Canadian cannabis giant Canopy Growth Corporation (TSX: WEED) (NASDAQ: CGC) entered Monday into subscription agreements with certain institutional investors in a private placement offering of 22.93 million units at a price of $1.09 per unit. The aggregate gross proceeds from this offering would amount to approximately $25 million.

The investors also hold an over-allotment option to acquire up to an additional 22.93 million units at a $1.09 per unit for aggregate gross proceeds of $25 million at the discretion of the investors at any time on or before November 2, 2023.

The purpose of the offering is to provide the Company with additional liquidity of up to $50 million to further strengthen Canopy Growth’s financial position and …

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