Comp Tables

Investment Analysis and Valuation of the Cannabis Industry

Your Comps Are Wrong: Why and How to Use Comp Tables

Why do we think comp tables are so important?

They are the key tool in understanding investment opportunities and risks in an industry.

And how can you manage a portfolio with wrong data? 

  • provide a menu of available public investment choices for purchase or sale
  • show the range of valuations of the choices, showing discrepancies that may or may not converge in the future. Public valuations also inform private company valuations and acquisition pricing
  • show the size and leverage of the public options
  • show the range of operating margins and opportunities for margin expansion or compression
  • show the cost of capital for companies and the industry, which can be applied to similar companies in the private market either raising new capital or deciding whether to sell to another company
  • on the second page, the stock price performance shows what is moving up and down, helps isolate specific performance vs peers and the broader market

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Publicly Available Commentary

EBIDA: EBITDA adjusted for 280E Taxes

In honor of MJBizCon and MJUnpacked in Vegas this week, we are providing the multiples from our dynamic in-the-money only comp table adjusted for all announced deals here.As always our Premium Members can download the full Premium comp table,...

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2Q21 Fundamentals Disconnected from Stock Moves

There is a disconnect between fundamental performance and stock performance for U.S. cannabis companies, resulting in compressing valuations for those operations. But multiples on 2022 are nearing past trough levels. Strong second quarter earnings have not yet driven...

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The CME & Cannabis? Valuation review into 2Q21

8th Revolution and the CME? In early June, we were interviewed by 8th Revolution’s Kellan Finney and Bryan Fields, where we discussed the California cultivation supply, sustainability and scalability of margins, Weedmap’s investment thesis and narrative, and Cresco...

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Uplisting to NASDAQ = +10-25X the Liquidity of OTC

Though access to capital for public cannabis companies improved in early 2021, liquidity remains low for the U.S. plant-touching operators in comparison to the Canadian licensed producers. U.S. operators have access only to lower-volume exchanges, such as the Canadian...

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Comp Tables Premium Members

This content is for subscribers only.

On the Comp Table page, we provide:

  • Fully diluted, in-the-money share counts
  • Downloadable capital structure and sell-side estimate data
  • Implied valuations
  • Stock returns over various periods

A public sample with Premium Only details hidden can be downloaded below

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