Has the Canadian Pharma Industry valuation changed over the past few years?

Investors are optimistic on the Canadian Pharmaceuticals industry, and appear confident in long term growth rates. The 3-year average PS ratio of 1.4x is lower than the industry's current PS ratio of 1.6x.

Which industries have driven the changes within the Canadian Healthcare industry?

There are no additional sub-industries under this industry.

Canadian (TSX) Pharma Industry Analysis

Date	Market Cap	Revenue	Earnings	PE	Absolute PE	PS
Sun, 13 Sep 2026	CA$22.0b	CA$13.5b	-CA$894,840,013.86	11.3x	-24.6x	1.6x
Tue, 11 Aug 2026	CA$13.6b	CA$10.1b	-CA$978,047,322.18	11.1x	-13.9x	1.4x
Thu, 09 Jul 2026	CA$13.7b	CA$10.7b	-CA$1,734,872,151.91	9.9x	-7.9x	1.3x
Sat, 06 Jun 2026	CA$17.6b	CA$12.2b	-CA$1,906,842,359.48	8.4x	-9.2x	1.4x
Mon, 04 May 2026	CA$16.9b	CA$11.2b	-CA$1,662,033,028.73	15.4x	-10.2x	1.5x
Wed, 01 Apr 2026	CA$12.4b	CA$11.4b	-CA$1,685,071,393.89	12.4x	-7.4x	1.1x
Fri, 27 Feb 2026	CA$14.7b	CA$11.3b	-CA$1,805,492,034.86	14x	-8.1x	1.3x
Sun, 25 Jan 2026	CA$16.4b	CA$11.2b	-CA$1,938,988,736.71	16.3x	-8.5x	1.5x
Tue, 23 Dec 2025	CA$17.0b	CA$11.2b	-CA$1,943,217,544.62	16x	-8.8x	1.5x
Thu, 20 Nov 2025	CA$12.6b	CA$11.4b	-CA$1,926,695,653.76	14.7x	-6.5x	1.1x
Sat, 18 Oct 2025	CA$17.4b	CA$11.3b	-CA$2,041,111,924.72	35.7x	-8.5x	1.5x
Mon, 15 Sep 2025	CA$15.3b	CA$11.2b	-CA$2,034,635,474.52	40.3x	-7.5x	1.4x
Wed, 13 Aug 2025	CA$16.5b	CA$11.7b	-CA$2,533,918,367.16	22.7x	-6.5x	1.4x
Fri, 11 Jul 2025	CA$10.8b	CA$11.7b	-CA$2,538,599,628.34	19.6x	-4.3x	0.9x
Sun, 08 Jun 2025	CA$9.8b	CA$11.7b	-CA$2,523,132,318.46	18x	-3.9x	0.8x
Tue, 06 May 2025	CA$10.9b	CA$11.9b	-CA$2,505,074,376.71	20.5x	-4.3x	0.9x
Thu, 03 Apr 2025	CA$10.1b	CA$12.3b	-CA$2,633,078,636.49	19.6x	-3.9x	0.8x
Sat, 01 Mar 2025	CA$11.8b	CA$12.3b	-CA$2,407,221,071.07	22.4x	-4.9x	1x
Mon, 27 Jan 2025	CA$12.1b	CA$12.1b	-CA$2,410,157,394.21	35.6x	-5x	1x
Wed, 25 Dec 2024	CA$12.7b	CA$12.1b	-CA$2,412,536,434.12	24.3x	-5.3x	1x
Fri, 22 Nov 2024	CA$14.5b	CA$12.0b	-CA$2,668,782,094.77	16.8x	-5.4x	1.2x
Sun, 20 Oct 2024	CA$19.2b	CA$11.8b	-CA$2,708,717,422.12	17.4x	-7.1x	1.6x
Tue, 17 Sep 2024	CA$18.1b	CA$11.6b	-CA$2,702,133,400.89	20.9x	-6.7x	1.6x
Thu, 15 Aug 2024	CA$18.9b	CA$11.7b	-CA$2,767,970,359.41	24.4x	-6.8x	1.6x
Sat, 13 Jul 2024	CA$19.9b	CA$11.7b	-CA$3,178,958,933.70	19.1x	-6.3x	1.7x
Mon, 10 Jun 2024	CA$20.5b	CA$11.8b	-CA$2,756,296,099.68	12.8x	-7.5x	1.7x
Wed, 08 May 2024	CA$23.5b	CA$11.9b	-CA$3,425,364,827.97	11.1x	-6.9x	2x
Fri, 05 Apr 2024	CA$25.7b	CA$11.9b	-CA$3,475,772,945.54	8.9x	-7.4x	2.2x
Sun, 03 Mar 2024	CA$21.7b	CA$12.0b	-CA$4,217,595,995.48	9.4x	-5.1x	1.8x
Tue, 30 Jan 2024	CA$22.3b	CA$12.3b	-CA$6,740,925,133.00	10.3x	-3.3x	1.8x
Thu, 28 Dec 2023	CA$17.8b	CA$12.2b	-CA$6,702,311,326.00	9.4x	-2.7x	1.5x
Sat, 25 Nov 2023	CA$18.1b	CA$12.4b	-CA$6,821,980,374.00	7x	-2.7x	1.5x
Mon, 23 Oct 2023	CA$17.3b	CA$12.4b	-CA$7,341,920,600.00	12x	-2.4x	1.4x
Wed, 20 Sep 2023	CA$20.7b	CA$12.9b	-CA$7,872,834,219.00	14.2x	-2.6x	1.6x


