Columbia Care Secures Over CA$25M in Funding Via Another Deal With Canaccord

Columbia Care Inc. CCHW CCHWF is poised to raise some CA$25.2 million ($19.8 million) in funding via a bought deal private placement deal.

Under the agreement, the New York cannabis company agreed to sell some 2.8 million of its common shares to Canaccord Genuity Corp. at CA$9 ($7.1) per share.

Columbia Care noted it expects the offering to be mainly sold to one institutional investor.

According to a Tuesday press release, Canaccord Genuity agreed to purchase the shares for resale.

The company also said it anticipates finalizing the deal on or about Feb. 25, or once it receives all regulatory approvals.

Canaccord Genuity was given an option to buy up to an additional number of shares matching 15% of the number of shares that were initially sold under the offering.

This is yet another deal where Columbia Care has teamed up with Canaccord in recent months.

In January, Columbia Care disclosed its plans to secure up to CA$130 million ($102.5 million) via a bought deal offering.

Under the agreement with Canaccord, the company opted to sell some 16.1 million of its common shares to a syndicate of underwriters at CA$8.05 per share.