The M&A panel at yesterday’s Cannalaw conference addressed what valuation techniques are being used to determine the purchase price of a marijuana company. While in recent years the traditional valuation metrics would normally be utilized – whether multiples of sales, revenues or EBITDA, for instance – the current market is experiencing a supply/demand imbalance, as the scarcity of licensing allows sellers to be more aggressive in testing what the market can bear. That phenomenon might not normalize any time soon, as legalization trends spur additional M&A activity, with buyers vying for a limited number of licensed operators.