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 06/13/2025
Sector Valuation Report – Cultivation & Retail
- The median EV/2025 EBITDA is now 5.22x, modestly below the 6x intrinsic value we got from our DCF analysis reported above. Key factors contributing to the low multiples include a lack of growth and margin pressures. Consensus estimates now project 2025 revenues to be down about 3% from 2024 for the top 12 MSOs. Similarly, EBITDA margins are projected to be down from 25.90% in 2024 to 24.66% in 2025. Growth picks up in 2026, but margins remain relatively flat. We also project that the industry will likely have to wait until 2027 for full 280E relief.
- Market to book ratios continue to hover only slightly over .5x, indicating a potential for asset write-downs.
- See our weekly value sector analysis for more details.
Week ended 06/13/2025
Sector Valuation Report – Cultivation & Retail
- The median EV/2025 EBITDA is now 5.22x, modestly below the 6x intrinsic value we got from our DCF analysis reported above. Key factors contributing to the low multiples include a lack of growth and margin pressures. Consensus estimates now project 2025 revenues to be down about 3% from 2024 for the top 12 MSOs. Similarly, EBITDA margins are projected to be down from 25.90% in 2024 to 24.66% in 2025. Growth picks up in 2026, but margins remain relatively flat. We also project that the industry will likely have to wait until 2027 for full 280E relief.
- Market to book ratios continue to hover only slightly over .5x, indicating a potential for asset write-downs.
- See our weekly value sector analysis for more details.
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