Capital Raises Summary

Each week, Viridian publishes insights and analysis on completed capital raise transactions in the prior week, focusing on all equity and debt deals. Our analysis includes:
- Summary
- Outlook
- Best & Worst Perfromers
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YTD Analysis
- YTD capital raises totaled $1.11B, down 2.7% from last year’s $1.14B. From an LTM view, capital raises totaled $2.29B, down 1.4% from the same period in 2024. Debt as a percentage of capital raised on a worldwide basis was 87.6%, compared to 52.9% last year. U.S. raises LTM accounted for 90.4% of total funds, up from 53.5% at the same point in 2024. Raises from outside of Canada and the U.S. represented 5.1% of the total funds raised, in line with the average of 5.33% in the six previous years.
- Public company raises accounted for 78.0% of total raises in the LTM period, the highest since 2021.
- YTD capital raises for the cultivation and retail sector total $746.2M, up 74.2% from last year’s $428.5M. For the LTM period, the capital raised in the cultivation and retail sector was $1,477.1M, 27.4% higher than in 2024, which in turn was up 167% from 2023.
- Debt accounts for 94.5% of the funds raised over the last 12 months (LTM). Large debt issues (over $100M) accounted for 52.3% of capital raised, compared to zero in 2023.
- Cannabis equity prices (as measured by the MSOS ETF) were down 14.24% for the week.
This weeks Sector Focus
Capital Raises vs Stock Prices
- Cannabis equity prices (as measured by the MSOS ETF) were down 14.24% for the week.