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 06/02/2023

Week ended 06/02/2023

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 06/02/2023

The Week’s Largest Equity Transaction:

  • On June 1, 2023, HEXO Corp. (HEXO: Nasdaq)(HEXO: TSX) announced that it closed the first of two tranches of a non-brokered private placement of newly created Series 1 Preferred Shares for $11.5M. An additional $13.5M was deposited in escrow for the potential closing of the second tranche, subject to the satisfaction of or waiver of all closing conditions to the Tilray transaction.
  • The preferred shares were issued at $1.00 per share but are entitled to preference over common shares concerning dividends and distributions and, in the event of a liquidation, up to $1.22 per share.
  • Concurrent with the transaction, the Plan of Arrangement with Tilray was modified to acquire all the newly issued preferred shares at their liquidation price for Tilray shares calculated at the minimum of the closing price or the 5-day VWAP on the day before the effective date of the Tilray/Hexo Arrangement.
  • $6.4M of the proceeds from the first tranche will be paid to Tilray in consideration of the termination of the Services Agreement between the companies. An additional $6M will be paid from the proceeds of the second tranche.

Public vs. Private Raises: 

  • Both companies that raised capital this week are public companies. Both trade in Canada (one on TSX and one on NEO) and in the U.S. (one on Nasdaq and one on OTC).

Equity vs. Debt Cap Raises: 

  • Equity accounted for all of the week’s capital raises.

Week ended 06/02/2023

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.