Weekly Deal Watch: Private companies drive cannabis M&A activity

Marijuana News

The number of completed M&A deals in the cannabis space remains significantly higher so far this year compared to a similar period in 2018 – and private companies are largely leading the way.

While the overall number of deals is up almost 40% year-to-date over 2018 (130 versus 94), transactions involving private cannabis companies have nearly tripled, from 15 in 2018 to 43 so far this year.


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 May 3.

For more analysis and in-depth looks at the investment trends and deals driving the cannabis industry forward, sign up for our new premium subscription service, Investor Intelligence.

Top raises closed last week:

  • iAnthus Capital, a New York-based multistate cannabis operator, raised $25 million through a convertible debt transaction. The company trades on the Canadian Securities Exchange as IAN and on the over-the-counter exchanges as ITHUF.
  • Growth Industries, a privately held Rhode Island-based manufacturer of “cannabinoid-enriched” products, closed a private placement equity raise for $17 million. The company said the money will be used to expand its brand portfolio and construct a new facility for cultivation, packaging and research and development.

Top M&A deals closed last week:

  • Tetra Bio Pharma (TSX-V: TBP; OTCQB: TBPMF), an Ottawa-based medical marijuana-focused company, acquired fellow Canadian group Panag Pharma. The deal involved the payment of 3 million Canadian dollars ($2.25 million) and the issuance of more than 16 million shares.
  • Canopy Growth (NYSE: CGC) closed its acquisition of Germany’s C3 group for roughly $253 million in an all-cash deal. The deal is one of the largest in the European cannabis industry so far.

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.