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 11/10/2023
Week ended 11/10/2023
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M&A Transactions Commentary
Week ended 11/10/2023
- The Most Interesting M&A Deal of the Week:
- On November 7, 2023, Pharmadrug Inc. (PHRX: CSE), a specialty pharmaceutical company focused on the research, development, and commercialization of controlled substances, including psychedelics, completed its acquisition of Sucuredose Synthetics, a company focused on the development of synthetic formulations of currently existing drugs for commercialization.
- The $1.26M consideration for the acquisition was 31.5M shares valued at $0.04
- Pharmadrug also reached an agreement with the holders of its $609,000 principal amount of secured convertible debentures to amend the conversion price from $.35 to $.05. The 2.1M warrant issued to the debenture holders will also be modified to reduce the exercise price from $.35 to $.05. The number of warrants will be increased to 15M the number that was outstanding before the companies 7 for one reverse split on October 24, 2023.
- Pharmadrug is also restructuring a $1.22M unsecured convertible debt that matured earlier in the year but was not paid. New debentures will be issued for $1.28M, including accrued interest. The debentures will carry a 12% coupon and mature in one year with two one-year extensions available at the company’s option, subject to a 5% renewal fee.
Week ended 11/10/2023
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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.