The graph displays enterprise value/consensus 2023 EBITDA, for the 22 analyst-rated U.S. Cultivation & Retail companies in the Viridian Value Tracker database, by size and liquidity level.

The green bars display EV/2023 consensus EBITDA while the yellow bars show the Viridian cash flow adjusted current ratio, calculated by adding annualized free cash flow to current assets in the standard current ratio.

The left side of the graph shows the 12 companies with less than $200 million in market cap, while the bars on the right represent the ten companies with over $200 million. Each group is divided in half based on whether companies had above or below median liquidity ratios.

The graph clearly shows the narrowed valuation gap between small and large cannabis companies we have chronicled in the Deal Tracker. The median multiple for the small companies is now 4.3x compared to 4.7x for the larger companies, whereas this gap was over 500bp when we first did …

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