Maricann Group Inc. closed a private placement of special warrants to raise about C$37.4 million in gross proceeds.

The Canadian medical marijuana company said each special warrant, which was priced at C$1.60 each, is convertible into units of the company. Each unit is made up of a common stock and a warrant to buy an additional common share for C$1.75 each.

Maricann said net proceeds from the offering will be used for working capital and general corporate purposes.

Canaccord Genuity Corp. and GMP Securities LP acted as joint book runners and co-lead agents for the placement.