Hard-pressed Canadian cannabis company Canopy Growth Corp. is selling equity for cash, announcing a private placement of shares and warrants to raise $30 million.
The 7 million units are priced at $4.29.
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Each unit can be either:
One Canopy share and a warrant to buy one share at $4.83, exercisable for five years immediately after the offering closes. One Canopy share and a warrant to buy one share at $4.83, exercisable for five years starting six months after closing.
The capital will be used to pay down debt as part of Canopy’s “strategy for overall debt reduction, as well as for working capital and other general corporate purposes,” Canopy said in a news release.
The private placement with unspecified institutional
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