Cannabis firms close out 2018 with blockbuster $13.8 billion raised

Marijuana News

The yr 2018 will go down as an enormous milestone for hashish corporations with $13.eight billion raised and greater than 300 merger and acquisition offers inked throughout the business, in accordance with knowledge from Viridian Capital Advisors.

The exercise far surpasses the figures logged in 2017, when firms raised $three.5 billion and closed 153 M&A offers.

Below are a couple of highlights from the ultimate offers of the yr. The knowledge, offered by Viridian, are for the weeks ended Dec. 21 and Dec. 28.

Key takeaways amongst capital raises:

  • Multistate marijuana agency Calyx Peak closed a $30 million increase as the corporate works to broaden operations and its portfolio of brand name.
  • Cardiol Therapeutics closed a financing valued at 15.1 million Canadian dollars ($11.1 million) as a part of its plans to go public in Canada by way of an IPO on the Toronto Stock Exchange. The firm is crafting cannabinoid-based prescription drugs for most cancers and coronary heart illness sufferers. “The pharmaceuticalization of cannabis is going to be a significant opportunity,” stated Harrison Phillips, vice chairman at Viridian Capital Advisors. “It takes time for medical research to catch up, but we expect to see more and more of this.”

Key takeaways from M&A exercise:

  • Level Brands acquired Cure Based Development, a producer of CBD merchandise bought by way of its web site and 700 third-party places. The deal between the Charlotte, North Carolina-based firms, following legalization of hemp underneath the Farm Bill, “validates that investors believe the hemp-derived CBD market is substantial,” Phillips stated.
  • Canadian retailer High Tide acquired Amsterdam-based Grasscity – a prime on-line system retailer that boasts 30 million month-to-month guests to its web site. The deal underscores the continued development amongst hashish retailers to spice up gross sales by means of e-commerce platforms, Phillips stated.

This story is a part of a weekly collection from Marijuana Business Daily and Viridian Capital Advisors that gives the newest knowledge on hashish funding exercise and M&A, alongside with key takeaways, evaluation and tendencies based mostly on current market strikes.

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.

Categories: Canada Marijuana News, Featured, International Marijuana Business News, Marijuana Stocks & Public Companies, United States


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