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 04/11/2025
Sector Valuation – Have MSO valuation multiples hit bottom?
- The chart below looks at aggregate enterprise value to aggregate consensus estimates of the next twelve-month EBITDA for a group that includes Curaleaf, GTI, Cresco, TerrAscend, Trulieve, Verano, Ascend, AYR, Cannabist, Jushi, Vext, and Vibe.
- Multiples were steady to slightly increasing for most of 2023 and only really began to decline sharply in April 2024.
- We know we are not smart enough to time this market. However, at 4x forward EBITDA, in a relatively recession-resilient industry, it continues to look attractive. We are only missing an anticipatable catalyst.
Week ended 04/11/2025
Sector Valuation – Have MSO valuation multiples hit bottom?
- The chart below looks at aggregate enterprise value to aggregate consensus estimates of the next twelve-month EBITDA for a group that includes Curaleaf, GTI, Cresco, TerrAscend, Trulieve, Verano, Ascend, AYR, Cannabist, Jushi, Vext, and Vibe.
- Multiples were steady to slightly increasing for most of 2023 and only really began to decline sharply in April 2024.
- We know we are not smart enough to time this market. However, at 4x forward EBITDA, in a relatively recession-resilient industry, it continues to look attractive. We are only missing an anticipatable catalyst.
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