Last week wasn’t the busiest for accomplished M&A deals within the cannabis business, however some notable transactions have been concluded – together with one involving a well-established multistate operator (MSO) and one other a comparatively new however fast-emerging participant on the scene. (See particulars under.)
There have been solely 5 accomplished M&A deals final week, bringing the whole thus far this yr to 211. That compares with a complete of 166 in an identical interval in 2018.
In phrases of capital raises, general quantity for the week was just like final yr ($117.1 million in 2019 in contrast with $133.eight million final yr), however general capital raises in 2019 proceed to outpace final yr – $7.68 billion versus $four.66 billion.
This weekly collection from Marijuana Business Daily and Viridian Capital Advisors supplies the newest knowledge on cannabis funding exercise and M&A, together with key takeaways, evaluation and developments based mostly on current market strikes.
The knowledge under, offered by Viridian Capital Advisors, is thru the week ended July 12.
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Top raises closed final week:
- Demetrix, a California-based firm, raised $50 million in a Series A funding to analysis artificial cannabinoid manufacturing. The funding spherical was led by New York-based funding group Tuatara Capital with help from an present investor, Horizons Ventures of Hong Kong.
- Sol Global, a Toronto-based cannabis funding group, raised 50 million Canadian dollars ($37.5 million) in debt financing. The firm will use the proceeds to fund its enlargement in CBD actions and operations in California, Florida and Michigan.
Top M&A deals closed final week:
- Harvest Health & Recreation, one of many largest MSOs within the United States, boosted its presence in Arizona with the acquisition of Leaf Life, which operates a medical marijuana dispensary within the state. Leaf Life is the 13th dispensary in Arizona for Harvest, which now has rights to function as much as 18 dispensaries and cultivation/processing amenities there. The worth of the deal was not disclosed.
- Jushi Holdings, a Florida-based cannabis firm, closed a $63 million transaction to spice up its presence in Pennsylvania. The acquisition of Franklin Bioscience includes as much as 12 licenses for medical dispensaries.
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 cannabis sector.