Our sector trackers include ratios applicable to value companies with no analyst coverage and the more typical EV/ Revenues and EV/ EBITDA measures. For each valuation measure, we present the values for the lowest 25% of companies, the median, and the highest 25%. This gives investors a better understanding of the spread of values than a simple average, often presented but frequently seriously flawed by outliers. Cannabis valuations have been up since the HHS rescheduling recommendation, but not all sectors have gained. Psychedelics are challenging to value because so many of them are pre-revenue. One measure that makes good sense, though, is market to book, which measured a median of 1.15x as of 9/8/23, down from 1.26x on 8/25/23. Psychedelic valuations have deteriorated relative to plant-touching companies.