Cultivating Capital: Cannabis Finance & Investment


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Since 2019, capital raises in the cannabis industry have totaled US$25.6B reflecting investment in more diverse and innovative products, improved therapeutic outcomes, and ancillary services. Our latest report, Cultivating Capital: Cannabis Finance & Investment, uncovers emerging trends, challenges and opportunities as they relate to:

  • Federal Prohibition: Increasing market sophistication is enabling cannabis companies to navigate the challenges created by federal prohibition, while cannabis normalization has bolstered investor confidence in federal reform.
  • Capital Risks: Federal prohibition limits financing options and significantly increases capital costs, with debt now accounting for 38% of financing, up from 18% in 2018.
  • M&A Investment Trends: Investments in cultivation and retail facilities accounted for 60% of 2021 deals (over $6 billion), but investors also bet big on technologies companies, with 2021 seeing the largest tech deals to date.
  • Global Expansion: As liberalization progresses across emerging global markets, Canadian and American companies are deploying capital in global emerging markets as a strategic foundation to capture the near $500 billion opportunity.

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