Average trading multiples for U.S.-focused operators are 2.5X 2020 sales and 13.0X 2020 EBITDA, compared with last week’s 2.5X and 12.5X, respectively.
Canada-focused operators still trade at a premium over U.S. operators, with the multiple rising to 5.3X 2020 sales and 14.9X 2020 EBITDA from 4.9X and 14.6X, respectively, as consensus sales estimates for many Canadian operators further declined after Aurora Cannabis’ full report on Feb. 13.
These comp tables provide a benchmark for private investors to evaluate existing and future investments, a way for companies to judge their own valuations for current and future capital raises as well as a menu for public investors to peruse.
Tracking the multiples and estimates over time can show how the returns of the stock are decomposed in changes in expectations (sales and EBITDA estimates) and the cost of capital (i.e., multiples applied to those estimates).
The shares outstanding and net debt levels for most companies have been adjusted for future dilution by including in-the-money warrants, options, convertible debt and shares to be issued in pending acquisitions.
The comp tables organize companies into groups based on the main business model (U.S.-focused vertically integrated operators, Canada-focused vertically integrated operators, hemp/CBD, pharmaceutical as well as ancillary products and services). These tables also list the equity market capitalization, enterprise value (EV), sales and EBITDA estimates as well as the EV/sales and EV/EBITDA multiples on those projections.
Everything is converted, calculated into and listed as U.S. dollars.
Nonmeaningful outliers are removed before the averages by group are calculated.
These comp tables compute enterprise value as the greater of market capitalization or market capitalization plus net debt.
This is a middle road. It does not penalize companies that have high gross debt and high gross cash levels, but it also reflects that companies with high net cash levels will be using that cash in their operations.
Are there companies missing from this table? A metric you believe is relevant to include? A feature you’d like to see?
Email us at investorintelligence@mjbizdaily.com and let us know.
Download the PDF or the sortable spreadsheet for more details about each company, including estimates for 2020 and 2021.
Prices as of Feb. 18, 2020.
| Name | Ticker | Market Cap | Enterprise Value | EV/Sales 2020E | EV/EBITDA 2020E | Sales 2020E | Sales Growth 2020E | EBITDA Margin 2020E |
| US-Focused Vertically Integrated Operators | ||||||||
| 4Front Ventures Corp. | FFNTF | $ 237 | $ 282 | 2.4X | 14.0X | $ 118 | 153% | 17% |
| Acreage Holdings | ACRGF | $ 739 | $ 739 | 2.0X | 23.4X | $ 376 | 133% | 8% |
| Cansortium | CNTMF | $ 36 | $ 126 | 1.3X | 5.0X | $ 95 | 215% | 27% |
| Columbia Care | CCHWF | $ 760 | $ 760 | 2.5X | 17.2X | $ 299 | 265% | 15% |
