Weekly Valuation Tracker
Viridian highlights a specific industry sector and provides a deep dive into valuation metrics and comparable company valuations for public companies operating in that sector. The Weekly Valuation Tracker provides proprietary, actionable valuation data.
Weekly Valuation Report – Valuation Metrics for U.S. MSOs with Market Caps >$100M… What A Difference One Week Can Make!
- The table below shows valuation metrics for the eleven US MSOs with market caps over $100M. Note that only eight companies remain on this screen, down from eleven last week.
- The median EV/2026 EBITDA ratio is 4.07x, down a full turn from 5.1x last week, and the Viridian bespoke measure of Adj EV/2026 EBITDAR is not much higher at 4.9x (compared to 5.72x last week). The Viridian measure takes into account both excess tax liabilities and operating leases in the definition of enterprise value.
- The table below shows the group’s detailed valuation metrics.
- The uncertainty regarding regulatory/legislative outcomes is weighing on both the cannabis equity market and the cannabis capital markets. Equity investors are doubting whether S3 is still a possibility in 2025, and the new hemp ban has raised political risk fears to a decade-high level. Polling data shows a decline in popular support for cannabis, and cannabis investors feel a new chill in the air regarding Washington’s attitude toward weed. They reason that if a $20B industry like hemp can be eliminated so easily, how safe should cannabis feel?
- Despite the volatility, we expect 2026 to be a strong year for plant-touching valuations. Revenue growth is expected to rebound as several new states are getting closer to passing recreational cannabis laws. Analysts are projecting a turnaround in y/o/y EBITDA comparisons beginning in the 2nd quarter of 2026
- S3 still has the potential to produce a 50-100% pop in cannabis stocks.
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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.
Sector Valuation Report – Worldwide Cultivation & Retail Sector as of 11/19/25
- Of the 70 companies included in the Viridian Value Tracker Database, only 27 have analyst estimates for 2026. Median EV/ 2026 EBITDA is 4.85x, significantly above the 4.07x registered for the over $100M market cap U.S. competitors discussed above. The median EV/2026 revenues is now 0.9x. We expect these multiples to rocket upward upon any confirmation that Trump is looking favorably on S3.
- Median market-to-book ratios are now 0.57x, reflecting a market belief that acquisition goodwill and license book values significantly exceed market valuations. Additional writedowns may be forthcoming, especially as companies rationalize their operations and cull underperforming assets.
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Please Purchase a Premium or Enterprise membership to see more.
Sector Valuation Report – Worldwide Cultivation & Retail Sector as of 11/19/25
- Of the 70 companies included in the Viridian Value Tracker Database, only 27 have analyst estimates for 2026. Median EV/ 2026 EBITDA is 4.85x, significantly above the 4.07x registered for the over $100M market cap U.S. competitors discussed above. The median EV/2026 revenues is now 0.9x. We expect these multiples to rocket upward upon any confirmation that Trump is looking favorably on S3.
- Median market-to-book ratios are now 0.57x, reflecting a market belief that acquisition goodwill and license book values significantly exceed market valuations. Additional writedowns may be forthcoming, especially as companies rationalize their operations and cull underperforming assets.