Gatineau pot producer Hexo (TSX:HEXO) raised $57.6M in a private placement round on Wednesday.
As it began trading in the United States on the NYSE American stock exchange last week, Hexo said it was looking to raise $50.1 million in a private placement round underwritten by CIBC World Markets and BMO Capital Markets. The underwriters exercised an overallotment option of $7.5 million for an additional 1,155,000 shares.
The local pot firm said in a statement it will use the funding to finance its global expansions and R&D on new products. The company has previously announced plans to build out its European market presence from Greece and develop new cannabis products from an Ontario facility.
OBJ360 (Sponsored)

Sharing “PapaJo’s” story to shine the spotlight on the Campaign to Create Tomorrow
Visitors to the seventh floor of The Ottawa Hospital’s General campus may do a double take outside Room 7123. A plaque beside the door references “PapaJo” Johns. Who, you may

Deep retrofits, done differently: new model for building upgrades
Deep energy retrofits are complex and costly – but also unpredictable. Each building has its own unique characteristics, shaped by its history, systems, and structure. For Killam Apartment REIT and
Hexo’s shares are trading 10 per cent higher over the course of week on the TSX, up 68 cents to $7.45 before markets opened on Friday.