Top 5 in hemp derived CBD market, page-33

not sure I agree "exlinol is quite fairly valued"

because I dont think basing it off reported income is valid given infancy of the market

these markets are in rapid growth mode and in my view the key measure is sales and sales growth - this is critical as it quantifies the distribution strategy and sales and critical branding which once establsihed will easily be optimised for profit down the track

this si case of getting eyballs or land grab and whoever proves they do it best will end up with the key franchise/BRAND value 

There is in fact a good agrument to say that actually profit is a bad metric in the early days as excessive monies should be being spent on distribution and branding now to build that critical market share. focusing on profit may mean not spending enough in these critical early years

So if you use sales - 3Q 2018 all in USD

CV sales 13.6 Mill up 143%

Charloettes Web 17.7 Mill up 57%

EXL 7.6 Mill (US) up 159%

So the US names have 2 - 2.5 times sales but growing at a slower rate: 

CV Market cap 480 Mill USD 

CW Market Cap 1.4 CAD = 1 Bill USD

And EXL Market cap is USD about 194  Mill

So I have a stronger view that the current market cap of EXL is low compared to peers