Maricann Group Inc. entered a C$50.1 million bought deal financing agreement with a syndicate of underwriters led by Canaccord Genuity Corp.

Ontario-based Wayland, formerly known as Maricann Group Inc., said it intends to use the net proceeds for potential acquisitions, working capital and general corporate purposes.

Wayland said it will offer 30,350,000 units at C$1.65 apiece to raise about C$50.1 million in gross proceeds. Each unit will consist of one common stock and 0.5 of a common share purchase warrant.

Each whole warrant can be exercised to buy one common share of the company for C$2.15.

The medical cannabis producer granted the underwriters a 30-day option to buy an additional 4,552,500 units, also at C$1.65 apiece.

Wayland added that if the overallotment option is exercised in full, the total proceeds from the offering will be about C$57.6 million.

The offering is expected to close on or around Oct. 31.