OUR 9TH YEAR OF PROVIDING PROPRIETARY CAPITAL MARKETS INTELLIGENCE ON THE CANNABIS / HEMP / PSYCHEDELIC SECTORS

Capital Raises

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.