Cannabis industry readies for M&A after COVID-19 boosts weed demand

After nearly a year of next-to-no deal-making, cannabis companies are gearing up for mergers and acquisitions as realistic stock valuations and the prospect of U.S. legalization attract buyers to a sector that has been decimated by oversupply and other issues, executives and investors say.

Profitable cannabis companies want to buy their way into niche segments and expand their brands, betting that the November U.S. presidential election will lead to weed becoming legal across the United States. Distribution deals could also help companies reach consumers who have shown an increased appetite for pot products since the onset of the coronavirus pandemic.

"You'll still see a lot of the same funding sources but they're going to be much more diligent and cautious with their dollar," said Avis Bulbulyan, CEO at cannabis consultancy Siva Enterprises. However, it could be another quarter before Canadian companies start making deals as they are still cleaning up their balance sheets, said Stuart Titus, CEO of Medical Marijuana Inc .

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