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Toronto-based Cronos Group Inc. (TSX VENTURE: MJN) will raise $30 million by selling over 3.4 million common shares in Canada at a price of CAD$8.75 per share.

The underwriters, led by PI Financial, can sell up to 15% more, depending on demand. The Company will use the money to fund growth, and for research and development.

The closing date is scheduled for January 27, 2018, subject to certain conditions.

The shares will be offered in all of the provinces of Canada, except for Quebec. PI Financial may choose to also sell the offering in the United States.

Cronos Group is a geographically diversified and vertically integrated cannabis company building an international portfolio. It operates two wholly-owned Licensed Producers and holds a portfolio of minority investments in other LPs. The Company’s main LPs, Peace Naturals Project Inc. (Ontario) and Original BC Ltd. (British Columbia), are collectively situated on over 125 acres of agricultural, licensed land.

Cronos’ stock was up 3% midday, with a million shares outstanding and a market cap of US$1.15 billion.

Source Cronos Group Press release