| Cresco Labs | CRLBF-US | $ 2,351 | $ 2,351 | 4.4X | 19.3X | $ 530 | 304% | 23% |
| Curaleaf Holdings | CURLF | $ 4,524 | $ 4,607 | 5.2X | 19.7X | $ 884 | 255% | 26% |
| Green Thumb Industries | GTBIF | $ 1,841 | $ 1,903 | 4.0X | 15.6X | $ 473 | 118% | 26% |
| Harvest Health & Recreation | HRVSF | $ 1,164 | $ 1,463 | 2.7X | 13.1X | $ 548 | 358% | 20% |
| iAnthus Capital Holdings | ITHUF | $ 215 | $ 319 | 1.4X | 8.7X | $ 234 | 168% | 16% |
| Liberty Health Sciences | LHSIF | $ 180 | $ 183 | n.m. | n.m. | n.m. | n.m. | n.m. |
| Medicine Man Technologies | MDCL | $ 210 | $ 318 | 1.8X | 8.9X | $ 179 | 5% | 20% |
| MedMen Enterprises | MMNFF | $ 189 | $ 688 | 2.4X | n.m. | $ 282 | 61% | -10% |
| MJardin Group | MJARF | $ 8 | $ 146 | 3.1X | 24.8X | $ 47 | 84% | 12% |
| Planet 13 Holdings | PLNHF | $ 220 | $ 220 | 2.4X | 8.0X | $ 93 | 46% | 29% |
| Slang Worldwide | SLGWF-US | $ 55 | $ 55 | 0.5X | 2.7X | $ 122 | 375% | 17% |
| Trulieve Cannabis Corp. | TCNNF | $ 1,205 | $ 1,278 | 3.2X | 8.2X | $ 395 | 58% | 40% |
| Vireo Health International | VREOF | $ 94 | $ 94 | 1.0X | 6.4X | $ 94 | 203% | 16% |
| Average – US-Focused Vertically Integrated Operators | $ 825 | $ 914 | 2.5X | 13.0X | $ 298 | 175% | 19% | |
| Name | Ticker | Market Cap | Enterprise Value | EV/Sales 2020E | EV/EBITDA 2020E | Sales 2020E | Sales Growth 2020E | EBITDA Margin 2020E |
| Canada-Focused Vertically Integrated Operators | ||||||||
| 48North Cannabis Corp. | NCNNF | $ 48 | $ 48 | 1.7X | 19.6X | $ 28 | 180% | 9% |
| Aphria | APHA-TSE | $ 1,132 | $ 1,139 | 2.4X | 22.9X | $ 482 | 55% | 10% |
| Aurora Cannabis | ACB | $ 1,846 | $ 2,045 | 7.6X | n.m. | $ 268 | 35% | -21% |
| Auxly Cannabis Group | XLY-CNQ | $ 268 | $ 272 | 4.4X | n.m. | $ 63 | n.m. | -9% |
| CannTrust Holdings | TRST-CA | $ 149 | $ 149 | n.m. | n.m. | n.m. | n.m. | n.m. |
| Canopy Growth Corp. | CGC | $ 8,197 | $ 8,197 | 16.8X | n.m. | $ 489 | 74% | -41% |
| Cronos Group | CRON | $ 2,674 | $ 2,674 | 22.8X | n.m. | $ 117 | 230% | -33% |
| Emerald Health Therapeutics | EMHTF | $ 25 | $ 41 | 1.1X | n.m. | $ 38 | 83% | -37% |
| Flowr Corp. | FLWPF | $ 115 | $ 115 | 2.0X | n.m. | $ 57 | 982% | -9% |
| The Green Organic Dutchman Holdings | TGODF | $ 114 | $ 114 | 2.0X | n.m. | $ 56 | 592% | -21% |
| GTEC Holdings | GTEC-TSX | $ 14 | $ 19 | n.m. | n.m. | n.m. | n.m. | n.m. |
| Harvest One Cannabis | HRVOF | $ 12 | $ 12 | 0.3X | 18.8X | $ 37 | 152% | 2% |
| Hexo Corp. | HEXO | $ 404 | $ 404 | 4.8X | n.m. | $ 84 | 83% | -32% |
| Organigram Holdings | OGI | $ 453 | $ 471 | 3.9X | 14.9X | $ 120 | 63% | 26% |
| Tilray | TLRY | $ 1,920 | $ 2,199 | 7.3X | n.m. | $ 301 | 73% | -14% |
| Village Farms International | VFF | $ 279 | $ 353 | 1.5X | 7.2X | $ 235 | 24% | 21% |
| WeedMD | WMD-CA | $ 80 | $ 100 | 1.2X | 5.6X | $ 82 | 281% | 22% |
| Average – Canada-Focused Vertically Int. Ops. | $ 1,043 | $ 1,080 | 5.3X | 14.9X | $ 164 | 208% | -9% | |
