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.
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 Oct. 28, 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 | $ 81 | $ 41 | 1.6X | $ 25 | n.m. | -8% |
4Front Ventures Corp. | CNXXF | $ 101 | $ 88 | 2.6X | $ 34 | n.m. | -43% |
Acreage Holdings Inc. | ACRGF | $ 787 | $ 649 | 4.3X | $ 150 | 95% | -26% |
Aphria Inc. | APHA-TSE | $ 1,337 | $ 1,334 | 3.8X | $ 348 | 691% | -2% |
Aurora Cannabis Inc. | ACB | $ 3,821 | $ 4,016 | 14.5X | $ 277 | 206% | -22% |
CannaRoyalty Corp. | ORHOF | $ 263 | $ 267 | n.m. | n.m. | n.m. | n.m. |
CannTrust Holdings Inc. | TRST-CA | $ 206 | $ 143 | 3.9X | $ 36 | 5% | -43% |
Canopy Growth Corp. | CGC | $ 8,150 | $ 6,148 | 19.0X | $ 324 | 177% | -85% |
Cansortium Inc. | CNTMF | $ 116 | $ 147 | 3.7X | $ 40 | 395% | -26% |
Columbia Care Inc. | CCHWF | $ 728 | $ 641 | 7.1X | $ 90 | n.m. | -50% |
Cresco Labs Inc. | CRLBF-US | $ 2,762 | $ 2,651 | 16.9X | $ 157 | 263% | 8% |
Cronos Group Inc. | CRON | $ 3,222 | $ 1,212 | 30.6X | $ 40 | 234% | -128% |
Curaleaf Holdings Inc. | CURLF | $ 2,554 | $ 2,478 | 10.0X | $ 247 | 221% | 13% |
Flowr Corp. | FLWPF | $ 241 | $ 155 | 14.3X | $ 11 | 403% | -113% |
Green Organic Dutchman Holdings Ltd. | TGODF | $ 222 | $ 129 | 8.8X | $ 15 | 936% | n.m. |
Green Thumb Industries Inc. | GTBIF | $ 1,970 | $ 1,492 | 7.1X | $ 209 | 234% | 12% |
GTEC Holdings Ltd. | GTEC-TSX | $ 18 | $ 23 | 4.0X | $ 6 | n.m. | -51% |
Harvest Health & Recreation Inc. | HRVSF | $ 777 | $ 830 | 4.8X | $ 173 | 269% | -2% |
Harvest One Cannabis Inc. | HRVOF | $ 48 | $ 30 | 1.7X | $ 17 | 190% | -24% |
HEXO Corp. | HEXO | $ 605 | $ 480 | 8.1X | $ 60 | 265% | -41% |
iAnthus Capital Holdings Inc. | ITHUF | $ 317 | $ 214 | 2.4X | $ 90 | n.m. | -26% |
Medicine Man Technologies Inc. | MDCL | $ 286 | $ 325 | 1.9X | $ 170 | n.m. | 20% |
MedMen Enterprises Inc. | MMNFF | $ 623 | $ 363 | 1.9X | $ 189 | 139% | -73% |
MJardin Group Inc. | MJARF | $ 32 | $ 120 | 3.7X | $ 32 | 57% | -16% |
OrganiGram Holdings Inc. | OGI | $ 585 | $ 540 | 6.0X | $ 89 | 409% | 33% |
Planet 13 Holdings Inc. | PLNHF | $ 211 | $ 192 | 2.9X | $ 66 | 212% | 17% |
Tilray Inc. | TLRY | $ 2,347 | $ 2,468 | 14.0X | $ 176 | 309% | -38% |
Trulieve Cannabis Corp. | TCNNF | $ 1,131 | $ 1,198 | 5.0X | $ 241 | 135% | 50% |
Village Farms International Inc. | VFF | $ 434 | $ 442 | 2.2X | $ 198 | 32% | 18% |
WeedMD Inc. | WMD-CA | $ 91 | $ 106 | 3.3X | $ 32 | 425% | 5% |
