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Cannabis Investment Report | December 2017
($U.S. millions, except stock price) LT™M Forward Forward Stack A Eelew . Multiples Mutiple Mulipls Price 52-Week Market Enterprise © LTM COM, | SS Company Ticker 11/30/17 High Value_ Value (EV) Revenue EBITDA Revenue EBITDA 2018 201920182019 Cara Therapeutics, Inc. NasdagGM:CARA $1245 56.3% $406.0 $303.0 $0.9 -$65.8 NM NM NM 86.1x NM NM GW Pharmaceuticals ple NasdagGM:GWPH 124.49 91% 3,153.2 2,847.7 11.0 -191.6 NM NM NM 11.4 NM NM INSYS Therapeutics, Inc. NasdaqGM:INSY 5.30 64.7% 388.6 266.9 164.1 -35.6 1.6x NM 17x 14 NM 6.4x Zynerba Pharmaceuticals, Inc. | NasdaqGM:ZYNE 13.77 46.9% 186.6 120.4 0.0 -31.2 NM NM NM NM NM NM Median 51.6% $397.3 $285.0 $6.0 -$50.7 1.6x NM 17x 11.4x NM 6.4x
YSE American ($U.S. millions, except stock price) LTM Forward Forward EV Revenue EBITDA Stock % Below . Price 52-Week Market Enterprise © LTM LTM __Muttiples _Muttiples __Muttiples Company Ticker 11/30/17 ~~ High Value Value(EV) Revenue EBITDA Revenue EBITDA 2018 2019 2018 2019 22nd Century Group, Inc. AMEX2XII $2.33 33.4% $287.9 $273.2 $14.0 -$11.3 19.5% NM = 12.7x — 10.7x NM NM India Globalization Capital, Inc. © AMEX:IGC 0.58 = 27.6% 16.3 18.2 0.6 -16 28.8 NM NA NA NA NA Innovative Industrial NYSE:IIPR 18.15 11.5% 63.5 413 46 -12 9.0 NM 24 12 oe 1.6x
Properties, Inc.
Median Ancillary Constellation Brands, Inc. NYSE:STZ $217.59 4.2% $42,572.2 $51,393.3 $7,458.5 $2,709.3 6.9x 19.0x 6.7x 63x 18.3x 16.6x The Scotts Miracle-Gro Company NYSE:SMG 98.90 3.5% 5,689.7 6,969.0 2,642.1 500.0 26 13.9 2.5 24 12.9 12.0
Median 3.9% $24,131.0 $29,181.2 $5,050.3 $1,604.7
Source: S&P Global Market Intelligence. Not Meaningful (NM) used for negative multiples, and for revenue multiples greater than 100.0x and EBITDA multiples greater than 50.0x. Not Available (NA) used for information that is not available. Enterprise Value is defined as Market Value plus Debt minus Cash and Cash Equivalents. LTM is Last Twelve Months. EBITDA is defined as Earnings Before Interest, Taxes, Depreciation and Amortization.
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