CA Market	-1.85%
Healthcare	-2.25%
Pharma	-1.05%
Pharma	-1.05%

Company	Last Price	7D	1Y	Valuation
APTX Apotex Health	CA$35.55	5.7% +CA$438.7m	n/a	PS2.5x
IAN iAnthus Capital Holdings	CA$0.01	100.0% +CA$34.9m	0%	PS0.4x
SHRX Sharp Therapeutics	CA$1.37	50.5% +CA$14.5m	174.0%	PE-6x
NTLX Neurothera Labs	CA$4.39	30.7% +CA$14.1m	n/a	PS63.9x
CWEB Charlotte's Web Holdings	CA$0.47	8.0% +CA$9.5m	227.6%	PS2x

Announcement • Aug 22

Vireo Growth Inc. (CNSX:VREO) completed the acquisition of C21 Investments Inc. (CNSX:CXXI).

Vireo Growth Inc. (CNSX:VREO) entered into a definitive agreement to acquire C21 Investments Inc. (CNSX:CXXI) for $35.7 million on June 14, 2026. Vireo agreed to acquire all of the issued and outstanding common shares (collectively, the “C21 Shares”) after exchange of all subordinate voting shares of C21 into C21 Shares. Under the Arrangement, each issued and outstanding subordinate voting share of C21 (other than any C21 Share held by a dissenting shareholder) will be exchanged for 0.000001 common shares of C21. Following such exchange, each C21 common share outstanding will be transferred to Vireo in exchange for 0.023052 subordinate voting shares of Vireo. Subject to the satisfaction of all conditions to closing, upon completion of the Transaction, it is expected that the C21 Shares will be delisted from the Canadian Securities Exchange and the OTCQX Market and that C21 will apply to cease to be a reporting issuer under applicable Canadian and U.S. securities laws. In case of termination of transaction, seller will pay a termination fee of $3 million. The transaction is subject to subject to court approval, approval by regulatory board, approval of merger agreement by target board, approval of offer by acquirer board and approval of offer by target shareholders. The Board of Directors of C21 Investments Inc. formed a special committee for the transaction. The deal has been unanimously approved by the board. The special meeting for the shareholders of C21 Investments will be held to approve the transaction on August 7, 2026. The transaction is expected to close in the third quarter of 2026. On August 7, 2026, shareholders of C21 approved the transaction. C21 plans to apply for a final order of the Supreme Court of British Columbia for approval of the Arrangement on August 13, 2026. Assuming the satisfaction or waiver of other customary closing conditions and subject to the receipt of all relevant regulatory and court approvals, the transaction is expected to close on or about August 21, 2026. Needham & Company, LLC is acting as financial advisor to the C21 Board and provided the Independent Fairness Opinion to the C21 Board. Mikhail Ilinets and Amy Laverdure of Koffman Kalef LLP and Dorsey & Whitney LLP acted as legal advisor for C21 Investments Inc. Derek Bell, Russel Drew and Jamie Mandell of DLA Piper LLP acted as legal advisor for Vireo Growth Inc. Matthew Block and Craig Alcorn of Eversheds Sutherland LLP acted as legal advisor for Vireo Growth Inc. Computershare Investor Services Inc. acted as transfer agent for C21 Investments Inc. Davidson & Company LLP acted as accountant for C21 Investments Inc. Vireo Growth Inc. (CNSX:VREO) completed the acquisition of C21 Investments Inc. (CNSX:CXXI) on August 21, 2026.

