Aleafia Health Inc. (TSX: AH) (OTCQX: ALEAF) raised $22.7 million via a previously announced bought deal offering.

Under the offering, vertically-integrated Canadian cannabis company issued 27.39 million units of the company, with a price tag of 83 cents for gross proceeds of $22.7 million, counting a partial exercise of the over-allotment option.

Cantor Fitzgerald Canada Corp. was named the lead underwriter and the only book-runner for the offering. The remaining underwriters included Echelon Wealth Partners Inc. and Mackie Research Capital Corp.

Under the offering, each unit is comprised of one company’s share and one-half of one share purchase warrant. Each warrant enables the owner to buy one share at a price of $1.05 in the next two years upon closing the offering.

Warrants issued under the offering should start trading on the Toronto Stock Exchange under the ticker symbol “AH.WT.B.”

Aleafia plans to utilize the collected net proceeds to support various development and working capital projects.

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