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

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

$3.05B

Equity Capital Raised

199

# Equity Transactions

$4.66B

Debt Capital Raised

129

# Debt Transactions

$9.35B

M&A Transaction Value

239

# 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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PUBLIC COMPANY  Reports

Equity research analysis on public companies conducted by Jon DeCourcey, Viridian’s leading equity research analyst

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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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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

The Viridian Cannabis Credit Tracker is the first of its kind in the cannabis industry. The Credit Tracker includes a proprietary credit ranking system for cannabis companies based on a company’s liquidity, leverage, profitability, and size.

Viridian Cannabis Deal tracker for the week ended 7/29/22

Viridian Insights of the week

  1. SAFE Banking Act:  Equity prices drifted 7.5% lower this week as the buzz from SAFE Act discussions wear off and the market is realizing that we probably won’t know what happens on that front until late December.   

  2. Uptick in M&A Transactions?:  We believe we are likely to see one or more significant size M&A deals before year end, as companies pretty themselves up for entrance of institutional investors post SAFE act passage.

  3. Q2 Earnings Reports:  Attention is focused on 2nd quarter earnings, which will be announced by most of the major competitors this week and nextGTI (GTII: CSE) was first out of the gate with a solid beat on both top and bottom linesTraders took profits on the news and the stock was down 4.1% in day after trading.
     
  4. Valuation Gap Analysis:  The valuation gap between large and small cannabis companies narrowed again points, which is typical for a down marketStill the indicator is over 3.5 points making acquisitions mildly accretive.

  5. Highlights from the Chart of the Week:  This week’s Viridian Capital Chart of the Week focused on the widely varying composition of cannabis liabilities and discussed our favorite leverage indicator, Total Liabilities to market cap. 

Equity Deals For this week

This week there was 4 equity transactions, totaling to $52.8M. This was highlighted by 22nd Century Groups $35M direct offering of units.

Debt Deals For this week

This week there were 3 debt transactions, totaling to $4.13M. This was highlighted by Australis Capital entering a $2.5M credit facility with Lola Ventures. 

M&A Deals for this Week

This week there were 4 M&A transactions, totaling $16.14M.  This was led by Hawthorne Canada Limited closing its purchase of the Kelowna Research Station R&D facility from Flower Corp. 

Viridian Valuation Tracker

The Viridian Cannabis Valuation Tracker focused on the 5 U.S. MSOs with market caps over $1B to evaluate the relative damage to Verano after they misstated their quarterly and annual financials. 

Viridian Credit Tracker

The Viridian Credit Tracker focused on the 24 Canadian Cultivation and Retail companies with market caps between $5M and $50M to evaluate the Flowr Company’s credit quality. 

Viridian Industry Sector Tracker

This week’s Viridian Industry Sector Tracker highlights Cultivation & Retail, which has seen the median EV/EBITDA decrease from 5.69x to 5.58x this week.

Viridian Regional Deal Tracker

This week’s Viridian Regional Deal Tracker shows that California, New York, and Florida are the top three states in capital raised over the LTM period. California is currently up 55% from last year. 

Public Company
Reports

Viridian’s Director of Equity Research, Jon DeCourcey, has recently put out a note focused on the federal legalization of cannabis and the current state of Congress. 

Chart of the Week

Viridian’s Chart of the Week examines how the market should look at cannabis leverage by examining the Cultivation and Retail sector as it correlates with liabilities/market cap and taxes/total liabilities.

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.

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.

public company Reports

Viridian’s equity research analyst, Jon DeCourcey, publishes industry-leading research reports on a number of public companies. Mr. DeCourcey has a wide following among institutional investors in the industry. 

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. 

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.