Canopy Growth Closes Canada's Biggest Cannabis Financing of 2016

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canopy-60mmAs Canadian licensed producers have prepared to add capacity in conjunction with the transition ahead from a medical cannabis program solely to a broader legalized cannabis environment likely to commence in the next two years, the publicly-traded LPs have raised a large amount of capital. Today, Canopy Growth (TSX: CGC) (OTC: TWMJF) announced that it closed a $60mm financing that it had announced earlier this month, selling 5.662mm shares at $10.60 in a “bought deal” led by GMP Securities and Dundee Capital Partners along with Cormark Securities, PI Financial and Canaccord Genuity.

The deal was the largest of the year and represented over 12% of the capital raised by the LPs since the Liberal Party took control of Parliament in October 2015. Total gross proceeds raised by Canopy Growth over their four capital raises has been $120.4mm, with the weighted average price per share of $6.47.
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Exclusive article by Alan Brochstein, CFA
Alan Brochstein, CFA
Based in Houston, Alan leverages his experience as founder of online communities 420 Investor, the first and still largest due diligence platform focused on the publicly-traded stocks in the cannabis industry. With his extensive network in the cannabis community, Alan continues to find new ways to connect the industry and facilitate its sustainable growth. At New Cannabis Ventures, he is responsible for content development and strategic alliances. Before shifting his focus to the cannabis industry in early 2013, Alan, who began his career on Wall Street in 1986, worked as an independent research analyst following over two decades in research and portfolio management. A prolific writer, with over 650 articles published since 2007 at Seeking Alpha, where he has 70,000 followers, Alan is a frequent speaker at industry conferences and a frequent source to the media, including the NY Times, the Wall Street Journal, Fox Business, and Bloomberg TV. Contact Alan: Twitter | Facebook | LinkedIn | Email

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