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 07/25/2025
Sector Valuation Report – Real Estate
- The chart below focuses on the top two U.S. Cannabis specialty lenders, Chicago Atlantic and AFC, and the top two sales-leaseback providers: NewLake Capital and Innovative Industrial Properties. These four companies are the most vital members of the Viridian Real Estate Sector.
- We recognize that there is a difference between the business models of these two groups. NewLake and IIPR actually own the real estate assets that they lease to MSOs and SSOs. Their leases are generally structured to have a very long duration of over 15 years, with lease escalation terms that typically increase rental rates by around 3% per year. Chicago Atlantic and AFC are primarily secured lenders with loan durations of 3-5 years.
- NewLake Capital trades at the second-lowest market-to-book ratio, despite having significantly lower leverage (as measured by total liabilities to assets) and one of the highest profit margins (as measured by annualized FFO to assets).
- AFC’s measures are more consistent. It has the lowest market-to-book ratio, which is likely related to its low profitability and high leverage.
Week ended 07/25/2025
Sector Valuation Report – Real Estate
- The chart below focuses on the top two U.S. Cannabis specialty lenders, Chicago Atlantic and AFC, and the top two sales-leaseback providers: NewLake Capital and Innovative Industrial Properties. These four companies are the most vital members of the Viridian Real Estate Sector.
- We recognize that there is a difference between the business models of these two groups. NewLake and IIPR actually own the real estate assets that they lease to MSOs and SSOs. Their leases are generally structured to have a very long duration of over 15 years, with lease escalation terms that typically increase rental rates by around 3% per year. Chicago Atlantic and AFC are primarily secured lenders with loan durations of 3-5 years.
- NewLake Capital trades at the second-lowest market-to-book ratio, despite having significantly lower leverage (as measured by total liabilities to assets) and one of the highest profit margins (as measured by annualized FFO to assets).
- AFC’s measures are more consistent. It has the lowest market-to-book ratio, which is likely related to its low profitability and high leverage.
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