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 01/13/2023
Week ended 01/13/2023
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Equity Commentary
Week ended 01/13/2023
The Week’s Only Closed Equity Transaction:
- On January 12, 2023, Revive Therapeutics (RVV: CSE)(RWTF: OTC), a $34M market cap company involved in the research, development, and commercialization of novel therapies based on cannabinoids and psilocybin, completed a $3.2M private placement of units.
- 68M units were priced at $.112 per unit.
- Each unit consisted of one common share and one warrant exercisable at $.15 per share with a three-year expiration. The warrant value of $.016 reduces the net share price to $.096.
- The net share price was a 27% discount to pre-announcement prices.
- Proforma for the transaction Revive has a market cap of approx. $34M and an implied enterprise value of $30M. Revive trades at approximately 4.4x market to book compared to a median of 1.14x for the 25 Psychedelic companies in the Viridian Value Tracker database.
- Based on Viridian’s free cash flow adjusted current ratio measure of -1.07x, this issue does not generate sufficient liquidity for the company, and we expect it to seek additional financing relatively soon.
Public vs. Private Raises:
- This week’s only capital raiser is a public company that trades on the CSE in Canada and the OTC in the U.S.
Equity vs. Debt Cap Raises:
- Equity accounted for all of this week’s capital raises.
Week ended 01/13/2023
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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.
- Week ended 01/13/2023
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.
- Week ended 01/13/2023
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 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.