European cannabis M&A has been picking up. YTD, we have seen 22 transactions with total consideration of approximately $578M (excluding the $7.2 billion G.W. Pharma transaction).
Largest M&A Deal of the week: On July 20th, 2021, Sundial Growers (Nasdaq: SNDL) announced the acquisition of all outstanding and issued common shares of Inner Spirit Holdings (CSE: ISH)(OTCQB: INSHF) for total consideration of US$90.47M.
Consideration included $69.79M in cash ($0.3 per share), and $20.69 million in Sundial common stock (an exchange ratio of 0.835).
The transaction price represents a 3.25x multiple of annualized revenues, a slight premium to the median value of 3.13x that we calculate in the Viridian Value Tracker for the 50 Candian cultivation & retail companies with market caps of under $100M.