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Canopy Growth (TSX: CGC) (OTC: TWMJF) announced the largest equity raise to date for the Canadian cannabis sector, raising over $60mm in a bought deal led by GMP Securities and Dundee Capital Partners, which are selling 5.662mm shares at $10.60. The underwriters have an option to increase the size by 849,300 shares, which would increase the amount raised to $69mm. The deal is expected to close on December 22nd.
The CGC deal was priced at just a 6.6% discount to the closing price on 12/2 of 11.35. Year-to-date, the stock has increased 282%.
Since the election of Justin Trudeau in 2015, Canadian LPs have raised over $470mm in offerings, not including the exercise of warrants:
Additionally, the company hired investment bank Cowen and Company to provide financial advisory services in the United States. The investment bank issued its initial coverage of the cannabis industry earlier this year.
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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.
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