OUR 9TH YEAR OF PROVIDING PROPRIETARY CAPITAL MARKETS INTELLIGENCE ON THE CANNABIS / HEMP / PSYCHEDELIC SECTORS
Debt Capital Raises
Debt Transaction Chart
Viridian publishes weekly data and analysis on debt capital raises in the Cannabis/CBD/Psychedelic industries. This data includes information about the company issuing debt (public/private, state/country location), deal size, deal structure, pricing, warrants, and credit data.
Week ended 08/08/2025
Week ended 08/08/2025
Debt Commentary
Week ended 08/08/2025
- Debt accounted for 93% of trailing 8-week capital raises. The ratio may go down if companies are able to utilize favorable regulatory-induced stock price increases to complete equity issues. However, equity pricing has remained stubbornly low while the cannabis debt capital markets have reopened.
- The Week’s Debt Transactions
- Cresco Labs (CL: CSE)(CRLBF: OTCQX), the sixth largest U.S. MSO by market cap and the sixth best ranked MSO on the Viridian Credit Tracker scoring model, announced a $325M Senior Secured Term Loan refinancing to retire its $360M in 2026 maturities.
- The loan has a five-year term and carries an interest rate of 12.5%. This rate, at around 350 basis points over GTI, is higher than we would have expected, given our strong credit ranking.
- The pricing should enable both Trulieve and Verano to achieve lower yields, as they are ranked #3 and #4, respectively. Conversely, we rank Curaleaf at #9, indicating a likely pricing at a higher yield.
- Several aspects of the Cresco refinancing are still unknown. Given the high rate, we would not expect any OID, but we will be curious to confirm. Similarly, the high yield would be expected to buy good prepayment terms. We will be interested to see if some portion of the loan is prepayable with no penalty.
Week ended 08/08/2025
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Weekly Credit Tracker
Each week, Viridian highlights a specific industry sector and provides a deep dive into credit metrics and comparable company credit rankings for public companies operating in that sector. 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.
- Week ended 08/08/2025
This week’s credit tracker focuses on the 7 Canadian Cultivation & Retail sector companies with market caps between $50M and $500M in the Viridian Value Tracker database in order to make the case that Auxly had a good reason to sell assets, even at prices significantly below its cost: The firm is over levered and needs to sell assets to reduce debt. The Viridian Credit tracker ranking system shows Auxly near the bottom of the peer group in terms of credit quality.
- Week ended 08/08/2025
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Additional content is available to Premium and Enterprise users. Please purchase a higher tier membership to see more.
This Chart is Only Available to Higher Tier Memberships
Please Purchase a Premium or Enterprise membership to see more.
Viridian publishes weekly insights on debt capital raises in the Cannabis/CBD/Psychedelic industries. These insights typically highlight the most interesting/meaningful debt transactions of that week, and commentary on market conditions, debt deal structures, and lenders.