Historic Bull Market Valuations
Updated: Jul 13, 2022
"Those that fail to learn from history, are doomed to repeat it."
- Winston Churchill
This page presents an analysis of historical bull market valuations of prominent cannabis stocks using PS Ratios from 2017 to 2022. A huge thank you to YCharts.com for allowing me to use their PS Ratio data.
The timeline for this analysis is January 2017 to January 2022. The table shows relative valuations (using PS ratio) during the cannabis sector bull markets of 2018 (during Canada’s legalization of cannabis) and 2021 (when the Democrats came into power promising Cannabis decriminalization and progress on legalization). A detailed narrative on these numbers is presented in the post Cannabis Investing 4: Gladiators, Senators, the Colosseum and the Senate.
The data has many data points that would make a Vulcan (or Human) raise an eyebrow.
It is fascinating to see the Senate (Nasdaq/NYSE) listed Licensed Producers having multiple instances with triple digit (100+ PS Ratios). Per YCharts, Tilray had almost 1000 PS during the 2018 bull market driven by Canada's legalization of cannabis. The OTC (Colosseum) listed companies also had impressive PS ratios during the bull markets, but were valued at a lot lower multiples.
The following are the screenshots from YCharts used for this analysis. This is a historical analysis and these charts are from January 2022. You can visit YCharts.com and search stock tickers to find current charts.
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Nasdaq listed “Senators”
Tilray 2017-Jan to 2022-Jan PS:
Tilray 2021 PS:
Canopy Growth 2017-Jan to 2022-Jan PS:
Canopy Growth 2021 PS:
Aurora Cannabis 2017-Jan to 2022-Jan PS:
Aurora Cannabis 2021 PS:
Sundial Growers 2017-Jan to 2022-Jan PS:
Sundial Growers 2021 PS:
Cronos Group 2017-Jan to 2022-Jan PS:
Cronos Group 2021 PS:
HEXO Corp 2017-Jan to 2022-Jan PS:
HEXO Corp 2021 PS:
OTC listed “Gladiators”
Curaleaf Holdings 2017-Jan to 2022-Jan PS:
Curaleaf Holdings 2021 PS:
Green Thumb Industries 2017-Jan to 2022-Jan PS:
Green Thumb Industries 2021 PS:
Trulieve Cannabis 2017-Jan to 2022-Jan PS:
Trulieve Cannabis 2021 PS:
Cresco Labs 2017-Jan to 2022-Jan PS:
Cresco Labs 2021 PS:
High Tide 2017-Jan to 2022-Jan PS:
Note: High Tide uplisted from OTC to Nasdaq in June 2021 and was on OTC through 2018 and 2021 Bull markets.
High Tide 2021 PS:
Verano Holdings 2017-Jan to 2022-Jan PS:
Note: Verano started trading on CSE/OTC in Feb 2021.
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Disclosure: I (username Adastra) am an investor not a trader. I am bullish on the Cannabis sector as a long-term investment (2025 and beyond), provided stocks/ETFs are carefully picked based on data-driven due diligence. Of the 15 stocks covered in the Best Cannabis Stocks analysis, I own only High Tide, which I am holding as a long-term investment. But my analysis indicates (without any guarantees) that there is a potential for impressive gains in investing in the stocks best ranked in the analysis, including WM Technology, Trulieve, Curaleaf and any other stocks that will have a dedicated page. I reserve the right to buy or sell at any time any of the stocks mentioned in this blog. I do not short stocks and never will short any stock in a company that makes the world a better place. I do not have insider knowledge of any company covered in this blog. All data used for analysis is from public sources. I have received (as of last update date of this page) ZERO funding for this blog from any of the companies featured in this blog.