M&A advisory for cannabis companies
Cannabis M&A is shaped by regulatory complexity rather than headline buyer appetite. In the US, trade buyers are the MSOs and category-specialist platforms operating under state-by-state licensing; in Canada and Europe the set includes the LPs and a small group of consumer strategics. Cross-border transactions and federally illegal status in the US shape both deal structure and what buyers can actually own.
The buyer pool in the US is the major MSOs - Curaleaf, Trulieve, Green Thumb, Verano, Cresco - operating under state-by-state licensing. In Canada the set is Tilray (post Hexo), Canopy and Aurora, alongside cannabis-specialist sponsors and the consumer strategics that have positioned cautiously (Constellation through its Canopy stake). Flow has direct access across this set and structures around the plant-touching versus ancillary line that every deal hinges on.
Flow team has relevant sector experience and has worked with cannabis companies across cultivation, processing and extraction, branded products, retail and dispensary operators, and ancillary technology and services.
"Cannabis" KPIs M&A buyers look at
Key metrics strategics and PE buyers look at when analayzing cannabis M&A targets
Net revenue
Gross margin (post-280E)
COGS absorption rate
Yield per square foot
Revenue per dispensary
Excise duty by state
Inventory days
Licence count by jurisdiction
Wholesale vs retail mix
Cash on hand
Cannabis valuations in May 2026
Public cannabis comps trade at 0.9x EV/Revenue. Median revenue multiple across cannabis M&A deals was 1.4x in the last 12 months.
0.9x
Median EV/Revenue as of May 2026 for public cannabis companies
n/m
Curaleaf is the highest valued public cannabis company based on EV/Revenue (excluding outliers)
1.4x
Median EV/Revenue across cannabis M&A deals in the last 12 months
-
Median EV/Revenue across cannabis VC rounds in the last 12 months
Key recent cannabis M&A deals
$295M acquisition of Sanity Group by Organigram Global was the largest cannabis M&A transaction completed in the last year.
See all cannabis M&A deals| Logo | HQ | Description | Buyer | ||||
|---|---|---|---|---|---|---|---|
Feb-26 | Sanity Group |  | Sanity Group is a Berlin-headquartered producer of cannabinoid-infused wellness products across Europe, emphasizing non-psychoactive CBD formulations for health and relaxation. It manufactures oils, cosmetics, beverages and supplements under its own labels, distributed in Germany, Czech Republic, Poland and Austria via pharmacies, health stores and online platforms. Founded in 2018, the company invests in clinical research partnerships with universities like Charles University, achieving B Corp certification and expanding production capacity to 500,000 units annually by 2023. | Organigram Global | $295M | 4.9x | |
Jun-25 | Deep Roots Harvest |  | Deep Roots Harvest is a Nevada-based cannabis producer specializing in high-quality, sustainably grown strains for medical and recreational markets using advanced cultivation methods. | Vireo Growth | $133M | - | |
Jun-25 | Proper Brands | | Proper Brands is a California-based cannabis company producing medical marijuana products such as flower, edibles, and concentrates. The brand distributes through licensed dispensaries in recreational and medical markets. | Vireo Growth | $102M | - | |
Dec-25 | MTL Cannabis |  | MTL Cannabis Corp. is a Quebec-based licensed producer of premium cannabis products for Canada's recreational market. From its Montreal facility, the company employs proprietary hydroponic cultivation alongside handcrafted methods to create dried flower, pre-rolls, and hash. Distributed via provincial boards under brands MTL Cannabis, Low Key by MTL, and R’belle, these products also reach regulated international markets through dedicated export channels. | Canopy Growth | $93M | 1.5x | |
Dec-25 | CanAdelaar |  | CanAdelaar is a vertically integrated cannabis producer participating in the Netherlands' regulated adult-use pilot program. It cultivates sun-grown varieties in a large greenhouse and supplies dried flower, pre-rolls, hash, and edibles under the Original Grow brand to nearly all participating licensed coffeeshops. The Amsterdam-based company develops proprietary genetics while emphasizing quality control and regulatory compliance. | Cronos Group | $67M | 1.4x | |
Aug-25 | Remexian Pharma | | Remexian Pharma is a Dutch pharmaceutical wholesaler specializing in medical cannabis import and distribution. Based in Oosterhout, it prioritizes short supply chains for rapid delivery to pharmacies and clinics across Europe. The company emphasizes sustainability in logistics while supplying various cannabis-based medications. | High Tide | $56M | 0.8x | |
