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.
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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.
