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 – Midsized US Cultivation & Retail: Company Valuation Metrics
-
- The tables below present the summary and detailed valuation metrics for the seven US Cultivation and Retail companies with market caps between $50M and $500M
- The median EV/2026 EBITDA multiple for the group is surprisingly low at 3.7x, showing little lift since the Executive Order. Market skepticism from having seen so many regulatory reforms proposed but never enacted is a key reason for the lack of market response, followed by uncertainty about the method and timing of rescheduling.
- The tightest grouping of values around the median is shown by the metric with the lowest IQR/Median, and in this group, that is the EV/ 2026 revenues metric, where slightly more than half of the companies are between .82x and 1.08x
- We continue to believe that our bespoke metric, Adjusted EV/2026 EBITDAR, is a superior valuation measure for cannabis MSOs because it accounts for the impact of both operating leases and the excess tax liabilities carried by most of these companies. It is no accident that the median for this ratio, at 7.44x, is significantly higher than the standard EV/EBITDA metric, and it tells us that cannabis MSOs are not as cheap as they appear when you factor in their large operating lease and tax liabilities.
This Chart is Only Available to Higher Tier Memberships
Please Purchase a Basic, Premium, or Enterprise membership to see more.
Valuation Tracker By Sector
The Viridian Value Tracker is the most comprehensive valuation product in the industry.
-
- 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 – Cultivation & Retail as of 1/2/26
-
- The table below shows the summary valuation metrics for the 72 cultivation & retail companies in the Viridian Value Tracker database.
-
- Interesting to note that the median EV/2026 EBITDA for the full sample at 5.75x is significantly higher than the median for the mid-sized US group discussed above. The two driving factors are that the Canadian LPs trade at generally higher EBITDA multiples, and the larger MSOs also trade at higher multiples than the mid-sized companies
- Looking over the history since 2022, we find a reasonable likelihood that US multiples could rise to over 12x.
This Chart is Only Available to Higher Tier Memberships
Please Purchase a Premium or Enterprise membership to see more.
Sector Valuation Report – Cultivation & Retail as of 1/2/26
-
- The table below shows the summary valuation metrics for the 72 cultivation & retail companies in the Viridian Value Tracker database.
-
- Interesting to note that the median EV/2026 EBITDA for the full sample at 5.75x is significantly higher than the median for the mid-sized US group discussed above. The two driving factors are that the Canadian LPs trade at generally higher EBITDA multiples, and the larger MSOs also trade at higher multiples than the mid-sized companies
- Looking over the history since 2022, we find a reasonable likelihood that US multiples could rise to over 12x.