The popular press notion that 2022 has been a disastrous M&A year in U.S. Cannabis is not the case.

The graph breaks U.S. Cannabis M&A into deal size categories. Taken from the top: Green represents transactions over $500M, Brown indicates $100M-$500M deals, Blue depicts $25M-$100M deals, and Yellow represents transactions under $25M.

2021 was the outlier year, with three megadeals totaling $3.41B, contributing to a $10.3B total. The deals include the two de-SPACing transactions that formed Glass House Brands (OTC: GLASF) and WeedMaps, as well as the Trulieve (OTC: TCNNF) acquisition of Harvest Health.  

2020 also included two megadeals by Curaleaf (OTC: CURLF): the February 2020 acquisition of Select and the November acquisitions of Grass Roots.

Annualizing 2022’s YTD $2.57B figure gives $3.71B, equal to 2019’s total and 23% over 2020’s total.

So what happened to the big deals? By their nature, big M&A transactions are lumpy and occur only sporadically. Two large deals are nearing completion and are expected to close in 2022: Cresco (OTC: <a …

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