Announcement • Aug 21

Verano Holdings Corp. Launches Easy Landings Cannabis Beverage Brand Featuring Four Flavors

Verano Holdings Corp. announced the launch of Easy Landings, the Company’s first dedicated beverage brand. Easy Landings will initially be available for purchase starting August 21 at Verano’s Zen Leaf dispensaries and third-party partners in four core Verano markets - Arizona, Illinois, Nevada, followed by New Jersey on August 28 - with plans to scale across additional states in 2026 and beyond. Easy Landings 100 mg single serve beverages feature four delicious flavors with all natural, vegan and gluten free ingredients designed for sipping straight or mixing into the beverage of your choice. Designed to bring precision, flavor and flexibility to any occasion, Easy Landings beverages are crafted to be mixed seamlessly into any drink for a custom mocktail or enjoyed on their own. Initially launching in four delicious flavors including Lemon Lime, Watermelon, Mango and Black Cherry, Easy Landings beverages optimize taste, adaptability and simple dose control in a portable and flexible format. Each 2 oz (60 ml) bottle of Easy Landings contains 100 mg of fast-acting THC, curated flavors and formulas to induce a predictable experience, with a capful measuring 5 mg of THC per serving. Easy Landings aims to engage a variety of consumers by tapping into existing demand for THC beverages and capitalizing on multiple trends, including the continued decline in alcohol consumption and growing popularity of macrodose edibles products. In 2025 alone, full year cannabis beverage dispensary sales grew 13% across all markets in which the Company operates, with non-carbonated beverages and shots experiencing the highest rate of growth. Given the category’s ongoing growth and the pending closure of the 2018 Farm Bill loophole that unintentionally created a multi-billion dollar hemp-derived THC beverage market, Easy Landings is well positioned to capitalize on existing demand as a brand new, all-natural alternative for consumers seeking cannabis beverages that are delicious, safe, tested and regulated. Easy Landings beverages are initially available in four delicious flavors and experiences, including: Lemon Lime “Refresh” - Energizing Sativa for Daytime, Social and Active Settings: Subtly sweet and perfectly sour, lemon lime pairs well with any beverage, or on its own. Watermelon “Reset” - Balanced Hybrid for Any Occasion: Tap into your nostalgic side with a juicy watermelon elixir made to enhance your favorite beverage or be sipped solo. Mango “Relax” - Perfect Indica for the Evening Wind-Down: Lush tropical notes meet THC for a vacation-in-a-bottle elixir that can be used to top off any ice-cold beverage or enjoyed on its own. Black Cherry “Rest” - 1:2 CBN/THC Indica for Nighttime Relaxation: Delightfully tart and crafted with R&R in mind, black cherry promises a departure from the everyday. The bold, bittersweet flavor and mellow blend of THC and CBN upgrade your evening routine with intention, promoting restful and ready vibes for your next adventure.

Canadian (TSX) Pharma Industry Analysis

Industry Valuation and Performance

Industry Trends

Top Stock Gainers and Losers

Latest News

Independent Director recently sold CA$516k worth of stock

High number of new and inexperienced directors

Canopy Growth Broadens Australian Medical Cannabis Portfolio with New Formats and Formulations

Cronos Group Inc. Expands Spinach Brand with New Edible Multipack and Vape Flavors

Second quarter 2026 earnings released: CA$0.014 loss per share (vs CA$0.048 loss in 2Q 2025)

Apotex Health Corp. (TSX:APTX) completed the acquisition of remaining 70% stake in Talicia Holdings Inc. from RedHill Biopharma Ltd. (NasdaqCM:RDHL) for $53 million.

First half 2026 earnings released

Cresco Labs Inc., Annual General Meeting, Oct 30, 2026

New major risk - Financial position

New minor risk - Profitability

Vireo Growth Inc. (CNSX:VREO) completed the acquisition of C21 Investments Inc. (CNSX:CXXI).

Verano Holdings Corp. Launches Easy Landings Cannabis Beverage Brand Featuring Four Flavors

Consensus revenue estimates increase by 10%

HLS Therapeutics Inc. (TSE:HLS) Just Reported Second-Quarter Earnings: Have Analysts Changed Their Mind On The Stock?

New major risk - Financial position

The Green Thumb Industries Inc. (CSE:GTII) Second-Quarter Results Are Out And Analysts Have Published New Forecasts