Less than a week after Health Canada removed limits on how much pot it could produce, Gatineau-based Hydropothecary (TSX-V:THCX) says it’s raising $20 million in new financing.
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.
OBJ360 (Sponsored)
Minto’s Metro Towns at Anthem in Barrhaven & Parkside in Kanata offer attainable home ownership
Guided by the needs of homeowners, Minto has been building new homes and master-planned communities across Canada and the USA for 70 years. To ensure the best quality of life
Stay Ahead of the Curve: The New Issue of Kingston Business Journal is Here
Are you looking for insightful analysis on the forces shaping the economic landscape of Eastern Ontario? The latest edition of the Kingston Business Journal (KBJ) is now available digitally, offering
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.
The move came as Ontario Finance Minister Charles Sousa was quoted as saying that he expects a shortage of marijuana when it’s legalized, echoing previous comments by financial analysts.
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.
