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 03/24/2023
Week ended 03/24/2023
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Equity Commentary
Week ended 03/24/2023
The Week’s Largest Closed Equity Transaction:
- On March 21, 2023, Avicanna (AVCN: TSX)(AVCNF: OTCQX), a commercial-stage biopharmaceutical company focused on the development and commercialization of cannabinoid-based products), closed a $0.9M private placement of units.
- Each unit, priced at $.29, is comprised of one common share and ½ share warrant with an exercise price of $.36 (25% premium) and a 3-year life. The warrant package is worth approximately $.024 per unit.
- The transaction implies an enterprise value of approximately $26.2M and an EV/LTM Revenue of 8.1x. The company’s SG&A is running over 1 ½ times its revenues, but its shares are up sharply on news of a partnership with Shoppers Drug Mart.
- It appears that Avicanna will need to do additional financing during 2023. Its cash flow adjusted current ratio, which considers its annualized negative free cash flow of around $8M, is -.22, indicating a potential liquidity challenge.
Public vs. Private Raises:
- Avicanna, this week’s only capital raiser, trades on the TSX in Canada and the OTC in the US.
Equity vs. Debt Cap Raises:
- Equity accounted for 100% of the capital raises this week.
Week ended 03/24/2023
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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 03/24/2023
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 03/24/2023
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.