Capital Raises Summary
Each week, Viridian publishes insights and analysis on completed capital raise transactions in the prior week, focusing on all equity and debt deals. Our analysis includes:
- Summary
- Outlook
- Best & Worst Perfromers
Quick Links
YTD Analysis
- YTD capital raises totaled $1.54B, down 2.4% from last year’s $1.58B. From an LTM view, capital raises totaled $2.3B, down 1.6% from the same period in 2024. Debt as a percentage of capital raised on a worldwide basis is 90.2%, compared to 50.5% in the previous year. U.S. raises YTD accounted for 91.3% of total funds, up from 65.3% at the same point in 2024. Raises from outside of Canada and the U.S. represented 3.7% of the total funds raised, moderately below the average of 5.33% in the six previous years.
- Public company raises accounted for 91.2% of total raises in the LTM period, the highest in at least the last 7 years.
- YTD capital raises for the cultivation and retail sector total $1.12B, up 82.8% from last year’s $614.1M. For the LTM period, the capital raised in the cultivation and retail sector was $1.67B, 43.9% higher than in 2024, which in turn was 167% higher than in 2023.
- Debt accounts for 94.9% of the funds raised over the last 12 months (LTM). Large debt issues (over $100M) accounted for 51.9% of capital raised, compared to zero in 2023.
- Cannabis equity prices (as measured by the MSOS ETF) were up 9.89% for the week and 61.8% for the four weeks.
This weeks Sector Focus
Capital Raises vs Stock Prices
- Cannabis equity prices (as measured by the MSOS ETF) were up 9.89% for the week and 61.8% for the four weeks.
