Cannabis companies have been going public, merging, and acquiring competitors in a race for a competitive edge as cannabis legalization continues to sweep the globe.
According to a report from the cannabis accounting and advisory firm MGO|Ello, there were 300 strategic acquisitions worth $8.4 billion in the cannabis space in 2018, up from just $54 million in 2013. All that jockeying within the industry has led to a boom for investment bankers, who help companies raise money, go public, and pursue M&A.
Under its former CEO, Bruce Linton, Canopy Growth was perhaps the most active of publicly-traded cannabis companies, as it landed a $4 billion investment from the beer giant Constellation Brands, and orchestrated the first Canada-to-US cannabis acquisition with its complex deal to acquire Acreage Holdings.
Most of the fees from these and similar deals are flowing to boutique and midsize Canadian investment banks (cannabis is federally legal in Canada) that took the initial risk of working in an industry with a hazy regulatory structure in the US
While the top-tier US banks are mostly sitting on the sidelines for now, some, like Goldman Sachs, have advised existing clients on cannabis deals.
In an effort to figure out who’s making money on these deals, Business Insider put together a list of the top dealmakers in the cannabis industry, based on Dealogic data. We then conducted additional reporting to identify the top cannabis bankers at those firms.
Subscribe to Business Insider Prime to see which banks – and bankers — are leading on cannabis deals, and how much money they’re pulling in.
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