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. 21, 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 | $ 71 | $ 33 | 1.3X | $ 25 | n.m. | -8% |
| 4Front Ventures Corp. | CNXXF | $ 95 | $ 85 | 2.5X | $ 34 | n.m. | -43% |
| Acreage Holdings Inc. | ACRGF | $ 773 | $ 635 | 4.2X | $ 150 | 95% | -26% |
| Aphria Inc. | APHA-TSE | $ 1,217 | $ 1,214 | 3.5X | $ 348 | 690% | -2% |
| Aurora Cannabis Inc. | ACB | $ 3,820 | $ 4,006 | 14.3X | $ 281 | 210% | -22% |
| CannaRoyalty Corp. | ORHOF | $ 357 | $ 364 | n.m. | n.m. | n.m. | n.m. |
| CannTrust Holdings Inc. | TRST-CA | $ 240 | $ 166 | 4.6X | $ 36 | 5% | -43% |
| Canopy Growth Corp. | CGC | $ 7,664 | $ 5,660 | 17.2X | $ 329 | 181% | -83% |
| Cansortium Inc. | CNTMF | $ 89 | $ 115 | 2.9X | $ 40 | 395% | -26% |
| Columbia Care Inc. | CCHWF | $ 659 | $ 583 | 6.5X | $ 90 | n.m. | -50% |
| Cresco Labs Inc. | CRLBF-US | $ 2,596 | $ 2,489 | 15.1X | $ 165 | 281% | 8% |
| Cronos Group Inc. | CRON | $ 3,133 | $ 1,065 | 26.3X | $ 40 | 241% | -123% |
| Curaleaf Holdings Inc. | CURLF | $ 2,817 | $ 2,865 | 11.1X | $ 258 | 234% | 13% |
| Flowr Corp. | FLWPF | $ 202 | $ 131 | 12.2X | $ 11 | 401% | -113% |
| Green Organic Dutchman Holdings Ltd. | TGODF | $ 243 | $ 156 | 10.7X | $ 15 | 932% | n.m. |
| Green Thumb Industries Inc. | GTBIF | $ 1,941 | $ 1,552 | 7.4X | $ 210 | 235% | 12% |
| GTEC Holdings Ltd. | GTEC-TSX | $ 21 | $ 26 | 4.6X | $ 6 | n.m. | -51% |
| Harvest Health & Recreation Inc. | HRVSF | $ 811 | $ 890 | 5.5X | $ 161 | 242% | 1% |
| Harvest One Cannabis Inc. | HRVOF | $ 65 | $ 54 | n.m. | n.m. | n.m. | n.m. |
| HEXO Corp. | HEXO | $ 700 | $ 588 | 9.9X | $ 59 | 264% | -42% |
| iAnthus Capital Holdings Inc. | ITHUF | $ 301 | $ 191 | 2.1X | $ 90 | n.m. | -26% |
| Medicine Man Technologies Inc. | MDCL | $ 293 | $ 332 | 2.0X | $ 170 | n.m. | 20% |
| MedMen Enterprises Inc. | MMNFF | $ 489 | $ 311 | 1.6X | $ 193 | 143% | -73% |
| MJardin Group Inc. | MJARF | $ 32 | $ 121 | 3.8X | $ 32 | 57% | -16% |
| OrganiGram Holdings Inc. | OGI | $ 572 | $ 534 | 6.0X | $ 89 | 408% | 33% |
| Planet 13 Holdings Inc. | PLNHF | $ 239 | $ 214 | 3.3X | $ 66 | 212% | 17% |
| Tilray Inc. | TLRY | $ 2,275 | $ 2,300 | 13.0X | $ 177 | 310% | -38% |
| Trulieve Cannabis Corp. | TCNNF | $ 1,112 | $ 1,177 | 4.9X | $ 241 | 135% | 50% |
| Village Farms International Inc. | VFF | $ 376 | $ 365 | 1.8X | $ 205 | 36% | 19% |
| WeedMD Inc. | WMD-CA | $ 92 | $ 110 | 3.4X | $ 32 | 423% | 4% |
| Average – Vertically Integrated Operators | $ 1,110 | $ 944 | 7.2X | $ 127 | 279% | -23% | |
