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Canopy Growth closes C$60M bought-deal financing

Canopy Growth Corp. closed its bought-deal offering of 5,662,000 common shares priced at C$10.60 per share with gross proceeds of about C$60 million.

The company plans to use the proceeds primarily for potential real estate acquisitions and fit-up of growing operations at such locations. In case such potential acquisitions are not completed, the majority of the funds will be used to expand capacity at the company's existing sites over the next 12 months.

Canopy expects to incur international development expenditures of about C$2 million primarily to further explore and develop international market opportunities where federally legal to do so.

The balance of the net proceeds will be used for general working capital purposes, such as potential acquisitions for both capacity and brand augmentation and related integration, and developing new product offerings.

Canopy may reallocate these funds as market and regulatory indicators warrant in light of the anticipated legalization of a national recreational cannabis market and the Access to Cannabis for Medical Purposes Regulations (ACMPR).

The offering was underwritten by a syndicate of underwriters led by GMP Securities LP and Dundee Capital Partners, and including Cormark Securities Inc., PI Financial Corp. and Canaccord Genuity Corp. Separately, the company engaged Cowen and Co. LLC as financial adviser to provide financial advisory services in the U.S.