Clarus Securities Inc.

Field of Greens

Brock Winterton

Clarus was active in Q4/16 as it was involved in seven transactions raising a total of $444 million.  We maintained our marquee position in the emerging marijuana space having participated in four transactions (two as lead) raising a total of $105 million.  Other major transactions were completed raising $288 million in the oil and gas sector, and $51 million in the technology and diversified spaces.

  Issuing Company
Capital Raised
Lead
Co-Managed
  MEDICAL MARIJUANA
  Aphria Inc.
$40.3
  CanniMed
$50.0
  Cannabo
$8.4
  Kalytera Therapeutics
$7.0
  OTHER SECTORS
  Spartan Energy
$287.6
  Park Lawn
$46.0
  Breaking Data
$5.0

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Emergence of World Leading Financial Market in the Cannabis Space

Brock Winterton

While cannabis companies predominantly focused on the Canadian market were the first to emerge in the financial market, we are now seeing US focused players accessing capital on Canadian markets.  Liquor companies, beverage companies, tobacco and pharma companies have begun to think about how they can play in the cannabis space.  Clarus remains deeply involved having brought two new companies public (totaling $102 million IPO values) and advised another on a $300 million M&A transaction.   

And let’s not forget the gold mining market.  Clarus raised funds for exploration related companies and played a major role in the annual Denver Gold forum hosting multiple events with a total of 12 companies and 15 money managers.

In total, some $523 million of value was raised or advised on.

What's Happening at Clarus...

Brock Winterton

  • While uncertainty continues to roil most segments of the market due to trade concerns, the passage of cannabis legislation in Canada removed the final legal uncertainty for this dynamic new industry.  Capital market activity in the cannabis space was widespread in June and Clarus was once again one of the leaders raising or advising on $294 million in three transactions in June alone.  We also continued to be active helping to raise $50 million for new and emerging businesses in modular construction and potentially the massive new LNG market; and $10 million for a new gold mining venture.  Total capital raised was $354 million for the month. (6/29/2018)

Greater Volatility but Investment Themes Resonate

Brock Winterton

Markets have taken a more volatile turn resulting in more cautious and less committed trading activity.  Clarus has been able to remain active in important investment themes with some highly targeted financings in the cannabis, blockchain, technology, specialty healthcare segments. M&A has emerged in the Gold sector as larger players are driven to enhance productions levels, meanwhile Clarus has been busy at the other end of the spectrum as it helps fund exploration and mine restarts.  Through May 2018, we have participated in $717 million of financings of which $295 million were as lead or co-lead.  Reflecting the growing needs of our clients, we were also involved as strategic advisors or offering fairness opinions on $641 million of transactions.

Recently we initiated on People Corp, one of Canada’s largest players in employee group benefit consulting and third-party benefits administration (PEO $6.90, TP $8.50).  Liberty Health Sciences is also new coverage for us.  Focused on the Florida medical cannabis industry as an integrated player offering growing through dispensary services. LHS has a strong early mover position in this potentially huge market (LHS $0.87, TP $2.00).

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