The firm said Tuesday that it had entered into an agreement with its longtime financing partner, Canaccord Genuity Corp., and a syndicate of underwriters to raise the money via a private placement.
Last week, Health Canada approved two new buildings at Hydropothecary’s Gatineau facilities and granted the pot producer a licence renewal to grow and sell as much cannabis as it can store.
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A Hydropothecary spokesperson said Tuesday that the loosened restrictions signal a major move on the part of Health Canada to fast-track industry expansion ahead of the federal government’s plans to legalize marijuana for recreational use by July 2018.
Hydropothecary’s stock price was down 9.5 per cent, or 15 cents per share, to $1.43 in late-afternoon trading on the TSX Venture Exchange.