In his latest note, senior analyst Pablo Zuanic from equity research firm Zuanic & Associates assesses the valuation of US Multi-State Operators (MSOs) in the cannabis sector.

Apples-To-Apples: A Nuanced Comparison

Zuanic emphasizes potential federal regulatory shifts, such as rescheduling and banking reforms, and their impact on the valuation of cannabis MSOs.

With states like Ohio moving towards recreational sales and Florida toward recreational legalization, he highlights the nuanced valuation comparisons within the sector despite MSO EV/EBITDA averages in the mid/high single digits.

Zuanic employs an apples-to-apples methodology for estimating MSO valuations, considering factors like the latest share counts, RSUs, derivatives, proforma adjustments for pending deals, net debt, unconventional funding sources, gross leases, tax liabilities (excluding …

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