Cannabis M&A

Consolidation of the cannabis industry is inevitable as the market matures. Heading into 2022, numerous forecasts predicted another flurry of M&A activity after an energized 2021. With nearly three months of the year complete, opinions are split on M&A activity so far. M&A In 2022 Is On...

As debt raises continue to increase for large and smaller operators, Viridian has calculated an “effective cost” analysis to truly arrive at cost of capital for borrowers. Our calculation explicitly values all embedded options including convertibility and any warrant coverage. We also...

The graph displays total transaction consideration for U.S. and Canadian M&A transactions since 2019.  In the first half of 2019 the U.S and Canada were closely matched with approximately $2.1 billion of total consideration.   From the 2nd half of 2019 through 2020,...

The graph shows total equity capital raised by private companies (green bar) as a % of total equity raises during the first 20 weeks of each year. The orange line shows the average private equity deal size. Private companies account for less than 1/2 as much of dollars raised YTD in 2021...

The blue bar in the graph shows the percentage by which 4th quarter 2020 EBITDA exceeded consensus analyst estimates as reported by FactSet for each of the seven top MSOs that have reported. The orange line shows the next day percentage change of the stock price less the percent change of the...

The graph compares the price of a basket of large MSOs that are well covered by cannabis research analysts to the price of a basket of smaller less-covered MSO/SSOs for YTD 2021. The smaller, less-covered companies are more volatile, generally rising faster in up markets and declining faster...

Cannabis e-commerce platform Dutchie has closed a $200-million Series C funding round led by Tiger Global, boosting the Bend, Oregon-based company's valuation to $1.7 billion. The fundraise comes after Dutchie raised $35 million in a Series B round. Dragoneer and DFJ Growth also...

Australis Capital Inc. (OTCQB: AUSAF) agreed to buy cannabis company Green Therapeutics LLC in a deal worth between CA$8 million ($6.4 million) and CA$10 million.  The purchase would give the Las Vegas-based company ownership of Green Therapeutics portfolio, which includes...

Cannabis company Cresco Labs (CSE: CL) (OTCQX: CRLBF) is on its way to take over Bluma Wellness Inc. (CSE: BWEL.U) (OTCQX: BMWLF) in an all-share transaction worth $213 million. The waiting period for a government review of the deal, in accordance with the Hart-Scott-Rodino Antitrust...

Akerna Corp (NASDAQ: KERN) has agreed to acquire fellow cannabis business software firm Viridian Sciences in an all-stock transaction.  The terms of the deal were not disclosed. The deal grants Viridian's 30-plus clients access to Akerna's "Compliance Gateway"...

The graph shows cannabis capital raises by country (chiefly USA & Canada) and by type (debt vs equity). The green bars depict equity capital raises, brown bars depict debt raises, and red bars depict all capital raises by companies headquartered outside of the U.S or Canada. The $4.3...

Valens Company Inc. (TSX:VLNS) (OTCQX: VLNCF) has acquired Canadian edibles manufacturer LYF Food Technologies Inc. The Kelowna, British Columbia-based company has finalized the previously announced cash and share transaction worth CA$24.9 million ($19.68 million). The price tag included...

Cannabis agriculture company Terra Tech Corp. (OTCQX: TRTC) agreed to acquire Umbrla Inc. for an undisclosed price. Umbrla, which has rebranded as "Unrivaled," counts Dallas Imbimbo — co-founder of KushCo Holdings Inc. (OTCQX: KSHB) — among its management. The...

Cannabis company Golden Leaf Holdings Ltd. (CSE:GLH) (OTCQB: GLDFF) is poised to purchase a Northwest Oregon-based multi-store chain. The acquisition is expected to increase the company's annual run rate revenue by at least $10 million. John Varghese, the executive chairman of the Portland-...

Cannabis company Verano Holdings Corp. (CSE: VRNO) opted to boost its retail footprint across several states. Illinois: The Chicago-based company confirmed Friday it is poised to purchase an Illinois dispensary, operated by The Herbal Care Center Inc., for $17.5 million. In addition to a...