A Canadian grower of medicinal cannabis has raised $100 million CAD in its initial public offering (IPO) according to a new Bloomberg report.
Bloomberg says raise came in at the “high end” of the previously disclosed range of $75 million to $100 million CAD.
The company, Green Organic Dutchman Holdings Ltd, which is based in Mississauga, Ontario, priced its shares at $3.65 each.
It’s anticipated that trading will start next week in Toronto.
The sale was “several times oversubscribed and the over-allotment is also expected to exercised,” bringing total proceeds to about $115 million, said an unidentified source to Bloomberg.
The IPO follows the January listing by pot producer MedReleaf Corp, which fell 22% on its first day of trading.
The company reportedly intends to use the proceeds from the offering to fund its ongoing operation.
This will include completing its facilities in Hamilton, Ontario, and Salaberry-de-Valleyfield, Quebec, as well as funding various licensing and approvals.