Comp Tables
Investment Analysis and Valuation of the Cannabis Industry
Your Comps Are Wrong: Why and How to Use Comp Tables - Click to Toggle
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
Publicly Available Commentary


Biden Shifts 50 Year Federal Narrative
With just a month ahead of the midterm elections, Biden released an official statement on marijuana reform calling for pardons and rescheduling of marijuana (see press & proclamation). The concluding statement I think is more important than the actual details as...
EBITDA & Leverage – Higher Than You Think
As valuations and liquidity have declined since the first quarter 2021 (when the industry raised over $3 billion in equity), debt has become a go-to source of financing. What is the leverage in cannabis? It may be higher than you think. There are also debates on if...
No BGXX <> US Cannabis Readthrough; Uplisting will separate the wheat from the chaff
You may have heard about the roller coaster direct listing (NOT an IPO) of Bright Green Corp (BGXX), a company that plans to cultivate cannabis for pharmaceutical research under a license from the DEA. This has little read through to the rest of the US cannabis...
May Multiples & Key Questions
May Review of Multiples: The comp table has been updated for 1Q22 earnings and can be accessed by Premium Members in real time.May Review of Multiples: Since March 31, the US plant touching operators on my comp table have on average (using the sums...
Podcast: Chat with Rena Sherbill on Seeking Alpha’s Cannabis Investing Podcast
Thanks to Rena Sherbill of Seeking Alpha's Cannabis Investing Podcast for interviewing Mike and thanks to Colin Ferrian for joining our chat and getting the band back together for a one-off conversation.To quote the summary and transcript (available here) of Rena's...
1Q22 Survey Results
It is important to note that 29% of the responses invest at least $5 million, and that 11% invest more than $100 million. We can safely disclose that the orange bars in the charts below represent institutional AUM measured in the billions of dollars.
US Cannabis below SMidCap Crisis Trough Multiples
As the markets collapsed in March 2020, taking an already weak cannabis sector with it, I asked a simple question when working at MJBizDaily:“At what multiple did small-midcap consumer, industrial, agricultural, pharma, and tech equities bottom in the 1999-2003 Dotcom...
Sardines & Sentiment
Cannabis stocks, like most stocks, are behaving like trading sardines. I’ll let page 18 of Seth Klarman’s Margin of Safety explain the parable: There is an old story about the market craze in sardine trading when the sardines disappeared from their traditional waters...
Avoiding the Value Trap: Catalysts for 3Q21 & 2022
Cannabis stocks cannot catch a bid. As the small-cap index IWM rose 3% in October, the average US cannabis stock declined 13%, the Ancillary operators declined 7%, and the Canadian LPs declined 9%. A heatmap of stock performance can be downloaded hereThe US operators...
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,...
US cannabis trading volume levels after first-quarter spike
Average daily trading volumes for U.S. cannabis operators appear to be bottoming out at about $80 million per day, a level not seen since October 2020. Trading volumes have declined 75% since peaking in February. Despite the drop, the volume remains nearly triple the...
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...
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...
Estimates Up and Stocks Down into 2Q21 Earnings Season
As we enter 2Q21 earnings season, we ask, “what has happened with the stocks prices and estimates since 1Q21”? The estimates for the US-Focused operators have increased, while the stock prices themselves have declined, compressing valuation multiples by about 1 turn....
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...
Cannabis Stocks & Valuations Drop Amidst Fed Volatility – Comp Table June 21, 2021
Cannabis stocks have taken a beating since our last comp table on June 10. The average US stock has declined 5%, while the average Canadian stock declined 9% since June 10. The Canadian sales estimates also declined about 2%, while the US estimates actually increased...
Cannabis Can Offset Inflation & Comp Table June 10
In the days after the Great Recession (2008-09), the U.S. government implemented a policy of quantitative easing to boost the recovery. In 2010, after the first round of QE, Mike asked Warren Buffett about his views on inflation and investing. The Oracle of Omaha...
Nutrient Consolidation & Return of Meme Moves & Volumes? Comp Table May 28, 2021
Early signs of consolidation in cannabis nutrients? Over 4,000 years ago, early farmers noticed enhanced crop growth in areas of manure accumulation where animals gathered, and the first fertilizer application practices were born. The Babylonians, Egyptians, and...
Cultivation En Vogue, Thoughts on Vertical Integration & Comp Tables Priced 5/14/21 & 5/17/2021
Premium Members can download our pro forma in-the-money diluted comp tables below. Cultivation is in vogue At this point in the industry, most operators need to own most pieces of the supply chain because there isn't a consistent, robust, and reliable supply...
Comp Table May 7 & May 10 PF Trulieve-Harvest & Post VFF-CURLF Print
Premium Members can download the comp tables priced as of May 7 and May 10th, 2021, below. These have been updated for the Trulieve-Harvest merger, and assume that the $110m Harvest Converts get refinanced by Trulieve as normal debt. The May 10, 2021 table is also...
Comp Table April 30, 2021 – Now With Cashless Exercise
Comp Table updated for April 30, 2021 - Now using cashless exercises for warrants and options Premium members can download a PDF of our cannabis comp table, updated on April 30, 2021 below. Cannabis stocks were weak in March after peaking in...
Comp Table April 29, 2021, for Premium Members Only: Now with share counts, Cash On Hand, & Pro Forma Net Debt
Premium Members can download the detailed comp table priced as of April 29, 2021, at the button below. Like the previous Free Member ones, this includes only in-the-money warrants and options, counts converts as either shares if in the money or face value if out the...
