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 04/18/2025
Sector Valuation – Psychedelics metrics improve
- The Psychedelics sector is difficult to value based on metrics. Companies have little to no revenue, let alone EBITDA. Virtually all sector participants have negative cash flow based on the need to conduct clinical trials and research.
- One of the few metrics that makes sense is a market-to-book or market-to-tangible book. The median market-to-tangible book value as of 4/18/25 is 1.22x, a significant uptick from the .85x we measured on 1/3/25.
- We hesitate to read too much into the improvement in the median value of this one metric, but we do find it encouraging and interesting.
- Are Psychedelics countercyclical to cannabis? We aren’t sure, but we will investigate and report back.
Week ended 04/18/2025
Sector Valuation – Psychedelics metrics improve
- The Psychedelics sector is difficult to value based on metrics. Companies have little to no revenue, let alone EBITDA. Virtually all sector participants have negative cash flow based on the need to conduct clinical trials and research.
- One of the few metrics that makes sense is a market-to-book or market-to-tangible book. The median market-to-tangible book value as of 4/18/25 is 1.22x, a significant uptick from the .85x we measured on 1/3/25.
- We hesitate to read too much into the improvement in the median value of this one metric, but we do find it encouraging and interesting.
- Are Psychedelics countercyclical to cannabis? We aren’t sure, but we will investigate and report back.
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