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 11/17/2023
Week ended 11/17/2023
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Equity Commentary
Week ended 11/17/2023
- The Week’s Only Closed Equity Deals
- On November 14, 2023, Cybin Inc. (CYBN: NEO)(CYBN: NYSE), the fourth largest psychedelics company by market cap in the Viridian Value Tracker database, closed a $30M underwritten units offering.
- 66M units were sold at $0.45 per unit
- Each unit consists of one share and one common share purchase warrant with a five-year maturity and a $0.51 exercise price (13.3% premium)
- The long-dated low premium warrant is quite valuable, and subtracting the Black Scholes value from the unit price gives a net share price of $0.31, a 39% discount to the pre-announcement price.
- The transaction implies a market cap and enterprise value of $100M and $57M for Cybin. Cybin trades at approximately 3.1x market to book, a significant premium over the .9x median for the 23 psychedelic companies in the Viridian Capital Advisors database. The company has strong liquidity with a proforma free cash flow adjusted current ratio of 2.16x, indicating that it is fully funded for 2024 at its current cash burn rate.
- Proceeds will fund the company’s CYB003, deuterated DMT programs, and other general corporate purposes.
Public vs. Private Raises:
- Cybin, the week’s only capital-raising company, trades in Canada on the CBOE and the U.S. on the NYSE.
Equity vs. Debt Cap Raises:
- Equity accounted for 100% of the week’s capital raised.
Week ended 11/17/2023
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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 11/17/2023
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 11/17/2023
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.