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 02/02/2024

Week ended 02/02/2024

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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 02/02/2024

  • The Week’s Closed Equity Deals
    • On January 31, 2024, Skye Bioscience, a clinical-stage biotechnology company focused on the discovery, development, and commercialization of novel classes of therapeutic drugs that modulate the endocannabinoid system, closed a PIPE transaction for total gross proceeds of $50.25M.
    • Skye sold the equivalent of 21.8M shares at $2.305 per share, a discount of 23% from the preannouncement share price, representing excellent execution considering the deal increased total share count by around 165%
    • The transaction implies a market cap of $80.6M and an enterprise value of $20.M.
    • Proceeds will fund operations into early 2026, including:
      • Phase 2 clinical trials for nimacimab for obesity
      • Phase 2a clinical trial for SBI-100, a glaucoma and ocular hypertension drug
      • Ongoing R&D and general corporate purposes.
    • Skye’s free cash flow adjusted current ratio, proforma for the financing, is 3.6x, ratifying the claim that it is fully funded for the next two years.
    • Skye’s stock price has reacted favorably to the equity sale, rising 67% since the deal was announced.

Public vs. Private Raises: 

  • Both raisers this week were public companies. Both trade in the U.S. on the OTC. One also trades in Canada on the CSE.

Equity vs. Debt Cap Raises: 

  • Equity accounted for both capital raises this week.

Week ended 02/02/2024

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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.   

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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.