Dec-25 | Eaze | | Eaze is a San Francisco-headquartered online cannabis marketplace offering delivery services in California, Michigan, and Ontario. Launched in 2014, the platform connects licensed dispensaries with consumers via an app, processing over $1 billion in annual orders. It provides real-time inventory, express delivery within 30 minutes in select markets, and compliance tools for retailers amid state-legal markets. | Vireo Growth | $47M | 0.4x | |
Apr-26 | Safari Flower Company | | Safari Flower Company is a micropropagation lab that cultivates cannabis plants. | Aurora Cannabis | $27M | - | |
Apr-26 | FLUENT | | FLUENT Corp is a vertically integrated cannabis company with licenses and operations in Florida, New York, Pennsylvania, and Texas. The Company operates under the FLUENT brand. The company is engaged in the cultivation, production, distribution, and retail of cannabis. | Vireo Growth | $19M | 0.2x | |
Jul-25 | SugarTop Buddery | | SugarTop Buddery is a Vancouver-based cannabis dispensary specializing in craft flower strains and pre-rolled joints. The retailer sources products from licensed British Columbia cultivators like 7 Fingers and Broken Coast for indoor-grown indicas and sativas. SugarTop Buddery operates a physical store in East Vancouver with online ordering for recreational users aged 19 and older. | THC Therapeutics | $3.0M | 1.4x | |
May-26 | M | Medican Organic | | Medican Organic is a retail company that sells cannabis-related products. | Cannara Biotech | $2.1M | - |
Nov-25 | CannGros |  | CannGros ApS is a Copenhagen-headquartered supplier of medical cannabis products under Denmark's Experimental Scheme for Medical Cannabis. The company specializes in importing Bedrocan-branded flower and oils from the Netherlands, while manufacturing intermediate extracts for pharmacies. Approved since 2018, it distributes to Danish hospitals and serves as a key importer in the Nordic medical market. | Stenocare | $2.0M | - | |
Sep-25 | Greenstock | | Greenstock Dispensary is a retail chain offering medical and recreational cannabis products in Ohio. It stocks flower strains, edibles, concentrates, vape cartridges, topicals, tinctures, and accessories from brands including Standard Wellness, Cresco Labs, and AYR Wellness. Locations in Cleveland and surrounding areas provide in-store consultations, loyalty programs, and online ordering for pickup. The dispensary emphasizes lab-tested products with detailed cannabinoid profiles and terpene information. | Standard Wellness | $1.4M | - | |
Apr-26 | Lyphe Group | Lyphe Group is a medical cannabis provider supplying online consultations and treatment plans to patients. | Tilray Brands | - | - | ||
Mar-26 | Alchemist Filling Machines | | Alchemist Filling Machines manufactures patent-protected filling equipment for the cannabis market. | 3Win | - | - |
Most active buyers of cannabis companies
Vireo Growth, Simply Solventless and High Tide are the most active acquirers of cannabis companies in the last three years.
See all cannabis acquirers| Logo | HQ | Description | Key acquisitions | ||
|---|---|---|---|---|---|
Vireo Growth | | Vireo Growth Inc is a cannabis company whose mission is to provide safe access, quality products, and value to its customers while supporting its local communities through active participation and restorative justice programs. The company's operating results in one business segment: the cultivation, production, and sale of cannabis. | FLUENTEazeDeep Roots Harvest+2 | 5 | |
Simply Solventless | | Simply Solventless Concentrates Ltd is a company that provides pure, potent, terpene-rich solvent less concentrates to discerning cannabis consumers. The company serves the recreational, medical, and business-to-business cannabis markets in Canada. | Uncommon Cannabis CoANC SolutionsCannMart | 3 | |
High Tide | | High Tide Inc is a downstream-focused retailer of cannabis products, distributor, and seller of smoking accessories and cannabis lifestyle products. It is a vertically integrated company in the Canadian cannabis market with various brands in its portfolio such as Canna Cabana, Fastendr, Queen of Bud, Grasscity, Daily High Club, and others. The company's reportable operating segments are: Bricks and mortar, which generates maximum revenue, and E-commerce. Geographically, it derives maximum revenue from its business in Canada, followed by the United States of America, and other international markets. | Remexian PharmaPurecanQueen of Bud | 3 | |
Canopy Growth | | Canopy Growth Corp, cultivates and sells medicinal and recreational cannabis and hemp through a portfolio of brands that include Doja, LivRelief, Ace Valley, Deep Space, and others. The Company is engaged in reportable segments namely: Canada cannabis, International markets cannabis, Storz & Bickel, and This Works. The company generates maximum revenue from Canadian cannabis. | MTL CannabisJetty ExtractsWana Brands | 2 | |
