I want to highlight management's opinion regarding our stock price. Management believes that given our financial results and strong balance sheet, that our stock price is undervalued relative to our peers and the industry as a whole. Recall that we have $18 million of cash at year-end and less than $3 million of debt with full ownership of our $20 million to $25 million in real estate assets, including production facilities in Barrie, Ontario; Napanee, Ontario; and Hope, BC.
We look at enterprise value, EV, a measure of the company's total value or said another way, EV is equity value plus net debt. When we compare our EV-to-revenues, we believe that MediPharm looks significantly undervalued relative to the industry and relative to our peers. When management looks at our enterprise value to revenue ratio, MediPharm has among the lowest ratios at about 0.3 to 0.4 EV-to-revenue ratio. That is significantly less than our peers or the industry as a whole, let alone some of the larger players.
The industry mean is around 1.4x. The industry average is around 1.2x to 1.4x. The range of some key players, excluding MediPharm is 0.8x to 2.4x. If MediPharm were valued even at 1.2x as an EV-to-revenue ratio, it would reflect a stock price of approximately $0.14 to $0.15 versus our average recent share price of around $0.07. That would represent a market cap of approximately $60 million, contributing to management's view that we could be undervalued by as much as 50% to 100%.
With $18 million cash at year-end and an adjusted EBITDA loss of $1.6 million last quarter with limited debt and owning all of our assets outright, our financial stability allows us to now consider investments in growing the top line. Many of our peer companies are still struggling with significant losses, high debt loads, including, in some cases, large unpaid CRA excise tax exposure.
These challenges have even forced some to seek creditor protection through the CCAA process. Obviously, as the industry consolidates, our strong balance sheet and cash position also allows us to carefully consider appropriately valued, potentially accretive M&A transaction. We have focused investments over the years in building our pharma, medical and clinical capabilities.
Our extensive suite of regulatory approvals in GMP, drug establishment license, natural health products and other licenses allows us to ship cannabis and drug products to more than 10 countries, including Germany, the U.S., Australia and Brazil. With tightening requirements in multiple jurisdictions, including Australia and our recent successful Anvisa Brazil audit, we've been approached by many international and domestic producers for support with quality-focused GMP production and supply.
In the last several months, we have signed a number of new B2B international and domestic supply agreements, including deals with leading pharma companies in Brazil and several leading medical cannabis companies in Australia. In Canada, with industry consolidation, we have seen renewed interest regarding B2B quality-focused manufacturing opportunity. Together, these deals could represent over $10 million in annual revenue potential.
We are excited about the new international revenue opportunities to build on our GMP licenses, our quality focus and our regulatory expertise in multiple geographies. We look forward to growth in 2024 as these new agreements begin to translate into revenue. In addition, 2023 saw a shipping clinical trial materials for multiple drug trials, including the multisite [ph] trial in the U.S., exploring cannabis for agitation in Alzheimer's patients.