OUR 9TH YEAR OF PROVIDING PROPRIETARY CAPITAL MARKETS INTELLIGENCE ON THE CANNABIS / HEMP / PSYCHEDELIC SECTORS

Equity Capital Raises

Equity Transaction Chart

Viridian publishes weekly data on equity capital raises in the Cannabis/CBD/Psychedelic industries. This data includes information about the company issuing equity (public/private, state/country location), deal size, deal structure, pricing, share information, deal implied valuation, and warrant information.

Week ended 01/27/2023

Week ended 01/27/2023

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Equity Commentary

Viridian publishes weekly insights on equity capital raises in the Cannabis/CBD/Psychedelic industries. These insights typically highlight the most interesting/meaningful equity transactions of that week, and commentary on market conditions, equity deal structures and investor groups.

Week ended 01/27/2023

The Week’s Largest Closed Equity Transaction:

  • On January 24, 2023,  Journey Clinical (Private), a psychedelic medicine infrastructure company,  completed an $8.5M Series A funding.
    • Union Square Ventures was the lead investor, with participation by AlleyCorp, Able Partners, Colibri, Coalition Partners, Gaingels, Fifty Years, Palo Santo, PsyMed Ventures, Satori Capital, and individual investors.
    • Journey’s telehealth platform allows therapists to verify patient eligibility, track outcomes, and monitor for adverse effects.
    • The company’s offering center on Ketamine therapy but will be broadened to psilocybin and MDMA after regulatory approval.
    • The psychedelic sector has raised nearly $400M in the LTM that ended 1/27/23, up over 900% from the previous year. Viridian Capital divides the cannabis/CBD/psychedelics world into 12 subsectors, and psychedelics is the only one that has raised more capital in the current LTM period compared to the prior year’s LTM.
  • Another Interesting Equity Raise: the rise of the distressed asset consolidators
    • On January 23, 2023, Talarya Brands, a company formed by PE firm D4 in January 2022 through the merger of California brands Cream of the Crop and West Coast Trading, raised $6M in equity funding.
    • D4 and Talarya are now funded to acquire distressed assets, including cultivation assets in Northern California or opportunities in other more established markets, including Colorado and Washington.
    • Talarya looks to employ best practices and new technologies from other industries to improve the profitability of acquired assets.
    • The group is an early mover in what we believe will be 2023’s key theme – the consolidation of distressed assets.           

Public vs. Private Raises: 

  • Four of this week’s eight capital-raising companies are public. Two trade in Canada on the CSE, and three trade in the U.S. (two on OTC and one on Nasdaq).

Equity vs. Debt Cap Raises: 

  • Equity accounted for seven of this week’s eight capital raises and 45% of the funds raised.

Week ended 01/27/2023

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Weekly Valuation Tracker

Viridian highlights a specific industry sector and provides a deep dive into valuation metrics and comparable company valuations for public companies operating in that sector.  The Weekly Valuation Tracker provides proprietary, actionable valuation data.

This week’s valuation tracker focuses on the 7 U.S. MSOs with market cap over $500M in the Viridian Value Tracker database in gauge the valuation impact of the 2nd earnings that have been released so far, Green Thumb (GTII: CSE), Curaleaf (CURA: CSE), and Trulieve.   

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.