416 | $ 1,775 | 16.7X | $ 106 | 106% | n.m. |
Zynerba Pharmaceuticals | ZYNE | $ 173 | $ 85 | n.m. | $ – | n.m. | n.m. |
Average – Pharmaceutical | $ 1,596 | $ 1,233 | 14.5X | $ 196 | 259% | 17% |
Name | Ticker | Market Cap | Enterprise Value | EV/Sales 2019E | Sales 2019E | Sales Growth 2019E | EBITDA Margin 2019E |
Ancillary Products & Services | |||||||
Akerna Corp. | KERN-USA | $ 53 | $ 31 | 2.1X | $ 15 | 50% | n.m. |
Canopy Rivers | CNPOF | $ 228 | $ 171 | 11.3X | $ 15 | n.m. | 11% |
Greenlane Holdings | GNLN | $ 39 | $ 80 | 0.4X | $ 202 | 13% | -2% |
Innovative Industrial Properties | IIPR | $ 858 | $ 815 | 21.1X | $ 39 | 162% | 85% |
KushCo Holdings | KSHB | $ 190 | $ 131 | 0.8X | $ 166 | 142% | -19% |
MediPharm Labs Corp. | LABS-CA | $ 451 | $ 457 | 4.2X | $ 109 | n.m. | 24% |
New Age Beverages Corp. | NBEV | $ 208 | $ 186 | 0.7X | $ 274 | 425% | -1% |
Scotts Miracle-Gro Co. | SMG | $ 5,730 | $ 7,454 | 2.4X | $ 3,132 | 14% | 18% |
Supreme Cannabis Co. | FIRE-CA | $ 182 | $ 207 | 3.6X | $ 57 | 309% | 4% |
Valens GroWorks Corp. | VGWCF | $ 217 | $ 159 | 3.7X | $ 43 | n.m. | 40% |
Average – Ancillary Products & Services | $ 816 | $ 969 | 5.0X | $ 405 | 159% | 18% |