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


Focus on the Embers, not the Flames: Comp Tables 2/19/2021
If the past few months of cannabis policy wins were the spark to light investor interest in the industry, the involvement of Reddit-based speculation in the past weeks was the gasoline to this fire. But when the gasoline runs out, the fire must burn from an enduring...
Pigs get Slaughtered: Sundial Trades more than Facebook?!?
There is an old saying that "bulls make money, bears make money, and pigs get slaughtered". If you're fat on meme stocks, congratulations, you better get out now before you're bacon. Tilray has increased 148% since last Friday, giving the pro forma Tilray-Aphria...
Party Like it’s 1999 – or 2004?: Comp Tables 2/5/2021
How do US cannabis operator valuations look when compared to other industries?
Cannabis Hits The Bid, GME & Systemic Risk?: Comp Tables Jan 29, 2021
Cannabis stocks rallied in January on legislative optimism, then paused following capital issuance, and perhaps an unrelated short squeeze. Will systemic risk or tough comps continue to pressure them? For the month of January, cannabis stocks...
Capital Drought Over: Comp Tables Priced January 14, 2021
The capital drought in cannabis appears to be over. The past week saw furious rallies and a total of $1 billion capital raised, as operators know they will need cash over the long term. The opportunity is a multidecade one, and the market is excited about the...
Your Comps Are Wrong: Why and How to Use Comp Tables
Why comp tables are key investment tools and why most tables for cannabis are wrong
Blue Wave Nonsensically Drives Canada AGAIN – Comp Table for Jan 6, 2021
Canadian cannabis operators outperform US operators despite no fundamental benefit from US legal changes
2020’s Over: Comp Tables December 31, 2020
We review the returns and valuations for 2020 our cannabis comp table priced as of December 31, 2020
Comp Tables Priced 12/18/20 With PF Tilray & Subversive/The Parent Company
Our cannabis comp table priced as of December 18, 2020 can be downloaded below Last week was especially busy for the cannabis industry, and the comp table has been updated to include two new deals. In Canada, Tilray and Aphria announced to merge (well, Aphria...
Comp Table Priced December 11, 2020
Our cannabis comp table priced as of December 11, 2020 can be downloaded below Since the last public comp table on December 7, we have added Weedmaps / Silver Spike Acquisition Corp, taking the company guidance for the forward estimates from the presentation at the...
2Q20 Earnings Closes US/Canada Discount on EV/S
The discount in US-focused cannabis stocks vs Canada-focused stocks is starting to reverse, at least on EV/S, following stronger than expected results in the US, while Canada remains beset by price pressure against the illicit market. Investors must not paint all...
Sep. 2019-April 2020 Comp Tables at MJBizDaily
Comp tables for the cannabis sector published weekly from September 2019 until April 2020 can be found at MBizDaily at this link. List of Archived Comp Tables at MJBizDaily These comp tables are dynamically adjusted for pro forma share counts and capital structures...
Comp Tables: Premium Members
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- Comp Table August 27, 2021 for Premium Members – Flower One Added
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- Comp Tables Priced March 5, 2021
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- Weedmaps Comp Tables Priced January 11, 2021
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- Comp Tables Priced December 31, 2020
- Comp Tables Priced December 18, 2020
- Comp Tables Priced December 11, 2020
- Comp Tables Priced December 7, 2020