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 04/19/2024
Week ended 04/19/2024
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Equity Commentary
Week ended 04/19/2024
- The Week’s Closed Equity Deals
- Week’s Closed Equity Deals
- On April 19, 2024, 22nd Century Group (XXII: Nasdaq), a tobacco products company focused on nicotine harm reduction, closed a unit deal for gross proceeds of $4.2M at $2.14 per unit.
- Each unit consisted of one share and one five-year warrant with a zero percent exercise premium. The extended maturity, whole warrant per unit, and zero premium all speak to a challenging transaction to complete. The value of the warrant package is approximately $0.73 per unit, and the net share price of $1.413 was 33.65% below preannouncement levels.
- The good news is that the company is now back in compliance with Nasdaq minimum bid requirements for listing. The company also earlier entered into a binding letter of agreement with its senior secured lender to eliminate all of its secured debt through potential debt for equity exchanges.
- Eliminating interest expense should bring the company closer to liquidity equilibrium. As of December, the company had a free cash flow adjusted current ratio of -.15x
- Week’s Closed Equity Deals
Public vs. Private Raises:
- Both capital raisers this week are public companies. Both trade in the U.S. (one on Nasdaq and one on OTC), and one trades in Canada on the TSX.
Equity vs. Debt Cap Raises:
- Equity accounted for 100% of this week’s funds raised.
Week ended 04/19/2024
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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 04/19/2024
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 04/19/2024
This Chart is Only Available to Higher Tier Memberships
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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.
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.