Cannabis comp tables as of Oct. 28, 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.

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.