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 $1.57B, down 13.8% from last year’s $1.82B. From an LTM view, capital raises totaled $2.07B, down 10.8% from the same period in 2024. Debt as a percentage of capital raised on a worldwide basis is 90.0%, compared to 55.4% in the previous year. U.S. raises YTD accounted for 90.2% of total funds, up from 68.3% at the same point in 2024. Raises from outside of Canada and the U.S. represented 4.8% of the total funds raised, moderately below the average of 5.33% in the six previous years.
- Public company raises accounted for 90.1% 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 $1.13B, up 37.1% from last year’s $822.6M. For the LTM period, the capital raised in the cultivation and retail sector was $1.46B, 26.3% higher than in 2024, which in turn was 167% higher than in 2023.
- Debt accounts for 94.2% of the funds raised over the last 12 months (LTM). Large debt issues (over $100M) accounted for 63.4% of capital raised, compared to zero in 2023.
- Cannabis equity prices (as measured by the MSOS ETF) were down 11.21% for the week, creating a four-week loss of 7.7%.
This weeks Sector Focus
Capital Raises vs Stock Prices
- Cannabis equity prices (as measured by the MSOS ETF) were down 11.21% for the week, creating a four-week loss of 7.7%.