Weekly Deal Watch: Public companies target private firms for cannabis M&A

Marijuana News

As the marijuana industry matures, consolidation is expected to ramp up – a trend noted by several speakers at MJBizConNEXT in New Orleans this week.

Public companies led the charge in acquisitions this week, targeting private firms for growth in geography and product lines in more than two-thirds of the deals closed.

But as more cannabis companies take to the public markets, the industry may begin to see more public-to-public deals.

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 June 7.

For more analysis and in-depth looks at the investment trends and deals driving the cannabis industry forward, sign up for a premium membership to Investor Intelligence.

Top raises closed last week:

  • Cresco Capital Partners closed a $60 million raise for its CCP Fund II, $10 million more than the cannabis fund’s initial target. The firm deploys capital across the marijuana industry, from plant-touching companies to ancillary services.
  • Multistate operator Jushi – which commenced trading on the NEO exchange this week under the ticker symbol JUSH.B, closed a raise of $68.2 million.

 

Top M&A deals closed last week:

  • TerrAscend acquired San Francisco-based retailer The Apothecarium in a deal valued at more than $118 million. The move gives the Toronto-based vertically integrated marijuana company a retail footprint in the United States.
  • Vancouver, British Columbia-based Pasha Brands (CSE: CRFT), one of Canada’s largest craft marijuana brands, acquired Medcann Health Products, a fully licensed and approved processor, cultivator and seller of medical cannabis in Canada.

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.

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