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)
Nokia joins forces with uOttawa to develop new business by investing in people
When tech giant Nokia wanted to embrace new business opportunities, they needed their team of engineers – and some advice from uOttawa’s BCI program – to succeed.
Ottawa Salus’ pioneering role in bringing supportive housing to Ontario
From the inception of supportive housing in Ontario to the first supportive housing building in Canada for older adults, Ottawa Salus leads the way in transformative care.
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.