Weekly Deal Watch: More than $2.2 billion invested in cannabis industry in October
This weekly series from Marijuana Business Daily and Viridian Capital Advisors provides the latest data on cannabis investment activity and M&A, along with key takeaways, analysis and trends based on recent market moves.
The data below, provided by Viridian Capital Advisors, is through the week ended Oct. 26.
Among the top highlights: Cannabis firms have raised more than $2.2 billion since the beginning of October as investors shift their focus from Canada and ramp up activity in the U.S. Through Oct. 26, more than $8.2 billion has been invested in the industry this year.
While U.S. companies have lagged behind the multimillion-dollar capital raises inked by Canadian firms, Massachusetts-based Curaleaf’s has moved the bar higher. The firm closed a 520 million Canadian dollar ($396.6 million) raise – the largest to date in the U.S. cannabis industry. Despite the sell-off seen in public markets, this deal demonstrates continued interest in multistate U.S. operators, said Harrison Phillips, vice president at Viridian. “We’re going to see more investment activity in the U.S. as the political environment continues to develop,” he said.
ICC International Cannabis Corp. acquired Polannabis Holdings, a Poland-based hemp cultivation extraction company. Europe’s cannabis markets have grown slowly to date, but interest is on the rise – particularly around hemp from Eastern Europe. “Europe is just a few years behind the U.S. and Canada, but I expect we’ll see a steady expansion of companies moving into the market because the EU has such a significant population,” Phillips said.
Viridian Capital Advisors is a financial and strategic advisory firm that provides investment banking, M&A, corporate development and investor relations services to emerging growth companies and qualified investors in the cannabis sector.