Average – Vertically Integrated Operators | $ 1,135 | $ 964 | 7.3X | $ 122 | 274% | -23% |
Name | Ticker | Market Cap | Enterprise Value | EV/Sales 2019E | Sales 2019E | Sales Growth 2019E | EBITDA Margin 2019E |
Hemp / CBD | |||||||
cbdMD Inc. | YCBD | $ 111 | $ 97 | 2.5X | $ 38 | n.m. | -29% |
Charlotte’s Web Holdings Inc. | CWBHF | $ 1,428 | $ 1,262 | 10.3X | $ 123 | 77% | 21% |
CV Sciences Inc. | CVSI | $ 270 | $ 215 | 3.0X | $ 71 | 47% | 13% |
Elixinol Global Ltd. | ELLXF | $ 159 | $ 129 | 4.2X | $ 31 | 15% | -42% |
Emerald Health Therapeutics Inc. | EMHTF | $ 99 | $ 102 | 3.6X | $ 28 | n.m. | -78% |
Green Growth Brands Inc. | GGBXF | $ 262 | $ 238 | 3.2X | $ 75 | n.m. | -20% |
Neptune Wellness Solutions Inc. | NEPT-CA | $ 345 | $ 326 | 10.2X | $ 32 | 68% | -7% |
Average – Hemp / CBD | $ 382 | $ 338 | 5.3X | $ 57 | 52% | -20% | |
Pharmaceutical | |||||||
Arena Pharmaceuticals Inc. | ARNA | $ 2,605 | $ 1,505 | 1.9X | $ 807 | n.m. | 63% |
Cara Therapeutics Inc. | CARA | $ 974 | $ 833 | 42.0X | $ 20 | 47% | n.m. |
Corbus Pharmaceuticals Holdings Inc. | CRBP | $ 346 | $ 279 | 8.0X | $ 35 | 624% | n.m. |
GW Pharmaceuticals Plc | GWPH | $ 4,232 | $ 3,674 | 12.4X | $ 297 | n.m. | -36% |
MediPharm Labs Corp. | MEDIF | $ 480 | $ 478 | 4.3X | $ 111 | n.m. | 25% |
Ultragenyx Pharmaceutical Inc. | RARE | $ 2,493 | $ 1,849 | 17.5X | $ 106 | 105% | n.m. |
Zynerba Pharmaceuticals Inc. | ZYNE | $ 189 | $ 100 | n.m. | $ – | n.m. | n.m. |
Average – Pharmaceutical | $ 1,617 | $ 1,245 | 14.3X | $ 196 | 259% | 17% | |
Ancillary Products & Services | |||||||
Akerna Corp. | KERN-USA | $ 57 | $ 35 | 2.3X | $ 15 | 50% | n.m. |
Canopy Rivers Inc. | CNPOF | $ 256 | $ 184 | 12.1X | $ 15 | n.m. | 11% |
Greenlane Holdings Inc. | GNLN | $ 40 | $ 81 | 0.4X | $ 202 | 13% | -2% |
Innovative Industrial Properties Inc. | IIPR | $ 765 | $ 727 | 18.8X | $ 39 | 162% | 85% |
KushCo Holdings Inc. | KSHB | $ 196 | $ 137 | 0.8X | $ 166 | 142% | -18% |
MediPharm Labs Corp. | LABS-CA | $ 481 | $ 480 | 4.3X | $ 111 | n.m. | 25% |
New Age Beverages Corp. | NBEV | $ 210 | $ 184 | 0.7X | $ 274 | 425% | -1% |
Scotts Miracle-Gro Co. | SMG | $ 5,589 | $ 7,316 | 2.3X | $ 3,131 | 14% | 18% |
Supreme Cannabis Company Inc. | FIRE-CA | $ 217 | $ 230 | 4.0X | $ 58 | 311% | 4% |
Valens GroWorks Corp. | VGWCF | $ 218 | $ 159 | 3.8X | $ 42 | n.m. | 40% |
Average – Ancillary Products & Services | $ 803 | $ 953 | 5.0X | $ 405 | 160% | 18% |
Source: FactSet financial data and analytics, company filings.