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 $1.65B, down 13.0% from last year’s $1.90B. 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 worldwide is 90.5%, compared to 56.6% in the previous year. U.S. raises YTD accounted for 90.7% of total funds, up from 68.9% at the same point in 2024. Raising from outside Canada and the U.S. accounted for 4.5% of total funds raised, slightly below the average of 5.33% over the six previous years.
- Public company raises accounted for 93.8% 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 $1.22B, up 36.6% from last year’s $890.5M. For the LTM period, the capital raised in the cultivation and retail sector was $1.48B, 28.1% higher than in 2024, which in turn was 160% higher than in 2023.
- Debt accounts for 94.3% of the funds raised over the last 12 months (LTM). Large debt issues (over $100M) accounted for 58.8% of capital raised, up from 0% in 2023.
- Cannabis equity prices (as measured by the MSOS ETF) fell by 3.68% for the week.
This weeks Sector Focus
Capital Raises vs Stock Prices
- Cannabis equity prices (as measured by the MSOS ETF) fell by 3.68% for the week.
