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 07/14/2023
Week ended 07/14/2023
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M&A Transactions Commentary
Week ended 07/14/2023
- The Largest M&A Deals of the Week:
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- On July 10, 2023, Gold Flora LLC (Private), a female-led cannabis company that owns and operates a portfolio of cannabis brands and dispensaries in California, closed on a merger of equals, reverse merger with TPCO Holding Co. (“The Parent Company”) a consumer-focused California cannabis company.
- TPCO shareholders will receive one share of common stock in New Parent for each TPCO share, while Gold Flora unit holders will receive 1.5233 shares of New Parent for each unit they hold. Gold Flora holders will own approximately 51% of the new company, while TPCO holders will own 49%.
- Laurie Holcomb, CEO of Gold Flora, will become CEO of the new company, while Drew Datcher, CEO of TPCO, will become Chairman of the Board.
- The transaction values TPCO equity at approximately $35M and an enterprise value of $41M, representing approximately .6x annualized 1st quarter revenue.
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- Another Interesting M&A Deal:
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- On July 10, 2023, TerrAscend (TSND: TSX)(TSNDF: OTCQX), the sixth largest U.S. MSO by market cap, closed its previously announced acquisition of Herbicultre Inc, a medical dispensary in Maryland.
- The transaction consideration of $8.25M was paid with $3M in cash and $5.25M of seller notes. The transaction price equates to 1.9x Herbiculture’s run rate revenues of $4.3M.
- The acquisition is TerrAscend’s fourth dispensary in Maryland.
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Week ended 07/14/2023
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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.