North American hashish corporations have raised almost $three.three billion to date this yr, outpacing the record funding levels set in 2018, in line with the newest knowledge from Viridian Capital Advisors.
With the closing of Altria Group’s $1.eight billion strategic funding in Canadian hashish producer Cronos, fundraising levels by way of the primary week of March are greater than $1 billion forward of the tempo for this time final yr.
Each week Marijuana Business Daily and Viridian Capital Advisors present the newest knowledge on hashish funding exercise and M&A, together with key takeaways, evaluation and developments based mostly on current market strikes.
The knowledge under, offered by Viridian, is thru the week ended March eight.
For extra evaluation and in-depth appears on the funding tendencies and offers driving the hashish business ahead, join our new premium subscription service, Investor Intelligence.
Top raises closed final week included:
- Altria Group’s record-breaking funding of two.four billion Canadian dollars ($1.eight billion) in Ontario-based hashish producer Cronos Group (TSX: CRON; Nasdaq: CRON) – a deal that completes what’s thus far the most important funding by a tobacco firm within the hashish area. The funding provides Altria (NYSE: MO) a 45% stake in Cronos. Altria additionally has a warrant that, if exercised, would bump its possession within the built-in marijuana agency to 55%.
- Vancouver, British Columbia-based International Cannabis Corp. (CSE: WRLD.U) closed a $45 million personal increase, funds the agency plans to make use of for working capital. ICC additionally closed a $13.5 million fairness increase final week.
Key M&A offers closed final week:
- Alberta’s Aurora Cannabis (TSX: ACB) closed on its acquisition of privately held, British Columbia-based Whistler Medical Marijuana Corp. – one in every of Canada’s first licensed producers – for CA$175 million ($131 million) in an all-share transaction. The acquisition will add Whistler’s acknowledged hashish model to Aurora’s portfolio. It additionally offers Aurora a confirmed export channel.
- CIJ Holdings, a North Carolina-based hashish funding and holdings firm, finalized its acquisition of Grown 2 Gold, a North Carolina hemp grower and processor. Terms of the deal weren’t disclosed. The merger provides Grown 2 Gold working capital and assets to domesticate and handle about 1,000 acres of North and South Carolina hashish, in accordance with a information launch.
Viridian Capital Advisors is a monetary and strategic advisory agency that gives funding banking, M&A, company improvement and investor relations providers to rising progress corporations and certified buyers within the hashish sector.