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 as well as 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 Nov. 4, 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 | $ 80 | $ 40 | 1.6X | $ 25 | n.m. | -8% |
| 4Front Ventures Corp. | CNXXF | $ 70 | $ 78 | 2.3X | $ 34 | n.m. | -43% |
| Acreage Holdings | ACRGF | $ 731 | $ 592 | 3.9X | $ 150 | 95% | -26% |
| Aphria Inc. | APHA-TSE | $ 1,303 | $ 1,299 | 3.7X | $ 347 | 690% | -2% |
| Aurora Cannabis | ACB | $ 3,721 | $ 4,059 | 14.8X | $ 275 | 203% | -22% |
| CannaRoyalty Corp. | ORHOF | $ 215 | $ 236 | n.m. | n.m. | n.m. | n.m. |
| CannTrust Holdings | TRST-CA | $ 221 | $ 148 | 4.1X | $ 36 | 5% | -43% |
| Canopy Growth Corp. | CGC | $ 7,589 | $ 5,584 | 17.4X | $ 320 | 174% | -86% |
| Cansortium | CNTMF | $ 110 | $ 144 | 3.6X | $ 40 | 395% | -26% |
| Columbia Care | CCHWF | $ 670 | $ 576 | 6.4X | $ 90 | n.m. | -50% |
| Cresco Labs | CRLBF-US | $ 2,423 | $ 2,318 | 14.8X | $ 157 | 263% | 8% |
| Cronos Group | CRON | $ 2,974 | $ 1,181 | 30.2X | $ 39 | 230% | -130% |
| Curaleaf Holdings | CURLF | $ 2,252 | $ 2,162 | 8.7X | $ 247 | 221% | 13% |
| Flowr Corp. | FLWPF | $ 193 | $ 128 | 11.9X | $ 11 | 401% | -113% |
| The Green Organic Dutchman Holdings | TGODF | $ 226 | $ 144 | 9.9X | $ 15 | 931% | n.m. |
| Green Thumb Industries | GTBIF | $ 1,589 | $ 1,356 | 6.5X | $ 209 | 234% | 12% |
| GTEC Holdings | GTEC-TSX | $ 18 | $ 24 | 4.1X | $ 6 | n.m. | -51% |
| Harvest Health & Recreation | HRVSF | $ 736 | $ 819 | 4.7X | $ 173 | 269% | -2% |
| Harvest One Cannabis | HRVOF | $ 36 | $ 27 | 1.8X | $ 15 | 145% | -57% |
| Hexo Corp. | HEXO | $ 536 | $ 466 | 8.7X | $ 53 | 227% | -98% |
| iAnthus Capital Holdings | ITHUF | $ 250 | $ 193 | 2.1X | $ 90 | n.m. | -26% |
| Medicine Man Technologies | MDCL | $ 310 | $ 406 | 2.4X | $ 170 | n.m. | 20% |
| MedMen Enterprises | MMNFF | $ 538 | $ 384 | 2.1X | $ 185 | 134% | -77% |
| MJardin Group | MJARF | $ 29 | $ 117 | 3.7X | $ 32 | 57% | -16% |
| Organigram Holdings Inc. | OGI | $ 523 | $ 504 | 5.7X | $ 89 | 408% | 33% |
| Planet 13 Holdings | PLNHF | $ 191 | $ 179 | 2.7X | $ 66 | 212% | 17% |
| Tilray | TLRY | $ 2,241 | $ 2,325 | 13.2X | $ 176 | 307% | -38% |
| Trulieve Cannabis Corp. | TCNNF | $ 1,149 | $ 1,194 | 5.0X | $ 241 | 135% | 50% |
| Village Farms International | VFF | $ 419 | $ 432 | 2.2X | $ 198 | 32% | 18% |
| WeedMD | WMD-CA | $ 83 | $ 99 | 3.1X | $ 32 | 423% | 4% |
