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Multi-State Operator quarterly recap - 3Q20

Needham & Company

OUR TAKEAWAY

2020 was an “outstanding” year for U.S.-based MSOs with strong growth rates and improved margins. Looking to 2021, Needham shared an optimistic view, “We can point to no macro, regulatory, or fundamental factors that would materially alter the pace of revenue growth, and we expect continued improvement in operating metrics into 4Q and '21.” Moving forward, they see “capital raising activity over the next few months required to sustain growth.”

U.S. cannabis firm Verano to go public with $2.8B valuation

BNN Bloomberg

OUR TAKEAWAY

On the heels of its acquisition of AltMed, Verano has begun the reverse takeover process in order to list on the Canadian Stock Exchange. This listing would break a logjam that has seen relatively little cannabis-related IPO activity the past year. In the first 48 weeks of the year, $2.1 billion was raised by publicly traded cannabis companies, less than half of the $5.6 billion raised in the same period a year ago, according to Viridian Capital Advisors, a cannabis advisory firm.

MSOS update with Todd Harrison and Ben Kovler (GTII)

Advisor Shares

OUR TAKEAWAY

Following a strong Q3 earnings report, GTI CEO Ben Kovler speaks with Todd Harrison from CB1 Capital about Prohibition 2.0, potential industry catalysts on the horizon, market risks, and why cannabis investing is “the next great American growth story.” With each new market that legalizes, Mr. Kovler sees a multi-billion dollar opportunity and remarks that the most important factor in taking advantage of this “monstrous” opportunity is operational expertise and execution. Click the link for the full video interview

Cannabis review site Weedmaps agrees $1.5 billion deal to go public

Reuters

OUR TAKEAWAY

Weedmaps said on Thursday it has agreed to go public through a merger with special purpose acquisition company (SPAC) Silver Spike Acquisition Corp. Shares of Silver Spike surged 40% after the deal was announced.

LeafLink raises $40m from Founders Fund, others to cultivate its cannabis wholesale market

Tech Crunch

OUR TAKEAWAY

With it’s latest Series C raise, LeafLink demonstrates the increasing appetite for cannabis investment. Founders Fund, which has invested in companies such as Airbnb, Stripe, SpaceX, Facebook, and Spotify, led the round and shared why they are excited about the company, “the U.S. appears to be on a path to full federal legalization over the next few years. We believe we’ll start to see some massive success stories in the cannabis space as regulations change and that LeafLink will be one of the winners,” said partner Napoleon Ta.

Cannabis Momentum: December 4, 2020

In November a green wave swept across the U.S., evidence of the growing political momentum of cannabis. As we enter the first week of December we continue to see this building “cannabis momentum” - from sports & entertainment to finance, cannabis is seemingly at the forefront of every conversation. A boxing legend got back in the ring with a little help from cannabis, a hip hop mogul participated in the largest cannabis SPAC transaction ever, and the U.N. reclassified cannabis to remove it from its list of dangerous drugs. The headlines are monumental and demonstrate a clear momentum building behind cannabis.