Cannabiz Media recently did a deep dive into the deal makers to see which advisors were leading the pack and Canaccord Genuity (OTC: CCORF) comes out on top. Of the 137 recognized deals, Canaccord Genuity is the financial leader advising on 22 of the 137 deals. ATB Capital Markets was a distant second with 10 deals. Canaccord is also the leader on both the buy and sell-side components. Canaccord is listed as having advised on$8.1 billion in deals.
Just last week, Canaccord announced that Aurora Cannabis Inc. (NASDAQ: ACB) (TSX: ACB) closed its previously announced bought deal of units raising $172.5 million. Canaccord Genuity acted as lead-left bookrunner to the Offering. In April, Canaccord was the exclusive financial advisor to RiteGene Technologies on its sale to Bloom Medicinals.
In March Canaccord acted as financial advisor to Columbia Care on one of the largest recent deals in the cannabis industry with Cresco Labs buying Col-Care. The pro forma entity will be the largest multi-state operator by pro-forma revenue, with a combined fourth quarter 2021 annualized revenue of $1.4 billion. The pro forma entity will have 130 dispensaries across an 18 market footprint and will cover all 10 of BDSA’s top-10 largest and fastest-growing markets by 2025, representing ~55% of the U.S. population and over 70% of the addressable U.S. cannabis market.
Cannabiz Media tracks the license assets as they move from company to company. When capital contracts, the company said it sees a pause in transactions and as many have pointed out, a lot of the big deals are likely done. Author Ed Keating wrote, “Second tier MSOs and single state operators may be the next wave of participants.”
Cannabiz said it researched the details on over 500 M&A transactions in the cannabis, hemp, and ancillary space. The company said in its report, “When available, we have gathered information on the legal and financial advisors who assisted the buyers and sellers. Our research has identified 133 firms that advised on 137 M&A transactions.” The company also noted that the information might not be complete.
When it comes to the legal side of the equation, Bennet Jones leads the pack with 15 deals valued at $6.8 billion. The company also led on both the buy-side and sell-side of the transactions.