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
- Two capital raises closed in the week ended 12/13/24 for total proceeds of $1.64M, one less raise than last week but with a $5.51M lower volume. This week in 2023 also held one more raise than this year with a $4.36M higher total value. The average deal size was $0.8M this week compared to $2.0M in the year-ago period.
- YTD capital raises totaled $2,211.55M, up 19.7% from the same period in 2023. Debt as a percentage of capital raised on a worldwide basis remained steady at 60.1%, compared to 61.0% last year. U.S. raises accounted for 72.1% of total funds, up from 53.3% at the same point in 2023. Raises from outside Canada and the U.S. represented 4.6% of the total funds raised, falling a little short of the average of 5.6% in the six previous years but is sharply lower than the 10.7% achieved in 2023.
- YTD raises by public companies accounted for 77.4% of total funds, the highest since 2021.
- Cultivation and Retail Sector capital raises are up 161% YTD. Debt accounts for 98.3% of the $1068.1M raised YTD, and around 75% of this was earmarked for refinancing existing debt. Large debt issues (>$100M) bounced back and represented 45.6% of capital raised compared to zero in 2023.
- Cannabis equities (as measured by the MSOS ETF) ended down 8.83% for the week, hitting new all-time lows.
This weeks Sector Focus
Capital Raises vs Stock Prices
- Cannabis equities (as measured by the MSOS ETF) ended down 8.83% for the week, hitting new all-time lows.
