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 $2.0B, down 9.4% from last year’s $2.2B. From an LTM view, capital raises totaled $2.1B, down 9.0% from the same period in 2024. Debt as a percentage of capital raised worldwide is 82.9%, compared to 60.1% in the previous year. U.S. raises YTD accounted for 84.7% of total funds, up from 72.1% at the same point in 2024. Raises from outside Canada and the U.S. accounted for 11.2% of total funds raised, more than double the average of 5.3% over the six previous years.
- Public company raises accounted for 93.1% of total raises in the LTM period, the highest in at least the last 7 years.
- YTD capital raises for the cultivation and retail sector total $1.38B, up 28.8% from last year’s $1.07B. For the LTM period, the capital raised in the cultivation and retail sector was $1.47B, 26.6% higher than in 2024, which in turn was 160% higher than in 2023.
- Debt accounts for a whopping 94.2% of the funds raised over the last 12 months (LTM). Large debt issues (over $100M) accounted for 55.5% of capital raised, up from 0% in 2023.
- Cannabis equity prices (as measured by the MSOS ETF) rose by 49.1% for the week.
This weeks Sector Focus
Capital Raises vs Stock Prices
- Cannabis equity prices (as measured by the MSOS ETF) rose by 49.1% for the week.
