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 total $0.37B, down 40.1% from last year’s $0.62B. From an LTM view, capital raises totaled $2.07B, down -10.6% from the same period in 2024. Debt as a percentage of capital raised on a worldwide basis was 68.19%, compared to 57.8% last year. U.S. raises LTM accounted for 80.4% of total funds, up from 53.6% at the same point in 2023. Raises from outside Canada and the U.S. represented 3.25% of the total funds raised, falling short of the average of 5.33% in the six previous years.
- Raises by public companies 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 $117.99M, down 34.9% from last year’s $181.3M. For the LTM period, the capital raised in the cultivation and retail sector was $1.10B, 5.5% lower than in 2024, which in turn was up 167% from 2023.
- Debt accounts for 91.8% of funds raised in the LTM period. Large debt issues (>$100M) represented 44.4% of capital raised compared to zero in 2023.
- Cannabis equity prices (as measured by the MSOS ETF) jumped 9.7% for the week, on news that Trump instructed his party to get banking reform passed before the midterms.
This weeks Sector Focus
Capital Raises vs Stock Prices
- Cannabis equity prices (as measured by the MSOS ETF) jumped 9.7% for the week, on news that Trump instructed his party to get banking reform passed before the midterms.
