Chemistree Technology Inc (CSE:CHM) (OTCMKTS:CHMJF) announced Friday that it closed a previously announced short form prospectus offering and concurrent private placement for a total of C$10.8 million.
Shares of Chemistree rose over 6% to C$0.52 on Friday afternoon.
The Vancouver-based company plans to use the proceeds to expand its facilities in Washington State, as well as launch the Sugarleaf brand in California.
It will also continue the licensing, development and build-out of its Desert Hot Springs property in California, and for working capital.
Chemistree Technology is an investment company dedicated to the U.S. cannabis sector.
Contact Angela at [email protected]
Follow her on Twitter @AHarmantas