Cannabis comp tables as of Oct. 1, 2019

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 Excel file for more details on each company, including estimates for 2020 and 2021.

Priced as of Oct. 1, 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  $               67 1.9X  $            35 n.m. -3%
4Front Ventures Corp. CNXXF  $             99  n.m. n.m.  $            34 n.m. -43%
Acreage Holdings Inc. ACRGF  $           973  $             834 5.5X  $         151 95% -26%
Aphria Inc. APHA-TSE  $       1,319  $         1,265 3.5X  $         364 728% -1%
Aurora Cannabis Inc. ACB  $       4,516  $         4,736 16.1X  $         293 224% -21%
CannaRoyalty Corp. ORHOF  $           306  $             294 4.9X  $            60 331% n.m.
CannTrust Holdings Inc. TRST-CA  $           159  $             138 1.8X  $            78 126% -12%
Canopy Growth Corp. CGC  $       7,977  $         6,481 18.6X  $         348 197% -79%
Cansortium Inc. CNTMF  $           121  $             152 3.8X  $            40 395% -26%
Columbia Care Inc. CCHWF  $           756  $             669 7.5X  $            90 n.m. -50%
Cresco Labs Inc. CRLBF-US  $       1,851  $         1,831 11.0X  $         166 283% 8%
Cronos Group Inc. CRON  $       3,391  $         1,314 30.9X  $            42 258% -110%
Curaleaf Holdings Inc. CURLF  $       2,506  $         2,550 10.1X  $         252 227% 14%
Flowr Corp. FLWPF  $           184  $             155 10.5X  $            15 590% -83%
Green Organic Dutchman Holdings Ltd. TGODF  $           427  $             335 18.5X  $            18 n.m. -192%
Green Thumb Industries Inc. GTBIF  $       1,535  $         1,368 6.4X  $         212 240% 12%
GTEC Holdings Ltd. GTEC-TSX  $             20  $               23 4.1X  $              6 n.m. -51%
Harvest Health & Recreation Inc. HRVSF  $           910  $             963 6.6X  $         146 212% 5%
Harvest One Cannabis Inc. HRVOF  $             68  $               50 n.m.  n.m. n.m. n.m.
HEXO Corp. HEXO  $       1,017  $             902 8.1X  $         111 580% -12%
iAnthus Capital Holdings Inc. ITHUF  $           235  $             182 2.0X  $            90 n.m. -26%
Medicine Man Technologies Inc. MDCL  $           308  $             347 2.0X  $         170 n.m. 20%
MedMen Enterprises Inc. MMNFF  $           241  $             373 1.8X  $         211 167% -54%
MJardin Group Inc. MJARF  $             43  $             126 4.0X  $            32 56% -16%
OrganiGram Holdings Inc. OGI  $           537  $             509 5.6X  $            91 419% 33%
Planet 13 Holdings Inc. PLNHF  $           245  $             236 3.5X  $            67 215% 17%
Tilray Inc. TLRY  $       2,416  $         2,630 14.5X  $         181 321% -36%
Trulieve Cannabis Corp. TCNNF  $           904  $             970 4.0X  $         241 135% 50%
Village Farms International Inc. VFF  $           459  $             478 2.3X  $         205 36% 19%
WeedMD Inc. WMD-CA  $           118  $             114 3.5X  $            33 434% 7%
Average – Vertically Integrated Operators  $       1,124  $         1,038 7.6X  $         130 285% -23%
Name Ticker Market Cap Enterprise Value EV/Sales 2019E Sales 2019E Sales Growth 2019E EBITDA Margin 2019E
Hemp / CBD
cbdMD Inc. YCBD  $           110  $               96 2.5X  $            39 n.m. -28%
Charlotte’s Web Holdings, Inc. CWBHF  $       1,473  $         1,256 10.0X  $         125 80% 22%
CV Sciences, Inc. CVSI  $           204  $             160 2.2X  $            73 51% 16%
Elixinol Global Ltd. ELLXF  $           179  $             149 4.9X  $            30 13% -42%
Emerald Health Therapeutics, Inc. EMHTF  $           143  $             148 n.m.  n.m. n.m. n.m.
Green Growth Brands, Inc. GGBXF  $           226  $             203 1.6X  $         126 n.m. 4%
Neptune Wellness Solutions, Inc. NEPT-CA  $           330  $             330 10.4X  $            32 66% -7%
Average – Hemp / CBD  $           381  $             335 5.3X  $            71 53% -6%
Pharmaceutical
Arena Pharmaceuticals Inc. ARNA  $       2,280  $         1,333 1.7X  $         807 n.m. 63%
Cara Therapeutics Inc. CARA  $           852  $             741 37.2X  $            20 48% n.m.
Corbus Pharmaceuticals Holdings Inc. CRBP  $           334  $             249 7.1X  $            35 624% n.m.
GW Pharmaceuticals plc GWPH  $       3,618  $         2,975 10.1X  $         295 n.m. -36%
MediPharm Labs Corp. MEDIF  $           374  $             372 3.3X  $         112 n.m. 25%
Ultragenyx Pharmaceutical Inc. RARE  $       2,468  $         1,890 17.9X  $         106 105% n.m.
Zynerba Pharmaceuticals Inc. ZYNE  $           175  $               87 n.m.  $             – n.m. n.m.
Average – Pharmaceutical  $       1,443  $         1,092 12.9X  $         196 259% 17%
Ancillary Products & Services
Akerna Corp. KERN-USA  $             65  $               65 4.3X  $            15 50% n.m.
Canopy Rivers Inc. CNPOF  $           317  $             250 16.6X  $            15 n.m. 10%
Greenlane Holdings Inc. GNLN  $             34  $               75 0.3X  $         215 20% -2%
Innovative Industrial Properties Inc. IIPR  $       1,044  $         1,006 26.0X  $            39 162% 85%
KushCo Holdings Inc. KSHB  $           159  $             166 1.0X  $         169 146% -18%
MediPharm Labs Corp. LABS-CA  $           375  $             373 3.3X  $         112 n.m. 25%
New Age Beverages Corp. NBEV  $           216  $             192 0.7X  $         274 426% -1%
Scotts Miracle-Gro Co. SMG  $       5,763  $         7,546 2.4X  $      3,131 14% 18%
Supreme Cannabis Co. Inc. FIRE-CA  $           299  $             318 5.4X  $            59 318% 5%
Valens GroWorks Corp. VGWCF  $           230  $             153 3.8X  $            41 n.m. 34%
Average – Ancillary Products & Services  $           850  $         1,014 6.4X  $         407 162% 17%

Source: FactSet financial data and analytics, company filings.