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Two producers of medical marijuana, CannTrust Holdings and The Green Organic Dutchman Holdings, are taking separate steps to raise capital to fund the build-out of their production facilities to meet demand for MMJ and recreational cannabis.
CannTrust entered into a stock-purchase agreement to raise at least 15 million Canadian dollars ($11.6 million) that it plans to put toward the second phase build-out of its recently licensed Niagara greenhouse facility and for general purposes.
Under the so-called bought deal transaction, a group of underwriters has agreed to purchase 3 million common shares of CannTrust at a price of CA$5 each.