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 10/10/2025
Sector Valuation Report – U.S. Cultivation & Retail Sector
- The table below shows the key valuation metrics for the Cultivation & Retail sector as of 10/10/25.
- Note the bottom line on the table, IQR/Median. The metric with the tightest grouping at .66 is EV/2025 EBITDA, indicating that this is the measure the market appears to be trading on. Around 50% of the companies in the group trade between 4.76x and 9.67x 2025 EBITDA, with 25% over that range and 25% under.
- This is a very wide range of valuations, and part of that is due to the sample including companies from all geographic regions. We have noted before that the Canadian companies tend to trade at higher EBITDA multiples, both because they can trade on senior exchanges and because they are not subject to 280E
- Our preferred measure of central tendency is the median Adjusted EV/2026 EBITDAR of 6.63x, which accounts for both operating leases and uncertain tax liabilities.
Week ended 10/10/2025
Sector Valuation Report – U.S. Cultivation & Retail Sector
- The table below shows the key valuation metrics for the Cultivation & Retail sector as of 10/10/25.
- Note the bottom line on the table, IQR/Median. The metric with the tightest grouping at .66 is EV/2025 EBITDA, indicating that this is the measure the market appears to be trading on. Around 50% of the companies in the group trade between 4.76x and 9.67x 2025 EBITDA, with 25% over that range and 25% under.
- This is a very wide range of valuations, and part of that is due to the sample including companies from all geographic regions. We have noted before that the Canadian companies tend to trade at higher EBITDA multiples, both because they can trade on senior exchanges and because they are not subject to 280E
- Our preferred measure of central tendency is the median Adjusted EV/2026 EBITDAR of 6.63x, which accounts for both operating leases and uncertain tax liabilities.
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