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 06/14/2024
Week ended 06/14/2024
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M&A Transactions Commentary
Week ended 06/14/2024
- The Largest Closed M&A Deal of the Week:
- On June 10, 2024, Innovative Industrial Properties (IIPR: NYSE), the largest provider of sales-leaseback financing to the cannabis industry, acquired a $13M industrial space in Florida that will be leased to AYR. IIPR will reimburse AYR up to $30M for the development of a 98k sq ft building in Ocala for conversion of the property into a cultivation facility.
- AYR is making a bold bet on Florida, doubling down on debt financing in order to maximize its pre-adult rec footprint.
- Undoubtedly, the company figures that Florida rec is its most significant lever to get out of the excessive leverage that it has done nothing to tame. If it spends the money and adult rec hits, it may be able to grow out of its debt refinancing issues, whereas if adult rec doesn’t pass, the company could be in for a wild ride through 2026 when its extended debt comes home to roost.
- Rescheduling is big for AYR, but Florida is the real bet.
Week ended 06/14/2024
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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.