Comp tables for the cannabis sector published weekly from August 2019 until April 2020 can be found at MBizDaily at this link.
These comp tables are dynamically adjusted for pro forma share counts and capital structures including in-the-money and convertible debt as converted and acquisitions. Specifically:
- market caps and enterprise values include only in-the-money options and warrants in the share count
- convertible debt as equity above the conversion price and debt below the conversion price
- balance sheet and shares are adjusted for equity and debt offerings subsequent to the latest filings
- pro forma for pending acquisitions at the time, per the terms of the deal. For example, a deal that calls for “$100 million of consideration paid in shares of XYZ” changes the number of shares with the current stock price, e.g. 5 million shares at $20/sh and 10 million shares at $10/sh.
- There is no excess cash in the cannabis industry: net cash is ignored in the enterprise value since I assume that any excess cash will be consumed either in operations or acquisitions. Enterprise value is the greater of market cap + net debt or market cap (if net debt is negative, ie net cash).