Canadian cannabis grower Green Organic Dutchman ups likely proceeds from IPO

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Green Organic Dutchman, a Canada-based medical marijuana grower, has revised upward the proceeds the company expects to generate from its upcoming initial public offering on the Toronto Stock Exchange, reflecting stronger investor demand.

The Toronto company said it now expects to raise between a minimum of $102 million Canadian dollars ($79 million) through the sale of 28,000 shares and a maximum of CA$115 million via the of issuance of 31,510,000 shares. The share price is set at $3.65.

In March, Green Organic expected the IPO to generate CA$75 million-CA$100 million, with the maximum number of shares totaling 27,397,260.

Shares will trade under the symbol TGOD on the Toronto Stock Exchange starting May 2.

Green Organic’s IPO is one of the largest by a marijuana company to hit the market in the past year. It follows MedReleaf’s June listing (TSX: LEAF), which plummeted 22% on its initial day of trading.

MedReleaf’s shares have shot up since then, trading at CA$19.90 late Friday – more than double the IPO price of CA$9.50 a unit.

Officials with Green Organic could not be reached for comment.

To date, the company said, it has raised roughly CA$160 million and has over 4,000 shareholders. It also has a strategic partnership with Aurora Cannabis (TSX: ACB) with a $55 million investment for an approximate 17.5% stake in the firm.