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)
Navigating the Second Trump Administration: Insights for Canadian Businesses
As Canadian businesses and governments continue to digest and consider the implications of the 2nd Trump administration, Fasken is leading in its efforts to support our network of clients and
Ottawa’s Paterson Group offers a million reasons to give
There’s a particular image that David Gilbert, President of Ottawa-based Paterson Group, is delighted to share. It’s a map of the Ottawa area and beyond covered with thousands of dots,
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.
