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
Quick Links
YTD Analysis
- YTD capital raises totaled $1.44B, down 7.0% from last year’s $1.55B. From an LTM view, capital raises totaled $2.2B, down 4.6% from the same period in 2024. Debt as a percentage of capital raised on a worldwide basis is 90.2%, compared to 50.4% in the previous year. U.S. raises LTM accounted for 90.6% of total funds, up from 23.5% at the same point in 2024. Raises from outside of Canada and the U.S. represented 4.0% of the total funds raised, a little short of 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 $1.07B, up 81.6% from last year’s $589.9M. For the LTM period, the capital raised in the cultivation and retail sector was $1.64B, 41.5% higher than in 2024, which in turn was 167% higher than in 2023.
- Debt accounts for 94.6% of the funds raised over the last 12 months (LTM). Large debt issues (over $100M) accounted for 66.7% of capital raised, compared to zero in 2023.
- Cannabis equity prices (as measured by the MSOS ETF) were up 21.43% for the week.
This weeks Sector Focus
Capital Raises vs Stock Prices
- Cannabis equity prices (as measured by the MSOS ETF) were up 21.43% for the week.
