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 03/29/2024
Week ended 03/29/2024
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Equity Commentary
Week ended 03/29/2024
- The Week’s Closed Equity Deals
- On March 29, 2024, OrganiGram (OGI: TSX)(OGI: Nasdaq) closed a public offering of units for gross proceeds of $18.40M.
- The company sold 8.9M units for $2.39 per unit.
- Each unit included one common share and one-half of a common share purchase warrant exercisable for four years at an exercise price of $2.686 (a 12.4% premium)
- The warrants are worth approximately $.30 per unit, giving a net share price of $2.09, a 17.1% discount from the preannouncement level.
- The transaction implies a market cap and enterprise value of $206M and $152M, respectively. The implied 1.28x E.V./ 2023 revenue exceeds the median of .74x for the 11 Canadian cultivation & retail companies with market caps over $25M. However, the market-to-book of 1.06x is directly on the median for the group. Organigram’s low profitability inflates its EV/EBITDA ratio, making it noncomparable to the group.
Public vs. Private Raises:
- Two of the week’s capital raisers are public companies. One trades in Canada on the TSX, and both trade in the U.S. on the Nasdaq.
Equity vs. Debt Cap Raises:
- Equity accounted for 45.5% of this week’s funds raised.
Week ended 03/29/2024
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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 03/29/2024
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 03/29/2024
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.