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 03/03/2023
Week ended 03/03/2023
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M&A Transactions Commentary
Week ended 03/03/2023
The Largest Closed M&A Deal of the Week:
- On February 29, 2023, Craft 1861 Global, Inc. completed a reverse merger to acquire BGP Acquisition Corp (BGP.U: NEO)(BGPPF: OTCQX) for approximately $530M. The transaction was a qualifying despacing transaction for BGP Acquisition Inc.
- BGP did a $115M IPO on February 4, 2021, but as has been the trend, shareholders representing approximately 97% of outstanding shares elected to redeem their shares, leaving only $3.6M in escrow.
- BGP subsequently completed a $100M private placement of shares
- Craft 1861 Global is a minority-led U.S.-based health and wellness company that operates in two business segments:
- The non-psychoactive, hemp-derived CBD segment with consumer packaged goods with zero THC
- The THC segment consists of a vertically integrated cannabis company in New Mexico with an 87,000 sq ft outdoor cultivation with a total annual capacity of approximately 1200 pounds of mixed light flower and 15,000 pounds of fresh frozen biomass. Craft also operates two adult-use retail dispensaries.
- Craft had approximately $1.7 million in revenues for the twelve months ending September 2022.
Week ended 03/03/2023
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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.