OUR 8TH YEAR OF PROVIDING PROPRIETARY CAPITAL MARKETS INTELLIGENCE ON THE CANNABIS / CBD / PSYCHEDELIC SECTORS

Viridian Cannabis Deal Tracker

Viridian Data Analytics

The Market Intelligence on Cannabis/CBD/Psychedelic Capital Raise and M&A Transactions Used by Companies, Investors, Acquirers and Advisors to Make Informed Capital Allocation and M&A Decisions.

Cannabis/CBD/Psychedelic Deals

Trailing Twelve Months

$1.86B

Equity Capital Raised

153

# Equity Transactions

$3.18B

Debt Capital Raised

111

# Debt Transactions

$5.39B

M&A Transaction Value

183

# M&A Transactions

Testimonials

Viridian has collected and aggregated the world’s largest database of cannabis deals.” – Benzinga

 

“The Viridian team was by our side throughout the capital raise process and helped us source and negotiate the optimal debt financing. The market intelligence they gave us using information from the Viridian Cannabis Deal Tracker was instrumental in negotiating the best transaction.” – Ryan Jenneman, THC Design CEO

 

“We especially want to thank the team at Viridian Capital for their sage counsel on valuation and deal structures throughout the M&A process that helped guide us to a successful close.”  — Jordan Weiss, CEO, Green Coast Hydroponics

 
“We thank Scott Greiper and his team at Viridian Capital for their guidance and perseverance in completing our Series A and Series B financings.  The utilization of data from the Viridian Cannabis Deal Tracker guided us in understanding our value in the market and the optimal deal structure for our company.” – Morris Denton, Texas Original CEO

 

Viridian Cannabis Deal Tracker

Launched in January 2015, and having analyzed more than $60B in deals, the Viridian Cannabis Deal Tracker is a proprietary data service that monitors and analyzes capital raise and M&A activity in the legal Cannabis/CBD/Psychedelics industries. Each week the Deal Tracker provides proprietary data and market intelligence on transactions, including:

DETAILED DESCRIPTION OF DATA SERVICES

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Equity Deals

Provides weekly data and insight into Cannabis/CBD/Psychedelic industries equity issuances

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Debt Deals

Provides weekly data and insight into Cannabis/CBD/Psychedelic industries debt issuances

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M&A Deals

Provides weekly data and insight into Cannabis/CBD/Psychedelic industries M&A deals.

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Valuation Tracker

Provides valuation analysis for over 370 public Cannabis/CBD/Psychedelic companies.

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Credit Tracker

Provides credit/liquidity analysis and rankings for over 370 public cannabis/CBD companies.

 

 

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Industry Sector Tracker

Analyzes transactions by industry sector in order to track the flow of capital and M&A across 12 industry sectors – from cultivation to brands to software.

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Regional Tracker

Analyzes deals by location of issuer/seller in order to track the flow of capital and M&A deals by state and country.



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Chart of the Week

Provides insight on the most influential trends from the past week in the Cannabis/CBD/Psychedelic industries.



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LATin america deal tracker

The Latin America Deal Tracker is a monthly report that includes all equity, debt, and M&A transactions that occurred in the region.

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European
Deal Tracker

The European America Deal Tracker is a monthly report that includes all equity, debt, and M&A transactions that occurred in the region.

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YTD Charts for Capital Raises

Consists of an overview of capital raise activity in the Cannabis/CBD/Psychedelic industries from the current year.


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YTD Charts
for M&A

Consists of an overview of the M&A activity in the Cannabis/CBD/Psychedelic industries from the current year.


Viridian Capital Advisors Offers unique propriety data services including:

Examples of our data, analytics, and market intelligence

Equity Deal Tracker

The Equity Deal Tracker includes a weekly analysis of equity issuance. Data includes issuer specific information, deal size, pricing, share information, deal implied valuation information, and warrant information.

M&A Deal Tracker

The M&A Deal Tracker includes a weekly analysis of mergers & acquisitions in the cannabis industry. Weekly data on deals includes the acquiror and target information, deal size, type of deal, structure, and valuation information.

