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 08/01/2025
Sector Valuation Report – Cultivation & Retail
- The MSOS ETF is up 43% over the last month, and the cultivation and retail sector metrics mirror this improvement:
- Median EV/ 2026 EBITDA has improved to 4.71x vs 3.93x a month ago.
- Similarly, our bespoke valuation ratio of adjusted EV to 2025 EBITDAR is up to 6.97x, compared to 6.4x a month ago. This metric includes the impact of all leases and accrued 280E tax liabilities in the enterprise value.
- Valuation metrics still have a long way to go. Investors are optimistic, but have been burned too many times to embrace the positive rumors of Trump rescheduling fully. But all it would take is one actual public comment from Trump to get the ball really rolling.
Week ended 08/01/2025
Sector Valuation Report – Cultivation & Retail
- The MSOS ETF is up 43% over the last month, and the cultivation and retail sector metrics mirror this improvement:
- Median EV/ 2026 EBITDA has improved to 4.71x vs 3.93x a month ago.
- Similarly, our bespoke valuation ratio of adjusted EV to 2025 EBITDAR is up to 6.97x, compared to 6.4x a month ago. This metric includes the impact of all leases and accrued 280E tax liabilities in the enterprise value.
- Valuation metrics still have a long way to go. Investors are optimistic, but have been burned too many times to embrace the positive rumors of Trump rescheduling fully. But all it would take is one actual public comment from Trump to get the ball really rolling.
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