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. 15, 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 | $ 68 | $ 24 | 1.0X | $ 25 | n.m. | -8% |
| 4Front Ventures Corp. | CNXXF | $ 103 | $ 91 | 2.6X | $ 34 | n.m. | -43% |
| Acreage Holdings Inc. | ACRGF | $ 798 | $ 659 | 4.4X | $ 151 | 95% | -26% |
| Aphria Inc. | APHA-TSE | $ 1,381 | $ 1,377 | 3.9X | $ 352 | 700% | -2% |
| Aurora Cannabis Inc. | ACB | $ 3,893 | $ 3,831 | 13.3X | $ 289 | 219% | -21% |
| CannaRoyalty Corp. | ORHOF | $ 340 | $ 303 | n.m. | n.m. | n.m. | n.m. |
| CannTrust Holdings Inc. | TRST-CA | $ 245 | $ 108 | 1.6X | $ 69 | 101% | -14% |
| Canopy Growth Corp. | CGC | $ 7,570 | $ 5,563 | 16.6X | $ 335 | 187% | -81% |
| Cansortium Inc. | CNTMF | $ 81 | $ 105 | 2.6X | $ 40 | 395% | -26% |
| Columbia Care Inc. | CCHWF | $ 662 | $ 629 | 7.0X | $ 90 | n.m. | -50% |
| Cresco Labs Inc. | CRLBF-US | $ 2,652 | $ 2,545 | 15.4X | $ 166 | 283% | 8% |
| Cronos Group Inc. | CRON | $ 3,061 | $ 910 | 22.0X | $ 41 | 248% | -121% |
| Curaleaf Holdings Inc. | CURLF | $ 3,046 | $ 2,781 | 11.0X | $ 252 | 227% | 14% |
| Flowr Corp. | FLWPF | $ 176 | $ 121 | 11.3X | $ 11 | 399% | -116% |
| Green Organic Dutchman Holdings Ltd. | TGODF | $ 274 | $ 156 | 10.8X | $ 14 | 927% | n.m. |
| Green Thumb Industries Inc. | GTBIF | $ 1,985 | $ 1,469 | 6.9X | $ 212 | 240% | 12% |
| GTEC Holdings Ltd. | GTEC-TSX | $ 18 | $ 24 | 4.2X | $ 6 | n.m. | -51% |
| Harvest Health & Recreation Inc. | HRVSF | $ 742 | $ 781 | 5.3X | $ 146 | 212% | 5% |
| Harvest One Cannabis Inc. | HRVOF | $ 64 | $ 32 | n.m. | n.m. | n.m. | n.m. |
| HEXO Corp. | HEXO | $ 668 | $ 491 | 7.5X | $ 66 | 303% | -35% |
| iAnthus Capital Holdings Inc. | ITHUF | $ 237 | $ 169 | 1.9X | $ 90 | n.m. | -26% |
| Medicine Man Technologies Inc. | MDCL | $ 297 | $ 336 | 2.0X | $ 170 | n.m. | 20% |
| MedMen Enterprises Inc. | MMNFF | $ 507 | $ 326 | 1.7X | $ 195 | 146% | -71% |
| MJardin Group Inc. | MJARF | $ 26 | $ 114 | 3.6X | $ 32 | 56% | -16% |
| OrganiGram Holdings Inc. | OGI | $ 566 | $ 481 | 5.4X | $ 89 | 409% | 33% |
| Planet 13 Holdings Inc. | PLNHF | $ 242 | $ 212 | 3.2X | $ 66 | 212% | 17% |
| Tilray Inc. | TLRY | $ 2,239 | $ 2,231 | 12.4X | $ 179 | 316% | -37% |
| Trulieve Cannabis Corp. | TCNNF | $ 1,107 | $ 1,121 | 4.6X | $ 241 | 135% | 50% |
| Village Farms International Inc. | VFF | $ 365 | $ 372 | 1.8X | $ 205 | 36% | 19% |
| WeedMD Inc. | WMD-CA | $ 91 | $ 107 | 3.3X | $ 33 | 434% | 7% |
| Average – Vertically Integrated Operators | $ 1,117 | $ 916 | 6.7X | $ 129 | 285% | -21% | |
