OUR 9TH YEAR OF PROVIDING PROPRIETARY CAPITAL MARKETS INTELLIGENCE ON THE CANNABIS / HEMP / PSYCHEDELIC SECTORS
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Valuation Tracker By Industry Sector
Valuation Tracker By Sector
The Viridian Value Tracker is the most comprehensive valuation product in the industry.
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- A broad set of 12 valuation measures assures applicability, regardless of whether the company has analyst coverage or revenues. The typically presented EV/ Projected Revenues and EV/ Projected EBITDA are available for less than 1/3 of the cannabis companies we track.
- Most valuation studies present only the average valuation measures, while the Tracker goes one step further and shows the distribution of values (the quartiles, median, and dispersion) for each measure. This gives users a more complete view of how companies in the cohort group are valued.
Week ended 02/07/2025
Sector Valuation – Cultivation & Retail
- We showed in a recent chart that Canadian LPs trade at better EBITDA multiples than their U.S. counterparts. At least part of this is 280e, with another significant component being the greater trading liquidity of senior exchanges.
- The Viridian Value Sector report shows valuation ratios across all geographies, explaining why the median EV/2024 multiple is still 6.02x despite our rather sobering analysis above.
- The best single valuation metric for the group is the adjusted EV/ 2025 EBITDAR ratio median at 5.98x. This ratio takes into account lease obligations and excess tax liabilities and is higher than the standard EV/2025 EBITDA multiple of 4.96x.
Week ended 02/07/2025
Sector Valuation – Cultivation & Retail
- We showed in a recent chart that Canadian LPs trade at better EBITDA multiples than their U.S. counterparts. At least part of this is 280e, with another significant component being the greater trading liquidity of senior exchanges.
- The Viridian Value Sector report shows valuation ratios across all geographies, explaining why the median EV/2024 multiple is still 6.02x despite our rather sobering analysis above.
- The best single valuation metric for the group is the adjusted EV/ 2025 EBITDAR ratio median at 5.98x. This ratio takes into account lease obligations and excess tax liabilities and is higher than the standard EV/2025 EBITDA multiple of 4.96x.
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