CAPITAL RAISES
Transactional Activity: Week 28 ended July 10, 2020, saw a higher dollar volume and a slightly higher number of transactions vs. the prior week of this year and a sharply lower dollar volume and number of transactions vs the prior-year period. We recorded 6 capital raise transactions totaling $51.1 million, vs. 10 transactions totaling $117.1 million during the same week in 2019. The average tranche size was $8.5 million this week, vs. $11.7 million in the prior-year period.
Largest Cap Raise: On July 7, 2020, Verano Holdings LLC, one of the largest private multi-state operators, announced the placement of a 15.25% $US30 million two-year senior secured term facility. Verano joins a select cadre of US cannabis companies that have been able to issue debt without conversion features or attached warrants. The company currently has a presence in 12 states with 14 retail locations and 6 cultivation and processing facilities and plans to double its retail locations by year-end. Proceeds will be used to fund working capital, internal growth, and acquisitions.
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July 6th - July 10th, 2020