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 $0.42B, down 47.6% from last year’s $0.79B. From an LTM view, capital raises totaled $1.94B, down 16.3% from the same period in 2024. Debt as a percentage of capital raised on a worldwide basis was 72.8%, compared to 57.8% last year. U.S. raises LTM accounted for 86.2% of total funds, up from 44.3% at the same point in 2023. Raises from outside Canada and the U.S. represented 3.5% 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 39.4% from last year’s $194.7M. For the LTM period, the capital raised in the cultivation and retail sector was $1.08B, 6.6% lower than in 2024, which in turn was up 167% from 2023.
- Debt accounts for 91.7% of funds raised in the LTM period. Large debt issues (>$100M) represented 45.0% of capital raised compared to zero in 2023.
- Cannabis equity prices (as measured by the MSOS ETF) were unchanged for the week.
This weeks Sector Focus
Capital Raises vs Stock Prices
- Cannabis equity prices (as measured by the MSOS ETF) were unchanged for the week.
