Curaleaf Secures CA$34M Through Private Placement Offering

Medical and wellness cannabis company Curaleaf Holdings Inc. CURA CURLF has secured an additional CA$6. 8 million (US$5 million) in financing through the second tranche of its private placement offering announced earlier this month.

The Wakefield, Massachusetts –based company confirmed that the closing of its private placement of now amounts to CA$34.06 million.

The initial tranche generated around CA$27.3 million in gross proceeds for the company in exchange for some 3.5 million subordinate voting shares at CA$7.70 per share.

"Our successful completion of this private placement further strengthens Curaleaf's balance sheet and provides additional flexibility to support our future expansion initiatives as we look to extend our leadership position in the fast-growing U.S. cannabis market," said Curaleaf CEO Joseph Lusardi in a Tuesday press release.

Curaleaf noted that the offering's net proceeds would be used to fund Grassroots' expansion projects, once the earlier announced acquisition of the cannabis company is finalized.

The acquisition of GR Companies Inc., which is doing business as Grassroots, was announced in January.

Last week, Curaleaf obtained Grassroots' All Rebels Rockers Inc. marijuana license in Arizona.

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