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 04/07/2023
Week ended 04/07/2023
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Equity Commentary
Week ended 04/07/2023
The Week’s Largest Closed Equity Transaction:
- On April 6, 2023, Ispire Technology (ISPR: Nasdaq), a technology company specializing in the design, development, and manufacture of branded e-cigarettes and cannabis vaping products, completed an $18.9M IPO.
- 2.7M shares were sold at $7.00 per share, whereas the company had initially planned to sell approximately twice as many shares. Still market reaction was favorable, and the stock traded up post-IPO.
- The transaction implies a market cap of $387M, a 4.4x multiple of 2022 revenues which seems relatively high in today’s market, even considering the company’s 40% top-line growth rate for 2022. Most of the company’s sales are from tobacco products outside of the U.S., another reason for our skepticism.
Public vs. Private Raises:
- Four of the five companies raising capital this week were public. Three trade in Canada (two on the CSE and one on the TSX). All four trade in the U.S. (three on OTC, and one on Nasdaq).
Equity vs. Debt Cap Raises:
- Equity accounted for 48.8% of the capital raises this week.
Week ended 04/07/2023
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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 04/07/2023
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 04/07/2023
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.