Quebec’s first licensed producer, Hydropothecary, announces public offering of $130,000,000
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.
By Justin Bellmore
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.