Multistate cannabis operator Curaleaf Holdings priced a new offering of 16.5 million subordinate voting shares in a bid to raise 275.6 million Canadian dollars ($216.6 million).
The share offering was announced after markets closed Wednesday, with Curaleaf saying the funds would be used “for working capital and general corporate purposes.”
On Thursday, the Massachusetts-based company announced the offering was priced at CA$16.70 per share.
In a news release, Curaleaf Executive Chair Boris Jordan said the company anticipates “the acceleration of legalization at the federal level” in light of the outcome of this week’s U.S. Senate runoff elections in Georgia in which Democrats won control of the Senate.
“With the recent adult-use cannabis deregulation initiatives in New Jersey and Arizona, and New York announcing its proposal to legalize and create a comprehensive system to oversee and regulate cannabis as part of the 2021 State of the State, now is a pivotal time to raise additional capital to support our growth initiatives as we continue to build out our capabilities in these new markets,” Jordan said.
Curaleaf reported record revenues of $182.4 million for its quarter ended September 30, and a net loss of $9.3 million.