OUR 9TH YEAR OF PROVIDING PROPRIETARY CAPITAL MARKETS INTELLIGENCE ON THE CANNABIS / HEMP / PSYCHEDELIC SECTORS
M&A Transactions
M&A Transaction Chart
Viridian publishes weekly data on M&A transactions in the Cannabis/CBD/Psychedelic industries. This data includes information about the buyer and seller (public/private, state/country location), deal size, deal structure (cash, stock, earn-out), pricing, share information, and deal implied valuation.
Week ended 02/10/2023
Week ended 02/10/2023
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M&A Transactions Commentary
Week ended 02/10/2023
The Largest Closed M&A Deal of the Week:
- On February 7, 2023, SNDL Inc. (SNDL: Nasdaq), the fourth largest Canadian LP by market cap, announced the closing of its acquisition of substantially all of the business and assets of Superette.
- SNDL entered into a Stalking Horse Agreement to acquire substantially all of the business and assets of Superette on August 29, 2022.
- The consideration of $5.2M is made up of a credit bid and set off of $3.6M debt owed to SNDL and $1.5M in DIP financing.
- Stalking Horse Agreements and credit bids are common in Chapter 11 cases in the U.S. However, the federal illegality of cannabis has prevented cannabis companies from accessing the Bankruptcy court, adding uncertainty to the workout process.
- We expect to see a sharp increase in purchases of cannabis assets out of bankruptcy in Canada in 2023.
Week ended 02/10/2023
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Viridian publishes weekly insights on the M&A landscape in the Cannabis/CBD/Psychedelic industries. These insights typically highlight the most interesting/meaningful M&A transactions for that week, and commentary on market conditions, M&A deal structures, target regions for acquirers, and industry sectors ripe for consolidation.