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.
Hydropothecary (TSX-V:THCX) initially announced it would raise $100 million a few weeks ago, but immediately increased the deal value due to high demand.
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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.