| Average – Vertically Integrated Operators | $ 1,048 | $ 907 | 6.9X | $ 121 | 269% | -26% | |
| Name | Ticker | Market Cap | Enterprise Value | EV/Sales 2019E | Sales 2019E | Sales Growth 2019E | EBITDA Margin 2019E |
| Hemp / CBD | |||||||
| cbdMD | YCBD | $ 108 | $ 90 | 2.4X | $ 38 | n.m. | -29% |
| Charlotte’s Web Holdings | CWBHF | $ 1,221 | $ 1,091 | 8.9X | $ 123 | 77% | 21% |
| CV Sciences | CVSI | $ 233 | $ 191 | 2.7X | $ 71 | 47% | 13% |
| Elixinol Global | ELLXF | $ 139 | $ 111 | 4.2X | $ 26 | -2% | -58% |
| Emerald Health Therapeutics | EMHTF | $ 91 | $ 99 | 3.5X | $ 28 | n.m. | -78% |
| Green Growth Brands | GGBXF | $ 273 | $ 249 | 3.3X | $ 74 | n.m. | -20% |
| Neptune Wellness Solutions | NEPT-CA | $ 334 | $ 315 | 8.9X | $ 35 | 84% | 20% |
| Average – Hemp / CBD | $ 343 | $ 306 | 4.8X | $ 57 | 52% | -19% |
| Name | Ticker | Market Cap | Enterprise Value | EV/Sales 2019E | Sales 2019E | Sales Growth 2019E | EBITDA Margin 2019E |
| Pharmaceutical | |||||||
| Arena Pharmaceuticals | ARNA | $ 2,630 | $ 1,535 | 1.9X | $ 807 | n.m. | 63% |
| Cara Therapeutics | CARA | $ 983 | $ 874 | 44.1X | $ 20 | 47% | n.m. |
| Corbus Pharmaceuticals Holdings | CRBP | $ 337 | $ 272 | 7.8X | $ 35 | 624% | n.m. |
| GW Pharmaceuticals | GWPH | $ 4,183 | $ 3,629 | 12.3X | $ 296 | n.m. | -36% |
| MediPharm Labs Corp. | MEDIF | $ 450 | $ 458 | 4.2X | $ 109 | n.m. | 24% |
| Ultragenyx Pharmaceutical | RARE | $ 2,416 | $ 1,775 | 16.7X | $ 106 | 106% | n.m. |
| Zynerba Pharmaceuticals | ZYNE | $ 173 | $ 85 | n.m. | $ – | n.m. | n.m. |
| Average – Pharmaceutical | $ 1,596 | $ 1,233 | 14.5X | $ 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 | $ 53 | $ 31 | 2.1X | $ 15 | 50% | n.m. |
| Canopy Rivers | CNPOF | $ 228 | $ 171 | 11.3X | $ 15 | n.m. | 11% |
| Greenlane Holdings | GNLN | $ 39 | $ 80 | 0.4X | $ 202 | 13% | -2% |
| Innovative Industrial Properties | IIPR | $ 858 | $ 815 | 21.1X | $ 39 | 162% | 85% |
| KushCo Holdings | KSHB | $ 190 | $ 131 | 0.8X | $ 166 | 142% | -19% |
| MediPharm Labs Corp. | LABS-CA | $ 451 | $ 457 | 4.2X | $ 109 | n.m. | 24% |
| New Age Beverages Corp. | NBEV | $ 208 | $ 186 | 0.7X | $ 274 | 425% | -1% |
| Scotts Miracle-Gro Co. | SMG | $ 5,730 | $ 7,454 | 2.4X | $ 3,132 | 14% | 18% |
| Supreme Cannabis Co. | FIRE-CA | $ 182 | $ 207 | 3.6X | $ 57 | 309% | 4% |
| Valens GroWorks Corp. | VGWCF | $ 217 | $ 159 | 3.7X | $ 43 | n.m. | 40% |
| Average – Ancillary Products & Services | $ 816 | $ 969 | 5.0X | $ 405 | 159% | 18% | |
