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 04/12/2024
Week ended 04/12/2024
Debt Commentary
Week ended 04/12/2024
- Debt accounted for 35% of trailing 8-week capital raises, bouncing off last week’s lowest reading since March 2021. The ratio may stay lower than trend line levels if companies utilize favorable regulatory news to issue equity.
- The Week’s Most Significant Closed Debt Transactions
- On April 9, 2024, PharmaCann, one of the nation’s largest private MSOs, closed a $50M Reg D private placement.
- Terms of the transaction were not disclosed; however, the PharmaCann 12% notes of 6/2025 have an offer-side quoted price of 90 to yield approximately 21.8%, according to Echelon Capital Partners.
- On April 8, 2024, Nova Farms (Private), an integrated operation with a Massachusetts cultivation facility and, seven brands and five dispensaries across Massachusetts, New Jersey, and Maine, closed a $20M loan from Chicago Atlantic.
- Terms of the loan were not disclosed.
- Proceeds will support Nova’s expansion of dispensaries in key states, including New Jersey.
Week ended 04/12/2024
Additional content is available to Premium and Enterprise users. Please purchase a higher tier membership to see more.
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 04/12/2024
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 04/12/2024
This Chart is Only Available to Higher Tier Memberships
Please Purchase a Premium or Enterprise membership to see more.
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.