Cannabis Deal Tracker - Week Ended November 8, 2019
Although capital raise activity remains below historic norms, the average raise was unusually high this week at $78 million. This was solely driven by two large special purpose acquisition corporations (SPACs) raising $150 million and $120 million over the last week. In the last several months we've seen an acceleration in SPAC activity, effectively creating publicly traded acquisition platforms.
TILT holdings, which has lost the majority of its value since its IPO, obtained debt financing to repay $20 million of short term debt.
C3 holdings raised $16.5 million to expand into Michigan as the midwest continues to gain traction. Illinois and Michigan are going from medical to recreational in 2020 and will open up big opportunities for multi-state operator expansion.
Mergers & Acquisitions
Mergers and acquisitions came to a halt in week 45 as companies reassess the new reality of weakened balance sheets, depressed stock prices and a lack of cash.