Credit Tracker

When it comes to credit ratings for Cannabis/CBD/Psychedelic companies, many investors, acquirers, and lenders have been left in the dark with a lack of information. With Viridian’s data and market intelligence, that is no longer the case. The Viridian Cannabis Credit Tracker is the first of its kind, providing users with a proprietary credit ranking system for companies based on a company’s liquidity, leverage, profitability, and size.

Viridian Cannabis Deal tracker for the week ended 11/25/22

Viridian Insights of the week

  • SAFE Act Passing Remains a Coin Toss: The week’s big news is the seesaw of expectations regarding the SAFE act. On Monday, market confidence was riding high that the bill would be inserted into the defense authorization act legislation, one of the “must pass” bills left to be dealt with before Congress adjourns. Stock prices gapped up by double-digit percentages on Monday only to trade down a similar amount on Tuesday after Senate Republican Leader Mitch McConnell dashed hopes of the bill making it through the NDAA process. There is still some possibility that SAFE may be inserted into the year-end omnibus spending bill; however, this is not a bill that necessarily has to pass. McConnell said that he would not allow it in the omnibus bill, and the Democrats lack the votes to pass it on a standalone basis. Our confidence in the bill’s passage is significantly lower at around 50%.
  • Cannabis Equity Valuation Multiples Increase While EBITDA Estimates WeakenCannabis equity valuation multiples have increased to levels last seen at year-end 2021, but the valuations are fragile and heavily tied to positive legislative action. Moreover, although multiples have increased, EBITDA estimates continue to weaken as the industry battles the twin issues of commoditization in wholesale prices and inflation-driven cost increases.
  • Recession Signals in the 10-year / 3-month Spread: We have begun to use a different indicator of the inverted yield curve, the 10-year / 3-month spread. We switched to this indicator from the more widely followed 10-year / 2-year spread because it is the one that the FED uses and is more reflective of bank lending spreads. The current -43bp is not as extreme relative to history as the 2/10 spread but still indicates a potential tightening of lending activity and the likelihood of a recession.
  •  Companies Continue to Seek Debt Refinancing:  Nearly every company we highlighted in October as having significant upcoming maturities has taken action to refinance its debt, except for AYR Wellness. (AYR: CSE). AYR’s maturity issue isn’t until 2024, so they still have plenty of time to refinance.  
  • M&A Activity On Decline While Companies Focus on Organic Growth:  M&A activity has been scarce recently and this week marked the first time since Thanksgiving 2019 that two weeks went by without a single closed deal. We chalk that up to companies becoming more cautious in the acquisition and capital spending activity in the face of a tight capital market and adverse industry conditions. We have begun to use a different indicator of the inverted yield curve, the 10-year / 3-month spread. We switched to this indicator from the more widely followed 10-year / 2-year spread because it is the one that the FED uses and is more reflective of bank lending spreads. The current -43bp is not as extreme relative to history as the 2/10 spread but still indicates a potential tightening of lending activity and the likelihood of a recession.

Equity Deals For this week

This week there were two equity transactions, totaling to $8.33M. This was highlighted by PSYLO PTY (Private) closing a Seed Funding round for $5M.

Debt Deals For this week

This week there was one debt transaction, totaling $375.00M. This was highlighted by Verano Holdings (VRNO: CSE), the fourth largest U.S. MSO by market cap, completed a $350M refinancing of its existing credit line.

M&A Deals for this Week

This week there were three transactions, totaling $27.36M This was highlighted by High Tide Inc. (HITI: Nasdaq) confirmed that it had closed its previously announced acquisition of Jimmy’s Cannabis Shop BC. The purchase includes two retail locations in Prince George and Cranbrook, BC.

Viridian Valuation Tracker

This week’s valuation tracker focuses on the twenty-seven U.S. Cultivation & Retail companies in the Viridian Value Tracker database with market caps under $100M.

Viridian Credit Tracker

This week’s credit tracker focuses on the sixteen U.S. Cultivation & Retail sector companies in the Viridian Value Tracker database with market caps over $100M.

Viridian Sector Deal Tracker

This week’s Viridian Industry Sector Tracker highlights Psychedelics, an industry that has recently seen a rise in the total number of capital raises YTD.

Viridian Regional Deal Tracker

Illinois increased its hold as the third largest state for capital raises through the Verano $350M refinancing debt deal which is the largest debt YTD.

