Cannabis comp tables as of Nov. 4, 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 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%