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

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 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.

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.