Quebec's first licensed producer, Hydropothecary, announces public offering of $130,000,000

Justin Bellmore
January 08, 2018
Quebec's first licensed producer, Hydropothecary, announces public offering of $130,000,000
Credit: Hydropothecary Corp.
TORONTO – Producer of medicinal cannabis, Hydropothecary Corporation announced today that it has entered into a revised agreement with Canaccord Genuity Corp., Eight Capital, and a syndicate of underwriters for 32,500,000 units of the Company at a price of $4.00 per Unit for aggregate gross proceeds of $130,000,000. 

The company has also granted the underwriters an option to purchase up to an additional 4,875,000 Units under the Offering at a price of $4.00 per unit.

The company intends to use the net proceeds of the Offering for working capital and general corporate purposes. 

Hydropothecary is rapidly increasing its production capacity in the lead-up to recreational adult-use cannabis. 

With a cash cost per gram of $0.89, Hydropothecary is the lowest cost producer in the country.

The offering is expected to close on or about January 30, 2018.

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