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 09/12/2025
Sector Valuation Report – Cultivation & Retail Sector
- Valuation metrics declined again during the week ended September 12, 2025, after reaching a peak on August 29th. Current valuation metrics for the sector are:
- Median EV/ 2026 EBITDA:5.47x (vs 6.09x at the recent peak)
- Median Adj EV/ 2025 EBITDAR 7.89x (vs 8.35x on 8/29/25)
- Median EV/ 2026 Revenue of 1.05x (vs 1.13x peak)
- The pullback of the market is an opportunity and a risk. Multiples should expand significantly if and when S3 is announced. Moreover, we take considerable comfort in knowing that US multiples are now below where they were on August 25, 2023, the Friday before the original HHS announcement of its support for S3. That makes us think the risk/reward balance is in the market’s favor.
Week ended 09/12/2025
Sector Valuation Report – Cultivation & Retail Sector
- Valuation metrics declined again during the week ended September 12, 2025, after reaching a peak on August 29th. Current valuation metrics for the sector are:
- Median EV/ 2026 EBITDA:5.47x (vs 6.09x at the recent peak)
- Median Adj EV/ 2025 EBITDAR 7.89x (vs 8.35x on 8/29/25)
- Median EV/ 2026 Revenue of 1.05x (vs 1.13x peak)
- The pullback of the market is an opportunity and a risk. Multiples should expand significantly if and when S3 is announced. Moreover, we take considerable comfort in knowing that US multiples are now below where they were on August 25, 2023, the Friday before the original HHS announcement of its support for S3. That makes us think the risk/reward balance is in the market’s favor.
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