Markets: Canada
Cannabis M&A and Capital Raising in Canada
Canada built the world's first national legal cannabis market, and the industry is now in a decisive phase. Kronos advises Canadian licensed producers, retailers and brands on M&A, capital raising and restructuring.
Why Canada, why now
Record sales, tougher economics. Canadian legal sales reached a record of about C$5.5 billion in 2025, but margins remain under pressure. Wholesale prices for some producers have fallen to as little as $3 per gram, while the C$1 per gram excise duty has not moved with the market.
Consolidation is accelerating. Better-capitalized groups are buying brands, distribution and patient access, while weaker operators enter court-supervised sale processes. Revocations outpaced new licences in 2026, leaving about 900 active producers.
Exports are the growth engine. Canada exported 275 tonnes in 2025, up 143% year over year, with Germany the largest destination. EU-GMP certified facilities are becoming some of the most valuable assets in the country.
Who we work with
• Licensed producers and processors, standard and micro
• Retail chains and independent store owners
• Brands and product companies
• Lenders, monitors and receivers
• Strategic buyers and investors
How we help
• Selling your business: sale processes for licensed facilities, retail chains and brands
• Acquisitions: identifying and executing add-on acquisitions
• Capital raising: equity, debt and structured financing
• Restructuring: sale and investment solicitation processes under the CCAA, stalking horse bids, and work alongside court-appointed monitors
Buying or selling a cannabis business in Canada
Whether you are looking to sell a Canadian cannabis company or acquire one, we can help. We advise owners of licensed producers, micro-cultivators, cannabis retail stores and dispensary chains, and brands on sale processes, and work with buyers looking for cannabis businesses, retail stores and licensed facilities for sale across Canada.
Our principals' Canadian transactions include SNDL's acquisitions of Alcanna and Valens, the sale of a Canopy Growth cultivation asset, and court-supervised sale processes for Dutch Love and NOYA. See our full track record.
Considering a sale, financing or restructuring? We're happy to have a confidential conversation.