| Name | Ticker | Market Cap | Enterprise Value | EV/Sales 2019E | Sales 2019E | Sales Growth 2019E | EBITDA Margin 2019E |
| Hemp / CBD | |||||||
| cbdMD Inc. | YCBD | $ 108 | $ 89 | 2.3X | $ 39 | n.m. | -28% |
| Charlotte’s Web Holdings Inc. | CWBHF | $ 1,363 | $ 1,208 | 9.7X | $ 125 | 80% | 22% |
| CV Sciences Inc. | CVSI | $ 248 | $ 206 | 2.9X | $ 72 | 49% | 14% |
| Elixinol Global Ltd. | ELLXF | $ 201 | $ 167 | 5.5X | $ 31 | 15% | -42% |
| Emerald Health Therapeutics Inc. | EMHTF | $ 106 | $ 107 | 3.8X | $ 28 | n.m. | -78% |
| Green Growth Brands Inc. | GGBXF | $ 273 | $ 247 | 1.9X | $ 127 | n.m. | 4% |
| Neptune Wellness Solutions Inc. | NEPT-CA | $ 335 | $ 326 | 10.2X | $ 32 | 67% | -7% |
| Average – Hemp / CBD | $ 376 | $ 336 | 5.2X | $ 65 | 53% | -16% |
| Name | Ticker | Market Cap | Enterprise Value | EV/Sales 2019E | Sales 2019E | Sales Growth 2019E | EBITDA Margin 2019E |
| Pharmaceutical | |||||||
| Arena Pharmaceuticals Inc. | ARNA | $ 2,627 | $ 1,485 | 1.8X | $ 807 | n.m. | 63% |
| Cara Therapeutics Inc. | CARA | $ 932 | $ 780 | 39.4X | $ 20 | 47% | n.m. |
| Corbus Pharmaceuticals Holdings Inc. | CRBP | $ 337 | $ 257 | 7.4X | $ 35 | 624% | n.m. |
| GW Pharmaceuticals PLC | GWPH | $ 3,732 | $ 3,070 | 10.3X | $ 297 | n.m. | -36% |
| MediPharm Labs Corp. | MEDIF | $ 426 | $ 431 | 3.9X | $ 111 | n.m. | 25% |
| Ultragenyx Pharmaceutical Inc. | RARE | $ 2,489 | $ 1,886 | 17.8X | $ 106 | 105% | n.m. |
| Zynerba Pharmaceuticals Inc. | ZYNE | $ 199 | $ 98 | n.m. | $ – | n.m. | n.m. |
| Average – Pharmaceutical | $ 1,535 | $ 1,144 | 13.4X | $ 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 | $ 60 | $ 40 | 2.6X | $ 15 | 50% | n.m. |
| Canopy Rivers Inc. | CNPOF | $ 257 | $ 190 | 12.5X | $ 15 | n.m. | 11% |
| Greenlane Holdings Inc. | GNLN | $ 35 | $ 73 | 0.4X | $ 202 | 13% | -2% |
| Innovative Industrial Properties Inc. | IIPR | $ 832 | $ 782 | 20.2X | $ 39 | 162% | 85% |
| KushCo Holdings Inc. | KSHB | $ 141 | $ 82 | 0.5X | $ 166 | 142% | -18% |
| MediPharm Labs Corp. | LABS-CA | $ 426 | $ 426 | 3.8X | $ 111 | n.m. | 25% |
| New Age Beverages Corp. | NBEV | $ 216 | $ 188 | 0.7X | $ 274 | 426% | -1% |
| Scotts Miracle-Gro Co. | SMG | $ 5,825 | $ 7,458 | 2.4X | $ 3,131 | 14% | 18% |
| Supreme Cannabis Co. Inc. | FIRE-CA | $ 238 | $ 244 | 4.2X | $ 57 | 309% | 4% |
| Valens GroWorks Corp. | VGWCF | $ 235 | $ 180 | 4.3X | $ 42 | n.m. | 40% |
| Average – Ancillary Products & Services | $ 826 | $ 966 | 5.2X | $ 405 | 159% | 18% | |
Source: FactSet financial data and analytics, company filings.
