The chart explores the capital intensity of cannabis compared to four other industries thought to be likely suitors for cannabis companies upon federal legalization: Tobacco, Alcoholic Beverages, Pharmaceuticals, and Consumer Products.


In the chart, the cannabis group comprises the nine MSOs with market caps over $100M.  

Tobacco includes British American Tobacco (NYSE: BTI), Altria (NYSE: MO), Phillip Morris International (NYSE: PM), and Japan Tobacco (OTC: JAPAF).

Alcoholic Beverages include ABEV (NYSE: ABEV), Brown-Forman (NYSE: BF-B), Constellation Brands (NYSE: STZ), Diageo (NYSE: DEO), and Molson Coors (NYSE: TAP).

Pharmaceuticals include Johnson & Johnson (NYSE: JNJ), Pfizer (NYSE: PFE), Merck & CO. (NYSE: MRK), and Eli Lilly (NYSE: LLY).

Consumer Products include Colgate Palmolive (NYSE: CL), Mondeles (NYSE: MDLZ), Proctor & Gamble (NYSE: PG), and Unilever (NYSE: UL).

The capital intensity of each group (depicted by the green bar) …

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