The direct offering included 7.5 million shares of common stock and warrants to purchase 3.75 million shares at a combined price of $4.80, the Santa Ana, California-based firm announced.
The company plans to use the proceeds for “working capital, product development, acquisitions, capital expenditures and other business opportunities.”
Company officials were not immediately available for comment.
Earlier this month, the company announced the opening of a distribution facility in Las Vegas to serve cannabis companies and consumers in the state’s booming recreational and medical markets.
The company also recently announced a partnership with MainStem to distribute ancillary cannabis products – packaging, supplies and accessories – through a centralized sales platform used by BioTrackTHC customers.