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 12/01/2023

Week ended 12/01/2023

This Section is Only Available to Higher Tier Memberships

Please Purchase a Premium or Enterprise membership to see more.

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 12/01/2023

  • The Week’s Only Closed Equity Deals
    • On November 28, 2023, Seelos Therapeutics (SEEL: Nasdaq), a clinical-stage biopharmaceutical company engaged in the development of products that address significant unmet needs in Central Nervous System (CNS) disorders and other rare disorders, completed a $5.55M Underwritten Public Offering of Units
    • 24M units were sold at $1.32 per unit
    • Each unit consisted of one common share and one five-year warrant with a strike price of $1.32 per share. (0% premium)
    • The net share price of $0.87 was 34% lower than the unit price, reflecting the high value of the long-maturity zero premium warrants. The issue increased the total share count by 36%, and combining these factors produced an enormous discount of 63% to pre-announcement share price levels.
    • The raise implies a $14M market cap and an enterprise value of $37M.
    • Seelos is difficult to value. It is essentially pre-revenue, trading at nearly 23x annualized revenues. It also has negative book equity, making market-to-book ratios unusable. The company’s stock is down approximately 75% over the last month.

Public vs. Private Raises: 

  • Two of the five capital-raising companies are public. Both trade in the U.S. (one on Nasdaq and one on OTC) and one in Canada on the CSE.

Equity vs. Debt Cap Raises: 

  • Equity accounted for 22.0% of the week’s capital raised.

Week ended 12/01/2023

Additional content is available to Premium and Enterprise users. Please purchase a higher tier membership to see more. 

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.   

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.