Tilray Brands | | Tilray is a Canadian producer that cultivates and sells medical and recreational cannabis. In 2021, legacy Aphria acquired legacy Tilray in a reverse merger and renamed itself Tilray. The bulk of its sales are in Canada and in the international medical cannabis export market. US exposure comes mainly from alcohol. | Lyphe Grouptruss beverage co.BrewDog+1 | 2 | |
Aurora Cannabis | | Aurora Cannabis Inc headquartered in Edmonton, Canada, cultivates and sells medicinal and recreational cannabis through a portfolio of brands that includes Drift, San Rafael '71, Daily Special, Whistler, Being, and Greybeard. Although the company operates in Canada, it has expanded internationally through medical cannabis exporting agreements. The company opertes in Canada, Europe, Australia, and Others, with majority revenue from Canada. | Safari Flower CompanyMedReleaf AustraliaBevo Agro | 2 | |
Organigram Global | | Organigram Global Inc is a licensed cultivator of cannabis and manufacturer of cannabis-derived goods in Canada. It is is focused on producing high-quality cannabis for adult recreational consumers. It has also developed and acquired a portfolio of legal adult-use recreational cannabis brands, including Edison, Holy Mountain, Big Bag O’ Buds, SHRED, SHRED’ems, Monjour, Tremblant Cannabis, Trailblazer, BOXHOT and DEBUNK. Organigram operates facilities in Moncton, New Brunswick and Lac-Superieur, Quebec, with a dedicated edibles manufacturing facility in Winnipeg, Manitoba. | Sanity GroupMotif LabsLaurentian Organic | 2 | |
Nabis | | Nabis is a San Francisco-headquartered licensed cannabis wholesaler serving California retailers. It operates a technology platform managing inventory, ordering, logistics, payments, and analytics for over 1,000 brands and 2,500 dispensaries. Nabis handles daily deliveries across the state using a fleet of temperature-controlled vehicles and provides financing options through its Nabis Capital division. | Humble Cannabis SolutionsBlackbird Logistics | 2 | |
Culta | | Culta is a Rockville, Maryland-based cannabis cultivator producing flower, pre-rolls, vapes, and extracts under the Culta Beauty brand. Licensed for 100,000 square feet of canopy, it yields 5,000 pounds monthly using organic methods and LED lighting. The company supplies 200+ dispensaries in Maryland and holds the state's top market share at 15%. Founded in 2019, Culta achieved $50 million in 2023 revenue. | Greenhouse WellnessKannavis | 2 | |
Stenocare | | Stenocare AS is a Danish company engaged in the cultivation and production of medical cannabis products through pharmacies and hospitals. The Company’s business operations include the distribution and sales of imported products to several markets which also includes local cultivation and production of its medical cannabis products. Stenocare is well positioned to become a market leader in Denmark and a vendor in Europe. The Company is a supplier of medical cannabis oil for patients in Denmerk, Sweden, UK, Australia and Norway. It has an indoor production facility for the cultivation and production of medical cannabis at Randers, Denmark. | CannGros | 1 |
Founders and investors we've worked with
We've supported winning builders across cannabis and beyond.
MAILINGWORK
We acted as exclusive sell-side advisor to MAILINGWORK, a Chemnitz-based email marketing software platform, on its sale to French digital marketing leader Positive Group.
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TestSolutions
We acted as exclusive financial advisor to Swiss PE firm Patrimonium on its majority stake acquisition of TestSolutions, a Frankfurt-based software testing and IT services provider.
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Rebellion Pay
We acted as exclusive sell-side advisor to Rebellion Pay, Spain's leading Gen Z neobanking platform, on its sale to Turkish consumer fintech unicorn Papara.
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HAPPYCAR
We acted as exclusive sell-side advisor to HAPPYCAR, a Hamburg-based pan-European rental car comparison and booking platform, on its sale to Dutch online price comparison player EasyTerra.
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Resillion
We provided buy-side advice to a dominant TIC industry player on the carve-out and acquisition of Resillion (fka Eurofins Digital Testing), a Hasselt-based digital testing, cybersecurity and forensics provider.
See moreRecent M&A advisory track record
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