Ottawa-based CannaRoyalty (CSE:CRZ) says it’s entered into an agreement with a syndicate of underwriters led by Canaccord Genuity Corp. that will result in the local marijuana firm raising $15 million.
The company, which made its debut on public markets last month, is a vehicle for investors to hold a stake in a portfolio of cannabis companies in Canada and the United States.
Earlier this month, CannaRoyalty purchased a 20-per-cent stake in Anandia Laboratories Inc., a Vancouver-based company that specializes in marijuana testing, in a deal valued at $4 million.
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CannaRoyalty said in a statement that it will use the proceeds for additional acquisitions as well as continued funding of its existing holders and general working capital purposes.