OUR 9TH YEAR OF PROVIDING PROPRIETARY CAPITAL MARKETS INTELLIGENCE ON THE CANNABIS / HEMP / PSYCHEDELIC SECTORS
M&A Transactions
M&A Transaction Chart
Viridian publishes weekly data on M&A transactions in the Cannabis/CBD/Psychedelic industries. This data includes information about the buyer and seller (public/private, state/country location), deal size, deal structure (cash, stock, earn-out), pricing, share information, and deal implied valuation.
Week ended 11/03/2023
Week ended 11/03/2023
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M&A Transactions Commentary
Week ended 11/03/2023
- The Most Interesting M&A Deal of the Week:
- On November 1, 2023, StateHouse Holdings (STHZ: CSE)(STHZF: OTCQB), a vertically integrated California operator, completed its acquisition of a further 29.9% of FGW Haight, Inc. “Harborside San Francisco.”
- The purchase takes StateHouse’s ownership of the dispensary to 80%
- StateHouse issued 1.1M shares at $1.50 per share, for a total consideration of $1.76M
- StateHouse was an early leader in consolidating the California industry with significant Sublime, Loudpack, and Urbn Leaf acquisitions. California market conditions have delayed meaningful returns from the consolidation activity, and the company now has total liabilities to a market cap of around 50x, a level we believe indicates severe financial distress.
- StateHouse ranks as the twenty-seventh of thirty companies on the Viridian Credit tracker model, besting only MedMen and Red White & Bloom.
- STHZ completed a last-minute “amend and extend” with Pelorus in Q3 to extend maturities to 2027 and add additional liquidity; however, significant improvement in cash flow will be necessary to assure the company’s survival.
Week ended 11/03/2023
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Viridian publishes weekly insights on the M&A landscape in the Cannabis/CBD/Psychedelic industries. These insights typically highlight the most interesting/meaningful M&A transactions for that week, and commentary on market conditions, M&A deal structures, target regions for acquirers, and industry sectors ripe for consolidation.