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 04/04/2025
Week ended 04/04/2025
Debt Commentary
Week ended 04/04/2025
- Debt accounted for 73% 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
- On April 3, 2025, Standard Wellness Holdings (Private), a private MSO with operations in Ohio, Missouri, Utah, and Maryland, closed on a 12.50%, $14M senior secured credit facility with Advance Flower Capital (AFCG: Nasdaq).
- Proceeds will fund full repayment of the company’s debt facility with Focus Growth Partners, the early repayment of the company’s seller note with Cannabist from its acquisition of the Springville, Utah dispensary, and the acquisition of a dispensary in St. Louis, Missouri.
- On March 31, 2025, Grown Rogue (GRIN: CSE)(GRUSF: OTC), the ninth largest U.S. MSO by market cap, with operations in Michigan, Oregon, New Jersey, and Illinois, closed a $7M credit facility with a national FDIC insured bank.
- The facility has a term of four years and is priced at the greater of SOFR plus 4.9% and 9%, implying a current rate of 9.25%
- The facility amortizes over six years and has no prepayment penalties.
- This impressive execution is in keeping with our #7/31 credit ranking for the company. GRIN has the lowest overall leverage ranking in our coverage with an impressive 0.19x total liabilities to market cap.
- Grown Rogue’s financial performance is all the more impressive given the competitive nature of its two original markets in Oregon and Michigan. This speaks highly of the company’s management.
- On April 3, 2025, Standard Wellness Holdings (Private), a private MSO with operations in Ohio, Missouri, Utah, and Maryland, closed on a 12.50%, $14M senior secured credit facility with Advance Flower Capital (AFCG: Nasdaq).
Week ended 04/04/2025
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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 04/04/2025
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 04/04/2025
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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.