OUR 9TH YEAR OF PROVIDING PROPRIETARY CAPITAL MARKETS INTELLIGENCE ON THE CANNABIS / HEMP / PSYCHEDELIC SECTORS
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Valuation Tracker By Industry Sector
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.
Week ended 10/31/2025
Sector Valuation Report – Cultivation and Retail Sector Metrics as of 10/31/25
- The 27 Cultivation and Retail companies in our database with sell-side analyst coverage (comprising both US and Canadian companies) now trade at a median of approximately 5.68 times estimated 2026 EBITDA.
- The group now has a median EV/2026 revenues of 1.03x.
- Our bespoke measure of Adj. EV/2026 EBITDAR has a median of 6.09x, and we believe that figure is more consistent with economic reality. We include both operating leases (considered debt) and excess tax liabilities (those over 90 days of tax expense, also considered debt) in our definition of enterprise value. Our measure makes the sector appear less inexpensive than the standard measure suggests. Nonetheless, we believe the potential is to increase to well over 10 times.
- Interestingly, the group continues to trade at a steep discount (0.6x) to book value, suggesting that the market believes some of the assets, such as licenses and goodwill, have declined in value since the acquisition.
- Valuations generally declined slightly in the week ended 10/31/25.
Week ended 10/31/2025
Sector Valuation Report – Cultivation and Retail Sector Metrics as of 10/31/25
- The 27 Cultivation and Retail companies in our database with sell-side analyst coverage (comprising both US and Canadian companies) now trade at a median of approximately 5.68 times estimated 2026 EBITDA.
- The group now has a median EV/2026 revenues of 1.03x.
- Our bespoke measure of Adj. EV/2026 EBITDAR has a median of 6.09x, and we believe that figure is more consistent with economic reality. We include both operating leases (considered debt) and excess tax liabilities (those over 90 days of tax expense, also considered debt) in our definition of enterprise value. Our measure makes the sector appear less inexpensive than the standard measure suggests. Nonetheless, we believe the potential is to increase to well over 10 times.
- Interestingly, the group continues to trade at a steep discount (0.6x) to book value, suggesting that the market believes some of the assets, such as licenses and goodwill, have declined in value since the acquisition.
- Valuations generally declined slightly in the week ended 10/31/25.
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