Latin america deal tracker

The Latin America Deal Tracker is a monthly report that includes all equity, debt, and M&A transactions that occurred in the region. The LATAM deal tracker also gives a transactions review and year over year trends. 

European Deal Tracker

The Europe America Deal Tracker is a monthly report that includes all equity, debt, and M&A transactions that occurred in the region. The European Deal Tracker also gives a transactions review and year over year trends. 

YTD Charts for Capital Raises

The YTD charts provide data and insights into the public vs. private capital raises for the current year, total number and dollar amount of capital raises each week, and capital raises by sector.

YTD Charts for M&A

The YTD charts provide data and insights into the public vs. private mergers & acquisitions for the current year, total number and transaction value of M&A deals by week, and M&A deals by sector.

Chart of the Week

The Viridian Capital Chart of the Week highlights key investment, valuation and M&A trends taken from that week’s Deal Tracker that we believe are impactful for investors, companies and acquirers.

Equity Capital Raises

Viridian publishes weekly data and insights on equity capital raises in the Cannabis/CBD/Psychedelic industries. This data includes information about the company issuing equity, deal size, pricing, share information, deal implied valuation, and warrants.

Debt Capital Raises

Viridian publishes weekly data and insights on debt capital raises in the Cannabis/CBD/Psychedelic industries. This data includes information about the company issuing debt, deal size, pricing, warrants, and credit data.

M&A Deals

Viridian publishes weekly data and insights on M&A in the Cannabis/CBD/Psychedelic industries. This data includes information about the acquiring company, type of deal, consideration, target company, and valuation metrics.

Viridian Cannabis Valuation Tracker

The Viridian Value Tracker is the most comprehensive valuation product in the industry.

  • A broad set of 12 valuation measures assures applicability, regardless of whether the company has analyst coverage or revenues.  The typically presented EV/ Projected Revenues and EV/ Projected EBITDA are available for less than 1/3 of cannabis companies we track.
  • Most valuation studies present only the average valuation measures, while the Tracker goes one step further and shows the distribution of values (the quartiles, median, and dispersion) for each measure. This gives users a more complete view of how companies in the cohort group are valued.

Viridian Credit Tracker

Credit ratings are not currently available for public cannabis companies leaving companies, lenders and investors with a gap of information. The Viridian Cannabis Credit Tracker fills this gap. The model uses 11 market and financial statement variables to discern 4 key credit factors: Liquidity, Leverage, Profitability, and Size, to provide credit/liquidity analysis for over 370 public Cannabis/Hemp companies.

Viridian Cannabis Sector Tracker Description

The Viridian Sector Tracker is the premier resource to follow the movement of capital and M&A by sector. Viridian Capital Advisors partitions the cannabis universe into 12 subsectors and each week we follow the transactions that occur in each of these subsectors, giving investors the ability to spot sector rotations early. 

Viridian Cannabis Regional Tracker Description

The Viridian Cannabis Regional Tracker is the premier resource to follow the movement of capital and M&A by location.

Cannabis industry capital raises and M&A activity are shifting. Newly legalized states in the Central and Northeast have become the focus of an increasing amount of capital deployment to fund new cultivation capacity and new dispensaries. MSOs are often finding it more advantageous to build scale in new states through acquisition rather than internal build, leading to a similar shift in M&A activity.

The Regional Tracker gives investors/sellers and acquisitors being targeted a clear view of where capital is being allocated.

CHART OF THE WEEK​

The Viridian Capital Chart of the Week highlights key investment, valuation and M&A trends taken from that week’s Deal Tracker that we believe are impactful for investors, companies and acquirers. 

Latin America Deal Tracker

The Latin America Deal Tracker is a monthly report that includes all equity, debt, and m&a transactions that occurred in the region. 

european Deal Tracker

The European America Deal Tracker is a monthly report that includes all equity, debt, and M&A transactions that occurred in the region. 

YTD CHARTS FOR CAPITAL RAISES

The YTD Charts for Capital Raises includes a detailed breakdown of capital raises in the cannabis industry year to date. Charts include a breakdown between Public and Private Capital raises, Equity & Debt raises, and Capital raises by sector.

YTD CHARTS FOR M&A​

Year to Date Charts for M&A includes a detailed breakdown of Mergers and Acquisitions for the current year. Charts break deal data between public and private deal makers and sectors.