OUR 9TH YEAR OF PROVIDING PROPRIETARY CAPITAL MARKETS INTELLIGENCE ON THE CANNABIS / HEMP / PSYCHEDELIC SECTORS
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Credit Tracker By Industry Sector
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.
Week ended 07/25/2025
Weekly Sector Credit – Cultivation and Retail
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- The record price gains achieved over the last two weeks have dampened, and we wanted to take stock before the next round of volatility hits.
- 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 7/25/25, up about 0.15 from last week. This figure continues to show that over ½ of the companies have sustainable leverage even in a continuing 280E environment.
- The median total liabilities to market capitalization ratio is now 0.92x, indicating that more than half of the companies have over 1.1x asset value coverage of liabilities, according to our option pricing model. However, the upper quartile of 4.15x indicates that less than a quarter of the 74 companies have less than 1x asset coverage of liabilities. Asset value coverage has clearly improved from just a week ago.
- See the Viridian Credit Sector Report for more details.
Week ended 07/25/2025
Weekly Sector Credit – Cultivation and Retail
-
- The record price gains achieved over the last two weeks have dampened, and we wanted to take stock before the next round of volatility hits.
- 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 7/25/25, up about 0.15 from last week. This figure continues to show that over ½ of the companies have sustainable leverage even in a continuing 280E environment.
- The median total liabilities to market capitalization ratio is now 0.92x, indicating that more than half of the companies have over 1.1x asset value coverage of liabilities, according to our option pricing model. However, the upper quartile of 4.15x indicates that less than a quarter of the 74 companies have less than 1x asset coverage of liabilities. Asset value coverage has clearly improved from just a week ago.
- See the Viridian Credit Sector Report for more details.
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