Cann Global Listing Date, page-74

I am not disagreeing but even that would be a market cap of $230-255 million. When it closed for the SPP, it had a market cap of ~60million. The majority of the dilution (by a large margin) was used to buy MCL, which QBL already owned 55%. I am just confused how the value of CGB can be that much greater, when the dilution impact alone has doubled the market cap without any share price change at all.

All of the other transactions, while important, check what was exchanged for them, and attribute your valuation to that. Just because a transaction happened doesn't mean it immediately means the final company is worth excessively more than the sum of the parts, there is no proof of that yet.