Weekly Credit Tracker
Credit ratings are not currently available for public cannabis companies leaving companies, lenders and investors with a gap of information. The Viridian Cannabis Credit Tracker fills this gap. The model uses 11 market and financial statement variables to discern 4 key credit factors: Liquidity, Leverage, Profitability, and Size, to provide credit/liquidity analysis for over 370 public Cannabis/Hemp companies.
Weekly Credit Report – Viridian Credit Rankings of Canadian & U.S. Cultivation & Retail Sector Companies with Mkt Caps >$50M
- The chart below displays the credit rankings of the 22 U.S. and Canadian operators with market capitalizations exceeding $ 50 million.
- We were surprised to see Vireo pop up as the strongest credit in the group. Part of the reason is that we have used proforma 2025 results, which will overstate actuals given the timing of the acquisition transactions. Vireo places as #2 behind GTI when we look at the top 30 U.S. credits.
- Six of the ten top-rated credits are U.S. MSOs, including VREO, GTI, TRUL, CL, GLASF, and GRIN.
- Interestingly, the four lowest-ranked credits were all U.S. companies, and a significant driver of this result is the lower valuation multiples accorded MSOs, which in turn impact their total liabilities to market cap, one of our four leverage ratios.
- Refer to the detailed table of results for more information on how the ratings were calculated.
Credit Tracker By Sector
Credit ratings are not currently available for public cannabis companies leaving companies, lenders and investors with a gap of information. The Viridian Cannabis Credit Tracker fills this gap. The model uses 11 market and financial statement variables to discern 4 key credit factors: Liquidity, Leverage, Profitability, and Size, to provide credit/liquidity analysis for over 370 public Cannabis/Hemp companies.
Weekly Sector Credit – Cultivation and Retail
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- A record two weeks of price gains has improved some of the credit stats and shifted some of the relative rankings.
- We have shifted the focus of our Debt/EBITDA credit ratios to projected 2026 results rather than 2025. Median Debt to 2026 EBITDA is 2.20x as of 7/11/25, a slight improvement from 2.33x as of 7/4/25. This figure continues to show that around ½ of the companies have sustainable leverage even in a continuing 280E environment.
- The total liabilities to market cap ratio also improved to 1.99x from 2.04x last week. The 1.99x median indicates that over 50% of the sector has asset value coverage of liabilities in excess of 140%.
- See the Viridian Credit Sector Report for more details.
Weekly Sector Credit – Cultivation and Retail
-
- A record two weeks of price gains has improved some of the credit stats and shifted some of the relative rankings.
- We have shifted the focus of our Debt/EBITDA credit ratios to projected 2026 results rather than 2025. Median Debt to 2026 EBITDA is 2.20x as of 7/11/25, a slight improvement from 2.33x as of 7/4/25. This figure continues to show that around ½ of the companies have sustainable leverage even in a continuing 280E environment.
- The total liabilities to market cap ratio also improved to 1.99x from 2.04x last week. The 1.99x median indicates that over 50% of the sector has asset value coverage of liabilities in excess of 140%.
- See the Viridian Credit Sector Report for more details.
