The Cannabist Company - Public Comps and Valuation Multiples

The Cannabist Company Overview

About The Cannabist Company

Cannabist Company Holdings Inc through its subsidiaries, operates as a cultivator, manufacturer, and provider of medical and adult-use cannabis products. Some of its products are vaporization oil, sublingual tinctures, lotions, hard-pressed tablets, and suppositories, among others which are marketed through brands like Classix, dreamt, Triple Seven, Amber, Press, Heady, and Seed and Strain. The company operates its businesses in California, Colorado, Delaware, Illinois, Maryland, Massachusetts, New Jersey, New York, Ohio, Pennsylvania, Virginia, and West Virginia.

Founded

2018

HQ

Employees

1.6K+

Website

cannabistcompany.com

Sectors

Cannabis
CannaTech
BioTech
ViceTech

Financials

LTM Revenue $457M

LTM EBITDA $31.6M

EV

$452M

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The Cannabist Company Financials

As of December 2025, The Cannabist Company reported last 12-month revenue of $457M and EBITDA of $31.6M.

In the same period, The Cannabist Company generated $131M in LTM gross profit and -$196M in net income.

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The Cannabist Company P&L

In the most recent fiscal year, The Cannabist Company reported revenue of $331M and EBITDA of $20.6M.

The Cannabist Company expects next 12-month revenue of XXX and NTM EBITDA of XXX

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	LTM	NTM	Last FY	FY 2026	FY 2027	FY 2028
Revenue	$457M	XXX	$331M	XXX	XXX	XXX
Gross Profit	$131M	XXX	$121M	XXX	XXX	XXX
Gross Margin	29%	XXX	37%	XXX	XXX	XXX
EBITDA	$31.6M	XXX	$20.6M	XXX	XXX	XXX
EBITDA Margin	7%	XXX	6%	XXX	XXX	XXX
EBIT	-$56.8M	XXX	-$14.5M	XXX	XXX	XXX
EBIT Margin	-12%	XXX	-4%	XXX	XXX	XXX
Net Profit	-$196M	XXX	-$76.4M	XXX	XXX	XXX
Net Margin	-43%	XXX	-23%	XXX	XXX	XXX
Net Debt	XXX	XXX	$194M	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for The Cannabist Company including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $457M. EBITDA for the last twelve months was $31.6M. In the most recent fiscal year, The Cannabist Company achieved $331M in revenue and $20.6M in EBITDA.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2026)	Next Fiscal Year (2027)	Two Years Forward (2028)
Total Revenue	$457M	Analyst estimates available to subscribers	$331M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$131M	Analyst estimates available to subscribers	$121M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	28.6% gross margin	Analyst estimates available to subscribers	36.7% gross profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	$31.6M	Analyst estimates available to subscribers	$20.6M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	6.9% EBITDA margin	Analyst estimates available to subscribers	6.2% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	-$56.8M	Analyst estimates available to subscribers	-$14.5M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	-12.4% EBIT margin	Analyst estimates available to subscribers	-4.4% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	-$196M	Analyst estimates available to subscribers	-$76.4M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	-42.8% net profit margin	Analyst estimates available to subscribers	-23.1% net profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Debt Position	Detailed debt information available to subscribers	Detailed debt information available to subscribers	$194M	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for The Cannabist Company

This financial data table provides comprehensive performance metrics for The Cannabist Company, a company based in Canada. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

The Cannabist Company generated $457M in revenue over the last twelve months.
The company achieved $31.6M in EBITDA over the last twelve months.
Gross profit for the last twelve months was $131M.
Net income over the last twelve months reached -$196M.

Fiscal Year Performance

In the most recent fiscal year, The Cannabist Company reported $331M in total revenue.
Fiscal year EBITDA was $20.6M.
The company maintained a gross profit margin of 36.7% in the most recent fiscal year.
EBITDA margin for the fiscal year was 6.2%.
Net profit margin reached -23.1% in the most recent fiscal year.

This financial data is sourced from Morningstar, Inc. and represents the most recent available information for The Cannabist Company. Forward-looking estimates and detailed financial projections are available through our premium subscription service.

The Cannabist Company Stock Performance

The Cannabist Company has current market cap of CAD 35.3M (or $25.5M), and EV of CAD 626M (or $452M).

Market Cap Evolution

The Cannabist Company Stock Data

As of January 19, 2026, The Cannabist Company's stock price is CAD 0 (or $0).

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EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$452M	$25.5M	XXX	XXX	XXX	XXX	$-0.29

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The Cannabist Company Valuation Multiples

The Cannabist Company's trades at 1.4x EV/Revenue multiple, and 19.8x EV/EBITDA.

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The Cannabist Company Financial Valuation Multiples

As of January 19, 2026, The Cannabist Company has market cap of $25.5M and EV of $452M.

Equity research analysts estimate The Cannabist Company's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

The Cannabist Company has a P/E ratio of -0.2x.

	LTM	NTM	Last FY	FY 2026	FY 2027	FY 2028
Market cap (current)	$25.5M	XXX	$25.5M	XXX	XXX	XXX
EV (current)	$452M	XXX	$452M	XXX	XXX	XXX
EV/Revenue	1.4x	XXX	1.4x	XXX	XXX	XXX
EV/EBITDA	19.8x	XXX	19.8x	XXX	XXX	XXX
EV/EBIT	-11.0x	XXX	-11.0x	XXX	XXX	XXX
EV/Gross Profit	4.8x	XXX	n/a	XXX	XXX	XXX
P/E	-0.2x	XXX	-0.2x	XXX	XXX	XXX
EV/FCF	n/a	XXX	-21.4x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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The Cannabist Company Margins & Growth Rates

The Cannabist Company's last 12 month revenue growth is 1%

The Cannabist Company's revenue per employee in the last FY averaged $0.2M, while opex per employee averaged $0.1M for the same period.

The Cannabist Company's rule of 40 is -9% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

The Cannabist Company's rule of X is 9% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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The Cannabist Company Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2026	FY 2027	FY 2028
Revenue Growth	1%	XXX	n/a	XXX	XXX	XXX
EBITDA Margin	7%	XXX	7%	XXX	XXX	XXX
EBITDA Growth	-16%	XXX	n/a	XXX	XXX	XXX
Rule of 40	-9%	XXX	8%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	9%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$0.2M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$0.1M	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	1%	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	41%	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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