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.
