The complete financial and strategic advisory function for cannabis operators and investors. Valuation, capital strategy, value creation, market analysis, feasibility and transaction support — delivered by a team that has worked in this industry since 2018.
Cannabis operators are underserved by the advisory market. The national firms will not take the work, and much of what is on offer is transaction brokerage rather than advice.
We function as the outsourced financial and strategic advisory team for the businesses we work with. In practice that means the valuation that anchors a board conversation, the capital structure analysis that determines whether an expansion is financeable, the market sizing and competitive work behind a licence application, the operational and margin analysis that lifts EBITDA before anyone goes to market, and the transaction support that carries a deal from first conversation to funds flow.
The industry's constraints shape everything. Conventional acquisition lending is largely unavailable. Section 280E distorts reported earnings in ways that require normalisation before any figure means anything. Licence transfer is a closing condition, not a formality, and the timeline varies by state.
Devan McLaren leads the practice and has worked in US cannabis finance since 2018. Eduardo Cabral covers venture and growth equity, having worked the investor side at Bengal Capital.
Independent business and real property valuation prepared to a standard that holds up with boards, investors, counter-parties and counsel — with the management bridge documented rather than asserted.
What the capital structure should look like, what is realistically financeable, and how to sequence it. Advisory and structuring support, including preparation of lender and investor materials.
Margin and operational analysis that identifies where EBITDA is actually recoverable, and a plan to realise it in the quarters before a raise or a sale rather than after.
Market sizing, competitive landscape, comparable analysis and feasibility work supporting licence applications, market entry and expansion decisions.
Adjusted P&L reconciled to filed returns, with add-backs documented to the standard a buyer's diligence team will accept and the reported-to-operating earnings bridge made explicit.
Sell-side and buy-side execution — positioning, counter-party identification, diligence management and negotiation through close, including coordinated licence transfer.
Growth strategy, market entry, operating model and board-level counsel for management teams making decisions that do not repeat.
Advisory for operators facing covenant pressure, compressed margins or a capital structure that no longer fits the business.
Sale-leaseback and property structuring analysis for operators separating real property value from operating value.
A selection of engagement highlights, not an exhaustive list. Client names, project names and property addresses have been removed and regions generalised, consistent with our confidentiality agreements. Unit counts and dollar figures are order-of-magnitude, drawn from underlying models on file.
Devan founded Triple Beam Advisors and leads every practice the firm runs. Over his career he has underwritten and advised on transactions with an aggregate value exceeding $1 billion, spanning debt and equity across real estate, operating companies and specialised sectors, and has worked in US cannabis finance since 2018. Prior to founding the firm he was a Senior Analyst with the Fiore Group, covering private equity and venture capital investments across real estate, entertainment, energy, technology and retail. He is based in Los Angeles.
Eduardo specialises in cannabis and employee ownership. He was a core contributor at Bengal Capital, where he supported over $200 million in transactions across seed stage, growth equity and hedge fund strategies, with a portfolio spanning some of the cannabis industry's most recognised names. He then moved into social-impact work, supporting the largest worker-owned home healthcare business on the West Coast and consulting on employee-ownership conversions across multiple sectors. A Harvard graduate, he is based in Baltimore.
The first conversation is exploratory and confidential. We will tell you how we would approach it, and whether it needs us at all.