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HEXO's Funding Round Finally Closes

TheMotleyFool

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Marijuana stock HEXO (NYSE: HEXO) will ring in the New Year with a bit more money in its coffers. The company announced Friday that it has closed a previously announced round of funding totaling $70 million Canadian, or US$53 million. These monies derive from an issue of unsecured convertible debentures. The flotation was initially announced in October, with the expected completion date "on or about" Nov. 15.

HEXO did not provide a reason the issue closed later than originally expected. It was effected through a private placement. Participating investors include the company's CEO, Sebastien St-Louis, and several directors.

Image source: Getty Images.

Source Fool.com

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