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 – US vs. Canadian Cultivation and Retail companies > $100M Mkt Cap.
- The tables below compare the valuation statistics of US and Canadian Cultivation and Retail companies with a market capitalization of over $100 million.
- Note that aside from Glass House (GLASF: OTCQX) at 15.2x EV/2025 EBITDA, all of the US competitors are trading below 7x, and the median is only 4.2x
- Canadian valuation statistics are skewed upward by the outliers of SNDL and Canopy, which are trading at ridiculous multiples, primarily due to their low EBITDA. But even the weakest of the group, Aurora, at 4.08x, is trading near the median of the US.
- Financially, the better multiples relate to 280e as a dollar of Canadian EBITDA is worth producing more cash flow than $1 of US EBITDA.
- Perhaps a more proximate cause for the difference, however, is that Canadian companies trade on senior exchanges like the Nasdaq, whereas US companies are primarily listed on the CSE. Moreover, due to federal illegality, most institutional investors are not allowed to own US Cannabis companies, thereby limiting the ownership to primarily high net worth and family offices.
- The US companies are generally more profitable, but it doesn’t show up in their trading multiples.
US Cultivation & Retail >$100M mkt cap
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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 – Infused Products & Extracts Sector
- The 17 companies in the Infused Products & Extracts sector are generally relatively small, with a median market capitalization of only $ 6.9 million. Only two of the 17 have sell-side analyst coverage. We accordingly rely on ratios that do not require forward estimates to evaluate this sector. The median market-to-book ratio of 1.04x is close to the median tangible market-to-book ratio of 0.96x, indicating relatively few intangible assets. The median EV-to-annualized revenues ratio of 2.17x is one of the highest in the twelve sectors we cover.
This Chart is Only Available to Higher Tier Memberships
Please Purchase a Premium or Enterprise membership to see more.
Sector Valuation – Infused Products & Extracts Sector
- The 17 companies in the Infused Products & Extracts sector are generally relatively small, with a median market capitalization of only $ 6.9 million. Only two of the 17 have sell-side analyst coverage. We accordingly rely on ratios that do not require forward estimates to evaluate this sector. The median market-to-book ratio of 1.04x is close to the median tangible market-to-book ratio of 0.96x, indicating relatively few intangible assets. The median EV-to-annualized revenues ratio of 2.17x is one of the highest in the twelve sectors we cover.
