Strategic Financial Solutions for Cannabis Enterprises
Navigating cannabis financial complexity with specialized expertise in valuation, modeling, and transaction support.
The cannabis industry is undergoing transformation into a regulated and complex market. Regulatory uncertainty creates valuation complexity, banking restrictions limit strategic planning, and license valuations require specialized cannabis expertise.
Houlihan Capital has completed over 100 valuation engagements for clients in the cannabis industry, including many of the industry’s leading operators. We understand the importance our clients place on financial clarity and timely decision-making.
Value. Added.
100+ Cannabis Clients
Domestic & International Engagements
From emerging operators to top-tier multi-state players across cultivation, dispensaries, CBD products, and ancillary services.
Serving Cannabis Since 2013
Proven Results in Complex Transactions
We developed a dynamic pro forma financial valuation model that is aimed towards meeting our clients’ needs.
Representative Engagement
$100 Million Transaction
Represented the largest Michigan-based cannabis licensed processor in September 2023.
Service Offerings
- Financial Modeling – Dynamic models accounting for cannabis-specific variables
- Strategic Advisory – Expert guidance through evolving regulatory landscape
- Valuation Analysis – License valuations and business valuations (income and market-based approaches)
- Investor Presentations – Customized decks addressing regulatory complexity
- Transaction Opinions – Fairness and solvency opinions for M&A and recapitalizations
- M&A Advisory – Sell-side and buy-side transaction support
- Capital Advisory – Growth financing and recapitalization support
Why Cannabis Businesses Partner with Houlihan Capital
We Understand Your Unique Challenges
Regulatory Uncertainty Creates Valuation Complexity – State-by-state regulations continue to evolve, making traditional valuation approaches inadequate. License values fluctuate with policy changes, and compliance costs impact operational forecasts in ways that standard financial models don’t capture.
Banking Restrictions Limit Strategic Planning – Limited access to traditional banking forces cannabis businesses to operate with cash-heavy models, complicating financial planning, growth funding, and exit strategies.
License Valuations Require Cannabis Expertise – Cannabis licenses aren’t just regulatory permits—they’re valuable business assets with complex considerations including market maturity, competitive positioning, and state-specific regulatory frameworks.
Deep Cannabis Industry Experience
Houlihan Capital has completed over 100 valuation engagements for cannabis clients, including many of the industry’s leading operators. Our experience spans plant-touching operations, dispensaries, CBD products, and ancillary services across multiple states.
Proven Transaction Results
We structure our Growth Financial Services engagements to align with each owner’s specific objectives. Representative work includes:
- Michigan-based licensed processor: $100M transaction (September 2023)
- Florida’s largest medical cannabis physician practice: recapitalization (October 2021)
- Multi-state operator: divestiture advisory across three states
- Quarterly fair value reporting for cannabis investment platforms
Questions Cannabis Business Owners Ask Us
- How do you handle state-by-state regulatory differences in your valuations?
- What’s your approach to valuing cannabis licenses in emerging vs. mature markets?
- How do you account for banking restrictions in financial modeling?
- What documentation do you provide for investor due diligence?
- How do you value multi-state operators with different license types?
- What’s your experience with cannabis M&A transactions in our state?
Industry Intelligence
Access Our Cannabis Market Quarterly Reports
Stay informed on regulatory developments, wholesale pricing trends, M&A consolidation, and state-level changes affecting cannabis businesses.
Ready for the Next Steps?
Book a call with us to:
- Schedule a business valuation or license valuation consultation
- Discuss your specific regulatory challenges
- Explore M&A advisory or capital raising support
Connor Fabian | Senior Associate
Direct: 312.450.8608 | Cell: 872.277.0184
Email: cfabian@houlihancapital.com
