OUR 9TH YEAR OF PROVIDING PROPRIETARY CAPITAL MARKETS INTELLIGENCE ON THE CANNABIS / HEMP / PSYCHEDELIC SECTORS
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Chart of the Week
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.
Week ended 01/10/2025
Viridian Capital Chart of the Week: What States Are Experiencing the Most M&A Activity?
- Viridian’s Chart of the Week looks at USA M&A volume in the most recent LTM period and the year before LTM period by target state.
- Colorado leads the list; however, the state’s nearly $300M of M&A volume was almost all accounted for by the $277.5M completion of the acquisition of Wanna Brands by Canopy USA.
- The Canopy USA acquisition of Acreage Holdings similarly dominated New York’s totals.
- Florida had a more diverse list of deals, including the $63M acquisition of VidaCann by Planet 13, the $57M spinoff of AFC Gamma’s commercial real estate operations to Sunrise Realty, and the $13M sale-leaseback of an AYR cultivation facility by IIPR.
- Virginia made the list due to the $90M acquisition of about half of Cannabist’s operations in the state by Verano.
- California, which typically ranks close to the top, had its smallest M&A activity in recent years. There were seven deals in the state, but five of them did not disclose the transaction details. The largest deal was the $25M acquisition of Blum’s Santa Anna dispensary by Haven Nectar LLC.
- Maryland activity was led by the $14M investment in MyMD Pharmaceuticals by Pharmacyte and also included a $5M acquisition of a second Maryland Dispensary.
- Arizona activity was entirely the $15 M acquisition of Cannabist’s two dispensaries and a cultivation facility by Verano.
- Michigan’s placement on the list was due to the $7M acquisition of Agrify’s cultivation assets and the $3M investment by Grown Rogue in Golden Harvests LLC.
- Texas saw only one acquisition of a Psychedelic outpatient care center by a REIT.
- Connecticut activity was entirely due to a $4M purchase and $12M commitment for renovations of a 58,500-square-foot industrial property from C3.
- In 2025, Viridian sees considerable activity in both Missouri, Michigan, and Florida, led by the proposed acquisition of Proper by Vireo for approximately $113M. M&A activity is likely to be focused on intrastate consolidations.
- Upcoming debt maturities are also likely to spark asset sales by companies with perceived difficulty completing the required refinancings.
