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 08/04/2023
Week ended 08/04/2023
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Equity Commentary
Week ended 08/04/2023
The Week’s Only Closed Equity Transaction:
- On August 1, 2023, Cybin Inc. (CYBN: NYSE)(CYBN: NEO), the seventh largest company by market cap of the twenty-five psychedelic companies in the Viridian Capital Advisors Value Tracker database, closed an overnight marketed public issue of units for gross proceeds of $8.25M.
- Each unit consisted of one common share and one warrant with a five-year expiration and a $0.40 exercise price (17.6% premium). The warrants are worth approximately $0.094 per unit resulting in a net share price of $0.2459, a 37% discount on the pre-announcement price.
- Proceeds will fund the progress of the company’s CYB003 and CYB004 programs and for general working capital.
- The transaction implies a market cap of $60.3M and an enterprise value of $39.8M. Cybin is pre-revenue but trades at approximately 1.38x proforma market to book, a slight discount to the 1.26x median of the peer group companies.
- Cybin has a proforma free cash flow adjusted current ratio of -1.85x, reflecting significant negative cash flow from operations and implying the company will require additional financing in 2023.
Public vs. Private Raises:
- Both companies raising capital this week are public and trade both in Canada (one on TSX and one on NEO) and the U.S. (One on NYSE and one on OTCQX).
Equity vs. Debt Cap Raises:
- Equity accounted for 88.3% of this week’s raises.
Week ended 08/04/2023
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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 08/04/2023
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 08/04/2023
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.