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Cannabis valuation issues will continue to grow in importance as the macro industry grows and as market participants continue to engage in transactions that refine the inputs for any valuation analysis.

This piece by Bloomberg BNA [sub] highlights the 34 states that have now legalized cannabis for medicinal use (along with the 19 states allowing recreational usage); the projections put US market growth at 21% annually, reaching $41.5 billion by 2025, with the worldwide legal market for cannabis forecast to reach $91.5 billion by 2028.  These estimates have room to the upside, as further legalization pushes may increase the addressable legal market, while reduced criminal penalties and diminishing stigma may also spur additional innovation.