Hexo Corp., a licensed producer of cannabis based in Quebec, Canada, raised 57.6 million Canadian dollars ($43.7 million) Wednesday when it closed its offering of common shares.
The company said in a news release it will use the proceeds for global expansion and research and development.
Last August, Hexo entered a joint venture with Molson Coors Canada to produce CBD-infused beverages in which the brewing giant took a 57.5% stake.
Molson Coors said at the time it would have the option of buying a 5% stake in Hexo if the company’s stock hit CA$6 a share. Hexo stock was trading at CA$6.98 a share at midday Wednesday.
CIBC Capital Markets, BMO Capital Markets and Oppenheimer & Co. served as co-lead underwriters for the share offering.
CIBC and BMO were joint bookrunners.