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Cannabis Debt Financing is Booming Across the U.S.
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The Talking Hedge
Published 10 months ago |
Unlike equity capital raises which are sharply lower in 2020, debt raises increased from $423M to $563M to $940M in 2018, 2019 and YTD 2020 respectively.
Like M&A, debt has moved eastward. California, Colorado, Oregon, and Washington jointly made up 34.5% of 2018 debt but only 5.4% of 2020’s debt. Illinois, Massachusetts and New York accounted for 93.0% of 2020 debt issuance.

The average size of issues is going up from $10.0M in 2018 to $13.7M in 2019 to $55.3M in 2020.

The market has become focused on the larger players. Curaleaf ($300M), Leaflink($250M) , and Cresco ($175M) jointly made up 77.1% of 2020 debt issuance. Aside from these three names, the average issues size drops to approximately $16.5 million.

Viridian expects significant increases in debt issuance as the large MSOs build out new rec states employing the borrowing power of their burgeoining cash flow.

Show Notes:
Viridian Capital Advisors' Chart of the Week
Cannabis Debt Financing is Booming Across the U.S.
https://www.viridianca.com/chart1

Host:
Josh Kincaid, Capital Markets Analyst & host of your cannabis business podcast.
https://www.linkedin.com/in/joshkincaid/

Episode 611 of The Talking Hedge:
Your Cannabis Business Podcast.
​Covering cannabis products, reviews, business news, interviews, investments, events, and more.
https://www.theTalkingHedgepodcast.com

Music Info:
Song: Dark Trap Beats Hard Rap Instrumental | Gang | 2018Artist: LuxrayBeats

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Josh is not an investment adviser. The Talking Hedge is long gold and silver. Listeners should always speak to their personal financial advisers.
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