Gatineau-based hemp and cannabis firm LiveWell raises $1.6M in private placement

cannabis

One of Gatineau’s emerging players in the cannabis and hemp space added a bit of cash to its operations through a private placement this week.

LiveWell Canada announced Thursday that it has closed a non-brokered private placement of nearly two million units at a price of 80 cents each, yielding total proceeds of $1.55 million. Offering few details, the company said in a statement that the funds raised will go towards working capital purposes.

A portfolio company of Smiths Falls-based Canopy Growth’s investment arm, LiveWell develops products from the non-psychoactive compound in cannabis, CBD. The Gatineau company converted an Ottawa greenhouse into a growing operation earlier this year and recently reported its first public earnings.

Last month, LiveWell acquired a Windsor-area company in a deal worth $20 million.