TerrAscend Corp. closed a private placement, raising C$69 million.

The Mississauga, Ontario-based company said it sold 9,026,034 common shares at C$7.64 apiece in an upsized nonbrokered private placement.

Gross proceeds amounted to about C$69 million.

TerrAscend's entire leadership team participated in the placement. The lead order worth US$18.4 million came from funds advised by JW Asset Management LLC and affiliated entities.

Proceeds from the offering will be used to fund the Canadian biopharmaceutical and wellness company's acquisition strategy in the U.S., working capital and general corporate purposes.