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 11/24/2023
Week ended 11/24/2023
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Equity Commentary
Week ended 11/24/2023
- The Week’s Only Closed Equity Deals
- On November 22, 2023, Cann Group Limited (CNGGF: OTC)(CAN: ASX), an Australian company involved in plant genetics, breeding, cultivation, extraction, and production of medical cannabis products, completed a $0.25M placement of convertible securities with the Obsidian Group.
- The placement implies a $32M market cap and an enterprise value of $72M.
- Cann’s valuation at 3.34x annualized revenues seems high given its small size (<$10M rev) and relatively large EBITDA losses ($17M LTM)
- Given the discount conversion rate and staged draws, the transaction structure appears to be that of an equity line. The market reacted accordingly, trading down the stock by nearly 29% in the two days since the offering.
Public vs. Private Raises:
- Cann Group, the week’s only capital-raising company, trades in Australia on the ASX and in the U.S. on the OTC.
Equity vs. Debt Cap Raises:
- Equity accounted for 100% of the week’s capital raised.
Week ended 11/24/2023
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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 11/24/2023
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 11/24/2023
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.