Kelowna, Canada's Marapharm Ventures Inc. is selling 6,666,667 units at 60 Canadian cents each in a private placement.

The company plans to raise C$4 million under the offer. Each unit will consist of one common share and one-half of a common share purchase warrant. One whole warrant entitles the holder to buy a common share of the company at 70 cents.

The expiry date of the warrants can be accelerated if the closing price of Marapharm's shares exceeds 85 cents for five consecutive trading days.

Net proceeds will be used for development of the company's projects and general corporate purposes.

Marapharm invests in the medical and recreational cannabis space.