Cannabis comp tables as of Oct. 21, 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, 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 or the sortable spreadsheet for more details on each company, including estimates for 2020 and 2021.

Priced as of Oct. 21, 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  $            71  $               33 1.3X  $           25 n.m. -8%
4Front Ventures Corp. CNXXF  $            95  $               85 2.5X  $           34 n.m. -43%
Acreage Holdings Inc. ACRGF  $          773  $            635 4.2X  $         150 95% -26%
Aphria Inc. APHA-TSE  $       1,217  $         1,214 3.5X  $         348 690% -2%
Aurora Cannabis Inc. ACB  $       3,820  $         4,006 14.3X  $         281 210% -22%
CannaRoyalty Corp. ORHOF  $          357  $            364 n.m.  n.m. n.m. n.m.
CannTrust Holdings Inc. TRST-CA  $          240  $            166 4.6X  $           36 5% -43%
Canopy Growth Corp. CGC  $       7,664  $         5,660 17.2X  $         329 181% -83%
Cansortium Inc. CNTMF  $            89  $            115 2.9X  $           40 395% -26%
Columbia Care Inc. CCHWF  $          659  $            583 6.5X  $           90 n.m. -50%
Cresco Labs Inc. CRLBF-US  $       2,596  $         2,489 15.1X  $         165 281% 8%
Cronos Group Inc. CRON  $       3,133  $         1,065 26.3X  $           40 241% -123%
Curaleaf Holdings Inc. CURLF  $       2,817  $         2,865 11.1X  $         258 234% 13%
Flowr Corp. FLWPF  $          202  $            131 12.2X  $           11 401% -113%
Green Organic Dutchman Holdings Ltd. TGODF  $          243  $            156 10.7X  $           15 932% n.m.
Green Thumb Industries Inc. GTBIF  $       1,941  $         1,552 7.4X  $         210 235% 12%
GTEC Holdings Ltd. GTEC-TSX  $            21  $               26 4.6X  $             6 n.m. -51%
Harvest Health & Recreation Inc. HRVSF  $          811  $            890 5.5X  $         161 242% 1%
Harvest One Cannabis Inc. HRVOF  $            65  $               54 n.m.  n.m. n.m. n.m.
HEXO Corp. HEXO  $          700  $            588 9.9X  $           59 264% -42%
iAnthus Capital Holdings Inc. ITHUF  $          301  $            191 2.1X  $           90 n.m. -26%
Medicine Man Technologies Inc. MDCL  $          293  $            332 2.0X  $         170 n.m. 20%
MedMen Enterprises Inc. MMNFF  $          489  $            311 1.6X  $         193 143% -73%
MJardin Group Inc. MJARF  $            32  $            121 3.8X  $           32 57% -16%
OrganiGram Holdings Inc. OGI  $          572  $            534 6.0X  $           89 408% 33%
Planet 13 Holdings Inc. PLNHF  $          239  $            214 3.3X  $           66 212% 17%
Tilray Inc. TLRY  $       2,275  $         2,300 13.0X  $         177 310% -38%
Trulieve Cannabis Corp. TCNNF  $       1,112  $         1,177 4.9X  $         241 135% 50%
Village Farms International Inc. VFF  $          376  $            365 1.8X  $         205 36% 19%
WeedMD Inc. WMD-CA  $            92  $            110 3.4X  $           32 423% 4%
Average – Vertically Integrated Operators  $       1,110  $            944 7.2X  $         127 279% -23%
Name Ticker Market Cap Enterprise Value EV/Sales 2019E Sales 2019E Sales Growth 2019E EBITDA Margin 2019E
Hemp / CBD
cbdMD Inc. YCBD  $          108  $               89 2.3X  $           39 n.m. -28%
Charlotte’s Web Holdings Inc. CWBHF  $       1,363  $         1,208 9.7X  $         125 80% 22%
CV Sciences Inc. CVSI  $          248  $            206 2.9X  $           72 49% 14%
Elixinol Global Ltd. ELLXF  $          201  $            167 5.5X  $           31 15% -42%
Emerald Health Therapeutics Inc. EMHTF  $          106  $            107 3.8X  $           28 n.m. -78%
Green Growth Brands Inc. GGBXF  $          273  $            247 1.9X  $         127 n.m. 4%
Neptune Wellness Solutions Inc. NEPT-CA  $          335  $            326 10.2X  $           32 67% -7%
Average – Hemp / CBD  $          376  $            336 5.2X  $           65 53% -16%
Name Ticker Market Cap Enterprise Value EV/Sales 2019E Sales 2019E Sales Growth 2019E EBITDA Margin 2019E
Pharmaceutical
Arena Pharmaceuticals Inc. ARNA  $       2,627  $         1,485 1.8X  $         807 n.m. 63%
Cara Therapeutics Inc. CARA  $          932  $            780 39.4X  $           20 47% n.m.
Corbus Pharmaceuticals Holdings Inc. CRBP  $          337  $            257 7.4X  $           35 624% n.m.
GW Pharmaceuticals PLC GWPH  $       3,732  $         3,070 10.3X  $         297 n.m. -36%
MediPharm Labs Corp. MEDIF  $          426  $            431 3.9X  $         111 n.m. 25%
Ultragenyx Pharmaceutical Inc. RARE  $       2,489  $         1,886 17.8X  $         106 105% n.m.
Zynerba Pharmaceuticals Inc. ZYNE  $          199  $               98 n.m.  $            – n.m. n.m.
Average – Pharmaceutical  $       1,535  $         1,144 13.4X  $         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  $            60  $               40 2.6X  $           15 50% n.m.
Canopy Rivers Inc. CNPOF  $          257  $            190 12.5X  $           15 n.m. 11%
Greenlane Holdings Inc. GNLN  $            35  $               73 0.4X  $         202 13% -2%
Innovative Industrial Properties Inc. IIPR  $          832  $            782 20.2X  $           39 162% 85%
KushCo Holdings Inc. KSHB  $          141  $               82 0.5X  $         166 142% -18%
MediPharm Labs Corp. LABS-CA  $          426  $            426 3.8X  $         111 n.m. 25%
New Age Beverages Corp. NBEV  $          216  $            188 0.7X  $         274 426% -1%
Scotts Miracle-Gro Co. SMG  $       5,825  $         7,458 2.4X  $     3,131 14% 18%
Supreme Cannabis Co. Inc. FIRE-CA  $          238  $            244 4.2X  $           57 309% 4%
Valens GroWorks Corp. VGWCF  $          235  $            180 4.3X  $           42 n.m. 40%
Average – Ancillary Products & Services  $          826  $            966 5.2X  $         405 159% 18%

Source: FactSet financial data and analytics, company filings.