Hydropothecary has locked down a previously announced bought deal placement, with investors taking an over-allotment option for an extra $20 million in financing.
The full round is worth $150 million and currently stands as the largest public equity deal in Canadian cannabis history – for at least a few days. Smith Falls-based pot producer Canopy Growth expects to close a $200-million round next week.
Chief executive Sébastien St. Louis told OBJ then that the new funding will allow Hydropothecary to tackle the Canadian cannabis market.
The Gatineau company has had an up-and-down week on the TSX Venture Exchange. Shares hit a high of $5.25 a week ago but have dropped below $4 since, a decrease of more than 25 per cent over the past seven days.