| Name | Ticker | Market Cap | Enterprise Value | EV/Sales 2020E | EV/EBITDA 2020E | Sales 2020E | Sales Growth 2020E | EBITDA Margin 2020E |
| Hemp / CBD | ||||||||
| cbdMD | YCBD | $ 69 | $ 69 | 0.9X | n.m. | $ 77 | 124% | -7% |
| Charlotte’s Web Holdings | CWBHF | $ 691 | $ 691 | 4.7X | 37.5X | $ 147 | 48% | 13% |
| CV Sciences | CVSI | $ 107 | $ 107 | 1.4X | 7.5X | $ 75 | 34% | 19% |
| Elixinol Global | ELLXF | $ 54 | $ 54 | 2.5X | n.m. | $ 22 | 4% | -40% |
| Emerald Health Therapeutics | EMHTF | $ 25 | $ 41 | 1.1X | n.m. | $ 38 | 83% | -37% |
| Green Growth Brands | GGBXF | $ 107 | $ 207 | 1.3X | n.m. | $ 162 | 224% | 1% |
| Neptune Wellness Solutions | NEPT-CA | $ 181 | $ 181 | 2.8X | n.m. | $ 64 | 182% | -2% |
| Average – Hemp / CBD | $ 176 | $ 193 | 2.1X | 22.5X | $ 84 | 100% | -8% | |
| Name | Ticker | Market Cap | Enterprise Value | EV/Sales 2020E | EV/EBITDA 2020E | Sales 2020E | Sales Growth 2020E | EBITDA Margin 2020E |
| Pharmaceutical | ||||||||
| Arena Pharmaceuticals | ARNA | $ 2,899 | $ 2,899 | n.m. | n.m. | $ 11 | -99% | n.m. |
| Cara Therapeutics | CARA | $ 820 | $ 820 | 30.9X | n.m. | $ 27 | 28% | n.m. |
| Corbus Pharmaceuticals Holdings | CRBP | $ 410 | $ 410 | 45.8X | n.m. | $ 9 | -76% | n.m. |
| GW Pharmaceuticals | GWPH | $ 3,814 | $ 3,814 | 7.1X | n.m. | $ 537 | 75% | 8% |
| MediPharm Labs Corp. | MEDIF | $ 322 | $ 322 | 2.3X | 8.5X | $ 141 | 40% | 27% |
| Ultragenyx Pharmaceutical | RARE | $ 3,642 | $ 3,642 | 20.2X | n.m. | $ 180 | 73% | n.m. |
| Zynerba Pharmaceuticals | ZYNE | $ 113 | $ 113 | n.m. | n.m. | $ – | n.m. | n.m. |
| Average – Pharmaceutical | $ 1,717 | $ 1,717 | 21.3X | 8.5X | $ 129 | 7% | 18% | |
| Name | Ticker | Market Cap | Enterprise Value | EV/Sales 2020E | EV/EBITDA 2020E | Sales 2020E | Sales Growth 2020E | EBITDA Margin 2020E |
| Ancillary Products & Services | ||||||||
| Akerna Corp. | KERN | $ 96 | $ 96 | 4.5X | n.m. | $ 21 | 69% | -51% |
| Canopy Rivers | CNPOF | $ 167 | $ 167 | 4.1X | 9.5X | $ 41 | 210% | 43% |
| Greenlane Holdings | GNLN | $ 111 | $ 111 | 0.6X | n.m. | $ 183 | -2% | -3% |
| GrowGeneration Corp. | GRWG | $ 268 | $ 268 | 2.0X | 18.6X | $ 135 | 68% | 11% |
| Innovative Industrial Properties Inc. | IIPR | $ 1,707 | $ 1,463 | 12.8X | 14.8X | $ 114 | 183% | 86% |
| KushCo Holdings | KSHB | $ 169 | $ 180 | 0.7X | n.m. | $ 247 | 44% | -1% |
| MediPharm Labs Corp. | LABS-CA | $ 324 | $ 324 | 2.3X | 8.5X | $ 141 | 40% | 27% |
| New Age Beverages Corp. | NBEV | $ 164 | $ 179 | 0.6X | n.m. | $ 295 | 13% | -1% |
| Scotts Miracle-Gro Co. | SMG | $ 6,869 | $ 9,040 | 2.7X | 15.4X | $ 3,353 | 5% | 18% |
| Supreme Cannabis Co. | FIRE-CA | $ 103 | $ 170 | 2.7X | n.m. | $ 62 | 74% | -4% |
| Valens GroWorks Corp. | VGWCF | $ 383 | $ 383 | 2.9X | 6.7X | $ 132 | 168% | 43% |
| Average – Ancillary Products & Services | $ 942 | $ 1,125 | 3.3X | 12.3X | $ 429 | 79% | 15% | |
Source: FactSet financial data and analytics, company filings and Investor Intelligence analysis.
