This week's Viridian Valuation Tracker investigates the valuation metrics of Canadian cultivation and retail companies with market caps over $100M. The focus is on Canopy Growth (NASDAQ: CGC) and Tilray (NASDAQ: TLRY), both of which recently filed $250M At-The-Market (ATM) equity issuance programs. ATM Programs & Stock Pressure These programs allow companies to sell shares incrementally at current market prices, offering flexibility and potentially less pressure on stock prices than traditional equity issues. This is possible because ATM programs enable companies to sell shares directly into the market over time rather than all at once, aligning with market demand and conditions. Canopy’s stock fell 8.45% following the ATM announcement, but, according to Viridian, the decline would likely have been steeper with a regular $250M equity issue. “ATM programs do not produce the same amount of pressure on stock prices as an equivalent-sized issue would because the issuance will happen over time, ...