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 – U.S. MSOs with over $200M Mkt Cap
- The chart below shows adjusted EV / 2025 EBITDAR for each of the U.S. Cultivation & Retail companies with more than $200M market cap.
- In calculating adjusted EV, we add operating leases and “excess taxes,” which we define as any accrued taxes (whether listed as current liabilities or long-term liabilities) in excess of one quarter’s tax expense.
- The inclusion of operating leases in the numerator requires the use of EBITDAR in the denominator of our valuation metric.
- The most surprising aspect of the graph is the relatively tight grouping of values, with over half of the companies trading at between 6x and 8x 2025 EBITDAR. We believe the market has already been performing informal adjustments for significant tax liabilities and lease debt.
- The other surprise is how big of an outlier Glass House Brands is, with a valuation multiple over 6 points higher than the closest competitor. Is it worth this premium? We believe some Glass House belongs in every cannabis portfolio despite its premium valuation. It is a hedge against the potential ravages of interstate commerce and an option on the upside of California. As the financially strongest and lowest-cost competitor in the largest market in the world, Glass House deserves a high multiple. We would admit that at such a high premium, perhaps there is less upside from S3 in Glass House than in other companies on the chart, but we are looking to a longer time frame and continue to see value.
- See our other valuation metrics for the group in the accompanying table.
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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.
Weekly Sector Valuation Report – U.S. vs Canadian Valuations
- The tables below break out the worldwide cultivation and retail sector into its U.S., Canadian, and Rest of the World segments.
- The U.S. and Canadian competitors trade at median 2024 EBITDA multiples of 6.99x and 6.50x, respectively, which we find odd. The U.S. companies have to contend with 280e taxes while the Canadians do not. That should drive a valuation difference as $1 of U.S. EBITDA theoretically becomes less after-tax cash flow than $1 of Canadian EBITDA. Why don’t we see this gap? We believe one reason is the relatively more significant upside optionality from valuation catalysts like S3, Safer, etc.
U.S.
Canada
Rest of the World
Worldwide
This Chart is Only Available to Higher Tier Memberships
Please Purchase a Premium or Enterprise membership to see more.
Weekly Sector Valuation Report – U.S. vs Canadian Valuations
- The tables below break out the worldwide cultivation and retail sector into its U.S., Canadian, and Rest of the World segments.
- The U.S. and Canadian competitors trade at median 2024 EBITDA multiples of 6.99x and 6.50x, respectively, which we find odd. The U.S. companies have to contend with 280e taxes while the Canadians do not. That should drive a valuation difference as $1 of U.S. EBITDA theoretically becomes less after-tax cash flow than $1 of Canadian EBITDA. Why don’t we see this gap? We believe one reason is the relatively more significant upside optionality from valuation catalysts like S3, Safer, etc.
U.S.
Canada
Rest of the World
Worldwide
