But there were still deals on the table, especially for startups with growth potential. There was a significant uptick in VC interest in cannabis startups, particularly on the software side, around August.
Still, public cannabis companies accounted for a much larger chunk of capital raises this year, according to cannabis advisory firm Viridian Capital Advisors. Public companies made up 82% of all capital raises so far this year, compared to 64% in the same period in 2019, per Viridian. that already have a proven track record, though many said that they are still open to exceptional newer companies.
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