Alcohol or Yoga Pants? Rising Rates Pressure Stocks, Comp Tables 3/5/21
Cannabis stocks are being driven by market dynamics and not fundamentals, creating opportunities for long term investors that can stomach the volatility. The rising correlations also present hedging opportunities: are you nervous about valuations after 4X gains in...
Risk Off February? Comp Tables 2/26/2021
For the month of February cannabis stocks peaked then declined. The stocks ended up 17% for the US operators and 23% for the Canadian operators, and both groups have declined since peaking around February 8-10 (-13% for US and -26% for Canadian) - when we noted that...
Comp Tables: Premium Members
- Comp Tables Nov. 30, 2022
- Comp Tables Nov. 11, 2022
- Comp Tables Oct. 31, 2022
- Comp Tables Oct. 21, 2022
- Comp Tables Oct. 14, 2022
- Comp Tables Oct. 12, 2022
- Post Biden Comp Tables Oct. 6, 2022
- Comp Tables Oct. 4, 2022
- Comp Tables Sept. 28, 2022
- Comp Tables Sept. 27, 2022
- Comp Tables Sept. 22, 2022
- Comp Table Sept. 20, 2022
- Comp Table Sept. 16, 2022
- Comp Table Sept. 9, 2022
- Comp Table August 31, 2022
- Comp Table August 23, 2022
- Comp Table August 19, 2022
- Comp Table July 29, 2022
- Comp Table July 22, 2022
- Comp Table July 18, 2022
- Comp Table June 30, 2022
- Comp Table June 27, 2022
- Comp Table June 21, 2022
- Comp Table June 13, 2022
- Comp Table June 8, 2022
- Comp Table May 31, 2022
- Comp Table May 18, 2022
- Comp Table May 12, 2022 for Premium Members
- Comp Table May 9, 2022 for Premium Members
- Comp Table May 6, 2022 for Premium Members
- Comp Table May 5, 2022 for Premium Members
- Comp Table Apr. 29, 2022 for Premium Members
- Comp Table Apr. 25, 2022 for Premium Members
- Comp Table Apr. 15, 2022 for Premium Members
- Comp Table Mar. 31, 2022 for Premium Members
- Comp Table Mar. 25, 2022 with PF Cresco+Columbia Care
- Comp Table Mar. 23, 2022 for Premium Members
- Comp Table Mar. 21, 2022 for Premium Members
- Comp Table Mar. 18, 2022 for Premium Members
- Comp Table Mar. 11, 2022 for Premium Members
- Comp Table Feb. 25, 2022 for Premium Members
- Comp Table Feb. 22, 2022 for Premium Members
- Comp Table Feb. 15, 2022 for Premium Members
- Comp Table Feb. 4, 2022 for Premium Members
- Comp Table Jan. 31, 2022 for Premium Members
- Comp Table Jan. 25, 2022 for Premium Members
- Comp Table Jan. 21, 2022 for Premium Members
- Comp Table Jan. 14, 2022 for Premium Members
- Comp Table Jan. 4, 2022 with MJBiz/Emerald
- Comp Table Dec. 31, 2021 for Premium Members
- Comp Table Dec. 17, 2021 for Premium Members
- Comp Table Dec. 8, 2021 for Premium Members
- Comp Table Nov. 30, 2021 for Premium Members
- Comp Table Nov. 8, 2021 for Premium Members
- Comp Table Oct. 29, 2021 for Premium Members
- Comp Table Oct. 28, 2021 for Premium Members
- Comp Table Oct. 25, 2021 for Premium Members
- Comp Table Oct. 15, 2021 for Premium Members
- Comp Table Oct. 14, 2021 for Premium Members
- Comp Table Oct. 7, 2021 for Premium Members
- Comp Table Sept. 30, 2021 for Premium Members
- Comp Table Sept. 21, 2021 for Premium Members
- Comp Table Sept. 10, 2021 for Premium Members
- Comp Table Sept. 7, 2021 for Premium Members
- Comp Table August 31, 2021 for Premium Members
- Comp Table August 27, 2021 for Premium Members – Flower One Added
- Comp Table August 18, 2021 for Premium Members – 2Q21 Updates
- Comp Table August 6, 2021 for Premium Members - with Agrify & Hyrdofarm
- Comp Table August 4, 2021 for Premium Members
- Comp Table July 28, 2021 for Premium Members - GAGE added
- Comp Table July 27, 2021 for Premium Members
- Comp Table July 22, 2021 for Premium Members
- Comp Table July 19, 2021 for Premium Members
- Comp Table July 16, 2021 for Premium Members
- Comp Table July 8, 2021 for Premium Members
- Comp Table June 30, 2021 for Premium Members
- Comp Table June 21, 2021 for Premium Members
- Comp Table June 10, 2021 for Premium Members
- Comp Table May 28, 2021 for Premium Members
- Comp Table May 17, 2021 for Premium Members
- Comp Table May 14, 2021 for Premium Members
- Comp Table May 10, 2021 for Premium Members
- Comp Table May 7, 2021 For Premium Members
- Comp Table April 30, 2021 For Premium Members Only
- Comp Table April 29, 2021 for Premium Members Only
- Comp Tables Priced March 5, 2021
- Comp Tables Priced February 26, 2021
- Comp Tables Priced February 19, 2021
- Comp Tables Priced February 10, 2021
- Comp Tables Priced February 5, 2021
- Comp Tables Priced January 29, 2021
- Comp Tables Priced January 14, 2021
- Weedmaps Comp Tables Priced January 11, 2021
- Comp Tables Priced January 6, 2021
- Comp Tables Priced December 31, 2020
- Comp Tables Priced December 18, 2020
- Comp Tables Priced December 11, 2020
- Comp Tables Priced December 7, 2020