| Name | Ticker | Market Cap | Enterprise Value | EV/Sales 2019E | Sales 2019E | Sales Growth 2019E | EBITDA Margin 2019E |
| Hemp / CBD | |||||||
| cbdMD Inc. | YCBD | $ 98 | $ 80 | 2.1X | $ 39 | n.m. | -28% |
| Charlotte’s Web Holdings Inc. | CWBHF | $ 1,399 | $ 1,200 | 9.6X | $ 125 | 80% | 22% |
| CV Sciences Inc. | CVSI | $ 231 | $ 174 | 2.4X | $ 73 | 51% | 16% |
| Elixinol Global Ltd. | ELLXF | $ 201 | $ 152 | 5.0X | $ 30 | 14% | -42% |
| Emerald Health Therapeutics Inc. | EMHTF | $ 93 | $ 113 | 3.9X | $ 29 | n.m. | -92% |
| Green Growth Brands Inc. | GGBXF | $ 257 | $ 236 | 1.9X | $ 126 | n.m. | 4% |
| Neptune Wellness Solutions Inc. | NEPT-CA | $ 340 | $ 309 | 9.7X | $ 32 | 66% | -7% |
| Average – Hemp / CBD | $ 374 | $ 324 | 4.9X | $ 65 | 53% | -18% | |
| Pharmaceutical | |||||||
| Arena Pharmaceuticals Inc. | ARNA | $ 2,577 | $ 1,410 | 1.7X | $ 807 | n.m. | 63% |
| Cara Therapeutics Inc. | CARA | $ 928 | $ 768 | 38.7X | $ 20 | 47% | n.m. |
| Corbus Pharmaceuticals Holdings Inc. | CRBP | $ 313 | $ 235 | 6.7X | $ 35 | 624% | n.m. |
| GW Pharmaceuticals PLC | GWPH | $ 3,696 | $ 3,012 | 10.2X | $ 295 | n.m. | -36% |
| MediPharm Labs Corp. | MEDIF | $ 418 | $ 388 | 3.5X | $ 111 | n.m. | 25% |
| Ultragenyx Pharmaceutical Inc. | RARE | $ 2,534 | $ 1,825 | 17.3X | $ 106 | 105% | n.m. |
| Zynerba Pharmaceuticals Inc. | ZYNE | $ 184 | $ 89 | n.m. | $ – | n.m. | n.m. |
| Average – Pharmaceutical | $ 1,521 | $ 1,104 | 13.0X | $ 196 | 259% | 17% | |
| Ancillary Products & Services | |||||||
| Akerna Corp. | KERN-USA | $ 63 | $ 60 | 4.0X | $ 15 | 50% | n.m. |
| Canopy Rivers Inc. | CNPOF | $ 249 | $ 190 | 12.6X | $ 15 | n.m. | 10% |
| Greenlane Holdings Inc. | GNLN | $ 34 | $ 74 | 0.4X | $ 205 | 14% | -2% |
| Innovative Industrial Properties Inc. | IIPR | $ 884 | $ 841 | 21.7X | $ 39 | 162% | 85% |
| KushCo Holdings Inc. | KSHB | $ 151 | $ 92 | 0.5X | $ 169 | 146% | -18% |
| MediPharm Labs Corp. | LABS-CA | $ 417 | $ 381 | 3.4X | $ 111 | n.m. | 25% |
| New Age Beverages Corp. | NBEV | $ 217 | $ 188 | 0.7X | $ 274 | 426% | -1% |
| Scotts Miracle-Gro Co. | SMG | $ 5,794 | $ 7,546 | 2.4X | $ 3,131 | 14% | 18% |
| Supreme Cannabis Co. Inc. | FIRE-CA | $ 264 | $ 259 | 4.4X | $ 58 | 315% | 4% |
| Valens GroWorks Corp. | VGWCF | $ 237 | $ 154 | 3.8X | $ 41 | n.m. | 34% |
| Average – Ancillary Products & Services | $ 831 | $ 978 | 5.4X | $ 406 | 161% | 17% | |
Source: FactSet financial data and analytics, company filings.
